NPORT-EX 2 NPORT_3891517936767722.htm BlackRock Municipal Income Trust

Schedule of Investments (unaudited) 

January 31, 2021

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

    
Alabama — 2.4%            

County of Jefferson Alabama Sewer Revenue, Refunding RB

    

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

   $ 1,555     $ 1,746,545  

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

     2,275       2,558,693  

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

     5,740       6,667,125  

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

     1,765       2,093,378  

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

     2,110       3,193,506  
   

 

 

  
      16,259,247  
Arizona — 4.3%            

Glendale Industrial Development Authority, RB

    

5.00%, 05/15/41

     180       203,913  

5.00%, 05/15/56

     725       815,821  

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

    3,400       3,607,128  

Salt Verde Financial Corp., RB 5.00%, 12/01/32

       10,030       13,546,016  

5.00%, 12/01/37

     7,460       10,842,439  
   

 

 

  
        29,015,317  
Arkansas — 0.8%            

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

    4,985       5,493,121  
   

 

 

  
California — 7.3%            

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

     4,230       6,897,565  

California Health Facilities Financing Authority, Refunding RB

    

Series A, 5.00%, 07/01/33

     2,465       2,739,502  

Series A, 4.00%, 04/01/45

     790       918,944  

California Municipal Finance Authority, RB, S/F Housing

    

Series A, 5.25%, 08/15/39

     290       319,365  

Series A, 5.25%, 08/15/49

     715       767,910  

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

    2,970       3,172,673  

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

     1,495       1,683,848  

City of Los Angeles Department of Airports, RB(b)
5.00%, 05/15/31

     690       942,264  

5.00%, 05/15/32

     825       1,117,297  

5.00%, 05/15/33

     815       1,098,213  

5.00%, 05/15/34

     855       1,146,281  

5.00%, 05/15/35

     1,345       1,791,177  

5.00%, 05/15/38

     580       764,649  

5.00%, 05/15/39

     625       821,294  

5.00%, 05/15/40

     1,310       1,715,969  

5.00%, 05/15/41

     1,410       1,840,938  

Golden State Tobacco Securitization Corp., Refunding RB

    

Series A-1, 5.25%, 06/01/47

     1,070       1,116,823  

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

     4,335       4,509,094  

Riverside County Transportation Commission, RB, CAB(c)

   

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

     5,000       2,831,250  

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

     6,000       3,273,960  

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

     5,000       2,627,550  
Security  

Par

(000)

     Value  
California (continued)            

San Marcos Unified School District, GO, CAB(c)

   

Series B, 0.00%, 08/01/34

   $ 3,500     $ 2,785,510  

Series B, 0.00%, 08/01/36

     4,000       2,987,640  

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

    690       802,291  
   

 

 

  
      48,672,007  
Colorado — 1.7%            

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

     3,485       4,633,830  

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

     3,565       4,088,556  

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

     2,580       3,044,632  
   

 

 

  
      11,767,018  
Connecticut — 0.4%            

State of Connecticut Special Tax Revenue, RB

    

Series A, 4.00%, 05/01/36

     670       812,161  

Series A, 4.00%, 05/01/39

     420       504,357  

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

     1,300       1,563,874  
   

 

 

  
      2,880,392  
Delaware — 0.4%            

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

     2,280       2,638,826  
   

 

 

  
District of Columbia — 5.7%            

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

       23,035       23,743,787  

District of Columbia, Refunding RB

    

5.00%, 04/01/35

     865       1,039,817  

5.00%, 10/01/48

     4,590       5,560,005  

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

    1,480       1,688,724  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB

    

Series A, 5.00%, 10/01/53

     3,990       4,141,939  

Series B, Subordinate, 4.00%, 10/01/49

     1,550       1,761,792  
   

 

 

  
        37,936,064  
Florida — 3.8%            

Capital Projects Finance Authority, Refunding RB

    

