Regulatory Filings • Sep 25, 2008
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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
Name of Fund: BlackRock Municipal Income Trust (BFK)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: 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
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 10/31/2008
Date of reporting period: 05/01/2008 07/31/2008
Item 1 Schedule of Investments
| BlackRock Municipal Income Trust — Schedule of Investments July 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | ||
|---|---|---|---|
| Par | |||
| State | Municipal Bonds | (000) | Value |
| Alabama - 2.9% | Huntsville, Alabama, Health Care Authority Revenue Bonds, | ||
| Series B, 5.75%, 6/01/12 (a) | $ 15,000 | $ 16,551,450 | |
| Arizona - 6.7% | Phoenix and Pima County, Arizona, IDA, S/F Mortgage Revenue | ||
| Refunding Bonds, AMT, Series 2007-1, 5.25%, 8/01/38 (b)(c) | 5,213 | 5,135,002 | |
| Pima County, Arizona, IDA, Education Revenue Bonds (American | |||
| Charter Schools Foundation), Series A, 5.625%, 7/01/38 | 4,590 | 4,038,466 | |
| Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, | |||
| 5%, 12/01/32 | 10,280 | 8,739,748 | |
| Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, | |||
| 5%, 12/01/37 | 14,395 | 11,971,458 | |
| Scottsdale, Arizona, IDA, Hospital Revenue Bonds (Scottsdale | |||
| Healthcare), 5.80%, 12/01/11 (a) | 7,000 | 7,711,620 | |
| 37,596,294 | |||
| California - 17.1% | California County Tobacco Securitization Agency, Tobacco Revenue | ||
| Bonds (Stanislaus County Tobacco Funding Corporation), Sub-Series C, | |||
| 6.30%, 6/01/55 (d) | 17,855 | 349,244 | |
| California State, GO, Refunding, 5%, 6/01/32 | 11,670 | 11,430,415 | |
| California State, GO, Refunding, 5%, 6/01/34 | 7,000 | 6,817,300 | |
| California Statewide Communities Development Authority, Health | |||
| Facility Revenue Bonds (Memorial Health Services), Series A, 5.50%, | |||
| 10/01/33 | 5,000 | 4,925,900 | |
| Foothill/Eastern Corridor Agency, California, Toll Road Revenue | |||
| Refunding Bonds, 6.09%, 1/15/32 (d) | 54,635 | 11,645,450 | |
| Foothill/Eastern Corridor Agency, California, Toll Road Revenue | |||
| Refunding Bonds, 6.019%, 1/15/34 (d) | 20,535 | 3,836,554 | |
| Foothill/Eastern Corridor Agency, California, Toll Road Revenue | |||
| Refunding Bonds, 6.09%, 1/15/38 (d) | 75,000 | 10,492,500 | |
| Golden State Tobacco Securitization Corporation of California, | |||
| Tobacco Settlement Revenue Bonds, Series A-1, | |||
| 6.625%, 6/01/13 (a) | 10,000 | 11,371,700 | |
| Lincoln, California, Special Tax Bonds (Community Facilities District | |||
| Number 2003-1), 6%, 9/01/13 (a) | 3,115 | 3,558,763 | |
| Los Angeles, California, Regional Airports Improvement | |||
| Corporation, Facilities Lease Revenue Refunding Bonds | |||
| (LAXFUEL Corporation - Los Angeles International Airport), | |||
| AMT, 5.50%, 1/01/32 (e) | 13,320 | 13,044,675 | |
| Murrieta, California, Community Facilities District Number 2, Special | |||
| Special Tax Bonds (The Oaks Improvement Area Project), | |||
| Series A, 6%, 9/01/34 | 5,000 | 4,833,600 | |
| Portfolio Abbreviations |
To simplify the listings of portfolio holdings in the Schedule of Investments, the names of many of the securities have been abbreviated according to the list below.
