NPORT-EX 1 NPORT_11106250197707564.htm BlackRock Municipal Income Trust

Schedule of Investments  (unaudited)

July 31, 2019

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 127.1%

 

Alabama — 3.2%  

County of Jefferson Alabama Sewer, Refunding RB:

    

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

   $ 1,555     $ 1,746,187  

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

     2,275       2,565,427  

Sub-Lien, Series D, 6.00%, 10/01/42

     5,740       6,777,677  

Sub-Lien, Series D, 7.00%, 10/01/51

     1,765       2,137,804  

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

     2,110       2,874,706  

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

     4,080       4,308,847  
   

 

 

  
      20,410,648  
Arizona — 4.0%  

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

     3,400       3,621,374  

Salt Verde Financial Corp., RB, Senior:

    

5.00%, 12/01/32

     10,030       12,773,706  

5.00%, 12/01/37

     7,460       9,770,586  
   

 

 

  
      26,165,666  
Arkansas — 0.8%  

Arkansas Development Finance Authority, RB, Big River Steel Project, AMT, 4.50%, 09/01/49(b)

     4,985       5,189,584  
   

 

 

  
California — 9.5%  

California Educational Facilities Authority, RB, Stanford University, Series V-1, 5.00%, 05/01/49

     4,230       6,273,048  

California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(a)

     6,230       6,553,088  

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

     2,465       2,793,930  

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

    

5.25%, 08/15/39

     290       325,661  

5.25%, 08/15/49

     715       792,692  

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

     2,970       3,176,237  
Security   Par
(000)		     Value  
California (continued)  

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

    

5.00%, 12/01/41

   $ 1,030     $ 1,145,514  

5.00%, 12/01/46

     885       977,757  

City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior, Series A, 5.00%, 05/15/40

     11,690       12,004,461  

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

     690       808,025  

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

    

0.00%, 06/01/41

     5,000       2,267,100  

0.00%, 06/01/42

     6,000       2,596,440  

0.00%, 06/01/43

     5,000       2,068,350  

Golden State Tobacco Securitization Corp., Refunding RB, Series A-1:

    

5.00%, 06/01/47

     4,335       4,383,725  

5.25%, 06/01/47

     1,070       1,089,388  

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

    

0.00%, 08/01/34

     3,500       2,328,235  

0.00%, 08/01/36

     4,000       2,453,800  

State of California, GO, Various Purposes, 6.00%, 03/01/33

     4,970       5,108,017  

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

    

Series I, 5.00%, 11/01/38

     1,495       1,696,541  

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

     2,315       2,345,303  
   

 

 

  
      61,187,312  
Colorado — 1.3%  

Arapahoe County School District No. 6 Littleton, GO, Series A, 5.50%, 12/01/43

     3,485       4,497,009  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Colorado (continued)  

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

   $ 4,205     $ 4,213,620  
   

 

 

  
      8,710,629  
Connecticut — 0.4%  

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

     2,710       2,735,501  
   

 

 

  
Delaware — 2.4%  

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

     2,225       2,323,568  

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

     2,280       2,586,842  

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

     10,080       10,369,195  
   

 

 

  
      15,279,605  
District of Columbia — 6.3%  

District of Columbia, Refunding RB:

    

Georgetown University, 5.00%, 04/01/35

     865       1,041,495  

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

     710       838,311  

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

     1,480       1,750,440  

The Catholic University of America Issue, 5.00%, 10/01/48

     4,590       5,322,472  

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

     23,035       23,925,994  

Metropolitan Washington Airports Authority, Refunding ARB, Dulles Metrorail And Capital Improvement Projects, Series A, 5.00%, 10/01/53

     3,990       4,255,136  

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

    

5.00%, 10/01/39

     990       996,257  

5.25%, 10/01/44

     2,465       2,481,589  
   

 

 

  
      40,611,694  
Florida — 2.3%  

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

     2,620       2,965,316  
Security   Par
(000)		     Value  
Florida (continued)  

County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A-1, 5.38%, 10/01/20(a)

   $ 2,280     $ 2,392,815  

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

     5,885       6,651,580  

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

     3,395       2,749,950  
   

 

 

  
      14,759,661  
Georgia — 2.8%  

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

     7,225       7,742,310  

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

     1,010       1,171,115  

DeKalb Georgia Private Hospital Authority, Refunding RB, Children’s Healthcare, 5.25%, 11/15/19(a)

