BlackRock Municipal Income Trust (BFK) NPORT-P BlackRock Municipal Income Trust (Oct 2023 report)

Schedule of Investments (unaudited) October 31, 2023 BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds
Alabama — 6.6%
Black Belt Energy Gas District RB, Series B, 5.25%, 12/01/53(a)	$	5,455	$	5,490,451
Black Belt Energy Gas District, RB, Series F, 5.50%, 11/01/53(a)		795		803,732
County of Jefferson Alabama Sewer Revenue, Refunding RB
Series A, Senior Lien, (AGM), 5.00%, 10/01/44		1,555		1,532,068
Series A, Senior Lien, (AGM), 5.25%, 10/01/48		2,275		2,276,944
Series D, Sub Lien, 6.00%, 10/01/42		5,740		5,861,513
Series D, Sub Lien, 7.00%, 10/01/51		1,765		1,850,758
Energy Southeast A Cooperative District, RB(a)
Series A-1, 5.50%, 11/01/53		5,000		5,082,210
Series B-1, 5.75%, 04/01/54		5,940		6,142,747
Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53(a)		1,345		1,357,632
				30,398,055
Arizona — 5.1%
City of Phoenix Civic Improvement Corp., RB, 5.25%, 07/01/47(b)		3,335		3,461,187
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46(c) .		3,400		2,889,516
Salt Verde Financial Corp., RB 5.00%, 12/01/32		10,030		9,896,616
5.00%, 12/01/37		7,460		7,229,341
				23,476,660
Arkansas — 3.2%
Arkansas Development Finance Authority, RB
AMT, 5.70%, 05/01/53		855		776,276
AMT, 4.75%, 09/01/49(c)		4,665		4,282,077
City of Springdale Arkansas Sales & Use Tax Revenue, RB
Series B, (BAM), 4.13%, 08/01/47		9,465		8,253,626
Series B, (BAM), 4.13%, 08/01/50		1,500		1,314,276
				14,626,255
California — 8.3%
California Enterprise Development Authority, RB, 8.00%, 11/15/62(c)		750		662,368
California Health Facilities Financing Authority, Refunding RB, Series A-2, 4.00%, 11/01/44		9,825		8,798,125
California Municipal Finance Authority, RB, S/F Housing, Series A, 5.25%, 08/15/39		290	��	283,200
California Pollution Control Financing Authority, RB, AMT, 5.00%, 11/21/45(c)		2,970		2,804,628
City of Long Beach California Harbor Revenue, ARB, Series B, AMT, 5.00%, 05/15/43		2,000		2,000,554
City of Los Angeles Department of Airports, ARB, Series A, AMT, 4.00%, 05/15/42		2,685		2,312,972
City of Los Angeles Department of Airports, Refunding ARB, AMT, Subordinate, 5.00%, 05/15/46		2,325		2,278,235
CSCDA Community Improvement Authority, RB, M/F Housing(c) 4.00%, 12/01/56		330		208,260
Senior Lien, 3.13%, 06/01/57		1,155		660,822
Series A, Senior Lien, 4.00%, 12/01/58		585		395,626

