NPORT-EX 2 NPORT_894385944706980.htm BlackRock Municipal Income Trust

Schedule of Investments  (unaudited)

July 31, 2020

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  

Municipal Bonds

     

Alabama — 2.5%

 

County of Jefferson Alabama Sewer Revenue Refunding RB

     

Series D, Lien, 7.00%, 10/01/51

   $ 1,765      $ 2,104,815  

Series A, Senior Lien, (AGM),
5.00%, 10/01/44

     1,555        1,743,279  

Series A, Senior Lien, (AGM),
5.25%, 10/01/48

     2,275        2,562,333  

Series D, Sub-Lien, 6.00%, 10/01/42

     5,740        6,669,937  

Lower Alabama Gas District RB, Series A, 5.00%, 09/01/46

     2,110        3,090,623  
    

 

 

  
       16,170,987  

Arizona — 4.2%

     

Industrial Development Authority of the City of Phoenix RB,
Series A, 5.00%, 07/01/46(a)

    3,400        3,566,634  

Salt Verde Financial Corp. RB

5.00%, 12/01/32

     10,030        13,479,117  

5.00%, 12/01/37

     7,460        10,380,366  
    

 

 

  
       27,426,117  

Arkansas — 0.8%

     

Arkansas Development Finance Authority RB, AMT,
4.50%, 09/01/49(a)

    4,985        5,044,172  
    

 

 

  

California — 6.9%

     

California Educational Facilities Authority RB,
Series V-1, 5.00%, 05/01/49

     4,230        7,303,137  

California Health Facilities Financing Authority RB,
Series B, 6.00%, 08/15/20(b)

    3,115        3,120,576  

California Health Facilities Financing Authority Refunding RB,
Series A, 5.00%, 07/01/33

     2,465        2,770,512  

California Municipal Finance Authority RB, S/F Housing

     

Series A, Senior, 5.25%, 08/15/39

     290        322,181  

Series A, Senior, 5.25%, 08/15/49

     715        774,996  

California Pollution Control Financing Authority RB, AMT,
5.00%, 11/21/45(a)

    2,970        3,066,911  

California State Public Works Board RB,
Series I, 5.00%, 11/01/38

     1,495        1,693,386  

City of Los Angeles Department of Airports Refunding RB,
Series A, 5.00%, 05/15/40

     4,575        4,588,771  

Golden State Tobacco Securitization Corp. Refunding RB
Series A-1, 5.25%, 06/01/47

     1,070        1,098,066  

Series A-2, 5.00%, 06/01/47

     4,335        4,431,194  

Riverside County Transportation Commission RB, CAB(c)

    

Series B, Senior Lien, 0.00%, 06/01/41

     5,000        2,511,550  

Series B, Senior Lien, 0.00%, 06/01/42

     6,000        2,886,900  

Series B, Senior Lien, 0.00%, 06/01/43

     5,000        2,299,200  

San Marcos Unified School District GO, CAB(c)

    

Series B, 0.00%, 08/01/34

     3,500        2,773,435  

Series B, 0.00%, 08/01/36

     4,000        2,976,560  

State of California GO, 6.00%, 03/01/33

     1,670        1,676,697  

Stockton Public Financing Authority RB,
Series A, 6.25%, 10/01/23(b)

    690        822,542  
    

 

 

  
       45,116,614  
Colorado — 1.8%             

Arapahoe County School District No. 6 Littleton GO,
Series A, 5.50%, 12/01/43

     3,485        4,608,599  
Security   Par
(000)		      Value  
Colorado (continued)             

Colorado Health Facilities Authority Refunding RB,
Series A, 4.00%, 08/01/44

   $ 3,565      $ 3,922,890  

State of Colorado COP,
Series O, 4.00%, 03/15/44

     2,580        2,954,049  
    

 

 

  
       11,485,538  
Connecticut — 1.4%             

State of Connecticut GO,
Series A, 4.00%, 01/15/38

     6,300        7,476,273  

State of Connecticut Special Tax Revenue RB

     

Series A, 4.00%, 05/01/36

     670        799,538  

Series A, 4.00%, 05/01/39

     420        494,537  
    

 

 

  
       8,770,348  
Delaware — 2.3%             

County of Sussex Delaware RB,
6.00%, 10/01/40

     2,225        2,258,375  

Delaware State Economic Development Authority RB,
5.38%, 10/01/45

     10,080        10,133,021  

Delaware Transportation Authority RB, 5.00%, 06/01/55

     2,280        2,596,350  
    

 

 

  
       14,987,746  
District of Columbia — 5.8%             

District of Columbia Refunding RB
5.00%, 04/01/35

     865        1,015,501  

5.00%, 10/01/48

     4,590        5,413,263  

Series A, 6.00%, 07/01/23(b)