| AMT | Alternative Minimum Tax (subject to) | IDA | Industrial Development Authority |
|---|---|---|---|
| EDA | Economic Development Authority | IDR | Industrial Development Revenue Bonds |
| EDR | Economic Development Revenue Bonds | M/F | Multi-Family |
| GO | General Obligation Bonds | PCR | Pollution Control Revenue Bonds |
| HFA | Housing Finance Authority | S/F | Single-Family |
| HDA | Housing Development Authority | SIFMA | Securities Industry and Financial Markets |
| Association |
1
| BlackRock Municipal Income Trust — Schedule of Investments July 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | ||
|---|---|---|---|
| Par | |||
| State | Municipal Bonds | (000) | Value |
| University of California Revenue Bonds, Series B, 4.75%, 5/15/38 | $ 10,565 | $ 10,125,707 | |
| West Valley Mission Community College District, California, GO | |||
| (Election of 2004), Series A, 4.75%, 8/01/30 (f) | 4,015 | 3,950,399 | |
| 96,382,207 | |||
| Colorado - 1.8% | Colorado Health Facilities Authority, Revenue Refunding Bonds | ||
| (Poudre Valley Health Care), 5.20%, 3/01/31 (f) | 1,440 | 1,451,505 | |
| Colorado Springs, Colorado, Utilities System Improvement Revenue | |||
| Bonds, Subordinate Lien, Series C, 5%, 11/15/45 (f) | 2,545 | 2,515,096 | |
| Denver, Colorado, Health and Hospital Authority, Healthcare Revenue | |||
| Bonds, Series A, 6%, 12/01/11 (a) | 3,500 | 3,849,580 | |
| Park Creek Metropolitan District, Colorado, Senior Limited Tax | |||
| Supported Revenue Refunding Bonds, 5.50%, 12/01/37 | 2,530 | 2,307,613 | |
| 10,123,794 | |||
| District of Columbia - 7.2% | District of Columbia Revenue Bonds (Georgetown University), | ||
| Series A, 6.013%, 4/01/11 (a)(d)(g) | 15,600 | 3,287,388 | |
| District of Columbia Revenue Bonds (Georgetown University), | |||
| Series A, 6.015%, 4/01/11 (a)(d)(g) | 51,185 | 10,160,222 | |
| District of Columbia, Revenue Refunding Bonds (Friendship Public | |||
| Charter School, Inc.), 5.25%, 6/01/33 (h) | 2,390 | 1,975,717 | |
| District of Columbia Tobacco Settlement Financing Corporation, Asset- | |||
| Backed Revenue Refunding Bonds, 6.75%, 5/15/40 | 25,535 | 25,267,648 | |
| 40,690,975 | |||
| Florida - 9.8% | Heritage Isle at Viera Community Development District, Florida, | ||
| Special Assessment Bonds, Series A, 6%, 5/01/35 | 1,905 | 1,855,336 | |
| Highlands County, Florida, Health Facilities Authority, Hospital | |||
| Revenue Bonds (Adventist Health System), Series A, | |||
| 6%, 11/15/11 (a) | 9,670 | 10,675,293 | |
| Martin County, Florida, IDA, IDR, Refunding (Indiantown Cogeneration | |||
| Project), AMT, Series A, 7.875%, 12/15/25 | 9,000 | 9,016,650 | |
| Miami Beach, Florida, Health Facilities Authority, Hospital Revenue | |||
| Refunding Bonds (Mount Sinai Medical Center of Florida), 6.75%, | |||
| 11/15/21 | 11,685 | 11,886,449 | |
| Orange County, Florida, Tourist Development, Tax Revenue Refunding | |||
| Bonds, 4.75%, 10/01/32 (i) | 10,830 | 10,092,585 | |
| Stevens Plantation Community Development District, Florida, Special | |||
| Assessment Revenue Bonds, Series A, 7.10%, 5/01/35 | 3,830 | 3,832,987 | |
| Village Community Development District Number 5, Florida, Special | |||
| Assessment Bonds, 5.625%, 5/01/22 | 7,965 | 7,796,461 | |
| 55,155,761 | |||
| Georgia - 1.2% | Main Street Natural Gas, Inc., Georgia, Gas Project Revenue Bonds, | ||
| Series A, 6.375%, 7/15/38 | 3,500 | 3,190,670 | |
| Richmond County, Georgia, Development Authority, Environmental | |||
| Improvement Revenue Refunding Bonds (International Paper Co. | |||
| Projects), AMT, Series A, 6%, 2/01/25 | 4,000 | 3,648,600 | |
| 6,839,270 | |||
