BlackRock Municipal Income Trust (BFK) NPORT-P BlackRock Municipal Income Trust (Jul 2020 report)

Schedule of Investments  (unaudited) July 31, 2020 BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds
Alabama — 2.5%
County of Jefferson Alabama Sewer Revenue Refunding RB
Series D, Lien, 7.00%, 10/01/51	$	1,765	$	2,104,815
Series A, Senior Lien, (AGM), 5.00%, 10/01/44		1,555		1,743,279
Series A, Senior Lien, (AGM), 5.25%, 10/01/48		2,275		2,562,333
Series D, Sub-Lien, 6.00%, 10/01/42		5,740		6,669,937
Lower Alabama Gas District RB, Series A, 5.00%, 09/01/46		2,110		3,090,623
				16,170,987
Arizona — 4.2%
Industrial Development Authority of the City of Phoenix RB, Series A, 5.00%, 07/01/46(a)		3,400		3,566,634
Salt Verde Financial Corp. RB 5.00%, 12/01/32		10,030		13,479,117
5.00%, 12/01/37		7,460		10,380,366
				27,426,117
Arkansas — 0.8%
Arkansas Development Finance Authority RB, AMT, 4.50%, 09/01/49(a)		4,985		5,044,172
California — 6.9%
California Educational Facilities Authority RB, Series V-1, 5.00%, 05/01/49		4,230		7,303,137
California Health Facilities Financing Authority RB, Series B, 6.00%, 08/15/20(b)		3,115		3,120,576
California Health Facilities Financing Authority Refunding RB, Series A, 5.00%, 07/01/33		2,465		2,770,512
California Municipal Finance Authority RB, S/F Housing
Series A, Senior, 5.25%, 08/15/39		290		322,181
Series A, Senior, 5.25%, 08/15/49		715		774,996
California Pollution Control Financing Authority RB, AMT, 5.00%, 11/21/45(a)		2,970		3,066,911
California State Public Works Board RB, Series I, 5.00%, 11/01/38		1,495		1,693,386
City of Los Angeles Department of Airports Refunding RB, Series A, 5.00%, 05/15/40		4,575		4,588,771
Golden State Tobacco Securitization Corp. Refunding RB Series A-1, 5.25%, 06/01/47		1,070		1,098,066
Series A-2, 5.00%, 06/01/47		4,335		4,431,194
Riverside County Transportation Commission RB, CAB(c)
Series B, Senior Lien, 0.00%, 06/01/41		5,000		2,511,550
Series B, Senior Lien, 0.00%, 06/01/42		6,000		2,886,900
Series B, Senior Lien, 0.00%, 06/01/43		5,000		2,299,200
San Marcos Unified School District GO, CAB(c)
Series B, 0.00%, 08/01/34		3,500		2,773,435
Series B, 0.00%, 08/01/36		4,000		2,976,560
State of California GO, 6.00%, 03/01/33		1,670		1,676,697
Stockton Public Financing Authority RB, Series A, 6.25%, 10/01/23(b)		690		822,542
				45,116,614
Colorado — 1.8%
Arapahoe County School District No. 6 Littleton GO, Series A, 5.50%, 12/01/43		3,485		4,608,599