     1,650       1,666,830  

Main Street Natural Gas, Inc., RB, Series A:

    

5.00%, 05/15/35

     990       1,274,645  

5.00%, 05/15/36

     990       1,283,080  

5.00%, 05/15/37

     1,085       1,417,401  

5.00%, 05/15/38

     600       788,166  

5.00%, 05/15/49

     1,990       2,686,997  
   

 

 

  
      18,030,544  
Hawaii — 0.4%  

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

     2,660       2,754,935  
   

 

 

  
Idaho — 0.3%  

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

     1,485       1,761,002  
   

 

 

  
Illinois — 14.8%  

Chicago Board of Education, GO, Series C:

    

Dedicated Revenues, Series H, 5.00%, 12/01/36

     920       1,018,799  

Project, 5.25%, 12/01/35

     2,905       3,155,179  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois (continued)  

Chicago Board of Education, GO, Refunding:

    

Dedicated Revenues, Series D, 5.00%, 12/01/25

   $ 1,650     $ 1,865,325  

Dedicated Revenues, Series F, 5.00%, 12/01/22

     1,250       1,344,775  

Dedicated Revenues, Series G, 5.00%, 12/01/34

     915       1,020,500  

5.00%, 12/01/25

     1,280       1,447,040  

Chicago Board of Education, GO, Series D:

    

, 5.00%, 12/01/46

     1,060       1,170,325  

, 5.00%, 12/01/46

     2,745       2,885,819  

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

     11,385       12,240,013  

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

     2,055       2,189,500  

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

     2,000       2,146,420  

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

     1,525       1,661,533  

Illinois Finance Authority, RB, Chicago LLC, University of Illinois at Chicago Project, Series A:

    

5.00%, 02/15/47

     405       450,891  

5.00%, 02/15/50

     205       227,361  

Illinois Finance Authority, Refunding RB:

    

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

     1,895       2,026,380  

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

     3,160       3,194,128  

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

    

Series B (AGM), 5.00%, 06/15/50

     14,710       15,134,089  

Series B-2, 5.00%, 06/15/50

     3,905       3,962,443  

Railsplitter Tobacco Settlement Authority, RB(a):

    

5.50%, 06/01/21

     885       954,720  

6.00%, 06/01/21

     2,245       2,442,133  

State of Illinois, GO, 5.00%, 02/01/39

     2,990       3,179,476  

State of Illinois, GO, Refunding:

    

Series A, 5.00%, 10/01/30

     10,400       11,791,312  

Series B, 5.00%, 10/01/28

     1,965       2,239,668  

State of Illinois, GO, Series A, 5.00%, 04/01/38

     9,030       9,522,225  

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

     5,455       6,247,939  
Security   Par
(000)		     Value  
Illinois (continued)  

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

   $ 1,910     $ 2,144,032  
   

 

 

  
      95,662,025  
Indiana — 3.4%  

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

    

6.75%, 01/01/34

     1,525       1,768,527  

7.00%, 01/01/44

     3,680       4,235,239  

Indiana Finance Authority, RB, Series A:

    

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

     6,305       6,747,485  

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

     880       956,692  

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

     2,905       3,147,132  

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

     790       863,122  

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

     1,655       1,671,401  

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

     2,490       2,743,183  
   

 

 

  
      22,132,781  
Iowa — 1.5%  

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

    

Series B, 5.25%, 12/01/50(f)

     5,515       6,050,286  

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

     2,125       2,328,086  

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

     805       844,799  

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

     275       283,206  
   

 

 

  
      9,506,377  
Kentucky — 1.2%  

Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23(a)

     1,915       2,175,727  

Kentucky Economic Development Finance Authority, Refunding RB, Louisville Arena Authority, Inc. (AGM), 5.00%, 12/01/45

     2,515       2,982,564  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Kentucky (continued)  

Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 6.75%, 07/01/43(g)

   $ 2,325     $ 2,451,340  
   

 

 

  
      7,609,631  
Louisiana — 2.6%  

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

     6,535       6,897,889  

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

    

5.50%, 05/15/30

     1,980       2,033,935  

5.25%, 05/15/31

     1,690       1,783,356  

5.25%, 05/15/32

     2,160       2,338,567  

5.25%, 05/15/33

     2,345       2,536,211  

5.25%, 05/15/35

     985       1,084,889  
   

 

