N-Q 1 d499761dnq.htm BLACKROCK MUNICIPAL INCOME TRUST BLACKROCK MUNICIPAL INCOME TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-10339

Name of Fund: BlackRock Municipal Income Trust (BFK)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal

Income Trust, 55 East 52nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 04/30/2018

Date of reporting period: 01/31/2018

Item 1 – Schedule of Investments

Schedule of Investments  (unaudited) 

January 31, 2018

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 125.3%

 

Alabama — 3.2%        

County of Jefferson Alabama Sewer, Refunding RB:

    

Senior Lien, Series A (AGM), 5.00%, 10/01/44

   $ 1,555     $ 1,710,360  

Senior Lien, Series A (AGM), 5.25%, 10/01/48

     2,275       2,530,164  

Sub-Lien, Series D, 6.00%, 10/01/42

     5,740       6,658,113  

Sub-Lien, Series D, 7.00%, 10/01/51

     1,765       2,152,294  

Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46

     2,110       2,621,464  

State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/20(a)

     4,080       4,548,506  
   

 

 

  
      20,220,901  
Arizona — 3.8%        

City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A, 5.00%, 07/01/46(b)

     3,400       3,503,428  

Salt Verde Financial Corp., RB, Senior:

    

5.00%, 12/01/32

     10,030       11,809,623  

5.00%, 12/01/37

     7,460       8,883,815  
   

 

 

  
      24,196,866  
California — 16.0%        

Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, Series F-1, 5.63%, 04/01/19(a)

     4,445       4,665,205  

California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/42

     6,230       6,844,839  

California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 07/01/33

     2,465       2,785,844  

California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:

    

5.25%, 08/15/39

     290       317,077  

5.25%, 08/15/49

     715       776,554  

California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A:

    

5.00%, 02/01/36

     640       718,803  

5.00%, 02/01/37

     480       537,917  
Security   Par
(000)		     Value  
California (continued)        

California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45(b)

   $ 8,940     $ 9,643,131  

California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A(b):

    

5.00%, 12/01/41

     1,030       1,100,802  

5.00%, 12/01/46

     885       943,224  

City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A:

    

Senior, 5.00%, 05/15/40

     11,690       12,532,031  

5.25%, 05/15/39

     1,560       1,632,571  

City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/40

     690       821,818  

County of Riverside Transportation Commission, RB, CAB, Senior Lien, Series B(c):

    

0.00%, 06/01/41

     5,000       1,819,550  

0.00%, 06/01/42

     6,000       2,085,900  

0.00%, 06/01/43

     5,000       1,660,250  

Foothill-De Anza Community College District, GO, Election of 2006, Series C, 5.00%, 08/01/21(a)

     7,000       7,813,960  

Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior Series A-1, 5.75%, 06/01/47

     3,315       3,346,559  

Sacramento Area Flood Control Agency, Refunding, Special Assessment Bonds, Consolidated Capital Assessment District No. 2 Bonds, 5.00%, 10/01/47

     6,230       7,158,831  

San Marcos Unified School District, GO, CAB, Election of 2010, Series B(c):

    

0.00%, 08/01/34

     3,500       1,930,285  

0.00%, 08/01/36

     4,000       2,019,200  

State of California, GO, Various Purposes:

    

6.00%, 03/01/33

     4,970       5,423,165  

6.50%, 04/01/33

     20,410       21,553,164  

State of California Public Works Board, LRB, Various Capital Projects:

    

Series I, 5.00%, 11/01/38

     1,495       1,687,048  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
California (continued)  

State of California Public Works Board, LRB, Various Capital Projects (continued):

    

Sub-Series I-1, 6.38%, 11/01/19(a)

   $ 2,315     $ 2,513,465  
   

 

 

  
          102,331,193  
Colorado — 0.7%  

Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiative, Series A,
5.50%, 07/01/34

     4,205       4,376,690  
   

 

 

  
Connecticut — 0.4%  

Connecticut State Health & Educational Facility Authority, RB, Ascension Health Senior Credit, Series A, 5.00%, 11/15/40

     2,710       2,828,969  
   

 

