Schedule of Investments (unaudited)
April 30, 2024
BlackRock Municipal Income Trust (BFK)
(Percentages shown are based on Net Assets)
Security | Par (000) | Value | |
Municipal Bonds | |||
Alabama — 6.7% | |||
Alabama Corrections Institution Finance Authority, RB, 5.25%, 07/01/47 | $ | 870 | $ 943,730 |
Black Belt Energy Gas District, RB(a) | |||
Series B, 5.25%, 12/01/53 | 5,455 | 5,819,131 | |
Series C, 5.50%, 10/01/54 | 10,000 | 10,761,997 | |
Series F, 5.50%, 11/01/53 | 795 | 836,342 | |
Energy Southeast A Cooperative District, RB(a) | |||
Series B, 5.25%, 07/01/54 | 6,575 | 6,950,548 | |
Series B-1, 5.75%, 04/01/54 | 5,940 | 6,464,411 | |
Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53(a) | 1,345 | 1,425,915 | |
33,202,074 | |||
Arizona — 4.7% | |||
City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47 | 3,335 | 3,676,006 | |
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46(b) | 3,400 | 3,143,699 | |
Salt Verde Financial Corp., RB | |||
5.00%, 12/01/32 | 8,000 | 8,419,683 | |
5.00%, 12/01/37 | 7,460 | 7,914,237 | |
23,153,625 | |||
Arkansas — 1.1% | |||
Arkansas Development Finance Authority, RB | |||
AMT, 4.75%, 09/01/49(b) | 4,665 | 4,547,132 | |
AMT, Sustainability Bonds, 5.70%, 05/01/53 | 855 | 874,364 | |
5,421,496 | |||
California — 4.8% | |||
California Enterprise Development Authority, RB, 8.00%, 11/15/62(b) | 750 | 735,852 | |
California Pollution Control Financing Authority, RB, AMT, 5.00%, 11/21/45(b) | 2,970 | 2,969,785 | |
City of Long Beach California Harbor Revenue, ARB, Series B, AMT, Sustainability Bonds, 5.00%, 05/15/43 | 2,000 | 2,042,364 | |
City of Los Angeles Department of Airports, Refunding ARB, AMT, Subordinate, 5.00%, 05/15/46 | 2,325 | 2,430,210 | |
CSCDA Community Improvement Authority, RB, M/F Housing, Sustainability Bonds, 4.00%, 12/01/56(b) | 330 | 240,443 | |
Riverside County Transportation Commission, RB, CAB(c) | |||
Series B, Senior Lien, 0.00%, 06/01/41 | 5,000 | 2,326,922 | |
Series B, Senior Lien, 0.00%, 06/01/42 | 6,000 | 2,665,421 | |
Series B, Senior Lien, 0.00%, 06/01/43 | 5,000 | 2,062,112 | |
San Marcos Unified School District, GO, CAB(c) | |||
Series B, Election 2010, 0.00%, 08/01/34 | 3,500 | 2,523,865 | |
Series B, Election 2010, 0.00%, 08/01/36 | 4,000 | 2,613,357 | |
Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48 | 3,000 | 3,096,825 | |
23,707,156 | |||
Colorado — 4.3% | |||
City & County of Denver Colorado Airport System Revenue, Refunding ARB | |||
Series A, AMT, 5.00%, 12/01/43 | 10,000 | 10,177,646 | |
Series A, AMT, 5.00%, 12/01/48 | 5,055 | 5,113,630 |
Security | Par (000) | Value | |
Colorado (continued) | |||
City & County of Denver Colorado Airport System Revenue, Refunding ARB (continued) | |||
Series D, AMT, 5.75%, 11/15/45 | $ | 835 | $ 922,909 |
Denver City & County School District No. 1, GO, (SAW), 4.00%, 12/01/45 | 5,000 | 4,892,558 | |
21,106,743 | |||
Delaware — 0.6% | |||
Delaware River & Bay Authority, Refunding RB, 4.00%, 01/01/44 | 2,935 | 2,869,918 | |
District of Columbia — 5.8% | |||
District of Columbia Income Tax Revenue, RB | |||
Series A, 5.00%, 07/01/47 | 2,050 | 2,180,141 | |
Series C, 4.00%, 05/01/45 | 2,480 | 2,401,834 | |
