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: 04/30/2019
Date of reporting period:
07/31/2018
Item 1 – Schedule of Investments
|
|
|
| Schedule of Investments (unaudited)
July 31, 2018 |
|
BlackRock Municipal Income Trust (BFK)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds — 129.1% |
|
|
|
| Alabama — 3.2% |
|
|
|
|
| County of Jefferson Alabama Sewer, Refunding RB: |
|
|
|
|
|
|
|
|
| Senior Lien, Series A (AGM), 5.00%, 10/01/44 |
|
$ |
1,555 |
|
|
$ |
1,695,650 |
|
| Senior Lien, Series A (AGM), 5.25%, 10/01/48 |
|
|
2,275 |
|
|
|
2,504,070 |
|
| Sub-Lien, Series D, 6.00%, 10/01/42 |
|
|
5,740 |
|
|
|
6,586,650 |
|
| Sub-Lien, Series D, 7.00%, 10/01/51 |
|
|
1,765 |
|
|
|
2,121,600 |
|
| Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46 |
|
|
2,110 |
|
|
|
2,528,265 |
|
| State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/20(a) |
|
|
4,080 |
|
|
|
4,445,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,881,844 |
|
| Arizona — 3.8% |
|
|
|
|
| City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A, 5.00%, 07/01/46(b) |
|
|
3,400 |
|
|
|
3,489,216 |
|
| Salt Verde Financial Corp., RB, Senior: |
|
|
|
|
|
|
|
|
| 5.00%, 12/01/32 |
|
|
10,030 |
|
|
|
11,688,962 |
|
| 5.00%, 12/01/37 |
|
|
7,460 |
|
|
|
8,847,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,025,738 |
|
| California — 13.9% |
|
|
|
|
| Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, Series F-1, 5.63%, 04/01/19(a) |
|
|
4,445 |
|
|
|
4,574,305 |
|
| California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(a) |
|
|
6,230 |
|
|
|
6,795,372 |
|
| California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A,
5.00%, 07/01/33 |
|
|
2,465 |
|
|
|
2,751,877 |
|
| California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing,
Series A: |
|
|
|
|
|
|
|
|
| 5.25%, 08/15/39 |
|
|
290 |
|
|
|
317,393 |
|
| 5.25%, 08/15/49 |
|
|
715 |
|
|
|
777,269 |
|
| California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 02/01/36 |
|
|
640 |
|
|
|
714,022 |
|
| 5.00%, 02/01/37 |
|
|
480 |
|
|
|
533,645 |
|
| California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination
Project, AMT, 5.00%, 11/21/45(b) |
|
|
2,970 |
|
|
|
3,146,032 |
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
$ |
1,092,202 |
|
| 5.00%, 12/01/46 |
|
|
885 |
|
|
|
935,410 |
|
| City of Los Angeles California Department of Airports, ARB, Subordinate, Series C, AMT, 5.00%, 05/15/44(c) |
|
|
1,535 |
|
|
|
1,731,403 |
|
| City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport,
Series A: |
|
|
|
|
|
|
|
|
| Senior, 5.00%, 05/15/40 |
|
|
11,690 |
|
|
|
12,344,289 |
|
| 5.25%, 05/15/39 |
|
|
1,560 |
|
|
|
1,603,524 |
|
| City of Stockton California Public Financing Authority, RB, Delta Water Supply Project,
Series A, 6.25%, 10/01/40 |
|
|
690 |
|
|
|
814,228 |
|
| County of Riverside Transportation Commission, RB, CAB, Senior Lien, Series B(d): |
|
|
|
|
|
|
|
|
| 0.00%, 06/01/41 |
|
|
5,000 |
|
|
|
1,838,750 |
|
| 0.00%, 06/01/42 |
|
|
6,000 |
|
|
|
2,106,960 |
|
| 0.00%, 06/01/43 |
|
|
5,000 |
|
|
|
1,676,300 |
|
| Golden State Tobacco Securitization Corp., Refunding RB, Tobacco Settlement Asset-Backed Bonds, Series A-1, 5.25%, 06/01/47 |
|
|
1,965 |
|
|
|
2,042,834 |
|
| Sacramento Area Flood Control Agency, Refunding, Special Assessment Bonds, Consolidated Capital Assessment
District No. 2 Bonds, 5.00%, 10/01/47 |
|
|
6,230 |
|
|
|
7,082,575 |
|
| San Marcos Unified School District, GO, CAB, Election of 2010, Series B(d): |
|
|
|
|
|
|
|
|
| 0.00%, 08/01/34 |
|
|
3,500 |
|
|
|
1,971,585 |
|
| 0.00%, 08/01/36 |
|
|
4,000 |
|
|
|
2,060,480 |
|
| State of California, GO, Various Purposes: |
|
|
|
|
|
|
|
|
| 6.50%, 04/01/19(a) |
|
|
11,055 |
|
|
|
11,440,267 |
|
| 6.00%, 03/01/33 |
|
|
4,970 |
|
|
|
5,312,284 |
|
| 6.50%, 04/01/33 |
|
|
9,355 |
|
|
|
9,660,721 |
|
| State of California Public Works Board, LRB, Various Capital Projects: |
|
|
|
|
|
|
|
|
| Series I, 5.00%, 11/01/38 |
|
|
1,495 |
|
|
|
1,676,897 |
|
| Sub-Series I-1,
6.38%, 11/01/19(a) |
|
|
2,315 |
|
|
|
2,458,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
87,459,247 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Municipal Income Trust (BFK)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Colorado — 0.7% |
|
|
|
|
| Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiative, Series A,
5.50%, 07/01/34 |
|
$
|
4,205 |
|
|
$
|
4,315,087 |
|
|
|
|
|
|
|
|
|
|
| Connecticut — 0.4% |
|
| Connecticut State Health & Educational Facility Authority, RB, Ascension Health Senior Credit,
Series A, 5.00%, 11/15/40 |
|
|
2,710 |
|
|
|
2,816,855 |
|
|
|
|
|
|
|
|
|
|
| Delaware — 2.4% |
|
| County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project,
6.00%, 10/01/40 |
|
|
2,225 |
|
|
|
2,363,618 |
|
