NPORT-EX 2 NPORT_D2H5_51691412_0122.htm BlackRock Municipal Income Trust

Schedule of Investments (unaudited) 

January 31, 2022

   

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

   $          1,555     $        1,667,114  

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

     2,275       2,444,970  

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

     5,740       6,380,434  

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

     1,765       1,995,135  

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

     2,110       2,903,472  
   

 

 

  
      15,391,125  
Alaska — 0.2%            

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

     1,360       1,517,706  
   

 

 

  
Arizona — 4.2%            

Glendale Industrial Development Authority, RB

    

5.00%, 05/15/41

     180       202,985  

5.00%, 05/15/56

     725       804,974  

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

    3,400       3,647,976  

Salt Verde Financial Corp., RB

    

5.00%, 12/01/32

     10,030       12,336,820  

5.00%, 12/01/37

     7,460       9,657,514  
   

 

 

  
      26,650,269  
Arkansas — 0.9%            

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

    4,985       5,369,892  
   

 

 

  
California — 8.1%            

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

     4,230       6,143,009  

California Health Facilities Financing Authority, Refunding RB

    

Series A, 5.00%, 07/01/23(b)

    2,465       2,608,552  

Series A, 4.00%, 04/01/45

     790       868,158  

California Municipal Finance Authority, RB, S/F Housing

    

Series A, 5.25%, 08/15/39

     290       303,895  

Series A, 5.25%, 08/15/49

     715       747,582  

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

    2,970       3,051,176  

California State Public Works Board, RB

    

4.00%, 11/01/41

     890       1,019,603  

5.00%, 11/01/46

     330       407,336  

Series I, 5.00%, 11/01/38

     1,495       1,591,562  

City of Los Angeles Department of Airports, Refunding ARB

    

Series A, 4.00%, 05/15/49

     4,170       4,667,581  

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

     690       858,891  

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

     825       1,019,869  

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

     815       1,007,267  

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

     580       713,935  

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

     625       765,264  

CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(a)

    475       396,661  
Security  

Par

(000)

      Value  
California (continued)             

CSCDA Community Improvement Authority, RB, M/F Housing(a)

     

3.13%, 06/01/57

   $          1,500      $        1,195,606  

4.00%, 12/01/58

     685        642,056  

Golden State Tobacco Securitization Corp., Refunding RB(b)

    

Series A-1, 5.25%, 06/01/22

     1,070        1,086,778  

Series A-2, 5.00%, 06/01/22

     4,335        4,399,865  

Riverside County Transportation Commission, RB, CAB(c)

    

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

     5,000        2,826,990  

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

     6,000        3,275,868  

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

     5,000        2,626,980  

San Francisco City & County Airport Comm-San Francisco International Airport, 4.00%, 05/01/52(d)

    1,235        1,366,173  

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

    

Series B, 0.00%, 08/01/34

     3,500        2,595,859  

Series B, 0.00%, 08/01/36

     4,000        2,763,344  

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

     1,010        1,041,344  

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

    690        750,680  
    

 

 

  
       50,741,884  
Colorado — 2.0%             

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

     3,485        4,349,130  

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

     3,565        3,895,351  

Colorado Housing and Finance Authority, RB, 3.25%, 05/01/52(d)

    1,165        1,240,459  

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

     2,580        2,863,346  
    

 

 

  
       12,348,286  
Connecticut — 0.4%             

State of Connecticut Special Tax Revenue, RB

     

Series A, 4.00%, 05/01/36

     670        771,482  

Series A, 4.00%, 05/01/39

     420        475,978  

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

     1,300        1,480,031  
    

 

 

  
       2,727,491  
Delaware — 0.4%             

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

     2,280        2,508,467  
    

 

 

  
District of Columbia — 6.7%             

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

     23,035        23,802,296  

District of Columbia, Refunding RB

     

5.00%, 04/01/35

     865        997,140  

5.00%, 10/01/48

     4,590        5,371,479  

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

    1,480        1,589,743  

Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB

     

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

     690        784,355  

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

     690        784,548  

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

     1,025        1,163,297  

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

     830        938,507  

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

     765        862,742  
 

 

 

1

  

Schedule of Investments (unaudited) (continued)

January 31, 2022

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
District of Columbia (continued)            

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB

    

Series A, 5.00%, 10/01/53.

