Schedule of Investments (unaudited) April 30, 2023 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds | ||||||||
Alabama — 8.9% | ||||||||
Black Belt Energy Gas District, RB, Series F, 5.50%, 11/01/53(a) | $ | 795 | $ | 843,306 | ||||
County of Jefferson Alabama Sewer Revenue, Refunding RB | ||||||||
Series A, Senior Lien, (AGM), 5.00%, 10/01/44 | 1,555 | 1,581,026 | ||||||
Series A, Senior Lien, (AGM), 5.25%, 10/01/48 | 2,275 | 2,329,582 | ||||||
Series D, Sub Lien, 6.00%, 10/01/42 | 5,740 | 6,071,864 | ||||||
Series D, Sub Lien, 7.00%, 10/01/51 | 1,765 | 1,874,947 | ||||||
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46 | 2,110 | 2,142,943 | ||||||
Southeast Energy Authority A Cooperative District, RB(a) | ||||||||
Series A, 4.00%, 11/01/51 | 5,850 | 5,813,268 | ||||||
Series A, 5.25%, 01/01/54 | 14,000 | 14,897,204 | ||||||
Series A-1, 5.50%, 01/01/53 | 1,345 | 1,451,761 | ||||||
Series B, 4.00%, 12/01/51 | 9,000 | 8,902,548 | ||||||
|
| |||||||
45,908,449 | ||||||||
Arizona — 5.8% | ||||||||
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 | 905 | 766,204 | ||||||
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46(b) | 3,400 | 3,073,855 | ||||||
Maricopa County Industrial Development Authority, RB, Series A, 4.00%, 01/01/44 | 5,710 | 5,490,542 | ||||||
Salt River Project Agricultural Improvement & Power District, RB, 4.00%, 01/01/41 | 2,500 | 2,533,425 | ||||||
Salt Verde Financial Corp., RB | ||||||||
5.00%, 12/01/32 | 10,030 | 10,650,957 | ||||||
5.00%, 12/01/37 | 7,460 | 7,759,183 | ||||||
|
| |||||||
30,274,166 | ||||||||
Arkansas — 1.9% | ||||||||
Arkansas Development Finance Authority, RB, Series A, AMT, 4.75%, 09/01/49(b) | 4,665 | 4,286,967 | ||||||
University of Arkansas, RB, Series A, 5.00%, 04/01/47 | 5,000 | 5,497,035 | ||||||
|
| |||||||
9,784,002 | ||||||||
California — 7.0% | ||||||||
California Community Choice Financing Authority, RB, Series B-1, 4.00%, 02/01/52(a) | 250 | 251,764 | ||||||
California Educational Facilities Authority, RB, Series U-7, 5.00%, 06/01/46 | 1,895 | 2,232,556 | ||||||
California Enterprise Development Authority, RB, 8.00%, 11/15/62(b) | 750 | 743,729 | ||||||
California Health Facilities Financing Authority, Refunding RB | ||||||||
(BAM-TCRS), 4.00%, 08/15/48 | 1,200 | 1,162,913 | ||||||
Series A, 5.00%, 07/01/23(c) | 2,465 | 2,472,730 | ||||||
California Municipal Finance Authority, RB, S/F Housing | ||||||||
Series A, 5.25%, 08/15/39 | 290 | 292,159 | ||||||
Series A, 5.25%, 08/15/49 | 715 | 719,345 | ||||||
California Pollution Control Financing Authority, RB, Series A, AMT, 5.00%, 11/21/45(b) | 2,970 | 2,969,786 | ||||||
City of Los Angeles Department of Airports, ARB | ||||||||
Series A, AMT, 4.00%, 05/15/42 | 2,685 | 2,601,338 | ||||||
Series A, AMT, 5.25%, 05/15/48 | 3,395 | 3,523,745 | ||||||
Series B, Subordinate, 5.00%, 05/15/49 | 1,285 | 1,370,305 | ||||||
City of Los Angeles Department of Airports, Refunding ARB | ||||||||
AMT, Subordinate, 5.00%, 05/15/46 | 2,325 | 2,467,141 |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
City of Los Angeles Department of Airports, Refunding ARB (continued) | ||||||||
Series D, AMT, Subordinate, 4.00%, 05/15/51 | $ | 1,275 | $ | 1,197,952 | ||||
CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(b) | 475 | 328,533 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing(b) | ||||||||
4.00%, 12/01/56 | 330 | 236,834 | ||||||
Senior Lien, 3.13%, 06/01/57 | 1,155 | 794,237 | ||||||
Series A, Senior Lien, 4.00%, 12/01/58 | 585 | 452,711 | ||||||
