Schedule of Investments (unaudited) January 31, 2021 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds | ||||||||
Alabama — 2.4% | ||||||||
County of Jefferson Alabama Sewer Revenue, Refunding RB | ||||||||
Series A, Senior Lien, (AGM), 5.00%, 10/01/44 | $ | 1,555 | $ | 1,746,545 | ||||
Series A, Senior Lien, (AGM), 5.25%, 10/01/48 | 2,275 | 2,558,693 | ||||||
Series D, Sub Lien, 6.00%, 10/01/42 | 5,740 | 6,667,125 | ||||||
Series D, Sub Lien, 7.00%, 10/01/51 | 1,765 | 2,093,378 | ||||||
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46 | 2,110 | 3,193,506 | ||||||
|
| |||||||
16,259,247 | ||||||||
Arizona — 4.3% | ||||||||
Glendale Industrial Development Authority, RB | ||||||||
5.00%, 05/15/41 | 180 | 203,913 | ||||||
5.00%, 05/15/56 | 725 | 815,821 | ||||||
Industrial Development Authority of the City of Phoenix, RB, Series A, 5.00%, 07/01/46(a) | 3,400 | 3,607,128 | ||||||
Salt Verde Financial Corp., RB 5.00%, 12/01/32 | 10,030 | 13,546,016 | ||||||
5.00%, 12/01/37 | 7,460 | 10,842,439 | ||||||
|
| |||||||
29,015,317 | ||||||||
Arkansas — 0.8% | ||||||||
Arkansas Development Finance Authority, RB, AMT, 4.50%, 09/01/49(a) | 4,985 | 5,493,121 | ||||||
|
| |||||||
California — 7.3% | ||||||||
California Educational Facilities Authority, RB, Series V-1, 5.00%, 05/01/49 | 4,230 | 6,897,565 | ||||||
California Health Facilities Financing Authority, Refunding RB | ||||||||
Series A, 5.00%, 07/01/33 | 2,465 | 2,739,502 | ||||||
Series A, 4.00%, 04/01/45 | 790 | 918,944 | ||||||
California Municipal Finance Authority, RB, S/F Housing | ||||||||
Series A, 5.25%, 08/15/39 | 290 | 319,365 | ||||||
Series A, 5.25%, 08/15/49 | 715 | 767,910 | ||||||
California Pollution Control Financing Authority, RB, Series A, AMT, 5.00%, 11/21/45(a) | 2,970 | 3,172,673 | ||||||
California State Public Works Board, RB, Series I, 5.00%, 11/01/38 | 1,495 | 1,683,848 | ||||||
City of Los Angeles Department of Airports, RB(b) | 690 | 942,264 | ||||||
5.00%, 05/15/32 | 825 | 1,117,297 | ||||||
5.00%, 05/15/33 | 815 | 1,098,213 | ||||||
5.00%, 05/15/34 | 855 | 1,146,281 | ||||||
5.00%, 05/15/35 | 1,345 | 1,791,177 | ||||||
5.00%, 05/15/38 | 580 | 764,649 | ||||||
5.00%, 05/15/39 | 625 | 821,294 | ||||||
5.00%, 05/15/40 | 1,310 | 1,715,969 | ||||||
5.00%, 05/15/41 | 1,410 | 1,840,938 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB | ||||||||
Series A-1, 5.25%, 06/01/47 | 1,070 | 1,116,823 | ||||||
Series A-2, 5.00%, 06/01/47 | 4,335 | 4,509,094 | ||||||
Riverside County Transportation Commission, RB, CAB(c) | ||||||||
Series B, Senior Lien, 0.00%, 06/01/41 | 5,000 | 2,831,250 | ||||||
Series B, Senior Lien, 0.00%, 06/01/42 | 6,000 | 3,273,960 | ||||||
Series B, Senior Lien, 0.00%, 06/01/43 | 5,000 | 2,627,550 |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
San Marcos Unified School District, GO, CAB(c) | ||||||||
Series B, 0.00%, 08/01/34 | $ | 3,500 | $ | 2,785,510 | ||||
Series B, 0.00%, 08/01/36 | 4,000 | 2,987,640 | ||||||
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23(d) | 690 | 802,291 | ||||||
|
| |||||||
48,672,007 | ||||||||
Colorado — 1.7% | ||||||||
Arapahoe County School District No.6 Littleton, GO, Series A, (SAW), 5.50%, 12/01/43 | 3,485 | 4,633,830 | ||||||
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44 | 3,565 | 4,088,556 | ||||||
State of Colorado, COP, Series O, 4.00%, 03/15/44 | 2,580 | 3,044,632 | ||||||
|
| |||||||
11,767,018 | ||||||||
Connecticut — 0.4% | ||||||||
State of Connecticut Special Tax Revenue, RB | ||||||||
Series A, 4.00%, 05/01/36 | 670 | 812,161 | ||||||
Series A, 4.00%, 05/01/39 | 420 | 504,357 | ||||||
State of Connecticut, GO, Series A, 4.00%, 01/15/38 | 1,300 | 1,563,874 | ||||||
|
| |||||||
2,880,392 | ||||||||
Delaware — 0.4% | ||||||||
Delaware Transportation Authority, RB, 5.00%, 06/01/55 | 2,280 | 2,638,826 | ||||||
|
| |||||||
District of Columbia — 5.7% | ||||||||
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40 | 23,035 | 23,743,787 | ||||||
District of Columbia, Refunding RB | ||||||||
5.00%, 04/01/35 | 865 | 1,039,817 | ||||||
5.00%, 10/01/48 | 4,590 | 5,560,005 | ||||||