 

  
Delaware — 2.4%  

County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project,
6.00%, 10/01/40

     2,225       2,349,378  

Delaware Transportation Authority, RB, U.S. 301 Project, 5.00%, 06/01/55

     2,280       2,536,728  

State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project,
5.38%, 10/01/45

     10,080       10,493,683  
   

 

 

  
          15,379,789  
District of Columbia — 5.0%  

District of Columbia, Refunding RB:

    

Georgetown University,
5.00%, 04/01/35

     865       989,257  

Georgetown University Issue,
5.00%, 04/01/42

     1,005       1,137,419  

Kipp Charter School, Series A,
6.00%, 07/01/23(a)

     1,480       1,784,836  

District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed,
6.75%, 05/15/40

     23,035       24,314,364  

Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A:

    

5.00%, 10/01/39

     990       1,036,015  

5.25%, 10/01/44

     2,465       2,586,278  
   

 

 

  
          31,848,169  
Florida — 2.8%  

Country of Broward Florida Airport System Revenue, ARB, AMT, 5.00%, 10/01/47

     590       666,139  

County of Collier Florida Health Facilities Authority, Refunding RB, Series A,
5.00%, 05/01/45

     2,620       2,910,244  
Security  

Par

(000)

     Value  
Florida (continued)  

County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A-1,
5.38%, 10/01/41

   $ 2,280     $ 2,476,103  

County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center:

    

5.00%, 06/01/32

     600       635,202  

5.00%, 06/01/36

     125       131,806  

5.13%, 06/01/42

     1,925       2,029,258  

Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21(a)

     5,885       6,998,619  

Stevens Plantation Community Development District, RB, Special Assessment, Series A,
7.10%, 05/01/35(d)(e)

     3,395       2,376,500  
   

 

 

  
          18,223,871  
Georgia — 1.9%  

City of Atlanta Georgia Water & Wastewater, Refunding RB, 5.00%, 11/01/40

     1,910       2,177,094  

County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System, 4.00%, 08/15/48

     7,225       7,380,916  

County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A,
5.50%, 08/15/54

     1,010       1,172,075  

DeKalb Georgia Private Hospital Authority, Refunding RB, Children’s Healthcare,
5.25%, 11/15/39

     1,650       1,748,670  
   

 

 

  
          12,478,755  
Hawaii — 0.4%  

State of Hawaii Harbor System, RB, Series A,
5.25%, 07/01/30

     2,660       2,857,478  
   

 

 

  
Idaho — 0.3%  

Idaho Health Facilities Authority, RB, Trinity Health Credit Group, Series A,
5.00%, 12/01/46

     1,485       1,677,337  
   

 

 

  
Illinois — 18.4%  

Chicago Board of Education, GO, Dedicated Revenues:

    

Series H, 5.00%, 12/01/36

     920       943,653  

Refunding Series D, 5.00%, 12/01/25

     1,650       1,761,045  

Refunding Series F, 5.00%, 12/01/22

     1,250       1,327,463  
 

 

 

2

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  
Illinois (continued)  

Chicago Board of Education, GO, Dedicated Revenues: (continued):

     

Refunding Series G,
5.00%, 12/01/34

   $ 915      $ 942,898  

City of Chicago Illinois, GO, Project, Series A, 5.00%, 01/01/34

     3,440        3,545,746  

City of Chicago Illinois, GO, Refunding, Project, Series A:

     

5.25%, 01/01/32

     6,155        6,563,077  

5.00%, 01/01/34

     2,500        2,611,675  

City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien, Series C, 6.50%, 01/01/21(a)

     11,385        12,952,942  

City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts,
5.25%, 12/01/40

     2,055        2,236,600  

City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42

     7,625        8,186,429  

County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38

     1,525        1,625,681  

Illinois Finance Authority, RB:

     

Advocate Health Care Network, Series C, 5.38%, 04/01/19(a)

     5,010        5,231,843  

Advocate Health Care Network, Series C, 5.38%, 04/01/19(a)