Series A-1, 5.00%, 10/01/32

     395       461,475  

Series A-1, 5.00%, 10/01/33

     435       504,456  

Series A-1, 5.00%, 10/01/34

     435       501,877  

Series A-1, 5.00%, 10/01/35

     145       166,403  

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

     2,620       2,974,198  

Florida Development Finance Corp., RB

    

Series A, 5.00%, 06/15/40

     435       498,079  

Series A, 5.00%, 06/15/50

     1,455       1,648,428  

Series A, 5.00%, 06/15/55

     875       989,432  

Miami-Dade County Florida Aviation Revenue, Refunding RB

    

Series A, 4.00%, 10/01/37

     655       801,124  

Series A, 4.00%, 10/01/38

     655       794,980  

Series A, 4.00%, 10/01/39

     490       592,866  

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

    5,885       6,164,067  

Sarasota County Florida Utility System Revenue RB

    

Series A, 5.00%, 10/01/45

     875       1,158,465  

Series A, 5.00%, 10/01/50

     1,310       1,714,109  
 

 

 

S C H E D U L E   O F   I N V E S T M  E N T S

   1

Schedule of Investments (unaudited) (continued)

January 31, 2021

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Florida (continued)            

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

  $ 3,159     $ 2,001,047  

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

     3,535       4,315,493  
   

 

 

  
      25,286,499  
Georgia — 2.4%            

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

     1,010       1,200,850  

Georgia Housing & Finance Authority, RB, S/F Housing, Series B, 2.50%, 06/01/50

     1,455       1,487,577  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/35

     990       1,383,119  

Series A, 5.00%, 05/15/36

     990       1,396,088  

Series A, 5.00%, 05/15/37

     1,085       1,547,102  

Series A, 5.00%, 05/15/38

     600       864,798  

Series A, 5.00%, 05/15/49

     1,990       3,092,818  

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

     3,145       3,589,451  

Municipal Electric Authority of Georgia, Refunding RB, Sub-Series A, 4.00%, 01/01/49

     1,230       1,405,054  
   

 

 

  
        15,966,857  
Idaho — 0.3%            

Idaho Health Facilities Authority, RB, Series 2017, 5.00%, 12/01/46

     1,485       1,788,014  
   

 

 

  
Illinois — 11.4%            

Chicago Board of Education, GO

    

Series C, 5.25%, 12/01/35

       2,905       3,249,272  

Series D, 5.00%, 12/01/46

     3,805       4,217,853  

Series H, 5.00%, 12/01/36

     920       1,090,973  

Chicago Board of Education, Refunding GO

    

Series C, 5.00%, 12/01/25

     1,280       1,517,018  

Series D, 5.00%, 12/01/25

     1,650       1,955,530  

Series F, 5.00%, 12/01/22

     1,250       1,346,387  

Series G, 5.00%, 12/01/34

     915       1,093,242  

Chicago O’Hare International Airport, Refunding RB, Series A, Senior Lien, 4.00%, 01/01/37

     1,895       2,282,679  

Chicago Transit Authority Sales Tax Receipts Fund, RB, 5.25%, 12/01/21(d)

    2,055       2,142,420  

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

     2,000       2,136,100  

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

     1,525       1,705,636  

Illinois Finance Authority, RB

    

Series A, 5.00%, 02/15/47

     475       506,455  

Series A, 5.00%, 02/15/50

     265       281,727  

Illinois State Toll Highway Authority, RB

    

Series A, 5.00%, 01/01/45

     2,605       3,364,149  

Series C, 5.00%, 01/01/37

     5,455       6,400,242  

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

     1,760       2,052,846  

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

     2,710       2,996,311  

Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, (AGM), 0.00%, 06/15/43(c)

    10,455       5,397,394  

Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21(d)

     2,245       2,289,002  
Security   Par
(000)		     Value  
Illinois (continued)            

State of Illinois, GO

    

5.00%, 02/01/39

   $ 2,990     $ 3,297,940  

Series A, 5.00%, 04/01/38

     9,030       9,740,390  

State of Illinois, Refunding GO

    

Series A, 5.00%, 10/01/30

     10,400       12,623,416  

Series B, 5.00%, 10/01/28

     1,965       2,417,402  

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

     1,910       2,156,925  
   

 

