Schedule of Investments (unaudited)

October 31, 2023

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

    
Alabama — 6.6%            

Black Belt Energy Gas District RB, Series B, 5.25%, 12/01/53(a)

  $ 5,455     $ 5,490,451  

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

    795       803,732  

County of Jefferson Alabama Sewer Revenue, Refunding RB

    

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

     1,555       1,532,068  

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

     2,275       2,276,944  

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

     5,740       5,861,513  

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

     1,765       1,850,758  

Energy Southeast A Cooperative District, RB(a)

   

Series A-1, 5.50%, 11/01/53

     5,000       5,082,210  

Series B-1, 5.75%, 04/01/54

     5,940       6,142,747  

Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53(a)

    1,345       1,357,632  
   

 

 

  
          30,398,055  
Arizona — 5.1%            

City of Phoenix Civic Improvement Corp., RB, 5.25%, 07/01/47(b)

    3,335       3,461,187  

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

     3,400       2,889,516  

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

     10,030       9,896,616  

5.00%, 12/01/37

     7,460       7,229,341  
   

 

 

  
      23,476,660  
Arkansas — 3.2%            

Arkansas Development Finance Authority, RB

    

AMT, 5.70%, 05/01/53

     855       776,276  

AMT, 4.75%, 09/01/49(c)

    4,665       4,282,077  

City of Springdale Arkansas Sales & Use Tax Revenue, RB

    

Series B, (BAM), 4.13%, 08/01/47

     9,465       8,253,626  

Series B, (BAM), 4.13%, 08/01/50

     1,500       1,314,276  
   

 

 

  
      14,626,255  
California — 8.3%            

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

    750       662,368  

California Health Facilities Financing Authority, Refunding RB, Series A-2, 4.00%, 11/01/44

     9,825       8,798,125  

California Municipal Finance Authority, RB, S/F Housing, Series A, 5.25%, 08/15/39

     290       283,200  

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

    2,970       2,804,628  

City of Long Beach California Harbor Revenue, ARB, Series B, AMT, 5.00%, 05/15/43

     2,000       2,000,554  

City of Los Angeles Department of Airports, ARB, Series A, AMT, 4.00%, 05/15/42

     2,685       2,312,972  

City of Los Angeles Department of Airports, Refunding ARB, AMT, Subordinate, 5.00%, 05/15/46

     2,325       2,278,235  

CSCDA Community Improvement Authority, RB, M/F Housing(c)
4.00%, 12/01/56

     330       208,260  

Senior Lien, 3.13%, 06/01/57

     1,155       660,822  

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

     585       395,626  

 

Security  

Par

(000)

      Value  
California (continued)             

Dublin Unified School District, GO, Series B, 4.13%, 08/01/49

   $ 3,475      $ 3,179,999  

Riverside County Transportation Commission, RB, CAB(d)

    

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

     5,000        1,873,629  

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

     6,000        2,107,115  

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

     5,000        1,649,884  

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

    

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

     3,500        2,235,425  

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

     4,000        2,249,470  

Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48

     4,550        4,425,276  
    

 

 

  
           38,125,588  
Colorado — 1.9%             

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series D, AMT, 5.75%, 11/15/45

     835        869,743  

Colorado Health Facilities Authority, RB
5.50%, 11/01/47

     340        340,421  

5.25%, 11/01/52

     710        675,966  

Denver City & County School District No. 1, GO, Series A, (SAW), 5.00%, 12/01/45

     6,580        6,739,313  
    

 

 

  
       8,625,443  
Delaware — 0.6%             

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

     2,935        2,582,956  
    

 

 

  
District of Columbia — 7.8%             

District of Columbia Income Tax Revenue, RB, Series A, 4.00%, 03/01/37

     500        482,613  

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

     22,365        23,005,665  

District of Columbia, RB, Series A, 5.00%, 07/01/47

     2,050        2,085,073  

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

     5,895        5,082,442  

Washington Metropolitan Area Transit Authority, RB, Series B, 5.00%, 07/01/42

     5,000        4,950,668  
    

 

