Schedule of Investments (unaudited) October 31, 2022 |
BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Par | ||||||||
Security | (000) | Value | ||||||
Municipal Bonds |
| |||||||
Alabama 3.4% |
| |||||||
Black Belt Energy Gas District, RB, Series F, 5.50%, 11/01/53 |
$ | 795 | $ | 803,923 | ||||
County of Jefferson Alabama Sewer Revenue, Refunding RB |
||||||||
Series A, Senior Lien, (AGM), 5.00%, 10/01/44 |
1,555 | 1,567,406 | ||||||
Series A, Senior Lien, (AGM), 5.25%, 10/01/48 |
2,275 | 2,303,977 | ||||||
Series D, Sub Lien, 6.00%, 10/01/42 |
5,740 | 5,976,982 | ||||||
Series D, Sub Lien, 7.00%, 10/01/51 |
1,765 | 1,876,814 | ||||||
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46 |
2,110 | 1,968,575 | ||||||
Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53(a) |
1,345 | 1,370,984 | ||||||
|
|
|||||||
15,868,661 | ||||||||
Alaska 0.2% | ||||||||
Northern Tobacco Securitization Corp., Refunding RB, Series A, Class 1, 4.00%, 06/01/50 |
1,360 | 1,063,633 | ||||||
|
|
|||||||
Arizona 4.5% | ||||||||
Glendale Industrial Development Authority, RB |
||||||||
5.00%, 05/15/41 |
180 | 159,623 | ||||||
5.00%, 05/15/56 |
725 | 596,797 | ||||||
Industrial Development Authority of the City of Phoenix, RB, Series A, 5.00%, 07/01/46(b) |
3,400 | 2,981,334 | ||||||
Salt Verde Financial Corp., RB |
||||||||
5.00%, 12/01/32 |
10,030 | 9,889,470 | ||||||
5.00%, 12/01/37 |
7,460 | 7,330,532 | ||||||
|
|
|||||||
20,957,756 | ||||||||
Arkansas(b) 0.8% | ||||||||
Arkansas Development Finance Authority, RB |
||||||||
Series A, AMT, 4.50%, 09/01/49 |
3,145 | 2,466,941 | ||||||
Series A, AMT, 4.75%, 09/01/49 |
1,520 | 1,234,407 | ||||||
|
|
|||||||
3,701,348 | ||||||||
California 8.6% | ||||||||
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/42(a) |
6,205 | 5,684,059 | ||||||
California Educational Facilities Authority, RB, Series V-1, 5.00%, 05/01/49 |
1,895 | 1,990,294 | ||||||
California Health Facilities Financing Authority, Refunding RB |
||||||||
Series A, 5.00%, 07/01/23(c) |
2,465 | 2,495,583 | ||||||
Series A, 4.00%, 04/01/45 |
790 | 644,501 | ||||||
Series A, 4.00%, 08/15/48 |
4,590 | 3,950,746 | ||||||
California Municipal Finance Authority, RB, S/F Housing |
||||||||
Series A, 5.25%, 08/15/39 |
290 | 290,532 | ||||||
Series A, 5.25%, 08/15/49 |
715 | 715,812 | ||||||
California Pollution Control Financing Authority, RB, Series A, AMT, 5.00%, 11/21/45(b) |
2,970 | 2,809,118 | ||||||
California State Public Works Board, RB, Series I, 5.00%, 11/01/38 |
1,495 | 1,513,007 | ||||||
City of Los Angeles Department of Airports, ARB, Series A, AMT, 4.00%, 05/15/49 |
4,170 | 3,214,595 | ||||||
City of Los Angeles Department of Airports, Refunding ARB, Series D, AMT, Subordinate, 5.00%, 05/15/46 |
2,330 | 2,277,067 | ||||||
CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(b) |
475 | 293,275 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing(b) |
||||||||
4.00%, 12/01/56 |
330 | 211,095 |
Par | ||||||||
Security | (000) | Value | ||||||
California (continued) | ||||||||
CSCDA Community Improvement Authority, RB, M/F Housing(b) (continued) |
||||||||
Senior Lien, 3.13%, 06/01/57 |
$ | 1,155 | $ | 698,244 | ||||
Series A, Senior Lien, 4.00%, 12/01/58 |
685 | 465,174 | ||||||
Riverside County Transportation Commission, RB, CAB(d) |
||||||||
Series B, Senior Lien, 0.00%, 06/01/41 |
5,000 | 1,845,540 | ||||||
Series B, Senior Lien, 0.00%, 06/01/42 |
6,000 | 2,082,774 | ||||||
Series B, Senior Lien, 0.00%, 06/01/43 |
5,000 | 1,636,705 | ||||||
San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 4.00%, 07/01/56 |
1,155 | 886,048 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB, Series A, AMT, 4.00%, 05/01/52 |
1,235 | 985,796 | ||||||
San Marcos Unified School District, GO, CAB(d) |
||||||||
Series B, Election 2010, 0.00%, 08/01/34 |
3,500 | 2,135,595 | ||||||
Series B, Election 2010, 0.00%, 08/01/36 |
4,000 | 2,164,060 | ||||||
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23(c) |
690 | 709,317 | ||||||
|
|
|||||||
39,698,937 | ||||||||
Colorado 3.6% | ||||||||
Arapahoe County School District No.6 Littleton, GO, Series A, (SAW), 5.50%, 12/01/43 |
3,485 | 3,728,038 | ||||||
Board of Governors of Colorado State University System, Refunding RB, Series C, (ST HGR ED INTERCEPT PROG), 4.00%, 03/01/47 |
