NPORT-EX 2 NPORT_D2H5_28599802_1022.htm BlackRock Municipal Income Trust

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
Housing, Series 1, (FHLMC, FNMA, GNMA),
3.50%, 07/01/52

     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
3.60%, 12/01/44

     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,
4.00%, 01/01/49

     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 O’Hare 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,
6.75%, 07/01/43

     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,
Series A, 2.70%, 10/01/56

     1,925       1,125,836  

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

     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,
Series H, (FHLMC, FNMA, GNMA), 3.00%, 07/01/52

     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),
3.50%, 05/01/52

     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,
4.00%, 10/01/46

   $   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,
5.00%, 01/01/45

     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),
4.25%, 03/01/53

     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,
5.75%, 06/01/43

     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,
Series A, Senior Lien, 5.00%, 11/01/44

     1,546       1,440,682  
   

 

 

  
        95,824,257  
North Carolina — 0.7%  

North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA),
3.75%, 07/01/52

     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,
Series B, 5.25%, 02/15/58

       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,
5.00%, 11/15/49

     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,
4.00%, 12/01/48(b)

    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,
Series A, 5.00%, 12/01/44

     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%            

Children’s 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,
0.00%, 07/01/46(d)

     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,
3.00%, 10/01/51

     2,365       2,184,844  

Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/35

     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,
Series A, 5.50%, 12/01/54

     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,
Series A, Junior Lien, 5.00%, 05/15/48

     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
Series A, AMT, 5.00%, 07/01/47

     1,830       1,749,343  

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

     1,735       1,647,457  

County of Utah, RB
Series A, 4.00%, 05/15/43

     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%
(Cost: $780,470,199)

 

       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,
Series A, AMT, 5.25%, 12/01/48(h)

     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
Option Bond Trusts — 17.3%
(Cost: $90,712,870)

 

     80,103,248  
   

 

 

  

Total Long-Term Investments — 166.4%
(Cost: $871,183,069)

 

     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%
(Cost: $9,056,849)

 

     9,056,849  
   

 

 

  

Total Investments — 168.4%
(Cost: $880,239,918)

 

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

   $ —        $  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