Riverside County Transportation Commission, RB, CAB(d) | ||||||||
Series B, Senior Lien, 0.00%, 06/01/41 | 5,000 | 2,241,865 | ||||||
Series B, Senior Lien, 0.00%, 06/01/42 | 6,000 | 2,550,378 | ||||||
Series B, Senior Lien, 0.00%, 06/01/43 | 5,000 | 2,022,800 | ||||||
San Marcos Unified School District, GO, CAB(d) | ||||||||
Series B, Election 2010, 0.00%, 08/01/34 | 3,500 | 2,470,006 | ||||||
Series B, Election 2010, 0.00%, 08/01/36 | 4,000 | 2,507,608 | ||||||
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23(c) | 690 | 698,716 | ||||||
|
| |||||||
36,309,151 | ||||||||
Colorado — 2.7% | ||||||||
Board of Governors of Colorado State University System, Refunding RB, Series C, 4.00%, 03/01/47 | 4,065 | 4,011,988 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB | ||||||||
Series A, AMT, 5.50%, 11/15/53 | 3,420 | 3,733,440 | ||||||
Series D, AMT, 5.75%, 11/15/45 | 835 | 942,789 | ||||||
Colorado Health Facilities Authority, RB | ||||||||
5.50%, 11/01/47 | 340 | 365,188 | ||||||
5.25%, 11/01/52 | 710 | 746,015 | ||||||
Colorado Health Facilities Authority, Refunding RB | ||||||||
Series A, 5.00%, 08/01/44 | 3,000 | 3,117,918 | ||||||
Series A, 4.00%, 11/15/50 | 1,075 | 1,002,140 | ||||||
|
| |||||||
13,919,478 | ||||||||
Delaware — 1.2% | ||||||||
Delaware River & Bay Authority, Refunding RB, 4.00%, 01/01/44 | 2,935 | 2,885,713 | ||||||
Delaware State Health Facilities Authority, Refunding RB, 4.00%, 10/01/49 | 3,535 | 3,319,902 | ||||||
|
| |||||||
6,205,615 | ||||||||
District of Columbia — 8.2% | ||||||||
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40 | 23,035 | 23,681,777 | ||||||
District of Columbia, Refunding GO, Series D, 4.00%, 02/01/46 | 5,895 | 5,845,476 | ||||||
District of Columbia, Refunding RB | ||||||||
5.00%, 10/01/48 | 4,590 | 4,689,920 | ||||||
Series A, 6.00%, 07/01/23(c) | 1,480 | 1,486,646 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 4.00%, 10/01/39 | 765 | 757,208 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49 | 3,625 | 3,403,335 | ||||||
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, 4.00%, 07/15/46 | 2,370 | 2,343,987 | ||||||
|
| |||||||
42,208,349 |
1 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Florida — 1.2% | ||||||||
Broward County Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/45 | $ | 425 | $ | 419,151 | ||||
County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52 | 940 | 999,608 | ||||||
Florida Development Finance Corp., RB, Series A, 5.00%, 06/15/56 | 210 | 203,271 | ||||||
Orange County Health Facilities Authority, RB, 4.00%, 10/01/52 | 3,015 | 2,783,759 | ||||||
Stevens Plantation Community Development District, SAB, Series A, 7.10%, 05/01/35(e)(f) | 3,158 | 2,001,047 | ||||||
|
| |||||||
6,406,836 | ||||||||
Georgia — 5.1% | ||||||||
Cobb County Kennestone Hospital Authority, RB, 4.00%, 04/01/52 | 2,290 | 2,092,018 | ||||||
Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51 | 1,050 | 965,849 | ||||||
Georgia Ports Authority, ARB, 4.00%, 07/01/52 | 1,380 | 1,326,490 | ||||||
Main Street Natural Gas, Inc., RB | ||||||||
Series A, 5.00%, 05/15/35 | 990 | 1,046,077 | ||||||
Series A, 5.00%, 05/15/36 | 990 | 1,031,993 | ||||||
Series A, 5.00%, 05/15/37 | 1,085 | 1,115,230 | ||||||
Series A, 5.00%, 05/15/38 | 600 | 613,045 | ||||||
Series A, 5.00%, 05/15/49 | 1,990 | 1,958,948 | ||||||
Series A, 5.00%, 06/01/53(a) | 4,275 | 4,502,819 | ||||||
Series B, 5.00%, 12/01/52 | 8,580 | 8,987,490 | ||||||
Municipal Electric Authority of Georgia, RB, 4.00%, 01/01/49 | 2,190 | 1,930,154 | ||||||