4,065 | 3,406,380 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53 |
3,420 | 3,471,509 | ||||||
Colorado Health Facilities Authority, RB |
||||||||
5.50%, 11/01/47 |
340 | 343,769 | ||||||
5.25%, 11/01/52 |
710 | 697,037 | ||||||
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44 |
3,565 | 2,874,385 | ||||||
State of Colorado, COP, BAB, Series O, 4.00%, 03/15/44 |
2,580 | 2,285,983 | ||||||
|
|
|||||||
16,807,101 | ||||||||
Connecticut 0.2% | ||||||||
Connecticut Housing Finance Authority, Refunding RB, M/F Housing, Series A-1, 3.50%, 11/15/51 |
910 | 851,475 | ||||||
|
|
|||||||
Delaware 0.5% | ||||||||
Delaware Transportation Authority, RB, 5.00%, 06/01/55 |
2,280 | 2,211,969 | ||||||
|
|
|||||||
District of Columbia 8.0% | ||||||||
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40 |
23,035 | 23,679,726 | ||||||
District of Columbia, Refunding RB |
||||||||
5.00%, 04/01/35 |
865 | 874,223 | ||||||
Series A, 6.00%, 07/01/23(c) |
1,480 | 1,507,791 | ||||||
Catholic Health Services, 5.00%, 10/01/48 |
4,590 | 4,525,823 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB |
||||||||
Series A, AMT, 4.00%, 10/01/40 |
830 | 718,599 | ||||||
Series A, AMT, 4.00%, 10/01/41 |
1,790 | 1,531,424 |
1 |
Schedule of Investments (unaudited) (continued) October 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 |
||||||||
Class B, Subordinate, (AGM), 4.00%, 10/01/53 |
$ | 3,635 | $ | 2,873,838 | ||||
Series B, Subordinate, 4.00%, 10/01/49 |
1,550 | 1,233,836 | ||||||
|
|
|||||||
36,945,260 | ||||||||
Florida 3.2% | ||||||||
Broward County Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/47 |
425 | 376,536 | ||||||
Capital Projects Finance Authority, Refunding RB |
||||||||
Series A-1, 5.00%, 10/01/32 |
395 | 386,474 | ||||||
Series A-1, 5.00%, 10/01/33 |
435 | 421,173 | ||||||
Series A-1, 5.00%, 10/01/34 |
435 | 417,109 | ||||||
Series A-1, 5.00%, 10/01/35 |
145 | 137,591 | ||||||
Collier County Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45 |
2,620 | 2,622,913 | ||||||
Florida Development Finance Corp., RB |
||||||||
Series A, 5.00%, 06/15/40 |
435 | 408,932 | ||||||
Series A, 5.00%, 06/15/50 |
1,455 | 1,300,323 | ||||||
Series A, 5.00%, 06/15/55 |
875 | 768,685 | ||||||
Florida Housing Finance Corp., RB, S/F |
2,545 | 2,422,300 | ||||||
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 | 3,562,248 | ||||||
|
|
|||||||
14,825,331 | ||||||||
Georgia 4.4% | ||||||||
Dalton Whitfield County Joint Development Authority, 4.00%, 08/15/48 |
7,225 | 5,941,688 | ||||||
Georgia Housing & Finance Authority, RB, S/F Housing |
2,905 | 2,301,077 | ||||||
Series B, 2.50%, 06/01/50 |
1,455 | 850,351 | ||||||
Georgia Housing & Finance Authority, Refunding RB, S/F Housing, Series A, 4.00%, 06/01/49 |
1,190 | 1,188,546 | ||||||
Georgia Ports Authority, RB, 4.00%, 07/01/52 |
1,380 | 1,149,913 | ||||||
Main Street Natural Gas Inc., RB |
||||||||
Series A, 5.00%, 05/15/35 |
990 | 963,054 | ||||||
Series A, 5.00%, 05/15/36 |
990 | 957,677 | ||||||
Series A, 5.00%, 05/15/37 |
1,085 | 1,039,306 | ||||||
Series A, 5.00%, 05/15/38 |
600 | 570,184 | ||||||
Series A, 5.00%, 05/15/49 |
1,990 | 1,806,373 | ||||||
Municipal Electric Authority of Georgia, RB, |
3,145 | 2,443,253 | ||||||
Municipal Electric Authority of Georgia, Refunding RB |
||||||||
Sub-Series A, 4.00%, 01/01/49 |
1,230 | 988,209 | ||||||
Series A, Subordinate, 4.00%, 01/01/51 |
445 | 354,066 | ||||||
|
|
|||||||
20,553,697 | ||||||||
Idaho 0.3% | ||||||||
Idaho Health Facilities Authority, RB, Series 2017, 5.00%, 12/01/46 |
1,485 | 1,426,638 | ||||||
|
|
|||||||
Illinois 12.3% | ||||||||
Chicago Board of Education, GO |
||||||||
Series A, 5.00%, 12/01/42 |
1,065 | 940,166 | ||||||
Series C, 5.25%, 12/01/35 |
2,905 | 2,770,315 | ||||||
Series D, 5.00%, 12/01/46 |
3,805 | 3,301,221 | ||||||
Series H, 5.00%, 12/01/36 |
920 | 847,347 | ||||||
Chicago Board of Education, Refunding GO |
||||||||
Series C, 5.00%, 12/01/25 |
1,280 | 1,276,637 | ||||||
Series D, 5.00%, 12/01/25 |
1,650 | 1,645,665 |
Security | Par (000) |
Value | ||||||
Illinois (continued) | ||||||||
Chicago Board of Education, Refunding GO (continued) |
||||||||
Series G, 5.00%, 12/01/34 |
$ | 915 | $ | 868,786 | ||||
Chicago OHare International Airport, Refunding RB, Series A, Senior Lien, 4.00%, 01/01/36 |
1,895 | 1,749,593 | ||||||
