Schedule of Investments (unaudited) January 31, 2020 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
Municipal Bonds — 125.4% |
| |||||||
Alabama — 3.1% |
| |||||||
County of Jefferson Alabama Sewer, Refunding RB: | ||||||||
Senior Lien, Series A (AGM), 5.00%, 10/01/44 | $ | 1,555 | $ | 1,764,381 | ||||
Senior Lien, Series A (AGM), 5.25%, 10/01/48 | 2,275 | 2,598,300 | ||||||
Sub-Lien, Series D, 6.00%, 10/01/42 | 5,740 | 6,786,632 | ||||||
Sub-Lien, Series D, 7.00%, 10/01/51 | 1,765 | 2,136,126 | ||||||
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46 | 2,110 | 3,042,831 | ||||||
State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/20(a) | 4,080 | 4,215,701 | ||||||
|
| |||||||
| 20,543,971 | ||||||||
| Arizona — 4.5% | ||||||||
City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A, 5.00%, 07/01/46(b) | 3,400 | 3,692,332 | ||||||
City of Phoenix Civic Improvement Corp., ARB, Series A, 4.00%, 07/01/45 | 2,610 | 2,957,547 | ||||||
Salt Verde Financial Corp., RB, Senior: | ||||||||
5.00%, 12/01/32 | 10,030 | 13,232,479 | ||||||
5.00%, 12/01/37 | 7,460 | 10,299,798 | ||||||
|
| |||||||
| 30,182,156 | ||||||||
| Arkansas — 0.8% | ||||||||
Arkansas Development Finance Authority, RB, Big River Steel Project, AMT, 4.50%, 09/01/49(b) | 4,985 | 5,404,388 | ||||||
|
| |||||||
| California — 9.2% | ||||||||
California Educational Facilities Authority, RB, Stanford University, SeriesV-1, 5.00%, 05/01/49 | 4,230 | 6,854,250 | ||||||
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(a) | 6,230 | 6,399,892 | ||||||
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 07/01/33 | 2,465 | 2,787,299 | ||||||
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A: | ||||||||
5.25%, 08/15/39 | 290 | 330,124 | ||||||
5.25%, 08/15/49 | 715 | 802,359 | ||||||
| Security | Par (000) | Value | ||||||
| California (continued) | ||||||||
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45(b) | $ | 2,970 | $ | 3,218,856 | ||||
California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A(b): | ||||||||
5.00%, 12/01/41 | 1,030 | 1,171,944 | ||||||
5.00%, 12/01/46 | 885 | 1,001,838 | ||||||
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior, Series A, | 11,690 | 11,820,694 | ||||||
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/23(a) | 690 | 823,701 | ||||||
County of Riverside Transportation Commission, RB, CAB, Senior Lien, Series B(c): | ||||||||
0.00%, 06/01/41 | 5,000 | 2,772,150 | ||||||
0.00%, 06/01/42 | 6,000 | 3,207,180 | ||||||
0.00%, 06/01/43 | 5,000 | 2,545,000 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB, SeriesA-1: | ||||||||
5.00%, 06/01/47 | 4,335 | 4,558,859 | ||||||
5.25%, 06/01/47 | 1,070 | 1,131,932 | ||||||
San Marcos Unified School District, GO, CAB, Election of 2010, Series B(c): | ||||||||
0.00%, 08/01/34 | 3,500 | 2,525,845 | ||||||
0.00%, 08/01/36 | 4,000 | 2,701,800 | ||||||
State of California, GO, Various Purposes, | 4,970 | 4,995,496 | ||||||
State of California Public Works Board, LRB, Various Capital Projects, Series I, 5.00%, 11/01/38 | 1,495 | 1,705,870 | ||||||
|
| |||||||
| 61,355,089 | ||||||||
| Colorado — 1.7% | ||||||||
Arapahoe County School District No. 6 Littleton, GO, Series A, 5.50%, 12/01/43 | 3,485 | 4,566,709 | ||||||
Colorado Health Facilities Authority, RB, Commonspirit Health, Series A, 4.00%, 08/01/49 | 2,950 | 3,273,497 | ||||||
Colorado Health Facilities Authority, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/44 | 615 | 685,202 | ||||||
| 1 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Colorado (continued) | ||||||||
State of Colorado, COP, Building Excellent Schools, Series O, 4.00%, 03/15/44 | $ | 2,580 | $ | 2,952,733 | ||||
|
| |||||||
| 11,478,141 | ||||||||
| Connecticut — 1.1% | ||||||||
State of Connecticut, GO, Series A, 4.00%, 01/15/38 | 6,300 | 7,320,537 | ||||||
|
| |||||||
| Delaware — 2.3% | ||||||||
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 | 2,225 | 2,300,205 | ||||||
Delaware Transportation Authority, RB, U.S. 301 Project, 5.00%, 06/01/55 | 2,280 | 2,624,006 | ||||||
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 | 10,080 | 10,294,301 | ||||||
|
| |||||||
| 15,218,512 | ||||||||
| District of Columbia — 5.9% | ||||||||
District of Columbia, Refunding RB: | ||||||||
Georgetown University, 5.00%, 04/01/35 | 865 | 1,058,630 | ||||||
Georgetown University Issue, 5.00%, 04/01/42 | 710 | 855,294 | ||||||