 

  
       35,606,461  
Florida — 0.8%             

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

     940        897,358  

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

     210        183,207  

Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54

     415        403,949  

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

    3,159        2,116,314  
    

 

 

  
       3,600,828  
Georgia — 2.7%             

Main Street Natural Gas, Inc., RB, Series A, 5.00%, 06/01/53(a)

    12,855        12,638,688  
    

 

 

  
Illinois — 4.1%             

Chicago Board of Education, GO

     

Series A, 5.00%, 12/01/42

     1,065        951,901  

Series C, 5.25%, 12/01/35

     2,905        2,832,151  

Series D, 5.00%, 12/01/46

     3,805        3,362,036  

Series H, 5.00%, 12/01/36

     920        867,597  
 

 

 

1  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Illinois (continued)            

Chicago Board of Education, Refunding GO, Series G, 5.00%, 12/01/34

   $ 915     $ 889,771  

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

     1,525       1,488,082  

Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/46

     3,455       3,448,237  

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

     2,990       2,925,228  

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

     1,910       1,912,384  
   

 

 

  
          18,677,387  
Indiana — 1.1%            

City of Valparaiso Indiana, RB

    

AMT, 6.75%, 01/01/34

     1,525       1,528,561  

AMT, 7.00%, 01/01/44

     3,680       3,687,971  
   

 

 

  
      5,216,532  
Iowa — 0.7%            

University of Iowa Facilities Corp., RB
5.00%, 06/01/47

     1,890       1,889,779  

5.00%, 06/01/48

     1,190       1,186,086  
   

 

 

  
      3,075,865  
Kentucky — 2.8%            

Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52(a)

    9,000       8,332,493  

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

    2,325       2,546,932  

Kentucky State Property & Building Commission, RB(b)

   

Series A, 5.50%, 11/01/42

     875       905,493  

Series A, 5.50%, 11/01/43

     1,165       1,202,599  
   

 

 

  
      12,987,517  
Louisiana — 0.2%            

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

     805       805,335  
   

 

 

  
Maryland — 1.1%            

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

     5,740       5,001,078  
   

 

 

  
Massachusetts — 3.3%            

Commonwealth of Massachusetts, GO, Series C, 5.00%, 10/01/52

     2,715       2,749,920  

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

     6,750       6,530,190  

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

     1,815       1,800,324  

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

     4,245       4,112,089  
   

 

 

  
      15,192,523  
Michigan — 8.9%            

Lansing Community College, GO, 5.00%, 05/01/44

     5,070       5,063,247  

Michigan Finance Authority, RB

    

Series A, 5.00%, 11/15/48

     10,650       10,081,320  

Series S, 5.00%, 11/01/44

     5,000       4,834,532  

Michigan Finance Authority, Refunding RB, 5.00%, 11/15/41

     5,785       5,675,338  

Michigan State Building Authority, RB, Series I, 5.00%, 10/15/46

     1,000       995,790  

 

Security  

Par

(000)

     Value  
Michigan (continued)            

Michigan State Building Authority, Refunding RB, Series II, 4.00%, 10/15/47

   $ 3,125     $ 2,651,221  

Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47

     10,000       9,571,754  

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

     2,120       1,971,145  
   

 

 

  
      40,844,347  
Minnesota — 0.6%            

Duluth Economic Development Authority, Refunding RB, Series A, 5.25%, 02/15/58

     2,940       2,816,255  
   

 

 

  
New Hampshire(c) — 0.8%            

New Hampshire Business Finance Authority, Refunding RB

    

Series B, 4.63%, 11/01/42

     3,055       2,409,898  

Series C, AMT, 4.88%, 11/01/42

     1,585       1,228,358  
   

 

 