 

  
      16,674,847  
Maryland — 1.1%  

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

     1,440       1,482,480  

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

     840       993,560  

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

     4,295       4,603,682  
   

 

 

  
      7,079,722  
Michigan — 3.4%  

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

     8,665       9,478,903  

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

     2,870       3,063,381  

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

    

5.50%, 05/15/20(a)

     1,490       1,540,958  

5.50%, 05/15/36

     1,210       1,241,690  
Security   Par
(000)		     Value  
Michigan (continued)  

Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44

   $ 1,710     $ 1,849,639  

Michigan State University, Refunding RB, Board of Trustees, Series B, 5.00%, 02/15/48

     2,000       2,426,740  

Michigan Strategic Fund, RB, I-75 Improvement Projects, AMT, 5.00%, 06/30/48

     2,120       2,468,443  
   

 

 

  
      22,069,754  
Minnesota — 1.1%  

Duluth Economic Development Authority, Refunding RB, Essentia Health Obligated Group, Series A:

    

4.25%, 02/15/48

     2,030       2,205,331  

5.25%, 02/15/53

     4,060       4,804,117  
   

 

 

  
      7,009,448  
Missouri — 0.5%  

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

     495       540,550  

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

     2,035       2,063,348  

State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 05/01/43

     480       517,670  
   

 

 

  
      3,121,568  
Nebraska — 1.4%  

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

    

5.25%, 09/01/37

     1,610       1,773,045  

5.00%, 09/01/42

     2,815       3,079,075  

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

     3,280       3,334,054  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Nebraska (continued)  

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

   $ 600     $ 609,888  
   

 

 

  
      8,796,062  
New Hampshire — 0.7%  

New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project,(b):

    

Series B, 4.63%, 11/01/42

     3,055       3,132,475  

Series C, AMT, 4.88%, 11/01/42

     1,585       1,629,126  
   

 

 

  
      4,761,601  
New Jersey — 12.8%  

Casino Reinvestment Development Authority, Refunding RB:

    

5.25%, 11/01/39

     3,280       3,576,643  

5.25%, 11/01/44

     2,980       3,249,749  

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

     2,115       2,145,054  

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

     3,680       36,800  

New Jersey EDA, RB:

    

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

     430       431,535  

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

     3,830       4,210,549  

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

     2,035       2,349,143  

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

     2,285       2,545,399  

Series EEE, 5.00%, 06/15/48

     7,320       8,241,002  

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

     2,905       3,225,886  

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

     8,000       9,424,880  

New Jersey State Turnpike Authority, RB:

    

Series A, 5.00%, 01/01/43

     3,035       3,284,022  

Series E, 5.00%, 01/01/45

     5,095       5,847,786  

New Jersey Transportation Trust Fund Authority, RB:

    

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

     1,320       1,436,464  

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

     2,445       2,639,329  
Security   Par
(000)		     Value  
New Jersey (continued)  

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

   $ 8,000     $ 8,419,280  

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

     4,810       5,064,449  

Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 06/01/46

     1,070       1,220,431  

Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Sub-Series B, 5.00%, 06/01/46

     14,320       15,501,257  
   

 

 

  
      82,849,658  
New York — 9.7%  

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

     4,805       5,167,922  

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

     840       842,318  

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

     3,600       3,678,768  

Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through, Series A-2B, 5.00%, 06/01/45

     9,395       9,954,942  

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

     1,688       1,825,922  

Metropolitan Transportation Authority, RB, Series B:

    

5.25%, 11/15/38

     4,640       5,332,891  

5.25%, 11/15/39

     1,650       1,892,765  

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       2,442,096  

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

     7,830       8,587,239  

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

     660       732,534  

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

     1,655       1,853,269  

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

     6,655       7,225,067  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New York (continued)  

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

   $ 1,165     $ 1,280,510  

New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT, 5.00%, 08/01/31

     2,585       2,717,843  

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       2,656,073  

6.00%, 12/01/42

     1,960       2,055,668  

State of New York Environmental Facilities Corp., RB, Subordinated SRF Bonds, Series B, 5.00%, 06/15/48

     3,535       4,342,995  
   

 

 