Kipp Charter School, Series A, | 1,480 | 1,729,943 | ||||||
The Catholic University of America Issue, 5.00%, 10/01/48 | 4,590 | 5,533,475 | ||||||
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.75%, 05/15/40 | 23,035 | 23,843,298 | ||||||
Metropolitan Washington Airports Authority, Refunding ARB, Dulles Metrorail And Capital Improvement Projects, Series A, | 3,990 | 4,261,400 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Subordinate, Dulles Metrorail And Capital Improvement Projects, Series B, 4.00%, 10/01/53 | 1,550 | 1,756,057 | ||||||
|
| |||||||
| 39,038,097 | ||||||||
| Florida — 2.8% | ||||||||
County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45 | 2,620 | 3,012,607 | ||||||
County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, SeriesA-1, 5.38%, 10/01/20(a) | 2,280 | 2,346,690 | ||||||
| Security | Par (000) | Value | ||||||
| Florida (continued) | ||||||||
County of Volusia Educational Facility Authority, Refunding RB, Embry Riddle Aeronautical Project: | ||||||||
5.00%, 10/15/44 | $ | 1,160 | $ | 1,435,523 | ||||
5.00%, 10/15/49 | 2,375 | 2,916,025 | ||||||
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21(a) | 5,885 | 6,485,447 | ||||||
Stevens Plantation Community Development District, RB, Special Assessment, Series A, 7.10%, 05/01/35(d)(e) | 3,395 | 2,749,950 | ||||||
|
| |||||||
| 18,946,242 | ||||||||
| Georgia — 2.1% | ||||||||
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54 | 1,010 | 1,192,477 | ||||||
Main Street Natural Gas, Inc., RB, Series A: | ||||||||
5.00%, 05/15/35 | 990 | 1,344,381 | ||||||
5.00%, 05/15/36 | 990 | 1,358,013 | ||||||
5.00%, 05/15/37 | 1,085 | 1,503,658 | ||||||
5.00%, 05/15/38 | 600 | 838,038 | ||||||
5.00%, 05/15/49 | 1,990 | 2,866,794 | ||||||
Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project, 4.00%, 01/01/49 | 3,145 | 3,427,861 | ||||||
Municipal Electric Authority of Georgia, Refunding RB, Series A, 4.00%, 01/01/49 | 1,230 | 1,353,750 | ||||||
|
| |||||||
| 13,884,972 | ||||||||
| Hawaii — 0.4% | ||||||||
State of Hawaii Harbor System, ARB, Series A, 5.25%, 07/01/30 | 2,660 | 2,707,667 | ||||||
|
| |||||||
| Idaho — 0.3% | ||||||||
Idaho Health Facilities Authority, RB, Trinity Health Credit Group, Series A, 5.00%, 12/01/46 | 1,485 | 1,795,632 | ||||||
|
| |||||||
| Illinois — 15.2% | ||||||||
Chicago Board of Education, GO, Series C: | ||||||||
Dedicated Revenues, Series H, 5.00%, 12/01/36 | 920 | 1,077,642 | ||||||
Project, 5.25%, 12/01/35 | 2,905 | 3,261,327 | ||||||
Chicago Board of Education, GO, Refunding: | ||||||||
Dedicated Revenues, Series D, 5.00%, 12/01/25 | 1,650 | 1,930,913 | ||||||
| 2 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Illinois (continued) | ||||||||
Dedicated Revenues, Series F, 5.00%, 12/01/22 | $ | 1,250 | $ | 1,361,400 | ||||
Dedicated Revenues, Series G, | ||||||||
5.00%, 12/01/34 | 915 | 1,078,227 | ||||||
5.00%, 12/01/25 | 1,280 | 1,497,920 | ||||||
Chicago Board of Education, GO: | ||||||||
5.00%, 12/01/46 | 1,060 | 1,236,077 | ||||||
5.00%, 12/01/46 | 2,745 | 2,966,988 | ||||||
City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien, Series C, 6.50%, 01/01/21(a) | 11,385 | 11,960,967 | ||||||
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 | 2,055 | 2,187,671 | ||||||
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42 | 2,000 | 2,165,200 | ||||||
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38 | 1,525 | 1,706,399 | ||||||
Illinois Finance Authority, RB, Chicago LLC, University of Illinois at Chicago Project, Series A: | ||||||||
5.00%, 02/15/47 | 405 | 460,841 | ||||||
5.00%, 02/15/50 | 205 | 232,548 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB: | ||||||||
McCormick Place Expansion Project, 4.00%, 06/15/50(f) | 2,710 | 2,983,439 | ||||||
McCormick Place Expansion Project, 5.00%, 06/15/50(f) | 1,760 | 2,108,075 | ||||||
Mccormick Place Expansion Project, Series B (AGM), 0.00%, 06/15/43(c) | 10,455 | 5,214,745 | ||||||
McCormick Place Expansion Project, Series B (AGM), 5.00%, 06/15/50 | 14,710 | 14,902,554 | ||||||
McCormick Place Expansion Project, | 3,905 | 3,959,943 | ||||||
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21(a) | 2,245 | 2,395,527 | ||||||
State of Illinois, GO, 5.00%, 02/01/39 | 2,990 | 3,301,199 | ||||||
State of Illinois, GO, Refunding: | ||||||||
Series A, 5.00%, 10/01/30 | 10,400 | 12,618,528 | ||||||