Security	Par (000)		Value
California (continued)
Dublin Unified School District, GO, Series B, 4.13%, 08/01/49	$	3,475	$	3,179,999
Riverside County Transportation Commission, RB, CAB(d)
Series B, Senior Lien, 0.00%, 06/01/41		5,000		1,873,629
Series B, Senior Lien, 0.00%, 06/01/42		6,000		2,107,115
Series B, Senior Lien, 0.00%, 06/01/43		5,000		1,649,884
San Marcos Unified School District, GO, CAB(d)
Series B, Election 2010, 0.00%, 08/01/34		3,500		2,235,425
Series B, Election 2010, 0.00%, 08/01/36		4,000		2,249,470
Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48		4,550		4,425,276
				38,125,588
Colorado — 1.9%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series D, AMT, 5.75%, 11/15/45		835		869,743
Colorado Health Facilities Authority, RB 5.50%, 11/01/47		340		340,421
5.25%, 11/01/52		710		675,966
Denver City & County School District No. 1, GO, Series A, (SAW), 5.00%, 12/01/45		6,580		6,739,313
				8,625,443
Delaware — 0.6%
Delaware River & Bay Authority, Refunding RB, 4.00%, 01/01/44		2,935		2,582,956
District of Columbia — 7.8%
District of Columbia Income Tax Revenue, RB, Series A, 4.00%, 03/01/37		500		482,613
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40		22,365		23,005,665
District of Columbia, RB, Series A, 5.00%, 07/01/47		2,050		2,085,073
District of Columbia, Refunding GO, Series D, 4.00%, 02/01/46		5,895		5,082,442
Washington Metropolitan Area Transit Authority, RB, Series B, 5.00%, 07/01/42		5,000		4,950,668
				35,606,461
Florida — 0.8%
County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52		940		897,358
Florida Development Finance Corp., RB, Series A, 5.00%, 06/15/56		210		183,207
Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54		415		403,949
Stevens Plantation Community Development District, SAB, Series A, 7.10%, 05/01/35(e)(f)		3,159		2,116,314
				3,600,828
Georgia — 2.7%
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 06/01/53(a)		12,855		12,638,688
Illinois — 4.1%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/42		1,065		951,901
Series C, 5.25%, 12/01/35		2,905		2,832,151
Series D, 5.00%, 12/01/46		3,805		3,362,036
Series H, 5.00%, 12/01/36		920		867,597

1

Schedule of Investments (unaudited) (continued) October 31, 2023 BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Illinois (continued)
Chicago Board of Education, Refunding GO, Series G, 5.00%, 12/01/34	$	915	$	889,771
Cook County Community College District No. 508, GO, 5.50%, 12/01/38		1,525		1,488,082
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/46		3,455		3,448,237
State of Illinois, GO, 5.00%, 02/01/39		2,990		2,925,228
University of Illinois, RB, Series A, 5.00%, 04/01/44		1,910		1,912,384
				18,677,387
Indiana — 1.1%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		1,525		1,528,561
AMT, 7.00%, 01/01/44		3,680		3,687,971
				5,216,532
Iowa — 0.7%
University of Iowa Facilities Corp., RB 5.00%, 06/01/47		1,890		1,889,779
5.00%, 06/01/48		1,190		1,186,086
				3,075,865
Kentucky — 2.8%
Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52(a)		9,000		8,332,493
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Convertible, 6.75%, 07/01/43(g)		2,325		2,546,932
Kentucky State Property & Building Commission, RB(b)
Series A, 5.50%, 11/01/42		875		905,493
Series A, 5.50%, 11/01/43		1,165		1,202,599
				12,987,517
Louisiana — 0.2%
Tobacco Settlement Financing Corp. Refunding RB, Series A, 5.25%, 05/15/35		805		805,335
Maryland — 1.1%
Washington Suburban Sanitary Commission, RB, (GTD), 4.00%, 06/01/46		5,740		5,001,078
Massachusetts — 3.3%
Commonwealth of Massachusetts, GO, Series C, 5.00%, 10/01/52		2,715		2,749,920
Massachusetts Development Finance Agency, RB, 5.00%, 12/01/46		6,750		6,530,190
Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/47		1,815		1,800,324
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46		4,245		4,112,089
				15,192,523
Michigan — 8.9%
Lansing Community College, GO, 5.00%, 05/01/44		5,070		5,063,247
Michigan Finance Authority, RB
Series A, 5.00%, 11/15/48		10,650		10,081,320
Series S, 5.00%, 11/01/44		5,000		4,834,532
Michigan Finance Authority, Refunding RB, 5.00%, 11/15/41		5,785		5,675,338
Michigan State Building Authority, RB, Series I, 5.00%, 10/15/46		1,000		995,790