Cook County Community College District No.508, GO, 5.50%, 12/01/38 |
1,525 | 1,538,931 | ||||||
Illinois Finance Authority, RB |
||||||||
Series A, 5.00%, 02/15/47 |
475 | 395,598 | ||||||
Series A, 5.00%, 02/15/50 |
265 | 216,897 | ||||||
Illinois State Toll Highway Authority, RB |
||||||||
Series A, 4.00%, 01/01/42 |
1,840 | 1,609,798 | ||||||
Series A, 4.00%, 01/01/46 |
4,180 | 3,511,455 | ||||||
Series C, 5.00%, 01/01/37 |
5,455 | 5,554,117 | ||||||
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57 |
1,760 | 1,588,712 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB |
||||||||
4.00%, 06/15/50 |
545 | 410,460 | ||||||
Series B, (AGM), 0.00%, 06/15/44(d) |
10,455 | 3,207,437 | ||||||
State of Illinois, GO |
||||||||
5.00%, 02/01/39 |
2,990 | 2,834,604 | ||||||
Series A, 5.00%, 04/01/38 |
9,030 | 8,588,884 | ||||||
State of Illinois, Refunding GO |
||||||||
Series A, 5.00%, 10/01/30 |
10,400 | 10,371,525 | ||||||
Series B, 5.00%, 10/01/28 |
1,965 | 1,969,639 | ||||||
University of Illinois, RB, Series A, 5.00%, 04/01/44 |
1,910 | 1,918,217 | ||||||
|
|
|||||||
57,116,004 | ||||||||
Indiana 2.8% | ||||||||
City of Valparaiso Indiana, RB |
||||||||
AMT, 6.75%, 01/01/34 |
1,525 | 1,548,206 | ||||||
AMT, 7.00%, 01/01/44 |
3,680 | 3,737,345 | ||||||
Indiana Finance Authority, RB(c) |
||||||||
Series A, AMT, 5.00%, 07/01/23 |
3,785 | 3,812,938 | ||||||
Series A, AMT, 5.25%, 07/01/23 |
790 | 797,512 | ||||||
Indiana Housing & Community Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.00%, 07/01/52 |
565 | 524,757 | ||||||
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40 |
2,490 | 2,496,412 | ||||||
|
|
|||||||
12,917,170 | ||||||||
Kansas 0.1% | ||||||||
Ellis County Unified School District No.489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52 |
505 | 417,725 | ||||||
|
|
|||||||
Kentucky 1.0% | ||||||||
Kentucky Economic Development Finance Authority, Refunding RB, Series A, (AGM), 5.00%, 12/01/45 |
2,515 | 2,389,094 | ||||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C,
Convertible, |
2,325 | 2,425,963 | ||||||
|
|
|||||||
4,815,057 | ||||||||
Louisiana 0.2% | ||||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35 |
985 | 989,858 | ||||||
|
|
|||||||
Maryland 0.6% | ||||||||
Maryland Health & Higher Educational Facilities Authority, RB, Series 2017, 5.00%, 12/01/46 |
840 | 834,586 | ||||||
Maryland State Transportation Authority, Refunding RB, Series A, 2.50%, 07/01/47 |
3,540 | 2,093,623 | ||||||
|
|
|||||||
2,928,209 |
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) October 31, 2022 |
BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Massachusetts 0.5% |
||||||||
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/51 |
$ | 2,245 | $ | 2,161,679 | ||||
|
|
|||||||
Michigan 3.9% | ||||||||
Great Lakes Water Authority Sewage Disposal System Revenue, RB |
||||||||
Series B, 2nd Lien, 5.25%, 07/01/47 |
1,075 | 1,096,082 | ||||||
Series B, 2nd Lien, 5.50%, 07/01/52 |
2,530 | 2,634,557 | ||||||
Series A, Senior Lien, 5.25%, 07/01/52 |
2,530 | 2,588,658 | ||||||
Great Lakes Water Authority Water Supply System Revenue, RB |
||||||||
Series A, Senior Lien, 5.25%, 07/01/52 |
2,530 | 2,557,833 | ||||||
Series B, Senior Lien, 5.50%, 07/01/52 |
2,530 | 2,637,849 | ||||||
Michigan Finance Authority, RB, 4.00%, 02/15/44 |
1,640 | 1,380,401 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing, |
1,925 | 1,125,836 | ||||||
Michigan State University, Refunding RB, |
2,000 | 2,041,476 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 |
2,120 | 1,875,244 | ||||||
|
|
|||||||
17,937,936 | ||||||||
Minnesota 2.3% | ||||||||
Duluth Economic Development Authority, Refunding RB |
||||||||
Series A, 4.25%, 02/15/48 |
2,030 | 1,718,740 | ||||||
Series A, 5.25%, 02/15/53 |
1,120 | 1,120,227 | ||||||
Series A, 5.25%, 02/15/58 |
2,940 | 2,940,973 | ||||||
Minnesota Housing Finance Agency, RB, |
1,250 | 1,165,410 | ||||||
Minnesota Housing Finance Agency, RB, S/F Housing |
||||||||
Series A, (FHLMC, FNMA, GNMA), 2.75%, 07/01/42 |
685 | 486,137 | ||||||
Series C, (FHLMC, FNMA, GNMA), 3.50%, 07/01/52 |
3,500 | 3,328,308 | ||||||
|
|
|||||||
10,759,795 | ||||||||
Missouri 3.0% | ||||||||
Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53 |
5,830 | 4,690,480 | ||||||
Health & Educational Facilities Authority of the State of Missouri, Refunding RB |
