NPORT-EX 2 NPORT_D2H5_6591695868.htm BlackRock Municipal Income Trust

Schedule of Investments  (unaudited)

July 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     $ 1,719,286  

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

     2,275       2,523,658  

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

     5,740       6,566,158  

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

     1,765       2,058,149  

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

     2,110       3,246,340  
   

 

 

  
      16,113,591  
Alaska — 0.2%  

Northern Tobacco Securitization Corp., Refunding RB, Series A, Class 1, 4.00%, 06/01/50

     1,360       1,611,682  
   

 

 

  
Arizona — 4.3%  

Glendale Industrial Development Authority, RB
5.00%, 05/15/41

     180       208,402  

5.00%, 05/15/56

     725       822,933  

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

    3,400       3,800,928  

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

     10,030       13,386,841  

5.00%, 12/01/37

     7,460       10,644,674  
   

 

 

  
      28,863,778  
Arkansas — 0.8%  

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

    4,985       5,605,483  
   

 

 

  
California — 6.5%  

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

     4,230       6,851,543  

California Health Facilities Financing Authority, Refunding RB

    

Series A, 5.00%, 07/01/33

     2,465       2,686,924  

Series A, 4.00%, 04/01/45

     790       936,577  

California Municipal Finance Authority, RB, S/F Housing

    

Series A, 5.25%, 08/15/39

     290       316,193  

Series A, 5.25%, 08/15/49

     715       772,972  

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

    2,970       3,090,701  

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

     1,495       1,648,282  

City of Los Angeles Department of Airports, Refunding ARB

    

Series A, AMT, 5.00%, 05/15/31

     690       930,444  

Series A, AMT, 5.00%, 05/15/32

     825       1,107,678  

Series A, AMT, 5.00%, 05/15/33

     815       1,088,644  

Series A, AMT, 5.00%, 05/15/38

     580       762,932  

Series A, AMT, 5.00%, 05/15/39

     625       821,263  

Golden State Tobacco Securitization Corp., Refunding RB

    

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

     1,070       1,108,188  

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

     4,335       4,480,699  

Riverside County Transportation Commission, RB, CAB(b)

   

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

     5,000       3,226,250  

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

     6,000       3,751,440  

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

     5,000       3,025,800  
Security   Par
(000)		     Value  
California (continued)  

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

   

Series B, 0.00%, 08/01/34

   $ 3,500     $ 2,767,275  

Series B, 0.00%, 08/01/36

     4,000       2,965,920  

State of California, Refunding GO, 3.00%, 12/01/46

     1,010       1,107,172  

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

    690       781,632  
   

 

 

  
      44,228,529  
Colorado — 1.7%  

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

     3,485       4,599,260  

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

     3,565       4,133,083  

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

     2,580       3,024,482  
   

 

 

  
      11,756,825  
Connecticut — 0.4%  

State of Connecticut Special Tax Revenue, RB

    

Series A, 4.00%, 05/01/36

     670       815,892  

Series A, 4.00%, 05/01/39

     420       508,343  

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

     1,300       1,573,130  
   

 

 

  
      2,897,365  
Delaware — 0.4%  

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

     2,280       2,631,599  
   

 

 

  
District of Columbia — 6.3%  

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

     23,035       23,691,728  

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

     865       1,056,675  

5.00%, 10/01/48

     4,590       5,602,784  

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

    1,480       1,644,265  

Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB

    

Series A, AMT, 4.00%, 10/01/37

     690       848,148  

Series A, AMT, 4.00%, 10/01/38

     690       846,071  

Series A, AMT, 4.00%, 10/01/39

     1,025       1,250,387  

Series A, AMT, 4.00%, 10/01/40

     830       1,010,459  

Series A, AMT, 4.00%, 10/01/41

     765       926,996  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB

    

Series A, 5.00%, 10/01/53

     3,990       4,103,316  

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

     1,550       1,783,740  
   

 

 

  
      42,764,569  
Florida — 3.8%  

Capital Projects Finance Authority, RB

    