Series A, 6.00%, 07/01/23(d) | 1,480 | 1,688,724 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB | ||||||||
Series A, 5.00%, 10/01/53 | 3,990 | 4,141,939 | ||||||
Series B, Subordinate, 4.00%, 10/01/49 | 1,550 | 1,761,792 | ||||||
|
| |||||||
37,936,064 | ||||||||
Florida — 3.8% | ||||||||
Capital Projects Finance Authority, Refunding RB | ||||||||
Series A-1, 5.00%, 10/01/32 | 395 | 461,475 | ||||||
Series A-1, 5.00%, 10/01/33 | 435 | 504,456 | ||||||
Series A-1, 5.00%, 10/01/34 | 435 | 501,877 | ||||||
Series A-1, 5.00%, 10/01/35 | 145 | 166,403 | ||||||
Collier County Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45 | 2,620 | 2,974,198 | ||||||
Florida Development Finance Corp., RB | ||||||||
Series A, 5.00%, 06/15/40 | 435 | 498,079 | ||||||
Series A, 5.00%, 06/15/50 | 1,455 | 1,648,428 | ||||||
Series A, 5.00%, 06/15/55 | 875 | 989,432 | ||||||
Miami-Dade County Florida Aviation Revenue, Refunding RB | ||||||||
Series A, 4.00%, 10/01/37 | 655 | 801,124 | ||||||
Series A, 4.00%, 10/01/38 | 655 | 794,980 | ||||||
Series A, 4.00%, 10/01/39 | 490 | 592,866 | ||||||
Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/21(d) | 5,885 | 6,164,067 | ||||||
Sarasota County Florida Utility System Revenue RB | ||||||||
Series A, 5.00%, 10/01/45 | 875 | 1,158,465 | ||||||
Series A, 5.00%, 10/01/50 | 1,310 | 1,714,109 |
S C H E D U L E O F I N V E S T M E N T S | 1 |
Schedule of Investments (unaudited) (continued) January 31, 2021 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
Stevens Plantation Community Development District, SAB, Series A, 7.10%, 05/01/35(e)(f) | $ | 3,159 | $ | 2,001,047 | ||||
Volusia County Educational Facility Authority, Refunding RB, 5.00%, 10/15/49 | 3,535 | 4,315,493 | ||||||
|
| |||||||
25,286,499 | ||||||||
Georgia — 2.4% | ||||||||
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 08/15/54 | 1,010 | 1,200,850 | ||||||
Georgia Housing & Finance Authority, RB, S/F Housing, Series B, 2.50%, 06/01/50 | 1,455 | 1,487,577 | ||||||
Main Street Natural Gas, Inc., RB | ||||||||
Series A, 5.00%, 05/15/35 | 990 | 1,383,119 | ||||||
Series A, 5.00%, 05/15/36 | 990 | 1,396,088 | ||||||
Series A, 5.00%, 05/15/37 | 1,085 | 1,547,102 | ||||||
Series A, 5.00%, 05/15/38 | 600 | 864,798 | ||||||
Series A, 5.00%, 05/15/49 | 1,990 | 3,092,818 | ||||||
Municipal Electric Authority of Georgia, RB, 4.00%, 01/01/49 | 3,145 | 3,589,451 | ||||||
Municipal Electric Authority of Georgia, Refunding RB, Sub-Series A, 4.00%, 01/01/49 | 1,230 | 1,405,054 | ||||||
|
| |||||||
15,966,857 | ||||||||
Idaho — 0.3% | ||||||||
Idaho Health Facilities Authority, RB, Series 2017, 5.00%, 12/01/46 | 1,485 | 1,788,014 | ||||||
|
| |||||||
Illinois — 11.4% | ||||||||
Chicago Board of Education, GO | ||||||||
Series C, 5.25%, 12/01/35 | 2,905 | 3,249,272 | ||||||
Series D, 5.00%, 12/01/46 | 3,805 | 4,217,853 | ||||||
Series H, 5.00%, 12/01/36 | 920 | 1,090,973 | ||||||
Chicago Board of Education, Refunding GO | ||||||||
Series C, 5.00%, 12/01/25 | 1,280 | 1,517,018 | ||||||
Series D, 5.00%, 12/01/25 | 1,650 | 1,955,530 | ||||||
Series F, 5.00%, 12/01/22 | 1,250 | 1,346,387 | ||||||
Series G, 5.00%, 12/01/34 | 915 | 1,093,242 | ||||||
Chicago O’Hare International Airport, Refunding RB, Series A, Senior Lien, 4.00%, 01/01/37 | 1,895 | 2,282,679 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, RB, 5.25%, 12/01/21(d) | 2,055 | 2,142,420 | ||||||
City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien, 5.00%, 11/01/42 | 2,000 | 2,136,100 | ||||||
Cook County Community College District No.508, GO, 5.50%, 12/01/38 | 1,525 | 1,705,636 | ||||||
Illinois Finance Authority, RB | ||||||||
Series A, 5.00%, 02/15/47 | 475 | 506,455 | ||||||
Series A, 5.00%, 02/15/50 | 265 | 281,727 | ||||||
Illinois State Toll Highway Authority, RB | ||||||||
Series A, 5.00%, 01/01/45 | 2,605 | 3,364,149 | ||||||
Series C, 5.00%, 01/01/37 | 5,455 | 6,400,242 | ||||||
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57 | 1,760 | 2,052,846 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50 | 2,710 | 2,996,311 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, (AGM), 0.00%, 06/15/43(c) | 10,455 | 5,397,394 | ||||||