     5,620        5,868,854  

Chicago LLC, University of Illinois at Chicago Project, 5.00%, 02/15/47

     405        440,527  

Chicago LLC, University of Illinois at Chicago Project, 5.00%, 02/15/50

     205        220,445  

Illinois Finance Authority, Refunding RB:

     

Ascension Health, Series A, 5.00%, 11/15/37

     1,895        2,077,280  

Central Dupage Health, Series B, 5.50%, 11/01/19(a)

     3,160        3,374,817  

Presence Health Network, Series C, 4.00%, 02/15/41

     2,805        2,794,986  

Illinois State Toll Highway Authority, RB:

     

Senior, Series C, 5.00%, 01/01/36

     5,095        5,706,604  

Series A, 5.00%, 01/01/38

     3,875        4,312,681  

Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:

     

Series B (AGM), 5.00%, 06/15/50

     14,710        15,470,654  

Series B-2, 5.00%, 06/15/50

     3,905        4,005,593  

Railsplitter Tobacco Settlement Authority, RB(a):

     

5.50%, 06/01/21

     885        993,120  

6.00%, 06/01/21

     2,245        2,555,461  
Security  

Par

(000)

      Value  
Illinois (continued)  

State of Illinois, GO:

     

5.00%, 02/01/39

   $ 2,990      $ 3,094,829  

Series A, 5.00%, 04/01/38

     9,030        9,319,411  

State of Illinois, RB, Build Illinois, Series B, 5.25%, 06/15/19(a)

     1,240        1,302,942  

State of Illinois Toll Highway Authority, RB, Senior, Series C, 5.00%, 01/01/37

     5,455        6,099,017  

University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44

     1,910        2,088,566  
    

 

 

  
           117,654,839  
Indiana — 3.9%  

City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:

     

6.75%, 01/01/34

     1,525        1,801,025  

7.00%, 01/01/44

     3,680        4,364,701  

Indiana Finance Authority, RB, Series A:

     

CWA Authority Project, 1st Lien,
5.25%, 10/01/38

     6,305        6,992,245  

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44

     880        944,117  

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48

     2,905        3,107,769  

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51

     790        852,765  

Sisters of St. Francis Health Services, 5.25%, 11/01/19(a)

     1,655        1,761,896  

Indiana Municipal Power Agency, RB,
Series B, 6.00%, 01/01/19(a)

     2,150        2,239,870  

Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40

     2,490        2,788,128  
    

 

 

  
           24,852,516  
Iowa — 1.6%  

Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:

     

Series B, 5.25%, 12/01/50(f)

     5,515        5,515,000  

Midwestern Disaster Area,
5.50%, 12/01/22

     15        15,262  

Midwestern Disaster Area,
5.25%, 12/01/25

     2,125        2,245,955  

Midwestern Disaster Area,
5.88%, 12/01/26(b)

     805        849,935  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Iowa (continued)  

Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22

   $ 1,705     $ 1,779,406  
   

 

 

  
      10,405,558  
Kentucky — 1.1%  

Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/45

     1,915       2,051,903  

Kentucky Economic Development Finance Authority, Refunding RB, Louisville Arena Authority, Inc. (AGM):

    

4.00%, 12/01/41

     205       207,321  

5.00%, 12/01/45

     2,515       2,773,542  

Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 07/01/43(g)

     2,325       2,145,231  
   

 

 

  
      7,177,997  
Louisiana — 3.4%  

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35

     6,535       7,274,305  

Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:

    

5.50%, 05/15/30

     1,980       2,128,500  

5.25%, 05/15/31

     1,690       1,829,002  

5.25%, 05/15/32

     2,160       2,361,290  

5.25%, 05/15/33

     2,345       2,542,848  

5.25%, 05/15/35

     4,985       5,422,484  
   

 

 

  
      21,558,429  
Maryland — 1.3%  

Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 06/01/20(a)

     855       935,216  

Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25

     1,440       1,512,331  

Maryland Health & Higher Educational Facilities Authority, RB, Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46

     840       953,274  
Security   Par
(000)		     Value  
Maryland (continued)  

Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 01/01/21(a)

   $ 4,295     $ 4,842,956  
   

 