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40 | 22,365 | 23,037,871 | |
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48 | 1,000 | 1,054,864 | |
28,674,710 | |||
Florida — 1.9% | |||
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/38 | 4,760 | 4,794,938 | |
Florida Development Finance Corp., RB, Series A, 5.00%, 06/15/56 | 210 | 197,649 | |
Florida Development Finance Corp., Refunding RB, AMT, 07/15/32(a)(b)(d) | 1,725 | 1,780,241 | |
Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54 | 410 | 432,905 | |
Stevens Plantation Community Development District, SAB, Series A, 7.10%, 05/01/35(e)(f) | 3,159 | 2,116,314 | |
9,322,047 | |||
Georgia — 1.9% | |||
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 06/01/53(a) | 9,000 | 9,398,969 | |
Illinois — 4.0% | |||
Chicago Board of Education, GO | |||
Series A, 5.00%, 12/01/42 | 1,065 | 1,054,105 | |
Series C, 5.25%, 12/01/35 | 2,905 | 2,905,071 | |
Series D, 5.00%, 12/01/46 | 3,805 | 3,798,290 | |
Series H, 5.00%, 12/01/36 | 920 | 934,278 | |
Chicago Board of Education, Refunding GO, Series G, 5.00%, 12/01/34 | 915 | 939,761 | |
Chicago O’Hare International Airport, ARB, Series D, AMT, Senior Lien, 5.00%, 01/01/47 | 5,205 | 5,231,166 | |
Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/44 | 2,000 | 1,923,900 | |
State of Illinois, GO, 5.00%, 02/01/39 | 2,990 | 2,989,845 | |
19,776,416 | |||
Indiana — 2.2% | |||
City of Valparaiso Indiana, RB | |||
AMT, 6.75%, 01/01/34 | 1,525 | 1,525,755 | |
AMT, 7.00%, 01/01/44 | 3,680 | 3,681,625 | |
Indiana Municipal Power Agency, Refunding RB, Series A, 5.00%, 01/01/42 | 5,570 | 5,673,596 | |
10,880,976 |
Schedule of Investments1
Schedule of Investments (unaudited)(continued)
April 30, 2024
BlackRock Municipal Income Trust (BFK)
(Percentages shown are based on Net Assets)
Security | Par (000) | Value | |
Iowa — 0.7% | |||
University of Iowa Facilities Corp., RB, BAB | |||
5.00%, 06/01/47 | $ | 1,890 | $ 2,027,681 |
5.00%, 06/01/48 | 1,190 | 1,274,591 | |
3,302,272 | |||
Kentucky — 2.5% | |||
Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52(a) | 9,000 | 8,871,763 | |
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Convertible, 6.75%, 07/01/43(g) | 2,325 | 2,629,659 | |
Kentucky State Property & Building Commission, RB, Series A, 5.50%, 11/01/42 | 875 | 986,104 | |
12,487,526 | |||
Louisiana — 0.2% | |||
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35 | 805 | 805,608 | |
Maryland — 1.5% | |||
Washington Suburban Sanitary Commission, RB, (GTD), 4.00%, 06/01/46 | 7,380 | 7,206,255 | |
Massachusetts — 1.3% | |||
Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/47 | 1,815 | 1,852,557 | |
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46 | 4,245 | 4,402,289 | |
6,254,846 | |||
Michigan — 6.5% | |||
Lansing Community College, GO, 5.00%, 05/01/44 | 5,070 | 5,301,640 | |
Michigan Finance Authority, RB, 5.00%, 11/01/44 | 5,000 | 5,041,998 | |
Michigan Finance Authority, Refunding RB, Series MI1, 5.00%, 12/01/48 | 2,000 | 2,046,270 | |
Michigan State Building Authority, Refunding RB | |||
Series I, 5.00%, 10/15/45 | 6,300 | 6,371,010 | |
Series I, 5.00%, 10/15/46 | 1,000 | 1,019,066 | |
Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47 | 10,000 | 10,168,030 | |
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 | 2,120 | 2,089,539 | |
32,037,553 | |||
Minnesota — 0.6% | |||
Duluth Economic Development Authority, Refunding RB, Series A, 5.25%, 02/15/58 | 2,940 | 2,988,303 | |
New Hampshire(b) — 0.4% | |||
New Hampshire Business Finance Authority, Refunding RB | |||
Series B, 4.63%, 11/01/42 | 755 | 672,993 | |
Series C, AMT, 4.88%, 11/01/42 | 1,585 | 1,426,403 | |
2,099,396 | |||
New Jersey — 10.6% | |||
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 | 2,056,372 | |
New Jersey Economic Development Authority, RB | |||
Class A, 5.25%, 11/01/47 | 3,415 | 3,678,341 | |
Series EEE, 5.00%, 06/15/48 | 11,690 | 12,047,885 | |
AMT, 5.38%, 01/01/43 | 2,285 | 2,286,051 | |
New Jersey Economic Development Authority, Refunding SAB, 6.50%, 04/01/28 | 5,623 | 5,633,233 |
Security | Par (000) | Value | |
New Jersey (continued) | |||
New Jersey Health Care Facilities Financing Authority, Refunding RB, 5.00%, 07/01/44 | $ | 475 | $ 475,529 |
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series C, AMT, Subordinate, 5.00%, 12/01/52 | 2,485 | 2,499,414 | |
New Jersey Transportation Trust Fund Authority, RB, 5.00%, 06/15/46 | 2,800 | 2,892,982 | |
South Jersey Port Corp., ARB | |||
Series A, 5.00%, 01/01/49 | 2,500 | 2,568,761 | |
Series B, AMT, 5.00%, 01/01/42 | 4,000 | 4,081,418 | |
Tobacco Settlement Financing Corp., Refunding RB | |||
Series A, 5.00%, 06/01/46 | 3,075 | 3,143,271 | |
Sub-Series B, 5.00%, 06/01/46 | 10,900 | 11,000,830 | |
52,409,535 | |||
New York — 10.0% | |||
Metropolitan Transportation Authority, Refunding RB | |||
Series C-1, Sustainability Bonds, 4.75%, 11/15/45 | 3,210 | 3,281,214 | |
Series C-1, Sustainability Bonds, 5.25%, 11/15/55 | 1,545 | 1,609,522 | |
New York City Municipal Water Finance Authority, RB, Series GG, 5.00%, 06/15/48 | 3,000 | 3,158,255 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series D-1, 5.25%, 11/01/48 | 5,000 | 5,416,234 | |
New York Counties Tobacco Trust II, RB, 5.75%, 06/01/43 | 810 | 811,254 | |
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(b) | 3,200 | 3,200,649 | |
New York Counties Tobacco Trust VI, Refunding RB, Series A-2B, 5.00%, 06/01/51 | 6,395 | 5,789,291 | |
New York Liberty Development Corp., Refunding RB(b) | |||
Class 1, 5.00%, 11/15/44 | 6,230 | 6,233,892 | |
Class 2, 5.38%, 11/15/40 | 1,655 | 1,669,218 | |
New York State Dormitory Authority, RB | |||
Series A, 5.00%, 03/15/44 | 1,610 | 1,675,913 | |
Series B, 5.00%, 02/15/35 | 7,500 | 7,580,320 | |
New York State Dormitory Authority, Refunding RB, Series E, 4.00%, 03/15/44 | 1,520 | 1,480,590 | |
New York State Urban Development Corp., Refunding RB, 4.00%, 03/15/45 | 1,835 | 1,775,977 | |
New York Transportation Development Corp., ARB | |||
AMT, 5.63%, 04/01/40 | 915 | 990,248 | |
Series A, AMT, 5.00%, 07/01/46 | 1,165 | 1,144,474 | |
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35 | 2,125 | 2,238,759 | |
Port Authority of New York & New Jersey, Refunding RB, 4.00%, 09/01/39 | 1,110 | 1,119,605 | |
49,175,415 | |||
Ohio — 1.6% | |||