 

  
      76,261,309  
Indiana — 3.0%            

City of Valparaiso Indiana, RB

    

AMT, 6.75%, 01/01/34

     1,525       1,673,825  

AMT, 7.00%, 01/01/44

     3,680       4,018,633  

Indiana Finance Authority, RB

    

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

     6,305       6,509,345  

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

     880       945,129  

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

       2,905       3,119,447  

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

     790       852,481  

Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40

     2,490       2,714,424  
   

 

 

  
        19,833,284  
Iowa — 1.4%            

Iowa Finance Authority, Refunding RB

    

5.25%, 12/01/25

     2,125       2,385,185  

5.88%, 12/01/26

     805       832,354  

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

    5,515       6,178,565  
   

 

 

  
      9,396,104  
Kentucky — 1.2%            

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

    1,915       2,100,947  

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

     2,515       2,964,531  

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

    2,325       2,744,895  
   

 

 

  
      7,810,373  
Louisiana — 1.4%            

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.50%, 05/15/30

     1,570       1,573,203  

Series A, 5.25%, 05/15/31

     1,690       1,709,722  

Series A, 5.25%, 05/15/32

     2,160       2,272,450  

Series A, 5.25%, 05/15/33

     2,345       2,466,963  

Series A, 5.25%, 05/15/35

     985       1,074,369  
   

 

 

  
      9,096,707  
Maryland — 0.1%            

Maryland Health & Higher Educational Facilities Authority, RB, Series 2017, 5.00%, 12/01/46

     840       1,026,211  
   

 

 

  
Michigan — 2.4%            

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

    8,665       9,292,519  

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

     1,640       1,944,171  
 

 

 

2  

Schedule of Investments (unaudited) (continued)

January 31, 2021

  

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Michigan (continued)            

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

   $  2,000     $ 2,457,940  

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

     2,120       2,555,490  
   

 

 

  
      16,250,120  
Minnesota — 1.1%            

Duluth Economic Development Authority, Refunding RB

    

Series A, 4.25%, 02/15/48

     2,030       2,262,679  

Series A, 5.25%, 02/15/53

     4,060       4,817,799  
   

 

 

  
      7,080,478  
Missouri — 1.1%            

Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53

       5,830       6,806,817  

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

     480       509,304  
   

 

 

  
      7,316,121  
Nebraska — 0.7%            

Central Plains Energy Project, RB

    

5.25%, 09/01/37

     1,610       1,732,521  

5.00%, 09/01/42

     2,815       3,018,046  
   

 

 

  
      4,750,567  
New Hampshire(a) — 0.7%            

New Hampshire Business Finance Authority, Refunding RB

    

Series B, 4.63%, 11/01/42

     3,055       3,200,693  

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

     1,585       1,669,972  
   

 

 

  
      4,870,665  
New Jersey — 16.7%            

Casino Reinvestment Development Authority, Inc., Refunding RB

    

5.25%, 11/01/39

     3,280       3,519,112  

5.25%, 11/01/44

     2,980       3,181,776  

Hudson County Improvement Authority, RB, 4.00%, 10/01/46

     3,350       3,975,144  

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

    3,680       73,600  

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

     1,030       1,180,318  

4.00%, 11/01/39

     825       943,198  

5.00%, 06/15/49

     4,650       5,681,835  

Series EEE, 5.00%, 06/15/48

     7,320       8,782,829  

AMT, 5.38%, 01/01/43

     2,285       2,497,162  

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

     2,035       2,269,086  

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

     2,905       3,355,595  

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

     8,000       8,834,000  

New Jersey Transportation Trust Fund Authority, RB

    

Series A, 5.50%, 06/15/21(d)

    8,000       8,158,480  

Series AA, 5.00%, 06/15/44

     3,765       4,163,883  

Series AA, 5.00%, 06/15/50

     1,210       1,504,405  

Series BB, 4.00%, 06/15/50

     3,010       3,363,765  

Series BB, 5.00%, 06/15/50

     9,895         11,859,949  

New Jersey Transportation Trust Fund Authority, RB, CAB, Series B, 5.25%, 06/15/36