Security	Par (000)		Value
Colorado (continued)
Colorado Health Facilities Authority Refunding RB, Series A, 4.00%, 08/01/44	$	3,565	$	3,922,890
State of Colorado COP, Series O, 4.00%, 03/15/44		2,580		2,954,049
				11,485,538
Connecticut — 1.4%
State of Connecticut GO, Series A, 4.00%, 01/15/38		6,300		7,476,273
State of Connecticut Special Tax Revenue RB
Series A, 4.00%, 05/01/36		670		799,538
Series A, 4.00%, 05/01/39		420		494,537
				8,770,348
Delaware — 2.3%
County of Sussex Delaware RB, 6.00%, 10/01/40		2,225		2,258,375
Delaware State Economic Development Authority RB, 5.38%, 10/01/45		10,080		10,133,021
Delaware Transportation Authority RB, 5.00%, 06/01/55		2,280		2,596,350
				14,987,746
District of Columbia — 5.8%
District of Columbia Refunding RB 5.00%, 04/01/35		865		1,015,501
5.00%, 10/01/48		4,590		5,413,263
Series A, 6.00%, 07/01/23(b)		1,480		1,731,792
District of Columbia Tobacco Settlement Financing Corp. Refunding RB, 6.75%, 05/15/40		23,035		23,628,842
Metropolitan Washington Airports Authority Dulles Toll Road Revenue Refunding RB
Series A, 5.00%, 10/01/53		3,990		4,156,822
Series B, 4.00%, 10/01/49		1,550		1,717,354
				37,663,574
Florida — 2.7%
Collier County Health Facilities Authority Refunding RB, Series A, 5.00%, 05/01/45		2,620		2,934,924
County of Miami-Dade Florida Aviation Revenue Refunding ARB, Series A, 5.38%, 10/01/20(b)		2,280		2,299,106
Mid-Bay Bridge Authority RB, Series A, 7.25%, 10/01/21(b)		5,885		6,367,394
Stevens Plantation Community Development District SAB, Series A, 7.10%, 05/01/35(d)(e)(f)		3,395		1,629,600
Volusia County Educational Facility Authority Refunding RB, 5.00%, 10/15/49		3,535		4,271,623
				17,502,647
Georgia — 2.2%
Gainesville & Hall County Hospital Authority Refunding RB, Series A, (GTD), 5.50%, 08/15/54		1,010		1,187,679
Main Street Natural Gas, Inc. RB
Series A, 5.00%, 05/15/35		990		1,327,323
Series A, 5.00%, 05/15/36		990		1,337,817
Series A, 5.00%, 05/15/37		1,085		1,479,343
Series A, 5.00%, 05/15/38		600		827,274
Series A, 5.00%, 05/15/49		1,990		2,953,757
Municipal Electric Authority of Georgia RB, 4.00%, 01/01/49		3,145		3,509,600
Municipal Electric Authority of Georgia Refunding RB,
Series A, 4.00%, 01/01/49		1,230		1,339,421
				13,962,214
Hawaii — 0.4%
State of Hawaii Harbor System Revenue RB, Series A, 5.25%, 07/01/30		2,660		2,668,778

1

Schedule of Investments  (unaudited) (continued) July 31, 2020 BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Idaho — 0.3%
Idaho Health Facilities Authority RB, 5.00%, 12/01/46	$	1,485	$	1,769,511
Illinois — 12.2%
Chicago Board of Education GO
Series C, 5.25%, 12/01/35		2,905		3,089,206
Series D, 5.00%, 12/01/46		3,805		3,973,294
Series H, 5.00%, 12/01/36		920		996,250
Chicago Board of Education Refunding GO
Series C, 5.00%, 12/01/25		1,280		1,414,515
Series D, 5.00%, 12/01/25		1,650		1,823,399
Series F, 5.00%, 12/01/22		1,250		1,314,763
Series G, 5.00%, 12/01/34		915		996,453
Chicago O’Hare International Airport ARB, Series C, 3rd Lien, 6.50%, 01/01/21(b)		11,385		11,683,742
Chicago Transit Authority RB, 5.25%, 12/01/40		2,055		2,153,352
City of Chicago Illinois Waterworks Revenue Refunding RB, 2nd Lien, 5.00%, 11/01/42		2,000		2,168,720
Cook County Community College District No 508 GO, 5.50%, 12/01/38		1,525		1,675,579
Illinois Finance Authority RB
Series A, 5.00%, 02/15/47		405		407,908
Series A, 5.00%, 02/15/50		205		206,349
Illinois State Toll Highway Authority RB, Series C, 5.00%, 01/01/37		5,455		6,329,818
Metropolitan Pier & Exposition Authority RB, Series A, 5.00%, 06/15/57		1,760		1,884,590
Metropolitan Pier & Exposition Authority Refunding RB 4.00%, 06/15/50		2,710		2,708,862
Series B, (AGM), 0.00%, 06/15/43(c)		10,455		4,898,481
Railsplitter Tobacco Settlement Authority RB, 6.00%, 06/01/28(b)		2,245		2,353,209
State of Illinois GO 5.00%, 02/01/39		2,990		3,172,330
Series A, 5.00%, 04/01/38		9,030		9,503,714
State of Illinois Refunding GO
Series A, 5.00%, 10/01/30		10,400		12,054,952
Series B, 5.00%, 10/01/28		1,965		2,296,044
University of Illinois RB, Series A, 5.00%, 04/01/44		1,910		2,106,673
				79,212,203
Indiana — 3.1%
City of Valparaiso Indiana RB
AMT, 6.75%, 01/01/34		1,525		1,666,840
AMT, 7.00%, 01/01/44		3,680		4,092,749
Indiana Finance Authority RB
Series A, 1st Lien, 5.25%, 10/01/38		6,305		6,632,923
Series A, AMT, 5.00%, 07/01/44		880		937,869
Series A, AMT, 5.00%, 07/01/48		2,905		3,095,713
Series A, AMT, 5.25%, 01/01/51		790		845,466
Indianapolis Local Public Improvement Bond Bank RB,
Series A, 5.00%, 01/15/40		2,490		2,743,084
				20,014,644
Iowa — 1.4%
Iowa Finance Authority Refunding RB 5.25%, 12/01/25		2,125		2,234,267
5.88%, 12/01/26(a)		805		834,391
Series B, 5.25%, 12/01/50(g)		5,515		5,834,098
				8,902,756