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21(d) | 2,245 | 2,289,002 |
Security | Par (000) | Value | ||||||
Illinois (continued) | ||||||||
State of Illinois, GO | ||||||||
5.00%, 02/01/39 | $ | 2,990 | $ | 3,297,940 | ||||
Series A, 5.00%, 04/01/38 | 9,030 | 9,740,390 | ||||||
State of Illinois, Refunding GO | ||||||||
Series A, 5.00%, 10/01/30 | 10,400 | 12,623,416 | ||||||
Series B, 5.00%, 10/01/28 | 1,965 | 2,417,402 | ||||||
University of Illinois, RB, Series A, 5.00%, 04/01/44 | 1,910 | 2,156,925 | ||||||
|
| |||||||
76,261,309 | ||||||||
Indiana — 3.0% | ||||||||
City of Valparaiso Indiana, RB | ||||||||
AMT, 6.75%, 01/01/34 | 1,525 | 1,673,825 | ||||||
AMT, 7.00%, 01/01/44 | 3,680 | 4,018,633 | ||||||
Indiana Finance Authority, RB | ||||||||
Series A, 1st Lien, 5.25%, 10/01/38 | 6,305 | 6,509,345 | ||||||
Series A, AMT, 5.00%, 07/01/44 | 880 | 945,129 | ||||||
Series A, AMT, 5.00%, 07/01/48 | 2,905 | 3,119,447 | ||||||
Series A, AMT, 5.25%, 01/01/51 | 790 | 852,481 | ||||||
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40 | 2,490 | 2,714,424 | ||||||
|
| |||||||
19,833,284 | ||||||||
Iowa — 1.4% | ||||||||
Iowa Finance Authority, Refunding RB | ||||||||
5.25%, 12/01/25 | 2,125 | 2,385,185 | ||||||
5.88%, 12/01/26 | 805 | 832,354 | ||||||
Series B, 5.25%, 12/01/50(g) | 5,515 | 6,178,565 | ||||||
|
| |||||||
9,396,104 | ||||||||
Kentucky — 1.2% | ||||||||
Kentucky Economic Development Finance Authority, RB, Series A, 5.25%, 01/01/23(d) | 1,915 | 2,100,947 | ||||||
Kentucky Economic Development Finance Authority, Refunding RB, Series A, (AGM), 5.00%, 12/01/45 | 2,515 | 2,964,531 | ||||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.75%, 07/01/43(h) | 2,325 | 2,744,895 | ||||||
|
| |||||||
7,810,373 | ||||||||
Louisiana — 1.4% | ||||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.50%, 05/15/30 | 1,570 | 1,573,203 | ||||||
Series A, 5.25%, 05/15/31 | 1,690 | 1,709,722 | ||||||
Series A, 5.25%, 05/15/32 | 2,160 | 2,272,450 | ||||||
Series A, 5.25%, 05/15/33 | 2,345 | 2,466,963 | ||||||
Series A, 5.25%, 05/15/35 | 985 | 1,074,369 | ||||||
|
| |||||||
9,096,707 | ||||||||
Maryland — 0.1% | ||||||||
Maryland Health & Higher Educational Facilities Authority, RB, Series 2017, 5.00%, 12/01/46 | 840 | 1,026,211 | ||||||
|
| |||||||
Michigan — 2.4% | ||||||||
City of Detroit Michigan Sewage Disposal System Revenue, Refunding RB, Series A, Senior Lien, 5.25%, 07/01/22(d) | 8,665 | 9,292,519 | ||||||
Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/49 | 1,640 | 1,944,171 |
2 |
Schedule of Investments (unaudited) (continued) January 31, 2021 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Michigan (continued) | ||||||||
Michigan State University, Refunding RB, Series B, 5.00%, 02/15/48 | $ | 2,000 | $ | 2,457,940 | ||||
Michigan Strategic Fund, RB, AMT, 5.00%, 06/30/48 | 2,120 | 2,555,490 | ||||||
|
| |||||||
16,250,120 | ||||||||
Minnesota — 1.1% | ||||||||
Duluth Economic Development Authority, Refunding RB | ||||||||
Series A, 4.25%, 02/15/48 | 2,030 | 2,262,679 | ||||||
Series A, 5.25%, 02/15/53 | 4,060 | 4,817,799 | ||||||
|
| |||||||
7,080,478 | ||||||||
Missouri — 1.1% | ||||||||
Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53 | 5,830 | 6,806,817 | ||||||
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, 5.50%, 05/01/43 | 480 | 509,304 | ||||||
|
| |||||||
7,316,121 | ||||||||
Nebraska — 0.7% | ||||||||
Central Plains Energy Project, RB | ||||||||
5.25%, 09/01/37 | 1,610 | 1,732,521 | ||||||
5.00%, 09/01/42 | 2,815 | 3,018,046 | ||||||
|
| |||||||
4,750,567 | ||||||||
New Hampshire(a) — 0.7% | ||||||||
New Hampshire Business Finance Authority, Refunding RB | ||||||||
Series B, 4.63%, 11/01/42 | 3,055 | 3,200,693 | ||||||
Series C, AMT, 4.88%, 11/01/42 | 1,585 | 1,669,972 | ||||||
|
| |||||||
4,870,665 | ||||||||
New Jersey — 16.7% | ||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB | ||||||||
5.25%, 11/01/39 | 3,280 | 3,519,112 | ||||||
5.25%, 11/01/44 | 2,980 | 3,181,776 | ||||||
Hudson County Improvement Authority, RB, 4.00%, 10/01/46 | 3,350 | 3,975,144 | ||||||
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37(e)(f) | 3,680 | 73,600 | ||||||