Series B, 5.00%, 10/01/28 | 1,965 | 2,405,848 | ||||||
State of Illinois, GO, Series A, 5.00%, 04/01/38 | 9,030 | 9,808,115 | ||||||
State of Illinois Toll Highway Authority, RB, Series C, 5.00%, 01/01/37 | 5,455 | 6,364,240 | ||||||
| Security | Par (000) | Value | ||||||
| Illinois (continued) | ||||||||
University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44 | $ | 1,910 | $ | 2,151,099 | ||||
|
| |||||||
| 101,337,432 | ||||||||
| Indiana — 3.1% | ||||||||
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: | ||||||||
6.75%, 01/01/34 | 1,525 | 1,774,764 | ||||||
7.00%, 01/01/44 | 3,680 | 4,288,230 | ||||||
Indiana Finance Authority, RB, Series A: | ||||||||
CWA Authority Project, 1st Lien, 5.25%, 10/01/38 | 6,305 | 6,718,104 | ||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44 | 880 | 967,366 | ||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48 | 2,905 | 3,189,574 | ||||||
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51 | 790 | 873,938 | ||||||
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40 | 2,490 | 2,753,143 | ||||||
|
| |||||||
| 20,565,119 | ||||||||
| Iowa — 1.4% | ||||||||
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project: | ||||||||
Series B, 5.25%, 12/01/50(g) | 5,515 | 6,108,745 | ||||||
Midwestern Disaster Area, 5.25%, 12/01/25 | 2,125 | 2,373,519 | ||||||
Midwestern Disaster Area, 5.88%, 12/01/26(b) | 805 | 840,033 | ||||||
|
| |||||||
| 9,322,297 | ||||||||
| Kentucky — 1.2% | ||||||||
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23(a) | 1,915 | 2,151,349 | ||||||
Kentucky Economic Development Finance Authority, Refunding RB, Louisville Arena Authority, Inc. (AGM), 5.00%, 12/01/45 | 2,515 | 2,969,209 | ||||||
| 3 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Kentucky (continued) | ||||||||
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 6.75%, 07/01/43(h) | $ | 2,325 | $ | 2,648,826 | ||||
|
| |||||||
| 7,769,384 | ||||||||
| Louisiana — 2.5% | ||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project,Series A-1, 6.50%, 11/01/35 | 6,535 | 6,761,830 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: | ||||||||
5.50%, 05/15/30 | 1,980 | 2,005,680 | ||||||
5.25%, 05/15/31 | 1,690 | 1,765,273 | ||||||
5.25%, 05/15/32 | 2,160 | 2,327,292 | ||||||
5.25%, 05/15/33 | 2,345 | 2,525,401 | ||||||
5.25%, 05/15/35 | 985 | 1,090,277 | ||||||
|
| |||||||
| 16,475,753 | ||||||||
| Maryland — 1.1% | ||||||||
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25 | 1,440 | 1,470,154 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB, Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46 | 840 | 1,026,018 | ||||||
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 01/01/21(a) | 4,295 | 4,503,221 | ||||||
|
| |||||||
| 6,999,393 | ||||||||
| Michigan — 3.4% | ||||||||
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39 | 8,665 | 9,472,838 | ||||||
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.50%, 05/15/36 | 1,210 | 1,225,452 | ||||||
Lansing Board of Water & Light, RB, Board of Water & Light Utilities System, Series A, 5.50%, 07/01/21(a) | 2,870 | 3,055,689 | ||||||
Michigan Finance Authority, Refunding RB: | ||||||||
Detroit Water & Sewage Department Project, Senior Lien, SeriesC-1, 5.00%, 07/01/44 | 1,710 | 1,852,477 | ||||||
Series A, 4.00%, 12/01/49 | 1,640 | 1,870,600 | ||||||
| Security | Par (000) | Value | ||||||
| Michigan (continued) | ||||||||
Michigan State University, Refunding RB, Board of Trustees, Series B, 5.00%, 02/15/48 | $ | 2,000 | $ | 2,498,860 | ||||
Michigan Strategic Fund, RB,I-75 Improvement Projects, AMT, 5.00%, 06/30/48 | 2,120 | 2,550,869 | ||||||
|
| |||||||
| 22,526,785 | ||||||||
| Minnesota — 1.1% | ||||||||
Duluth Economic Development Authority, Refunding RB, Essentia Health Obligated Group, Series A: | ||||||||
4.25%, 02/15/48 | 2,030 | 2,290,144 | ||||||
5.25%, 02/15/53 | 4,060 | 4,901,963 | ||||||
|
| |||||||
| 7,192,107 | ||||||||
| Missouri — 0.5% | ||||||||
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44 | 495 | 538,619 | ||||||
State of Missouri Health & Educational Facilities Authority, RB, Senior Living Facilities, Lutheran Senior Services, 5.50%, 02/01/42 | 2,035 | 2,035,000 | ||||||
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 05/01/43 | 480 | 521,448 | ||||||
|
| |||||||
| 3,095,067 | ||||||||
| Nebraska — 0.7% | ||||||||