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

     395       501,204  

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

     435       550,127  

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

     435       547,765  

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

     145       181,968  

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

     2,620       2,975,010  

County of Miami-Dade Florida Aviation Revenue, Refunding RB

    

Series A, 4.00%, 10/01/37

     655       792,687  

Series A, 4.00%, 10/01/38

     655       791,738  

Series A, 4.00%, 10/01/39

     490       591,342  

County of Sarasota Florida Utility System Revenue, RB

    

Series A, 5.00%, 10/01/45

     875       1,135,085  

Series A, 5.00%, 10/01/50

     1,310       1,683,494  
 

 

 

SCHEDULE OF INVESTMENTS

   1

Schedule of Investments  (unaudited) (continued)

July 31, 2021

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Florida (continued)  

Florida Development Finance Corp., RB(a)

   

Series A, 5.00%, 06/15/40

   $ 435     $ 507,188  

Series A, 5.00%, 06/15/50

     1,455       1,666,441  

Series A, 5.00%, 06/15/55

     875       999,845  

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

    5,885       5,952,913  

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

    3,159       2,001,047  

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

     3,535       4,466,826  
   

 

 

  
      25,344,680  
Georgia — 2.5%            

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

     1,010       1,173,539  

George L Smith II Congress Center Authority, RB, 4.00%, 01/01/54

     710       828,471  

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

     1,455       1,483,533  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/35

     990       1,389,752  

Series A, 5.00%, 05/15/36

     990       1,407,463  

Series A, 5.00%, 05/15/37

     1,085       1,562,541  

Series A, 5.00%, 05/15/38

     600       876,456  

Series A, 5.00%, 05/15/49

     1,990       3,144,976  

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

     3,145       3,551,806  

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

     1,230       1,407,046  
   

 

 

  
      16,825,583  
Idaho — 0.3%            

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

     1,485       1,831,569  
   

 

 

  
Illinois — 12.1%            

Chicago Board of Education, GO

    

Series C, 5.25%, 12/01/35

     2,905       3,278,757  

Series D, 5.00%, 12/01/46

     3,805       4,239,039  

Series H, 5.00%, 12/01/36

     920       1,120,854  

Chicago Board of Education, Refunding GO

    

Series C, 5.00%, 12/01/25

     1,280       1,506,227  

Series D, 5.00%, 12/01/25

     1,650       1,941,406  

Series F, 5.00%, 12/01/22

     1,250       1,323,813  

Series G, 5.00%, 12/01/34

     915       1,124,910  

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

     1,895       2,282,414  

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

    2,055       2,088,887  

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

     2,000       2,109,840  

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

     1,525       1,666,627  

Illinois Finance Authority, RB

    

Series A, 5.00%, 02/15/47

     475       536,399  

Series A, 5.00%, 02/15/50

     265       297,937  

Illinois State Toll Highway Authority, RB

    

Series A, 5.00%, 01/01/45

     2,605       3,367,744  

Series C, 5.00%, 01/01/37

     5,455       6,275,377  

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

     1,760       2,112,246  
Security   Par
(000)		     Value  
Illinois (continued)            

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

   $ 2,710     $ 3,137,909  

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

    10,455       6,364,063  

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

     2,990       3,275,605  

Series A, 5.00%, 04/01/38

     9,030       9,535,861  

Series D, 5.00%, 11/01/24

     5,590       6,407,873  

State of Illinois, Refunding GO

    

Series A, 5.00%, 10/01/30

     10,400       13,073,632  

Series B, 5.00%, 10/01/28

     1,965       2,492,838  

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

     1,910       2,128,886  
   

 

 

  
      81,689,144  
Indiana — 2.9%            

City of Valparaiso Indiana, RB

    

AMT, 6.75%, 01/01/34

     1,525       1,685,933  

AMT, 7.00%, 01/01/44

     3,680       4,073,208  

Indiana Finance Authority, RB

    