     4,810       4,898,167  

New Jersey Turnpike Authority, RB Series A, 5.00%, 07/01/22(d)

    3,035       3,225,871  
Security   Par
(000)		     Value  
New Jersey (continued)            

New Jersey Turnpike Authority, RB (continued)

    

Series A, 4.00%, 01/01/42(b)

   $ 1,470     $ 1,766,984  

Series E, 5.00%, 01/01/45

     5,095       5,910,302  

State of New Jersey, GO

    

Series A, 4.00%, 06/01/31

     1,135       1,427,331  

Series A, 3.00%, 06/01/32

     2,620       3,025,104  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.25%, 06/01/46

     1,070       1,309,969  

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

     14,320       17,046,385  
   

 

 

  
        111,954,250  
New York — 15.2%            

City of New York, GO, Series C, 5.00%, 08/01/42

     2,255       2,923,179  

Metropolitan Transportation Authority, RB

    

Series B, 5.25%, 11/15/38

     4,640       5,222,784  

Series B, 5.25%, 11/15/39

     1,650       1,857,207  

Metropolitan Transportation Authority, Refunding RB

    

Series C-1, 4.75%, 11/15/45

     3,210       3,882,752  

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

     1,040       1,278,462  

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

     1,545       1,929,581  

Monroe County Industrial Development Corp., Refunding RB

    

4.00%, 12/01/46

     1,055       1,193,511  

Series A, 4.00%, 07/01/50

     2,155       2,541,758  

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

     2,135       2,212,201  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB

    

Series C, 4.00%, 05/01/45

     2,190       2,612,801  

Sub-Series C-1, 4.00%, 05/01/40

     875       1,058,015  

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

       4,805       5,032,661  

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

     840       842,806  

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

     3,500       3,556,560  

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

     9,395       10,116,254  

New York Liberty Development Corp., Refunding RB(a)

    

Series 1, Class 1, 5.00%, 11/15/44

     7,830       8,497,116  

Series 2, Class 2, 5.15%, 11/15/34

     660       723,974  

Series 2, Class 2, 5.38%, 11/15/40

     1,655       1,820,831  

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

     6,655       6,983,823  

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

     3,535       4,442,046  

New York State Urban Development Corp., RB

    

Series A, 4.00%, 03/15/49

     15,980       18,865,349  

Series A, 3.00%, 03/15/50

     2,595       2,789,262  

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

     1,165       1,322,648  

New York Transportation Development Corp., RB

    

AMT, 5.00%, 10/01/35

     715       888,495  

AMT, 5.00%, 10/01/40

     2,020       2,492,801  

Port Authority of New York & New Jersey Refunding RB, AMT, 4.00%, 07/15/61(b)

     2,225       2,565,803  

Triborough Bridge & Tunnel Authority, RB

    

Series A, 4.00%, 11/15/54

     530       625,517  
 

 

 

S C H E D U L E   O F   I N V E S T M  E N T S

  3

Schedule of Investments (unaudited) (continued)

January 31, 2021

  

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New York (continued)            

Triborough Bridge & Tunnel Authority, RB (continued)

    

Series A, 5.00%, 11/15/54

   $  1,705     $ 2,187,941  

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

     1,620       1,787,689  
   

 

 

  
      102,253,827  
North Carolina — 0.8%            

North Carolina Medical Care Commission, RB

    

Series A, 4.00%, 10/01/40

     235       260,871  

Series A, 5.00%, 10/01/40

     350       417,183  

Series A, 4.00%, 10/01/45

     215       238,270  

Series A, 5.00%, 10/01/45

     620       736,200  

Series A, 4.00%, 10/01/50

     260       288,155  

Series A, 5.00%, 10/01/50

     700       831,243  

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

    1,130       1,136,871  

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

     1,080       1,717,405  
   

 

 

  
      5,626,198  
North Dakota — 0.3%            

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

     1,885       2,291,142  
   

 