  
      62,588,822  
North Carolina — 0.2%  

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

     1,130       1,247,351  
   

 

 

  
North Dakota — 0.3%  

County of Cass North Dakota, Refunding RB, Essentia Health Obligated Group, Series B, 5.25%, 02/15/58

     1,885       2,181,058  
   

 

 

  
Ohio — 3.2%  

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

     5,550       5,455,372  

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

     6,125       6,332,331  

County of Franklin Ohio, RB:

    

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

     1,280       1,409,178  

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

     800       934,248  

County of Montgomery Ohio, Refunding RB, Catholic Health, Series A, 5.00%, 05/01/39

     3,545       3,551,346  
Security   Par
(000)		     Value  
Ohio (continued)  

Ohio Air Quality Development Authority, RB, AMG Vanadium Project, AMT, 5.00%, 07/01/49(b)

   $ 1,480     $ 1,589,313  

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

     1,585       1,739,141  
   

 

 

  
      21,010,929  
Oklahoma — 1.7%  

City of Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48

     4,065       4,332,274  

Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.25%, 08/15/48

     2,350       2,731,593  

Oklahoma Turnpike Authority, RB, 2nd Series C, 4.00%, 01/01/42

     3,845       4,117,110  
   

 

 

  
      11,180,977  
Pennsylvania — 2.4%  

Allentown Neighborhood Improvement Zone Development Authority, RB, Subordinate, City Center Project(b):

    

5.00%, 05/01/28

     460       487,494  

5.13%, 05/01/32

     470       514,669  

5.38%, 05/01/42

     870       958,462  

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

     1,240       1,334,314  

County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A:

    

4.00%, 09/01/49

     1,135       1,224,211  

5.00%, 09/01/43

     2,505       2,978,871  

Pennsylvania Economic Development Financing Authority, RB:

    

AMT, 5.00%, 06/30/42

     1,660       1,861,690  

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

     3,725       3,759,903  

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

     2,155       2,459,997  
   

 

 

  
      15,579,611  
Puerto Rico — 5.1%  

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

    

5.50%, 05/15/39

     1,365       1,387,905  

5.63%, 05/15/43

     1,360       1,382,807  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Puerto Rico (continued)  

Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A:

    

5.00%, 07/01/33

   $ 4,920     $ 4,954,587  

5.13%, 07/01/37

     1,410       1,424,086  

Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A:

    

6.00%, 07/01/38

     1,455       1,470,525  

6.00%, 07/01/44

     2,630       2,656,300  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:

    

Series A-1, 4.50%, 07/01/34

     55       56,726  

Series A-1, 4.75%, 07/01/53

     3,143       3,063,231  

Series A-1, 5.00%, 07/01/58

     12,112       12,086,686  

Series A-2, 4.55%, 07/01/40

     1,488       1,429,343  

Series A-2, 5.00%, 07/01/58

     3,216       3,086,685  
   

 

 

  
      32,998,881  
Rhode Island — 2.3%  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.00%, 06/01/35

     3,060       3,396,141  

Series B, 4.50%, 06/01/45

     5,175       5,297,233  

Series B, 5.00%, 06/01/50

     5,765       6,031,055  
   

 

 

  
      14,724,429  
South Carolina — 6.7%  

South Carolina Jobs EDA, Refunding RB:

    

Anmed Health Project, 5.00%, 02/01/36

     5,115       5,855,294  

Prisma Health Obligated Group, Series A, 5.00%, 05/01/48

     6,075       7,168,378  

State of South Carolina Ports Authority, ARB:

    

5.25%, 07/01/20(a)

     6,455       6,698,870  

AMT, 5.25%, 07/01/55

     2,525       2,880,924  

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

     12,065       13,604,253  

State of South Carolina Public Service Authority, Refunding RB:

    

Series A, 5.00%, 12/01/50

     2,805       3,186,312  

Series E, 5.25%, 12/01/55

     3,335       3,825,345  
   

 

 

  
      43,219,376  
Tennessee — 1.1%  

City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23(a)

     2,660       3,021,999  
Security   Par
(000)		     Value  
Tennessee (continued)  

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

   $ 1,350     $ 1,561,370  

County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, Refunding RB, Lipscomb University Project, Series A, 5.25%, 10/01/58

     1,925       2,284,763  
   

 

 

  
      6,868,132  
Texas — 12.2%  

Central Texas Regional Mobility Authority, Refunding RB:

