BlackRock Municipal Income Trust (BFK) NPORT-P BlackRock Municipal Income Trust (Oct 2022 report)

Schedule of Investments (unaudited) October 31, 2022 BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

	Par
Security	(000)		Value
Municipal Bonds
Alabama — 3.4%
Black Belt Energy Gas District, RB, Series F, 5.50%, 11/01/53	$	795	$	803,923
County of Jefferson Alabama Sewer Revenue, Refunding RB
Series A, Senior Lien, (AGM), 5.00%, 10/01/44		1,555		1,567,406
Series A, Senior Lien, (AGM), 5.25%, 10/01/48		2,275		2,303,977
Series D, Sub Lien, 6.00%, 10/01/42		5,740		5,976,982
Series D, Sub Lien, 7.00%, 10/01/51		1,765		1,876,814
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46		2,110		1,968,575
Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53(a)		1,345		1,370,984
				15,868,661
Alaska — 0.2%
Northern Tobacco Securitization Corp., Refunding RB, Series A, Class 1, 4.00%, 06/01/50		1,360		1,063,633
Arizona — 4.5%
Glendale Industrial Development Authority, RB
5.00%, 05/15/41		180		159,623
5.00%, 05/15/56		725		596,797
Industrial Development Authority of the City of Phoenix, RB, Series A, 5.00%, 07/01/46(b)		3,400		2,981,334
Salt Verde Financial Corp., RB
5.00%, 12/01/32		10,030		9,889,470
5.00%, 12/01/37		7,460		7,330,532
				20,957,756
Arkansas(b) — 0.8%
Arkansas Development Finance Authority, RB
Series A, AMT, 4.50%, 09/01/49		3,145		2,466,941
Series A, AMT, 4.75%, 09/01/49		1,520		1,234,407
				3,701,348
California — 8.6%
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/42(a)		6,205		5,684,059
California Educational Facilities Authority, RB, Series V-1, 5.00%, 05/01/49		1,895		1,990,294
California Health Facilities Financing Authority, Refunding RB
Series A, 5.00%, 07/01/23(c)		2,465		2,495,583
Series A, 4.00%, 04/01/45		790		644,501
Series A, 4.00%, 08/15/48		4,590		3,950,746
California Municipal Finance Authority, RB, S/F Housing
Series A, 5.25%, 08/15/39		290		290,532
Series A, 5.25%, 08/15/49		715		715,812
California Pollution Control Financing Authority, RB, Series A, AMT, 5.00%, 11/21/45(b)		2,970		2,809,118
California State Public Works Board, RB, Series I, 5.00%, 11/01/38		1,495		1,513,007
City of Los Angeles Department of Airports, ARB, Series A, AMT, 4.00%, 05/15/49		4,170		3,214,595
City of Los Angeles Department of Airports, Refunding ARB, Series D, AMT, Subordinate, 5.00%, 05/15/46		2,330		2,277,067
CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(b)		475		293,275
CSCDA Community Improvement Authority, RB, M/F Housing(b)
4.00%, 12/01/56		330		211,095