 

  
Ohio — 3.5%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB

    

Series A-2, Class 1, 4.00%, 06/01/37

     580       701,539  

Series A-2, Class 1, 4.00%, 06/01/38

     580       700,298  

Series A-2, Class 1, 4.00%, 06/01/39

     580       698,105  

Series A-2, Class 1, 4.00%, 06/01/48

     1,525       1,768,466  

Series B-2, Class 2, 5.00%, 06/01/55

       6,705       7,815,549  

County of Franklin Ohio, RB

    

Series 2017, 5.00%, 12/01/46

     800       975,520  

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

    75       81,396  

Series A, 6.13%, 07/01/40

     1,205       1,285,904  

Series A, 4.00%, 12/01/49

     1,015       1,194,330  

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

     1,200       1,402,380  

Series A, 3.75%, 08/15/50

     2,110       2,385,925  

County of Montgomery Ohio, Refunding RB, 3.00%, 08/01/51(b)

    1,225       1,301,440  

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

    1,480       1,658,310  

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

     1,585       1,771,523  
   

 

 

  
      23,740,685  
Oklahoma — 1.8%            

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

     2,350       2,767,759  

Oklahoma Turnpike Authority, RB

    

Series A, 4.00%, 01/01/48

     4,065       4,633,409  

Series C, 4.00%, 01/01/42

     3,845       4,436,169  
   

 

 

  
      11,837,337  
Security  

Par

(000)

     Value  
Oregon — 1.3%            

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

   $ 3,390     $ 3,999,691  

Port of Portland Oregon Airport Revenue, Refunding ARB, Series 27-A, AMT, 5.00%, 07/01/45

     3,630       4,568,682  
   

 

 

  
      8,568,373  
Pennsylvania — 3.1%            

Allentown Neighborhood Improvement Zone Development Authority, RB(a)

   

Subordinate, 5.00%, 05/01/28

     420       472,660  

Subordinate, 5.13%, 05/01/32

     470       545,473  

Subordinate, 5.38%, 05/01/42

     870       998,603  

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

     1,240       1,288,372  

Montgomery County Higher Education and Health Authority, Refunding RB

    

Series A, 5.00%, 09/01/43

     2,505       3,004,347  

Series A, 4.00%, 09/01/49

     1,135       1,253,732  

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

     1,660       1,910,494  

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

     4,665       5,418,724  

Pennsylvania Turnpike Commission RB, 4.00%, 12/01/50

     2,760       3,229,614  

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

     2,155       2,516,846  
   

 

 

  
        20,638,865  
Puerto Rico — 5.9%            

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

     1,365       1,400,722  

5.63%, 05/15/43

     1,360       1,376,524  

Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB

    

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

     4,920       5,185,336  

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

     1,410       1,491,822  

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

    

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

     4,044       4,526,004  

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

       14,252       16,185,426  

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

     1,950       2,155,472  

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

     3,325       3,726,194  

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

    10,294       3,255,478  
   

 

 

  
      39,302,978  
Rhode Island — 2.3%            

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/35

     3,060       3,554,068  

Series B, 4.50%, 06/01/45

     5,175       5,499,576  

Series B, 5.00%, 06/01/50

     5,765       6,233,233  
   

 

 

  
      15,286,877  
South Carolina — 5.5%            

South Carolina Jobs-Economic Development Authority, RB

    

5.00%, 04/01/44

     160       178,230  

4.00%, 04/01/49

     150       157,344  

5.00%, 04/01/49

     480       533,193  
 

 

 

4  

Schedule of Investments (unaudited) (continued)

January 31, 2021

  

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
South Carolina (continued)            

South Carolina Jobs-Economic Development Authority, RB (continued)

    

4.00%, 04/01/54

   $ 370     $ 388,015  

5.00%, 04/01/54

     875       971,801  

South Carolina Jobs-Economic Development Authority, Refunding RB

    

5.00%, 02/01/36

     5,115       6,135,852  

Series A, 5.00%, 05/01/48

     6,075       7,186,968  

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

     12,065       14,012,412  

South Carolina Public Service Authority, Refunding RB

    