   $          3,990     $        4,012,444  

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

     1,550       1,703,701  
   

 

 

  
      42,010,252  
Florida — 3.4%            

Capital Projects Finance Authority, Refunding RB

    

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

     395       475,685  

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

     435       522,799  

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

     435       521,551  

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

     145       173,437  

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

     2,620       2,858,116  

County of Lee FL Airport Revenue, ARB, Series B, AMT, 5.00%, 10/01/46

     2,545       3,073,373  

County of Miami-Dade Florida Aviation Revenue, Refunding RB

    

Series A, 4.00%, 10/01/37

     655       750,425  

Series A, 4.00%, 10/01/38

     655       748,828  

Series A, 4.00%, 10/01/39

     490       558,807  

Florida Development Finance Corp., RB

    

Series A, 5.00%, 06/15/40

     435       490,855  

Series A, 5.00%, 06/15/50

     1,455       1,618,085  

Series A, 5.00%, 06/15/55

     875       969,722  

Sarasota County Florida Utility System Revenue, RB

    

Series A, 5.00%, 10/01/45

     875       1,080,743  

Series A, 5.00%, 10/01/50

     1,310       1,614,786  

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       4,188,614  
   

 

 

  
      21,646,873  
Georgia — 2.4%            

Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25(b)

     1,010       1,134,266  

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

     1,455       1,365,715  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/35

     990       1,283,177  

Series A, 5.00%, 05/15/36

     990       1,297,528  

Series A, 5.00%, 05/15/37

     1,085       1,435,891  

Series A, 5.00%, 05/15/38

     600       801,418  

Series A, 5.00%, 05/15/49

     1,990       2,824,498  

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

     3,145       3,394,235  

Municipal Electric Authority of Georgia, Refunding RB

    

Series A, 4.00%, 01/01/51

     445       500,813  

Sub-Series A, 4.00%, 01/01/49

     1,230       1,342,936  
   

 

 

  
      15,380,477  
Idaho — 0.3%            

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

     1,485       1,741,166  
   

 

 

  
Illinois — 11.8%            

Chicago Board of Education, GO

    

Series C, 5.25%, 12/01/35

     2,905       3,128,856  

Series D, 5.00%, 12/01/46

     3,805       4,075,008  

Series H, 5.00%, 12/01/36

     920       1,041,766  
Security  

Par

(000)

     Value  
Illinois (continued)            

Chicago Board of Education, Refunding GO

    

Series C, 5.00%, 12/01/25

   $          1,280     $        1,440,369  

Series D, 5.00%, 12/01/25

     1,650       1,856,725  

Series F, 5.00%, 12/01/22

     1,250       1,293,634  

Series G, 5.00%, 12/01/34

     915       1,037,283  

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

     1,895       2,162,383  

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

     2,000       2,055,180  

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

     1,525       1,619,893  

Illinois Finance Authority, RB

    

Series A, 5.00%, 02/15/47

     475       529,740  

Series A, 5.00%, 02/15/50

     265       292,901  

Illinois State Toll Highway Authority, RB

    

Series A, 5.00%, 01/01/45

     2,605       3,174,221  

Series A, 4.00%, 01/01/46

     1,145       1,294,867  

Series A, 5.00%, 01/01/46

     2,990       3,692,946  

Series C, 5.00%, 01/01/37

     5,455       5,999,284  

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

     1,760       1,988,629  

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

     2,710       2,873,391  

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

    10,455       5,431,278  

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

     2,990       3,186,634  

Series A, 5.00%, 04/01/38

     9,030       9,402,406  

State of Illinois, Refunding GO

    

Series A, 5.00%, 10/01/30

     10,400       12,109,365  

Series B, 5.00%, 10/01/28

     1,965       2,300,730  

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

     1,910       2,053,750  
   

 

