N-Q 1 e55475nq.htm FORM N-Q

 

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: 04/30/2014

 

Date of reporting period: 07/31/2013

 

Item 1 – Schedule of Investments

 
 
Schedule of Investments July 31, 2013 (Unaudited) BlackRock Municipal Income Trust (BFK)
  (Percentages shown are based on Net Assets)
   
Municipal Bonds Par
(000)		   Value  
Alabama  — 1.2%  
Alabama State Docks Department, Refunding RB, 6.00%, 10/01/40 $ 4,080 $ 4,514,236  
County of Jefferson Alabama Limited Obligation School, RB, Series A, 5.25%, 1/01/19   2,910   2,899,582  
    7,413,818  
Arizona  — 2.8%  
Salt Verde Financial Corp., RB:          
  5.00%, 12/01/32   10,030   9,750,664  
  Senior, 5.00%, 12/01/37   7,460   7,135,714  
    16,886,378  
California  — 15.7%  
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, Series F-1, 5.63%, 4/01/44   4,445   4,770,463  
California County Tobacco Securitization Agency, RB, CAB, Stanislaus, Sub-Series C, 11.87%, 6/01/55 (a)   17,855   143,376  
California Health Facilities Financing Authority, RB:          
  Stanford Hospital Clinics, Series A, 5.00%, 8/15/51   2,305   2,199,546  
  Sutter Health, Series B, 6.00%, 8/15/42   6,230   6,992,676  
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 7/01/33   2,465   2,468,722  
California Pollution Control Financing Authority, RB:          
  Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 7/01/37 (b)   2,015   1,733,343  
  Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45 (b)   5,035   4,189,523  
  San Diego County Water Authority Desalination Project Pipeline, 5.00%, 11/21/45   2,415   2,206,199  
California State Public Works Board, RB, Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34   2,315   2,693,549  
           
Municipal Bonds Par
(000)		   Value  
California (concluded)  
California Statewide Communities Development Authority, Refunding RB, Episcopal Communities & Services:          
  5.00%, 5/15/42 $ 830 $ 766,928  
  5.00%, 5/15/47   705   646,725  
City of Los Angeles California Department of Airports, Refunding RB, Series A, 5.25%, 5/15/39   1,560   1,648,780  
Foothill Eastern Transportation Corridor Agency California, Refunding RB, CAB, 6.76%, 1/15/38 (a)   75,000   14,755,500  
Foothill-De Anza Community College District, GO, Election of 2006, Series C, 5.00%, 8/01/40   7,000   7,190,330  
Murrieta Community Facilities District Special Tax California, Special Tax Bonds, District No. 2, The Oaks Improvement Area A, 6.00%, 9/01/34   5,000   4,970,150  
Riverside County Transportation Commission, RB, CAB, Senior Lien, Series B (a):          
  7.05%, 6/01/41   5,000   727,350  
  7.07%, 6/01/42   6,000   810,300  
  7.08%, 6/01/43   5,000   628,150  
San Diego Community College District, GO, Election of 2006, 5.00%, 8/01/43   2,115   2,195,962  
San Marcos Unified School District, GO, CAB, Election of 2010, Series B (a):          
  5.57%, 8/01/34   3,500   1,104,110  
  5.61%, 8/01/36   4,000   1,120,480  
State of California, GO, Various Purpose:          
  6.00%, 3/01/33   4,970   5,669,677  
  6.50%, 4/01/33   20,410   23,885,823  
    93,517,662  
Colorado  — 2.1%  
Colorado Health Facilities Authority, Refunding RB:          
  Catholic Health Initiative, Series A, 5.50%, 7/01/34   4,205   4,532,654  
  Evangelical Lutheran Good Samaritan Society Project, 5.00%, 12/01/42   3,450   3,242,896  
Colorado State Board of Governors, Refunding RB, Series A, 5.00%, 3/01/43   2,310   2,364,031  
                     

 

BLACKROCK MUNICIPAL INCOME TRUSTJULY 31, 20131
 
Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK)
  (Percentages shown are based on Net Assets)
           
Municipal Bonds Par
(000)		   Value  
Colorado (concluded)  
Park Creek Metropolitan District Colorado, Refunding RB, Senior, Limited Tax, Property Tax, 5.50%, 12/01/37 $ 2,530 $ 2,584,926  
    12,724,507  
Connecticut  — 0.5%  
Connecticut State Health & Educational Facility Authority, RB, Ascension Health Senior Credit, 5.00%, 11/15/40   2,710   2,731,599  
Delaware  — 1.7%  
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Project, 6.00%, 10/01/40   2,225   2,295,466  
Delaware State EDA, RB, Exempt Facilities, Indian River Power, 5.38%, 10/01/45   7,950   7,615,543  
    9,911,009  
District of Columbia  — 4.8%  
District of Columbia, Refunding RB, Kipp Charter School, 6.00%, 7/01/43   1,480   1,513,759  
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.75%, 5/15/40   23,035   23,322,937  
Metropolitan Washington Airports Authority, Refunding RB, First Senior Lien, Series A:          
  5.00%, 10/01/39   990   1,001,979  
  5.25%, 10/01/44   2,465   2,516,839  
    28,355,514  
Florida  — 4.7%  
County of Miami-Dade Florida, Refunding RB, Miami International Airport, Series A-1, 5.38%, 10/01/41   2,280   2,331,482  
County of Tampa-Hillsborough Florida Expressway Authority, Refunding RB:          
  Series A, 5.00%, 7/01/37   2,695   2,700,659  
  Series B, 5.00%, 7/01/42   4,925   4,928,300  
Highlands County Florida Health Facilities Authority, Refunding RB, Series 2006G, 5.13%, 11/15/32 (c)   1,000   1,020,260  
           