    

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

     4,210       4,501,921  

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

     700       772,303  

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

     385       441,826  

City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48

     2,295       2,769,422  

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

     470       492,161  

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       453,351  

7.00%, 01/01/23

     500       596,510  

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

    

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

     6,000       2,577,960  

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

     20,120       7,895,490  

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

     5,000       2,694,650  

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

     12,580       5,847,436  

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       4,017,820  

0.00%, 09/15/41

     5,420       2,106,375  
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Texas (continued)  

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB:

    

Christus Health, Series B, 5.00%, 07/01/48

   $ 9,025     $ 10,532,807  

Scott & White Healthcare, 6.00%, 08/15/20(a)

     7,345       7,708,137  

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

     355       388,047  

New Hope Cultural Education Facilities Finance Corp., Refunding RB, Jubilee Academic Center, Series A, 5.00%, 08/15/46(b)

     1,980       2,011,640  

San Antonio Water System, Refunding RB, Junior Lien, Series A, 5.00%, 05/15/48

     5,035       6,052,674  

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

     2,835       3,099,194  

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

    

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

     6,000       6,291,000  

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

     5,100       5,202,306  

Texas Transportation Commission, RB, First Tier Toll Revenue, 5.00%, 08/01/57

     2,310       2,676,574  
   

 

 

  
      79,129,604  
Utah — 0.8%  

City of Salt Lake Corp. Airport Revenue, ARB, Series A, AMT:

    

5.00%, 07/01/48

     1,735       2,033,542  

5.00%, 07/01/47

     1,830       2,127,082  

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

     1,105       1,090,480  
   

 

 

  
      5,251,104  
Virginia — 1.4%  

County of Front Royal & Warren IDA, RB, Valley Health System Obligated Group, 4.00%, 01/01/50

     1,465       1,538,983  
Security   Par
(000)		     Value  
Virginia (continued)  

Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT:

    

5.25%, 01/01/32

   $ 3,155     $ 3,431,346  

6.00%, 01/01/37

     3,790       4,187,571  
   

 

 

  
      9,157,900  
Washington — 1.6%  

Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43

     2,980       3,494,557  

Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40

     1,475       1,670,791  

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

     4,420       4,994,998  
   

 

 

  
      10,160,346  
Wisconsin — 0.2%  

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

     1,640       1,656,580  
   

 

 

  

Total Municipal Bonds — 127.1%
(Cost — $759,203,245)

 

     821,825,355  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(h)

 

California — 4.4%  

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

     6,196       6,711,224  

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

     18,540       18,725,215  
 

 

 

8   

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
California (continued)  

San Diego California Community College District, GO, Election of 2002, 5.25%, 08/01/33(a)

   $ 3,261     $ 3,261,262  
   

 

 

  
      28,697,701  
Colorado — 0.8%  

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Subordinate System, Series A, AMT, 5.25%, 12/01/48(i)

     4,475       5,390,306  
   

 

 

  
Florida — 1.1%  

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

     6,629       6,927,001  
   

 

 

  
Illinois — 0.5%  

Illinois Finance Authority, Refunding RB, Presence Health Network, Series C:

    

4.00%, 02/15/27(a)

     5       5,927  

4.00%, 02/15/41

     2,800       3,064,553  
   

 

 

  
      3,070,480  
Massachusetts — 3.1%  

Commonwealth of Massachusetts Transportation Fund Revenue, RB, Rail Enhancement Program, Series A, 4.00%, 06/01/45

     4,153       4,465,588  

Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare System, 5.00%, 07/01/47

     9,088       10,716,855  

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

     4,427       4,773,327  
   

 

 

  
      19,955,770  
New York — 12.0%  

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

     16,395       17,521,500  

Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012(i):

    

5.75%, 02/15/21(a)

     1,938       2,066,029  

5.75%, 02/15/47

     1,192       1,270,958  

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

     20,864       22,689,846  

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

     12,611       13,766,331  
Security   Par
(000)		     Value  
New York (continued)  

Port Authority of New York & New Jersey, Refunding ARB, Series194th, 5.25%, 10/15/55

   $ 5,070     $ 6,014,947  

State of New York Urban Development Corp., RB, State Personal Income Tax, General Purpose, Series A, 4.00%, 03/15/46