Municipal Electric Authority of Georgia, Refunding RB, 4.00%, 01/01/51 | 955 | 827,784 | ||||||
|
| |||||||
26,397,897 | ||||||||
Illinois — 11.7% | ||||||||
Chicago Board of Education, GO | ||||||||
Series A, 5.00%, 12/01/42 | 1,065 | 1,053,263 | ||||||
Series C, 5.25%, 12/01/35 | 2,905 | 2,934,881 | ||||||
Series D, 5.00%, 12/01/46 | 3,805 | 3,760,951 | ||||||
Series H, 5.00%, 12/01/36 | 920 | 930,055 | ||||||
Chicago Board of Education, Refunding GO | ||||||||
Series C, 5.00%, 12/01/25 | 1,280 | 1,302,812 | ||||||
Series D, 5.00%, 12/01/25 | 1,650 | 1,679,408 | ||||||
Series G, 5.00%, 12/01/34 | 915 | 936,698 | ||||||
Chicago O’Hare International Airport, Refunding ARB, Series B, Senior Lien, 5.00%, 01/01/53 | 2,905 | 3,020,660 | ||||||
Cook County Community College District No. 508, GO, 5.50%, 12/01/38 | 1,525 | 1,529,307 | ||||||
Illinois Finance Authority, RB | ||||||||
Series A, 5.00%, 02/15/47 | 475 | 460,177 | ||||||
Series A, 5.00%, 02/15/50 | 265 | 252,742 | ||||||
Illinois Finance Authority, Refunding RB | ||||||||
Series A, 5.25%, 05/15/48 | 3,330 | 3,732,677 | ||||||
Series C, 4.00%, 02/15/27(c) | 125 | 130,989 | ||||||
Series C, 4.00%, 02/15/41 | 2,675 | 2,638,398 | ||||||
Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46 | 3,035 | 2,917,709 | ||||||
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57 | 1,760 | 1,765,385 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, Series B, (AGM), 0.00%, 06/15/44(d) | 10,455 | 3,863,844 | ||||||
State of Illinois, GO | ||||||||
5.00%, 02/01/39 | 2,990 | 3,000,671 |
Security | Par (000) | Value | ||||||
Illinois (continued) | ||||||||
State of Illinois, GO (continued) | ||||||||
Series A, 5.00%, 04/01/38 | $ | 9,030 | $ | 9,067,285 | ||||
State of Illinois, Refunding GO | ||||||||
Series A, 5.00%, 10/01/30 | 10,400 | 11,289,096 | ||||||
Series B, 5.00%, 10/01/28 | 1,965 | 2,133,760 | ||||||
University of Illinois, RB, Series A, 5.00%, 04/01/44 | 1,910 | 1,928,443 | ||||||
|
| |||||||
60,329,211 | ||||||||
Indiana — 2.8% | ||||||||
City of Valparaiso Indiana, RB | ||||||||
AMT, 6.75%, 01/01/34 | 1,525 | 1,550,219 | ||||||
AMT, 7.00%, 01/01/44 | 3,680 | 3,733,051 | ||||||
Indiana Finance Authority, RB(c) | ||||||||
Series A, AMT, 5.00%, 07/01/23 | 3,785 | 3,793,378 | ||||||
Series A, AMT, 5.25%, 07/01/23 | 790 | 792,311 | ||||||
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40 | 2,490 | 2,492,017 | ||||||
Indianapolis Local Public Improvement Bond Bank, Refunding RB, Series A, 5.00%, 02/01/44 | 2,010 | 2,132,316 | ||||||
|
| |||||||
14,493,292 | ||||||||
Kansas — 0.1% | ||||||||
Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52 | 505 | 473,815 | ||||||
|
| |||||||
Kentucky — 0.5% | ||||||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 0.00%, 07/01/43 | 2,325 | 2,651,532 | ||||||
|
| |||||||
Louisiana — 0.3% | ||||||||
Lafayette Parish School Board Sale Tax Revenue, RB, 4.00%, 04/01/53 | 730 | 665,853 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35 | 805 | 809,013 | ||||||
|
| |||||||
1,474,866 | ||||||||
Maryland — 1.3% | ||||||||
Maryland Health & Higher Educational Facilities Authority, RB, Series B, 4.00%, 04/15/50 | 1,195 | 1,145,460 | ||||||
Washington Suburban Sanitary Commission, RB, (GTD), 4.00%, 06/01/46 | 5,740 | 5,748,065 | ||||||
|
| |||||||
6,893,525 | ||||||||
Massachusetts — 5.8% | ||||||||
Commonwealth of Massachusetts Transportation Fund Revenue, RB | ||||||||
5.00%, 06/01/49 | 1,590 | 1,706,312 | ||||||
Series A, 4.00%, 06/01/45 | 4,150 | 4,078,728 | ||||||
Commonwealth of Massachusetts, GO | ||||||||