    1,480        1,731,792  

District of Columbia Tobacco Settlement Financing Corp. Refunding RB,
6.75%, 05/15/40

     23,035        23,628,842  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue Refunding RB

     

Series A, 5.00%, 10/01/53

     3,990        4,156,822  

Series B, 4.00%, 10/01/49

     1,550        1,717,354  
    

 

 

  
       37,663,574  
Florida — 2.7%             

Collier County Health Facilities Authority Refunding RB,
Series A, 5.00%, 05/01/45

     2,620        2,934,924  

County of Miami-Dade Florida Aviation Revenue Refunding ARB,
Series A, 5.38%, 10/01/20(b)

    2,280        2,299,106  

Mid-Bay Bridge Authority RB,
Series A, 7.25%, 10/01/21(b)

     5,885        6,367,394  

Stevens Plantation Community Development District SAB,
Series A, 7.10%, 05/01/35(d)(e)(f)

    3,395        1,629,600  

Volusia County Educational Facility Authority Refunding RB,
5.00%, 10/15/49

     3,535        4,271,623  
    

 

 

  
       17,502,647  
Georgia — 2.2%             

Gainesville & Hall County Hospital Authority Refunding RB,
Series A, (GTD), 5.50%, 08/15/54

     1,010        1,187,679  

Main Street Natural Gas, Inc. RB

     

Series A, 5.00%, 05/15/35

     990        1,327,323  

Series A, 5.00%, 05/15/36

     990        1,337,817  

Series A, 5.00%, 05/15/37

     1,085        1,479,343  

Series A, 5.00%, 05/15/38

     600        827,274  

Series A, 5.00%, 05/15/49

     1,990        2,953,757  

Municipal Electric Authority of Georgia RB, 4.00%, 01/01/49

     3,145        3,509,600  

Municipal Electric Authority of Georgia Refunding RB,

     

Series A, 4.00%, 01/01/49

     1,230        1,339,421  
    

 

 

  
       13,962,214  
Hawaii — 0.4%             

State of Hawaii Harbor System Revenue RB,
Series A, 5.25%, 07/01/30

     2,660        2,668,778  
    

 

 

  
 

 

 

  1

Schedule of Investments  (unaudited) (continued)

July 31, 2020

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Idaho — 0.3%            

Idaho Health Facilities Authority RB,
5.00%, 12/01/46

   $ 1,485     $ 1,769,511  
   

 

 

  
Illinois — 12.2%            

Chicago Board of Education GO

    

Series C, 5.25%, 12/01/35

     2,905       3,089,206  

Series D, 5.00%, 12/01/46

     3,805       3,973,294  

Series H, 5.00%, 12/01/36

     920       996,250  

Chicago Board of Education Refunding GO

    

Series C, 5.00%, 12/01/25

     1,280       1,414,515  

Series D, 5.00%, 12/01/25

     1,650       1,823,399  

Series F, 5.00%, 12/01/22

     1,250       1,314,763  

Series G, 5.00%, 12/01/34

     915       996,453  

Chicago O’Hare International Airport ARB, Series C, 3rd Lien, 6.50%, 01/01/21(b)

    11,385       11,683,742  

Chicago Transit Authority RB, 5.25%, 12/01/40

     2,055       2,153,352  

City of Chicago Illinois Waterworks Revenue Refunding RB, 2nd Lien, 5.00%, 11/01/42

     2,000       2,168,720  

Cook County Community College District No 508 GO, 5.50%, 12/01/38

     1,525       1,675,579  

Illinois Finance Authority RB

    

Series A, 5.00%, 02/15/47

     405       407,908  

Series A, 5.00%, 02/15/50

     205       206,349  

Illinois State Toll Highway Authority RB, Series C, 5.00%, 01/01/37

     5,455       6,329,818  

Metropolitan Pier & Exposition Authority RB, Series A, 5.00%, 06/15/57

     1,760       1,884,590  

Metropolitan Pier & Exposition Authority Refunding RB 4.00%, 06/15/50

     2,710       2,708,862  

Series B, (AGM), 0.00%, 06/15/43(c)

    10,455       4,898,481  

Railsplitter Tobacco Settlement Authority RB, 6.00%, 06/01/28(b)

    2,245       2,353,209  

State of Illinois GO
5.00%, 02/01/39

     2,990       3,172,330  

Series A, 5.00%, 04/01/38

     9,030       9,503,714  

State of Illinois Refunding GO

    

Series A, 5.00%, 10/01/30

     10,400       12,054,952  

Series B, 5.00%, 10/01/28

     1,965       2,296,044  

University of Illinois RB, Series A, 5.00%, 04/01/44

     1,910       2,106,673  
   

 

 

  
      79,212,203  
Indiana — 3.1%            

City of Valparaiso Indiana RB

    