| Delaware Transportation Authority, RB, U.S. 301 Project, 5.00%, 06/01/55 |
|
|
2,280 |
|
|
|
2,491,880 |
|
| State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 |
|
|
10,080 |
|
|
|
10,506,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,361,983 |
|
| District of Columbia — 5.0% |
|
|
|
|
| District of Columbia, Refunding RB: |
|
|
|
|
|
|
|
|
| Georgetown University, 5.00%, 04/01/35 |
|
|
865 |
|
|
|
986,178 |
|
| Georgetown University Issue, 5.00%, 04/01/42 |
|
|
1,005 |
|
|
|
1,131,982 |
|
| Kipp Charter School, Series
A,
6.00%, 07/01/23(a) |
|
|
1,480 |
|
|
|
1,751,920 |
|
| District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed,
6.75%, 05/15/40 |
|
|
23,035 |
|
|
|
23,955,709 |
|
| Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series
A: |
|
|
|
|
|
|
|
|
| 5.00%, 10/01/39 |
|
|
990 |
|
|
|
1,022,234 |
|
| 5.25%, 10/01/44 |
|
|
2,465 |
|
|
|
2,551,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,399,446 |
|
| Florida — 2.8% |
|
|
|
|
| County of Broward Florida Airport System Revenue, ARB, AMT, 5.00%, 10/01/47 |
|
|
590 |
|
|
|
659,331 |
|
| County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45 |
|
|
2,620 |
|
|
|
2,852,577 |
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
$ |
2,443,613 |
|
| County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center: |
|
|
|
|
|
|
|
|
| 5.00%, 06/01/32 |
|
|
600 |
|
|
|
628,644 |
|
| 5.00%, 06/01/36 |
|
|
125 |
|
|
|
130,589 |
|
| 5.13%, 06/01/42 |
|
|
1,925 |
|
|
|
2,012,202 |
|
| Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A,
7.25%, 10/01/21(a) |
|
|
5,885 |
|
|
|
6,827,424 |
|
| Stevens Plantation Community Development District, RB, Special Assessment, Series A, 7.10%, 05/01/35(e)(f) |
|
|
3,395 |
|
|
|
2,376,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,930,880 |
|
| Georgia — 2.0% |
|
|
|
|
| City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, 5.00%, 11/01/40 |
|
|
1,910 |
|
|
|
2,144,166 |
|
| County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation,
4.00%, 08/15/48 |
|
|
7,225 |
|
|
|
7,374,413 |
|
| 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 |
|
|
|
1,156,268 |
|
| DeKalb Georgia Private Hospital Authority, Refunding RB, Children’s Healthcare,
5.25%, 11/15/39 |
|
|
1,650 |
|
|
|
1,717,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,392,332 |
|
| Hawaii — 0.4% |
|
|
|
|
| State of Hawaii Harbor System, RB, Series A, 5.25%, 07/01/30 |
|
|
2,660 |
|
|
|
2,821,994 |
|
|
|
|
|
|
|
|
|
|
| Idaho — 0.3% |
|
|
|
|
| Idaho Health Facilities Authority, RB, Trinity Health Credit Group, Series A, 5.00%, 12/01/46 |
|
|
1,485 |
|
|
|
1,669,689 |
|
|
|
|
|
|
|
|
|
|
| Illinois — 21.6% |
|
|
|
|
| Chicago Board of Education, GO, Refunding Dedicated Revenues: |
|
|
|
|
|
|
|
|
| Series H, 5.00%, 12/01/36 |
|
|
920 |
|
|
|
949,725 |
|
| Project, Series C, 5.25%, 12/01/35 |
|
|
2,905 |
|
|
|
3,023,669 |
|
| Chicago Board of Education, GO, Refunding, Series D, 5.00%, 12/01/25 |
|
|
1,650 |
|
|
|
1,736,707 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 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: |
|
|
|
|
|
|
|
|
| Series F, 5.00%, 12/01/22 |
|
$ |
1,250 |
|
|
$ |
1,308,300 |
|
| Series G, 5.00%, 12/01/34 |
|
|
915 |
|
|
|
948,782 |
|
| City of Chicago Illinois, GO, Project, Series A, 5.00%, 01/01/34 |
|
|
3,440 |
|
|
|
3,523,248 |
|
| City of Chicago Illinois, GO, Refunding, Project, Series A: |
|
|
|
|
|
|
|
|
| 5.25%, 01/01/32 |
|
|
6,155 |
|
|
|
6,486,139 |
|
| 5.00%, 01/01/34 |
|
|
2,500 |
|
|
|
2,592,175 |
|
| City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien, Series C, 6.50%, 01/01/21(a) |
|
|
11,385 |
|
|
|
12,637,464 |
|
| City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |
|
|
2,055 |
|
|
|
2,191,678 |
|
| City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42 |
|
|
2,000 |
|
|
|
2,117,340 |
|
| County of Cook Illinois Community College District No. 508, GO, City College of Chicago,
5.50%, 12/01/38 |
|
|
1,525 |
|
|
|
1,609,775 |
|
| County of Will Illinois, GO, 5.00%, 11/15/45 |
|
|
27,000 |
|
|
|
29,729,430 |
|
| Illinois Finance Authority, RB: |
|
|
|
|
|
|
|
|
| Advocate Health Care Network, Series C,
5.38%, 04/01/19(a) |
|
|
5,010 |
|
|
|
5,137,655 |
|
| Advocate Health Care Network, Series C,
5.38%, 04/01/19(a) |
|
|
5,620 |
|
|
|
5,763,198 |
|
| Chicago LLC, University of Illinois at Chicago Project, Series A, 5.00%, 02/15/47 |
|
|
405 |
|
|
|
437,368 |
|
| Chicago LLC, University of Illinois at Chicago Project, Series A, 5.00%, 02/15/50 |
|
|
205 |
|
|
|
220,576 |
|
| Illinois Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Ascension Health, Series A, 5.00%, 11/15/37 |
|
|
1,895 |
|
|
|
2,050,352 |
|
| Central Dupage Health, Series B,
5.50%, 11/01/19(a) |
|
|
3,160 |
|
|
|
3,310,290 |