Security	Par (000)		Value
Kentucky — 1.1%
Kentucky Economic Development Finance Authority RB, Series A, 5.25%, 01/01/23(b)	$	1,915	$	2,148,860
Kentucky Economic Development Finance Authority Refunding RB, Series A, (AGM), 5.00%, 12/01/45		2,515		2,998,358
Kentucky Public Transportation Infrastructure Authority RB, CAB, Series C, 6.75%, 07/01/43(h)		2,325		2,279,360
				7,426,578
Louisiana — 2.4%
Louisiana Local Government Environmental Facilities & Community Development Authority RB, Series A-1, 6.50%, 11/01/35		6,535		6,609,957
Tobacco Settlement Financing Corp. Refunding RB
Series A, 5.50%, 05/15/30		1,570		1,572,638
Series A, 5.25%, 05/15/31		1,690		1,732,723
Series A, 5.25%, 05/15/32		2,160		2,278,346
Series A, 5.25%, 05/15/33		2,345		2,471,231
Series A, 5.25%, 05/15/35		985		1,059,417
				15,724,312
Maryland — 1.0%
Maryland Economic Development Corp. Refunding RB, 5.75%, 09/01/25		1,210		1,212,166
Maryland Health & Higher Educational Facilities Authority RB, 5.00%, 12/01/46		840		1,000,935
Maryland Health & Higher Educational Facilities Authority Refunding RB, 6.25%, 01/01/21(b)		4,295		4,402,633
				6,615,734
Michigan — 2.8%
City of Detroit Michigan Sewage Disposal System Revenue Refunding RB, Series A, Senior Lien, 5.25%, 07/01/22(b)		8,665		9,512,177
Michigan Finance Authority RB, Series C-1, Senior Lien, 5.00%, 07/01/22(b)		1,710		1,868,295
Michigan Finance Authority Refunding RB, Series A, 4.00%, 12/01/49		1,640		1,880,079
Michigan State University Refunding RB, Series B, 5.00%, 02/15/48		2,000		2,510,880
Michigan Strategic Fund RB, AMT, 5.00%, 06/30/48		2,120		2,370,796
				18,142,227
Minnesota — 1.1%
Duluth Economic Development Authority Refunding RB
Series A, 4.25%, 02/15/48		2,030		2,270,352
Series A, 5.25%, 02/15/53		4,060		4,856,125
				7,126,477
Missouri — 0.1%
Health & Educational Facilities Authority of the State of Missouri Refunding RB, 5.50%, 05/01/43		480		512,870
Nebraska — 0.7%
Central Plains Energy Project RB 5.25%, 09/01/37		1,610		1,752,759
5.00%, 09/01/42		2,815		3,052,670
				4,805,429