New Jersey Economic Development Authority, RB | 1,030 | 1,180,318 | ||||||
4.00%, 11/01/39 | 825 | 943,198 | ||||||
5.00%, 06/15/49 | 4,650 | 5,681,835 | ||||||
Series EEE, 5.00%, 06/15/48 | 7,320 | 8,782,829 | ||||||
AMT, 5.38%, 01/01/43 | 2,285 | 2,497,162 | ||||||
Series B, AMT, 5.63%, 11/15/30 | 2,035 | 2,269,086 | ||||||
New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47 | 2,905 | 3,355,595 | ||||||
New Jersey Economic Development Authority, Refunding SAB, 6.50%, 04/01/28 | 8,000 | 8,834,000 | ||||||
New Jersey Transportation Trust Fund Authority, RB | ||||||||
Series A, 5.50%, 06/15/21(d) | 8,000 | 8,158,480 | ||||||
Series AA, 5.00%, 06/15/44 | 3,765 | 4,163,883 | ||||||
Series AA, 5.00%, 06/15/50 | 1,210 | 1,504,405 | ||||||
Series BB, 4.00%, 06/15/50 | 3,010 | 3,363,765 | ||||||
Series BB, 5.00%, 06/15/50 | 9,895 | 11,859,949 | ||||||
New Jersey Transportation Trust Fund Authority, RB, CAB, Series B, 5.25%, 06/15/36 | 4,810 | 4,898,167 | ||||||
New Jersey Turnpike Authority, RB Series A, 5.00%, 07/01/22(d) | 3,035 | 3,225,871 |
Security | Par (000) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Turnpike Authority, RB (continued) | ||||||||
Series A, 4.00%, 01/01/42(b) | $ | 1,470 | $ | 1,766,984 | ||||
Series E, 5.00%, 01/01/45 | 5,095 | 5,910,302 | ||||||
State of New Jersey, GO | ||||||||
Series A, 4.00%, 06/01/31 | 1,135 | 1,427,331 | ||||||
Series A, 3.00%, 06/01/32 | 2,620 | 3,025,104 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.25%, 06/01/46 | 1,070 | 1,309,969 | ||||||
Sub-Series B, 5.00%, 06/01/46 | 14,320 | 17,046,385 | ||||||
|
| |||||||
111,954,250 | ||||||||
New York — 15.2% | ||||||||
City of New York, GO, Series C, 5.00%, 08/01/42 | 2,255 | 2,923,179 | ||||||
Metropolitan Transportation Authority, RB | ||||||||
Series B, 5.25%, 11/15/38 | 4,640 | 5,222,784 | ||||||
Series B, 5.25%, 11/15/39 | 1,650 | 1,857,207 | ||||||
Metropolitan Transportation Authority, Refunding RB | ||||||||
Series C-1, 4.75%, 11/15/45 | 3,210 | 3,882,752 | ||||||
Series C-1, 5.00%, 11/15/50 | 1,040 | 1,278,462 | ||||||
Series C-1, 5.25%, 11/15/55 | 1,545 | 1,929,581 | ||||||
Monroe County Industrial Development Corp., Refunding RB | ||||||||
4.00%, 12/01/46 | 1,055 | 1,193,511 | ||||||
Series A, 4.00%, 07/01/50 | 2,155 | 2,541,758 | ||||||
New York City Housing Development Corp., RB, M/F Housing, Series A, 3.00%, 11/01/55 | 2,135 | 2,212,201 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB | ||||||||
Series C, 4.00%, 05/01/45 | 2,190 | 2,612,801 | ||||||
Sub-Series C-1, 4.00%, 05/01/40 | 875 | 1,058,015 | ||||||
Sub-Series E-1, 5.00%, 02/01/42 | 4,805 | 5,032,661 | ||||||
New York Counties Tobacco Trust II, RB, 5.75%, 06/01/43 | 840 | 842,806 | ||||||
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(a) | 3,500 | 3,556,560 | ||||||
New York Counties Tobacco Trust VI, Refunding RB, Series A-2-B, 5.00%, 06/01/45 | 9,395 | 10,116,254 | ||||||
New York Liberty Development Corp., Refunding RB(a) | ||||||||
Series 1, Class 1, 5.00%, 11/15/44 | 7,830 | 8,497,116 | ||||||
Series 2, Class 2, 5.15%, 11/15/34 | 660 | 723,974 | ||||||
Series 2, Class 2, 5.38%, 11/15/40 | 1,655 | 1,820,831 | ||||||
New York State Dormitory Authority, Refunding RB, Series D, 5.00%, 02/15/37 | 6,655 | 6,983,823 | ||||||
New York State Environmental Facilities Corp., RB, Series B, Subordinate, 5.00%, 06/15/48 | 3,535 | 4,442,046 | ||||||
New York State Urban Development Corp., RB | ||||||||
Series A, 4.00%, 03/15/49 | 15,980 | 18,865,349 | ||||||
Series A, 3.00%, 03/15/50 | 2,595 | 2,789,262 | ||||||
New York Transportation Development Corp., ARB, Series A, AMT, 5.25%, 01/01/50 | 1,165 | 1,322,648 | ||||||
New York Transportation Development Corp., RB | ||||||||
AMT, 5.00%, 10/01/35 | 715 | 888,495 | ||||||
AMT, 5.00%, 10/01/40 | 2,020 | 2,492,801 | ||||||
Port Authority of New York & New Jersey Refunding RB, AMT, 4.00%, 07/15/61(b) | 2,225 | 2,565,803 | ||||||
Triborough Bridge & Tunnel Authority, RB | ||||||||
Series A, 4.00%, 11/15/54 | 530 | 625,517 |
S C H E D U L E O F I N V E S T M E N T S | 3 |