  
      3,638,256  
New Jersey — 11.1%            

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

     50       48,330  

5.25%, 11/01/44

     2,980       2,774,216  

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

    3,680       45,448  

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

     2,035       2,027,388  

New Jersey Economic Development Authority, RB Class A,
5.25%, 11/01/47

     3,415       3,461,224  

Series EEE, 5.00%, 06/15/48

     11,690       11,428,086  

AMT, 5.38%, 01/01/43

     2,285       2,212,364  

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

     5,975       6,022,200  

New Jersey Health Care Facilities Financing Authority, Refunding RB, 5.00%, 07/01/44

     475       466,673  

New Jersey Higher Education Student Assistance Authority, Refunding RB, Series C, AMT, Subordinate, 5.00%, 12/01/52

     2,485       2,302,512  

New Jersey Transportation Trust Fund Authority, RB

    

Series AA, 4.00%, 06/15/50

     3,170       2,605,878  

Series S, 5.00%, 06/15/46

     2,800       2,719,870  

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

     2,000       1,912,922  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/46

     3,075       2,898,327  

Sub-Series B, 5.00%, 06/01/46

     10,900       10,121,912  
   

 

 

  
      51,047,350  
New York — 11.3%            

Metropolitan Transportation Authority, Refunding RB

    

Series C-1, 4.75%, 11/15/45

     3,210       2,952,303  

Series C-1, 5.25%, 11/15/55

     1,545       1,519,107  

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

    

Series D-1, 5.25%, 11/01/48

     5,000       5,123,800  

Series A-1, Subordinate, 4.00%, 08/01/48

     2,000       1,691,446  

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

     810       810,384  

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

    3,200       3,199,901  
 

 

 

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, 2023

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
New York (continued)            

New York Counties Tobacco Trust VI, Refunding RB, Series A-2B, 5.00%, 06/01/51

   $ 6,395     $ 5,473,828  

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

   

Class 1, 5.00%, 11/15/44

     6,230       5,559,398  

Class 2, 5.38%, 11/15/40

     1,655       1,529,694  

New York Power Authority, RB, (AGM), 4.00%, 11/15/47

     4,725       3,989,482  

New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/50

     6,165       5,168,048  

New York State Dormitory Authority, RB

    

Series A, 5.00%, 03/15/44

     1,610       1,607,136  

Series B, 5.00%, 02/15/35

     7,500       7,570,738  

New York State Urban Development Corp. RB, Series A, 4.00%, 03/15/45

     1,915       1,660,082  

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

     1,165       1,073,845  

New York Transportation Development Corp., RB
5.63%, 04/01/40(b)

    915       905,412  

AMT, 5.00%, 10/01/35

     2,125       2,027,894  
   

 

 

  
          51,862,498  
Ohio — 2.2%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB

    

Series A-2, 4.00%, 06/01/48

     1,685       1,346,697  

Series B-2, 5.00%, 06/01/55

     5,330       4,358,349  

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

    680       542,032  

University of Cincinnati, RB, Series A, 5.00%, 06/01/45

     2,500       2,509,007  

University of Cincinnati, Refunding RB, Series A, 5.00%, 06/01/44

     1,390       1,371,853  
   

 

 

  
      10,127,938  
Oklahoma — 0.3%            

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

     1,735       1,494,409  
Pennsylvania — 1.3%            

Montgomery County Higher Education and Health Authority, Refunding RB
4.00%, 09/01/51

     1,025       801,081  

5.00%, 09/01/48

     715       668,914  

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

     1,660       1,525,523  

Pennsylvania Turnpike Commission, Refunding RB, Series A-1, 5.00%, 12/01/45

     3,000       2,911,537  
   

 

 

  
      5,907,055  
Puerto Rico — 5.1%            

Commonwealth of Puerto Rico, GO

    

Series A-1, Restructured, 5.63%, 07/01/29

     2,810       2,870,635  

Series A-1, Restructured, 5.75%, 07/01/31

     2,536       2,607,175  

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

    

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

     4,044       3,411,346  

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

     10,387       9,001,722  
Security  

Par

(000)