 

  
      74,041,239  
Indiana — 2.2%            

City of Valparaiso Indiana, RB

    

AMT, 6.75%, 01/01/34

     1,525       1,670,677  

AMT, 7.00%, 01/01/44

     3,680       4,027,462  

Indiana Finance Authority, RB(b)

   

Series A, AMT, 5.00%, 07/01/23

     3,785       3,996,277  

Series A, AMT, 5.25%, 07/01/23

     790       836,791  

Indiana Housing & Community Development Authority, RB, 3.00%, 07/01/52(d)

    565       601,827  

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

     2,490       2,580,415  
   

 

 

  
      13,713,449  
Iowa — 1.3%            

Iowa Finance Authority, Refunding RB

    

5.25%, 12/01/25

     2,125       2,264,337  

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

    5,515       5,914,920  
   

 

 

  
      8,179,257  
Kentucky — 1.2%            

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

    1,915       1,991,948  

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

     2,515       2,985,192  

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

    2,325       2,777,787  
   

 

 

  
      7,754,927  
 

 

 

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

   2

Schedule of Investments (unaudited) (continued)

January 31, 2022

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Louisiana — 1.0%            

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.25%, 05/15/31

   $ 610     $ 611,412  

Series A, 5.25%, 05/15/32

             2,160              2,185,075  

Series A, 5.25%, 05/15/33

     2,345       2,372,003  

Series A, 5.25%, 05/15/35

     985       1,033,948  
   

 

 

  
      6,202,438  
Maryland — 0.7%            

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

     840       990,735  

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

     3,540       3,195,654  
   

 

 

  
      4,186,389  
Massachusetts — 0.4%            

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

     2,245       2,734,282  
   

 

 

  
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       8,835,804  

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

     1,640       1,818,860  

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

     1,925       1,779,183  

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

     2,000       2,401,324  

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

     2,120       2,429,304  
   

 

 

  
      17,264,475  
Minnesota — 1.1%            

Duluth Economic Development Authority, Refunding RB

    

Series A, 4.25%, 02/15/48.

     2,030       2,210,455  

Series A, 5.25%, 02/15/53

     4,060       4,741,402  
   

 

 

  
      6,951,857  
Missouri — 1.6%            

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

     5,830       6,506,758  

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

     480       500,840  

Series A, 4.00%, 07/01/46

     1,205       1,362,059  

Missouri Housing Development Commission, RB, S/F Housing

    

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

     810       773,194  

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

     840       756,223  
   

 

 

  
      9,899,074  
Nebraska — 0.9%            

Central Plains Energy Project, RB

    

5.25%, 09/01/37

     1,610       1,648,910  

5.00%, 09/01/42

     2,815       2,878,971  

Nebraska Investment Finance Authority, RB, 3.00%, 03/01/52(d)

    1,270       1,344,431  
   

 

 

  
      5,872,312  
Security  

Par

(000)

     Value  

New Hampshire(a) — 0.8%

    

New Hampshire Business Finance Authority, Refunding RB

    

Series B, 4.63%, 11/01/42

   $         3,055     $        3,154,941  

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

     1,585       1,642,311  
   

 

 

  
      4,797,252  

New Jersey — 14.9%

    

Casino Reinvestment Development Authority, Inc., Refunding RB

    

5.25%, 11/01/39

     3,280       3,524,599  

5.25%, 11/01/44

     2,980       3,179,153  

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

     3,350       3,761,223  

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       1,135,582  

4.00%, 11/01/39

     825       907,620  

5.00%, 06/15/49

     4,650       5,431,144  

Series EEE, 5.00%, 06/15/48

     7,320       8,450,457  

AMT, 5.38%, 01/01/43

     2,285       2,439,231  

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

     2,035       2,197,350  

New Jersey Economic Development Authority,

    

Refunding ARB, AMT, 5.00%, 10/01/47

     2,905       3,287,315  

New Jersey Economic Development Authority,

    

Refunding SAB, 6.50%, 04/01/28

     8,000       8,683,576  

New Jersey Transportation Trust Fund Authority, RB

    