Series A, 5.00%, 12/01/50

     2,805       3,273,968  

Series E, 5.25%, 12/01/55

     3,335       4,004,635  
   

 

 

  
        36,842,418  
Tennessee — 0.6%            

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

     315       358,656  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB

    

Series A, 5.00%, 07/01/40

     1,350       1,579,081  

Series A, 5.25%, 10/01/58

       1,925       2,253,463  
   

 

 

  
      4,191,200  
Texas — 8.7%            

Central Texas Regional Mobility Authority, RB, Series E, Senior Lien, 4.00%, 01/01/50

     4,370       5,043,461  

Central Texas Regional Mobility Authority, Refunding RB, Sub Lien, 5.00%, 01/01/23(d)

    700       764,848  

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

     385       442,342  

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

     2,295       2,905,929  

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

     470       503,497  

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

    880       994,435  

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

   

Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24(d)

    6,000       2,736,360  

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

     10,120       4,227,934  

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

    

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

     5,000       2,745,400  

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

     12,580       5,839,133  

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

   

Series A, 0.00%, 09/15/40

     9,780       4,557,187  

Series A, 0.00%, 09/15/41

     5,420       2,395,206  

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

    355       424,892  

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

    1,980       1,991,801  

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

     2,555       3,224,001  
Security   Par
(000)		     Value  
Texas (continued)            

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

   $  9,025     $ 11,207,606  

Texas Municipal Gas Acquisition & Supply Corp. III Refunding RB(b)

    

5.00%, 12/15/30

     960       1,281,341  

5.00%, 12/15/32

     865       1,188,424  

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

      2,835       3,091,964  

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

     2,310       2,718,754  
   

 

 

  
      58,284,515  
Utah — 1.0%            

County of Utah UT, RB

    

Series A, 4.00%, 05/15/43

     440       528,559  

Series A, 3.00%, 05/15/50

     1,985       2,132,088  

Salt Lake City Corp. Airport Revenue, ARB

    

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

     1,830       2,169,959  

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

     1,735       2,079,710  
   

 

 

  
      6,910,316  
Virginia — 1.3%            

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

     1,465       1,615,001  

Virginia Small Business Financing Authority, RB

    

AMT, Senior Lien, 5.25%, 01/01/32

     3,155       3,365,786  

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

       3,790       4,079,783  
   

 

 

  
      9,060,570  
Washington — 1.6%            

Port of Seattle Washington, ARB

    

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

     2,980       3,548,137  

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

     1,475       1,695,822  

Washington Health Care Facilities Authority, RB, Series A, 5.75%, 01/01/23(d)

     4,420       4,893,824  

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

     685       775,105  
   

 

 

  
      10,912,888  
   

 

 

  

Total Municipal Bonds — 123.6%
(Cost: $746,053,769)

 

       829,097,740  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(i)

 

California — 1.1%

    

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

     6,196       7,209,020  
   

 

 

  
Colorado — 0.8%            

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

     4,475       5,458,636  
   

 

 

  
District of Columbia — 0.6%            

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

     3,638       4,183,661  
   

 

 

  
 

 

 

S C H E D U L E   O F   I N V E S T M  E N T S

   5

Schedule of Investments (unaudited) (continued)

January 31, 2021

  

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Georgia — 1.7%            

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

   $ 7,220     $ 8,272,604  

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

     2,898       3,185,141  
   

 

 

  
      11,457,745  
Illinois — 0.5%            

Illinois Finance Authority, Refunding RB

    

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

    5       6,114  

Series C, 4.00%, 02/15/41

     2,800       3,160,782  
   

 

 

  
      3,166,896  
Massachusetts — 3.0%            

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

     4,153       4,610,453  

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

     9,088       10,787,015  

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

    4,427       4,578,915  
   

 

 

  
      19,976,383  
New York — 14.6%            

Hudson Yards Infrastructure Corp., RB(j)

    