| Idaho - 3.2% | University of Idaho, Student Fee Revenue Bonds (University Housing | ||
| Improvement Projects), 5.40%, 4/01/11 (a)(j) | 16,970 | 18,163,161 |
2
| BlackRock Municipal Income Trust — Schedule of Investments as of July 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | ||
|---|---|---|---|
| Par | |||
| State | Municipal Bonds | (000) | Value |
| Illinois - 8.5% | Bolingbrook, Illinois, GO, Refunding, Series B, 6%, 1/01/33 (d)(j) | $ 7,120 | $ 1,796,590 |
| Bolingbrook, Illinois, GO, Refunding, Series B, 6%, 1/01/34 (d)(j) | 14,085 | 3,309,693 | |
| Centerpoint Intermodal Center Program Trust, Illinois, Tax Allocation | |||
| Bonds, Class A, 8%, 6/15/23 (k) | 4,630 | 4,229,737 | |
| Illinois Educational Facilities Authority, Revenue Refunding Bonds | |||
| (University of Chicago), Series A, 5.25%, 7/01/41 | 760 | 766,194 | |
| Illinois Educational Facilities Authority, Student Housing Revenue | |||
| Bonds (Education Advancement Fund - University Center Project at | |||
| DePaul), 6.25%, 5/01/12 (a) | 10,000 | 11,227,000 | |
| Illinois Health Facilities Authority, Revenue Refunding Bonds | |||
| (Elmhurst Memorial Healthcare), 5.50%, 1/01/22 | 5,000 | 4,929,850 | |
| Illinois Health Facilities Authority, Revenue Refunding Bonds | |||
| (Elmhurst Memorial Healthcare), 5.625%, 1/01/28 | 6,000 | 5,864,640 | |
| Illinois Municipal Electric Agency, Power Supply Revenue Bonds, | |||
| 4.50%, 2/01/35 (j) | 7,975 | 7,000,216 | |
| Illinois State Finance Authority Revenue Bonds (Friendship Village of | |||
| Schaumburg), Series A, 5.625%, 2/15/37 | 1,685 | 1,325,808 | |
| Illinois State Finance Authority Revenue Bonds (Monarch Landing, Inc. | |||
| Project), Series A, 7%, 12/01/37 | 2,885 | 2,777,130 | |
| Illinois State Finance Authority Revenue Bonds (Northwestern | |||
| Memorial Hospital), Series A, 5.50%, 8/15/14 (a) | 3,700 | 4,112,365 | |
| Illinois State Finance Authority, Student Housing Revenue Bonds (MJH | |||
| Education Assistance IV LLC), Sub-Series B, 5.375%, 6/01/35 | 1,675 | 494,041 | |
| 47,833,264 | |||
| Indiana - 6.1% | Indiana Health Facilities Financing Authority, Hospital Revenue | ||
| Refunding Bonds (Methodist Hospital, Inc.), 5.50%, 9/15/31 | 9,000 | 7,833,510 | |
| Petersburg, Indiana, PCR, Refunding (Indianapolis Power & Light Co. | |||
| Project), AMT, 5.90%, 12/01/24 | 10,000 | 9,531,900 | |
| Petersburg, Indiana, PCR, Refunding (Indianapolis Power & Light Co. | |||
| Project), AMT, 5.95%, 12/01/29 | 16,000 | 15,095,840 | |
| Vincennes, Indiana, EDR, Refunding, 6.25%, 1/01/24 | 2,305 | 2,061,315 | |
| 34,522,565 | |||
| Kentucky - 0.2% | Kentucky Housing Corporation, Housing Revenue Bonds, AMT, | ||
| Series F, 5.45%, 1/01/32 (l)(m) | 1,365 | 1,276,015 | |
| Louisiana - 2.1% | Louisiana Local Government Environmental Facilities and | ||
| Community Development Authority, Revenue Bonds (Capital | |||
| Projects and Equipment Acquisition Program), 6.55%, 9/01/25 (h) | 9,215 | 8,787,147 | |
| Saint Tammany Parish, Louisiana, Financing Authority, S/F | |||
| Mortgage Revenue Bonds (Home Ownership Program), | |||
| Series A, 5.25%, 12/01/39 (b)(c) | 3,187 | 3,114,926 | |
| 11,902,073 | |||
| Maryland - 0.6% | Maryland State Community Development Administration, | ||
| Department of Housing and Community Development, Residential | |||
| Revenue Refunding Bonds, AMT, Series A, 4.65%, 9/01/32 | 2,665 | 2,180,690 | |
| Maryland State Health and Higher Educational Facilities Authority, | |||
| Revenue Refunding Bonds (MedStar Health, Inc.), 5.50%, 8/15/33 | 1,205 | 1,163,693 | |
| 3,344,383 |
3
| BlackRock Municipal Income Trust — Schedule of Investments July 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | ||
