NPORT-EX 2 NPORT_D2H5_79124323_0423.htm BlackRock Municipal Income Trust

Schedule of Investments (unaudited) 

April 30, 2023

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

    
Alabama — 8.9%            

Black Belt Energy Gas District, RB, Series F, 5.50%, 11/01/53(a)

   $ 795     $ 843,306  

County of Jefferson Alabama Sewer Revenue, Refunding RB

    

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

     1,555       1,581,026  

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

     2,275       2,329,582  

Series D, Sub Lien, 6.00%, 10/01/42

     5,740       6,071,864  

Series D, Sub Lien, 7.00%, 10/01/51

     1,765       1,874,947  

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

     2,110       2,142,943  

Southeast Energy Authority A Cooperative District, RB(a)

    

Series A, 4.00%, 11/01/51

     5,850       5,813,268  

Series A, 5.25%, 01/01/54

         14,000       14,897,204  

Series A-1, 5.50%, 01/01/53

     1,345       1,451,761  

Series B, 4.00%, 12/01/51

     9,000       8,902,548  
   

 

 

  
          45,908,449  
Arizona — 5.8%            

Glendale Industrial Development Authority, RB, 5.00%, 05/15/56

     905       766,204  

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

     3,400       3,073,855  

Maricopa County Industrial Development Authority, RB, Series A, 4.00%, 01/01/44

     5,710       5,490,542  

Salt River Project Agricultural Improvement & Power District, RB, 4.00%, 01/01/41

     2,500       2,533,425  

Salt Verde Financial Corp., RB

    

5.00%, 12/01/32

     10,030       10,650,957  

5.00%, 12/01/37

     7,460       7,759,183  
   

 

 

  
      30,274,166  
Arkansas — 1.9%            

Arkansas Development Finance Authority, RB, Series A, AMT, 4.75%, 09/01/49(b)

     4,665       4,286,967  

University of Arkansas, RB, Series A, 5.00%, 04/01/47

     5,000       5,497,035  
   

 

 

  
      9,784,002  

California — 7.0%

    

California Community Choice Financing Authority, RB, Series B-1, 4.00%, 02/01/52(a)

     250       251,764  

California Educational Facilities Authority, RB, Series U-7, 5.00%, 06/01/46

     1,895       2,232,556  

California Enterprise Development Authority, RB, 8.00%, 11/15/62(b)

     750       743,729  

California Health Facilities Financing Authority, Refunding RB

    

(BAM-TCRS), 4.00%, 08/15/48

     1,200       1,162,913  

Series A, 5.00%, 07/01/23(c)

     2,465       2,472,730  

California Municipal Finance Authority, RB, S/F Housing

    

Series A, 5.25%, 08/15/39

     290       292,159  

Series A, 5.25%, 08/15/49

     715       719,345  

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

     2,970       2,969,786  

City of Los Angeles Department of Airports, ARB

    

Series A, AMT, 4.00%, 05/15/42

     2,685       2,601,338  

Series A, AMT, 5.25%, 05/15/48

     3,395       3,523,745  

Series B, Subordinate, 5.00%, 05/15/49

     1,285       1,370,305  

City of Los Angeles Department of Airports, Refunding ARB

    

AMT, Subordinate, 5.00%, 05/15/46

     2,325       2,467,141  
Security  

Par

(000)

     Value  
California (continued)            

City of Los Angeles Department of Airports, Refunding ARB (continued)

    

Series D, AMT, Subordinate, 4.00%, 05/15/51

   $ 1,275     $ 1,197,952  

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

     475       328,533  

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

    

4.00%, 12/01/56

     330       236,834  

Senior Lien, 3.13%, 06/01/57

     1,155       794,237  

Series A, Senior Lien, 4.00%, 12/01/58

     585       452,711  

Riverside County Transportation Commission, RB, CAB(d)

    

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

     5,000       2,241,865  

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

     6,000       2,550,378  

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

     5,000       2,022,800  

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

    