AMT, 6.75%, 01/01/34

     1,525       1,666,840  

AMT, 7.00%, 01/01/44

     3,680       4,092,749  

Indiana Finance Authority RB

    

Series A, 1st Lien, 5.25%, 10/01/38

     6,305       6,632,923  

Series A, AMT, 5.00%, 07/01/44

     880       937,869  

Series A, AMT, 5.00%, 07/01/48

     2,905       3,095,713  

Series A, AMT, 5.25%, 01/01/51

     790       845,466  

Indianapolis Local Public Improvement Bond Bank RB,

    

Series A, 5.00%, 01/15/40

     2,490       2,743,084  
   

 

 

  
      20,014,644  
Iowa — 1.4%            

Iowa Finance Authority Refunding RB
5.25%, 12/01/25

     2,125       2,234,267  

5.88%, 12/01/26(a)

    805       834,391  

Series B, 5.25%, 12/01/50(g)

    5,515       5,834,098  
   

 

 

  
      8,902,756  
Security   Par
(000)		     Value  
Kentucky — 1.1%            

Kentucky Economic Development Finance Authority RB, Series A, 5.25%, 01/01/23(b)

  $ 1,915     $ 2,148,860  

Kentucky Economic Development Finance Authority Refunding RB, Series A, (AGM), 5.00%, 12/01/45

     2,515       2,998,358  

Kentucky Public Transportation Infrastructure Authority RB, CAB, Series C, 6.75%, 07/01/43(h)

    2,325       2,279,360  
   

 

 

  
      7,426,578  
Louisiana — 2.4%            

Louisiana Local Government Environmental Facilities & Community Development Authority RB, Series A-1, 6.50%, 11/01/35

     6,535       6,609,957  

Tobacco Settlement Financing Corp. Refunding RB

    

Series A, 5.50%, 05/15/30

     1,570       1,572,638  

Series A, 5.25%, 05/15/31

     1,690       1,732,723  

Series A, 5.25%, 05/15/32

     2,160       2,278,346  

Series A, 5.25%, 05/15/33

     2,345       2,471,231  

Series A, 5.25%, 05/15/35

     985       1,059,417  
   

 

 

  
      15,724,312  
Maryland — 1.0%            

Maryland Economic Development Corp. Refunding RB, 5.75%, 09/01/25

     1,210       1,212,166  

Maryland Health & Higher Educational Facilities Authority RB, 5.00%, 12/01/46

     840       1,000,935  

Maryland Health & Higher Educational Facilities Authority Refunding RB, 6.25%, 01/01/21(b)

    4,295       4,402,633  
   

 

 

  
      6,615,734  
Michigan — 2.8%            

City of Detroit Michigan Sewage Disposal System Revenue Refunding RB, Series A, Senior Lien, 5.25%, 07/01/22(b)

    8,665       9,512,177  

Michigan Finance Authority RB, Series C-1, Senior Lien, 5.00%, 07/01/22(b)

    1,710       1,868,295  

Michigan Finance Authority Refunding RB, Series A, 4.00%, 12/01/49

     1,640       1,880,079  

Michigan State University Refunding RB, Series B, 5.00%, 02/15/48

     2,000       2,510,880  

Michigan Strategic Fund RB, AMT, 5.00%, 06/30/48

     2,120       2,370,796  
   

 

 

  
      18,142,227  
Minnesota — 1.1%            

Duluth Economic Development Authority Refunding RB

    

Series A, 4.25%, 02/15/48

     2,030       2,270,352  

Series A, 5.25%, 02/15/53

     4,060       4,856,125  
   

 

 

  
      7,126,477  
Missouri — 0.1%            

Health & Educational Facilities Authority of the State of Missouri Refunding RB, 5.50%, 05/01/43

     480       512,870  
   

 

 

  
Nebraska — 0.7%            

Central Plains Energy Project RB
5.25%, 09/01/37

     1,610       1,752,759  

5.00%, 09/01/42

     2,815       3,052,670  
   

 

 

  
      4,805,429  
 

 

 

2  

Schedule of Investments  (unaudited) (continued)

July 31, 2020

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  
New Hampshire(a) — 0.7%             

New Hampshire Business Finance Authority Refunding RB

     

Series B, 4.63%, 11/01/42

   $ 3,055      $ 3,087,138  

Series C, AMT, 4.88%, 11/01/42

     1,585        1,601,833  
    

 

 

  
       4,688,971  
New Jersey — 15.3%             

Casino Reinvestment Development Authority, Inc. Refunding RB
5.25%, 11/01/39

     3,280        3,394,636  

5.25%, 11/01/44

     2,980        3,064,215  

Essex County Improvement Authority RB, AMT, 5.25%, 07/01/45(a)