Schedule of Investments (unaudited) (continued) January 31, 2021 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
Triborough Bridge & Tunnel Authority, RB (continued) | ||||||||
Series A, 5.00%, 11/15/54 | $ | 1,705 | $ | 2,187,941 | ||||
Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44 | 1,620 | 1,787,689 | ||||||
|
| |||||||
102,253,827 | ||||||||
North Carolina — 0.8% | ||||||||
North Carolina Medical Care Commission, RB | ||||||||
Series A, 4.00%, 10/01/40 | 235 | 260,871 | ||||||
Series A, 5.00%, 10/01/40 | 350 | 417,183 | ||||||
Series A, 4.00%, 10/01/45 | 215 | 238,270 | ||||||
Series A, 5.00%, 10/01/45 | 620 | 736,200 | ||||||
Series A, 4.00%, 10/01/50 | 260 | 288,155 | ||||||
Series A, 5.00%, 10/01/50 | 700 | 831,243 | ||||||
North Carolina Medical Care Commission, Refunding RB, Series A, 7.75%, 03/01/21(d) | 1,130 | 1,136,871 | ||||||
University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49 | 1,080 | 1,717,405 | ||||||
|
| |||||||
5,626,198 | ||||||||
North Dakota — 0.3% | ||||||||
County of Cass North Dakota, Refunding RB, Series B, 5.25%, 02/15/58 | 1,885 | 2,291,142 | ||||||
|
| |||||||
Ohio — 3.5% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB | ||||||||
Series A-2, Class 1, 4.00%, 06/01/37 | 580 | 701,539 | ||||||
Series A-2, Class 1, 4.00%, 06/01/38 | 580 | 700,298 | ||||||
Series A-2, Class 1, 4.00%, 06/01/39 | 580 | 698,105 | ||||||
Series A-2, Class 1, 4.00%, 06/01/48 | 1,525 | 1,768,466 | ||||||
Series B-2, Class 2, 5.00%, 06/01/55 | 6,705 | 7,815,549 | ||||||
County of Franklin Ohio, RB | ||||||||
Series 2017, 5.00%, 12/01/46 | 800 | 975,520 | ||||||
Series A, 6.13%, 07/01/22(d) | 75 | 81,396 | ||||||
Series A, 6.13%, 07/01/40 | 1,205 | 1,285,904 | ||||||
Series A, 4.00%, 12/01/49 | 1,015 | 1,194,330 | ||||||
County of Hamilton Ohio, Refunding RB 4.00%, 08/15/50 | 1,200 | 1,402,380 | ||||||
Series A, 3.75%, 08/15/50 | 2,110 | 2,385,925 | ||||||
County of Montgomery Ohio, Refunding RB, 3.00%, 08/01/51(b) | 1,225 | 1,301,440 | ||||||
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(a) | 1,480 | 1,658,310 | ||||||
State of Ohio, RB, AMT, 5.00%, 06/30/53 | 1,585 | 1,771,523 | ||||||
|
| |||||||
23,740,685 | ||||||||
Oklahoma — 1.8% | ||||||||
Oklahoma Development Finance Authority, RB, Series B, 5.25%, 08/15/48 | 2,350 | 2,767,759 | ||||||
Oklahoma Turnpike Authority, RB | ||||||||
Series A, 4.00%, 01/01/48 | 4,065 | 4,633,409 | ||||||
Series C, 4.00%, 01/01/42 | 3,845 | 4,436,169 | ||||||
|
| |||||||
11,837,337 |
Security | Par (000) | Value | ||||||
Oregon — 1.3% | ||||||||
Medford Hospital Facilities Authority, Refunding RB, Series A, 4.00%, 08/15/50 | $ | 3,390 | $ | 3,999,691 | ||||
Port of Portland Oregon Airport Revenue, Refunding ARB, Series 27-A, AMT, 5.00%, 07/01/45 | 3,630 | 4,568,682 | ||||||
|
| |||||||
8,568,373 | ||||||||
Pennsylvania — 3.1% | ||||||||
Allentown Neighborhood Improvement Zone Development Authority, RB(a) | ||||||||
Subordinate, 5.00%, 05/01/28 | 420 | 472,660 | ||||||
Subordinate, 5.13%, 05/01/32 | 470 | 545,473 | ||||||
Subordinate, 5.38%, 05/01/42 | 870 | 998,603 | ||||||
Hospitals & Higher Education Facilities Authority of Philadelphia, RB, Series A, 5.63%, 07/01/42 | 1,240 | 1,288,372 | ||||||
Montgomery County Higher Education and Health Authority, Refunding RB | ||||||||
Series A, 5.00%, 09/01/43 | 2,505 | 3,004,347 | ||||||
Series A, 4.00%, 09/01/49 | 1,135 | 1,253,732 | ||||||
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42 | 1,660 | 1,910,494 | ||||||
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/49 | 4,665 | 5,418,724 | ||||||
Pennsylvania Turnpike Commission RB, 4.00%, 12/01/50 | 2,760 | 3,229,614 | ||||||
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44 | 2,155 | 2,516,846 | ||||||
|
| |||||||
20,638,865 | ||||||||
Puerto Rico — 5.9% | ||||||||
Children’s Trust Fund, Refunding RB 5.50%, 05/15/39 | 1,365 | 1,400,722 | ||||||
5.63%, 05/15/43 | 1,360 | 1,376,524 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB | ||||||||
Series A, Senior Lien, 5.00%, 07/01/33 | 4,920 | 5,185,336 | ||||||