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

     6,305       6,357,521  

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

     880       943,377  

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

     2,905       3,128,830  

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

     790       856,234  

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

     2,490       2,656,407  
   

 

 

  
      19,701,510  
Iowa — 1.2%            

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

     2,125       2,341,941  

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

    5,515       6,070,085  
   

 

 

  
      8,412,026  
Kentucky — 1.2%            

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

    1,915       2,053,799  

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

     2,515       3,070,060  

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

    2,325       2,874,700  
   

 

 

  
      7,998,559  
Louisiana — 0.9%            

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.25%, 05/15/31

     610       611,336  

Series A, 5.25%, 05/15/32

     2,160       2,237,760  

Series A, 5.25%, 05/15/33

     2,345       2,429,092  

Series A, 5.25%, 05/15/35

     985       1,062,736  
   

 

 

  
      6,340,924  
Maryland — 0.7%            

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

     840       1,028,714  

Maryland State Transportation Authority, Refunding RB, Series A, 2.50%, 07/01/47

     3,540       3,626,270  
   

 

 

  
      4,654,984  
Massachusetts — 0.4%            

Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/51

     2,245       2,890,729  
   

 

 

  
Michigan — 2.7%            

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

    8,665       9,074,161  
 

 

 

2  

Schedule of Investments  (unaudited) (continued)

July 31, 2021

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Michigan (continued)            

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

   $ 1,640     $ 1,936,906  

Michigan State Housing Development Authority, RB, M/F Housing, Series A, 2.70%, 10/01/56

     1,925       1,935,568  

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

     2,000       2,526,800  

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

     2,120       2,581,461  
   

 

 

  
      18,054,896  
Minnesota — 1.1%            

Duluth Economic Development Authority, Refunding RB

    

Series A, 4.25%, 02/15/48

     2,030       2,335,637  

Series A, 5.25%, 02/15/53

     4,060       5,041,992  
   

 

 

  
      7,377,629  
Missouri — 1.6%            

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

     5,830       6,860,686  

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

     480       520,142  

Series A, 4.00%, 07/01/46

     1,205       1,455,555  

Missouri Housing Development Commission, RB, S/F Housing

    

(FHLMC, FNMA, GNMA), 2.35%, 11/01/46

     855       865,397  

(FHLMC, FNMA, GNMA), 2.40%, 11/01/51

     890       897,129  
   

 

 

  
      10,598,909  
Nebraska — 0.7%            

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

     1,610       1,694,702  

5.00%, 09/01/42

     2,815       2,955,272  
   

 

 

  
      4,649,974  
New Hampshire(a) — 0.7%            

New Hampshire Business Finance Authority, Refunding RB

    

Series B, 4.63%, 11/01/42

     3,055       3,211,477  

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

     1,585       1,673,554  
   

 

 

  
      4,885,031  
New Jersey — 14.6%            

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

     3,280       3,671,993  

5.25%, 11/01/44

     2,980       3,300,052  

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

     3,350       4,025,092  

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

    3,680       73,600  

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

     1,030       1,195,366  

4.00%, 11/01/39

     825       954,203  

5.00%, 06/15/49

     4,650       5,773,579  

Series EEE, 5.00%, 06/15/48

     7,320       9,045,763  

AMT, 5.38%, 01/01/43

     2,285       2,511,192  

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

     2,035       2,291,736  

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

     2,905       3,427,319  

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

     8,000       8,847,520  

New Jersey Transportation Trust Fund Authority, RB Series AA, 5.00%, 06/15/44

     3,765       4,103,083  
Security   Par
(000)		     Value  
New Jersey (continued)            

New Jersey Transportation Trust Fund Authority, RB (continued)

    

Series BB, 4.00%, 06/15/50

   $ 3,010     $ 3,452,741  

Series BB, 5.00%, 06/15/50

     9,895       12,177,579  

New Jersey Turnpike Authority, RB

    

Series A, 5.00%, 07/01/22(c)