Series B, Election 2010, 0.00%, 08/01/34

     3,500       2,470,006  

Series B, Election 2010, 0.00%, 08/01/36

     4,000       2,507,608  

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

     690       698,716  
   

 

 

  
          36,309,151  
Colorado — 2.7%            

Board of Governors of Colorado State University System, Refunding RB, Series C, 4.00%, 03/01/47

     4,065       4,011,988  

City & County of Denver Colorado Airport System Revenue, Refunding ARB

    

Series A, AMT, 5.50%, 11/15/53

     3,420       3,733,440  

Series D, AMT, 5.75%, 11/15/45

     835       942,789  

Colorado Health Facilities Authority, RB

    

5.50%, 11/01/47

     340       365,188  

5.25%, 11/01/52

     710       746,015  

Colorado Health Facilities Authority, Refunding RB

    

Series A, 5.00%, 08/01/44

     3,000       3,117,918  

Series A, 4.00%, 11/15/50

     1,075       1,002,140  
   

 

 

  
      13,919,478  
Delaware — 1.2%            

Delaware River & Bay Authority, Refunding RB, 4.00%, 01/01/44

     2,935       2,885,713  

Delaware State Health Facilities Authority, Refunding RB, 4.00%, 10/01/49

     3,535       3,319,902  
   

 

 

  
      6,205,615  

District of Columbia — 8.2%

    

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

         23,035       23,681,777  

District of Columbia, Refunding GO, Series D, 4.00%, 02/01/46

     5,895       5,845,476  

District of Columbia, Refunding RB

    

5.00%, 10/01/48

     4,590       4,689,920  

Series A, 6.00%, 07/01/23(c)

     1,480       1,486,646  

Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 4.00%, 10/01/39

     765       757,208  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49

     3,625       3,403,335  

Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, 4.00%, 07/15/46

     2,370       2,343,987  
   

 

 

  
      42,208,349  
 

 

 

1  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Florida — 1.2%            

Broward County Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/45

   $ 425     $ 419,151  

County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52

     940       999,608  

Florida Development Finance Corp., RB, Series A, 5.00%, 06/15/56

     210       203,271  

Orange County Health Facilities Authority, RB, 4.00%, 10/01/52

     3,015       2,783,759  

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

     3,158       2,001,047  
   

 

 

  
      6,406,836  

Georgia — 5.1%

    

Cobb County Kennestone Hospital Authority, RB, 4.00%, 04/01/52

     2,290       2,092,018  

Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51

     1,050       965,849  

Georgia Ports Authority, ARB, 4.00%, 07/01/52

     1,380       1,326,490  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/35

     990       1,046,077  

Series A, 5.00%, 05/15/36

     990       1,031,993  

Series A, 5.00%, 05/15/37

     1,085       1,115,230  

Series A, 5.00%, 05/15/38

     600       613,045  

Series A, 5.00%, 05/15/49

     1,990       1,958,948  

Series A, 5.00%, 06/01/53(a)

     4,275       4,502,819  

Series B, 5.00%, 12/01/52

     8,580       8,987,490  

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

     2,190       1,930,154  

Municipal Electric Authority of Georgia, Refunding RB, 4.00%, 01/01/51

     955       827,784  
   

 

 

  
          26,397,897  

Illinois — 11.7%

    

Chicago Board of Education, GO

    

Series A, 5.00%, 12/01/42

     1,065       1,053,263  

Series C, 5.25%, 12/01/35

     2,905       2,934,881  

Series D, 5.00%, 12/01/46

     3,805       3,760,951  

Series H, 5.00%, 12/01/36

     920       930,055  

Chicago Board of Education, Refunding GO

    

Series C, 5.00%, 12/01/25

     1,280       1,302,812  

Series D, 5.00%, 12/01/25

     1,650       1,679,408  

Series G, 5.00%, 12/01/34

     915       936,698  

Chicago O’Hare International Airport, Refunding ARB, Series B, Senior Lien, 5.00%, 01/01/53

     2,905       3,020,660  

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

     1,525       1,529,307  

Illinois Finance Authority, RB

    