 

  
      8,243,777  
Massachusetts — 1.5%  

Commonwealth of Massachusetts, GO, Series E, 3.00%, 04/01/44

     4,930       4,333,076  

Massachusetts Development Finance Agency, Refunding RB, Covanta Energy Project, Series C, AMT, 5.25%, 11/01/42(b)

     2,775       2,776,998  

Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare System, Series J1, 5.00%, 07/01/19(a)

     2,535       2,658,632  
   

 

 

  
      9,768,706  
Michigan — 3.2%  

City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39

     8,665       9,420,328  

City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 07/01/41

     2,870       3,198,816  

Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital:

    

5.50%, 05/15/20(a)

     1,490       1,615,339  

5.50%, 05/15/36

     1,210       1,286,786  

Michigan Finance Authority, Refunding RB:

    

Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44

     1,710       1,866,619  

Henry Ford Health System, 4.00%, 11/15/46

     2,875       2,881,210  
   

 

 

  
      20,269,098  
Minnesota — 0.1%  

Minnesota Higher Education Facilities Authority, Refunding RB, St. Olaf College, 4.00%, 10/01/34

     800       851,808  
   

 

 

  
Missouri — 1.4%  

Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44

     495       554,004  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Missouri (continued)  

State of Missouri Health & Educational Facilities Authority, RB, Senior Living Facilities, Lutheran Senior Services, 5.50%, 02/01/42

   $ 2,035     $ 2,128,081  

State of Missouri Health & Educational Facilities Authority, Refunding RB:

    

Mercy Health, Series C, 5.00%, 11/15/47

     5,230       5,888,928  

St. Louis College of Pharmacy Project, 5.50%, 05/01/43

     480       519,643  
   

 

 

  
      9,090,656  
Nebraska — 1.4%  

Central Plains Energy Project Nebraska, RB, Gas Project No. 3:

    

5.25%, 09/01/37

     1,610       1,809,366  

5.00%, 09/01/42

     2,815       3,133,208  

County of Douglas Nebraska Hospital Authority No. 2, Refunding RB, Health Facilities, Immanuel Obligation Group, 5.63%, 01/01/40

     3,280       3,436,193  

County of Lancaster Nebraska Hospital Authority No. 1, Refunding RB, Immanuel Obligation Group, Health Facilities, 5.63%, 01/01/40

     600       636,672  
   

 

 

  
      9,015,439  
New Jersey — 10.0%  

Casino Reinvestment Development Authority, Refunding RB:

    

5.25%, 11/01/39

     3,280       3,491,757  

5.25%, 11/01/44

     2,980       3,158,412  

County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(b)

     2,115       2,124,412  

County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 01/01/37(d)(e)

     3,680       38,640  

New Jersey EDA, RB, AMT:

    

Continental Airlines, Inc. Project, 4.88%, 09/15/19

     835       860,384  

Continental Airlines, Inc. Project, 5.25%, 09/15/29

     3,830       4,189,675  

Continental Airlines, Inc. Project, Series B, 5.63%, 11/15/30

     2,035       2,310,783  

Goethals Bridge Replacement Project, Private Activity Bond, 5.38%, 01/01/43

     2,285       2,533,905  

New Jersey EDA, Refunding ARB, Port Network Container Terminal LLC Project, AMT, 5.00%, 10/01/47

     2,905       3,135,802  
Security   Par
(000)		      Value  
New Jersey (continued)  

New Jersey EDA, Refunding RB, Special Assessment, Kapkowski Road Landfill Project, 6.50%, 04/01/28

   $ 8,000      $ 9,403,840  

New Jersey State Turnpike Authority, RB:

     

Series A, 5.00%, 07/01/22(a)

     5,115        5,804,093  

Series A, 5.00%, 01/01/43

     3,035        3,346,148  

Series E, 5.00%, 01/01/45

     5,095        5,693,153  

New Jersey Transportation Trust Fund Authority, RB:

     