    2,115        2,116,882  

Middlesex County Improvement Authority RB,
Series B, 6.25%, 01/01/37(d)(f)

    3,680        73,600  

New Jersey Economic Development Authority RB
4.00%, 11/01/38

     1,030        1,114,779  

4.00%, 11/01/39

     825        889,391  

5.00%, 06/15/49

     4,650        5,381,910  

Series EEE, 5.00%, 06/15/48

     7,320        8,363,979  

AMT, 5.38%, 01/01/43

     2,285        2,517,659  

Series B, AMT, 5.63%, 11/15/30

     2,035        2,118,679  

New Jersey Economic Development Authority Refunding ARB,
AMT, 5.00%, 10/01/47

     2,905        3,184,142  

New Jersey Economic Development Authority Refunding SAB,
6.50%, 04/01/28

     8,000        8,859,520  

New Jersey Transportation Trust Fund Authority RB
Series A, 5.50%, 06/15/41(b)

    8,000        8,369,360  

Series AA, 5.00%, 06/15/44

     3,765        4,023,953  

Series B, 5.25%, 06/15/36

     4,810        4,948,817  

Series BB, 4.00%, 06/15/50

     3,010        3,181,389  

Series BB, 5.00%, 06/15/50

     9,895        11,309,787  

New Jersey Turnpike Authority RB
Series A, 5.00%, 01/01/43

     3,035        3,243,565  

Series E, 5.00%, 01/01/45

     5,095        5,769,374  

Tobacco Settlement Financing Corp. Refunding RB
Series A, 5.25%, 06/01/46

     1,070        1,263,980  

Sub-Series B, 5.00%, 06/01/46

     14,320        16,110,143  
    

 

 

  
       99,299,760  
NewYork — 14.6%             

Metropolitan Transportation Authority RB
Series B, 5.25%, 11/15/38

     4,640        4,960,299  

Series B, 5.25%, 11/15/39

     1,650        1,760,996  

Metropolitan Transportation Authority Refunding RB
Series C-1, 4.75%, 11/15/45

     3,210        3,587,271  

Series C-1, 5.00%, 11/15/50

     1,040        1,192,651  

Series C-1, 5.25%, 11/15/55

     1,545        1,767,573  

Monroe County Industrial Development Corp. Refunding RB,
Series A, 4.00%, 07/01/50(i)

    2,155        2,527,233  

New York City Housing Development Corp. RB, M/F Housing,
Series A, 3.00%, 11/01/55

     2,135        2,223,282  

New York City Transitional Finance Authority Future Tax Secured Revenue RB
4.00%, 05/01/40

     875        1,059,870  

Series C, 4.00%, 05/01/45

     2,190        2,610,633  

Sub-Series E-1, 5.00%, 02/01/42

     4,805        5,099,354  

New York Counties Tobacco Trust II RB, 5.75%, 06/01/43

     840        842,159  
Security   Par
(000)		      Value  
NewYork (continued)             

New York Counties Tobacco Trust IV Refunding RB,
Series A, 6.25%, 06/01/41(a)

  $ 3,500      $ 3,501,750  

New York Counties Tobacco Trust VI Refunding RB,
Series A-2, 5.00%, 06/01/45

     9,395        9,586,376  

New York Liberty Development Corp. Refunding RB(a)
Class 1, 5.00%, 11/15/44

     7,830        8,322,272  

Class 2, 5.15%, 11/15/34

     660        699,739  

Class 2, 5.38%, 11/15/40

     1,655        1,767,209  

New York State Dormitory Authority Refunding RB,
Series D, 5.00%, 02/15/37

     6,655        7,092,234  

New York State Environmental Facilities Corp. RB,
Series B, 5.00%, 06/15/48

     3,535        4,455,903  

New York State Urban Development Corp. RB
Series A, 4.00%, 03/15/49

     15,980        18,757,804  

Series A, 3.00%, 03/15/50

     2,595        2,755,657  

New York Transportation Development Corp. ARB,
Series A, AMT, 5.25%, 01/01/50

     1,165        1,273,764  

Port Authority of New York & New Jersey RB
Series 8, 6.00%, 12/01/36

     2,525        2,562,572  

Series 8, 6.00%, 12/01/42

     1,960        1,987,734  

Triborough Bridge & Tunnel Authority RB
Series A, 4.00%, 11/15/54

     530        620,142  

Series A, 5.00%, 11/15/54

     1,705        2,182,417  

Westchester County Healthcare Corp. RB, Series A,
Senior Lien, 5.00%, 11/01/44

     1,655        1,812,642  
    

 

 

  
       95,009,536  
North Carolina — 0.4%             

North Carolina Medical Care Commission Refunding RB,
Series A, 7.75%, 03/01/21(b)