    3,035       3,170,756  

Series A, 4.00%, 01/01/42

     1,470       1,780,861  

Series E, 5.00%, 01/01/45

     5,095       5,823,738  

State of New Jersey, GO

    

Series A, 4.00%, 06/01/31

     1,135       1,442,755  

Series A, 3.00%, 06/01/32

     2,620       3,039,174  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.25%, 06/01/46

     1,070       1,313,746  

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

     14,320       17,151,207  
   

 

 

  
      98,573,055  
New York — 16.9%            

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

     2,255       2,932,537  

Metropolitan Transportation Authority, RB

    

Series B, 5.25%, 11/15/38

     4,640       5,220,742  

Series B, 5.25%, 11/15/39

     1,650       1,855,359  

Metropolitan Transportation Authority, Refunding RB

    

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

     3,210       3,982,904  

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

     1,040       1,292,907  

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

     1,545       1,950,655  

Monroe County Industrial Development Corp., Refunding RB

    

4.00%, 12/01/46

     1,055       1,247,991  

Series A, 4.00%, 07/01/50

     2,155       2,552,619  

New York City Housing Development Corp., RB, M/F Housing

    

Series A, 3.00%, 11/01/55

     2,135       2,211,583  

Series F-1, (FHA), 2.40%, 11/01/46

     5,110       5,137,492  

Series F-1, (FHA), 2.50%, 11/01/51

     3,520       3,566,112  

New York City Industrial Development Agency, Refunding RB

    

Series A, Class A, (AGM), 3.00%, 01/01/37

     435       481,432  

Series A, Class A, (AGM), 3.00%, 01/01/39

     435       479,479  

Series A, Class A, (AGM), 3.00%, 01/01/40

     305       335,567  

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

    

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

     4,805       4,918,158  

Series C, Subordinate, 4.00%, 05/01/45

     2,190       2,625,963  

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

     875       1,066,293  

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

     840       842,948  

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

    3,400       3,448,722  

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

     9,395       10,285,552  

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

   

Series 1, Class 1, 5.00%, 11/15/44

     7,830       8,651,837  

Series 2, Class 2, 5.15%, 11/15/34

     660       743,477  

Series 2, Class 2, 5.38%, 11/15/40

     1,655       1,869,703  

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

     6,655       6,826,100  

New York State Environmental Facilities Corp., RB,

    

Series B, Subordinate, 5.00%, 06/15/48

     3,535       4,458,448  

New York State Urban Development Corp., RB

    

Series A, 4.00%, 03/15/49

     15,980       18,875,416  
 

 

 

SCHEDULE OF INVESTMENTS

   3

Schedule of Investments  (unaudited) (continued)

July 31, 2021

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New York (continued)            

New York State Urban Development Corp., RB (continued)

    

Series A, 3.00%, 03/15/50

   $ 2,595     $ 2,784,176  

New York Transportation Development Corp., ARB,

    

Series A, AMT, 5.25%, 01/01/50

     1,165       1,318,244  

New York Transportation Development Corp., RB

    

AMT, 5.00%, 10/01/35

     715       925,703  

AMT, 5.00%, 10/01/40

     2,020       2,582,691  

Triborough Bridge & Tunnel Authority, RB

    

Series A, 4.00%, 11/15/54

     1,985       2,370,904  

Series A, 5.00%, 11/15/54

     1,705       2,197,609  

Series A, 5.00%, 11/15/56

     1,785       2,323,784  

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

     1,620       1,809,644  
   

 

 

  
      114,172,751  
North Carolina — 1.4%            

County of Union North Carolina Enterprise System Revenue, RB, 3.00%, 06/01/51

     4,150       4,557,696  

North Carolina Medical Care Commission, RB

    

Series A, 4.00%, 10/01/40

     235       266,006  

Series A, 5.00%, 10/01/40

     350       429,688  

Series A, 4.00%, 10/01/45

     215       241,860  

Series A, 5.00%, 10/01/45

     620       757,931  

Series A, 4.00%, 10/01/50

     260       292,505  

Series A, 5.00%, 10/01/50

     700       845,831  

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

     1,080       1,738,206  
   

 