Series AA, 5.00%, 06/15/44

     3,765       3,950,344  

Series BB, 4.00%, 06/15/50

     3,010       3,260,917  

Series BB, 5.00%, 06/15/50

     9,895       11,415,288  

New Jersey Turnpike Authority, RB

    

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

    3,035       3,089,278  

Series A, 4.00%, 01/01/42

     1,470       1,681,586  

Series E, 5.00%, 01/01/45

     5,095       5,570,858  

State of New Jersey, GO

    

Series A, 4.00%, 06/01/31

     1,135       1,317,845  

Series A, 3.00%, 06/01/32

     2,620       2,824,185  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.25%, 06/01/46

     1,070       1,232,550  

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

     14,320       16,119,322  
   

 

 

  
      93,533,023  

New Mexico — 0.2%

    

New Mexico Mortgage Finance Authority, RB, 3.00%, 03/01/53(d)

    955       1,007,033  
   

 

 

  

New York — 18.3%

    

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

     2,255       2,744,137  

Metropolitan Transportation Authority, RB

    

Series B, 5.25%, 11/15/38

     4,640       5,007,878  

Series B, 5.25%, 11/15/39

     1,650       1,779,713  

Metropolitan Transportation Authority, Refunding RB

    

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

     3,210       3,667,829  

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

     1,040       1,195,078  

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

     1,545       1,803,923  

Monroe County Industrial Development Corp.,

    

Refunding RB 4.00%, 12/01/46

     1,055       1,175,291  

Series A, 4.00%, 07/01/50

     2,155       2,387,910  

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

    

Series A, 3.00%, 11/01/55

     2,135       2,052,963  
 

 

 

3

  

Schedule of Investments (unaudited) (continued)

January 31, 2022

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

New York (continued)

    

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

    

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

   $          5,110     $        4,680,924  

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

     3,520       3,212,887  

New York City Industrial Development Agency, Refunding RB

    

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

     435       450,254  

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

     435       448,726  

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

     305       313,335  

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

    

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

     4,805       4,820,972  

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

     2,190       2,466,993  

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

     875       988,949  

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

     840       842,769  

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

    3,400       3,450,507  

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

     9,395       10,245,257  

New York Liberty Development Corp., Refunding RB

    

Series 1, Class 1, 5.00%, 11/15/44(a)

    7,830       8,423,702  

Series 2, Class 2, 5.15%, 11/15/34(a)

    660       724,475  

Series 2, Class 2, 5.38%, 11/15/40(a)

    1,655       1,820,773  

Series A, 2.88%, 11/15/46

     6,725       6,410,028  

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

     6,655       6,665,814  

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

     3,535       4,211,892  

New York State Urban Development Corp., RB

    

Series A, 4.00%, 03/15/49

     15,980       17,777,430  

Series A, 3.00%, 03/15/50

     2,595       2,608,567  

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

     1,165       1,236,517  

New York Transportation Development Corp., RB

    

AMT, 5.00%, 10/01/35

     715       855,315  

AMT, 5.00%, 10/01/40

     2,020       2,388,951  

Triborough Bridge & Tunnel Authority, RB

    

Series A, 4.00%, 11/15/54

     1,985       2,236,525  

Series A, 5.00%, 11/15/54

     1,705       2,067,717  

Series A, 5.00%, 11/15/56

     1,785       2,187,691  

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

     1,584       1,696,419  
   

 

 

  
      115,048,111  
North Carolina — 1.3%            

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

     4,150       4,299,881  

North Carolina Medical Care Commission, RB

    

Series A, 4.00%, 10/01/40

     235       255,647  

Series A, 5.00%, 10/01/40

     350       407,714  

Series A, 4.00%, 10/01/45

     215       232,016  

Series A, 5.00%, 10/01/45

     620       717,656  

Series A, 4.00%, 10/01/50

     260       281,606  

Series A, 5.00%, 10/01/50

     700       801,389  

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

     1,080       1,487,681  
   

 

 

  
      8,483,590  
Security  

Par

(000)