||||||||
5.50%, 05/01/43 |
480 | 485,352 | ||||||
Series A, 4.00%, 07/01/46 |
1,205 | 1,039,735 | ||||||
Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54 |
2,560 | 2,379,492 | ||||||
Missouri Housing Development Commission, RB, S/F Housing |
||||||||
(FHLMC, FNMA, GNMA), 2.35%, 11/01/46 |
765 | 565,698 | ||||||
(FHLMC, FNMA, GNMA), 2.40%, 11/01/51 |
790 | 573,210 | ||||||
Series A, (FHLMC, FNMA, GNMA), |
4,570 | 4,359,515 | ||||||
|
|
|||||||
14,093,482 | ||||||||
New Hampshire(b) 0.8% | ||||||||
New Hampshire Business Finance Authority, Refunding RB |
||||||||
Series B, 4.63%, 11/01/42 |
3,055 | 2,550,546 | ||||||
Series C, AMT, 4.88%, 11/01/42 |
1,585 | 1,334,050 | ||||||
|
|
|||||||
3,884,596 | ||||||||
New Jersey 15.1% | ||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB |
||||||||
Class D, 5.25%, 11/01/39 |
3,280 | 3,293,586 | ||||||
Class D, 5.25%, 11/01/44 |
2,980 | 2,981,225 |
Security | Par (000) | Value | ||||||
New Jersey (continued) | ||||||||
Hudson County Improvement Authority, RB, |
$ | 3,350 | $ | 2,936,898 | ||||
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37(e)(f) |
3,680 | 73,600 | ||||||
New Jersey Economic Development Authority, ARB, Series B, AMT, 5.63%, 11/15/30 |
2,035 | 1,988,433 | ||||||
New Jersey Economic Development Authority, RB |
||||||||
4.00%, 11/01/38 |
1,030 | 895,320 | ||||||
4.00%, 11/01/39 |
825 | 708,321 | ||||||
5.00%, 06/15/49 |
4,650 | 4,402,467 | ||||||
Class A, 5.25%, 11/01/47 |
3,415 | 3,367,053 | ||||||
Series EEE, 5.00%, 06/15/48 |
7,320 | 6,941,885 | ||||||
AMT, 5.38%, 01/01/43 |
2,285 | 2,161,567 | ||||||
New Jersey Economic Development Authority, Refunding RB, AMT, 5.00%, 10/01/47 |
2,905 | 2,700,642 | ||||||
New Jersey Economic Development Authority, Refunding SAB, 6.50%, 04/01/28 |
7,020 | 7,175,217 | ||||||
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51 |
9,070 | 7,406,979 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB |
||||||||
Series B, AMT, 4.00%, 12/01/41 |
2,455 | 2,210,082 | ||||||
Series C, AMT, Subordinate, 5.00%, 12/01/52 |
2,485 | 2,279,975 | ||||||
New Jersey Transportation Trust Fund Authority, RB |
||||||||
Series AA, 5.00%, 06/15/44 |
2,445 | 2,343,921 | ||||||
Series AA, 4.00%, 06/15/50 |
3,170 | 2,508,044 | ||||||
Series BB, 5.00%, 06/15/50 |
2,800 | 2,649,724 | ||||||
New Jersey Turnpike Authority, RB, Series E, |
5,095 | 5,131,312 | ||||||
Tobacco Settlement Financing Corp., Refunding RB |
||||||||
Series A, 5.25%, 06/01/46 |
1,070 | 1,026,187 | ||||||
Sub-Series B, 5.00%, 06/01/46 |
5,125 | 4,695,233 | ||||||
|
|
|||||||
69,877,671 | ||||||||
New Mexico 0.8% | ||||||||
New Mexico Mortgage Finance Authority, RB, S/F Housing |
||||||||
Class A, (FHLMC, FNMA, GNMA), 3.00%, 03/01/53 |
2,195 | 2,051,653 | ||||||
Series C, (FHLMC, FNMA, GNMA), |
1,525 | 1,515,329 | ||||||
|
|
|||||||
3,566,982 | ||||||||
New York 20.7% | ||||||||
City of New York, GO |
||||||||
Series A-1, 4.00%, 09/01/46 |
1,565 | 1,323,854 | ||||||
Series C, 5.00%, 08/01/43 |
2,255 | 2,305,523 | ||||||
Metropolitan Transportation Authority, RB |
||||||||
Series B, 5.25%, 11/15/38 |
4,640 | 4,618,289 | ||||||
Series B, 5.25%, 11/15/39 |
1,650 | 1,637,242 | ||||||
Metropolitan Transportation Authority, Refunding RB |
||||||||
Series C-1, 4.75%, 11/15/45 |
3,210 | 2,836,009 | ||||||
Series C-1, 5.00%, 11/15/50 |
1,040 | 942,431 | ||||||
Series C-1, 5.25%, 11/15/55 |
1,545 | 1,450,863 | ||||||
Monroe County Industrial Development Corp., Refunding RB |
||||||||
4.00%, 12/01/46 |
1,055 | 805,555 | ||||||
Series A, 4.00%, 07/01/50 |
2,155 | 1,796,087 | ||||||
New York City Housing Development Corp., RB, M/F Housing |
||||||||
Series A, 3.00%, 11/01/55 |
2,135 | 1,290,441 | ||||||
Series F-1, (FHA), 2.40%, 11/01/46 |
5,110 | 2,989,621 |
3
Schedule of Investments (unaudited) (continued) October 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), 2.50%, 11/01/51 |
$ | 3,520 | $ | 2,101,176 | ||||
New York City Industrial Development Agency, Refunding RB |
||||||||
Series A, (AGM), 3.00%, 01/01/36 |
175 | 140,121 | ||||||
Series A, (AGM), 3.00%, 01/01/39 |
| | ||||||
Series A, (AGM), 3.00%, 01/01/40 |
655 | 473,284 | ||||||
New York City Municipal Water Finance Authority, |
||||||||
Refunding RB, Series BB-1, 4.00%, 06/15/45 |
1,485 | 1,280,288 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB |
||||||||
Series C, Subordinate, 4.00%, 05/01/45 |
2,190 | 1,891,214 | ||||||
Series F-1, Subordinate, 4.00%, 02/01/51 |
800 | 672,596 | ||||||
New York Counties Tobacco Trust II, RB, |
825 | 825,130 | ||||||
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(b) |
3,300 | 3,281,457 | ||||||
New York Counties Tobacco Trust VI, Refunding RB, Series A-2-B, 5.00%, 06/01/45 |
9,395 | 8,045,192 | ||||||
New York Liberty Development Corp., Refunding RB |
||||||||
Series 1, 5.00%, 11/15/44(b) |
7,830 | 6,852,730 | ||||||
Series 2, 5.15%, 11/15/34(b) |
660 | 635,828 | ||||||
Series 2, 5.38%, 11/15/40(b) |
1,655 | 1,594,741 | ||||||
Series A, 2.88%, 11/15/46 |
6,725 | 4,219,211 | ||||||
New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47 |
12,050 | 10,323,597 | ||||||
New York State Environmental Facilities Corp., RB, Series B, Subordinate, 5.00%, 06/15/48 |
3,535 | 3,621,010 | ||||||
New York State Thruway Authority, Series B, Subordinate, 4.00%, 01/01/50 |
5,805 | 4,691,166 | ||||||
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/49 |
15,980 | 13,548,196 | ||||||
New York Transportation Development Corp., ARB, Series A, AMT, 5.00%, 07/01/46 |
1,165 | 1,057,050 | ||||||
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35 |
2,125 | 2,058,288 | ||||||
Triborough Bridge & Tunnel Authority, RB |
||||||||
Series A, 5.00%, 11/15/49 |
1,725 | 1,745,010 | ||||||
Series A, 4.00%, 11/15/54 |
1,985 | 1,651,592 | ||||||
Series A, 5.00%, 11/15/54 |
1,665 | 1,678,783 | ||||||
Westchester County Healthcare Corp., RB, |
1,546 | 1,440,682 | ||||||
|
|
|||||||
95,824,257 | ||||||||
North Carolina 0.7% | ||||||||
North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA), |
1,260 | 1,215,574 | ||||||
North Carolina Medical Care Commission, RB |
||||||||
Series A, 4.00%, 10/01/40 |
235 | 195,555 | ||||||
Series A, 5.00%, 10/01/40 |
350 | 330,853 | ||||||
Series A, 4.00%, 10/01/45 |
215 | 169,088 | ||||||
Series A, 5.00%, 10/01/45 |
620 | 566,525 |
Security | Par (000) |
Value | ||||||
North Carolina (continued) |
| |||||||
North Carolina Medical Care Commission, RB (continued) |
||||||||
Series A, 4.00%, 10/01/50 |
$ | 260 | $ | 196,504 | ||||
Series A, 5.00%, 10/01/50 |
700 | 625,558 | ||||||
|
|
|||||||
3,299,657 | ||||||||
North Dakota 0.6% | ||||||||
County of Cass North Dakota, Refunding RB, |
1,885 | 1,844,665 | ||||||
North Dakota Housing Finance Agency, RB, S/F |
||||||||
Housing, Series B, 3.00%, 07/01/52 |
1,265 | 1,172,561 | ||||||
|
|
|||||||
3,017,226 | ||||||||
Ohio 3.5% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB |
||||||||
Series A-2, Class 1, 4.00%, 06/01/48 |
3,210 | 2,556,142 | ||||||
Series B-2, Class 2, 5.00%, 06/01/55 |
5,120 | 4,297,918 | ||||||
County of Franklin Ohio, RB |
||||||||
Series 2017, 5.00%, 12/01/46 |
800 | 775,026 | ||||||
Series A, 4.00%, 12/01/44 |
1,015 | 849,047 | ||||||
County of Hamilton Ohio, RB, Series CC, |
1,080 | 1,019,906 | ||||||
County of Hamilton Ohio, Refunding RB |
||||||||
4.00%, 08/15/50 |
1,200 | 943,100 | ||||||
Series A, 3.75%, 08/15/50 |
2,110 | 1,571,644 | ||||||
County of Montgomery Ohio, Refunding RB, 4.00%, |
||||||||
08/01/46 |
1,830 | 1,505,750 | ||||||
Ohio Air Quality Development Authority, RB, AMT, |
||||||||
5.00%, 07/01/49(b) |
680 | 570,445 | ||||||
State of Ohio, RB, AMT, 5.00%, 06/30/53 |
1,585 | 1,430,570 | ||||||
The Ohio State University, Series A, |
710 | 613,217 | ||||||
|
|
|||||||
16,132,765 | ||||||||
Oklahoma 2.0% | ||||||||
Oklahoma Development Finance Authority, RB, |
||||||||
Series B, 5.50%, 08/15/52 |
2,350 | 1,919,534 | ||||||
Oklahoma Turnpike Authority, RB |
||||||||
Series A, 4.00%, 01/01/48 |
4,065 | 3,718,455 | ||||||
Series C, 4.00%, 01/01/42 |
3,845 | 3,576,046 | ||||||
|
|
|||||||
9,214,035 | ||||||||
Oregon 1.5% | ||||||||
Medford Hospital Facilities Authority, Refunding RB, |
||||||||
Series A, 4.00%, 08/15/50 |
3,390 | 2,688,321 | ||||||
Port of Portland Oregon Airport Revenue, Refunding ARB, Series 27-A, AMT, 5.00%, 07/01/45 |
3,630 | 3,520,915 | ||||||
State of Oregon, GO, 3.00%, 12/01/51 |
965 | 945,045 | ||||||
|
|
|||||||
7,154,281 | ||||||||
Pennsylvania 3.8% | ||||||||
Montgomery County Higher Education and Health Authority, Refunding RB |
||||||||
Class B, 4.00%, 05/01/52 |
4,240 | 3,391,987 | ||||||
Series A, 5.00%, 09/01/43 |