Series C, 5.00%, 10/01/47 | 2,620 | 2,903,405 | ||||||
Series C, 5.00%, 10/01/52 | 2,715 | 2,976,637 | ||||||
Massachusetts Development Finance Agency, RB, 5.00%, 12/01/46 | 6,750 | 6,906,033 | ||||||
Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/47 | 9,085 | 9,335,146 | ||||||
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46 | 2,245 | 2,358,604 | ||||||
|
| |||||||
30,264,865 | ||||||||
Michigan — 4.4% | ||||||||
Great Lakes Water Authority Sewage Disposal System Revenue, RB | ||||||||
Series B, 2nd Lien, 5.25%, 07/01/47 | 1,075 | 1,149,548 |
SCHEDULE OF INVESTMENTS | 2 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Michigan (continued) | ||||||||
Great Lakes Water Authority Sewage Disposal System Revenue, RB (continued) | ||||||||
Series B, 2nd Lien, 5.50%, 07/01/52 | $ | 2,530 | $ | 2,729,620 | ||||
Series A, Senior Lien, 5.25%, 07/01/52 | 2,530 | 2,752,713 | ||||||
Great Lakes Water Authority Water Supply System Revenue, RB | ||||||||
Series A, Senior Lien, 5.25%, 07/01/52 | 2,530 | 2,747,284 | ||||||
Series B, Senior Lien, 5.50%, 07/01/52 | 2,530 | 2,755,759 | ||||||
Michigan Finance Authority, RB | ||||||||
4.00%, 02/15/50 | 4,530 | 4,217,462 | ||||||
4.00%, 02/15/44 | 1,640 | 1,583,628 | ||||||
Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/49 | 2,960 | 2,740,454 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 | 2,120 | 2,148,455 | ||||||
|
| |||||||
22,824,923 | ||||||||
Minnesota — 1.2% | ||||||||
Duluth Economic Development Authority, Refunding RB | ||||||||
Series A, 4.25%, 02/15/48 | 2,030 | 1,958,211 | ||||||
Series A, 5.25%, 02/15/53 | 1,120 | 1,157,437 | ||||||
Series A, 5.25%, 02/15/58 | 2,940 | 3,030,617 | ||||||
|
| |||||||
6,146,265 | ||||||||
Missouri — 0.6% | ||||||||
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, 5.50%, 05/01/43 | 480 | 480,000 | ||||||
Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54 | 2,560 | 2,622,108 | ||||||
|
| |||||||
3,102,108 | ||||||||
Nebraska — 2.4% | ||||||||
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53 | 4,110 | 4,288,616 | ||||||
Omaha Public Power District, RB, Series A, (AGM-CR), 4.00%, 02/01/51 | 8,425 | 8,021,788 | ||||||
|
| |||||||
12,310,404 | ||||||||
New Hampshire(b) — 0.8% | ||||||||
New Hampshire Business Finance Authority, Refunding RB | ||||||||
Series B, 4.63%, 11/01/42 | 3,055 | 2,570,257 | ||||||
Series C, AMT, 4.88%, 11/01/42 | 1,585 | 1,377,243 | ||||||
|
| |||||||
3,947,500 | ||||||||
New Jersey — 13.2% | ||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB | ||||||||
5.25%, 11/01/39 | 3,280 | 3,325,894 | ||||||
5.25%, 11/01/44 | 2,980 | 3,003,721 | ||||||
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37(e)(f) | 3,680 | 37,793 | ||||||
New Jersey Economic Development Authority, ARB, Series B, AMT, 5.63%, 11/15/30 | 2,035 | 2,058,714 | ||||||
New Jersey Economic Development Authority, RB | ||||||||
Class A, 5.25%, 11/01/47 | 3,415 | 3,739,630 | ||||||
Series EEE, 5.00%, 06/15/48 | 11,690 | 12,218,809 | ||||||
AMT, 5.38%, 01/01/43 | 2,285 | 2,290,137 | ||||||
New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47 | 2,905 | 2,740,525 | ||||||
New Jersey Economic Development Authority, Refunding SAB, 6.50%, 04/01/28 | 6,690 | 7,019,285 |
Security | Par (000) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB | ||||||||
Series B, AMT, 4.00%, 12/01/41 | $ | 2,455 | $ | 2,441,709 | ||||
Series C, AMT, Subordinate, 5.00%, 12/01/52 | 2,485 | 2,567,082 | ||||||
New Jersey Transportation Trust Fund Authority, RB | ||||||||