Security	Par (000)		Value
Michigan (continued)
Michigan State Building Authority, Refunding RB, Series II, 4.00%, 10/15/47	$	3,125	$	2,651,221
Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47		10,000		9,571,754
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43		2,120		1,971,145
				40,844,347
Minnesota — 0.6%
Duluth Economic Development Authority, Refunding RB, Series A, 5.25%, 02/15/58		2,940		2,816,255
New Hampshire(c) — 0.8%
New Hampshire Business Finance Authority, Refunding RB
Series B, 4.63%, 11/01/42		3,055		2,409,898
Series C, AMT, 4.88%, 11/01/42		1,585		1,228,358
				3,638,256
New Jersey — 11.1%
Casino Reinvestment Development Authority, Inc., Refunding RB 5.25%, 11/01/39		50		48,330
5.25%, 11/01/44		2,980		2,774,216
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37(e)(f)		3,680		45,448
New Jersey Economic Development Authority, ARB, Series B, AMT, 5.63%, 11/15/30		2,035		2,027,388
New Jersey Economic Development Authority, RB Class A, 5.25%, 11/01/47		3,415		3,461,224
Series EEE, 5.00%, 06/15/48		11,690		11,428,086
AMT, 5.38%, 01/01/43		2,285		2,212,364
New Jersey Economic Development Authority, Refunding SAB, 6.50%, 04/01/28		5,975		6,022,200
New Jersey Health Care Facilities Financing Authority, Refunding RB, 5.00%, 07/01/44		475		466,673
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series C, AMT, Subordinate, 5.00%, 12/01/52		2,485		2,302,512
New Jersey Transportation Trust Fund Authority, RB
Series AA, 4.00%, 06/15/50		3,170		2,605,878
Series S, 5.00%, 06/15/46		2,800		2,719,870
South Jersey Port Corp., ARB, Series A, 5.00%, 01/01/49		2,000		1,912,922
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/46		3,075		2,898,327
Sub-Series B, 5.00%, 06/01/46		10,900		10,121,912
				51,047,350
New York — 11.3%
Metropolitan Transportation Authority, Refunding RB
Series C-1, 4.75%, 11/15/45		3,210		2,952,303
Series C-1, 5.25%, 11/15/55		1,545		1,519,107
New York City Transitional Finance Authority Future Tax Secured Revenue, RB
Series D-1, 5.25%, 11/01/48		5,000		5,123,800
Series A-1, Subordinate, 4.00%, 08/01/48		2,000		1,691,446
New York Counties Tobacco Trust II, RB, 5.75%, 06/01/43		810		810,384
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(c)		3,200		3,199,901

SCHEDULE   OF   INVESTMENTS 2

Schedule of Investments (unaudited) (continued) October 31, 2023 BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
New York Counties Tobacco Trust VI, Refunding RB, Series A-2B, 5.00%, 06/01/51	$	6,395	$	5,473,828
New York Liberty Development Corp., Refunding RB(c)
Class 1, 5.00%, 11/15/44		6,230		5,559,398
Class 2, 5.38%, 11/15/40		1,655		1,529,694
New York Power Authority, RB, (AGM), 4.00%, 11/15/47		4,725		3,989,482
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/50		6,165		5,168,048
New York State Dormitory Authority, RB
Series A, 5.00%, 03/15/44		1,610		1,607,136
Series B, 5.00%, 02/15/35		7,500		7,570,738
New York State Urban Development Corp. RB, Series A, 4.00%, 03/15/45		1,915		1,660,082
New York Transportation Development Corp., ARB, Series A, AMT, 5.00%, 07/01/46		1,165		1,073,845
New York Transportation Development Corp., RB 5.63%, 04/01/40(b)		915		905,412
AMT, 5.00%, 10/01/35		2,125		2,027,894
				51,862,498
Ohio — 2.2%
Buckeye Tobacco Settlement Financing Authority, Refunding RB
Series A-2, 4.00%, 06/01/48		1,685		1,346,697
Series B-2, 5.00%, 06/01/55		5,330		4,358,349
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(c)		680		542,032
University of Cincinnati, RB, Series A, 5.00%, 06/01/45		2,500		2,509,007
University of Cincinnati, Refunding RB, Series A, 5.00%, 06/01/44		1,390		1,371,853
				10,127,938
Oklahoma — 0.3%
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52		1,735		1,494,409
Pennsylvania — 1.3%
Montgomery County Higher Education and Health Authority, Refunding RB 4.00%, 09/01/51		1,025		801,081
5.00%, 09/01/48		715		668,914
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42		1,660		1,525,523
Pennsylvania Turnpike Commission, Refunding RB, Series A-1, 5.00%, 12/01/45		3,000		2,911,537
				5,907,055
Puerto Rico — 5.1%
Commonwealth of Puerto Rico, GO
Series A-1, Restructured, 5.63%, 07/01/29		2,810		2,870,635
Series A-1, Restructured, 5.75%, 07/01/31		2,536		2,607,175
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		4,044		3,411,346
Series A-1, Restructured, 5.00%, 07/01/58		10,387		9,001,722