|---|---|---|---|
| Par | |||
| State | Municipal Bonds | (000) | Value |
| Michigan - 0.7% | Michigan State Hospital Finance Authority, Revenue Refunding Bonds | ||
| (Henry Ford Health System), Series A, 5.25%, 11/15/46 | $ 4,230 | $ 3,795,156 | |
| Mississippi - 3.3% | Gulfport, Mississippi, Hospital Facility Revenue Bonds (Memorial | ||
| Hospital at Gulfport Project), Series A, 5.75%, 7/01/31 | 18,680 | 18,514,682 | |
| Missouri - 0.1% | Missouri Joint Municipal Electric Utility Commission, Power Project | ||
| Revenue Bonds (Plum Point Project), 4.60%, 1/01/36 | 695 | 577,024 | |
| Nebraska - 1.2% | Omaha Public Power District, Nebraska, Electric System Revenue | ||
| Bonds, Series A, 4.75%, 2/01/44 | 6,990 | 6,579,687 | |
| Nevada - 0.9% | Clark County, Nevada, EDR, Refunding (Alexander Dawson School of | ||
| Nevada Project), 5%, 5/15/29 | 5,260 | 5,049,390 | |
| New Hampshire - 1.3% | New Hampshire Health and Education Facilities Authority Revenue | ||
| Bonds (Exeter Hospital Obligated Group), 5.75%, 10/01/31 | 3,500 | 3,512,075 | |
| New Hampshire State Business Finance Authority, PCR, Refunding | |||
| (Public Service Company Project), AMT, Series B, | |||
| 4.75%, 5/01/21 (g) | 4,000 | 3,706,560 | |
| 7,218,635 | |||
| New Jersey - 7.9% | Middlesex County, New Jersey, Improvement Authority, Subordinate | ||
| Revenue Bonds (Heldrich Center Hotel/Conference Project), Series B, | |||
| 6.25%, 1/01/37 | 3,680 | 3,073,904 | |
| New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/29 | 18,500 | 17,325,805 | |
| New Jersey EDA, EDR, Refunding (Kapkowski Road Landfill | |||
| Reclamation Improvement District Project), 6.50%, 4/01/28 | 8,000 | 7,924,640 | |
| New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines | |||
| Inc. Project), AMT, 7%, 11/15/30 | 15,410 | 12,039,217 | |
| Tobacco Settlement Financing Corporation of New Jersey, Asset- | |||
| Backed Revenue Refunding Bonds, Series 1A, 4.50%, 6/01/23 | 4,620 | 4,120,763 | |
| 44,484,329 | |||
| New York - 4.5% | Albany, New York, IDA, Civic Facility Revenue Bonds (New Covenant | ||
| Charter School Project), Series A, 7%, 5/01/35 | 1,820 | 1,376,776 | |
| New York City, New York, City IDA, Special Facility Revenue | |||
| Bonds (American Airlines, Inc. - JFK International Airport), | |||
| AMT, 8%, 8/01/28 | 5,000 | 4,382,000 | |
| New York City, New York, City IDA, Special Facility Revenue Bonds | |||
| (Continental Airlines Inc. Project), AMT, 7.75%, 8/01/31 | 22,140 | 18,759,886 | |
| New York Liberty Development Corporation Revenue Bonds (Goldman | |||
| Sachs Headquarters), 5.25%, 10/01/35 | 675 | 689,749 | |
| 25,208,411 | |||
| North Carolina - 3.5% | Gaston County, North Carolina, Industrial Facilities and Pollution | ||
| Control Financing Authority, Revenue Bonds (National Gypsum | |||
| Company Project), AMT, 5.75%, 8/01/35 | 12,130 | 9,412,637 | |
| North Carolina Capital Facilities Finance Agency, Revenue | |||
| Refunding Bonds (Duke University Project), | |||
| Series B, 4.25%, 7/01/42 | 12,550 | 10,529,701 | |
| 19,942,338 | |||
| Ohio - 2.3% | American Municipal Power, Inc., Ohio, Revenue Refunding Bonds | ||
| (Prairie State Energy Campus Project), Series A, 5%, 2/15/38 | 7,150 | 6,810,947 |
4
| BlackRock Municipal Income Trust — Schedule of Investments July 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | ||
|---|---|---|---|
| Par | |||
| State | Municipal Bonds | (000) | Value |
| Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco | |||
| Settlement Asset-Backed Bonds, Series A-2, 6.50%, 6/01/47 | $ 3,120 | $ 2,773,462 | |
| Pinnacle Community Infrastructure Financing Authority, Ohio, | |||