	Par
Security	(000)		Value
California (continued)
CSCDA Community Improvement Authority, RB, M/F Housing(b) (continued)
Senior Lien, 3.13%, 06/01/57	$	1,155	$	698,244
Series A, Senior Lien, 4.00%, 12/01/58		685		465,174
Riverside County Transportation Commission, RB, CAB(d)
Series B, Senior Lien, 0.00%, 06/01/41		5,000		1,845,540
Series B, Senior Lien, 0.00%, 06/01/42		6,000		2,082,774
Series B, Senior Lien, 0.00%, 06/01/43		5,000		1,636,705
San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 4.00%, 07/01/56		1,155		886,048
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB, Series A, AMT, 4.00%, 05/01/52		1,235		985,796
San Marcos Unified School District, GO, CAB(d)
Series B, Election 2010, 0.00%, 08/01/34		3,500		2,135,595
Series B, Election 2010, 0.00%, 08/01/36		4,000		2,164,060
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23(c)		690		709,317
				39,698,937
Colorado — 3.6%
Arapahoe County School District No.6 Littleton, GO, Series A, (SAW), 5.50%, 12/01/43		3,485		3,728,038
Board of Governors of Colorado State University System, Refunding RB, Series C, (ST HGR ED INTERCEPT PROG), 4.00%, 03/01/47		4,065		3,406,380
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53		3,420		3,471,509
Colorado Health Facilities Authority, RB
5.50%, 11/01/47		340		343,769
5.25%, 11/01/52		710		697,037
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44		3,565		2,874,385
State of Colorado, COP, BAB, Series O, 4.00%, 03/15/44		2,580		2,285,983
				16,807,101
Connecticut — 0.2%
Connecticut Housing Finance Authority, Refunding RB, M/F Housing, Series A-1, 3.50%, 11/15/51		910		851,475
Delaware — 0.5%
Delaware Transportation Authority, RB, 5.00%, 06/01/55		2,280		2,211,969
District of Columbia — 8.0%
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40		23,035		23,679,726
District of Columbia, Refunding RB
5.00%, 04/01/35		865		874,223
Series A, 6.00%, 07/01/23(c)		1,480		1,507,791
Catholic Health Services, 5.00%, 10/01/48		4,590		4,525,823
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB
Series A, AMT, 4.00%, 10/01/40		830		718,599
Series A, AMT, 4.00%, 10/01/41		1,790		1,531,424

1

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
District of Columbia (continued)
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB
Class B, Subordinate, (AGM), 4.00%, 10/01/53	$	3,635	$	2,873,838
Series B, Subordinate, 4.00%, 10/01/49		1,550		1,233,836
				36,945,260
Florida — 3.2%
Broward County Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/47		425		376,536
Capital Projects Finance Authority, Refunding RB
Series A-1, 5.00%, 10/01/32		395		386,474
Series A-1, 5.00%, 10/01/33		435		421,173
Series A-1, 5.00%, 10/01/34		435		417,109
Series A-1, 5.00%, 10/01/35		145		137,591
Collier County Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45		2,620		2,622,913
Florida Development Finance Corp., RB
Series A, 5.00%, 06/15/40		435		408,932
Series A, 5.00%, 06/15/50		1,455		1,300,323
Series A, 5.00%, 06/15/55		875		768,685
Florida Housing Finance Corp., RB, S/F Housing, Series 1, (FHLMC, FNMA, GNMA), 3.50%, 07/01/52		2,545		2,422,300
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		3,562,248
				14,825,331
Georgia — 4.4%
Dalton Whitfield County Joint Development Authority, 4.00%, 08/15/48		7,225		5,941,688
Georgia Housing & Finance Authority, RB, S/F Housing 3.60%, 12/01/44		2,905		2,301,077
Series B, 2.50%, 06/01/50		1,455		850,351
Georgia Housing & Finance Authority, Refunding RB, S/F Housing, Series A, 4.00%, 06/01/49		1,190		1,188,546
Georgia Ports Authority, RB, 4.00%, 07/01/52		1,380		1,149,913
Main Street Natural Gas Inc., RB
Series A, 5.00%, 05/15/35		990		963,054
Series A, 5.00%, 05/15/36		990		957,677
Series A, 5.00%, 05/15/37		1,085		1,039,306
Series A, 5.00%, 05/15/38		600		570,184
Series A, 5.00%, 05/15/49		1,990		1,806,373
Municipal Electric Authority of Georgia, RB, 4.00%, 01/01/49		3,145		2,443,253
Municipal Electric Authority of Georgia, Refunding RB
Sub-Series A, 4.00%, 01/01/49		1,230		988,209
Series A, Subordinate, 4.00%, 01/01/51		445		354,066
				20,553,697
Idaho — 0.3%
Idaho Health Facilities Authority, RB, Series 2017, 5.00%, 12/01/46		1,485		1,426,638
Illinois — 12.3%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/42		1,065		940,166
Series C, 5.25%, 12/01/35		2,905		2,770,315
Series D, 5.00%, 12/01/46		3,805		3,301,221
Series H, 5.00%, 12/01/36		920		847,347
Chicago Board of Education, Refunding GO
Series C, 5.00%, 12/01/25		1,280		1,276,637
Series D, 5.00%, 12/01/25		1,650		1,645,665