|
| Illinois State Toll Highway Authority, RB, Senior, Series C, 5.00%, 01/01/36 |
|
|
5,095 |
|
|
|
5,635,274 |
|
| Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project: |
|
|
|
|
|
|
|
|
| Series B (AGM), 5.00%, 06/15/50 |
|
|
14,710 |
|
|
|
15,248,680 |
|
| Series B-2, 5.00%, 06/15/50 |
|
|
3,905 |
|
|
|
3,978,023 |
|
| Railsplitter Tobacco Settlement Authority,
RB(a): |
|
|
|
|
|
|
|
|
| 5.50%, 06/01/21 |
|
|
885 |
|
|
|
974,173 |
|
| 6.00%, 06/01/21 |
|
|
2,245 |
|
|
|
2,502,030 |
|
| State of Illinois, GO: |
|
|
|
|
|
|
|
|
| 5.00%, 02/01/39 |
|
|
2,990 |
|
|
|
3,088,550 |
|
| Series A, 5.00%, 04/01/38 |
|
|
9,030 |
|
|
|
9,294,037 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Illinois (continued) |
|
|
|
|
| State of Illinois, RB, Build Illinois, Series B, 5.25%, 06/15/19(a) |
|
$ |
1,240 |
|
|
$ |
1,279,990 |
|
| State of Illinois Toll Highway Authority, RB, Series C, 5.00%, 01/01/37 |
|
|
5,455 |
|
|
|
6,016,810 |
|
| University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44 |
|
|
1,910 |
|
|
|
2,069,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
135,860,656 |
|
| Indiana — 3.9% |
|
|
|
|
| City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |
|
|
|
|
|
|
|
|
| 6.75%, 01/01/34 |
|
|
1,525 |
|
|
|
1,777,266 |
|
| 7.00%, 01/01/44 |
|
|
3,680 |
|
|
|
4,316,014 |
|
| Indiana Finance Authority, RB, Series A: |
|
|
|
|
|
|
|
|
| CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |
|
|
6,305 |
|
|
|
6,887,393 |
|
| Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44 |
|
|
880 |
|
|
|
936,637 |
|
| Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48 |
|
|
2,905 |
|
|
|
3,083,890 |
|
| Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51 |
|
|
790 |
|
|
|
845,995 |
|
| Sisters of St. Francis Health Services,
5.25%, 11/01/19(a) |
|
|
1,655 |
|
|
|
1,730,733 |
|
| Indiana Municipal Power Agency, RB, Series B, 6.00%, 01/01/19(a) |
|
|
2,150 |
|
|
|
2,191,258 |
|
| Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40 |
|
|
2,490 |
|
|
|
2,754,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,523,250 |
|
| Iowa — 1.7% |
|
|
|
|
| Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project: |
|
|
|
|
|
|
|
|
| Series B, 5.25%, 12/01/50(g) |
|
|
5,515 |
|
|
|
5,860,018 |
|
| Midwestern Disaster Area, 5.50%, 12/01/22 |
|
|
15 |
|
|
|
15,123 |
|
| Midwestern Disaster Area, 5.25%, 12/01/25 |
|
|
2,125 |
|
|
|
2,269,139 |
|
| Midwestern Disaster Area,
5.88%, 12/01/26(b) |
|
|
805 |
|
|
|
845,983 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 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 |
|
$
|
1,390 |
|
|
$
|
1,449,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,439,588 |
|
| Kentucky — 1.1% |
|
|
|
|
| Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A,
5.25%, 01/01/45 |
|
|
1,915 |
|
|
|
2,045,239 |
|
| Kentucky Economic Development Finance Authority, Refunding RB, Louisville Arena Authority, Inc. (AGM),
5.00%, 12/01/45 |
|
|
2,515 |
|
|
|
2,802,389 |
|
| Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st
Tier, Series C, 0.00%, 07/01/43(h) |
|
|
2,325 |
|
|
|
2,179,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,027,037 |
|
| 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 |
|
|
|
7,132,495 |
|
| Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |
|
|
|
|
|
|
|
|
| 5.50%, 05/15/30 |
|
|
1,980 |
|
|
|
2,080,921 |
|
| 5.25%, 05/15/31 |
|
|
1,690 |
|
|
|
1,804,379 |
|
| 5.25%, 05/15/32 |
|
|
2,160 |
|
|
|
2,339,863 |
|
| 5.25%, 05/15/33 |
|
|
2,345 |
|
|
|
2,521,954 |
|
| 5.25%, 05/15/35 |
|
|
4,985 |
|
|
|
5,369,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,248,656 |
|
| Maryland — 1.3% |
|
|
|
|
| Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 06/01/20(a) |
|
|
855 |
|
|
|
918,415 |
|
| Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25 |
|
|
1,440 |
|
|
|
1,500,005 |
|
| Maryland Health & Higher Educational Facilities Authority, RB, Trinity Health Credit Group,
Series 2017, 5.00%, 12/01/46 |
|
|
840 |
|
|
|
949,956 |
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
$ |
4,731,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,099,920 |
|
| Massachusetts — 0.9% |
|
|
|
|
| Massachusetts Development Finance Agency, Refunding RB, Covanta Energy Project, Series C, AMT,
5.25%, 11/01/42 (b) |
|
|
2,775 |
|
|
|
2,797,200 |
|
| Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare System,
Series J1, 5.00%, 07/01/19(a) |
|
|
2,535 |
|
|
|
2,615,436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,412,636 |
|
| Michigan — 3.0% |
|
|
|
|
| City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A,
5.25%, 07/01/39 |
|
|
8,665 |
|
|
|
9,416,429 |
|
| City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A,
5.50%, 07/01/41 |
|
|
2,870 |
|
|
|
3,140,957 |
|
| Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital: |
|
|
|
|
|
|
|
|
| 5.50%, 05/15/20(a) |
|
|
1,490 |
|
|
|
1,587,520 |
|
| 5.50%, 05/15/36 |
|
|
1,210 |
|
|
|
1,275,146 |
|
| Michigan Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Detroit Water & Sewage Department Project, Senior Lien, Series
C-1, 5.00%, 07/01/44 |
|
|
1,710 |
|
|
|
1,839,293 |
|
| Henry Ford Health System, 4.00%, 11/15/46 |
|
|
1,480 |
|
|
|
1,477,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,736,785 |
|
| 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 |
|
|
|
546,109 |
|
| State of Missouri Health & Educational Facilities Authority, RB, Senior Living Facilities, Lutheran
Senior Services, 5.50%, 02/01/42 |
|
|
2,035 |
|
|
|
2,103,498 |
|
| State of Missouri Health & Educational Facilities Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Mercy Health, Series C, 5.00%, 11/15/47 |
|
|
5,230 |
|
|
|
5,847,140 |
|
| St. Louis College of Pharmacy Project, 5.50%, 05/01/43 |
|
|
480 |
|
|
|
514,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,010,779 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Municipal Income Trust (BFK)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Nebraska — 1.4% |
|
|
|
|
| Central Plains Nebraska Energy Project, RB, Gas Project No. 3: |
|
|
|
|
|
|
|
|
| 5.25%, 09/01/37 |
|
$
|
1,610 |
|
|
$
|
1,776,104 |
|
| 5.00%, 09/01/42 |
|
|
2,815 |
|
|
|
3,078,315 |
|
| County of Douglas Nebraska Hospital Authority No. 2, Refunding RB, Health Facilities, Immanuel
Obligation Group, 5.63%, 01/01/40 |
|
|
3,280 |
|
|
|
3,407,493 |
|
| County of Lancaster Nebraska Hospital Authority No. 1, Refunding RB, Immanuel Obligation Group, Health
Facilities, 5.63%, 01/01/40 |
|
|
600 |
|
|
|
629,298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,891,210 |
|
| New Jersey — 9.6% |
|
|
|
|
| Casino Reinvestment Development Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| 5.25%, 11/01/39 |
|
|
3,280 |
|
|
|
3,515,701 |
|
| 5.25%, 11/01/44 |
|
|
2,980 |
|
|
|
3,189,017 |
|
| County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(b) |
|
|
2,115 |
|
|
|
2,136,340 |
|
| County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel,
Sub-Series B, 6.25%, 01/01/37(e)(f) |
|
|
3,680 |
|
|
|
38,640 |
|
| New Jersey EDA, RB, AMT: |
|
|
|
|
|
|
|
|
| Continental Airlines, Inc. Project, 4.88%, 09/15/19 |
|
|
835 |
|
|
|
850,189 |
|
| Continental Airlines, Inc. Project, 5.25%, 09/15/29 |
|
|
3,830 |
|
|
|
4,162,674 |
|
| Continental Airlines, Inc. Project, Series B, 5.63%, 11/15/30 |
|
|
2,035 |
|
|
|
2,301,687 |
|
| Goethals Bridge Replacement Project, Private Activity Bond, 5.38%, 01/01/43 |
|
|
2,285 |
|
|
|
2,498,099 |
|
| New Jersey EDA, Refunding ARB, Port Network Container Terminal LLC Project, AMT,
5.00%, 10/01/47 |
|
|
2,905 |
|
|
|
3,114,363 |
|
| New Jersey EDA, Refunding RB, Special Assessment, Kapkowski Road Landfill Project,
6.50%, 04/01/28 |
|
|
8,000 |
|
|
|
9,313,760 |
|
| New Jersey State Turnpike Authority, RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 01/01/43 |
|
|
3,035 |
|
|
|
3,300,805 |
|
| Series E, 5.00%, 01/01/45 |
|
|
5,095 |
|
|
|
5,644,649 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| New Jersey (continued) |
|
|
|
|
| New Jersey Transportation Trust Fund Authority, RB: |
|
|
|
|
|
|
|
|
| Transportation Program, Series AA, 5.00%, 06/15/44 |
|
$
|
1,320 |
|
|
$
|
1,393,326 |
|
| Transportation Program, Series AA, 5.00%, 06/15/44 |
|
|
2,445 |
|
|
|
2,560,917 |
|
| Transportation System, Series A, 5.50%, 06/15/41 |
|
|
8,000 |
|
|
|
8,366,000 |
|
| Transportation System, Series B, 5.25%, 06/15/36 |
|
|
4,810 |
|
|
|
5,015,002 |
|
| Tobacco Settlement Financing Corp. New Jersey, Refunding RB: |
|
|
|
|
|
|
|
|
| Series A, 5.25%, 06/01/46 |
|
|
1,070 |
|
|
|
1,198,090 |
|
| Sub-Series B, 5.00%, 06/01/46 |
|
|
1,515 |
|
|
|
1,623,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60,222,309 |
|
| New York — 11.1% |
|
|
|
|
| City of New York Transitional Finance Authority Future Tax Secured, RB, Fiscal 2012,
Sub-Series E-1, 5.00%, 02/01/42 |
|
|
4,805 |
|
|
|
5,208,236 |
|
| Counties of New York Tobacco Trust II, RB, Settlement Pass-Through, 5.75%, 06/01/43 |
|
|
840 |
|
|
|
852,978 |
|
| Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A,
6.25%, 06/01/41(b) |
|
|
3,600 |
|
|
|
3,736,836 |
|
| County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44 |
|
|
1,720 |
|
|
|
1,828,849 |
|
| Hudson Yards Infrastructure Corp., Refunding RB, Series A, 5.00%, 02/15/39 |
|
|
1,860 |
|
|
|
2,114,281 |
|
| Metropolitan Transportation Authority, RB, Series B: |
|
|
|
|
|
|
|
|
| 5.25%, 11/15/38 |
|
|
4,640 |
|
|
|
5,240,509 |
|
| 5.25%, 11/15/39 |
|
|
1,650 |
|
|
|
1,862,602 |
|
| Metropolitan Transportation Authority, Refunding RB, Series C-1,