     Value  
Puerto Rico (continued)            

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued)

    

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

   $ 3,325     $ 2,783,888  

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

    10,165       2,512,670  
   

 

 

  
      23,187,436  
South Carolina — 3.6%            

Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a)

    16,400       16,339,575  
   

 

 

  
Tennessee — 5.2%            

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

     2,545       2,441,579  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB
5.25%, 05/01/48

     2,500       2,506,482  

Series A, 5.00%, 07/01/46

     6,590       6,347,065  

Metropolitan Government Nashville & Davidson County Sports Authority, RB, Series B, Subordinate, (AGM), 5.25%, 07/01/48

     2,900       2,906,852  

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

    7,260       7,182,947  

Tennessee Housing Development Agency, RB, S/F Housing, 6.25%, 01/01/54(b)

    2,200       2,314,346  
   

 

 

  
          23,699,271  
Texas — 21.0%            

Arlington Higher Education Finance Corp., RB(c)
7.50%, 04/01/62

     845       739,305  

7.88%, 11/01/62

     720       677,864  

Arlington Independent School District, Refunding GO, (PSF), 4.00%, 02/15/48

     6,000       5,153,543  

Bexar County Hospital District, GO, 5.00%, 02/15/47

     5,000       5,008,376  

City of Austin Texas Airport System Revenue, ARB

    

Series B, AMT, 5.00%, 11/15/44

     3,630       3,462,581  

Series B, AMT, 5.00%, 11/15/48

     2,850       2,689,678  

City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB, 5.00%, 10/01/46

     3,550       3,579,354  

City of Denton Texas, GO, 4.00%, 02/15/42

     7,575       6,666,618  

City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, 5.25%, 02/01/41

     1,010       1,064,690  

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

     12,075       10,989,755  

Dallas Fort Worth International Airport, Refunding RB, Series B, 5.00%, 11/01/47

     1,625       1,622,396  

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

     470       411,577  

Harris County Cultural Education Facilities Finance Corp., Refunding RB, 4.00%, 10/01/41

     2,000       1,748,112  

Harris County Municipal Utility District No. 534, GO

    

(AGM), 5.00%, 09/01/47

     1,750       1,682,986  

(BAM), 5.00%, 09/01/47

     1,100       1,058,002  

Harris County-Houston Sports Authority, RB,

    

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

    5,000       2,442,029  

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

   

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

    6,000       2,679,691  

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

     10,120       4,192,340  
 

 

 

3  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  
Texas (continued)             

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

(continued)

     

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

   $ 12,580      $ 5,153,054  

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

    15,200        6,704,968  

North Texas Tollway Authority, Refunding RB, Series B, 5.00%, 01/01/43

     3,900        3,905,591  

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

     14,025        13,482,190  

Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA), 5.75%, 03/01/54

     5,000        5,167,643  

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

     2,310        2,105,117  

Thrall Independent School District, GO, 5.25%, 02/15/48

     3,525        3,645,798  
    

 

 

  
       96,033,258  
Washington — 1.1%             

Washington Health Care Facilities Authority, RB

     

Series A, 5.00%, 08/15/40

     2,000        2,002,175  

Series A, 5.00%, 08/15/45

     3,000        2,951,373  
    

 

 

  
       4,953,548  
Wisconsin — 1.1%             

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

     5,000        5,036,909  
    

 

 

  

Total Municipal Bonds — 123.9%
(Cost: $593,146,397)

 

          567,625,276  
    

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(i)

 

Illinois — 2.9%             

Illinois State Toll Highway Authority, RB, Series B, 5.00%, 01/01/41

     13,000        13,069,485  
    

 

 

  
Michigan — 2.2%             

State of Michigan Trunk Line Revenue, RB, 5.00%, 11/15/46

     10,000        10,099,973  
    

 

 

  
Nevada — 4.3%             

County of Clark Nevada, GO, Series A, 5.00%, 05/01/48

     19,650        19,726,798  
    

 