    1,130        1,179,788  

University of North Carolina at Chapel Hill RB, 5.00%, 02/01/49

     1,080        1,724,792  
    

 

 

  
       2,904,580  
North Dakota — 0.3%             

County of Cass North Dakota Refunding RB, Series B, 5.25%, 02/15/58

     1,885        2,249,031  
    

 

 

  
Ohio — 3.3%             

Buckeye Tobacco Settlement Financing Authority Refunding RB

     

Series A-2, Class 1, 4.00%, 06/01/37

     580        682,034  

Series A-2, Class 1, 4.00%, 06/01/38

     580        678,084  

Series A-2, Class 1, 4.00%, 06/01/39

     580        676,431  

Series A-2, Class 1, 4.00%, 06/01/48

     1,525        1,704,523  

Series B-2, Class 2, 5.00%, 06/01/55

     6,705        7,391,123  

County of Franklin Ohio RB
5.00%, 12/01/46

     800        948,440  

Series A, 6.13%, 07/01/22(b)

    75        83,551  

Series A, 6.13%, 07/01/40

     1,205        1,267,696  

Series A, 4.00%, 12/01/49

     1,015        1,162,824  

County of Hamilton Ohio Refunding RB
4.00%, 08/15/50

     1,200        1,375,968  

Series A, 3.75%, 08/15/50

     2,110        2,343,408  

Ohio Air Quality Development Authority RB, AMT,
5.00%, 07/01/49(a)

    1,480        1,506,625  

State of Ohio RB, AMT, 5.00%, 06/30/53

     1,585        1,758,335  
    

 

 

  
       21,579,042  
 

 

 

  3

Schedule of Investments  (unaudited) (continued)

July 31, 2020

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security    Par
(000)		      Value  
Oklahoma — 1.8%  

Oklahoma Development Finance Authority RB,
Series B, 5.25%, 08/15/48

    $ 2,350      $ 2,751,779  

Oklahoma Turnpike Authority RB

      

Series A, 4.00%, 01/01/48

      4,065        4,568,857  

Series C, 4.00%, 01/01/42

      3,845        4,370,958  
     

 

 

  
        11,691,594  
Oregon — 0.6%  

Medford Hospital Facilities Authority Refunding RB,
Series A, 4.00%, 08/15/50

      3,390        3,886,127  
     

 

 

  
Pennsylvania — 2.6%  

Allentown Neighborhood Improvement Zone
Development Authority RB(a)

      

5.00%, 05/01/28

      420        447,182  

5.13%, 05/01/32

      470        501,871  

5.38%, 05/01/42

      870        901,833  

Hospitals & Higher Education Facilities Authority of Philadelphia RB, Series A, 5.63%, 07/01/42

      1,240        1,298,702  

Montgomery County Higher Education and Health Authority Refunding RB

      

Series A, 5.00%, 09/01/43

      2,505        2,994,853  

Series A, 4.00%, 09/01/49

      1,135        1,245,855  

Pennsylvania Economic Development Financing Authority RB, AMT,
5.00%, 06/30/42

      1,660        1,814,081  

Pennsylvania Higher Educational Facilities Authority RB, 4.00%, 08/15/49

      4,665        5,324,025  

Pennsylvania Turnpike Commission RB, Series A, 5.00%, 12/01/44

      2,155        2,497,667  
     

 

 

  
        17,026,069  
Puerto Rico — 6.2%  

Children’s Trust Fund Refunding RB
5.50%, 05/15/39

      1,365        1,365,410  

5.63%, 05/15/43

      1,360        1,360,272  

Puerto Rico Commonwealth Aqueduct & Sewer Authority RB

      

Series A, Senior Lien, 5.00%, 07/01/33

      4,920        5,050,724  

Series A, Senior Lien, 5.13%, 07/01/37

      1,410        1,450,537  

Puerto Rico Commonwealth Aqueduct & Sewer Authority Refunding RB

      

Series A, Senior Lien, 6.00%, 07/01/38

      1,455        1,467,906  

Series A, Senior Lien, 6.00%, 07/01/44

      2,630        2,653,039  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue RB, CAB, Restructured,
Series A-1, 0.00%, 07/01/46(c)

     10,294        3,000,392  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue RB, Restructured

      

Series A-1, 4.75%, 07/01/53

      4,044        4,293,919  

Series A-1, 5.00%, 07/01/58

      12,940        13,936,639  

Series A-2, 4.33%, 07/01/40

      1,950        2,028,214  

Series A-2, 4.78%, 07/01/58

      3,325        3,540,959  
     

 

 

  
        40,148,011  
Rhode Island — 2.3%  
Tobacco Settlement Financing Corp. Refunding RB              