2

Schedule of Investments  (unaudited)(continued) July 31, 2020 BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New Hampshire(a) — 0.7%
New Hampshire Business Finance Authority Refunding RB
Series B, 4.63%, 11/01/42	$	3,055	$	3,087,138
Series C, AMT, 4.88%, 11/01/42		1,585		1,601,833
				4,688,971
New Jersey — 15.3%
Casino Reinvestment Development Authority, Inc. Refunding RB 5.25%, 11/01/39		3,280		3,394,636
5.25%, 11/01/44		2,980		3,064,215
Essex County Improvement Authority RB, AMT, 5.25%, 07/01/45(a)		2,115		2,116,882
Middlesex County Improvement Authority RB, Series B, 6.25%, 01/01/37(d)(f)		3,680		73,600
New Jersey Economic Development Authority RB 4.00%, 11/01/38		1,030		1,114,779
4.00%, 11/01/39		825		889,391
5.00%, 06/15/49		4,650		5,381,910
Series EEE, 5.00%, 06/15/48		7,320		8,363,979
AMT, 5.38%, 01/01/43		2,285		2,517,659
Series B, AMT, 5.63%, 11/15/30		2,035		2,118,679
New Jersey Economic Development Authority Refunding ARB, AMT, 5.00%, 10/01/47		2,905		3,184,142
New Jersey Economic Development Authority Refunding SAB, 6.50%, 04/01/28		8,000		8,859,520
New Jersey Transportation Trust Fund Authority RB Series A, 5.50%, 06/15/41(b)		8,000		8,369,360
Series AA, 5.00%, 06/15/44		3,765		4,023,953
Series B, 5.25%, 06/15/36		4,810		4,948,817
Series BB, 4.00%, 06/15/50		3,010		3,181,389
Series BB, 5.00%, 06/15/50		9,895		11,309,787
New Jersey Turnpike Authority RB Series A, 5.00%, 01/01/43		3,035		3,243,565
Series E, 5.00%, 01/01/45		5,095		5,769,374
Tobacco Settlement Financing Corp. Refunding RB Series A, 5.25%, 06/01/46		1,070		1,263,980
Sub-Series B, 5.00%, 06/01/46		14,320		16,110,143
				99,299,760
NewYork — 14.6%
Metropolitan Transportation Authority RB Series B, 5.25%, 11/15/38		4,640		4,960,299
Series B, 5.25%, 11/15/39		1,650		1,760,996
Metropolitan Transportation Authority Refunding RB Series C-1, 4.75%, 11/15/45		3,210		3,587,271
Series C-1, 5.00%, 11/15/50		1,040		1,192,651
Series C-1, 5.25%, 11/15/55		1,545		1,767,573
Monroe County Industrial Development Corp. Refunding RB, Series A, 4.00%, 07/01/50(i)		2,155		2,527,233
New York City Housing Development Corp. RB, M/F Housing, Series A, 3.00%, 11/01/55		2,135		2,223,282
New York City Transitional Finance Authority Future Tax Secured Revenue RB 4.00%, 05/01/40		875		1,059,870
Series C, 4.00%, 05/01/45		2,190		2,610,633
Sub-Series E-1, 5.00%, 02/01/42		4,805		5,099,354
New York Counties Tobacco Trust II RB, 5.75%, 06/01/43		840		842,159