Transportation Program, Series AA, 5.00%, 06/15/44

     1,320        1,390,475  

Transportation Program, Series AA, 5.00%, 06/15/44

     2,445        2,558,375  

Transportation System, Series A, 5.50%, 06/15/41

     8,000        8,490,960  

Transportation System, Series B, 5.25%, 06/15/36

     4,810        5,079,841  
    

 

 

  
       63,610,655  
New York — 9.5%  

City of New York New York Transitional Finance Authority Future Tax Secured, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 02/01/42

     4,805        5,288,095  

Counties of New York Tobacco Trust II, RB, Settlement Pass-Through, 5.75%, 06/01/43

     840        853,860  

Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41(b)

     3,600        3,719,124  

County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44

     1,720        1,843,843  

Hudson Yards Infrastructure Corp., Refunding RB, Series A, 5.00%, 02/15/39

     1,860        2,138,219  

Metropolitan Transportation Authority, RB, Series B:

     

5.25%, 11/15/38

     4,640        5,345,744  

5.25%, 11/15/39

     1,650        1,899,942  

Metropolitan Transportation Authority Hudson Rail Yards Trust Obligations, Refunding RB, Series A, 5.00%, 11/15/56

     2,120        2,371,050  

New York Liberty Development Corp., Refunding RB:

     

2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49

     2,400        2,571,864  
 

 

     5  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
New York (continued)  

New York Liberty Development Corp., Refunding RB (continued):

    

3 World Trade Center Project, Class 1,
5.00%, 11/15/44(b)

   $ 7,830     $ 8,411,221  

3 World Trade Center Project, Class 2,
5.15%, 11/15/34(b)

     660       723,571  

3 World Trade Center Project, Class 2,
5.38%, 11/15/40(b)

     1,655       1,815,767  

New York State Dormitory Authority, Refunding RB, Series D, 5.00%, 02/15/37

     6,655       7,368,150  

New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.00%, 07/01/46

     1,165       1,268,767  

New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT:

    

5.00%, 08/01/26

     1,080       1,160,870  

5.00%, 08/01/31

     2,585       2,748,372  

Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42(b)

     1,575       1,576,134  

Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8:

    

6.00%, 12/01/36

     2,525       2,792,700  

6.00%, 12/01/42

     1,960       2,164,938  

Port Authority of New York & New Jersey, Refunding RB, Consolidated, 205th Series, 5.00%, 11/15/47

     3,925       4,564,579  
   

 

 

  
          60,626,810  
North Carolina — 0.7%  

North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 06/01/19(a)

     2,750       2,874,768  

North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21(a)

     1,130       1,334,315  
   

 

 

  
          4,209,083  
Ohio — 3.4%  

Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 06/01/47

     5,550       5,369,569  
Security  

Par

(000)

     Value  
Ohio (continued)  

County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series A,
5.25%, 06/01/20(a)

   $ 6,125     $ 6,629,884  

County of Franklin Ohio, RB:

    

Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 07/01/40

     1,280       1,416,269  

Trinity Health Credit Group, Series 2017,
5.00%, 12/01/46

     800       903,616  

County of Montgomery Ohio, Refunding RB, Catholic Health:

    

5.00%, 05/01/19(a)

     1,905       1,986,553  

Series A, 5.00%, 05/01/39

     3,545       3,617,424  

State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53

     1,585       1,738,967  
   

 

 

  
          21,662,282  
Pennsylvania — 1.6%  

City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB, AMT, Series B, 5.00%, 07/01/47

     910       1,019,418  

City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A,
5.63%, 07/01/42

     1,240       1,355,035  

Pennsylvania Economic Development Financing Authority, RB:

    

AMT, 5.00%, 06/30/42

     1,660       1,840,027  

Aqua Pennsylvania, Inc. Project, Series B,
5.00%, 11/15/40

     3,725       3,922,015  

Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44

     2,155       2,416,488  
   

 

 

  
          10,552,983  
Puerto Rico — 1.0%  

Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:

    

5.50%, 05/15/39

     3,690       3,394,763  

5.63%, 05/15/43

     3,520       3,217,175  
   

 

 

  
          6,611,938  
Rhode Island — 2.3%  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.00%, 06/01/35