     Value  

North Dakota — 0.3%

    

County of Cass North Dakota, Refunding RB,

    

Series B, 5.25%, 02/15/58

   $         1,885     $        2,195,444  
   

 

 

  
Ohio — 4.2%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB

    

Series A-2, Class 1, 4.00%, 06/01/37

     580       648,672  

Series A-2, Class 1, 4.00%, 06/01/38

     580       646,705  

Series A-2, Class 1, 4.00%, 06/01/39

     580       645,614  

Series A-2, Class 1, 4.00%, 06/01/48

     1,525       1,649,443  

Series B-2, Class 2, 5.00%, 06/01/55

     6,675       7,311,595  

County of Franklin Ohio, RB

    

Series 2017, 5.00%, 12/01/46

     800       934,498  

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

    1,280       1,310,583  

Series A, 4.00%, 12/01/49

     1,015       1,137,113  

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

     1,200       1,331,751  

Series A, 3.75%, 08/15/50

     2,110       2,267,754  

County of Montgomery Ohio, Refunding RB, 4.00%, 08/01/46

     1,830       2,053,033  

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

    780       866,848  

Ohio Housing Finance Agency, Refunding RB, 3.25%, 09/01/52(d)

    3,310       3,538,185  

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

     1,585       1,712,737  
   

 

 

  
      26,054,531  
Oklahoma — 1.8%            

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

     2,350       2,770,420  

Oklahoma Turnpike Authority, RB

    

Series A, 4.00%, 01/01/48

     4,065       4,531,292  

Series C, 4.00%, 01/01/42

     3,845       4,275,286  
   

 

 

  
      11,576,998  
Oregon — 1.3%            

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

     3,390       3,741,173  

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

     3,630       4,322,510  
   

 

 

  
      8,063,683  
Pennsylvania — 3.6%            

Allentown Neighborhood Improvement Zone Development Authority, RB(a)

   

Subordinate, 5.00%, 05/01/28

     250       289,642  

Subordinate, 5.13%, 05/01/32

     470       546,262  

Subordinate, 5.38%, 05/01/42

     870       998,977  

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

     1,240       1,264,947  

Montgomery County Higher Education and Health Authority, Refunding RB

    

Series A, 5.00%, 09/01/43

     2,505       2,895,878  

Series A, 4.00%, 09/01/49

     1,135       1,202,918  

Montgomery County, Refunding RB, 4.00%, 05/01/52(d)

    4,240       4,614,727  

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

     1,660       1,846,186  

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

     4,665       5,163,283  
 

 

 

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

4

Schedule of Investments (unaudited) (continued)

January 31, 2022

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Pennsylvania (continued)

    

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

   $          2,155     $        2,360,990  

School District of Philadelphia, GO, Series A, (SAW), 4.00%, 09/01/46

     1,350       1,506,761  
   

 

 

  
      22,690,571  

Puerto Rico — 6.2%

    

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

     1,365       1,402,872  

5.63%, 05/15/43

     1,360       1,387,532  

Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB

    

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

     4,920       5,009,322  

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

     1,410       1,436,040  

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

    

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

     4,044       4,424,795  

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

     14,252       15,857,060  

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

     1,950       2,116,725  

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

     3,325       3,650,983  

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

         10,294       3,329,296  
   

 

 

  
          38,614,625  

Rhode Island — 2.6%

    

Rhode Island Housing and Mortgage Finance Corp., 3.00%, 10/01/51(d)

    1,140       1,198,557  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/35

     3,060       3,348,430  

Series B, 4.50%, 06/01/45

     5,175       5,490,147  

Series B, 5.00%, 06/01/50

     5,765       6,262,658  
   

 

 

  
      16,299,792  

South Carolina — 5.6%

    

South Carolina Jobs-Economic Development Authority, RB, COP

    

5.00%, 04/01/44

     160       179,595  

4.00%, 04/01/49

     150       159,950  

5.00%, 04/01/49

     480       533,503  

4.00%, 04/01/54

     370       394,234  

5.00%, 04/01/54

     875       970,244  

South Carolina Jobs-Economic Development Authority, Refunding RB

    