Series A, 5.00%, 06/01/35

      3,060        3,457,433  
Security    Par
(000)		      Value  
Rhode Island (continued)  
Tobacco Settlement Financing Corp. Refunding RB (continued)  

Series B, 4.50%, 06/01/45

    $ 5,175      $ 5,469,457  

Series B, 5.00%, 06/01/50

      5,765        6,231,504  
     

 

 

  
        15,158,394  
South Carolina — 5.5%  

South Carolina Jobs-Economic Development Authority RB
5.00%, 04/01/44

      160        172,786  

4.00%, 04/01/49

      150        146,412  

5.00%, 04/01/49

      480        515,438  

4.00%, 04/01/54

      370        357,812  

5.00%, 04/01/54

      875        937,125  

South Carolina Jobs-Economic Development Authority Refunding RB
5.00%, 02/01/36

      5,115        6,070,380  

Series A, 5.00%, 05/01/48

      6,075        6,928,720  

South Carolina Public Service Authority RB,
Series A, 5.50%, 12/01/54

      12,065        13,668,076  

South Carolina Public Service Authority Refunding RB
Series A, 5.00%, 12/01/50

      2,805        3,200,309  

Series E, 5.25%, 12/01/55

      3,335        3,908,687  
     

 

 

  
        35,905,745  
Tennessee — 0.6%  

Chattanooga Health Educational & Housing Facility Board Refunding RB, Series A, 4.00%, 08/01/44

      315        346,623  

Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd RB,
Series A, 5.00%, 07/01/40

      1,350        1,544,319  

Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd Refunding RB,

      

Series A, 5.25%, 10/01/58

      1,925        2,248,034  
     

 

 

  
        4,138,976  
Texas — 9.8%  

Central Texas Regional Mobility Authority Refunding RB
Senior Lien, 6.25%, 01/01/21(b)

  

 

4,210

 

   

 

4,314,450

 

Sub-Lien, 5.00%, 01/01/33

      700        762,587  

City of Austin Texas Airport System Revenue ARB, AMT, 5.00%, 11/15/39

      385        436,640  

City of San Antonio Texas Electric & Gas Systems Revenue Refunding RB, Series A, 5.00%, 02/01/48

      2,295        2,926,469  

Fort Bend County Industrial Development Corp. RB,
Series B, 4.75%, 11/01/42

      470        487,879  

Harris County Cultural Education Facilities Finance Corp. RB,
Series B, 7.00%, 01/01/23(b)

     880        1,023,766  

Harris County-Houston Sports Authority Refunding RB(c) Series A, 3rd Lien, (NPFGC),
0.00%, 11/15/24(b)

     6,000        2,724,600  

Series A, 3rd Lien, (NPFGC),
0.00%, 11/15/37

      10,120        4,116,512  

Harris County-Houston Sports Authority Refunding RB, CAB(c)

     

Series H, Junior Lien, (NPFGC), 0.00%, 11/15/35

      5,000        2,705,600  

Series A, Senior Lien, (AGM, NPFGC),
0.00%, 11/15/38

      12,580        5,802,651  
 

 

 

4  

Schedule of Investments  (unaudited) (continued)

July 31, 2020

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security    Par
(000)		      Value  
Texas (continued)  

Midland County Fresh Water Supply District No. 1 RB, CAB(c)

     

Series A, 0.00%, 09/15/40

    $ 9,780      $ 4,501,049  

Series A, 0.00%, 09/15/41

      5,420        2,363,770  

New Hope Cultural Education Facilities Finance Corp. RB,
Series A, 5.00%, 04/01/25(b)

     355        432,734  

New Hope Cultural Education Facilities Finance Corp. Refunding RB,
Series A, 5.00%, 08/15/46(a)

     1,980        1,991,583  

San Antonio Water System Refunding RB, Series A, Junior Lien,
5.00%, 05/15/48

      5,035        6,292,391  

Tarrant County Cultural Education Facilities Finance Corp. RB, Series B, 5.00%, 07/01/48

      9,025        11,038,839  

Texas Municipal Gas Acquisition & Supply Corp. III RB,
5.00%, 12/15/32

      2,835        2,987,013  

Texas Private Activity Bond Surface Transportation Corp. RB, Senior Lien, 7.00%, 06/30/40

      6,000        6,024,360  

Texas Transportation Commission RB, 5.00%, 08/01/57

      2,310        2,706,719  
     

 

 

  
        63,639,612  
Utah — 1.1%              

County of Utah RB

      

Series A, 4.00%, 05/15/43

      440        520,855  

Series A, 3.00%, 05/15/50

      1,985        2,109,539  

Salt Lake City Corp. Airport Revenue ARB

      

Series A, AMT, 5.00%, 07/01/47

      1,830        2,147,322  

Series A, AMT, 5.00%, 07/01/48

      1,735        2,075,771  
     

 

 