Series A, 5.00%, 02/15/47

     475       460,177  

Series A, 5.00%, 02/15/50

     265       252,742  

Illinois Finance Authority, Refunding RB

    

Series A, 5.25%, 05/15/48

     3,330       3,732,677  

Series C, 4.00%, 02/15/27(c)

     125       130,989  

Series C, 4.00%, 02/15/41

     2,675       2,638,398  

Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46

     3,035       2,917,709  

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

     1,760       1,765,385  

Metropolitan Pier & Exposition Authority, Refunding RB, Series B, (AGM), 0.00%, 06/15/44(d)

         10,455       3,863,844  

State of Illinois, GO

    

5.00%, 02/01/39

     2,990       3,000,671  
Security  

Par

(000)

     Value  
Illinois (continued)            

State of Illinois, GO (continued)

    

Series A, 5.00%, 04/01/38

   $ 9,030     $ 9,067,285  

State of Illinois, Refunding GO

    

Series A, 5.00%, 10/01/30

         10,400       11,289,096  

Series B, 5.00%, 10/01/28

     1,965       2,133,760  

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

     1,910       1,928,443  
   

 

 

  
          60,329,211  

Indiana — 2.8%

    

City of Valparaiso Indiana, RB

    

AMT, 6.75%, 01/01/34

     1,525       1,550,219  

AMT, 7.00%, 01/01/44

     3,680       3,733,051  

Indiana Finance Authority, RB(c)

    

Series A, AMT, 5.00%, 07/01/23

     3,785       3,793,378  

Series A, AMT, 5.25%, 07/01/23

     790       792,311  

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

     2,490       2,492,017  

Indianapolis Local Public Improvement Bond Bank, Refunding RB, Series A, 5.00%, 02/01/44

     2,010       2,132,316  
   

 

 

  
      14,493,292  

Kansas — 0.1%

    

Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52

     505       473,815  
   

 

 

  
Kentucky — 0.5%            

Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 0.00%, 07/01/43

     2,325       2,651,532  
   

 

 

  
Louisiana — 0.3%            

Lafayette Parish School Board Sale Tax Revenue, RB, 4.00%, 04/01/53

     730       665,853  

Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35

     805       809,013  
   

 

 

  
      1,474,866  

Maryland — 1.3%

    

Maryland Health & Higher Educational Facilities Authority, RB, Series B, 4.00%, 04/15/50

     1,195       1,145,460  

Washington Suburban Sanitary Commission, RB, (GTD), 4.00%, 06/01/46

     5,740       5,748,065  
   

 

 

  
      6,893,525  

Massachusetts — 5.8%

    

Commonwealth of Massachusetts Transportation Fund Revenue, RB

    

5.00%, 06/01/49

     1,590       1,706,312  

Series A, 4.00%, 06/01/45

     4,150       4,078,728  

Commonwealth of Massachusetts, GO

    

Series C, 5.00%, 10/01/47

     2,620       2,903,405  

Series C, 5.00%, 10/01/52

     2,715       2,976,637  

Massachusetts Development Finance Agency, RB, 5.00%, 12/01/46

     6,750       6,906,033  

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

     9,085       9,335,146  

Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46

     2,245       2,358,604  
   

 

 

  
      30,264,865  

Michigan — 4.4%

    

Great Lakes Water Authority Sewage Disposal System Revenue, RB

    

Series B, 2nd Lien, 5.25%, 07/01/47

     1,075       1,149,548  
 

 

 

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)

April 30, 2023

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Michigan (continued)            

Great Lakes Water Authority Sewage Disposal System Revenue, RB (continued)

    

Series B, 2nd Lien, 5.50%, 07/01/52

   $ 2,530     $ 2,729,620  

Series A, Senior Lien, 5.25%, 07/01/52

     2,530       2,752,713  

Great Lakes Water Authority Water Supply System Revenue, RB

    