Security	Par (000)		Value
Illinois (continued)
Chicago Board of Education, Refunding GO (continued)
Series G, 5.00%, 12/01/34	$	915	$	868,786
Chicago O’Hare International Airport, Refunding RB, Series A, Senior Lien, 4.00%, 01/01/36		1,895		1,749,593
Cook County Community College District No.508, GO, 5.50%, 12/01/38		1,525		1,538,931
Illinois Finance Authority, RB
Series A, 5.00%, 02/15/47		475		395,598
Series A, 5.00%, 02/15/50		265		216,897
Illinois State Toll Highway Authority, RB
Series A, 4.00%, 01/01/42		1,840		1,609,798
Series A, 4.00%, 01/01/46		4,180		3,511,455
Series C, 5.00%, 01/01/37		5,455		5,554,117
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57		1,760		1,588,712
Metropolitan Pier & Exposition Authority, Refunding RB
4.00%, 06/15/50		545		410,460
Series B, (AGM), 0.00%, 06/15/44(d)		10,455		3,207,437
State of Illinois, GO
5.00%, 02/01/39		2,990		2,834,604
Series A, 5.00%, 04/01/38		9,030		8,588,884
State of Illinois, Refunding GO
Series A, 5.00%, 10/01/30		10,400		10,371,525
Series B, 5.00%, 10/01/28		1,965		1,969,639
University of Illinois, RB, Series A, 5.00%, 04/01/44		1,910		1,918,217
				57,116,004
Indiana — 2.8%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		1,525		1,548,206
AMT, 7.00%, 01/01/44		3,680		3,737,345
Indiana Finance Authority, RB(c)
Series A, AMT, 5.00%, 07/01/23		3,785		3,812,938
Series A, AMT, 5.25%, 07/01/23		790		797,512
Indiana Housing & Community Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.00%, 07/01/52		565		524,757
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40		2,490		2,496,412
				12,917,170
Kansas — 0.1%
Ellis County Unified School District No.489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52		505		417,725
Kentucky — 1.0%
Kentucky Economic Development Finance Authority, Refunding RB, Series A, (AGM), 5.00%, 12/01/45		2,515		2,389,094
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.75%, 07/01/43		2,325		2,425,963
				4,815,057
Louisiana — 0.2%
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35		985		989,858
Maryland — 0.6%
Maryland Health & Higher Educational Facilities Authority, RB, Series 2017, 5.00%, 12/01/46		840		834,586
Maryland State Transportation Authority, Refunding RB, Series A, 2.50%, 07/01/47		3,540		2,093,623
				2,928,209

SCHEDULE   OF  INVESTMENTS 2

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Massachusetts — 0.5%
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/51	$	2,245	$	2,161,679
Michigan — 3.9%
Great Lakes Water Authority Sewage Disposal System Revenue, RB
Series B, 2nd Lien, 5.25%, 07/01/47		1,075		1,096,082
Series B, 2nd Lien, 5.50%, 07/01/52		2,530		2,634,557
Series A, Senior Lien, 5.25%, 07/01/52		2,530		2,588,658
Great Lakes Water Authority Water Supply System Revenue, RB
Series A, Senior Lien, 5.25%, 07/01/52		2,530		2,557,833
Series B, Senior Lien, 5.50%, 07/01/52		2,530		2,637,849
Michigan Finance Authority, RB, 4.00%, 02/15/44		1,640		1,380,401
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 2.70%, 10/01/56		1,925		1,125,836
Michigan State University, Refunding RB, Series B, 5.00%, 02/15/48		2,000		2,041,476
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43		2,120		1,875,244
				17,937,936
Minnesota — 2.3%
Duluth Economic Development Authority, Refunding RB
Series A, 4.25%, 02/15/48		2,030		1,718,740
Series A, 5.25%, 02/15/53		1,120		1,120,227
Series A, 5.25%, 02/15/58		2,940		2,940,973
Minnesota Housing Finance Agency, RB, Series H, (FHLMC, FNMA, GNMA), 3.00%, 07/01/52		1,250		1,165,410
Minnesota Housing Finance Agency, RB, S/F Housing
Series A, (FHLMC, FNMA, GNMA), 2.75%, 07/01/42		685		486,137
Series C, (FHLMC, FNMA, GNMA), 3.50%, 07/01/52		3,500		3,328,308
				10,759,795
Missouri — 3.0%
Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53		5,830		4,690,480
Health & Educational Facilities Authority of the State of Missouri, Refunding RB
5.50%, 05/01/43		480		485,352
Series A, 4.00%, 07/01/46		1,205		1,039,735
Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54		2,560		2,379,492
Missouri Housing Development Commission, RB, S/F Housing
(FHLMC, FNMA, GNMA), 2.35%, 11/01/46		765		565,698
(FHLMC, FNMA, GNMA), 2.40%, 11/01/51		790		573,210
Series A, (FHLMC, FNMA, GNMA), 3.50%, 05/01/52		4,570		4,359,515
				14,093,482
New Hampshire(b) — 0.8%
New Hampshire Business Finance Authority, Refunding RB
Series B, 4.63%, 11/01/42		3,055		2,550,546
Series C, AMT, 4.88%, 11/01/42		1,585		1,334,050
				3,884,596
New Jersey — 15.1%
Casino Reinvestment Development Authority, Inc., Refunding RB
Class D, 5.25%, 11/01/39		3,280		3,293,586
Class D, 5.25%, 11/01/44		2,980		2,981,225