5.25%, 11/15/56 |
|
|
8,805 |
|
|
|
9,931,600 |
|
| Metropolitan Transportation Authority Hudson Rail Yards Trust Obligations, Refunding RB, Series A,
5.00%, 11/15/56 |
|
|
2,120 |
|
|
|
2,291,275 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 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: |
|
|
|
|
|
|
|
|
| 2nd Priority, Bank of America Tower at
One Bryant Park Project, Class 3,
6.38%, 07/15/49 |
|
$ |
2,400 |
|
|
$ |
2,529,024 |
|
| 3 World Trade Center Project, Class 1,
5.00%, 11/15/44(b) |
|
|
7,830 |
|
|
|
8,260,963 |
|
| 3 World Trade Center Project, Class 2,
5.15%, 11/15/34(b) |
|
|
660 |
|
|
|
723,842 |
|
| 3 World Trade Center Project, Class 2,
5.38%, 11/15/40(b) |
|
|
1,655 |
|
|
|
1,819,904 |
|
| New York State Dormitory Authority, Refunding RB, Series D, 5.00%, 02/15/37 |
|
|
6,655 |
|
|
|
7,240,573 |
|
| New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A,
AMT, 5.00%, 07/01/46 |
|
|
1,165 |
|
|
|
1,247,307 |
|
| New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT: |
|
|
|
|
|
|
|
|
| 5.00%, 08/01/26 |
|
|
1,080 |
|
|
|
1,138,298 |
|
| 5.00%, 08/01/31 |
|
|
2,585 |
|
|
|
2,705,668 |
|
| Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series
A, AMT, 5.25%, 11/01/42(b) |
|
|
1,575 |
|
|
|
1,587,600 |
|
| 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 |
|
|
|
2,755,002 |
|
| 6.00%, 12/01/42 |
|
|
1,960 |
|
|
|
2,137,596 |
|
| Port Authority of New York & New Jersey, Refunding RB, Consolidated, 205th Series,
5.00%, 11/15/47 |
|
|
3,925 |
|
|
|
4,491,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
69,704,831 |
|
| North Carolina — 0.6% |
|
|
|
|
| North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A,
5.00%, 06/01/19(a) |
|
|
2,750 |
|
|
|
2,830,245 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| North Carolina (continued) |
|
|
|
|
| North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project,
Series A, 7.75%, 03/01/21(a) |
|
$ |
1,130 |
|
|
$ |
1,294,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,124,694 |
|
| Ohio — 3.4% |
|
|
|
|
| Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 06/01/47 |
|
|
5,550 |
|
|
|
5,597,730 |
|
| County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Catholic Healthcare Partners, Series A,
5.25%, 06/01/20(a) |
|
|
6,125 |
|
|
|
6,512,835 |
|
| County of Franklin Ohio, RB: |
|
|
|
|
|
|
|
|
| Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A,
6.13%, 07/01/40 |
|
|
1,280 |
|
|
|
1,392,576 |
|
| Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46 |
|
|
800 |
|
|
|
899,496 |
|
| County of Montgomery Ohio, Refunding RB, Catholic Health: |
|
|
|
|
|
|
|
|
| 5.00%, 05/01/19(a) |
|
|
1,905 |
|
|
|
1,953,882 |
|
| Series A, 5.00%, 05/01/39 |
|
|
3,545 |
|
|
|
3,597,112 |
|
| State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53 |
|
|
1,585 |
|
|
|
1,725,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,679,347 |
|
| Oklahoma — 1.0% |
|
|
|
|
| Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.25%, 08/15/48 |
|
|
2,350 |
|
|
|
2,640,437 |
|
| Oklahoma Turnpike Authority, RB, 2nd Series C, 4.00%, 01/01/42 |
|
|
3,845 |
|
|
|
3,983,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,624,395 |
|
| Pennsylvania — 2.4% |
|
|
|
|
| City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB, AMT, Series B,
5.00%, 07/01/47 |
|
|
910 |
|
|
|
1,007,843 |
|
| City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple
University Health System, Series A, 5.63%, 07/01/42 |
|
|
1,240 |
|
|
|
1,338,853 |
|
| Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment: |
|
|
|
|
|
|
|
|
| 5.00%, 06/01/33 |
|
|
210 |
|
|
|
235,815 |
|
| 5.00%, 06/01/34 |
|
|
275 |
|
|
|
307,835 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Municipal Income Trust (BFK)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Pennsylvania (continued) |
|
|
|
|
| County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University,
Series A: |
|
|
|
|
|
|
|
|
| 4.00%, 09/01/49 |
|
$ |
1,135 |
|
|
$ |
1,134,966 |
|
| 5.00%, 09/01/43 |
|
|
2,505 |
|
|
|
2,796,958 |
|
| Pennsylvania Economic Development Financing Authority, RB: |
|
|
|
|
|
|
|
|
| AMT, 5.00%, 06/30/42 |
|
|
1,660 |
|
|
|
1,803,225 |
|
| Aqua Pennsylvania, Inc. Project, Series B, 5.00%, 11/15/40 |
|
|
3,725 |
|
|
|
3,864,613 |
|
| Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44 |
|
|
2,155 |
|
|
|
2,362,656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,852,764 |
|
| Puerto Rico — 1.1% |
|
|
|
|
| Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: |
|
|
|
|
|
|
|
|
| 5.50%, 05/15/39 |
|
|
3,690 |
|
|
|
3,714,059 |
|
| 5.63%, 05/15/43 |
|
|
3,520 |
|
|
|
3,550,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,264,753 |
|
| Rhode Island — 2.3% |
|
|
|
|