  
        6,853,487  
Virginia — 1.4%              

Front Royal & Warren County Industrial Development Authority RB,
4.00%, 01/01/50

      1,465        1,611,471  

Virginia Small Business Financing Authority RB Senior Lien, AMT,
5.25%, 01/01/32

      3,155        3,357,046  

Senior Lien, AMT, 6.00%, 01/01/37

      3,790        4,073,113  
     

 

 

  
        9,041,630  
Washington — 1.7%              

Port of Seattle Washington ARB

      

Series A, AMT, 5.00%, 05/01/43

      2,980        3,476,081  

Series C, AMT, 5.00%, 04/01/40

      1,475        1,667,561  

Washington Health Care Facilities Authority RB,
Series A, 5.75%, 01/01/45

      4,420        4,983,682  

Washington Health Care Facilities Authority Refunding RB,
Series A, 4.00%, 08/01/44

      685        744,520  
     

 

 

  
        10,871,844  
     

 

 

  

Total Municipal Bonds — 125.4%
(Cost: $750,727,962)

         815,143,885  
     

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(j)

 

California — 1.1%              

Bay Area Toll Authority Refunding RB, 4.00%, 04/01/42(k)

      6,196        7,136,155  
     

 

 

  
Colorado — 0.8%              

City & County of Denver Colorado Airport System Revenue Refunding ARB,
Series A, AMT, 5.25%, 12/01/48(k)

     4,475        5,447,942  
     

 

 

  
Security    Par
(000)		      Value  
District of Columbia — 0.6%              

Metropolitan Washington Airports Authority Dulles Toll Road Revenue Refunding RB,
Series B, (AGM), 4.00%, 10/01/53

    $ 3,638      $ 4,078,143  
     

 

 

  
Georgia — 1.7%              

Dalton Whitfield County Joint Development Authority RB,
4.00%, 08/15/48

      7,220        8,128,854  

Georgia Housing & Finance Authority Refunding RB,
Series A, 3.60%, 12/01/44

      2,898        3,193,138  
     

 

 

  
        11,321,992  
Illinois — 0.5%              

Illinois Finance Authority Refunding RB

      

Series C, 4.00%, 02/15/27(b)

     5        6,061  

Series C, 4.00%, 02/15/41

      2,800        3,133,423  
     

 

 

  
        3,139,484  
Massachusetts — 3.1%              

Commonwealth of Massachusetts Transportation Fund Revenue RB, Series A, 4.00%, 06/01/45

      4,153        4,634,875  

Massachusetts Development Finance Agency Refunding RB,
5.00%, 07/01/47

      9,088        10,766,020  

Massachusetts School Building Authority RB,
Series B, 5.00%, 10/15/21(b)

     4,427        4,683,824  
     

 

 

  
        20,084,719  
NewYork — 15.5%              

Hudson Yards Infrastructure Corp. RB 5.75%, 02/15/21(b)(k)

      1,938        1,992,005  

5.75%, 02/15/47

      1,192        1,225,421  

New York City Water & Sewer System Refunding RB, Series HH,
5.00%, 06/15/31(k)

     16,395        17,069,163  

New York Liberty Development Corp. ARB, 5.25%, 12/15/43

      20,864        22,048,470  

New York Liberty Development Corp. Refunding RB,
5.75%, 11/15/51(k)

     12,611        13,420,041  

New York Power Authority Refunding RB,
Series A, 4.00%, 11/15/60

      2,655        3,153,821  

New York State Dormitory Authority Refunding RB,
Series D, 4.00%, 02/15/47

      12,060        14,078,844  

New York State Thruway Authority Refunding RB,
Series B, 4.00%, 01/01/50

      5,805        6,647,354  

New York State Urban Development Corp. RB,
Series A, 4.00%, 03/15/46

      13,155        15,077,866  

Port Authority of New York & New Jersey Refunding RB, 194th Series, 5.25%, 10/15/55

      5,070        5,984,476  
     

 

 

  
        100,697,461  
North Carolina — 0.9%              

North Carolina Capital Facilities Finance Agency Refunding RB, Series B, 5.00%, 10/01/25(b)

     4,960        6,153,078  
     

 

 

  
Pennsylvania — 0.9%              

Pennsylvania Turnpike Commission RB, Series A, 5.50%, 12/01/42

      4,652        5,579,017  
     

 

 

  
Rhode Island — 0.5%              

Narragansett Bay Commission Refunding RB,
Series A, 4.00%, 09/01/22(b)

     3,137        3,386,824  
     

 

 

  
Texas — 7.1%              

City of San Antonio Texas Electric & Gas Systems Revenue RB, Junior Lien, 5.00%, 02/01/43

      4,900        5,401,172  

Lower Colorado River Authority Refunding RB, 4.00%, 05/15/43

      4,140        4,331,061  
 

 