Series A, Senior Lien, 5.13%, 07/01/37 | 1,410 | 1,491,822 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A-1, Restructured, 4.75%, 07/01/53 | 4,044 | 4,526,004 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 | 14,252 | 16,185,426 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 1,950 | 2,155,472 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 3,325 | 3,726,194 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c) | 10,294 | 3,255,478 | ||||||
|
| |||||||
39,302,978 | ||||||||
Rhode Island — 2.3% | ||||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.00%, 06/01/35 | 3,060 | 3,554,068 | ||||||
Series B, 4.50%, 06/01/45 | 5,175 | 5,499,576 | ||||||
Series B, 5.00%, 06/01/50 | 5,765 | 6,233,233 | ||||||
|
| |||||||
15,286,877 | ||||||||
South Carolina — 5.5% | ||||||||
South Carolina Jobs-Economic Development Authority, RB | ||||||||
5.00%, 04/01/44 | 160 | 178,230 | ||||||
4.00%, 04/01/49 | 150 | 157,344 | ||||||
5.00%, 04/01/49 | 480 | 533,193 |
4 |
Schedule of Investments (unaudited) (continued) January 31, 2021 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
South Carolina (continued) | ||||||||
South Carolina Jobs-Economic Development Authority, RB (continued) | ||||||||
4.00%, 04/01/54 | $ | 370 | $ | 388,015 | ||||
5.00%, 04/01/54 | 875 | 971,801 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB | ||||||||
5.00%, 02/01/36 | 5,115 | 6,135,852 | ||||||
Series A, 5.00%, 05/01/48 | 6,075 | 7,186,968 | ||||||
South Carolina Public Service Authority, RB, Series A, 5.50%, 12/01/54 | 12,065 | 14,012,412 | ||||||
South Carolina Public Service Authority, Refunding RB | ||||||||
Series A, 5.00%, 12/01/50 | 2,805 | 3,273,968 | ||||||
Series E, 5.25%, 12/01/55 | 3,335 | 4,004,635 | ||||||
|
| |||||||
36,842,418 | ||||||||
Tennessee — 0.6% | ||||||||
Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/44 | 315 | 358,656 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB | ||||||||
Series A, 5.00%, 07/01/40 | 1,350 | 1,579,081 | ||||||
Series A, 5.25%, 10/01/58 | 1,925 | 2,253,463 | ||||||
|
| |||||||
4,191,200 | ||||||||
Texas — 8.7% | ||||||||
Central Texas Regional Mobility Authority, RB, Series E, Senior Lien, 4.00%, 01/01/50 | 4,370 | 5,043,461 | ||||||
Central Texas Regional Mobility Authority, Refunding RB, Sub Lien, 5.00%, 01/01/23(d) | 700 | 764,848 | ||||||
City of Austin Texas Airport System Revenue, ARB, AMT, 5.00%, 11/15/39 | 385 | 442,342 | ||||||
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48 | 2,295 | 2,905,929 | ||||||
Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42 | 470 | 503,497 | ||||||
Harris County Cultural Education Facilities Finance Corp., RB, | 880 | 994,435 | ||||||
Harris County-Houston Sports Authority, Refunding RB(c) | ||||||||
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24(d) | 6,000 | 2,736,360 | ||||||
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/37 | 10,120 | 4,227,934 | ||||||
Harris County-Houston Sports Authority, Refunding RB, CAB(c) | ||||||||
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/35 | 5,000 | 2,745,400 | ||||||
Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/38 | 12,580 | 5,839,133 | ||||||
Midland County Fresh Water Supply District No.1, RB, CAB(c) | ||||||||
Series A, 0.00%, 09/15/40 | 9,780 | 4,557,187 | ||||||
Series A, 0.00%, 09/15/41 | 5,420 | 2,395,206 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 04/01/25(d) | 355 | 424,892 | ||||||
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 5.00%, 08/15/46(a) | 1,980 | 1,991,801 | ||||||
San Antonio Water System, Refunding RB, Series A, Junior Lien, 5.00%, 05/15/48 | 2,555 | 3,224,001 |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/48 | $ | 9,025 | $ | 11,207,606 | ||||
Texas Municipal Gas Acquisition & Supply Corp. III Refunding RB(b) | ||||||||
5.00%, 12/15/30 | 960 | 1,281,341 | ||||||
5.00%, 12/15/32 | 865 | 1,188,424 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III, RB, 5.00%, 12/15/32 | 2,835 | 3,091,964 | ||||||
Texas Transportation Commission, RB, Series A, 5.00%, 08/01/57 | 2,310 | 2,718,754 | ||||||
|
| |||||||
58,284,515 | ||||||||
Utah — 1.0% | ||||||||
County of Utah UT, RB | ||||||||
Series A, 4.00%, 05/15/43 | 440 | 528,559 | ||||||