Central Plains Nebraska Energy Project, RB, Gas Project No. 3: | ||||||||
5.25%, 09/01/37 | 1,610 | 1,766,347 | ||||||
5.00%, 09/01/42 | 2,815 | 3,070,630 | ||||||
|
| |||||||
| 4,836,977 | ||||||||
| New Hampshire — 0.7% | ||||||||
New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project(b): | ||||||||
Series B, 4.63%, 11/01/42 | 3,055 | 3,176,161 | ||||||
Series C, AMT, 4.88%, 11/01/42 | 1,585 | 1,651,190 | ||||||
|
| |||||||
| 4,827,351 | ||||||||
| New Jersey — 16.0% | ||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB: | ||||||||
5.25%, 11/01/39 | 3,280 | 3,574,085 | ||||||
5.25%, 11/01/44 | 2,980 | 3,235,893 | ||||||
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(b) | 2,115 | 2,134,162 | ||||||
| 4 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| New Jersey (continued) | ||||||||
County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel,Sub-Series B, 6.25%, 01/01/37(d)(e) | $ | 3,680 | $ | 52,440 | ||||
New Jersey EDA, RB: | ||||||||
Continental Airlines, Inc. Project, AMT, 5.25%, 09/15/29 | 3,830 | 4,185,730 | ||||||
Continental Airlines, Inc. Project, Series B, AMT, 5.63%, 11/15/30 | 2,035 | 2,345,419 | ||||||
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 01/01/43 | 2,285 | 2,591,190 | ||||||
School Facilities Construction, 5.00%, 06/15/49 | 4,650 | 5,537,081 | ||||||
Series EEE, 5.00%, 06/15/48 | 7,320 | 8,596,388 | ||||||
Transit transportation Project, 4.00%, 11/01/38 | 1,030 | 1,153,785 | ||||||
Transit transportation Project, 4.00%, 11/01/39 | 825 | 921,789 | ||||||
New Jersey EDA, Refunding ARB, Port Network Container Terminal LLC Project, AMT, 5.00%, 10/01/47 | 2,905 | 3,360,388 | ||||||
New Jersey EDA, Refunding RB, Special Assessment, Kapkowski Road Landfill Project, 6.50%, 04/01/28 | 8,000 | 9,536,480 | ||||||
New Jersey State Turnpike Authority, RB: | ||||||||
Series A, 5.00%, 01/01/43 | 3,035 | 3,297,497 | ||||||
Series E, 5.00%, 01/01/45 | 5,095 | 5,952,794 | ||||||
New Jersey Transportation Trust Fund Authority, RB: | ||||||||
Series BB, 4.00%, 06/15/50 | 3,010 | 3,230,031 | ||||||
Series BB, 5.00%, 06/15/50 | 9,895 | 11,651,560 | ||||||
Transportation Program, Series AA, 5.00%, 06/15/44 | 2,445 | 2,664,414 | ||||||
Transportation Program, Series AA, 5.00%, 06/15/44 | 1,320 | 1,468,104 | ||||||
Transportation System, Series A, 5.50%, 06/15/21(a) | 8,000 | 8,498,960 | ||||||
Transportation System, Series B, 5.25%, 06/15/36 | 4,810 | 5,037,609 | ||||||
Tobacco Settlement Financing Corp., Refunding RB: | ||||||||
Series A, 5.25%, 06/01/46 | 1,070 | 1,272,519 | ||||||
Sub-Series B, 5.00%, 06/01/46 | 14,320 | 16,461,270 | ||||||
|
| |||||||
| 106,759,588 | ||||||||
| New York — 9.5% | ||||||||
City of New York Transitional Finance Authority Future Tax Secured Revenue, RB, Fiscal 2012, Sub-SeriesE-1, 5.00%, 02/01/42 | 4,805 | 5,166,528 | ||||||
| Security | Par (000) | Value | ||||||
| New York (continued) | ||||||||
Counties of New York Tobacco Trust II, RB, Settlement Pass-Through, 5.75%, 06/01/43 | $ | 840 | $ | 842,377 | ||||
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41(b) | 3,600 | 3,635,280 | ||||||
Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through,Series A-2B, 5.00%, 06/01/45 | 9,395 | 10,079,801 | ||||||
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44 | 1,655 | 1,811,037 | ||||||
Metropolitan Transportation Authority, RB, Series B: | ||||||||
5.25%, 11/15/38 | 4,640 | 5,368,944 | ||||||
5.25%, 11/15/39 | 1,650 | 1,906,146 | ||||||
New York City Water & Sewer System, RB, 2nd Generation Resolution, SeriesCC-1, 4.00%, 06/15/49 | 2,325 | 2,697,721 | ||||||
New York Liberty Development Corp., Refunding RB, 3 World Trade Center Project(b): | ||||||||
Class 1, 5.00%, 11/15/44 | 7,830 | 8,600,394 | ||||||
Class 2, 5.15%, 11/15/34 | 660 | 739,015 | ||||||
Class 2, 5.38%, 11/15/40 | 1,655 | 1,860,104 | ||||||
New York State Dormitory Authority, Refunding RB, Series D, 5.00%, 02/15/37 | 6,655 | 7,179,946 | ||||||
New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.00%, 07/01/46 | 1,165 | 1,315,984 | ||||||
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT, 5.00%, 08/01/31 | 2,585 | 2,705,125 | ||||||
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8: | ||||||||
6.00%, 12/01/36 | 2,525 | 2,634,484 | ||||||
6.00%, 12/01/42 | 1,960 | 2,027,463 | ||||||
| 5 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| New York (continued) | ||||||||