| Revenue Bonds, Series A, 6.25%, 12/01/36 | 3,760 | 3,444,160 | |
| 13,028,569 | |||
| Oklahoma - 1.7% | Oklahoma State Development Finance Authority, Revenue Refunding | ||
| Bonds (Saint John Health System), 5%, 2/15/42 | 3,505 | 3,299,081 | |
| Tulsa, Oklahoma, Municipal Airport Trust, Revenue Refunding Bonds, | |||
| Series A, 7.75%, 6/01/35 | 7,175 | 6,515,905 | |
| 9,814,986 | |||
| Pennsylvania - 4.3% | Pennsylvania Economic Development Financing Authority, Exempt | ||
| Facilities Revenue Bonds (Amtrak Project), AMT, Series A, 6.375%, | |||
| 11/01/41 | 6,500 | 6,437,145 | |
| Pennsylvania Economic Development Financing Authority, Exempt | |||
| Facilities Revenue Bonds (Reliant Energy), AMT, | |||
| Series A, 6.75%, 12/01/36 | 15,580 | 15,622,689 | |
| Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, AMT, | |||
| Series 97A, 4.60%, 10/01/27 | 2,500 | 2,109,375 | |
| 24,169,209 | |||
| South Carolina - 6.8% | Lexington County, South Carolina, Health Services District Inc., | ||
| Hospital Revenue Refunding and Improvement Bonds, | |||
| 5.50%, 11/01/13 (a) | 5,000 | 5,477,000 | |
| Lexington County, South Carolina, Health Services District Inc., | |||
| Hospital Revenue Refunding and Improvement Bonds, | |||
| 5.75%, 11/01/13 (a) | 10,000 | 11,073,000 | |
| Scago Education Facilities Corporation for Chesterfield County | |||
| School District, South Carolina, Revenue Refunding Bonds, | |||
| 5%, 12/01/29 (o) | 6,345 | 6,254,520 | |
| South Carolina Jobs EDA, Hospital Facilities Revenue Refunding Bonds | |||
| (Palmetto Health Alliance), Series A, 6.25%, 8/01/31 | 5,075 | 5,122,604 | |
| South Carolina Jobs EDA, Hospital Facilities Revenue Refunding Bonds | |||
| (Palmetto Health Alliance), Series C, 6.875%, 8/01/13 (a) | 9,000 | 10,486,430 | |
| 38,413,554 | |||
| Tennessee - 2.6% | Knox County, Tennessee, Health, Educational and Housing Facilities | ||
| Board, Hospital Facilities Revenue Refunding Bonds (Covenant | |||
| Health), Series A, 5.70%, 1/01/20 (d)(f) | 20,825 | 11,244,459 | |
| Shelby County, Tennessee, Health, Educational and Housing Facility | |||
| Board, Hospital Revenue Refunding Bonds (Saint Jude Children's | |||
| Research Hospital), 5%, 7/01/25 | 3,475 | 3,474,861 | |
| 14,719,320 | |||
| Texas - 15.2% | Brazos River Authority, Texas, PCR, Refunding (TXU Energy Company | ||
| LLC Project), AMT, Series A, 8.25%, 10/01/30 | 4,370 | 4,308,908 | |
| Harris County-Houston Sports Authority, Texas, Revenue Refunding | |||
| Bonds, Junior Lien, Series H, 6.065%, 11/15/35 (d)(g) | 5,000 | 891,400 |
5
| BlackRock Municipal Income Trust — Schedule of Investments July 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | ||
|---|---|---|---|
| Par | |||
| State | Municipal Bonds | (000) | Value |
| Harris County-Houston Sports Authority, Texas, Revenue Refunding | |||
| Bonds, Senior Lien, Series A, 5.832%, 11/15/38 (d)(g) | $ 12,580 | $ 1,871,904 | |
| Harris County-Houston Sports Authority, Texas, Revenue Refunding | |||
| Bonds, Third Lien, Series A-3, 5.97%, 11/15/37 (d)(g) | 26,120 | 4,089,870 | |
| Lower Colorado River Authority, Texas, Revenue Refunding Bonds, 5%, | |||
| 5/15/13 (a)(g) | 50 | 54,122 | |
| Lower Colorado River Authority, Texas, Revenue Refunding Bonds, 5%, | |||
| 5/15/31 (g) | 2,345 | 2,301,031 | |
| Lower Colorado River Authority, Texas, Revenue Refunding Bonds, | |||
| Series A, 5%, 5/15/13 (a)(g) | 5 | 5,412 | |
| Lower Colorado River Authority, Texas, Transmission Contract | |||
| Revenue Refunding Bonds (LCRA Transmission Services Corp. Project), | |||
| 4.75%, 5/15/34 (e) | 13,305 | 12,459,068 | |
| Montgomery County, Texas, Municipal Utility District Number 46, | |||
