BlackRock Municipal Income Trust (the Trust) is a diversified, closed-end management investment company. The Trust seeks to provide current income, which is exempt from regular federal income tax. The Trust will invest at least 80% of its total assets in municipal bonds that are investment-grade quality, or determined by the Fund’s advisor to be of equivalent credit quality at time of purchase. The Trust may invest up to 20% of its total assets in municipal bonds that are rated, at the time of investment, Ba/BB or B by Moody’s Investors Service, Standard & Poor’s or Fitch, or that are unrated but judged to be of comparable quality by the advisor. It invests in sectors, health, utilities, corporate, transportation, education, housing and tobacco. The Trust’s investment advisor is BlackRock Advisors, LLC, an indirect, wholly owned subsidiary of BlackRock, Inc. (BlackRock). Its sub-advisor is BlackRock Financial Management, Inc. (BFM), an affiliate of the advisor.