Series AA, 5.00%, 06/15/44 | 2,445 | 2,450,103 | ||||||
Series AA, 4.00%, 06/15/50 | 3,170 | 2,913,464 | ||||||
Series S, 5.00%, 06/15/46 | 2,800 | 2,936,914 | ||||||
New Jersey Turnpike Authority, RB, Series E, 5.00%, 01/01/45 | 5,095 | 5,204,308 | ||||||
South Jersey Port Corp., ARB, Series A, 5.00%, 01/01/49 | 2,000 | 2,042,738 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.25%, 06/01/46 | 1,070 | 1,114,744 | ||||||
Sub-Series B, 5.00%, 06/01/46 | 10,125 | 10,044,972 | ||||||
|
| |||||||
68,150,542 | ||||||||
New York — 20.5% | ||||||||
City of New York, GO | ||||||||
Series A-1, 4.00%, 09/01/46 | 1,565 | 1,521,482 | ||||||
Series C, 5.00%, 08/01/43 | 2,255 | 2,457,531 | ||||||
Metropolitan Transportation Authority, RB | ||||||||
Series B, 5.25%, 11/15/38 | 4,640 | 4,716,045 | ||||||
Series B, 5.25%, 11/15/39 | 1,650 | 1,676,999 | ||||||
Metropolitan Transportation Authority, Refunding RB | ||||||||
Series C-1, 4.75%, 11/15/45 | 3,210 | 3,249,050 | ||||||
Series C-1, 5.00%, 11/15/50 | 1,040 | 1,066,691 | ||||||
Series C-1, 5.25%, 11/15/55 | 1,545 | 1,610,097 | ||||||
New York City Municipal Water Finance Authority, RB, Series CC-1, Subordinate, 5.00%, 06/15/51 | 4,350 | 4,718,689 | ||||||
New York City Municipal Water Finance Authority, Refunding RB, Series BB-1, 4.00%, 06/15/45 | 1,485 | 1,475,774 | ||||||
New York Counties Tobacco Trust II, RB, 5.75%, 06/01/43 | 825 | 826,242 | ||||||
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(b) | 3,300 | 3,300,488 | ||||||
New York Counties Tobacco Trust VI, Refunding RB, Series A-2B, 5.00%, 06/01/45 | 9,395 | 8,857,127 | ||||||
New York Liberty Development Corp., Refunding RB | ||||||||
Class 2, 5.38%, 11/15/40(b) | 1,655 | 1,656,451 | ||||||
Series 1, 5.00%, 11/15/44(b) | 7,830 | 7,554,266 | ||||||
Series A, 3.00%, 11/15/51 | 3,570 | 2,586,383 | ||||||
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55 | 2,655 | 2,512,373 | ||||||
New York State Dormitory Authority, RB, Series A, 4.00%, 03/15/47 | 1,475 | 1,446,951 | ||||||
New York State Dormitory Authority, Refunding RB | ||||||||
Series A, 4.00%, 03/15/44 | 2,190 | 2,140,471 | ||||||
Series A, 4.00%, 03/15/47 | 7,555 | 7,329,408 | ||||||
Series A, 4.00%, 03/15/48 | 1,340 | 1,294,061 | ||||||
Series D, 5.00%, 02/15/48 | 6,590 | 7,044,315 | ||||||
New York State Urban Development Corp., RB | ||||||||
Series A, 4.00%, 03/15/46 | 13,155 | 12,720,490 | ||||||
Series A, 4.00%, 03/15/49 | 1,790 | 1,737,420 | ||||||
New York State Urban Development Corp., Refunding RB | ||||||||
4.00%, 03/15/49 | 2,075 | 1,990,498 | ||||||
Series E, 4.00%, 03/15/46 | 5,865 | 5,688,176 | ||||||
New York Transportation Development Corp., ARB, Series A, AMT, 5.00%, 07/01/46 | 1,165 | 1,152,858 |
3 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35 | $ | 2,125 | $ | 2,230,787 | ||||
Port Authority of New York & New Jersey, Refunding ARB | ||||||||
194th Series, 5.25%, 10/15/55 | 5,065 | 5,235,032 | ||||||
Series 189, 5.00%, 05/01/45 | 1,150 | 1,180,011 | ||||||
Triborough Bridge & Tunnel Authority, RB | ||||||||
Series A, 5.00%, 11/15/49 | 1,725 | 1,850,100 | ||||||
Series A, 5.00%, 11/15/54 | 1,665 | 1,774,064 | ||||||
Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44 | 1,546 | 1,536,192 | ||||||
|
| |||||||
106,136,522 | ||||||||
Ohio — 4.4% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB | ||||||||
Series A-2, 4.00%, 06/01/48 | 1,685 | 1,489,478 | ||||||
Series B-2, Class 2, 5.00%, 06/01/55 | 7,000 | 6,522,733 | ||||||
County of Franklin Ohio, RB | ||||||||