State of New York Environmental Facilities Corp., RB, Subordinated SRF Bonds, Series B, 5.00%, 06/15/48 | $ | 3,535 | $ | 4,405,282 | ||||
|
| |||||||
| 62,975,631 | ||||||||
| North Carolina — 0.4% | ||||||||
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21(a) | 1,130 | 1,212,998 | ||||||
University of North Carolina at Chapel Hill, RB, University of North Carolina Hospital at Chapal Hills, 5.00%, 02/01/49 | 1,080 | 1,649,279 | ||||||
|
| |||||||
| 2,862,277 | ||||||||
| North Dakota — 0.3% | ||||||||
County of Cass North Dakota, Refunding RB, Essentia Health Obligated Group, Series B, 5.25%, 02/15/58 | 1,885 | 2,257,910 | ||||||
|
| |||||||
| Ohio — 1.9% | ||||||||
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, SeriesA-2, 5.88%, 06/01/47 | 5,550 | 5,574,531 | ||||||
County of Franklin Ohio, RB: | ||||||||
Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 07/01/40 | 1,280 | 1,403,904 | ||||||
Series A, 4.00%, 12/01/49 | 1,015 | 1,154,400 | ||||||
Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46 | 800 | 960,056 | ||||||
Ohio Air Quality Development Authority, RB, AMG Vanadium Project, AMT, 5.00%, 07/01/49(b) | 1,480 | 1,679,045 | ||||||
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53 | 1,585 | 1,786,343 | ||||||
|
| |||||||
| 12,558,279 | ||||||||
|
| |||||||
| Oklahoma — 1.8% | ||||||||
City of Oklahoma Turnpike Authority, RB, Series A, | 4,065 | 4,517,475 | ||||||
Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.25%, 08/15/48 | 2,350 | 2,830,129 | ||||||
| Security | Par (000) | Value | ||||||
| Oklahoma (continued) | ||||||||
Oklahoma Turnpike Authority, RB, 2nd Series C, | $ | 3,845 | $ | 4,331,854 | ||||
|
| |||||||
| 11,679,458 | ||||||||
| Pennsylvania — 2.6% | ||||||||
Allentown Neighborhood Improvement Zone Development Authority, RB, Subordinate, City Center Project(b): | ||||||||
5.00%, 05/01/28 | 460 | 494,095 | ||||||
5.13%, 05/01/32 | 470 | 532,346 | ||||||
5.38%, 05/01/42 | 870 | 986,824 | ||||||
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/42 | 1,240 | 1,339,510 | ||||||
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A: | ||||||||
4.00%, 09/01/49 | 1,135 | 1,262,268 | ||||||
5.00%, 09/01/43 | 2,505 | 3,044,326 | ||||||
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42 | 1,660 | 1,904,003 | ||||||
Pennsylvania Higher Educational Facilities Authority, RB, University of Pennsylvania Health System Obligation, 4.00%, 08/15/49 | 4,665 | 5,350,708 | ||||||
Pennsylvania Turnpike Commission, RB, Series A, | 2,155 | 2,488,379 | ||||||
|
| |||||||
| 17,402,459 | ||||||||
| Puerto Rico — 5.6% | ||||||||
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: | ||||||||
5.50%, 05/15/39 | 1,365 | 1,388,069 | ||||||
5.63%, 05/15/43 | 1,360 | 1,382,970 | ||||||
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A: | ||||||||
5.00%, 07/01/33 | 4,920 | 5,233,798 | ||||||
5.13%, 07/01/37 | 1,410 | 1,503,441 | ||||||
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A: | ||||||||
6.00%, 07/01/38 | 1,455 | 1,484,886 | ||||||
6.00%, 07/01/44 | 2,630 | 2,684,047 | ||||||
| 6 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Puerto Rico (continued) | ||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured: | ||||||||
CAB, SeriesA-1, 0.00%, 07/01/46(c) | $ | 3,084 | $ | 900,775 | ||||
SeriesA-1, 4.75%, 07/01/53 | 3,143 | 3,477,572 | ||||||
SeriesA-1, 5.00%, 07/01/58 | 12,512 | 14,052,477 | ||||||
SeriesA-2, 4.33%, 07/01/40 | 1,659 | 1,801,176 | ||||||
SeriesA-2, 4.78%, 07/01/58 | 3,216 | 3,556,381 | ||||||
|
| |||||||
| 37,465,592 | ||||||||
| Rhode Island — 2.3% | ||||||||
Tobacco Settlement Financing Corp., Refunding RB: | ||||||||
Series A, 5.00%, 06/01/35 | 3,060 | 3,486,931 | ||||||
Series B, 4.50%, 06/01/45 | 5,175 | 5,437,217 | ||||||
Series B, 5.00%, 06/01/50 | 5,765 | 6,215,823 | ||||||
|
| |||||||
| 15,139,971 | ||||||||
| South Carolina — 5.5% | ||||||||
South Carolina Jobs EDA, Refunding RB: | ||||||||
Anmed Health Project, 5.00%, 02/01/36 | 5,115 | 5,976,213 | ||||||
Prisma Health Obligated Group, Series A, | 6,075 | 7,206,469 | ||||||
South Carolina Jobs-Economic Development Authority, RB, Bishop Gadsden Episcopal Retirement Community: | ||||||||
5.00%, 04/01/44 | 160 | 184,992 | ||||||
4.00%, 04/01/49 | 150 | 160,894 | ||||||
5.00%, 04/01/49 | 480 | 548,741 | ||||||
4.00%, 04/01/54 | 370 | 393,950 | ||||||