Security	Par (000)		Value
New Jersey (continued)
Hudson County Improvement Authority, RB, 4.00%, 10/01/46	$	3,350	$	2,936,898
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37(e)(f)		3,680		73,600
New Jersey Economic Development Authority, ARB, Series B, AMT, 5.63%, 11/15/30		2,035		1,988,433
New Jersey Economic Development Authority, RB
4.00%, 11/01/38		1,030		895,320
4.00%, 11/01/39		825		708,321
5.00%, 06/15/49		4,650		4,402,467
Class A, 5.25%, 11/01/47		3,415		3,367,053
Series EEE, 5.00%, 06/15/48		7,320		6,941,885
AMT, 5.38%, 01/01/43		2,285		2,161,567
New Jersey Economic Development Authority, Refunding RB, AMT, 5.00%, 10/01/47		2,905		2,700,642
New Jersey Economic Development Authority, Refunding SAB, 6.50%, 04/01/28		7,020		7,175,217
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51		9,070		7,406,979
New Jersey Higher Education Student Assistance Authority, Refunding RB
Series B, AMT, 4.00%, 12/01/41		2,455		2,210,082
Series C, AMT, Subordinate, 5.00%, 12/01/52		2,485		2,279,975
New Jersey Transportation Trust Fund Authority, RB
Series AA, 5.00%, 06/15/44		2,445		2,343,921
Series AA, 4.00%, 06/15/50		3,170		2,508,044
Series BB, 5.00%, 06/15/50		2,800		2,649,724
New Jersey Turnpike Authority, RB, Series E, 5.00%, 01/01/45		5,095		5,131,312
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.25%, 06/01/46		1,070		1,026,187
Sub-Series B, 5.00%, 06/01/46		5,125		4,695,233
				69,877,671
New Mexico — 0.8%
New Mexico Mortgage Finance Authority, RB, S/F Housing
Class A, (FHLMC, FNMA, GNMA), 3.00%, 03/01/53		2,195		2,051,653
Series C, (FHLMC, FNMA, GNMA), 4.25%, 03/01/53		1,525		1,515,329
				3,566,982
New York — 20.7%
City of New York, GO
Series A-1, 4.00%, 09/01/46		1,565		1,323,854
Series C, 5.00%, 08/01/43		2,255		2,305,523
Metropolitan Transportation Authority, RB
Series B, 5.25%, 11/15/38		4,640		4,618,289
Series B, 5.25%, 11/15/39		1,650		1,637,242
Metropolitan Transportation Authority, Refunding RB
Series C-1, 4.75%, 11/15/45		3,210		2,836,009
Series C-1, 5.00%, 11/15/50		1,040		942,431
Series C-1, 5.25%, 11/15/55		1,545		1,450,863
Monroe County Industrial Development Corp., Refunding RB
4.00%, 12/01/46		1,055		805,555
Series A, 4.00%, 07/01/50		2,155		1,796,087
New York City Housing Development Corp., RB, M/F Housing
Series A, 3.00%, 11/01/55		2,135		1,290,441
Series F-1, (FHA), 2.40%, 11/01/46		5,110		2,989,621