 

  
New Jersey — 2.2%             

New Jersey Turnpike Authority, RB, Series A, 5.00%, 01/01/48

     10,000        9,947,582  
    

 

 

  
New York — 2.3%             

New York City Municipal Water Finance Authority, RB, Series DD, 5.25%, 06/15/46

     10,000        10,365,227  
    

 

 

  

 

Security  

Par

(000)

     Value  
Oregon — 2.8%            

Port of Portland Oregon Airport Revenue, ARB, 5.50%, 07/01/48

   $ 12,705     $ 12,907,784  
   

 

 

  
Washington — 2.2%            

State of Washington, GO, Series C, 5.00%, 02/01/47

     10,000       10,150,168  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 18.9%
(Cost: $88,187,055)

       86,267,017  
   

 

 

  

Total Long-Term Investments — 142.8%
(Cost: $681,333,452)

 

     653,892,293  
   

 

 

  
     Shares         

Short-Term Securities

 

Money Market Funds — 25.2%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.82%(j)(k)

    115,581,164       115,581,164  
   

 

 

  

Total Short-Term Securities — 25.2%
(Cost: $115,581,164)

 

     115,581,164  
   

 

 

  

Total Investments — 168.0%
(Cost: $796,914,616)

 

     769,473,457  

Other Assets Less Liabilities — 0.4%

 

     2,141,656  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (9.3)%

 

     (42,747,062 ) 

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (59.1)%

 

     (270,800,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 458,068,051  
   

 

 

  

 

(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) 

When-issued security.

(c) 

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.

(d) 

Zero-coupon bond.

(e) 

Issuer filed for bankruptcy and/or is in default.

(f) 

Non-income producing security.

(g) 

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

(h) 

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.

(i) 

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.

(j) 

Affiliate of the Fund.

(k) 

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.

 

 

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, 2023

   

BlackRock Municipal Income Trust (BFK)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer  

Value at

07/31/23

    

Purchases

at Cost

    

Proceeds

from Sales

    

Net

Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

10/31/23

    

Shares

Held at

10/31/23

     Income    

Capital Gain

Distributions

from

Underlying

Funds

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $  24,056,456     $ 91,523,785 (a)    $  —     $ 934     $ (11 )    $  115,581,164       115,581,164     $  237,973     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (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

      114          12/19/23        $ 12,088        $ 50,182  

U.S. Long Bond

      144          12/19/23          15,687          224,750  

5-Year U.S. Treasury Note

      90          12/29/23          9,400          (6,916 ) 
                 

 

 

  
                  $ 268,016  
                 

 

 

  

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

    $ —        $ 567,625,276        $ —        $ 567,625,276  

Municipal Bonds Transferred to Tender Option Bond Trusts

                  —          86,267,017                      —          86,267,017  

 

 

5  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock Municipal Income Trust (BFK)

 

Fair Value Hierarchy as of Period End (continued)

 

                                                                                                           

 

  
     Level 1        Level 2        Level 3        Total  

 

  

Short-Term Securities

                  

Money Market Funds

    $ 115,581,164        $ —        $             —        $ 115,581,164  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 115,581,164        $ 653,892,293        $ —        $ 769,473,457  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                 

Assets

                  

Interest Rate Contracts

    $ 274,932        $ —        $ —        $ 274,932  

Liabilities

                  

Interest Rate Contracts

      (6,916 )         —          —          (6,916 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 268,016        $ —        $ —        $ 268,016  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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

    $ —        $ (42,679,997 )       $             —        $ (42,679,997 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (313,479,997 )       $ —        $ (313,479,997 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

Portfolio Abbreviation
AGM   Assured Guaranty Municipal Corp.
AMT   Alternative Minimum Tax
ARB   Airport Revenue Bonds
BAM   Build America Mutual Assurance Co.
CAB   Capital Appreciation Bonds
GNMA   Government National Mortgage Association
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
SAW   State Aid Withholding

 

 

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