Security	Par (000)		Value
Puerto Rico (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued)
Series A-2, Restructured, 4.78%, 07/01/58	$	3,325	$	2,783,888
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(d)		10,165		2,512,670
				23,187,436
South Carolina — 3.6%
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a)		16,400		16,339,575
Tennessee — 5.2%
Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/45		2,545		2,441,579
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB 5.25%, 05/01/48		2,500		2,506,482
Series A, 5.00%, 07/01/46		6,590		6,347,065
Metropolitan Government Nashville & Davidson County Sports Authority, RB, Series B, Subordinate, (AGM), 5.25%, 07/01/48		2,900		2,906,852
Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a)		7,260		7,182,947
Tennessee Housing Development Agency, RB, S/F Housing, 6.25%, 01/01/54(b)		2,200		2,314,346
				23,699,271
Texas — 21.0%
Arlington Higher Education Finance Corp., RB(c) 7.50%, 04/01/62		845		739,305
7.88%, 11/01/62		720		677,864
Arlington Independent School District, Refunding GO, (PSF), 4.00%, 02/15/48		6,000		5,153,543
Bexar County Hospital District, GO, 5.00%, 02/15/47		5,000		5,008,376
City of Austin Texas Airport System Revenue, ARB
Series B, AMT, 5.00%, 11/15/44		3,630		3,462,581
Series B, AMT, 5.00%, 11/15/48		2,850		2,689,678
City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB, 5.00%, 10/01/46		3,550		3,579,354
City of Denton Texas, GO, 4.00%, 02/15/42		7,575		6,666,618
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, 5.25%, 02/01/41		1,010		1,064,690
County of Bexar Texas, Refunding GO, 4.00%, 06/15/40		12,075		10,989,755
Dallas Fort Worth International Airport, Refunding RB, Series B, 5.00%, 11/01/47		1,625		1,622,396
Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42		470		411,577
Harris County Cultural Education Facilities Finance Corp., Refunding RB, 4.00%, 10/01/41		2,000		1,748,112
Harris County Municipal Utility District No. 534, GO
(AGM), 5.00%, 09/01/47		1,750		1,682,986
(BAM), 5.00%, 09/01/47		1,100		1,058,002
Harris County-Houston Sports Authority, RB,
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/35(d)		5,000		2,442,029
Harris County-Houston Sports Authority, Refunding RB(d)
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24(h)		6,000		2,679,691
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/37		10,120		4,192,340

3

Schedule of Investments (unaudited) (continued) October 31, 2023 BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Texas (continued)
Harris County-Houston Sports Authority, Refunding RB(d) (continued)
Series A, Senior Lien, (AGM NPFGC), 0.00%, 11/15/38	$	12,580	$	5,153,054
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(d)(h)		15,200		6,704,968
North Texas Tollway Authority, Refunding RB, Series B, 5.00%, 01/01/43		3,900		3,905,591
Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/48		14,025		13,482,190
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA), 5.75%, 03/01/54		5,000		5,167,643
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58		2,310		2,105,117
Thrall Independent School District, GO, 5.25%, 02/15/48		3,525		3,645,798
				96,033,258
Washington — 1.1%
Washington Health Care Facilities Authority, RB
Series A, 5.00%, 08/15/40		2,000		2,002,175
Series A, 5.00%, 08/15/45		3,000		2,951,373
				4,953,548
Wisconsin — 1.1%
Wisconsin Health & Educational Facilities Authority, Refunding RB, Series A, 5.00%, 11/15/39		5,000		5,036,909
Total Municipal Bonds — 123.9% (Cost: $593,146,397)				567,625,276
Municipal Bonds Transferred to Tender Option Bond Trusts(i)
Illinois — 2.9%
Illinois State Toll Highway Authority, RB, Series B, 5.00%, 01/01/41		13,000		13,069,485
Michigan — 2.2%
State of Michigan Trunk Line Revenue, RB, 5.00%, 11/15/46		10,000		10,099,973
Nevada — 4.3%
County of Clark Nevada, GO, Series A, 5.00%, 05/01/48		19,650		19,726,798
New Jersey — 2.2%
New Jersey Turnpike Authority, RB, Series A, 5.00%, 01/01/48		10,000		9,947,582
New York — 2.3%
New York City Municipal Water Finance Authority, RB, Series DD, 5.25%, 06/15/46		10,000		10,365,227