Security	Par (000)		Value
NewYork (continued)
New York Counties Tobacco Trust IV Refunding RB, Series A, 6.25%, 06/01/41(a)	$	3,500	$	3,501,750
New York Counties Tobacco Trust VI Refunding RB, Series A-2, 5.00%, 06/01/45		9,395		9,586,376
New York Liberty Development Corp. Refunding RB(a) Class 1, 5.00%, 11/15/44		7,830		8,322,272
Class 2, 5.15%, 11/15/34		660		699,739
Class 2, 5.38%, 11/15/40		1,655		1,767,209
New York State Dormitory Authority Refunding RB, Series D, 5.00%, 02/15/37		6,655		7,092,234
New York State Environmental Facilities Corp. RB, Series B, 5.00%, 06/15/48		3,535		4,455,903
New York State Urban Development Corp. RB Series A, 4.00%, 03/15/49		15,980		18,757,804
Series A, 3.00%, 03/15/50		2,595		2,755,657
New York Transportation Development Corp. ARB, Series A, AMT, 5.25%, 01/01/50		1,165		1,273,764
Port Authority of New York & New Jersey RB Series 8, 6.00%, 12/01/36		2,525		2,562,572
Series 8, 6.00%, 12/01/42		1,960		1,987,734
Triborough Bridge & Tunnel Authority RB Series A, 4.00%, 11/15/54		530		620,142
Series A, 5.00%, 11/15/54		1,705		2,182,417
Westchester County Healthcare Corp. RB, Series A, Senior Lien, 5.00%, 11/01/44		1,655		1,812,642
				95,009,536
North Carolina — 0.4%
North Carolina Medical Care Commission Refunding RB, Series A, 7.75%, 03/01/21(b)		1,130		1,179,788
University of North Carolina at Chapel Hill RB, 5.00%, 02/01/49		1,080		1,724,792
				2,904,580
North Dakota — 0.3%
County of Cass North Dakota Refunding RB, Series B, 5.25%, 02/15/58		1,885		2,249,031
Ohio — 3.3%
Buckeye Tobacco Settlement Financing Authority Refunding RB
Series A-2, Class 1, 4.00%, 06/01/37		580		682,034
Series A-2, Class 1, 4.00%, 06/01/38		580		678,084
Series A-2, Class 1, 4.00%, 06/01/39		580		676,431
Series A-2, Class 1, 4.00%, 06/01/48		1,525		1,704,523
Series B-2, Class 2, 5.00%, 06/01/55		6,705		7,391,123
County of Franklin Ohio RB 5.00%, 12/01/46		800		948,440
Series A, 6.13%, 07/01/22(b)		75		83,551
Series A, 6.13%, 07/01/40		1,205		1,267,696
Series A, 4.00%, 12/01/49		1,015		1,162,824
County of Hamilton Ohio Refunding RB 4.00%, 08/15/50		1,200		1,375,968
Series A, 3.75%, 08/15/50		2,110		2,343,408
Ohio Air Quality Development Authority RB, AMT, 5.00%, 07/01/49(a)		1,480		1,506,625
State of Ohio RB, AMT, 5.00%, 06/30/53		1,585		1,758,335
				21,579,042

3

Schedule of Investments  (unaudited) (continued) July 31, 2020 BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oklahoma — 1.8%
Oklahoma Development Finance Authority RB, Series B, 5.25%, 08/15/48	$	2,350	$	2,751,779
Oklahoma Turnpike Authority RB
Series A, 4.00%, 01/01/48		4,065		4,568,857
Series C, 4.00%, 01/01/42		3,845		4,370,958
				11,691,594
Oregon — 0.6%
Medford Hospital Facilities Authority Refunding RB, Series A, 4.00%, 08/15/50		3,390		3,886,127
Pennsylvania — 2.6%
Allentown Neighborhood Improvement Zone Development Authority RB(a)
5.00%, 05/01/28		420		447,182
5.13%, 05/01/32		470		501,871
5.38%, 05/01/42		870		901,833
Hospitals & Higher Education Facilities Authority of Philadelphia RB, Series A, 5.63%, 07/01/42		1,240		1,298,702
Montgomery County Higher Education and Health Authority Refunding RB
Series A, 5.00%, 09/01/43		2,505		2,994,853
Series A, 4.00%, 09/01/49		1,135		1,245,855
Pennsylvania Economic Development Financing Authority RB, AMT, 5.00%, 06/30/42		1,660		1,814,081
Pennsylvania Higher Educational Facilities Authority RB, 4.00%, 08/15/49		4,665		5,324,025
Pennsylvania Turnpike Commission RB, Series A, 5.00%, 12/01/44		2,155		2,497,667
				17,026,069
Puerto Rico — 6.2%
Children’s Trust Fund Refunding RB 5.50%, 05/15/39		1,365		1,365,410
5.63%, 05/15/43		1,360		1,360,272
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB
Series A, Senior Lien, 5.00%, 07/01/33		4,920		5,050,724
Series A, Senior Lien, 5.13%, 07/01/37		1,410		1,450,537
Puerto Rico Commonwealth Aqueduct & Sewer Authority Refunding RB
Series A, Senior Lien, 6.00%, 07/01/38		1,455		1,467,906
Series A, Senior Lien, 6.00%, 07/01/44		2,630		2,653,039
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue RB, CAB, Restructured, Series A-1, 0.00%, 07/01/46(c)		10,294		3,000,392
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue RB, Restructured
Series A-1, 4.75%, 07/01/53		4,044		4,293,919
Series A-1, 5.00%, 07/01/58		12,940		13,936,639
Series A-2, 4.33%, 07/01/40		1,950		2,028,214
Series A-2, 4.78%, 07/01/58		3,325		3,540,959
				40,148,011
Rhode Island — 2.3%
Tobacco Settlement Financing Corp. Refunding RB
Series A, 5.00%, 06/01/35		3,060		3,457,433