5.00%, 05/15/40 | 900 | 920,591 | ||||||
Series A, 4.00%, 12/01/44 | 1,015 | 966,687 | ||||||
County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49 | 1,080 | 1,202,594 | ||||||
County of Hamilton Ohio, Refunding RB | ||||||||
4.00%, 08/15/50 | 1,200 | 1,118,462 | ||||||
Series A, 3.75%, 08/15/50 | 2,110 | 1,866,867 | ||||||
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b) | 680 | 626,064 | ||||||
State of Ohio, RB, AMT, 5.00%, 06/30/53 | 1,585 | 1,586,075 | ||||||
Worthington City School District, GO, Series C, 5.00%, 12/01/48 | 5,810 | 6,394,143 | ||||||
|
| |||||||
22,693,694 | ||||||||
Oklahoma — 1.2% | ||||||||
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52 | 2,350 | 2,185,578 | ||||||
Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 | 4,065 | 3,981,411 | ||||||
|
| |||||||
6,166,989 | ||||||||
Oregon — 2.7% | ||||||||
Port of Portland Oregon Airport Revenue, Refunding ARB, 29th Series, AMT, 5.50%, 07/01/48 | 12,705 | 14,025,964 | ||||||
|
| |||||||
Pennsylvania — 4.0% | ||||||||
Allegheny County Airport Authority, ARB, Series A, AMT, (AGM-CR), 4.00%, 01/01/56 | 1,210 | 1,102,158 | ||||||
Montgomery County Higher Education and Health Authority, Refunding RB | ||||||||
4.00%, 09/01/51 | 1,025 | 924,016 | ||||||
Series A, 5.00%, 09/01/48 | 715 | 732,055 | ||||||
Series A, 4.00%, 09/01/49 | 1,135 | 1,031,214 | ||||||
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42 | 1,660 | 1,664,359 | ||||||
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 2022, 4.25%, 10/01/52 | 2,235 | 2,279,671 | ||||||
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series B, 4.00%, 12/01/53 | 2,195 | 2,055,675 | ||||||
Pennsylvania Turnpike Commission, RB Series A, 5.00%, 12/01/44 | 2,155 | 2,190,245 |
Security | Par (000) | Value | ||||||
Pennsylvania (continued) | ||||||||
Pennsylvania Turnpike Commission, RB (continued) | ||||||||
Series A, Subordinate, (BAM-TCRS), 4.00%, 12/01/50 | $ | 1,485 | $ | 1,440,631 | ||||
Pennsylvania Turnpike Commission, Refunding RB | ||||||||
Series A-1, 5.00%, 12/01/45 | 3,000 | 3,060,372 | ||||||
Series C, 4.00%, 12/01/51 | 4,320 | 4,101,896 | ||||||
|
| |||||||
20,582,292 | ||||||||
Puerto Rico — 5.2% | ||||||||
Commonwealth of Puerto Rico, GO | ||||||||
Series A1, Restructured, 5.63%, 07/01/29 | 2,810 | 2,980,979 | ||||||
Series A1, Restructured, 5.75%, 07/01/31 | 2,536 | 2,732,674 | ||||||
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, Series A1, Restructured, 4.75%, 07/01/53 | 4,044 | 3,796,673 | ||||||
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, CAB, Series A1, Restructured, 0.00%, 07/01/46(d) | 10,165 | 2,763,996 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A1, Restructured, 5.00%, 07/01/58 | 10,387 | 9,988,794 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 3,325 | 3,079,665 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 1,950 | 1,811,335 | ||||||
|
| |||||||
27,154,116 | ||||||||
Rhode Island — 0.3% | ||||||||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/35 | 1,450 | 1,465,849 | ||||||
|
| |||||||
South Carolina — 4.3% | ||||||||
South Carolina Jobs-Economic Development Authority, Refunding RB | ||||||||
4.00%, 12/01/44 | 3,690 | 3,600,554 | ||||||
Series A, 5.00%, 05/01/48 | 2,440 | 2,477,005 | ||||||
South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49 | 1,275 | 1,163,700 | ||||||
South Carolina Public Service Authority, RB, Series A, 5.50%, 12/01/54 | 12,065 | 12,174,237 | ||||||
South Carolina Public Service Authority, Refunding RB, Series A, 5.00%, 12/01/50 | 2,805 | 2,820,672 | ||||||