5.00%, 04/01/54 | 955 | 1,088,461 | ||||||
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54 | 12,065 | 13,691,362 | ||||||
State of South Carolina Public Service Authority, Refunding RB: | ||||||||
Series A, 5.00%, 12/01/50 | 2,805 | 3,196,690 | ||||||
Series E, 5.25%, 12/01/55 | 3,335 | 3,864,498 | ||||||
|
| |||||||
| 36,312,270 | ||||||||
| Tennessee — 0.6% | ||||||||
City of Chattanooga Health Educational & Housing Facility Board, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/44 | 315 | 350,957 | ||||||
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40 | 1,350 | 1,605,042 | ||||||
| Security | Par (000) | Value | ||||||
| Tennessee (continued) | ||||||||
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, Refunding RB, Lipscomb University Project, Series A, 5.25%, 10/01/58 | $ | 1,925 | $ | 2,333,428 | ||||
|
| |||||||
| 4,289,427 | ||||||||
| Texas — 10.2% | ||||||||
Central Texas Regional Mobility Authority, Refunding RB: | ||||||||
Senior Lien, 6.25%, 01/01/21(a) | 4,210 | 4,412,669 | ||||||
Sub-Lien, 5.00%, 01/01/33 | 700 | 772,702 | ||||||
City of Austin Texas Airport System, ARB, AMT, | 385 | 442,919 | ||||||
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48 | 2,295 | 2,865,399 | ||||||
County of Fort Bend Texas Industrial Development Corp., RB, NRG Energy Inc. Project, Series B, 4.75%, 11/01/42 | 470 | 501,927 | ||||||
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B(a): | ||||||||
7.00%, 01/01/23 | 380 | 446,618 | ||||||
7.00%, 01/01/23 | 500 | 587,635 | ||||||
County of Harris Texas-Houston Sports Authority, Refunding RB(c): | ||||||||
3rd Lien, Series A (NPFGC), 0.00%, 11/15/24(a) | 6,000 | 2,627,580 | ||||||
3rd Lien, Series A (NPFGC), 0.00%, 11/15/37 | 20,120 | 8,217,008 | ||||||
CAB, Junior Lien, Series H (NPFGC), 0.00%, 11/15/35 | 5,000 | 2,862,100 | ||||||
CAB, Senior Lien, Series A (NPFGC) (AGM), | 12,580 | 6,260,437 | ||||||
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A(c): | ||||||||
0.00%, 09/15/40 | 9,780 | 4,359,044 | ||||||
0.00%, 09/15/41 | 5,420 | 2,289,950 | ||||||
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/48 | 9,025 | 10,922,416 | ||||||
New Hope Cultural Education Facilities Corp., RB, Collegiate Housing Tarleton State University Project, 5.00%, 04/01/35 | 355 | 392,907 | ||||||
| 7 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Texas (continued) | ||||||||
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Jubilee Academic Center, Series A, 5.00%, 08/15/46(b) | $ | 1,980 | $ | 2,020,610 | ||||
San Antonio Water System, Refunding RB, Junior Lien, Series A, 5.00%, 05/15/48(a) | 5,035 | 6,190,130 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements, 5.00%, 12/15/32 | 2,835 | 3,100,668 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, 7.00%, 06/30/40 | 6,000 | 6,150,540 | ||||||
Texas Transportation Commission, RB, First Tier Toll Revenue, 5.00%, 08/01/57 | 2,310 | 2,711,155 | ||||||
|
| |||||||
| 68,134,414 | ||||||||
| Utah — 0.6% | ||||||||
City of Salt Lake Corp. Airport Revenue, ARB, Series A, AMT: | ||||||||
5.00%, 07/01/48 | 1,735 | 2,093,798 | ||||||
5.00%, 07/01/47 | 1,830 | 2,181,708 | ||||||
|
| |||||||
| 4,275,506 | ||||||||
| Virginia — 1.4% | ||||||||
County of Front Royal & Warren IDA, RB, Valley Health System Obligated Group, 4.00%, 01/01/50 | 1,465 | 1,591,166 | ||||||
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT: | ||||||||
5.25%, 01/01/32 | 3,155 | 3,437,341 | ||||||
6.00%, 01/01/37 | 3,790 | 4,189,731 | ||||||
|
| |||||||
| 9,218,238 | ||||||||
| Washington — 1.6% | ||||||||
Port of Seattle Washington, ARB, Series A, AMT, | 2,980 | 3,556,123 | ||||||
Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40 | 1,475 | 1,688,108 | ||||||
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 01/01/45 | 4,420 | 4,980,810 | ||||||
| Security | Par (000) | Value | ||||||
| Washington (continued) | ||||||||
Washington Health Care Facilities Authority, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/44 | $ | 685 | $ | 763,193 | ||||
|
| |||||||
| 10,988,234 | ||||||||
|
| |||||||
Total Municipal Bonds — 125.4% |
| 835,142,323 | ||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(i) — 33.5% |
| |||||||
| California — 1.1% | ||||||||
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, | 6,196 | 6,996,680 | ||||||
|
| |||||||