Series A, Senior Lien, 5.25%, 07/01/52

     2,530       2,747,284  

Series B, Senior Lien, 5.50%, 07/01/52

     2,530       2,755,759  

Michigan Finance Authority, RB

    

4.00%, 02/15/50

     4,530       4,217,462  

4.00%, 02/15/44

     1,640       1,583,628  

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

     2,960       2,740,454  

Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43

     2,120       2,148,455  
   

 

 

  
          22,824,923  

Minnesota — 1.2%

    

Duluth Economic Development Authority, Refunding RB

    

Series A, 4.25%, 02/15/48

     2,030       1,958,211  

Series A, 5.25%, 02/15/53

     1,120       1,157,437  

Series A, 5.25%, 02/15/58

     2,940       3,030,617  
   

 

 

  
      6,146,265  

Missouri — 0.6%

    

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

     480       480,000  

Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54

     2,560       2,622,108  
   

 

 

  
      3,102,108  

Nebraska — 2.4%

    

Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53

     4,110       4,288,616  

Omaha Public Power District, RB, Series A, (AGM-CR), 4.00%, 02/01/51

     8,425       8,021,788  
   

 

 

  
      12,310,404  

New Hampshire(b) — 0.8%

    

New Hampshire Business Finance Authority, Refunding RB

    

Series B, 4.63%, 11/01/42

     3,055       2,570,257  

Series C, AMT, 4.88%, 11/01/42

     1,585       1,377,243  
   

 

 

  
      3,947,500  

New Jersey — 13.2%

    

Casino Reinvestment Development Authority, Inc., Refunding RB

    

5.25%, 11/01/39

     3,280       3,325,894  

5.25%, 11/01/44

     2,980       3,003,721  

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

     3,680       37,793  

New Jersey Economic Development Authority, ARB, Series B, AMT, 5.63%, 11/15/30

     2,035       2,058,714  

New Jersey Economic Development Authority, RB

    

Class A, 5.25%, 11/01/47

     3,415       3,739,630  

Series EEE, 5.00%, 06/15/48

         11,690       12,218,809  

AMT, 5.38%, 01/01/43

     2,285       2,290,137  

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

     2,905       2,740,525  

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

     6,690       7,019,285  
Security  

Par

(000)

     Value  
New Jersey (continued)            

New Jersey Higher Education Student Assistance Authority, Refunding RB

    

Series B, AMT, 4.00%, 12/01/41

   $ 2,455     $ 2,441,709  

Series C, AMT, Subordinate, 5.00%, 12/01/52

     2,485       2,567,082  

New Jersey Transportation Trust Fund Authority, RB

    

Series AA, 5.00%, 06/15/44

     2,445       2,450,103  

Series AA, 4.00%, 06/15/50

     3,170       2,913,464  

Series S, 5.00%, 06/15/46

     2,800       2,936,914  

New Jersey Turnpike Authority, RB, Series E, 5.00%, 01/01/45

     5,095       5,204,308  

South Jersey Port Corp., ARB, Series A, 5.00%, 01/01/49

     2,000       2,042,738  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.25%, 06/01/46

     1,070       1,114,744  

Sub-Series B, 5.00%, 06/01/46

     10,125       10,044,972  
   

 

 

  
          68,150,542  

New York — 20.5%

    

City of New York, GO

    

Series A-1, 4.00%, 09/01/46

     1,565       1,521,482  

Series C, 5.00%, 08/01/43

     2,255       2,457,531  

Metropolitan Transportation Authority, RB

    

Series B, 5.25%, 11/15/38

     4,640       4,716,045  

Series B, 5.25%, 11/15/39

     1,650       1,676,999  

Metropolitan Transportation Authority, Refunding RB

    

Series C-1, 4.75%, 11/15/45

     3,210       3,249,050  

Series C-1, 5.00%, 11/15/50

     1,040       1,066,691  

Series C-1, 5.25%, 11/15/55

     1,545       1,610,097  

New York City Municipal Water Finance Authority, RB, Series CC-1, Subordinate, 5.00%, 06/15/51