Security	Par (000)		Value
Rhode Island (continued)
Tobacco Settlement Financing Corp. Refunding RB (continued)
Series B, 4.50%, 06/01/45	$	5,175	$	5,469,457
Series B, 5.00%, 06/01/50		5,765		6,231,504
				15,158,394
South Carolina — 5.5%
South Carolina Jobs-Economic Development Authority RB 5.00%, 04/01/44		160		172,786
4.00%, 04/01/49		150		146,412
5.00%, 04/01/49		480		515,438
4.00%, 04/01/54		370		357,812
5.00%, 04/01/54		875		937,125
South Carolina Jobs-Economic Development Authority Refunding RB 5.00%, 02/01/36		5,115		6,070,380
Series A, 5.00%, 05/01/48		6,075		6,928,720
South Carolina Public Service Authority RB, Series A, 5.50%, 12/01/54		12,065		13,668,076
South Carolina Public Service Authority Refunding RB Series A, 5.00%, 12/01/50		2,805		3,200,309
Series E, 5.25%, 12/01/55		3,335		3,908,687
				35,905,745
Tennessee — 0.6%
Chattanooga Health Educational & Housing Facility Board Refunding RB, Series A, 4.00%, 08/01/44		315		346,623
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd RB, Series A, 5.00%, 07/01/40		1,350		1,544,319
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd Refunding RB,
Series A, 5.25%, 10/01/58		1,925		2,248,034
				4,138,976
Texas — 9.8%
Central Texas Regional Mobility Authority Refunding RB Senior Lien, 6.25%, 01/01/21(b)		4,210		4,314,450
Sub-Lien, 5.00%, 01/01/33		700		762,587
City of Austin Texas Airport System Revenue ARB, AMT, 5.00%, 11/15/39		385		436,640
City of San Antonio Texas Electric & Gas Systems Revenue Refunding RB, Series A, 5.00%, 02/01/48		2,295		2,926,469
Fort Bend County Industrial Development Corp. RB, Series B, 4.75%, 11/01/42		470		487,879
Harris County Cultural Education Facilities Finance Corp. RB, Series B, 7.00%, 01/01/23(b)		880		1,023,766
Harris County-Houston Sports Authority Refunding RB(c) Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24(b)		6,000		2,724,600
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/37		10,120		4,116,512
Harris County-Houston Sports Authority Refunding RB, CAB(c)
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/35		5,000		2,705,600
Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/38		12,580		5,802,651