5.75%, 02/15/21

     725       727,371  

5.75%, 02/15/47

     446       447,457  

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

    16,395       16,688,634  

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

     20,864       21,767,634  

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

    12,611       13,120,535  

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

     2,655       3,133,351  

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

     12,060       14,124,793  

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

     5,805       6,715,850  

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

     13,155       15,114,306  

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

     5,070       6,055,355  
   

 

 

  
      97,895,286  
North Carolina — 0.9%            

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

    4,960       6,025,606  
   

 

 

  
Pennsylvania — 0.8%            

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

     4,652       5,797,068  
   

 

 

  
Rhode Island — 0.5%            

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

    3,137       3,330,143  
   

 

 

  
Texas — 6.8%            

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

     6,003       6,434,832  

City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23(d)

    4,900       5,373,389  

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

     4,140       4,324,023  

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

    6,650       6,892,526  
Security  

Par

(000)

     Value  
Texas (continued)            

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

   $ 5,505     $ 5,788,122  

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

     13,920       16,762,464  
   

 

 

  
      45,575,356  
Virginia — 2.4%            

Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 4.00%, 07/01/60(j)

    4,346       5,149,413  

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

     9,677       11,131,700  
   

 

 

  
      16,281,113  
Wisconsin — 0.9%            

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

     5,575       6,212,670  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 34.6%
(Cost: $216,726,162)

 

     232,569,583  
   

 

 

  

Total Long-Term Investments — 158.2%
(Cost: $962,779,931)

 

     1,061,667,323  
   

 

 

  
     Shares         

Short-Term Securities

    
Money Market Funds — 4.8%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(k)(l)

    31,756,720       31,763,072  
   

 

 

  

Total Short-Term Securities — 4.8%
(Cost: $31,762,929)

 

     31,763,072  
   

 

 

  

Total Investments — 163.0%
(Cost: $994,542,860)

 

     1,093,430,395  

Liabilities in Excess of Other Assets — (1.9)%

 

     (12,434,141 ) 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (20.7)%

 

     (139,202,113 ) 

VMTP Shares at Liquidation Value — (40.4)%

 

     (270,800,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 670,994,141  
   

 

 

  

 

(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)

When-issued security.

(c)

Zero-coupon bond.

(d)

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.

(e) 

Issuer filed for bankruptcy and/or is in default.

(f)

Non-income producing security.

(g) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(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 as of period end.

(i)

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.

(j)

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 May 15, 2021 to February 15, 2047, is $29,511,567.

(k)

Affiliate of the Trust.

(l)

Annualized 7-day yield as of period end.

 

 

 

6  

Schedule of Investments (unaudited) (continued)

January 31, 2021

   

BlackRock Municipal Income Trust (BFK)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended January 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
04/30/20 		    

Purchases

at Cost

     Proceeds
from Sales
      Net
Realized
Gain (Loss)
      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
01/31/21 		    

Shares

Held at
01/31/21

     Income
      Capital Gain
Distributions
from
Underlying
Funds 		 

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $ 13,735,179      $ 18,026,162 (a)     $ —      $ 6,953      $ (5,222 )     $ 31,763,072        31,756,720      $ 1,044      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. 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); and

 

  •  

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 financial instruments).

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 financial instruments is based on the pricing transparency of the financial instruments 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 financial instruments, 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

    $ —        $ 829,097,740        $ —        $ 829,097,740  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          232,569,583          —          232,569,583  

Short-Term Securities

                  

Money Market Funds

      31,763,072          —          —          31,763,072  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $     31,763,072        $   1,061,667,323        $                 —        $   1,093,430,395  
  

 

 

       

 

 

       

 

 

       

 

 

  

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

    $ —        $ (139,150,487 )       $ —        $ (139,150,487 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $                 —        $ (409,950,487 )       $                 —        $ (409,950,487 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

S C H E D U L E   O F   I N V E S T M  E N T S

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Schedule of Investments (unaudited) (continued)

January 31, 2021

  

BlackRock Municipal Income Trust (BFK)

 

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
SAB    Special Assessment Bonds
SAW    State Aid Withholding

 

 

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