|
| |||||||
22,236,168 | ||||||||
Tennessee — 2.2% | ||||||||
Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/45 | 2,545 | 2,650,075 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40 | 1,350 | 1,381,446 | ||||||
Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a) | 7,260 | 7,517,084 | ||||||
|
| |||||||
11,548,605 | ||||||||
Texas — 13.1% | ||||||||
Arlington Higher Education Finance Corp., RB(b) | ||||||||
7.50%, 04/01/62 | 845 | 896,952 | ||||||
7.88%, 11/01/62 | 720 | 740,467 | ||||||
City of Austin Texas Airport System Revenue, ARB, Series B, AMT, 5.00%, 11/15/44 | 3,630 | 3,766,818 | ||||||
County of Bexar Texas, Refunding GO, 4.00%, 06/15/40 | 12,075 | 12,073,092 |
SCHEDULE OF INVESTMENTS | 4 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42 | $ | 470 | $ | 437,220 | ||||
Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48 | 590 | 580,650 | ||||||
Harris County Cultural Education Facilities Finance Corp., Refunding RB | ||||||||
4.00%, 10/01/41 | 2,000 | 1,993,360 | ||||||
4.00%, 10/01/47 | 360 | 344,316 | ||||||
Harris County-Houston Sports Authority, Refunding RB(d) | ||||||||
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24(c) | 6,000 | 2,660,184 | ||||||
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/37 | 10,120 | 4,372,680 | ||||||
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/35 | 5,000 | 2,596,260 | ||||||
Series A, Senior Lien, (AGM NPFGC), 0.00%, 11/15/38 | 12,580 | 5,382,403 | ||||||
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(c)(d) | 15,200 | 6,893,252 | ||||||
San Antonio Public Facilities Corp., Refunding RB, Convertible, 4.00%, 09/15/42 | 5,500 | 5,349,421 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB | ||||||||
Series A, 4.00%, 07/01/53 | 1,220 | 1,111,211 | ||||||
Series A, 5.00%, 07/01/53 | 1,500 | 1,561,326 | ||||||
Series B, 5.00%, 07/01/48 | 9,025 | 9,292,546 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58 | 2,310 | 2,311,959 | ||||||
Texas Water Development Board, RB | ||||||||
4.00%, 10/15/45 | 2,615 | 2,595,249 | ||||||
4.00%, 04/15/51 | 1,015 | 995,231 | ||||||
4.80%, 10/15/52 | 2,000 | 2,132,278 | ||||||
|
| |||||||
68,086,875 | ||||||||
Utah — 0.3% | ||||||||
City of Salt Lake City Utah Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/48 | 1,735 | 1,770,722 | ||||||
|
| |||||||
Virginia — 2.3% | ||||||||
Front Royal & Warren County Industrial Development Authority, RB, 4.00%, 01/01/50 | 1,465 | 1,356,624 | ||||||
Hampton Roads Transportation Accountability Commission, RB | ||||||||
Series A, 4.00%, 07/01/52 | 5,305 | 5,099,659 | ||||||
Series A, Senior Lien, 4.00%, 07/01/50 | 1,075 | 1,023,175 | ||||||
Series A, Senior Lien, 4.00%, 07/01/55 | 4,750 | 4,558,575 | ||||||
|
| |||||||
12,038,033 | ||||||||
Washington — 1.9% | ||||||||
Port of Seattle Washington, ARB | ||||||||
Series A, AMT, 5.00%, 05/01/43 | 2,980 | 3,065,839 | ||||||
Series C, AMT, 5.00%, 04/01/40 | 1,475 | 1,494,027 | ||||||
Washington Health Care Facilities Authority, RB | ||||||||
Series A, 5.00%, 08/15/40 | 2,000 | 2,026,874 | ||||||
Series A, 5.00%, 08/15/45 | 3,000 | 3,029,466 | ||||||
|
| |||||||
9,616,206 |
Security | Par (000) | Value | ||||||
| ||||||||
Wisconsin — 1.0% | ||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, Series A, 5.00%, 11/15/39 | $ | 5,000 | $ | 5,152,250 | ||||
|
| |||||||
Total Municipal Bonds — 150.5% |
| 779,151,076 | ||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(g) |
| |||||||