4

Schedule of Investments  (unaudited)(continued) July 31, 2020 BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Texas (continued)
Midland County Fresh Water Supply District No. 1 RB, CAB(c)
Series A, 0.00%, 09/15/40	$	9,780	$	4,501,049
Series A, 0.00%, 09/15/41		5,420		2,363,770
New Hope Cultural Education Facilities Finance Corp. RB, Series A, 5.00%, 04/01/25(b)		355		432,734
New Hope Cultural Education Facilities Finance Corp. Refunding RB, Series A, 5.00%, 08/15/46(a)		1,980		1,991,583
San Antonio Water System Refunding RB, Series A, Junior Lien, 5.00%, 05/15/48		5,035		6,292,391
Tarrant County Cultural Education Facilities Finance Corp. RB, Series B, 5.00%, 07/01/48		9,025		11,038,839
Texas Municipal Gas Acquisition & Supply Corp. III RB, 5.00%, 12/15/32		2,835		2,987,013
Texas Private Activity Bond Surface Transportation Corp. RB, Senior Lien, 7.00%, 06/30/40		6,000		6,024,360
Texas Transportation Commission RB, 5.00%, 08/01/57		2,310		2,706,719
				63,639,612
Utah — 1.1%
County of Utah RB
Series A, 4.00%, 05/15/43		440		520,855
Series A, 3.00%, 05/15/50		1,985		2,109,539
Salt Lake City Corp. Airport Revenue ARB
Series A, AMT, 5.00%, 07/01/47		1,830		2,147,322
Series A, AMT, 5.00%, 07/01/48		1,735		2,075,771
				6,853,487
Virginia — 1.4%
Front Royal & Warren County Industrial Development Authority RB, 4.00%, 01/01/50		1,465		1,611,471
Virginia Small Business Financing Authority RB Senior Lien, AMT, 5.25%, 01/01/32		3,155		3,357,046
Senior Lien, AMT, 6.00%, 01/01/37		3,790		4,073,113
				9,041,630
Washington — 1.7%
Port of Seattle Washington ARB
Series A, AMT, 5.00%, 05/01/43		2,980		3,476,081
Series C, AMT, 5.00%, 04/01/40		1,475		1,667,561
Washington Health Care Facilities Authority RB, Series A, 5.75%, 01/01/45		4,420		4,983,682
Washington Health Care Facilities Authority Refunding RB, Series A, 4.00%, 08/01/44		685		744,520
				10,871,844
Total Municipal Bonds — 125.4% (Cost: $750,727,962)				815,143,885
Municipal Bonds Transferred to Tender Option Bond Trusts(j)
California — 1.1%
Bay Area Toll Authority Refunding RB, 4.00%, 04/01/42(k)		6,196		7,136,155
Colorado — 0.8%
City & County of Denver Colorado Airport System Revenue Refunding ARB, Series A, AMT, 5.25%, 12/01/48(k)		4,475		5,447,942

Security	Par (000)		Value
District of Columbia — 0.6%
Metropolitan Washington Airports Authority Dulles Toll Road Revenue Refunding RB, Series B, (AGM), 4.00%, 10/01/53	$	3,638	$	4,078,143
Georgia — 1.7%
Dalton Whitfield County Joint Development Authority RB, 4.00%, 08/15/48		7,220		8,128,854
Georgia Housing & Finance Authority Refunding RB, Series A, 3.60%, 12/01/44		2,898		3,193,138
				11,321,992
Illinois — 0.5%
Illinois Finance Authority Refunding RB
Series C, 4.00%, 02/15/27(b)		5		6,061
Series C, 4.00%, 02/15/41		2,800		3,133,423
				3,139,484
Massachusetts — 3.1%
Commonwealth of Massachusetts Transportation Fund Revenue RB, Series A, 4.00%, 06/01/45		4,153		4,634,875
Massachusetts Development Finance Agency Refunding RB, 5.00%, 07/01/47		9,088		10,766,020
Massachusetts School Building Authority RB, Series B, 5.00%, 10/15/21(b)		4,427		4,683,824
				20,084,719
NewYork — 15.5%
Hudson Yards Infrastructure Corp. RB 5.75%, 02/15/21(b)(k)		1,938		1,992,005
5.75%, 02/15/47		1,192		1,225,421
New York City Water & Sewer System Refunding RB, Series HH, 5.00%, 06/15/31(k)		16,395		17,069,163
New York Liberty Development Corp. ARB, 5.25%, 12/15/43		20,864		22,048,470
New York Liberty Development Corp. Refunding RB, 5.75%, 11/15/51(k)		12,611		13,420,041
New York Power Authority Refunding RB, Series A, 4.00%, 11/15/60		2,655		3,153,821
New York State Dormitory Authority Refunding RB, Series D, 4.00%, 02/15/47		12,060		14,078,844
New York State Thruway Authority Refunding RB, Series B, 4.00%, 01/01/50		5,805		6,647,354
New York State Urban Development Corp. RB, Series A, 4.00%, 03/15/46		13,155		15,077,866
Port Authority of New York & New Jersey Refunding RB, 194th Series, 5.25%, 10/15/55		5,070		5,984,476
				100,697,461
North Carolina — 0.9%
North Carolina Capital Facilities Finance Agency Refunding RB, Series B, 5.00%, 10/01/25(b)		4,960		6,153,078
Pennsylvania — 0.9%
Pennsylvania Turnpike Commission RB, Series A, 5.50%, 12/01/42		4,652		5,579,017
Rhode Island — 0.5%
Narragansett Bay Commission Refunding RB, Series A, 4.00%, 09/01/22(b)		3,137		3,386,824
Texas — 7.1%
City of San Antonio Texas Electric & Gas Systems Revenue RB, Junior Lien, 5.00%, 02/01/43		4,900		5,401,172
Lower Colorado River Authority Refunding RB, 4.00%, 05/15/43		4,140		4,331,061