     13,155       14,411,039  
   

 

 

  
      77,740,650  
North Carolina — 0.9%  

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

     4,960       5,778,301  
   

 

 

  
Pennsylvania — 0.9%  

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

     4,652       5,547,290  
   

 

 

  
Rhode Island — 0.5%  

Narragansett Bay Commission, Refunding RB, Wastewater System, Series A, 4.00%, 09/01/43

     3,137       3,253,639  
   

 

 

  
Texas — 4.5%  

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

     4,900       5,380,341  

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

     6,650       7,107,121  

Lower Colorado River Authority, Refunding RB, LCRA Transmission Services Corporation Project, 4.00%, 05/15/43

     4,140       4,302,495  

San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing And Expansion Project, 4.00%, 09/15/42

     5,505       5,739,073  

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

     6,003       6,561,850  
   

 

 

  
      29,090,880  
Utah — 1.1%  

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

     7,153       7,163,028  
   

 

 

  
 

 

 

     9  

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Wisconsin — 0.9%  

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

   $ 5,575     $ 5,956,879  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 30.7%
(Cost — $188,483,083)

 

     198,571,925  
   

 

 

  

Total Long-Term Investments — 157.8%
(Cost — $947,686,328)

 

     1,020,397,280  
   

 

 

  
    
Security		   Shares     Value  
Short-Term Securities — 1.2%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.27%(j)(k)

     7,556,772     $ 7,558,284  
   

 

 

  

Total Short-Term Securities — 1.2%
(Cost — $7,557,924)

 

     7,558,284  
   

 

 

  

Total Investments — 159.0%
(Cost — $955,244,252)

 

     1,027,955,564  

Other Assets Less Liabilities — 1.1%

 

     7,372,570  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (18.2)%

 

     (117,955,501 ) 

VMTP Shares, at Liquidation Value, Net of Deferred Offering Costs — (41.9)%

 

     (270,800,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 646,572,633  
   

 

 

  
 
(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) 

Issuer filed for bankruptcy and/or is in default.

(e) 

Non-income producing security.

(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.

(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 the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between November 15, 2019 to June 1, 2026, is $27,564,184.

(j) 

Annualized 7-day yield as of period end.

(k) 

During the period ended July 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate   

Shares
Held at

04/30/19

      Net
Activity		      Shares
Held at
07/31/19		      Value at
07/31/19		      Income     

Net

Realized
Gain (Loss)(a)

      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      18,183,806        (10,627,034 )       7,556,772      $ 7,558,284      $ 42,151      $ (236 )     $ 2,088  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 

 

 

10   

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

BlackRock Municipal Income Trust (BFK)

 

Portfolio Abbreviations

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
GTD    Guaranteed
IDA    Industrial Development Authority
LRB    Lease Revenue Bonds
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bonds
S/F    Single-Family
SRF    State Revolving Fund

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

      25          09/19/19        $ 3,186        $ (37,795 ) 

Long U.S. Treasury Bond

      237          09/19/19          36,876          (662,743 ) 

5-Year U.S. Treasury Note

      61          09/30/19          7,171          1,111  
                 

 

 

  
                  $ (699,427 ) 
                 

 

 

  

 

 

     11  

Schedule of Investments  (unaudited) (continued)

July 31, 2019

   

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 price quotations in active markets/exchanges for identical assets or liabilities that the 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 the 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. The categorization of a value determined for investments is based on the pricing transparency of the investment and derivative financial instrument 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 investments, please refer to the Fund’s most recent financial statements as contained in its 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)

    $ —        $ 1,020,397,280        $ —        $ 1,020,397,280  

Short-Term Securities

     7,558,284          —          —          7,558,284  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 7,558,284        $ 1,020,397,280        $ —        $ 1,027,955,564  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

 

Assets:

 

Interest rate contracts

   $ 1,111        $ —        $ —        $ 1,111  

Liabilities:

 

Interest rate contracts

     (700,538 )         —          —          (700,538 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ (699,427 )       $ —        $             —        $ (699,427 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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.

 

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 disclosure hierarchy as follows:

 

      Level 1        Level 2        Level 3        Total  

Liabilities:

                 

TOB Trust Certificates

   $ —        $ (117,573,727 )       $ —        $ (117,573,727 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (388,373,727 )       $ —        $ (388,373,727 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

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