3

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
New York City Housing Development Corp., RB, M/F Housing (continued)
Series F-1, (FHA), 2.50%, 11/01/51	$	3,520	$	2,101,176
New York City Industrial Development Agency, Refunding RB
Series A, (AGM), 3.00%, 01/01/36		175		140,121
Series A, (AGM), 3.00%, 01/01/39		—		—
Series A, (AGM), 3.00%, 01/01/40		655		473,284
New York City Municipal Water Finance Authority,
Refunding RB, Series BB-1, 4.00%, 06/15/45		1,485		1,280,288
New York City Transitional Finance Authority Future Tax Secured Revenue, RB
Series C, Subordinate, 4.00%, 05/01/45		2,190		1,891,214
Series F-1, Subordinate, 4.00%, 02/01/51		800		672,596
New York Counties Tobacco Trust II, RB, 5.75%, 06/01/43		825		825,130
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(b)		3,300		3,281,457
New York Counties Tobacco Trust VI, Refunding RB, Series A-2-B, 5.00%, 06/01/45		9,395		8,045,192
New York Liberty Development Corp., Refunding RB
Series 1, 5.00%, 11/15/44(b)		7,830		6,852,730
Series 2, 5.15%, 11/15/34(b)		660		635,828
Series 2, 5.38%, 11/15/40(b)		1,655		1,594,741
Series A, 2.88%, 11/15/46		6,725		4,219,211
New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47		12,050		10,323,597
New York State Environmental Facilities Corp., RB, Series B, Subordinate, 5.00%, 06/15/48		3,535		3,621,010
New York State Thruway Authority, Series B, Subordinate, 4.00%, 01/01/50		5,805		4,691,166
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/49		15,980		13,548,196
New York Transportation Development Corp., ARB, Series A, AMT, 5.00%, 07/01/46		1,165		1,057,050
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35		2,125		2,058,288
Triborough Bridge & Tunnel Authority, RB
Series A, 5.00%, 11/15/49		1,725		1,745,010
Series A, 4.00%, 11/15/54		1,985		1,651,592
Series A, 5.00%, 11/15/54		1,665		1,678,783
Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44		1,546		1,440,682
				95,824,257
North Carolina — 0.7%
North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA), 3.75%, 07/01/52		1,260		1,215,574
North Carolina Medical Care Commission, RB
Series A, 4.00%, 10/01/40		235		195,555
Series A, 5.00%, 10/01/40		350		330,853
Series A, 4.00%, 10/01/45		215		169,088
Series A, 5.00%, 10/01/45		620		566,525