 

  
      9,129,723  
North Dakota — 0.4%            

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

     1,885       2,334,893  
   

 

 

  
Ohio — 3.3%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB

    

Series A-2, Class 1, 4.00%, 06/01/37

     580       695,640  

Series A-2, Class 1, 4.00%, 06/01/38

     580       693,523  

Series A-2, Class 1, 4.00%, 06/01/39

     580       691,070  

Series A-2, Class 1, 4.00%, 06/01/48

     1,525       1,781,597  

Series B-2, Class 2, 5.00%, 06/01/55

     6,675       7,832,311  

County of Franklin Ohio, RB

    

Series 2017, 5.00%, 12/01/46

     800       979,248  

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

    75       79,130  

Series A, 6.13%, 07/01/40

     1,205       1,258,165  

Series A, 4.00%, 12/01/49

     1,015       1,195,954  

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

     1,200       1,424,244  

Series A, 3.75%, 08/15/50

     2,110       2,418,250  

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

    1,480       1,741,916  

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

     1,585       1,750,870  
   

 

 

  
      22,541,918  
Oklahoma — 1.8%            

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

     2,350       2,879,549  
Security   Par
(000)		     Value  
Oklahoma (continued)            

Oklahoma Turnpike Authority, RB

    

Series A, 4.00%, 01/01/48

   $ 4,065     $ 4,679,343  

Series C, 4.00%, 01/01/42

     3,845       4,440,206  
   

 

 

  
      11,999,098  
Oregon — 1.3%            

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

     3,390       3,985,420  

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

     3,630       4,590,135  
   

 

 

  
      8,575,555  
Pennsylvania — 2.6%            

Allentown Neighborhood Improvement Zone

    

Development Authority, RB(a)

   

Subordinate, 5.00%, 05/01/28

     375       430,763  

Subordinate, 5.13%, 05/01/32

     470       560,654  

Subordinate, 5.38%, 05/01/42

     870       1,023,590  

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

     1,240       1,288,236  

Montgomery County Higher Education and Health Authority, Refunding RB

    

Series A, 5.00%, 09/01/43

     2,505       3,088,139  

Series A, 4.00%, 09/01/49

     1,135       1,272,074  

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

     1,660       1,931,559  

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

     4,665       5,481,841  

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

     2,155       2,463,402  
   

 

 

  
      17,540,258  
Puerto Rico — 5.9%            

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

     1,365       1,398,702  

5.63%, 05/15/43

     1,360       1,375,830  

Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB

    

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

     4,920       5,095,004  

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

     1,410       1,458,448  

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

    

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

     4,044       4,652,015  

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

     14,252       16,605,433  

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

     1,950       2,214,907  

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

     3,325       3,823,085  

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

     10,294       3,439,020  
   

 

 

  
      40,062,444  
Rhode Island — 2.4%            

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/35

     3,060       3,514,441  

Series B, 4.50%, 06/01/45

     5,175       5,761,793  

Series B, 5.00%, 06/01/50

     5,765       6,600,464  
   

 

 

  
      15,876,698  
 

 

 

4  

Schedule of Investments  (unaudited) (continued)

July 31, 2021

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
South Carolina — 5.4%            

South Carolina Jobs-Economic Development Authority, RB

    

5.00%, 04/01/44

   $ 160     $ 184,387  

4.00%, 04/01/49

     150       162,702  

5.00%, 04/01/49

     480       544,718  

4.00%, 04/01/54

     370       400,558  

5.00%, 04/01/54

     875       990,343  

South Carolina Jobs-Economic Development Authority, Refunding RB

    

5.00%, 02/01/36

     5,115       6,091,198  

Series A, 5.00%, 05/01/48

     6,075       7,428,935  

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

     12,065       13,605,218  

South Carolina Public Service Authority, Refunding RB

    

Series A, 5.00%, 12/01/50

     2,805       3,198,149  

Series E, 5.25%, 12/01/55

     3,335       3,899,549  
   

 