Wisconsin — 1.0% | ||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/46 | 5,580 | 5,307,043 | ||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 1.0% |
| 5,307,043 | ||||||
|
| |||||||
Total Long-Term Investments — 151.5% |
| 784,458,119 | ||||||
|
| |||||||
Shares | ||||||||
| ||||||||
Short-Term Securities |
| |||||||
Money Market Funds — 0.6% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.27%(h)(i) | 2,983,241 | 2,982,942 | ||||||
|
| |||||||
Total Short-Term Securities — 0.6% |
| 2,982,942 | ||||||
|
| |||||||
Total Investments — 152.1% |
| 787,441,061 | ||||||
Other Assets Less Liabilities — 0.7% |
| 3,842,387 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (0.5)% |
| (2,824,372 | ) | |||||
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (52.3)% |
| (270,800,000 | ) | |||||
|
| |||||||
Net Assets Applicable to Common Shares — 100.0% |
| $ | 517,659,076 | |||||
|
|
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | 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) | Affiliate of the Fund. |
(i) | 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.
5 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Municipal Income Trust (BFK) |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/22 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 04/30/23 | Shares Held at 04/30/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 6,373,192 | $ | — | $ | (3,395,467 | )(a) | $ | 5,572 | $ | (355 | ) | $ | 2,982,942 | 2,983,241 | $ | 181,158 | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 108 | 06/21/23 | $ | 12,469 | $ | 26,330 | ||||||||||
U.S. Long Bond | 165 | 06/21/23 | 21,759 | (42,014 | ) | |||||||||||
5-Year U.S. Treasury Note | 103 | 06/30/23 | 11,325 | 17,060 | ||||||||||||
|
| |||||||||||||||
$ | 1,376 | |||||||||||||||
|
|
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 779,151,076 | $ | — | $ | 779,151,076 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 5,307,043 | — | 5,307,043 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 2,982,942 | — | — | 2,982,942 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 2,982,942 | $ | 784,458,119 | $ | — | $ | 787,441,061 | |||||||||
|
|
|
|
|
|
|
|
SCHEDULE OF INVESTMENTS | 6 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Municipal Income Trust (BFK) |
Fair Value Hierarchy as of Period End (continued)
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||
Assets | ||||||||||||||||
Interest Rate Contracts | $ | 43,390 | $ | — | $ | — | $ | 43,390 | ||||||||
Liabilities | ||||||||||||||||
Interest Rate Contracts | (42,014 | ) | — | — | (42,014 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,376 | $ | — | $ | — | $ | 1,376 | |||||||||
|
|
|
|
|
|
|
|
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 | $ | — | $ | (2,790,000 | ) | $ | — | $ | (2,790,000 | ) | ||||||
VMTP Shares at Liquidation Value | — | (270,800,000 | ) | — | (270,800,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | — | $ | (273,590,000 | ) | $ | — | $ | (273,590,000 | ) | |||||||
|
|
|
|
|
|
|
|
Portfolio Abbreviation | ||
AGM | Assured Guaranty Municipal Corp. | |
AGM-CR | AGM Insured Custodial Receipt | |
AMT | Alternative Minimum Tax | |
ARB | Airport Revenue Bonds | |
BAM-TCRS | Build America Mutual Assurance Co.- Transferable Custodial Receipts | |
CAB | Capital Appreciation Bonds | |
CR | Custodian Receipt | |
GO | General Obligation Bonds | |
GTD | GTD Guaranteed | |
M/F | Multi-Family | |
NPFGC | National Public Finance Guarantee Corp. | |
PSF | Permanent School Fund | |
RB | Revenue Bond | |
S/F | Single-Family | |
SAB | Special Assessment Bonds |
7 |