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 | 4,350 | 3,943,033 | |
Miami University/Oxford Ohio, Refunding RB, Series A, 4.00%, 09/01/45 | 2,670 | 2,598,499 | |
University of Cincinnati, Refunding RB, Series A, 5.00%, 06/01/44 | 1,390 | 1,432,462 | |
7,973,994 | |||
Oklahoma — 0.3% | |||
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52 | 1,735 | 1,761,872 |
2
Schedule of Investments (unaudited)(continued)
April 30, 2024
BlackRock Municipal Income Trust (BFK)
(Percentages shown are based on Net Assets)
Security | Par (000) | Value | |
Pennsylvania — 2.1% | |||
Allegheny County Hospital Development Authority, Refunding RB, Series A, 5.00%, 04/01/47 | $ | 5,000 | $ 5,053,578 |
Geisinger Authority, Refunding RB, Series A-1, 5.00%, 02/15/45 | 4,725 | 4,796,347 | |
Montgomery County Higher Education and Health Authority, Refunding RB, 5.00%, 09/01/48 | 715 | 722,650 | |
10,572,575 | |||
Puerto Rico — 5.4% | |||
Commonwealth of Puerto Rico, GO | |||
Series A-1, Restructured, 5.63%, 07/01/29 | 2,810 | 3,027,239 | |
Series A-1, Restructured, 5.75%, 07/01/31 | 2,536 | 2,822,810 | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | |||
Series A-1, Restructured, 4.75%, 07/01/53 | 4,044 | 3,944,689 | |
Series A-1, Restructured, 5.00%, 07/01/58 | 10,387 | 10,340,188 | |
Series A-2, Restructured, 4.78%, 07/01/58 | 3,325 | 3,224,550 | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c) | 10,165 | 3,167,425 | |
26,526,901 | |||
Tennessee — 5.3% | |||
City of Memphis Tennessee Electric System Revenue, RB, Series A, 4.00%, 12/01/45 | 1,500 | 1,473,595 | |
Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/45 | 2,545 | 2,588,124 | |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB | |||
5.25%, 05/01/48 | 2,500 | 2,660,681 | |
Series A, 5.00%, 07/01/46 | 6,590 | 6,637,981 | |
Metropolitan Government Nashville & Davidson County Sports Authority, RB, Series B, Subordinate, (AGM), 5.25%, 07/01/48 | 2,900 | 3,105,490 | |
Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a) | 7,260 | 7,463,172 | |
Tennessee Housing Development Agency, Refunding RB, S/F Housing, Sustainability Bonds, 6.25%, 01/01/54 | 2,200 | 2,376,468 | |
26,305,511 | |||
Texas — 15.6% | |||
Arlington Higher Education Finance Corp., RB(b) | |||
7.50%, 04/01/62 | 845 | 842,559 | |
7.88%, 11/01/62 | 720 | 719,779 | |
Arlington Independent School District, Refunding GO, (PSF), 4.00%, 02/15/48 | 6,000 | 5,645,461 | |
Bexar County Hospital District, GO, 5.00%, 02/15/48 | 1,000 | 1,052,274 | |
City of Austin Texas Airport System Revenue, ARB, Series B, AMT, 5.00%, 11/15/44 | 3,630 | 3,725,835 | |
City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB, 5.00%, 10/01/46 | 3,550 | 3,644,318 | |
Dallas Fort Worth International Airport, Refunding ARB, Series B, 5.00%, 11/01/47 | 1,625 | 1,736,915 | |
Dallas Fort Worth International Airport, Refunding RB, 4.00%, 11/01/45 | 1,065 | 1,020,522 | |
Dallas Independent School District, Refunding GO, (PSF), 5.00%, 02/15/49 | 6,000 | 6,413,568 | |
Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42 | 470 | 470,071 | |
Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48 | 4,900 | 4,597,920 | |
Harris County Municipal Utility District No. 534, GO | |||