| Colorado — 0.8% | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Subordinate System, Series A, AMT, 5.25%, 12/01/48(a)(b)(j) | 4,475 | 5,529,695 | ||||||
|
| |||||||
| Florida — 1.0% | ||||||||
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/20(a) | 6,629 | 6,807,081 | ||||||
|
| |||||||
| Georgia — 1.7% | ||||||||
County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation, 4.00%, 08/15/48 | 7,220 | 7,940,556 | ||||||
Georgia Housing & Finance Authority, RB, S/F Housing, Series 2020, 8.15%, 12/01/26(b)(g) | 2,898 | 3,092,680 | ||||||
|
| |||||||
| 11,033,236 | ||||||||
| Illinois — 0.5% | ||||||||
Illinois Finance Authority, Refunding RB, Presence Health Network, Series C: | ||||||||
4.00%, 02/15/27(a) | 5 | 5,997 | ||||||
4.00%, 02/15/41 | 2,800 | 3,100,329 | ||||||
|
| |||||||
| 3,106,326 | ||||||||
| Massachusetts — 3.0% | ||||||||
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Rail Enhancement Program, Series A, 4.00%, 06/01/45 | 4,153 | 4,613,319 | ||||||
Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare System, 5.00%, 07/01/47 | 9,088 | 10,761,384 | ||||||
| 8 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Massachusetts (continued) | ||||||||
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/21(a) | $ | 4,427 | $ | 4,737,650 | ||||
|
| |||||||
| 20,112,353 | ||||||||
| New York — 14.8% | ||||||||
City of New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series HH, 5.00%, 06/15/31(j) | 16,395 | 17,308,365 | ||||||
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012: | ||||||||
5.75%, 02/15/21(a)(j) | 1,938 | 2,031,129 | ||||||
5.75%, 02/15/47 | 1,192 | 1,249,489 | ||||||
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 | 20,864 | 22,539,409 | ||||||
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51(j) | 12,611 | 13,637,072 | ||||||
New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47(b) | 12,060 | 13,987,791 | ||||||
New York State Thruway Authority, Refunding RB, Subordinate, Series B, 4.00%, 01/01/50 | 5,805 | 6,636,962 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, Series194th, 5.25%, 10/15/55 | 5,070 | 6,118,121 | ||||||
State of New York Urban Development Corp., RB, State Personal Income Tax, General Purpose, Series A, 4.00%, 03/15/46 | 13,155 | 15,084,838 | ||||||
|
| |||||||
| 98,593,176 | ||||||||
| North Carolina — 0.9% | ||||||||
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55 | 4,960 | 5,906,715 | ||||||
|
| |||||||
| Pennsylvania — 0.9% | ||||||||
Pennsylvania Turnpike Commission, RB,Sub-Series A, 5.50%, 12/01/42 | 4,652 | 5,706,954 | ||||||
|
| |||||||
| Rhode Island — 0.5% | ||||||||
Narragansett Bay Commission, Refunding RB, Wastewater System, Series A, | 3,137 | 3,312,954 | ||||||
|
| |||||||
| Texas — 6.8% | ||||||||
City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43(b) | 4,900 | 5,446,034 | ||||||
| Security | Par (000) | Value | ||||||
| Texas (continued) | ||||||||
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41 | $ | 6,650 | $ | 7,082,715 | ||||
Lower Colorado River Authority, Refunding RB, LCRA Transmission Services Corporation Project, 4.00%, 05/15/43(b) | 4,140 | 4,335,905 | ||||||
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing And Expansion Project, 4.00%, 09/15/42 | 5,505 | 5,773,809 | ||||||
Texas Water Development Board, RB, State Water Implementation Fund, Series A, 4.00%, 10/15/49 | 13,920 | 16,108,642 | ||||||
University of Texas, Refunding RB, Financing System, Series B, 5.00%, 08/15/43 | 6,003 | 6,556,506 | ||||||
|
| |||||||
| 45,303,611 | ||||||||
| Washington — 0.6% | ||||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Subordinate, Dulles Metrorail And Capital Improvement Projects, Series B (AGM), 4.00%, 10/01/53(b) | 3,641 | 4,119,918 | ||||||
|
| |||||||
| Wisconsin — 0.9% | ||||||||
State of Wisconsin Health & Educational Facilities Authority, Refunding RB, The Medical College of Wisconsin, Inc., 4.00%, 12/01/46 | 5,575 | 6,103,341 | ||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option |
| 222,632,040 | ||||||
|
| |||||||
Total Long-Term Investments — 158.9% |
| 1,057,774,363 | ||||||
|
| |||||||
| Shares | ||||||||
| Short-Term Securities — 1.5% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.81%(k)(l) | 10,153,645 | 10,155,676 | ||||||
|
| |||||||
Total Short-Term Securities — 1.5% |
| 10,155,676 | ||||||
|
| |||||||
| 9 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
| Values | ||||