     4,350       4,718,689  

New York City Municipal Water Finance Authority, Refunding RB, Series BB-1, 4.00%, 06/15/45

     1,485       1,475,774  

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

     825       826,242  

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

     3,300       3,300,488  

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

     9,395       8,857,127  

New York Liberty Development Corp., Refunding RB

    

Class 2, 5.38%, 11/15/40(b)

     1,655       1,656,451  

Series 1, 5.00%, 11/15/44(b)

     7,830       7,554,266  

Series A, 3.00%, 11/15/51

     3,570       2,586,383  

New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55

     2,655       2,512,373  

New York State Dormitory Authority, RB, Series A, 4.00%, 03/15/47

     1,475       1,446,951  

New York State Dormitory Authority, Refunding RB

    

Series A, 4.00%, 03/15/44

     2,190       2,140,471  

Series A, 4.00%, 03/15/47

     7,555       7,329,408  

Series A, 4.00%, 03/15/48

     1,340       1,294,061  

Series D, 5.00%, 02/15/48

     6,590       7,044,315  

New York State Urban Development Corp., RB

    

Series A, 4.00%, 03/15/46

         13,155       12,720,490  

Series A, 4.00%, 03/15/49

     1,790       1,737,420  

New York State Urban Development Corp., Refunding RB

    

4.00%, 03/15/49

     2,075       1,990,498  

Series E, 4.00%, 03/15/46

     5,865       5,688,176  

New York Transportation Development Corp., ARB, Series A, AMT, 5.00%, 07/01/46

     1,165       1,152,858  
 

 

 

3  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
New York (continued)            

New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35

   $ 2,125     $ 2,230,787  

Port Authority of New York & New Jersey, Refunding ARB

    

194th Series, 5.25%, 10/15/55

     5,065       5,235,032  

Series 189, 5.00%, 05/01/45

     1,150       1,180,011  

Triborough Bridge & Tunnel Authority, RB

    

Series A, 5.00%, 11/15/49

     1,725       1,850,100  

Series A, 5.00%, 11/15/54

     1,665       1,774,064  

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

     1,546       1,536,192  
   

 

 

  
      106,136,522  
Ohio — 4.4%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB

    

Series A-2, 4.00%, 06/01/48

         1,685       1,489,478  

Series B-2, Class 2, 5.00%, 06/01/55

     7,000       6,522,733  

County of Franklin Ohio, RB

    

5.00%, 05/15/40

     900       920,591  

Series A, 4.00%, 12/01/44

     1,015       966,687  

County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49

     1,080       1,202,594  

County of Hamilton Ohio, Refunding RB

    

4.00%, 08/15/50

     1,200           1,118,462  

Series A, 3.75%, 08/15/50

     2,110       1,866,867  

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

     680       626,064  

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

     1,585       1,586,075  

Worthington City School District, GO, Series C, 5.00%, 12/01/48

     5,810       6,394,143  
   

 

 

  
      22,693,694  
Oklahoma — 1.2%            

Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52

     2,350       2,185,578  

Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48

     4,065       3,981,411  
   

 

 

  
      6,166,989  
Oregon — 2.7%            

Port of Portland Oregon Airport Revenue, Refunding ARB, 29th Series, AMT, 5.50%, 07/01/48

     12,705       14,025,964  
   

 

 

  
Pennsylvania — 4.0%            

Allegheny County Airport Authority, ARB, Series A, AMT, (AGM-CR), 4.00%, 01/01/56

     1,210       1,102,158  

Montgomery County Higher Education and Health Authority, Refunding RB

    

4.00%, 09/01/51

     1,025       924,016  

Series A, 5.00%, 09/01/48

     715       732,055  

Series A, 4.00%, 09/01/49

     1,135       1,031,214  

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

     1,660       1,664,359  

Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 2022, 4.25%, 10/01/52

     2,235       2,279,671  

Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series B, 4.00%, 12/01/53

     2,195       2,055,675  

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

     2,155       2,190,245  
Security  

Par

(000)