(AGM), 5.00%, 09/01/47 | 1,750 | 1,810,189 |
Security | Par (000) | Value | |
Texas (continued) | |||
Harris County Municipal Utility District No. 534, GO (continued) | |||
(BAM), 5.00%, 09/01/47 | $ | 1,100 | $ 1,137,833 |
Harris County-Houston Sports Authority, Refunding RB(c) | |||
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24(h) | 6,000 | 2,739,626 | |
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/37 | 10,120 | 4,571,951 | |
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/35 | 5,000 | 2,871,641 | |
Series A, Senior Lien, (AGM NPFGC), 0.00%, 11/15/38 | 12,580 | 5,747,823 | |
Little Elm Independent School District, GO, (PSF), 5.00%, 08/15/46 | 3,170 | 3,273,095 | |
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(c)(h) | 15,200 | 6,987,287 | |
North Texas Tollway Authority, Refunding RB, Series B, 5.00%, 01/01/43 | 3,900 | 3,979,910 | |
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA), 5.75%, 03/01/54 | 4,960 | 5,319,324 | |
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58 | 2,310 | 2,319,817 | |
Texas Water Development Board, RB, 4.00%, 10/15/44 | 2,500 | 2,410,575 | |
Thrall Independent School District, GO, (PSF), 5.25%, 02/15/48 | 3,525 | 3,817,458 | |
76,855,751 | |||
Utah — 0.3% | |||
County of Utah, RB, Series A, 4.00%, 05/15/43 | 1,500 | 1,464,024 | |
Washington — 0.6% | |||
Washington Health Care Facilities Authority, RB, Series A, 5.00%, 08/15/45 | 3,000 | 3,006,419 | |
Wisconsin — 1.0% | |||
Wisconsin Health & Educational Facilities Authority, Refunding RB, Series A, 4.00%, 11/15/39 | 5,000 | 4,792,689 | |
Total Municipal Bonds — 104.5% (Cost: $503,638,111) | 515,540,575 | ||
Municipal Bonds Transferred to Tender Option Bond Trusts(i) | |||
California — 7.2% | |||
City of Los Angeles Department of Airports, ARB | |||
Series B, AMT, 5.00%, 05/15/46 | 8,800 | 8,896,134 | |
Sub-Series A, AMT, 5.00%, 05/15/42 | 11,420 | 11,667,267 | |
San Diego County Regional Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/48 | 14,500 | 15,086,464 | |
35,649,865 | |||
Colorado — 2.6% | |||
Denver City & County School District No. 1, GO, Series A, (SAW), 5.00%, 12/01/45 | 11,625 | 12,600,239 | |
Illinois — 2.7% | |||
Illinois State Toll Highway Authority, RB, Series B, 5.00%, 01/01/41 | 13,000 | 13,303,159 | |
Indiana — 2.5% | |||
Indianapolis Local Public Improvement Bond Bank, Refunding RB, Series A, 5.00%, 02/01/49 | 11,970 | 12,373,037 | |
Massachusetts — 2.1% | |||
Commonwealth of Massachusetts, GO, Series D, 5.00%, 09/01/51 | 10,000 | 10,550,913 | |
Michigan — 2.2% | |||
State of Michigan Trunk Line Revenue, RB, BAB, 5.00%, 11/15/46 | 10,000 | 10,759,031 |
Schedule of Investments3
Schedule of Investments (unaudited)(continued)
April 30, 2024
BlackRock Municipal Income Trust (BFK)
(Percentages shown are based on Net Assets)
Security | Par (000) | Value | |
Nevada — 4.1% | |||
County of Clark Nevada, GO, Series A, 5.00%, 05/01/48 | $ | 19,650 | $ 20,332,148 |
New Jersey — 2.1% | |||
New Jersey Turnpike Authority, RB, Series A, 5.00%, 01/01/48 | 10,000 | 10,381,902 | |
New York — 6.6% | |||
New York City Municipal Water Finance Authority, RB, Series DD1, 5.00%, 06/15/48 | 10,000 | 10,310,624 | |