 

  
      36,505,757  
Tennessee — 1.3%            

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

     315       368,119  

Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/45

     3,240       4,188,575  

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

     1,350       1,602,153  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 5.25%, 10/01/58

     1,925       2,365,767  
   

 

 

  
      8,524,614  
Texas — 7.8%            

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

     4,370       5,109,929  

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

    700       748,608  

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

     385       438,253  

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

     2,295       2,891,057  

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

     470       493,979  

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

    880       965,518  

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

   

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

    6,000       2,746,740  

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

     10,120       4,307,882  

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

   

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

     5,000       2,867,950  

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

     12,580       5,985,061  

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

   

Series A, 0.00%, 09/15/40

     9,780       4,549,460  

Series A, 0.00%, 09/15/41

     5,420       2,391,846  

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

    355       416,053  
Security   Par
(000)		     Value  
Texas (continued)  

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

  $ 1,980     $ 1,983,148  

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

     2,555       3,178,446  

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

     9,025       11,119,251  

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

     2,310       2,713,788  
   

 

 

  
      52,906,969  
Utah — 1.0%  

City of Salt Lake City Utah Airport Revenue, ARB

    

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

     1,830       2,196,238  

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

     1,735       2,105,891  

County of Utah, RB

    

Series A, 4.00%, 05/15/43

     440       527,115  

Series A, 3.00%, 05/15/50

     1,985       2,134,808  
   

 

 

  
      6,964,052  
Virginia — 1.3%  

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

     1,465       1,633,387  

Virginia Small Business Financing Authority, RB

    

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

     3,155       3,295,524  

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

     3,790       3,982,153  
   

 

 

  
      8,911,064  
Washington — 1.6%  

Port of Seattle Washington, ARB

    

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

     2,980       3,552,697  

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

     1,475       1,664,847  

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

    4,420       4,772,716  

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

     685       798,196  
   

 

 

  
      10,788,456  
West Virginia — 0.5%  

West Virginia Parkways Authority, RB, Senior Lien, 4.00%, 06/01/51

     2,940       3,562,251  
   

 

 

  
Total Municipal Bonds — 125.3%
(Cost: $756,846,914)		         846,699,124  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(h)

 

California — 1.1%            

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

    6,196       7,160,073  
   

 

 

  
Colorado — 0.8%            

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

    4,475       5,614,001  
   

 

 

  
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       4,269,167  
   

 

 

  
 

 

 

SCHEDULE OF INVESTMENTS

   5

Schedule of Investments  (unaudited) (continued)

July 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     $ 8,371,012  

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

     2,897       3,181,867  
   

 

 

  
      11,552,879  
Illinois — 0.5%  

Illinois Finance Authority, Refunding RB

    

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

    5       6,196  

Series C, 4.00%, 02/15/41

     2,800       3,203,446  
   

 

 

  
      3,209,642  
Massachusetts — 3.0%  

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

     4,153       4,646,088  

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

     9,088       10,900,340  

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

    4,427       4,470,598  
   

 

 

  
      20,017,026  
New York — 11.9%  

Hudson Yards Infrastructure Corp., RB, 5.75%, 02/15/47(i)

    1,015       1,019,134  

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

     20,864       21,244,562  

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

    12,611       12,794,806  

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

     2,655       3,166,725  

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

     12,060       14,159,405  

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

     5,805       6,789,399  

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

     13,155       15,384,509  

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

     5,070       6,011,144  
   

 

 

  
      80,569,684  
North Carolina — 0.9%  

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

    4,960       5,918,074  
   

 

 

  
Pennsylvania — 0.9%  

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

     4,652       5,766,271  
   

 

 

  
Rhode Island — 0.5%  

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

     3,137       3,269,040  
   

 

 

  
Texas — 6.6%  

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

     6,003       6,288,066  

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

    4,900       5,259,072  

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

     4,140       4,245,984  

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

    6,650       6,731,130  
Security  

Par

(000)