5.00%, 02/01/36

     5,115       5,770,283  

Series A, 5.00%, 05/01/48

     6,075       7,039,509  

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

     12,065       13,130,267  

South Carolina Public Service Authority, Refunding RB

    

Series A, 5.00%, 12/01/50

     2,805       3,085,464  

Series E, 5.25%, 12/01/55

     3,335       3,749,340  
   

 

 

  
      35,012,389  

Tennessee — 1.3%

    

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

     315       343,471  
Security  

Par

(000)

     Value  

Tennessee (continued)

    

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

   $ 3,240     $ 3,938,933  

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

              1,350              1,522,795  

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

     1,925       2,200,279  
   

 

 

  
      8,005,478  

Texas — 8.2%

    

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

     4,370       4,842,248  

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

    700       727,024  

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

     385       420,709  

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

     2,295       2,743,278  

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

     470       480,965  

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

    880       930,616  

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

   

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

    6,000       2,685,036  

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

         10,120       4,312,294  

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

   

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

     5,000       2,758,110  

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

     12,580       5,860,330  

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

   

Series A, 0.00%, 09/15/40.

     9,780       4,438,428  

Series A, 0.00%, 09/15/41

     5,420       2,333,863  

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

    355       396,286  

Port Authority of Houston of Harris County Texas, ARB, 4.00%, 10/01/46

     1,910       2,214,083  

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

     2,555       3,027,144  

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

     9,025       10,627,235  

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

     2,310       2,618,535  
   

 

 

  
          51,416,184  

Utah — 1.1%

    

County of Utah, RB

    

Series A, 4.00%, 05/15/43

     440       499,410  

Series A, 3.00%, 05/15/50

     1,985       2,027,274  
 

 

 

5

  

Schedule of Investments (unaudited) (continued)

January 31, 2022

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Utah (continued)

    

Salt Lake City Corp. Airport Revenue, ARB

    

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

   $          1,830     $        2,087,549  

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

     1,735       2,008,233  
   

 

 

  
      6,622,466  
Virginia — 1.4%            

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

     1,465       1,567,440  

Virginia Small Business Financing Authority, Refunding RB

    

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

     3,155       3,215,655  

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

     3,790       3,864,568  
   

 

 

  
      8,647,663  
Washington — 1.7%            

Port of Seattle Washington, ARB

    

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

     2,980       3,406,119  

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

     1,475       1,606,008  

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

    4,420       4,628,925  

Washington Health Care Facilities Authority,

    

Refunding RB, Series A, 4.00%, 08/01/44

     685       748,929  
   

 

 

  
      10,389,981  
West Virginia — 0.5%            

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

     2,940       3,316,655  
   

 

 

  

Total Municipal Bonds — 131.8%
(Cost: $776,893,060)

       826,609,056  
   

 

 

  
Municipal Bonds Transferred to Tender Option Bond Trusts(i)  
California — 2.2%            

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

    6,196       6,726,103  

California Health Facilities Financing Authority, Refunding RB, 4.00%, 08/15/48

     2,658       3,009,050  

San Diego County Regional Airport Authority, ARB(j)

   

Series B, AMT, Subordinate, 4.00%, 07/01/56

     1,156       1,254,168  

Series B, AMT, Subordinate, 5.00%, 07/01/56

     2,563       3,017,456  
   

 

 

  
      14,006,777  
Colorado — 0.8%            

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

    4,475       5,317,819  
   

 

 

  
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       3,974,765  
   

 

 

  
Georgia — 1.7%            

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

     7,220       7,831,691  
   

 

 

  

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

     2,898       3,013,204  
   

 

 

  
      10,844,895  
Security  

Par

(000)

     Value  

Illinois — 0.5%

    

Illinois Finance Authority, Refunding RB

    

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

  $ 5     $ 5,930  

Series C, 4.00%, 02/15/41

              2,800                3,065,561  
   

 

 

  
      3,071,491  
Massachusetts — 2.4%            

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

     4,153       4,432,975  

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

     9,088       10,298,882  
   

 