     3,060       3,329,617  

Series B, 4.50%, 06/01/45

     5,175       5,245,690  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Rhode Island (continued)  

Tobacco Settlement Financing Corp., Refunding RB (continued):

    

Series B, 5.00%, 06/01/50

   $ 5,765     $ 6,012,434  
   

 

 

  
      14,587,741  
South Carolina — 4.7%  

State of South Carolina Ports Authority, ARB:

    

5.25%, 07/01/40

     6,455       6,927,893  

AMT, 5.25%, 07/01/55

     2,525       2,802,573  

State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54

     12,065       13,452,958  

State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55

     6,140       6,856,722  
   

 

 

  
      30,040,146  
Tennessee — 0.7%  

City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/45

     2,660       2,850,163  

County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40

     1,350       1,493,856  
   

 

 

  
      4,344,019  
Texas — 12.1%  

Central Texas Regional Mobility Authority, Refunding RB:

    

Senior Lien, 6.25%, 01/01/21(a)

     4,210       4,747,112  

Sub-Lien, 5.00%, 01/01/33

     700       762,503  

City of Austin Texas Airport System, ARB, AMT, 5.00%, 11/15/39

     385       425,471  

City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB:

    

5.00%, 10/01/20(a)

     1,375       1,491,531  

5.00%, 10/01/35

     1,595       1,721,515  

City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 07/01/39

     3,000       3,047,880  

City of Houston Texas Combined Utility System Revenue, Refunding RB, Combined 1st Lien, Series A (AGC):

    

6.00%, 05/15/19(a)

     15,560       16,444,119  

6.00%, 11/15/35

     865       914,608  
Security   Par
(000)		     Value  
Texas (continued)  

County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B(a):

    

7.00%, 01/01/23

   $ 380     $ 468,893  

7.00%, 01/01/23

     500       616,965  

County of Harris Texas-Houston Sports Authority, Refunding RB(c):

    

3rd Lien, Series A (NPFGC), 0.00%, 11/15/24(a)

     6,000       2,381,700  

3rd Lien, Series A (NPFGC), 0.00%, 11/15/37

     20,120       7,244,005  

CAB, Junior Lien, Series H (NPFGC), 0.00%, 11/15/35

     5,000       2,233,900  

CAB, Senior Lien, Series A (NPFGC) (AGM), 0.00%, 11/15/38

     12,580       4,785,055  

County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A(c):

    

0.00%, 09/15/40

     9,780       3,677,867  

0.00%, 09/15/41

     5,420       1,934,777  

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 08/15/20(a)

     7,345       8,139,215  

Fort Bend County Industrial Development Corp., RB, NRG Energy Inc. Project, Series B,
4.75%, 11/01/42

     470       484,871  

New Hope Cultural Education Facilities Corp., RB, Collegiate Housing Tarleton State University Project, 5.00%, 04/01/35

     355       384,859  

Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements, 5.00%, 12/15/32

     2,835       3,098,060  

Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien:

    

LBJ Infrastructure Group LLC, 7.00%, 06/30/40

     6,000       6,662,040  

NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39

     5,100       5,547,321  
   

 

 

  
      77,214,267  
Utah — 0.5%  

Salt Lake City Corp. Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/47

     1,830       2,061,001  
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  
Utah (continued)  

Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy, Series A, 3.25%, 10/15/42

   $ 1,105      $ 1,004,821  
    

 

 

  
       3,065,822  
Virginia — 1.8%  

Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.50%, 07/01/57

     2,230        2,634,500  

Virginia Small Business Financing Authority, RB, AMT:

     

Senior Lien, Elizabeth River Crossings OpCo LLC Project, 5.25%, 01/01/32

     3,155        3,479,271  

Senior Lien, Elizabeth River Crossings OpCo LLC Project, 6.00%, 01/01/37

     3,790        4,278,417  

Transform 66 P3 Project, 5.00%, 12/31/52

     830        915,764  
    

 

 

  
       11,307,952  
Washington — 2.0%  

Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT:

     