Series A, 3.00%, 05/15/50 | 1,985 | 2,132,088 | ||||||
Salt Lake City Corp. Airport Revenue, ARB | ||||||||
Series A, AMT, 5.00%, 07/01/47 | 1,830 | 2,169,959 | ||||||
Series A, AMT, 5.00%, 07/01/48 | 1,735 | 2,079,710 | ||||||
|
| |||||||
6,910,316 | ||||||||
Virginia — 1.3% | ||||||||
Front Royal & Warren County Industrial Development Authority, RB, 4.00%, 01/01/50 | 1,465 | 1,615,001 | ||||||
Virginia Small Business Financing Authority, RB | ||||||||
AMT, Senior Lien, 5.25%, 01/01/32 | 3,155 | 3,365,786 | ||||||
AMT, Senior Lien, 6.00%, 01/01/37 | 3,790 | 4,079,783 | ||||||
|
| |||||||
9,060,570 | ||||||||
Washington — 1.6% | ||||||||
Port of Seattle Washington, ARB | ||||||||
Series A, AMT, 5.00%, 05/01/43 | 2,980 | 3,548,137 | ||||||
Series C, AMT, 5.00%, 04/01/40 | 1,475 | 1,695,822 | ||||||
Washington Health Care Facilities Authority, RB, Series A, 5.75%, 01/01/23(d) | 4,420 | 4,893,824 | ||||||
Washington Health Care Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44 | 685 | 775,105 | ||||||
|
| |||||||
10,912,888 | ||||||||
|
| |||||||
Total Municipal Bonds — 123.6% |
| 829,097,740 | ||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(i) |
| |||||||
California — 1.1% | ||||||||
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/42(j) | 6,196 | 7,209,020 | ||||||
|
| |||||||
Colorado — 0.8% | ||||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.25%, 12/01/48(j) | 4,475 | 5,458,636 | ||||||
|
| |||||||
District of Columbia — 0.6% | ||||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, (AGM), 4.00%, 10/01/53 | 3,638 | 4,183,661 | ||||||
|
|
S C H E D U L E O F I N V E S T M E N T S | 5 |
Schedule of Investments (unaudited) (continued) January 31, 2021 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Georgia — 1.7% | ||||||||
Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48 | $ | 7,220 | $ | 8,272,604 | ||||
Georgia Housing & Finance Authority, Refunding RB, Series A, 3.60%, 12/01/44 | 2,898 | 3,185,141 | ||||||
|
| |||||||
11,457,745 | ||||||||
Illinois — 0.5% | ||||||||
Illinois Finance Authority, Refunding RB | ||||||||
Series C, 4.00%, 02/15/27(d) | 5 | 6,114 | ||||||
Series C, 4.00%, 02/15/41 | 2,800 | 3,160,782 | ||||||
|
| |||||||
3,166,896 | ||||||||
Massachusetts — 3.0% | ||||||||
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Series A, 4.00%, 06/01/45 | 4,153 | 4,610,453 | ||||||
Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/47 | 9,088 | 10,787,015 | ||||||
Massachusetts School Building Authority, RB, Series B, 5.00%, 10/15/21(d) | 4,427 | 4,578,915 | ||||||
|
| |||||||
19,976,383 | ||||||||
New York — 14.6% | ||||||||
Hudson Yards Infrastructure Corp., RB(j) | ||||||||
5.75%, 02/15/21 | 725 | 727,371 | ||||||
5.75%, 02/15/47 | 446 | 447,457 | ||||||
New York City Water & Sewer System, Refunding RB, Series HH, 5.00%, 06/15/31(j) | 16,395 | 16,688,634 | ||||||
New York Liberty Development Corp., ARB, 5.25%, 12/15/43 | 20,864 | 21,767,634 | ||||||
New York Liberty Development Corp., Refunding RB, 5.75%, 11/15/51(j) | 12,611 | 13,120,535 | ||||||
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60 | 2,655 | 3,133,351 | ||||||
New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47 | 12,060 | 14,124,793 | ||||||
New York State Thruway Authority, Refunding RB, Series B, Subordinate, 4.00%, 01/01/50 | 5,805 | 6,715,850 | ||||||
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/46 | 13,155 | 15,114,306 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 | 5,070 | 6,055,355 | ||||||
|
| |||||||
97,895,286 | ||||||||
North Carolina — 0.9% | ||||||||
North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 10/01/25(d) | 4,960 | 6,025,606 | ||||||
|
| |||||||
Pennsylvania — 0.8% | ||||||||
Pennsylvania Turnpike Commission, RB, Sub- Series A, 5.50%, 12/01/42 | 4,652 | 5,797,068 | ||||||
|
| |||||||
Rhode Island — 0.5% | ||||||||
Narragansett Bay Commission, Refunding RB, Series A, 4.00%, 09/01/22(d) | 3,137 | 3,330,143 | ||||||
|
| |||||||
Texas — 6.8% | ||||||||
Board of Regents of the University of Texas System, Refunding RB, Series B, 5.00%, 08/15/43 | 6,003 | 6,434,832 | ||||||