5

Schedule of Investments  (unaudited)(continued) July 31, 2020 BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Texas (continued)
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue Refunding RB, Series A, 5.00%, 11/01/21(b)	$	6,650	$	7,052,724
San Antonio Public Facilities Corp. Refunding RB, 4.00%, 09/15/42		5,505		5,827,923
Texas Water Development Board RB, Series A, 4.00%, 10/15/49		13,920		16,846,680
University of Texas System Refunding RB, Series B, 5.00%, 08/15/43		6,003		6,519,230
				45,978,790
Virginia — 1.7%
Virginia Small Business Financing Authority Refunding RB, Series A, 4.00%, 12/01/49		9,677		11,108,279
Wisconsin — 1.0%
Wisconsin Health & Educational Facilities Authority Refunding RB, 4.00%, 12/01/46		5,575		6,206,482
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 35.4% (Cost: $214,621,183)				230,318,366
Total Long-Term Investments — 160.8% (Cost: $965,349,145)				1,045,462,251
	Shares
Short-Term Securities
Money Market Funds — 1.0%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.04%(l)(m)		6,399,191		6,400,471
Total Short-Term Securities — 1.0% (Cost: $6,399,054)				6,400,471
Total Investments — 161.8% (Cost: $971,748,199)				1,051,862,722
Other Assets Less Liabilities — 1.0%				6,327,233
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (21.1)%				(137,286,380	)
VMTP Shares at Liquidation Value — (41.7)%				(270,800,000	)
Net Assets Applicable to Common Shares — 100.0%			$	650,103,575

^(a)  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.

^(b)  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.

^(c)  Zero-coupon bond.

^(d)  Issuer filed for bankruptcy and/or is in default.

^(e)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(f)  Non-income producing 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 reflects the current yield as of period end.

⁽ⁱ⁾  When-issued security.

^(j)  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.

^(k)  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 December 15, 2020 to February 15, 2047, is $27,564,129.

^(l)  Affiliate of the Trust.

^(m)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be an affiliate/affiliates of the Trust during the period ended July 31, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 04/30/20		Shares Purchased		Shares Sold			Shares Held at 07/31/20		Value at 07/31/20		Income		Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		13,732,433		—		(7,333,242	)(b)		6,399,191	$	6,400,471	$	430	$	4,894	$	(3,948	)

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased (sold).

6

Schedule of Investments  (unaudited) (continued) July 31, 2020 BlackRock Municipal Income Trust (BFK)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. 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)

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 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 is based on the pricing transparency of the investments 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, refer to its most recent financial statements.

The following table summarizes the Trust’s investments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments 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	$	—	$	813,514,285	$	1,629,600	$	815,143,885
Municipal Bonds Transferred to Tender Option Bond Trusts		—		230,318,366		—		230,318,366
Short-Term Securities
Money Market Funds		6,400,471		—		—		6,400,471
	$	6,400,471	$	1,043,832,651	$	1,629,600	$	1,051,862,722

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	$	—	$	(137,233,834	)	$	—	$	(137,233,834	)
VMTP Shares at Liquidation Value		—		(270,800,000	)		—		(270,800,000	)
	$	—	$	(408,033,834	)	$	—	$	(408,033,834	)

Portfolio Abbreviation
AGM	Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
ARB	Airport Revenue Bonds
CAB	Capital Appreciation Bonds
COP	Certificates of Participation
GO	General Obligation Bonds
GTD	GTD Guaranteed
M/F	Multi-Family
NPFGC	National Public Finance Guarantee Corp.
RB	Revenue Bond
S/F	Single-Family

Portfolio Abbreviation (continued)
SAB	Special Assessment Bonds

7