| Tobacco Settlement Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 06/01/35 |
|
|
3,060 |
|
|
|
3,294,182 |
|
| Series B, 4.50%, 06/01/45 |
|
|
5,175 |
|
|
|
5,269,185 |
|
| Series B, 5.00%, 06/01/50 |
|
|
5,765 |
|
|
|
6,015,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,578,568 |
|
| South Carolina — 4.7% |
|
|
|
|
| State of South Carolina Ports Authority, ARB: |
|
|
|
|
|
|
|
|
| 5.25%, 07/01/20(a) |
|
|
6,455 |
|
|
|
6,885,871 |
|
| AMT, 5.25%, 07/01/55 |
|
|
2,525 |
|
|
|
2,800,730 |
|
| State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54 |
|
|
12,065 |
|
|
|
13,141,078 |
|
| State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55 |
|
|
6,140 |
|
|
|
6,639,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,467,045 |
|
| Tennessee — 0.7% |
|
|
|
|
| City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives,
Series A, 5.25%, 01/01/45 |
|
|
2,660 |
|
|
|
2,840,907 |
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
$ |
1,490,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,331,752 |
|
| Texas — 13.7% |
|
|
|
|
| Central Texas Regional Mobility Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Senior Lien, 6.25%, 01/01/21(a) |
|
|
4,210 |
|
|
|
4,637,904 |
|
| Sub-Lien, 5.00%, 01/01/33 |
|
|
700 |
|
|
|
752,955 |
|
| City of Austin Texas Airport System, ARB, AMT, 5.00%, 11/15/39 |
|
|
385 |
|
|
|
421,864 |
|
| City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 07/01/39 |
|
|
3,000 |
|
|
|
3,006,330 |
|
| City of Houston Texas Combined Utility System, Refunding RB, Combined 1st Lien, Series A (AGC)(a): |
|
|
|
|
|
|
|
|
| 6.00%, 05/15/19 |
|
|
15,560 |
|
|
|
16,101,021 |
|
| 6.00%, 11/15/35 |
|
|
865 |
|
|
|
895,353 |
|
| 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 |
|
|
|
457,915 |
|
| 7.00%, 01/01/23 |
|
|
500 |
|
|
|
602,520 |
|
| County of Harris Texas-Houston Sports Authority, Refunding
RB(d): |
|
|
|
|
|
|
|
|
| 3rd Lien, Series A (NPFGC),
0.00%, 11/15/24(a) |
|
|
6,000 |
|
|
|
2,387,460 |
|
| 3rd Lien, Series A (NPFGC), 0.00%, 11/15/37 |
|
|
20,120 |
|
|
|
7,350,641 |
|
| CAB, Junior Lien, Series H (NPFGC), 0.00%, 11/15/35 |
|
|
5,000 |
|
|
|
2,247,300 |
|
| CAB, Senior Lien, Series A (NPFGC) (AGM), 0.00%, 11/15/38 |
|
|
12,580 |
|
|
|
4,833,865 |
|
| County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A(d): |
|
|
|
|
|
|
|
|
| 0.00%, 09/15/40 |
|
|
9,780 |
|
|
|
3,721,583 |
|
| 0.00%, 09/15/41 |
|
|
5,420 |
|
|
|
1,952,663 |
|
| County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare,
6.00%, 08/15/20(a) |
|
|
7,345 |
|
|
|
7,974,393 |
|
| Fort Bend County Industrial Development Corp., RB, NRG Energy Inc. Project, Series B,
4.75%, 11/01/42 |
|
|
470 |
|
|
|
480,298 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Municipal Income Trust (BFK)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Texas (continued) |
|
|
|
|
| New Hope Cultural Education Facilities Corp., RB, Collegiate Housing Tarleton State University Project,
5.00%, 04/01/35 |
|
$ |
355 |
|
|
$ |
384,195 |
|
| San Antonio Water System, Refunding RB, Junior Lien, Series A, 5.00%, 05/15/48 |
|
|
5,035 |
|
|
|
5,750,172 |
|
| Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements,
5.00%, 12/15/32 |
|
|
2,835 |
|
|
|
3,055,847 |
|
| Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |
|
|
|
|
|
|
|
|
| LBJ Infrastructure Group LLC, 7.00%, 06/30/40 |
|
|
6,000 |
|
|
|
6,500,640 |
|
| NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |
|
|
5,100 |
|
|
|
5,414,517 |
|
| University of Texas System, Refunding RB, Permanent University Fund, Series B, 4.00%, 07/01/41 |
|
|
7,395 |
|
|
|
7,658,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
86,588,290 |
|
| Utah — 0.5% |
|
|
|
|
| City of Salt Lake Corp. Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/47 |
|
|
1,830 |
|
|
|
2,040,065 |
|
| Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy, Series A,
3.25%, 10/15/42 |
|
|
1,105 |
|
|
|
993,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,033,173 |
|
| Virginia — 1.6% |
|
|
|
|
| Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A,
5.50%, 07/01/57 |
|
|
2,230 |
|
|
|
2,653,990 |
|
| Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project,
AMT: |
|
|
|
|
|
|
|
|
| 5.25%, 01/01/32 |
|
|
3,155 |
|
|
|
3,398,282 |
|
| 6.00%, 01/01/37 |
|
|
3,790 |
|
|
|
4,192,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,244,315 |
|
| Washington — 1.5% |
|
|
|
|
| Port of Seattle Washington, ARB, Intermediate Lien, Series C, AMT, 5.00%, 05/01/42 |
|
|
2,980 |
|
|
|
3,326,067 |
|
| Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40 |
|
|
1,475 |
|
|
|
1,613,753 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Washington (continued) |
|
|
|
|
| Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A,
5.75%, 01/01/45 |