Security	Par (000)		Value
North Carolina (continued)
North Carolina Medical Care Commission, RB (continued)
Series A, 4.00%, 10/01/50	$	260	$	196,504
Series A, 5.00%, 10/01/50		700		625,558
				3,299,657
North Dakota — 0.6%
County of Cass North Dakota, Refunding RB, Series B, 5.25%, 02/15/58		1,885		1,844,665
North Dakota Housing Finance Agency, RB, S/F
Housing, Series B, 3.00%, 07/01/52		1,265		1,172,561
				3,017,226
Ohio — 3.5%
Buckeye Tobacco Settlement Financing Authority, Refunding RB
Series A-2, Class 1, 4.00%, 06/01/48		3,210		2,556,142
Series B-2, Class 2, 5.00%, 06/01/55		5,120		4,297,918
County of Franklin Ohio, RB
Series 2017, 5.00%, 12/01/46		800		775,026
Series A, 4.00%, 12/01/44		1,015		849,047
County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49		1,080		1,019,906
County of Hamilton Ohio, Refunding RB
4.00%, 08/15/50		1,200		943,100
Series A, 3.75%, 08/15/50		2,110		1,571,644
County of Montgomery Ohio, Refunding RB, 4.00%,
08/01/46		1,830		1,505,750
Ohio Air Quality Development Authority, RB, AMT,
5.00%, 07/01/49(b)		680		570,445
State of Ohio, RB, AMT, 5.00%, 06/30/53		1,585		1,430,570
The Ohio State University, Series A, 4.00%, 12/01/48(b)		710		613,217
				16,132,765
Oklahoma — 2.0%
Oklahoma Development Finance Authority, RB,
Series B, 5.50%, 08/15/52		2,350		1,919,534
Oklahoma Turnpike Authority, RB
Series A, 4.00%, 01/01/48		4,065		3,718,455
Series C, 4.00%, 01/01/42		3,845		3,576,046
				9,214,035
Oregon — 1.5%
Medford Hospital Facilities Authority, Refunding RB,
Series A, 4.00%, 08/15/50		3,390		2,688,321
Port of Portland Oregon Airport Revenue, Refunding ARB, Series 27-A, AMT, 5.00%, 07/01/45		3,630		3,520,915
State of Oregon, GO, 3.00%, 12/01/51		965		945,045
				7,154,281
Pennsylvania — 3.8%
Montgomery County Higher Education and Health Authority, Refunding RB
Class B, 4.00%, 05/01/52		4,240		3,391,987
Series A, 5.00%, 09/01/43		2,505		2,470,511
Series A, 4.00%, 09/01/49		1,135		918,444

SCHEDULE   OF  INVESTMENTS 4

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

	Par
Security	(000)			Value
Pennsylvania (continued)
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42	$	1,660		$	1,549,582
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/49		4,665			3,921,432
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 2022, 4.25%, 10/01/52		2,260			2,231,381
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44		2,155			2,092,723
School District of Philadelphia, GO, Series A, (SAW), 4.00%, 09/01/46		1,350			1,119,713
					17,695,773
Puerto Rico — 4.7%
Children’s Trust Fund, Refunding RB
5.50%, 05/15/39		1,365			1,357,629
5.63%, 05/15/43		1,360			1,359,929
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		4,044			3,382,968
Series A-1, Restructured, 5.00%, 07/01/58		10,387			8,886,297
Series A-2, Restructured, 4.78%, 07/01/58		3,325			2,757,263
Series A-2, Restructured, 4.33%, 07/01/40		1,950			1,654,633
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(d)		10,165			2,206,029
			��		21,604,748
Rhode Island — 3.2%
Rhode Island Housing and Mortgage Finance Corp., RB, M/F Housing, Series 76-A, 3.00%, 10/01/51		2,365			2,184,844
Tobacco Settlement Financing Corp., Refunding RB Series A, 5.00%, 06/01/35		3,060			3,041,138
Series B, 4.50%, 06/01/45		4,490			4,146,376
Series B, 5.00%, 06/01/50		5,765			5,608,814
					14,981,172
South Carolina — 6.7%
South Carolina Jobs-Economic Development Authority, RB
5.00%, 04/01/44		160			139,194
4.00%, 04/01/49		150			107,399
5.00%, 04/01/49		480			405,667
4.00%, 04/01/54		370			256,270
5.00%, 04/01/54		875			725,855
South Carolina Jobs-Economic Development Authority, Refunding RB
5.00%, 02/01/36		5,115			5,179,357
Series A, 5.00%, 05/01/48		3,870			3,677,278
South Carolina Public Service Authority, RB, Series A, 5.50%, 12/01/54		12,065			12,089,432
South Carolina Public Service Authority, Refunding RB
Series A, 5.00%, 12/01/50		2,805			2,615,556
Series E, 5.25%, 12/01/55		3,335			3,212,405
South Carolina State Housing Finance & Development Authority, RB, S/F Housing
Series A, 3.00%, 01/01/52		820			773,664
Series A, 4.00%, 01/01/52		1,735			1,696,998
					30,879,075
Tennessee — 2.0%
Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/44		315			253,678