5.00%, 04/01/40

     1,475        1,637,811  

5.00%, 05/01/42

     2,980        3,380,750  

State of Washington, GO, Series D, 5.00%, 02/01/42

     2,280        2,621,726  

Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 01/01/45

     4,420        4,869,426  
    

 

 

  
       12,509,713  
Wisconsin — 0.8%  

State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33

     1,640        1,717,293  

Wisconsin Health & Educational Facilities Authority, Refunding RB, Medical College of Wisconsin, Inc., 4.00%, 12/01/46

     3,545        3,631,711  
    

 

 

  
       5,349,004  
    

 

 

  

Total Municipal Bonds — 125.3%
(Cost — $749,688,452)

        801,001,256  
    

 

 

  
Security  

Par

(000)

      Value  

Municipal Bonds Transferred to Tender Option Bond
Trusts(h) — 38.6%

 

Alabama — 0.5%  

Auburn University, Refunding RB, Series A, 4.00%, 06/01/41

   $ 3,320      $ 3,460,884  
    

 

 

  
California — 5.5%  

Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, 4.00%, 04/01/42(i)

     6,196        6,509,642  

California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/18(a)(i)

     5,115        5,246,626  

City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/19(a)

     18,540        19,670,198  

San Diego California Community College District, GO, Election of 2002, 5.25%, 08/01/19(a)

     3,261        3,443,684  
    

 

 

  
       34,870,150  
Colorado — 2.0%  

Colorado Health Facilities Authority, RB, Catholic Health(a):

     

Series C-3 (AGM), 5.10%, 04/29/18

     7,600        7,666,918  

Series C-7 (AGM), 5.00%, 05/01/18

     4,860        4,901,626  
    

 

 

  
       12,568,544  
Florida — 1.1%  

County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/20(a)

     6,629        7,203,250  
    

 

 

  
Illinois — 4.7%  

County of Will Illinois, GO, 5.00%, 11/15/45

     27,000        29,990,587  
    

 

 

  
Massachusetts — 0.8%  
State — 0.8%  

Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41

     4,427        4,852,254  
    

 

 

  
New Hampshire — 0.6%  

New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 06/01/19(a)(i)

     3,989        4,184,505  
    

 

 

  
 

 

 

8   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New York — 12.2%  

City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series FF-2, 5.50%, 06/15/40

   $ 3,075     $ 3,235,669  

City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series HH, 5.00%, 06/15/31(i)

     16,395       18,011,164  

Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 02/15/47(i)

     3,130       3,430,925  

Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56

     8,799       10,098,420  

New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43

     20,864       23,188,220  

New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51(i)

     12,611       14,205,159  

Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55

     5,070       5,811,183  
   

 

 

  
      77,980,740  
North Carolina — 0.9%  

North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55

     4,960       5,543,098  
   

 

 

  
Pennsylvania — 0.8%  

Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42

     4,652       5,388,355  
   

 

 

  
Texas — 4.3%  

City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43

     4,900       5,441,070  

County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41

     6,650       7,334,850  
Security   Par(000)/
Shares		     Value  
Texas (continued)  

Permanent University Fund - University of Texas System, Refunding RB, Series B, 4.00%, 07/01/41

   $ 7,400     $ 7,839,098  

University of Texas, Refunding RB, Financing System, Series B, 5.00%, 08/15/43

     6,003       6,712,158  
   

 

 

  
    27,327,176  
Utah — 1.2%  

City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 08/15/41

     7,153       7,470,505  
   

 

 

  
Virginia — 1.7%  

University of Virginia, Refunding RB, General, 5.00%, 06/01/18(a)

     10,767       10,896,346  
   

 

 

  
Washington — 2.3%  

State of Washington, GO, Various Purposes, Series E, 5.00%, 02/01/19(a)

     14,487       14,991,789  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 38.6%
(Cost — $239,440,213)

 

     246,728,183  
   

 

 

  

Total Long-Term Investments — 163.9%
(Cost — $989,128,665)

 

     1,047,729,439  
   

 

 

  

Short-Term Securities — 0.7%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class,
    1.59%(j)(k)

     4,439,822       4,440,266  
   

 

 

  