Total Investments — 160.4% | $ | 1,067,930,039 | ||
Other Assets Less Liabilities — 0.2% | 1,527,988 | |||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (19.9)% | (132,760,965 | ) | ||
| Values | ||||
VMTP Shares, at Liquidation Value, Net of Deferred Offering Costs — (40.7)% | $ | (270,799,443 | ) | |
|
| |||
Net Assets Applicable to Common Shares — 100.0% | $ | 665,897,619 | ||
|
| |||
| (a) | 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. |
| (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) | Zero-coupon bond. |
| (d) | Issuer filed for bankruptcy and/or is in default. |
| (e) | Non-income producing security. |
| (f) | When-issued security. |
| (g) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
| (h) | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end. |
| (i) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing. |
| (j) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between August 15, 2020 to June 1, 2026, is $27,564,184. |
| (k) | Annualized7-day yield as of period end. |
| (l) | During the period ended January 31, 2020, investments in issuers considered to be an affiliate/affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
| Affiliate | Shares Held at 04/30/19 | Net Activity | Shares Held at 01/31/20 | Value at 01/31/20 | Income | Net Realized Gain (Loss) (a) | Change in Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | 18,183,806 | (8,030,161 | ) | 10,153,645 | $ | 10,155,676 | $ | 68,326 | $ | (39 | ) | $ | 1,811 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
| (a) | Includes net capital gain distributions, if applicable. |
Portfolio Abbreviations
AGM — Assured Guaranty Municipal Corp.
AMT — Alternative Minimum Tax (subject to)
ARB — Airport Revenue Bonds
CAB — Capital Appreciation Bonds
COP — Certificates of Participation
EDA — Economic Development Authority
EDC — Economic Development Corp.
GARB — General Airport Revenue Bonds
GO — General Obligation Bonds
GTD — Guaranteed
IDA — Industrial Development Authority
LRB — Lease Revenue Bonds
NPFGC — National Public Finance Guarantee Corp.
RB — Revenue Bonds
S/F — Single-Family
SRF — State Revolving Fund
| 10 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock Municipal Income Trust (BFK) |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Short Contracts | ||||||||||||||||
10-Year U.S. Treasury Note | 47 | 03/20/20 | $ | 6,188 | $ | (95,656 | ) | |||||||||
Long U.S. Treasury Bond | 232 | 03/20/20 | 37,939 | (904,152 | ) | |||||||||||
5-Year U.S. Treasury Note | 40 | 03/31/20 | 4,813 | (47,378 | ) | |||||||||||
|
| |||||||||||||||
| $ | (1,047,186 | ) | ||||||||||||||
|
| |||||||||||||||
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| • | Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access |
| • | Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| • | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments and derivative financial instruments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee’s 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 investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its semi-annual report.
| 11 |
Schedule of Investments (unaudited) (continued) January 31, 2020 | BlackRock Municipal Income Trust (BFK) |
Fair Value Hierarchy as of Period End (continued)
The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Long-Term Investments(a) | $ | — | $ | 1,057,774,363 | $ | — | $ | 1,057,774,363 | ||||||||
Short-Term Securities | 10,155,676 | — | — | 10,155,676 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| $ | 10,155,676 | $ | 1,057,774,363 | $ | — | $ | 1,067,930,039 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(b) | ||||||||||||||||
Liabilities: | ||||||||||||||||
Interest Rate Contracts | $ | (1,047,186 | ) | $ | — | $ | — | $ | (1,047,186 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | See above Schedule of Investments for values in each state or political subdivision. |
| (b) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities: |
| |||||||||||||||
TOB Trust Certificates | $ | — | $ | (132,433,292 | ) | $ | — | $ | (132,433,292 | ) | ||||||
VMTP Shares at Liquidation Value | — | (270,800,000 | ) | — | (270,800,000 | ) | ||||||||||
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| $ | — | $ | (403,233,292 | ) | $ | — | $ | (403,233,292 | ) | |||||||
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| 12 |