| Waterworks and Sewer System, GO, 4.75%, 3/01/30 (g) | 1,700 | 1,616,207 | |
| North Texas Tollway Authority, System Revenue Refunding Bonds, | |||
| Second Tier, Series F, 6.125%, 1/01/31 | 12,180 | 12,327,378 | |
| SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply | |||
| Revenue Bonds, 5.50%, 8/01/25 | 6,540 | 6,214,504 | |
| Texas State Affordable Housing Corporation, M/F Housing Revenue | |||
| Bonds (Amern Opportunity Housing Portfolio), Series B, | |||
| 8%, 3/01/32 (p) | 4,435 | 443,766 | |
| Texas State Turnpike Authority, Central Texas Turnpike System | |||
| Revenue Bonds, 6.07%, 8/15/32 (d)(e) | 35,000 | 8,009,050 | |
| Texas State Turnpike Authority, Central Texas Turnpike System | |||
| Revenue Bonds, 6.08%, 8/15/33 (d)(e) | 62,325 | 13,315,736 | |
| Texas State Turnpike Authority, Central Texas Turnpike System | |||
| Revenue Bonds, 6.08%, 8/15/34 (d)(e) | 65,040 | 13,065,235 | |
| Texas State Turnpike Authority, Central Texas Turnpike System | |||
| Revenue Bonds, First Tier, Series A, 5%, 8/15/42 (e) | 5,000 | 4,774,400 | |
| 85,747,991 | |||
| Virginia - 0.4% | Virginia Commonwealth Transportation Board, Transportation | ||
| Contract Revenue Refunding Bonds (U.S. Route 28 Project), 5.287%, | |||
| 4/01/32 (d) | 8,105 | 2,173,113 | |
| Washington - 0.8% | Washington State Health Care Facilities Authority, Revenue | ||
| Refunding Bonds (Providence Health System), Series A, | |||
| 4.625%, 10/01/34 (j) | 5,095 | 4,569,094 | |
| West Virginia - 0.4% | West Virginia EDA, Lease Revenue Bonds (Correctional, Juvenile and | ||
| Public Safety Facilities), Series A, 5%, 6/01/29 (g) | 2,070 | 2,033,051 | |
| Wisconsin - 6.9% | Wisconsin State Health and Educational Facilities Authority Revenue | ||
| Bonds (Aurora Health Care, Inc.), 6.40%, 4/15/33 | 7,500 | 7,625,475 | |
| Wisconsin State Health and Educational Facilities Authority, Revenue | |||
| Refunding Bonds (Froedtert and Community Health), 5.375%, | |||
| 10/01/11 (a) | 12,545 | 13,647,706 |
6
| BlackRock Municipal Income Trust — Schedule of Investments July 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | ||
|---|---|---|---|
| Par | |||
| State | Municipal Bonds | (000) | Value |
| Wisconsin State Health and Educational Facilities Authority, Revenue | |||
| Refunding Bonds (Froedtert and Community Health), 5.375%, | |||
| 10/01/30 | $ 1,205 | $ 1,220,810 | |
| Wisconsin State Health and Educational Facilities Authority, Revenue | |||
| Refunding Bonds (Wheaton Franciscan Services, Inc.), | |||
| 5.75%, 2/15/12 (a) | 15,000 | 16,552,650 | |
| 39,046,641 | |||
| Wyoming - 0.8% | Wyoming Community Development Authority, Housing Revenue Bonds, | ||
| AMT, Series 3, 4.65%, 12/01/27 | 2,765 | 2,356,250 | |
| Wyoming Community Development Authority, Housing Revenue Bonds, | |||
| AMT, Series 3, 4.70%, 12/01/32 | 2,605 | 2,143,186 | |
| 4,499,436 | |||
| Multi-State - 8.0% | Charter Mac Equity Issuer Trust, 6.30%, 6/30/49 (k)(q) | 11,000 | 11,336,050 |
| Charter Mac Equity Issuer Trust, 6.625%, 6/30/49 (k)(q) | 1,000 | 1,032,720 | |
| Charter Mac Equity Issuer Trust, 6.80%, 11/30/50 (k)(q) | 6,500 | 6,960,395 | |
| Charter Mac Equity Issuer Trust, 6.80%, 10/31/52 (k)(q) | 16,000 | 17,746,400 | |
| MuniMae TE Bond Subsidiary LLC, 6.875%, 6/30/49 (k)(q) | 8,000 | 8,213,120 | |
| 45,288,685 | |||
| Puerto Rico - 1.0% | Puerto Rico Commonwealth Highway and Transportation Authority, | ||
| Transportation Revenue Refunding Bonds, Series N, | |||
| 5.25%, 7/01/36 (o) | 5,000 | 5,118,300 | |
| Total Municipal Bonds - 142.0% | 800,372,813 | ||
| Municipal Bonds Transferred to | |||
| Tender Option Bond Trusts (r) | |||
| Alabama - 0.8% | Birmingham, Alabama, Special Care Facilities Financing Authority, | ||