Total Short-Term Securities — 0.7%
(Cost — $4,439,959)

 

     4,440,266  
   

 

 

  

Total Investments— 164.6%
(Cost — $993,568,624)

 

     1,052,169,705  

Other Assets Less Liabilities — 1.1%

 

     7,166,427  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (23.3)%

 

     (149,417,508 ) 

VMTP Shares, at Liquidation Value — (42.4)%

 

     (270,800,008 ) 
   

 

 

  

Net Assets Applicable to Common
Shares — 100.0%

 

   $ 639,118,616  
   

 

 

  
 
(a)  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.
(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)  Non-income producing security.
(e)  Issuer filed for bankruptcy and/or is in default.
(f)  Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

 

 

     9  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

 

(g)  Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.
(h)  Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.
(i)  All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements which expire between May 7, 2018 to April 1, 2025, is $30,759,351.
(j)  Annualized 7-day yield as of period end.
(k)  During the period ended January 31, 2018, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated   

Shares
Held at

04/30/17

      Net
Activity		      Shares
Held at
01/31/18		      Value at
01/31/18		      Income      Net Realized
Gain (Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      5,379,534        (939,712 )       4,439,822      $ 4,440,266      $ 58,958      $ 2,039      $ (211 ) 
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a)  Includes net capital gain distributions, if applicable.  

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

      64          03/20/18        $ 7,781        $ 184,405  

Long U.S. Treasury Bond

      215          03/20/18          31,780          1,075,365  

5-Year U.S. Treasury Note

      109          03/29/18          12,503          183,656  
                 

 

 

  
                  $ 1,443,426  
                 

 

 

  

 

Portfolio Abbreviations
AGC    Assured Guarantee Corp.
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
CAB    Capital Appreciation Bonds
EDA    Economic Development Authority
EDC    Economic Development Corp.
GARB    General Airport Revenue Bonds
GO    General Obligation Bonds
IDA    Industrial Development Authority
LRB    Lease Revenue Bonds
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bonds
S/F    Single-Family

 

 

10   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Municipal Income Trust (BFK)

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative 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 quoted prices in active markets/exchanges for identical assets or liabilities that Trust has the ability to access

 

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

 

•   Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including Trust’s own assumptions used in determining the fair value of investments and derivative 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 BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments, refer to the Trust’s most recent financial statements as contained in its semi-annual report.The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

 

Investments:

 

Long-Term Investments(a)

    $ —        $ 1,047,729,439        $ —        $ 1,047,729,439  

Short-Term Securities

     4,440,266          —          —          4,440,266  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 4,440,266        $ 1,047,729,439        $ —        $ 1,052,169,705  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

 

Assets:

 

Interest rate contracts

   $ 1,443,426        $ —        $ —        $ 1,443,426  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)  See above Schedule of Investments for values in each state or political subdivision.  
  (b)  Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.  

 

 

     11  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Municipal Income Trust (BFK)

 

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

 

      Level 1        Level 2        Level 3        Total  

Liabilities:

 

TOB Trust Certificates

   $ —        $ (148,957,867 )       $ —        $ (148,957,867 ) 

VMTP Shares at Liquidation Value

     —          (270,800,000 )         —          (270,800,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (419,757,867 )       $ —        $ (419,757,867 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

During the period ended January 31, 2018, there were no transfers between levels.

 

 

12   

Item 2 – Controls and Procedures

 

2(a) –    The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
2(b) –    There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3 – Exhibits

Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Municipal Income Trust

 

By:  

/s/ John M. Perlowski

                   
  John M. Perlowski  
  Chief Executive Officer (principal executive officer) of 
  BlackRock Municipal Income Trust
Date:   March 21, 2018  

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:  

/s/ John M. Perlowski

  
  John M. Perlowski  
  Chief Executive Officer (principal executive officer) of 
  BlackRock Municipal Income Trust
Date:   March 21, 2018  
By:  

/s/ Neal J. Andrews

                   
  Neal J. Andrews  
  Chief Financial Officer (principal financial officer) of
  BlackRock Municipal Income Trust
Date:   March 21, 2018