|
$ |
4,420 |
|
|
$ |
4,834,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,774,505 |
|
| Wisconsin — 0.3% |
|
|
|
|
| State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit
Group, Series E, 5.00%, 11/15/33 |
|
|
1,640 |
|
|
|
1,702,533 |
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds — 129.1%
(Cost — $772,440,110) |
|
|
|
|
|
|
813,518,886 |
|
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts(i) |
|
|
| California — 5.5% |
|
| Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, 4.00%, 04/01/42(j) |
|
|
6,196 |
|
|
|
6,494,886 |
|
| California Educational Facilities Authority, RB, University of Southern California, Series B,
5.25%, 10/01/18(a)(j) |
|
|
5,113 |
|
|
|
5,146,418 |
|
| City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B,
5.00%, 11/01/19(a) |
|
|
18,540 |
|
|
|
19,361,013 |
|
| San Diego California Community College District, GO, Election of 2002, 5.25%, 08/01/19(a) |
|
|
3,261 |
|
|
|
3,384,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,386,825 |
|
| Florida — 1.1% |
|
|
|
|
| County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/20(a) |
|
|
6,629 |
|
|
|
7,092,993 |
|
|
|
|
|
|
|
|
|
|
| Illinois — 0.5% |
|
| Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 4.00%, 02/15/41 |
|
|
2,805 |
|
|
|
2,879,108 |
|
|
|
|
|
|
|
|
|
|
| Massachusetts — 1.4% |
|
| Commonwealth of Massachusetts Transportation Fund Revenue, RB, Rail Enhancement Program, Series A,
4.00%, 06/01/45 |
|
|
4,153 |
|
|
|
4,259,671 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Municipal Income Trust (BFK)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Massachusetts (continued) |
|
| Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41 |
|
$ |
4,427 |
|
|
$ |
4,766,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,025,815 |
|
| New Hampshire — 0.7% |
|
|
|
|
| New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 06/01/19(a)(j) |
|
|
3,989 |
|
|
|
4,111,115 |
|
|
|
|
|
|
|
|
|
|
| New York — 10.6% |
|
|
|
|
| City of New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General
Resolution, Series FF-2, 5.50%, 06/15/40 |
|
|
3,075 |
|
|
|
3,175,255 |
|
| City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series HH,
5.00%, 06/15/31(j) |
|
|
16,395 |
|
|
|
17,749,719 |
|
| Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 02/15/47(j) |
|
|
3,130 |
|
|
|
3,422,740 |
|
| New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds,
5.25%, 12/15/43 |
|
|
20,864 |
|
|
|
22,843,044 |
|
| New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51(j) |
|
|
12,611 |
|
|
|
14,010,271 |
|
| Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 |
|
|
5,070 |
|
|
|
5,775,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66,976,097 |
|
| North Carolina — 0.9% |
|
|
|
|
| North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B,
5.00%, 10/01/55 |
|
|
4,960 |
|
|
|
5,565,839 |
|
|
|
|
|
|
|
|
|
|
| Pennsylvania — 0.8% |
|
|
|
|
| Pennsylvania Turnpike Commission, RB, Sub-Series A,
5.50%, 12/01/42 |
|
|
4,652 |
|
|
|
5,313,257 |
|
|
|
|
|
|
|
|
|
|
| Rhode Island — 0.5% |
|
|
|
|
| Narragansett Bay Commission, Refunding RB, Wastewater System, Series A, 4.00%, 09/01/43 |
|
|
3,137 |
|
|
|
3,174,687 |
|
|
|
|
|
|
|
|
|
|
| Texas — 4.6% |
|
|
|
|
| City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43 |
|
|
4,900 |
|
|
|
5,349,771 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Texas (continued) |
|
|
|
|
| County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41 |
|
$ |
6,650 |
|
|
$ |
7,199,157 |
|
| Lower Colorado River Authority, Refunding RB, LCRA Transmission Services Corporation Project,
4.00%, 05/15/43 |
|
|
4,140 |
|
|
|
4,179,703 |
|
| San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing And Expansion Project,
4.00%, 09/15/42 |
|
|
5,505 |
|
|
|
5,589,373 |
|
| University of Texas, Refunding RB, Financing System, Series B, 5.00%, 08/15/43 |
|
|
6,003 |
|
|
|
6,573,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,891,082 |
|
| Utah — 1.2% |
|
|
|
|
| City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 08/15/19(a) |
|
|
7,153 |
|
|
|
7,404,989 |
|
|
|
|
|
|
|
|
|
|
| Washington — 2.3% |
|
|
|
|
| State of Washington, GO, Various Purposes, Series E, 5.00%, 02/01/19(a) |
|
|
14,487 |
|
|
|
14,742,464 |
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
|
5,635,246 |
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 31.0%
(Cost —
$187,504,679) |
|
|
|
195,199,517 |
|
|
|
|
|
|
|
|
|
|
| Total Long-Term Investments — 160.1%
(Cost — $959,944,789) |
|
|
|
1,008,718,403 |
|
|
|
|
|
|
|
|
|
|
|
| Short-Term Securities (l) — 0.7% |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class,
0.85%(k) |
|
|
4,637,248 |
|
|
|
4,638,176 |
|
|
|
|
|
|
|
|
|
|
| Total Short-Term Securities — 0.7%