New York City Municipal Water Finance Authority, Refunding RB, Series DD, 5.25%, 06/15/46 | 10,000 | 11,086,566 | |
New York State Urban Development Corp., Refunding RB, 5.00%, 03/15/47 | 10,535 | 11,060,845 | |
32,458,035 | |||
Oregon — 2.8% | |||
Port of Portland Oregon Airport Revenue, Refunding ARB, Series 29, AMT, 5.50%, 07/01/48 | 12,705 | 13,734,326 | |
South Carolina — 3.5% | |||
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a) | 16,400 | 17,252,400 | |
Texas — 2.6% | |||
Texas Water Development Board, RB, Series A, 5.25%, 10/15/51 | 11,775 | 12,812,189 | |
Washington — 4.4% | |||
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43 | 10,975 | 11,077,009 | |
State of Washington, GO, Series C, 5.00%, 02/01/47 | 10,000 | 10,668,629 | |
21,745,638 | |||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 45.4% (Cost: $219,161,780) | 223,952,882 | ||
Total Long-Term Investments — 149.9% (Cost: $722,799,891) | 739,493,457 |
Security | Shares | Value | |
Short-Term Securities | |||
Money Market Funds — 1.7% | |||
BlackRock Liquidity Funds, MuniCash, Institutional Shares, 3.45%(j)(k) | 8,254,680 | $ 8,255,505 | |
Total Short-Term Securities — 1.7% (Cost: $8,255,465) | 8,255,505 | ||
Total Investments — 151.6% (Cost: $731,055,356) | 747,748,962 | ||
Other Assets Less Liabilities — 1.5% | 7,591,291 | ||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (21.9)% | (107,891,736 ) | ||
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (31.2)% | (154,100,000 ) | ||
Net Assets Applicable to Common Shares — 100.0% | $ 493,348,517 |
(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) | Zero-coupon bond. |
(d) | When-issued security. |
(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 purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2024 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 04/30/24 | Shares Held at 04/30/24 | Income | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, MuniCash, Institutional Shares | $ 24,056,456 | $ — | $ (15,802,050 )(a) | $ 1,070 | $ 29 | $ 8,255,505 | 8,254,680 | $ 432,738 | $ — |
(a) | Represents net amount purchased (sold). |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the 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
4
Schedule of Investments (unaudited)(continued)
April 30, 2024
BlackRock Municipal Income Trust (BFK)
Fair Value Hierarchy as of Period End (continued)
• 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 | $ — | $ 515,540,575 | $ — | $ 515,540,575 |
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 223,952,882 | — | 223,952,882 |
Short-Term Securities | ||||
Money Market Funds | 8,255,505 | — | — | 8,255,505 |
$8,255,505 | $739,493,457 | $— | $747,748,962 |
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 | $— | $(106,689,984 ) | $— | $(106,689,984 ) |
VMTP Shares at Liquidation Value | — | (154,100,000 ) | — | (154,100,000 ) |
$— | $(260,789,984 ) | $— | $(260,789,984 ) |
Portfolio Abbreviation | |
AGM | Assured Guaranty Municipal Corp. |
AMT | Alternative Minimum Tax |
ARB | Airport Revenue Bonds |
BAB | Build America Bond |
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 Investments5