 

  
      14,731,857  
New Jersey — 2.2%            

New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51

     12,465         14,054,537  
   

 

 

  
New York — 6.8%            

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

     2,655       2,949,154  

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

     12,060       13,319,477  

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

     5,805       6,365,863  

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

     13,155       14,444,080  

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

     5,070       5,721,426  
   

 

 

  
      42,800,000  
North Carolina — 0.9%            

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

    4,960       5,625,811  
   

 

 

  
Ohio — 0.8%            

Ohio State University, RB, 4.00%, 12/01/48

     4,125       4,773,549  
   

 

 

  
Pennsylvania — 0.9%            

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

     4,652       5,442,252  
   

 

 

  
Rhode Island — 0.5%            

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

    3,137       3,200,974  
   

 

 

  
Texas — 5.9%            

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

     6,003       6,122,506  
   

 

 

  

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

    4,900       5,104,274  

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

     4,140       4,171,487  

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

     5,505       5,581,261  

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

     13,920       15,764,727  
   

 

 

  
      36,744,255  

 

 

 

 

S C H E D U L E  O F  I N V E S T M E N T S   6

Schedule of Investments (unaudited) (continued)

January 31, 2022

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Virginia — 2.5%            

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

  $ 4,346     $ 4,878,638  

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

     9,677       10,751,242  
   

 

 

  
      15,629,880  
Wisconsin — 1.0%            

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

     5,575       5,946,295  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 29.7%
(Cost: $180,149,663)

 

     186,165,157  
   

 

 

  

Total Long-Term Investments — 161.5%
(Cost: $957,042,723)

 

     1,012,774,213  
   

 

 

  
     Shares         

Short-Term Securities

    
Money Market Funds — 1.7%            

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

    10,881,545       10,881,545  
   

 

 

  

Total Short-Term Securities — 1.7%
(Cost: $10,882,618)

 

     10,881,545  
   

 

 

  

Total Investments — 163.2%
(Cost: $967,925,341)

 

     1,023,655,758  

Liabilities in Excess of Other Assets — (1.4)%

 

     (9,165,921 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (18.6)%

 

     (116,484,015 ) 

VMTP Shares at Liquidation Value — (43.2)%

 

     (270,800,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 627,205,822  
   

 

 

  

 

 

(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) 

When-issued security.

(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 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.

(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 April 1, 2025 to July 1, 2029, is $13,432,271.

(k) 

Affiliate of the Trust.

(l) 

Annualized 7-day yield as of period end.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended January 31, 2022 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
01/31/22 		     Shares
Held at
01/31/22 		     Income      Capital Gain
Distributions
from
Underlying
Funds 		 

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $ 902,787      $ 9,980,751 (a)     $ —      $ (777 )     $ (1,216 )     $ 10,881,545        10,881,545      $ 671      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

 

 

7

  

Schedule of Investments (unaudited) (continued)

January 31, 2022

   

BlackRock Municipal Income Trust (BFK)

 

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.

      86        03/22/22      $ 11,005      $ 300,882  

U.S. Long Bond

      58        03/22/22        9,021        472,213  

5-Year U.S. Treasury Note

      56        03/31/22        6,676        127,039  
           

 

 

  
            $ 900,134  
           

 

 

  

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

    $ —        $ 826,609,056        $                 —        $ 826,609,056  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          186,165,157          —          186,165,157  

Short-Term Securities

                  

Money Market Funds

      10,881,545          —          —          10,881,545  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 10,881,545        $ 1,012,774,213        $ —        $ 1,023,655,758  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                 

Assets

                  

Interest Rate Contracts

    $ 900,134        $ —        $ —        $ 900,134  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

(a) 

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

 

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

8

Schedule of Investments (unaudited) (continued)

January 31, 2022

   

BlackRock Municipal Income Trust (BFK)

 

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

    $ —        $ (116,455,003 )       $ —        $ (116,455,003 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $                 —        $ (387,255,003 )       $                 —        $ (387,255,003 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

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

 

 

9