2,505 | 2,470,511 | ||||||
Series A, 4.00%, 09/01/49 |
1,135 | 918,444 |
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) October 31, 2022 |
BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Par | ||||||||
Security | (000) | Value | ||||||
Pennsylvania (continued) |
||||||||
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42 |
$ | 1,660 | $ | 1,549,582 | ||||
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/49 |
4,665 | 3,921,432 | ||||||
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 2022, 4.25%, 10/01/52 |
2,260 | 2,231,381 | ||||||
Pennsylvania Turnpike Commission, RB, |
2,155 | 2,092,723 | ||||||
School District of Philadelphia, GO, Series A, (SAW), 4.00%, 09/01/46 |
1,350 | 1,119,713 | ||||||
|
|
|||||||
17,695,773 | ||||||||
Puerto Rico 4.7% | ||||||||
Childrens Trust Fund, Refunding RB |
||||||||
5.50%, 05/15/39 |
1,365 | 1,357,629 | ||||||
5.63%, 05/15/43 |
1,360 | 1,359,929 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |
||||||||
Series A-1, Restructured, 4.75%, 07/01/53 |
4,044 | 3,382,968 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 |
10,387 | 8,886,297 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 |
3,325 | 2,757,263 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 |
1,950 | 1,654,633 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, |
10,165 | 2,206,029 | ||||||
|
|
|||||||
21,604,748 | ||||||||
Rhode Island 3.2% | ||||||||
Rhode Island Housing and Mortgage Finance Corp., RB, M/F Housing, Series 76-A, |
2,365 | 2,184,844 | ||||||
Tobacco Settlement Financing Corp., Refunding RB |
3,060 | 3,041,138 | ||||||
Series B, 4.50%, 06/01/45 |
4,490 | 4,146,376 | ||||||
Series B, 5.00%, 06/01/50 |
5,765 | 5,608,814 | ||||||
|
|
|||||||
14,981,172 | ||||||||
South Carolina 6.7% | ||||||||
South Carolina Jobs-Economic Development Authority, RB |
||||||||
5.00%, 04/01/44 |
160 | 139,194 | ||||||
4.00%, 04/01/49 |
150 | 107,399 | ||||||
5.00%, 04/01/49 |
480 | 405,667 | ||||||
4.00%, 04/01/54 |
370 | 256,270 | ||||||
5.00%, 04/01/54 |
875 | 725,855 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB |
||||||||
5.00%, 02/01/36 |
5,115 | 5,179,357 | ||||||
Series A, 5.00%, 05/01/48 |
3,870 | 3,677,278 | ||||||
South Carolina Public Service Authority, RB, |
12,065 | 12,089,432 | ||||||
South Carolina Public Service Authority, Refunding RB |
||||||||
Series A, 5.00%, 12/01/50 |
2,805 | 2,615,556 | ||||||
Series E, 5.25%, 12/01/55 |
3,335 | 3,212,405 | ||||||
South Carolina State Housing Finance & Development Authority, RB, S/F Housing |
||||||||
Series A, 3.00%, 01/01/52 |
820 | 773,664 | ||||||
Series A, 4.00%, 01/01/52 |
1,735 | 1,696,998 | ||||||
|
|
|||||||
30,879,075 | ||||||||
Tennessee 2.0% | ||||||||
Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/44 |
315 | 253,678 |
Par | ||||||||
Security | (000) | Value | ||||||
Tennessee (continued) |
||||||||
Memphis-Shelby County Airport Authority, ARB |
||||||||
Series A, AMT, 5.00%, 07/01/45 |
$ | 2,545 | $ | 2,407,440 | ||||
Series A, AMT, 5.00%, 07/01/49 |
2,925 | 2,730,654 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40 |
1,350 | 1,319,689 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 5.25%, 10/01/58 |
1,925 | 1,812,089 | ||||||
Tennessee Housing Development Agency, Refunding RB, S/F Housing, Series 1, 3.75%, 07/01/52 |
955 | 920,169 | ||||||
|
|
|||||||
9,443,719 | ||||||||
Texas 12.3% | ||||||||
City of Austin Texas Airport System Revenue, ARB, AMT, 5.00%, 11/15/39 |
385 | 386,222 | ||||||
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48 |
2,295 | 2,317,645 | ||||||
Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42 |
470 | 417,521 | ||||||
Harris County Cultural Education Facilities Finance Corp., RB, Series B, 7.00%, 01/01/23(c) |
880 | 885,444 | ||||||
Harris County-Houston Sports Authority, Refunding RB(d) |
||||||||
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24(c) |
6,000 | 2,604,918 | ||||||
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/37 |
10,120 | 4,191,866 | ||||||
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/35 |
5,000 | 2,416,895 | ||||||
Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/38 |
12,580 | 5,200,597 | ||||||
Midland County Fresh Water Supply District No.1, RB, CAB, Series A, 0.00%, 09/15/27(c)(d) |
15,200 | 6,510,531 | ||||||