 

  5

Schedule of Investments  (unaudited) (continued)

July 31, 2020

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Texas (continued)            

Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue Refunding RB,
Series A, 5.00%, 11/01/21(b)

  $ 6,650     $ 7,052,724  

San Antonio Public Facilities Corp. Refunding RB,
4.00%, 09/15/42

     5,505       5,827,923  

Texas Water Development Board RB,
Series A, 4.00%, 10/15/49

     13,920       16,846,680  

University of Texas System Refunding RB,
Series B, 5.00%, 08/15/43

     6,003       6,519,230  
   

 

 

  
      45,978,790  
Virginia — 1.7%            

Virginia Small Business Financing Authority Refunding
RB, Series A, 4.00%, 12/01/49

     9,677       11,108,279  
   

 

 

  
Wisconsin — 1.0%            

Wisconsin Health & Educational Facilities Authority Refunding RB,
4.00%, 12/01/46

     5,575       6,206,482  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 35.4%
(Cost: $214,621,183)

 

     230,318,366  
   

 

 

  

Total Long-Term Investments — 160.8%
(Cost: $965,349,145)

 

     1,045,462,251  
   

 

 

  
     Shares         

Short-Term Securities

    
Money Market Funds — 1.0%            

BlackRock Liquidity Funds, MuniCash, Institutional
Class, 0.04%(l)(m)

    6,399,191       6,400,471  
   

 

 

  

Total Short-Term Securities — 1.0%
(Cost: $6,399,054)

 

     6,400,471  
   

 

 

  

Total Investments — 161.8%
(Cost: $971,748,199)

 

     1,051,862,722  

Other Assets Less Liabilities — 1.0%

 

     6,327,233  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (21.1)%

 

     (137,286,380 ) 

VMTP Shares at Liquidation Value — (41.7)%

 

     (270,800,000 ) 
   

 

 

  

Net Assets Applicable to Common
Shares — 100.0%

 

   $ 650,103,575  
   

 

 

  

 

(a) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(b) 

U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

(c) 

Zero-coupon bond.

(d) 

Issuer filed for bankruptcy and/or is in default.

(e) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(f) 

Non-income producing security.

(g) 

Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

(h) 

Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate reflects the current yield as of period end.

(i) 

When-issued security.

(j) 

Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.

(k) 

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between December 15, 2020 to February 15, 2047, is $27,564,129.

(l) 

Affiliate of the Trust.

(m) 

Annualized 7-day yield as of period end.

 

Affiliates

Investments in issuers considered to be an affiliate/affiliates of the Trust during the period ended July 31, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Shares
Held at
04/30/20		        Shares
Purchased		        Shares
Sold		      Shares
Held at
07/31/20		        Value at
07/31/20		        Income        Net Realized
Gain (Loss)(a)		        Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      13,732,433          —          (7,333,242 )(b)       6,399,191        $ 6,400,471        $ 430        $ 4,894        $ (3,948 ) 
                    

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 
  (b) 

Represents net shares purchased (sold).

 

 

 

6  

Schedule of Investments  (unaudited) (continued)

July 31, 2020

   

BlackRock Municipal Income Trust (BFK)

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

 

  •  

Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs)

 

  •  

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments is based on the pricing transparency of the investments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments, refer to its most recent financial statements.

The following table summarizes the Trust’s investments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.

 

      Level 1        Level 2        Level 3        Total  

Assets

                  

Investments

                  

Long-Term Investments

                  

Municipal Bonds

    $ —        $ 813,514,285        $ 1,629,600        $ 815,143,885  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          230,318,366          —          230,318,366  

Short-Term Securities

                  

Money Market Funds

      6,400,471          —          —          6,400,471  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 6,400,471        $ 1,043,832,651        $ 1,629,600        $ 1,051,862,722  
  

 

 

       

 

 

       

 

 

       

 

 

  

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

      Level 1        Level 2        Level 3        Total  

Liabilities

 

TOB Trust Certificates

    $ —        $ (137,233,834 )       $ —        $ (137,233,834 ) 

VMTP Shares at Liquidation Value

      —          (270,800,000 )         —          (270,800,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (408,033,834 )       $ —        $ (408,033,834 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

Portfolio Abbreviation
AGM   Assured Guaranty Municipal Corp.
AMT   Alternative Minimum Tax
ARB   Airport Revenue Bonds
CAB   Capital Appreciation Bonds
COP   Certificates of Participation
GO   General Obligation Bonds
GTD   GTD Guaranteed
M/F   Multi-Family
NPFGC   National Public Finance Guarantee Corp.
RB   Revenue Bond
S/F   Single-Family
Portfolio Abbreviation (continued)
SAB   Special Assessment Bonds
 

 

 

  7