| Revenue Refunding Bonds (Ascension Health Credit), | |||
| Series C-2, 5%, 11/15/36 | 4,548 | 4,387,472 | |
| California - 1.9% | Sacramento County, California, Airport System Revenue Bonds, AMT, | ||
| Senior Series B, 5.25%, 7/01/39 (f) | 6,223 | 5,957,051 | |
| University of California Revenue Bonds, Series C, 4.75%, 5/15/37 (g) | 5,000 | 4,722,600 | |
| 10,679,651 | |||
| Colorado -3.5 % | Colorado Health Facilities Authority Revenue Bonds (Catholic Health), | ||
| Series C-3, 5.10%, 10/01/41 (f) | 7,604 | 7,531,422 | |
| Colorado Health Facilities Authority Revenue Bonds (Catholic Health), | |||
| Series C-7, 5%, 9/01/36 (f) | 4,859 | 4,786,663 | |
| Colorado Health Facilities Authority, Revenue Refunding Bonds | |||
| (Poudre Valley Health Care), Series B, 5.25%, 3/01/36 (f) | 2,878 | 2,885,215 | |
| Colorado Health Facilities Authority, Revenue Refunding Bonds | |||
| (Poudre Valley Health Care), Series C, 5.25%, 3/01/40 (f) | 4,994 | 4,992,194 | |
| 20,195,494 | |||
| Connecticut - 3.3% | Connecticut State Health and Educational Facilities Authority Revenue | ||
| Bonds (Yale University), Series T-1, 4.70%, 7/01/29 | 9,404 | 9,400,862 | |
| Connecticut State Health and Educational Facilities Authority Revenue | |||
| Bonds (Yale University), Series X-3, 4.85%, 7/01/37 | 9,358 | 9,378,236 | |
| 18,779,098 |
7
| BlackRock Municipal Income Trust — Schedule of Investments July 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||
|---|---|---|---|---|
| Par | ||||
| State | Municipal Bonds Transferred to Tender Option Bond Trusts (r) | (000) | Value | |
| Illinois - 2.8% | Chicago, Illinois, Housing Authority, Capital Program Revenue | |||
| Refunding Bonds, 5%, 7/01/24 (f) | $ 8,234 | $ 8,438,934 | ||
| Chicago, Illinois, O'Hare International Airport Revenue Refunding | ||||
| Bonds, Third Lien, AMT, Series C-2, 5.25%, 1/01/30 (f) | 7,648 | 7,251,486 | ||
| 15,690,420 | ||||
| Massachusetts - 1.2% | Massachusetts State Water Resource Authority, General Revenue | |||
| Refunding Bonds, Series A, 5%, 8/01/41 | 6,763 | 6,708,889 | ||
| New York - 1.0% | New York State Environmental Facilities Corporation, State Clean | |||
| Water and Drinking Revenue Bonds (New York City Water | ||||
| Project), Series B, 5%, 6/15/31 | 5,370 | 5,411,027 | ||
| Ohio - 3.2% | Ohio State Air Quality Development Authority, Revenue Refunding | |||
| Bonds (Dayton Power and Light Company Project), Series B, | ||||
| 4.80%, 1/01/34 (j)(s) | 18,818 | 18,069,543 | ||
| Virginia - 3.2% | University of Virginia, Revenue Refunding Bonds, 5%, 6/01/40 | 10,755 | 10,955,151 | |
| Virginia State, HDA, Commonwealth Mortgage Revenue Bonds, | ||||
| Series H, Sub-Series H-1, 5.35%, 7/01/31 (g) | 6,810 | 6,861,143 | ||
| 17,816,294 | ||||
| Washington - 1.6% | Central Puget Sound Regional Transportation Authority, | |||
| Washington, Sales and Use Tax Revenue Bonds, | ||||
| Series A, 5%, 11/01/32 (f) | 5,460 | 5,524,100 | ||
| King County, Washington, Sewer Revenue Refunding Bonds, | ||||
| 5%, 1/01/36 (f) | 3,613 | 3,607,819 | ||
| 9,131,919 | ||||
| Total Municipal Bonds Transferred to Tender Option Bond | ||||
| Trusts - 22.5% | 126,869,807 | |||
| Total Long-Term Investments (Cost - $955,993,376) - 164.5% | 927,242,620 | |||
| Short-Term Securities | Shares | |||
| Merrill Lynch Institutional Tax-Exempt Fund, 2.08% (n)(t) | 5,500,000 | 5,500,000 | ||
| Total Short-Term Securities (Cost - $5,500,000) - 1.0% | 5,500,000 | |||
| Total Investments (Cost - $961,493,376*) - 165.5% | 932,742,620 | |||
| Other Assets Less Liabilities - 1.1% | 6,262,731 | |||
| Liability for Trust Certificates, Including Interest | ||||