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23(d) | 4,900 | 5,373,389 | ||||||
Lower Colorado River Authority, Refunding, RB, 4.00%, 05/15/43 | 4,140 | 4,324,023 | ||||||
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, Refunding RB, Series A, 5.00%, 11/01/21(d) | 6,650 | 6,892,526 |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
San Antonio Public Facilities Corp., Refunding RB, 4.00%, 09/15/42 | $ | 5,505 | $ | 5,788,122 | ||||
Texas Water Development Board, RB, Series A, 4.00%, 10/15/49 | 13,920 | 16,762,464 | ||||||
|
| |||||||
45,575,356 | ||||||||
Virginia — 2.4% | ||||||||
Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 4.00%, 07/01/60(j) | 4,346 | 5,149,413 | ||||||
Virginia Small Business Financing Authority, Refunding RB, Series A, 4.00%, 12/01/49 | 9,677 | 11,131,700 | ||||||
|
| |||||||
16,281,113 | ||||||||
Wisconsin — 0.9% | ||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/46 | 5,575 | 6,212,670 | ||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 34.6% |
| 232,569,583 | ||||||
|
| |||||||
Total Long-Term Investments — 158.2% |
| 1,061,667,323 | ||||||
|
| |||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 4.8% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(k)(l) | 31,756,720 | 31,763,072 | ||||||
|
| |||||||
Total Short-Term Securities — 4.8% |
| 31,763,072 | ||||||
|
| |||||||
Total Investments — 163.0% |
| 1,093,430,395 | ||||||
Liabilities in Excess of Other Assets — (1.9)% |
| (12,434,141 | ) | |||||
Liability for TOB Trust Certificates, Including Interest |
| (139,202,113 | ) | |||||
VMTP Shares at Liquidation Value — (40.4)% |
| (270,800,000 | ) | |||||
|
| |||||||
Net Assets Applicable to Common Shares — 100.0% |
| $ | 670,994,141 | |||||
|
|
(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) | When-issued security. |
(c) | Zero-coupon bond. |
(d) | 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. |
(e) | Issuer filed for bankruptcy and/or is in default. |
(f) | Non-income producing security. |
(g) | 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. |
(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 May 15, 2021 to February 15, 2047, is $29,511,567. |
(k) | Affiliate of the Trust. |
(l) | Annualized 7-day yield as of period end. |
6 |
Schedule of Investments (unaudited) (continued) January 31, 2021 | BlackRock Municipal Income Trust (BFK) |
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended January 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 04/30/20 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 01/31/21 | Shares Held at | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 13,735,179 | $ | 18,026,162 | (a) | $ | — | $ | 6,953 | $ | (5,222 | ) | $ | 31,763,072 | 31,756,720 | $ | 1,044 | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
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 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); and |
• | 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 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 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 Trust’s policy regarding valuation of financial instruments, 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 | $ | — | $ | 829,097,740 | $ | — | $ | 829,097,740 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 232,569,583 | — | 232,569,583 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 31,763,072 | — | — | 31,763,072 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 31,763,072 | $ | 1,061,667,323 | $ | — | $ | 1,093,430,395 | |||||||||
|
|
|
|
|
|
|
|
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 | $ | — | $ | (139,150,487 | ) | $ | — | $ | (139,150,487 | ) | ||||||
VMTP Shares at Liquidation Value | — | (270,800,000 | ) | — | (270,800,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | — | $ | (409,950,487 | ) | $ | — | $ | (409,950,487 | ) | |||||||
|
|
|
|
|
|
|
|
S C H E D U L E O F I N V E S T M E N T S | 7 |
Schedule of Investments (unaudited) (continued) January 31, 2021 | BlackRock Municipal Income Trust (BFK) |
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 | |
SAB | Special Assessment Bonds | |
SAW | State Aid Withholding |
8 |