San Antonio Public Facilities Corp., RB, Convertible, 4.00%, 09/15/42 |
5,500 | 4,621,303 | ||||||
San Antonio Water System, Refunding RB, |
2,555 | 2,592,385 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB |
||||||||
Series A, 4.00%, 07/01/53 |
1,220 | 950,883 | ||||||
Series A, 5.00%, 07/01/53 |
1,500 | 1,411,305 | ||||||
Series B, 5.00%, 07/01/48 |
9,025 | 8,617,034 | ||||||
Texas Transportation Commission State Highway 249 System, RB, CAB, Series A, 5.00%, 08/01/57 |
2,310 | 2,117,016 | ||||||
Texas Water Development Board, RB, Series A, 4.00%, 10/15/49 |
13,925 | 11,907,797 | ||||||
|
|
|||||||
57,149,362 | ||||||||
Utah 1.1% | ||||||||
City of Salt Lake City Utah Airport Revenue, ARB |
1,830 | 1,749,343 | ||||||
Series A, AMT, 5.00%, 07/01/48 |
1,735 | 1,647,457 | ||||||
County of Utah, RB |
440 | 404,582 | ||||||
Series A, 3.00%, 05/15/50 |
1,985 | 1,323,683 | ||||||
|
|
|||||||
5,125,065 | ||||||||
Virginia 2.2% | ||||||||
Front Royal & Warren County Industrial Development Authority, RB, 4.00%, 01/01/50 |
1,465 | 1,171,081 | ||||||
Hampton Roads Transportation Accountability Commission, RB |
||||||||
Series A, 4.00%, 07/01/52 |
2,940 | 2,529,223 |
5 |
Schedule of Investments (unaudited) (continued) October 31, 2022 |
BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Virginia (continued) |
||||||||
Hampton Roads Transportation Accountability Commission, RB (continued) |
||||||||
Series A, Senior Lien, 4.00%, 07/01/55 |
$ | 4,750 | $ | 4,019,065 | ||||
Series A, Senior Lien, 4.00%, 07/01/60 |
3,005 | 2,461,366 | ||||||
|
|
|||||||
10,180,735 | ||||||||
Washington 2.3% | ||||||||
Port of Seattle Washington, ARB |
|
|||||||
Series A, AMT, 5.00%, 05/01/43 |
2,980 | 2,873,262 | ||||||
Series C, AMT, 5.00%, 04/01/40 |
1,475 | 1,456,468 | ||||||
Port of Seattle Washington, Refunding ARB, AMT, Intermediate Lien, 5.50%, 08/01/47 |
1,265 | 1,273,691 | ||||||
Washington Health Care Facilities Authority, RB, Series A, Catholic Health Services, 5.75%, 01/01/23(c) |
4,420 | 4,439,090 | ||||||
Washington Health Care Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44 |
685 | 551,648 | ||||||
|
|
|||||||
10,594,159 | ||||||||
Wyoming 0.7% | ||||||||
Wyoming Community Development Authority, RB, S/F Housing, Series 1, (FHLMC, FNMA, GNMA), 3.50%, 06/01/52 |
1,740 | 1,660,870 | ||||||
Wyoming Community Development Authority, Refunding RB, Series 3, (GNMA/FHLMC/FNMA COLL), 3.00%, 06/01/50 |
1,535 | 1,457,252 | ||||||
|
|
|||||||
3,118,122 | ||||||||
|
|
|||||||
Total Municipal Bonds 149.1% |
|
691,792,121 | ||||||
|
|
|||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(g) |
| |||||||
Colorado 0.9% |
|
|||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, |
4,475 | 4,334,760 | ||||||
|
|
|||||||
Georgia 1.8% | ||||||||
Main Street Natural Gas Inc., RB, Series B, 5.00%, 12/01/52 |
8,582 | 8,473,019 | ||||||
|
|
|||||||
Illinois 0.6% | ||||||||
Illinois Finance Authority, Refunding RB |
|
|||||||
Series C, 4.00%, 02/15/27(c) |
5 | 4,834 | ||||||
Series C, 4.00%, 02/15/41 |
2,800 | 2,499,386 | ||||||
|
|
|||||||
2,504,220 | ||||||||
Massachusetts 2.7% | ||||||||
Commonwealth of Massachusetts Transportation Fund Revenue, RB, BAB, Series A, 4.00%, 06/01/45 |
4,153 | 3,706,399 | ||||||
Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/47 |
9,088 | 8,727,951 | ||||||
|
|
|||||||
12,434,350 | ||||||||
Nebraska 0.9% | ||||||||
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53 |
4,109 | 4,025,085 | ||||||
|
|
Security | Par (000) |
Value | ||||||
New York 3.8% |
|
|||||||
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60 |
$ | 2,655 | $ | 2,193,343 | ||||
New York State Urban Development Corp., Refunding RB, Series A, 4.00%, 03/15/46 |
13,160 | 10,355,649 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 |
5,070 | 5,138,117 | ||||||
|
|
|||||||
17,687,109 | ||||||||
North Carolina 1.1% | ||||||||
Township of North Bergen New Jersey, Refunding GO, Series B, 5.00%, 10/01/25(c) |
4,960 | 5,214,552 | ||||||
|
|
|||||||
Pennsylvania 1.0% | ||||||||
Pennsylvania Turnpike Commission, RB, Series A, 5.50%, 12/01/42 |
4,652 | 4,733,348 | ||||||
|
|
|||||||
Texas 1.1% | ||||||||
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23(c) |
4,900 | 4,923,123 | ||||||
|
|
|||||||
Virginia 2.4% | ||||||||
Fairfax County Industrial Development Authority, Refunding RB, 4.00%, 05/15/42 |