| Expense and Fees Payable - (14.6)% | (82,170,250 | ) | ||
| Preferred Shares, at Redemption Value - (52.0)% | (293,259,911 | ) | ||
| Net Assets Applicable to Common Shares - 100.0% | $ 563,575,190 |
| Aggregate
cost | $ | |
| --- | --- | --- |
| Gross unrealized
appreciation | $ 22,720,305 | |
| Gross unrealized
depreciation | (51,184,617 | ) |
| Net unrealized
depreciation | $ (28,464,312 | ) |
| (a) | U.S. government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|---|---|
| (b) | FHLMC Collateralized. |
| (c) | FNMA/GNMA Collateralized. |
| (d) | Represents a zero-coupon bond. Rate shown reflects the effective yield at time of purchase. |
| (e) | AMBAC Insured. |
| (f) | FSA Insured. |
8
| BlackRock Municipal Income Trust |
|---|
| Schedule of Investments July 31, 2008 (Unaudited) |
| (g) | MBIA Insured. |
|---|---|
| (h) | ACA Insured. |
| (i) | XL Capital Insured. |
| (j) | FGIC Insured. |
| (k) | Security exempt from registration under Rule 144a of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless |
| otherwise indicated, these securities are considered to be liquid. | |
| (l) | FHA Insured. |
| (m) | FNMA Collateralized. |
| (n) | Represents the current yield as of report date. |
| (o) | Assured Guaranty Insured. |
| (p) | Issuer filed for bankruptcy or is in default of interest payments. |
| (q) | Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective |
| agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity. | |
| (r) | Securities represent underlying bonds transferred to a tender option bond trust in exchange for which the the Fund acquired the residual interest certificates. These securities serve as collateral in a |
| financing transaction. | |
| (s) | BHAC Insured. |
| (t) | 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: |
| Affiliate | Net — Activity | Income |
|---|---|---|
| Merrill | ||
| Lynch Institutional Tax-Exempt Fund | 2,900,000 | $ 340,576 |
| Notional — Amount | Unrealized | |
|---|---|---|
| (000) | (Depreciation) | |
| Pay a fixed rate of | ||
| 3.639% and receive a floating rate | ||
| based on 1-week SIFMA | ||
| Municipal Swap Index Rate | ||
| Broker, JPMorgan Chase | ||
| Expires September | ||
| 2018 | $ 48,310 | $ (793,009) |
| Pay a fixed rate of | ||
| 3.762% and receive a floating rate | ||
| based on 1-week SIFMA | ||
| Municipal Swap Index Rate | ||
| Broker, JPMorgan Chase | ||
| Expires October 2023 | $ 50,000 | (475,500) |
| Pay a fixed rate of | ||
| 3.919% and receive a floating rate | ||
| based on 1-week SIFMA | ||
| Municipal Swap Index Rate | ||
| Broker, Citibank NA | ||
| Expires | ||
| September 2028 | $ 17,160 | (308,605) |
| Total | $ (1,577,114) |
9
Item 2 Controls and Procedures
2(a) The registrants principal executive and principal financial officers or persons performing similar functions have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
2(b) There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 3 Exhibits
Certifications Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Municipal Income Trust
| By: |
|---|
| Donald C. Burke |
| Chief Executive Officer |
| of |
| BlackRock Municipal Income |
| Trust |
| Date: September 19, 2008 |
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/
Donald C. Burke |
| --- | --- |
| | Donald C. Burke |
| | Chief Executive Officer
(principal executive officer) of |
| | BlackRock Municipal Income
Trust |
| | Date: September 19, 2008 |
| By: | /s/
Neal J. Andrews |
| | Neal J. Andrews |
| | Chief Financial Officer
(principal financial officer) of |
| | BlackRock Municipal Income
Trust |
| | Date: September 19, 2008 |
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