	Par
Security	(000)		Value
Tennessee (continued)
Memphis-Shelby County Airport Authority, ARB
Series A, AMT, 5.00%, 07/01/45	$	2,545	$	2,407,440
Series A, AMT, 5.00%, 07/01/49		2,925		2,730,654
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40		1,350		1,319,689
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 5.25%, 10/01/58		1,925		1,812,089
Tennessee Housing Development Agency, Refunding RB, S/F Housing, Series 1, 3.75%, 07/01/52		955		920,169
				9,443,719
Texas — 12.3%
City of Austin Texas Airport System Revenue, ARB, AMT, 5.00%, 11/15/39		385		386,222
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48		2,295		2,317,645
Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42		470		417,521
Harris County Cultural Education Facilities Finance Corp., RB, Series B, 7.00%, 01/01/23(c)		880		885,444
Harris County-Houston Sports Authority, Refunding RB(d)
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24(c)		6,000		2,604,918
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/37		10,120		4,191,866
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/35		5,000		2,416,895
Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/38		12,580		5,200,597
Midland County Fresh Water Supply District No.1, RB, CAB, Series A, 0.00%, 09/15/27(c)(d)		15,200		6,510,531
San Antonio Public Facilities Corp., RB, Convertible, 4.00%, 09/15/42		5,500		4,621,303
San Antonio Water System, Refunding RB, Series A, Junior Lien, 5.00%, 05/15/48		2,555		2,592,385
Tarrant County Cultural Education Facilities Finance Corp., RB
Series A, 4.00%, 07/01/53		1,220		950,883
Series A, 5.00%, 07/01/53		1,500		1,411,305
Series B, 5.00%, 07/01/48		9,025		8,617,034
Texas Transportation Commission State Highway 249 System, RB, CAB, Series A, 5.00%, 08/01/57		2,310		2,117,016
Texas Water Development Board, RB, Series A, 4.00%, 10/15/49		13,925		11,907,797
				57,149,362
Utah — 1.1%
City of Salt Lake City Utah Airport Revenue, ARB Series A, AMT, 5.00%, 07/01/47		1,830		1,749,343
Series A, AMT, 5.00%, 07/01/48		1,735		1,647,457
County of Utah, RB Series A, 4.00%, 05/15/43		440		404,582
Series A, 3.00%, 05/15/50		1,985		1,323,683
				5,125,065
Virginia — 2.2%
Front Royal & Warren County Industrial Development Authority, RB, 4.00%, 01/01/50		1,465		1,171,081
Hampton Roads Transportation Accountability Commission, RB
Series A, 4.00%, 07/01/52		2,940		2,529,223

5

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Virginia (continued)
Hampton Roads Transportation Accountability Commission, RB (continued)
Series A, Senior Lien, 4.00%, 07/01/55	$	4,750	$	4,019,065
Series A, Senior Lien, 4.00%, 07/01/60		3,005		2,461,366
				10,180,735
Washington — 2.3%
Port of Seattle Washington, ARB
Series A, AMT, 5.00%, 05/01/43		2,980		2,873,262
Series C, AMT, 5.00%, 04/01/40		1,475		1,456,468
Port of Seattle Washington, Refunding ARB, AMT, Intermediate Lien, 5.50%, 08/01/47		1,265		1,273,691
Washington Health Care Facilities Authority, RB, Series A, Catholic Health Services, 5.75%, 01/01/23(c)		4,420		4,439,090
Washington Health Care Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44		685		551,648
				10,594,159
Wyoming — 0.7%
Wyoming Community Development Authority, RB, S/F Housing, Series 1, (FHLMC, FNMA, GNMA), 3.50%, 06/01/52		1,740		1,660,870
Wyoming Community Development Authority, Refunding RB, Series 3, (GNMA/FHLMC/FNMA COLL), 3.00%, 06/01/50		1,535		1,457,252
				3,118,122
Total Municipal Bonds — 149.1% (Cost: $780,470,199)				691,792,121
Municipal Bonds Transferred to Tender Option Bond Trusts(g)
Colorado — 0.9%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.25%, 12/01/48(h)		4,475		4,334,760
Georgia — 1.8%
Main Street Natural Gas Inc., RB, Series B, 5.00%, 12/01/52		8,582		8,473,019
Illinois — 0.6%
Illinois Finance Authority, Refunding RB
Series C, 4.00%, 02/15/27(c)		5		4,834
Series C, 4.00%, 02/15/41		2,800		2,499,386
				2,504,220
Massachusetts — 2.7%
Commonwealth of Massachusetts Transportation Fund Revenue, RB, BAB, Series A, 4.00%, 06/01/45		4,153		3,706,399
Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/47		9,088		8,727,951
				12,434,350
Nebraska — 0.9%
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53		4,109		4,025,085