3,532 | 3,185,506 | ||||||
Virginia Small Business Financing Authority, Refunding RB, Series A, 4.00%, 12/01/49 |
9,688 | 7,909,731 | ||||||
|
|
|||||||
11,095,237 | ||||||||
Wisconsin 1.0% | ||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/46 |
5,580 | 4,678,445 | ||||||
|
|
|||||||
Total Municipal Bonds Transferred to Tender |
|
80,103,248 | ||||||
|
|
|||||||
Total Long-Term Investments 166.4% |
|
771,895,369 | ||||||
|
|
|||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds 2.0% |
| |||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.83%(i)(j) |
9,057,755 | 9,056,849 | ||||||
|
|
|||||||
Total Short-Term Securities 2.0% |
|
9,056,849 | ||||||
|
|
|||||||
Total Investments 168.4% |
|
780,952,218 | ||||||
Other Assets Less Liabilities 1.6% |
|
7,389,455 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (11.6)% |
|
(53,732,059 | ) | |||||
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs (58.4)% |
|
(270,800,000 | ) | |||||
|
|
|||||||
Net Assets Applicable to Common Shares 100.0% |
|
$ | 463,809,614 | |||||
|
|
(a) | When-issued security. |
(b) | 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. |
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) October 31, 2022
|
BlackRock Municipal Income Trust (BFK) |
(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) | Zero-coupon bond. |
(e) | Issuer filed for bankruptcy and/or is in default. |
(f) | Non-income producing security. |
(g) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. |
(h) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreement, which expires on June 1, 2026, is $3,105,532. |
(i) | Affiliate of the Fund. |
(j) | Annualized 7-day yield as of period end. |
For Fund compliance purposes, the Funds sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 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 07/31/22 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 10/31/22 |
Shares Held at 10/31/22 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 6,373,192 | $ | 2,687,488 | (a) | $ | | $ | (3,194 | ) | $ | (637 | ) | $ | 9,056,849 | 9,057,755 | $ | 39,939 | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
284 | 12/20/22 | $ | 31,435 | $ | 835,838 | ||||||||||
U.S. Long Bond |
509 | 12/20/22 | 61,525 | 4,443,692 | ||||||||||||
5-Year U.S. Treasury Note |
230 | 12/30/22 | 24,527 | 375,072 | ||||||||||||
|
|
|||||||||||||||
$ | 5,654,602 | |||||||||||||||
|
|
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 Fund 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 marketcorroborated 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 Valuation Committees 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 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 Funds policy regarding valuation of financial instruments, refer to its most recent financial statements.
7 |
Schedule of Investments (unaudited) (continued) October 31, 2022 |
BlackRock Municipal Income Trust (BFK) |
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Funds financial instruments categorized in the fair value hierarchy. The breakdown of the Funds 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 |
$ | | $ | 691,792,121 | $ | | $ | 691,792,121 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts |
| 80,103,248 | | 80,103,248 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
9,056,849 | | | 9,056,849 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 9,056,849 | $ | 771,895,369 | $ | | $ | 780,952,218 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Interest Rate Contracts |
$ | 5,654,602 | $ | | $ | | $ | 5,654,602 | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund 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 |
$ | | $ | (53,498,816 | ) | $ | | $ | (53,498,816 | ) | ||||||
VMTP Shares at Liquidation Value |
| (270,800,000 | ) | | (270,800,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | | $ | (324,298,816 | ) | $ | | $ | (324,298,816 | ) | |||||||
|
|
|
|
|
|
|
|
Portfolio Abbreviation | ||
AGM | Assured Guaranty Municipal Corp. | |
AMT | Alternative Minimum Tax | |
ARB | Airport Revenue Bonds | |
BAB | Build America Bond | |
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 | |
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 | |
ST | Special Tax |
S C H E D U L E O F I N V E S T M E N T S |
8 |