(Cost — $4,637,723) |
|
|
|
4,638,176 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments — 160.8%
(Cost — $964,582,512) |
|
|
|
1,013,356,579 |
|
| Other Assets Less Liabilities — 0.9% |
|
|
|
5,352,800 |
|
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable —
(18.7)% |
|
|
|
(117,853,901 |
) |
| VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (43.0)% |
|
|
|
(270,800,008 |
) |
|
|
|
|
|
|
|
|
|
| Net Assets Applicable to Common Shares — 100.0% |
|
|
$ |
630,055,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Municipal Income Trust (BFK) |
| (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) |
When-issued security. |
| (e) |
Issuer filed for bankruptcy and/or is in default. |
| (f) |
Non-income producing security. |
| (g) |
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. |
| (h) |
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. |
| (i) |
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. |
| (j) |
All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could
ultimately be required to pay under the agreement, which expire between October 1, 2018 to April 1, 2025, is $30,759,302 See Note 4 of the Notes to Financial Statements for details. |
| (k) |
Annualized 7-day yield as of period end. |
| (l) |
During the period ended July 31, 2018, investments in issuers considered to be an affiliate of the Trust for purposes
of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliated |
|
Shares
Held at
04/30/18 |
|
|
Net
Activity |
|
|
Shares
Held at
07/31/18 |
|
|
Value at
07/31/18 |
|
|
Income |
|
|
Net Realized
Gain (Loss) (a) |
|
|
Change in
Unrealized
Appreciation
(Depreciation) |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
|
|
4,633,327 |
|
|
|
3,921 |
|
|
|
4,637,248 |
|
|
$ |
4,638,176 |
|
|
$ |
16,050 |
|
|
$ |
499 |
|
|
$ |
453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(a) |
Includes net capital gain distributions, if applicable. |
|
|
|
|
| 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 |
| GTD |
|
Guaranteed |
| IDA |
|
Industrial Development Authority |
| LRB |
|
Lease Revenue Bonds |
| NPFGC |
|
National Public Finance Guarantee Corp. |
| RB |
|
Revenue Bonds |
| S/F |
|
Single-Family |
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Municipal Income Trust (BFK) |
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 |
|
|
85 |
|
|
|
09/19/18 |
|
|
$ |
10,151 |
|
|
$ |
34,040 |
|
| Long U.S. Treasury Bond |
|
|
206 |
|
|
|
09/19/18 |
|
|
|
29,452 |
|
|
|
(81,598 |
) |
| 5-Year U.S. Treasury Note |
|
|
75 |
|
|
|
09/28/18 |
|
|
|
8,484 |
|
|
|
13,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(33,738 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. 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 and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments 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 and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its annual report.
As of July 31, 2018, 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) |
|
$ |
— |
|
|
$ |
1,008,718,403 |
|
|
$ |
— |
|
|
$ |
1,008,718,403 |
|
| Short-Term Securities |
|
|
4,638,176 |
|
|
|
— |
|
|
|
— |
|
|
|
4,638,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,638,176 |
|
|
$ |
1,008,718,403 |
|
|
$ |
— |
|
|
$ |
1,013,356,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative Financial
Instruments(b) |
|
| Assets: |
|
| Interest rate contracts |
|
$ |
47,860 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
47,860 |
|
| Liabilities: |
|
| Interest rate contracts |
|
|
(81,598 |
) |
|
|
— |
|
|
|
— |
|
|
|
(81,598 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(33,738 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(33,738 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(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. |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 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 statement 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 |
|
$ |
— |
|
|
$ |
(117,534,382 |
) |
|
$ |
— |
|
|
$ |
(117,534,382 |
) |
| VMTP Shares at Liquidation Value |
|
|
— |
|
|
|
(270,800,000 |
) |
|
|
— |
|
|
|
(270,800,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
(388,334,382 |
) |
|
$ |
— |
|
|
$ |
(388,334,382 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the period ended July 31, 2018, there were no transfers between levels.
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: |
|
September 20, 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: |
|
September 20, 2018 |
|
|
|
|
|
| By: |
|
/s/ Neal J. Andrews |
|
|
|
|
Neal J. Andrews |
|
|
|
|
Chief Financial Officer (principal financial officer) of |
|
|
BlackRock Municipal Income Trust |
|
|
|
| Date: |
|
September 20, 2018 |
|
|