     Value  
Texas (continued)            

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

   $ 5,505     $ 5,698,831  

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

     13,920       16,579,416  
   

 

 

  
      44,802,499  
Virginia — 2.4%            

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

    4,346       5,156,104  

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

     9,677       11,367,347  
   

 

 

  
      16,523,451  
Wisconsin — 0.9%            

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

     5,575       6,353,109  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 31.8%
(Cost: $199,385,897)

 

     215,024,916  
   

 

 

  

Total Long-Term Investments — 157.1%
(Cost: $956,232,811)

 

     1,061,724,040  
   

 

 

  
     Shares         

Short-Term Securities

 

Money Market Funds — 1.0%  

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

    7,070,791       7,072,205  
   

 

 

  

Total Short-Term Securities — 1.0%
(Cost: $7,072,205)

 

     7,072,205  
   

 

 

  

Total Investments — 158.1%
(Cost: $963,305,016)

 

     1,068,796,245  

Other Assets Less Liabilities — 1.0%

 

     6,144,834  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (19.0)%

 

     (128,162,659 ) 

VMTP Shares at Liquidation Value — (40.1)%

 

     (270,800,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 675,978,420  
   

 

 

  

 

(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) 

Zero-coupon bond.

(c) 

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.

(d) 

Issuer filed for bankruptcy and/or is in default.

(e) 

Non-income producing security.

(f) 

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.

(g) 

Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(h) 

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.

(i) 

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 April 1, 2025 to November 15, 2051, is $18,077,257.

(j) 

Affiliate of the Trust.

(k) 

Annualized 7-day yield as of period end.

 

 

 

6  

Schedule of Investments  (unaudited) (continued)

July 31, 2021

   

BlackRock Municipal Income Trust (BFK)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended July 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

04/30/21

     

Purchases

at Cost

     

Proceeds

from Sales

     

Net

Realized

Gain (Loss)

     

Change in

Unrealized

Appreciation

(Depreciation)

     

Value at

07/31/21

     

Shares

Held at

07/31/21

      Income     

Capital Gain

Distributions

from

Underlying

Funds

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $ 902,787      $ 6,169,419 (a)     $ —      $ 142      $ (143 )     $ 7,072,205        7,070,791      $ 81      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description   

Number of

Contracts

     

Expiration

Date

     

Notional

Amount (000)

     

Value/

Unrealized

Appreciation

(Depreciation)

  

Short Contracts

            

10-Year U.S. Treasury Note

      79        09/21/21      $ 10,628      $ (141,964 ) 

U.S. Long Bond

      62        09/21/21        10,228        (422,616 ) 

5-Year U.S. Treasury Note

      54        09/30/21        6,722        (57,698 ) 
           

 

 

  
            $ (622,278 ) 
           

 

 

  

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 financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments 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

    $ —        $ 846,699,124        $ —        $ 846,699,124  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          215,024,916          —          215,024,916  

Short-Term Securities

                  

Money Market Funds

      7,072,205          —          —          7,072,205  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 7,072,205        $ 1,061,724,040        $ —        $ 1,068,796,245  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                 

Liabilities

                  

Interest Rate Contracts

    $ (622,278 )       $ —        $             —        $ (622,278 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

 

 

SCHEDULE OF INVESTMENTS

   7

Schedule of Investments  (unaudited) (continued)

July 31, 2021

   

BlackRock Municipal Income Trust (BFK)

 

Fair Value Hierarchy as of Period End (continued)

 

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 fair value hierarchy as follows:

 

      Level 1        Level 2        Level 3        Total  

Liabilities

                  

TOB Trust Certificates

    $             —        $ (128,142,072 )       $ —        $ (128,142,072 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (398,942,072 )       $             —        $ (398,942,072 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

Portfolio Abbreviation
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
FHA    Federal Housing Administration
FHLMC    Federal Home Loan Mortgage Corp.
FNMA    Federal National Mortgage Association
GNMA    Government National Mortgage Association
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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