Security	Par (000)		Value
Oregon — 2.8%
Port of Portland Oregon Airport Revenue, ARB, 5.50%, 07/01/48	$	12,705	$	12,907,784
Washington — 2.2%
State of Washington, GO, Series C, 5.00%, 02/01/47		10,000		10,150,168
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 18.9% (Cost: $88,187,055)				86,267,017
Total Long-Term Investments — 142.8% (Cost: $681,333,452)				653,892,293
	Shares
Short-Term Securities
Money Market Funds — 25.2%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.82%(j)(k)		115,581,164		115,581,164
Total Short-Term Securities — 25.2% (Cost: $115,581,164)				115,581,164
Total Investments — 168.0% (Cost: $796,914,616)				769,473,457
Other Assets Less Liabilities — 0.4%				2,141,656
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (9.3)%				(42,747,062	)
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (59.1)%				(270,800,000	)
Net Assets Applicable to Common Shares — 100.0%			$	458,068,051

^(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)  When-issued security.

^(c)  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.

^(d)  Zero-coupon bond.

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

^(f)  Non-income producing security.

^(g)  Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^(h)  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.

⁽ⁱ⁾  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.

^(j)  Affiliate of the Fund.

^(k)  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.

SCHEDULE   OF   INVESTMENTS 4

Schedule of Investments (unaudited) (continued) October 31, 2023 BlackRock Municipal Income Trust (BFK)

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/23		Shares Held at 10/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	24,056,456	$	91,523,785	(a)	$	—	$	934	$	(11	)	$	115,581,164		115,581,164	$	237,973	$	—

^(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		114		12/19/23	$	12,088	$	50,182
U.S. Long Bond		144		12/19/23		15,687		224,750
5-Year U.S. Treasury Note		90		12/29/23		9,400		(6,916	)
							$	268,016

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	$	—	$	567,625,276	$	—	$	567,625,276
Municipal Bonds Transferred to Tender Option Bond Trusts		—		86,267,017		—		86,267,017

5

Schedule of Investments (unaudited) (continued) October 31, 2023 BlackRock Municipal Income Trust (BFK)

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2		Level 3		Total
Short-Term Securities
Money Market Funds	$	115,581,164		$	—	$	—	$	115,581,164
	$	115,581,164		$	653,892,293	$	—	$	769,473,457
Derivative Financial Instruments(a)
Assets
Interest Rate Contracts	$	274,932		$	—	$	—	$	274,932
Liabilities
Interest Rate Contracts		(6,916	)		—		—		(6,916	)
	$	268,016		$	—	$	—	$	268,016

^(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	$	—	$	(42,679,997	)	$	—	$	(42,679,997	)
VMTP Shares at Liquidation Value		—		(270,800,000	)		—		(270,800,000	)
	$	—	$	(313,479,997	)	$	—	$	(313,479,997	)

Portfolio Abbreviation
AGM	Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
ARB	Airport Revenue Bonds
BAM	Build America Mutual Assurance Co.
CAB	Capital Appreciation Bonds
GNMA	Government National Mortgage Association
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
SAW	State Aid Withholding

SCHEDULE   OF   INVESTMENTS 6