Security	Par (000)		Value
New York — 3.8%
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60	$	2,655	$	2,193,343
New York State Urban Development Corp., Refunding RB, Series A, 4.00%, 03/15/46		13,160		10,355,649
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55		5,070		5,138,117
				17,687,109
North Carolina — 1.1%
Township of North Bergen New Jersey, Refunding GO, Series B, 5.00%, 10/01/25(c)		4,960		5,214,552
Pennsylvania — 1.0%
Pennsylvania Turnpike Commission, RB, Series A, 5.50%, 12/01/42		4,652		4,733,348
Texas — 1.1%
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23(c)		4,900		4,923,123
Virginia — 2.4%
Fairfax County Industrial Development Authority, Refunding RB, 4.00%, 05/15/42		3,532		3,185,506
Virginia Small Business Financing Authority, Refunding RB, Series A, 4.00%, 12/01/49		9,688		7,909,731
				11,095,237
Wisconsin — 1.0%
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/46		5,580		4,678,445
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 17.3% (Cost: $90,712,870)				80,103,248
Total Long-Term Investments — 166.4% (Cost: $871,183,069)				771,895,369
	Shares
Short-Term Securities
Money Market Funds — 2.0%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.83%(i)(j)		9,057,755		9,056,849
Total Short-Term Securities — 2.0% (Cost: $9,056,849)				9,056,849
Total Investments — 168.4% (Cost: $880,239,918)				780,952,218
Other Assets Less Liabilities — 1.6%				7,389,455
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (11.6)%				(53,732,059	)
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (58.4)%				(270,800,000	)
Net Assets Applicable to Common Shares — 100.0%			$	463,809,614

^(a)  When-issued security.

^(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.

SCHEDULE   OF  INVESTMENTS 6

Schedule of Investments (unaudited) (continued) October 31, 2022   BlackRock Municipal Income Trust (BFK)

^(c)  U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

^(d) Zero-coupon bond.

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

^(f) Non-income producing security.

^(g)  Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.

^(h)  All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreement, which expires on June 1, 2026, is $3,105,532.

⁽ⁱ⁾  Affiliate of the Fund.

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

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	6,373,192	$	2,687,488	(a)	$	—	$	(3,194	)	$	(637	)	$	9,056,849		9,057,755	$	39,939	$	—

^(a)  Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note		284		12/20/22	$	31,435	$	835,838
U.S. Long Bond		509		12/20/22		61,525		4,443,692
5-Year U.S. Treasury Note		230		12/30/22		24,527		375,072
							$	5,654,602

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

7

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Municipal Income Trust (BFK)

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$	—	$	691,792,121	$	—	$	691,792,121
Municipal Bonds Transferred to Tender Option Bond Trusts		—		80,103,248		—		80,103,248
Short-Term Securities
Money Market Funds		9,056,849		—		—		9,056,849
	$	9,056,849	$	771,895,369	$	—	$	780,952,218
Derivative Financial Instruments(a)
Assets
Interest Rate Contracts	$	5,654,602	$	—	$	—	$	5,654,602

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows:

	Level 1		Level 2			Level 3		Total
Liabilities
TOB Trust Certificates	$	—	$	(53,498,816	)	$	—	$	(53,498,816	)
VMTP Shares at Liquidation Value		—		(270,800,000	)		—		(270,800,000	)
	$	—	$	(324,298,816	)	$	—	$	(324,298,816	)

Portfolio Abbreviation
AGM	Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
ARB	Airport Revenue Bonds
BAB	Build America Bond
CAB	Capital Appreciation Bonds
COP	Certificates of Participation
FHA	Federal Housing Administration
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation Bonds
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
ST	Special Tax

SCHEDULE   OF  INVESTMENTS 8