     Value  
Pennsylvania (continued)            

Pennsylvania Turnpike Commission, RB (continued)

    

Series A, Subordinate, (BAM-TCRS), 4.00%, 12/01/50

   $ 1,485     $ 1,440,631  

Pennsylvania Turnpike Commission, Refunding RB

    

Series A-1, 5.00%, 12/01/45

     3,000       3,060,372  

Series C, 4.00%, 12/01/51

     4,320       4,101,896  
   

 

 

  
          20,582,292  
Puerto Rico — 5.2%            

Commonwealth of Puerto Rico, GO

    

Series A1, Restructured, 5.63%, 07/01/29

     2,810       2,980,979  

Series A1, Restructured, 5.75%, 07/01/31

     2,536       2,732,674  

Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, Series A1, Restructured, 4.75%, 07/01/53

     4,044       3,796,673  

Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, CAB, Series A1, Restructured, 0.00%, 07/01/46(d)

         10,165       2,763,996  

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

    

Series A1, Restructured, 5.00%, 07/01/58

     10,387       9,988,794  

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

     3,325       3,079,665  

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

     1,950       1,811,335  
   

 

 

  
      27,154,116  
Rhode Island — 0.3%            

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

     1,450       1,465,849  
   

 

 

  
South Carolina — 4.3%            

South Carolina Jobs-Economic Development Authority, Refunding RB

    

4.00%, 12/01/44

     3,690       3,600,554  

Series A, 5.00%, 05/01/48

     2,440       2,477,005  

South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49

     1,275       1,163,700  

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

     12,065       12,174,237  

South Carolina Public Service Authority, Refunding RB, Series A, 5.00%, 12/01/50

     2,805       2,820,672  
   

 

 

  
      22,236,168  
Tennessee — 2.2%            

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

     2,545       2,650,075  

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

     1,350       1,381,446  

Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a)

     7,260       7,517,084  
   

 

 

  
      11,548,605  
Texas — 13.1%            

Arlington Higher Education Finance Corp., RB(b)

    

7.50%, 04/01/62

     845       896,952  

7.88%, 11/01/62

     720       740,467  

City of Austin Texas Airport System Revenue, ARB, Series B, AMT, 5.00%, 11/15/44

     3,630       3,766,818  

County of Bexar Texas, Refunding GO, 4.00%, 06/15/40

     12,075       12,073,092  
 

 

 

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)

April 30, 2023

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Texas (continued)            

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

   $ 470     $ 437,220  

Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48

     590       580,650  

Harris County Cultural Education Facilities Finance Corp., Refunding RB

    

4.00%, 10/01/41

     2,000       1,993,360  

4.00%, 10/01/47

     360       344,316  

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

    

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

     6,000       2,660,184  

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

         10,120       4,372,680  

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

     5,000       2,596,260  

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

     12,580       5,382,403  

Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(c)(d)

     15,200       6,893,252  

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

     5,500       5,349,421  

Tarrant County Cultural Education Facilities Finance Corp., RB

    

Series A, 4.00%, 07/01/53

     1,220       1,111,211  

Series A, 5.00%, 07/01/53

     1,500       1,561,326  

Series B, 5.00%, 07/01/48

     9,025       9,292,546  

Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58

     2,310       2,311,959  

Texas Water Development Board, RB

    

4.00%, 10/15/45

     2,615       2,595,249  

4.00%, 04/15/51

     1,015       995,231  

4.80%, 10/15/52

     2,000       2,132,278  
   

 

 

  
          68,086,875  
Utah — 0.3%            

City of Salt Lake City Utah Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/48

     1,735       1,770,722  
   

 

 

  
Virginia — 2.3%            

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

     1,465       1,356,624  

Hampton Roads Transportation Accountability Commission, RB

    

Series A, 4.00%, 07/01/52

     5,305       5,099,659  

Series A, Senior Lien, 4.00%, 07/01/50

     1,075       1,023,175  

Series A, Senior Lien, 4.00%, 07/01/55

     4,750       4,558,575  
   

 

 

  
      12,038,033  
Washington — 1.9%            

Port of Seattle Washington, ARB

    

Series A, AMT, 5.00%, 05/01/43

     2,980       3,065,839  

Series C, AMT, 5.00%, 04/01/40

     1,475       1,494,027  

Washington Health Care Facilities Authority, RB

    

Series A, 5.00%, 08/15/40

     2,000       2,026,874  

Series A, 5.00%, 08/15/45

     3,000       3,029,466  
   

 

 

  
      9,616,206  
Security  

Par

(000)

     Value  

 

  
Wisconsin — 1.0%            

Wisconsin Health & Educational Facilities Authority, Refunding RB, Series A, 5.00%, 11/15/39

   $ 5,000     $ 5,152,250  
   

 

 

  

Total Municipal Bonds — 150.5%
(Cost: $774,844,687)

 

     779,151,076  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(g)

 

Wisconsin — 1.0%            

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

     5,580       5,307,043  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 1.0%
(Cost: $5,656,668)

 

     5,307,043  
   

 

 

  

Total Long-Term Investments — 151.5%
(Cost: $780,501,355)

 

     784,458,119  
   

 

 

  
    Shares        

 

  

Short-Term Securities

 

Money Market Funds — 0.6%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.27%(h)(i)

     2,983,241       2,982,942  
   

 

 

  

Total Short-Term Securities — 0.6%
(Cost: $2,982,660)

 

     2,982,942  
   

 

 

  

Total Investments — 152.1%
(Cost: $783,484,015)

 

     787,441,061  

Other Assets Less Liabilities — 0.7%

 

     3,842,387  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (0.5)%

 

     (2,824,372 ) 

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (52.3)%

 

     (270,800,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $   517,659,076  
   

 

 

  

 

(a) 

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.

(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.

(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) 

Affiliate of the Fund.

(i) 

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.

 

 

5  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock Municipal Income Trust (BFK)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2023 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

04/30/23

    

Shares

Held at

04/30/23

     Income    

Capital Gain

Distributions

from

Underlying

Funds

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $  6,373,192     $ —     $  (3,395,467 )(a)    $ 5,572     $ (355 )    $  2,982,942       2,983,241     $  181,158     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (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

      108          06/21/23        $ 12,469        $ 26,330  

U.S. Long Bond

      165          06/21/23          21,759          (42,014 ) 

5-Year U.S. Treasury Note

      103          06/30/23          11,325          17,060  
                 

 

 

  
                  $ 1,376  
                 

 

 

  

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.

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

    $ —        $ 779,151,076        $ —        $ 779,151,076  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          5,307,043          —          5,307,043  

Short-Term Securities

                  

Money Market Funds

      2,982,942          —          —          2,982,942  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 2,982,942        $ 784,458,119        $ —        $ 787,441,061  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

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)

April 30, 2023

   

BlackRock Municipal Income Trust (BFK)

 

Fair Value Hierarchy as of Period End (continued)

 

                                                                                                           

 

  
     Level 1        Level 2        Level 3        Total  

 

  

Derivative Financial Instruments

                  

Assets

                  

Interest Rate Contracts

    $ 43,390        $ —        $ —        $ 43,390  

Liabilities

                  

Interest Rate Contracts

      (42,014 )         —          —          (42,014 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 1,376        $ —        $ —        $ 1,376  
  

 

 

       

 

 

       

 

 

       

 

 

  

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

    $ —        $ (2,790,000 )       $ —        $ (2,790,000 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (273,590,000 )       $ —        $ (273,590,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

Portfolio Abbreviation
AGM    Assured Guaranty Municipal Corp.
AGM-CR    AGM Insured Custodial Receipt
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAM-TCRS   

Build America Mutual Assurance Co.- Transferable Custodial Receipts

CAB    Capital Appreciation Bonds
CR    Custodian Receipt
GO    General Obligation Bonds
GTD    GTD Guaranteed
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
PSF    Permanent School Fund
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds

    

 

 

 

7