Municipal Bonds Par
(000)		   Value  
Florida (concluded)  
Miami Beach Health Facilities Authority, RB, Mount Sinai Medical Center of Florida, 6.75%, 11/15/21 $ 6,075 $ 6,457,543  
Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/40   4,450   5,169,253  
Orange County Health Facilities Authority, Refunding RB, Mayflower Retirement Center:          
  5.00%, 6/01/32   600   576,600  
  5.00%, 6/01/36   125   118,474  
  5.13%, 6/01/42   1,925   1,829,058  
Stevens Plantation Community Development District, Special Assessment Bonds, Series A, 7.10%, 5/01/35 (d)(e)   3,590   2,673,976  
    27,805,605  
Georgia  — 1.8%  
DeKalb Private Hospital Authority, Refunding RB, Children's Healthcare, 5.25%, 11/15/39   1,650   1,676,350  
Metropolitan Atlanta Rapid Transit Authority, RB, Third Series, Series A, 5.00%, 7/01/39   5,000   5,124,700  
Richmond County Development Authority, Refunding RB, International Paper Co. Project, Series A, AMT, 6.00%, 2/01/25   4,000   3,983,280  
    10,784,330  
Hawaii  — 0.5%  
State of Hawaii Harbor System, RB, Series A, 5.25%, 7/01/30   2,660   2,824,415  
Illinois  — 11.6%
Chicago Illinois Board of Education, GO, Series A, 5.50%, 12/01/39   4,110   4,239,876  
Chicago Transit Authority, RB, Sales Tax Receipts Revenue, 5.25%, 12/01/40   2,055   2,093,716  
City of Chicago Illinois, GARB, O’Hare International Airport, Third Lien, Series C, 6.50%, 1/01/41   11,385   13,403,219  
City of Chicago Illinois, GO, Project, Series A:          
  5.00%, 1/01/33   4,435   4,337,785  
  5.00%, 1/01/34   4,430   4,313,713  
City of Chicago Illinois, Refunding RB, Sales Tax Revenue, Series A, 5.25%, 1/01/38   1,605   1,672,506  
           
                     

 

BLACKROCK MUNICIPAL INCOME TRUSTJULY 31, 20132
 
Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK)
  (Percentages shown are based on Net Assets)
   
Municipal Bonds Par
(000)		   Value  
Illinois (concluded)  
Illinois Finance Authority, RB, Advocate Health Care, Series C, 5.38%, 4/01/44 $ 10,630 $ 10,839,624  
Illinois Finance Authority, Refunding RB:          
  Ascension Health, Series A, 5.00%, 11/15/37   1,895   1,896,137  
  Ascension Health, Series A, 5.00%, 11/15/42   3,450   3,392,420  
  Central Dupage Health, Series B, 5.50%, 11/01/39   3,160   3,285,389  
  Friendship Village Schaumburg, Series A, 5.63%, 2/15/37   470   445,931  
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 1/01/38   4,550   4,604,327  
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:          
  Series B (AGM), 5.00%, 6/15/50   3,905   3,808,469  
  Series B-2, 5.00%, 6/15/50   6,155   6,087,664  
Railsplitter Tobacco Settlement Authority, RB:          
  5.50%, 6/01/23   885   983,801  
  6.00%, 6/01/28   2,245   2,449,609  
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34   1,240   1,296,246  
    69,150,432  
Indiana  — 4.0%  
Carmel Redevelopment Authority, Refunding RB, Multipurpose, Series A:          
  4.00%, 8/01/35   2,215   1,992,570  
  4.00%, 2/01/38   3,555   3,143,153  
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village, 6.25%, 1/01/24   1,815   1,067,274  
Indiana Finance Authority, RB:          
  CWA Authority Project, First Lien, Series A, 5.25%, 10/01/38   3,080   3,157,862  
  Ohio River Bridges East End Crossing Project, Series A, AMT, 5.00%, 7/01/44   880   787,398  
  Ohio River Bridges East End Crossing Project, Series A, AMT, 5.00%, 7/01/48   2,905   2,566,451  
           
Municipal Bonds Par
(000)		   Value  
Indiana (concluded)  
Indiana Finance Authority, RB  (concluded):          
  Sisters of St. Francis Health, 5.25%, 11/01/39 $ 1,655 $ 1,684,840  
Indiana Finance Authority, Refunding RB, Community Health Network Project, Series A, 5.00%, 5/01/42   3,695   3,526,803  
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39   2,150   2,415,310  
Indianapolis Local Public Improvement Bond Bank, RB, Series A:          
  5.00%, 1/15/36   780   795,296  
  5.00%, 1/15/40   2,490   2,514,228  
    23,651,185  
Iowa  — 2.2%  
Iowa Finance Authority, RB, Alcoa, Inc. Project, 4.75%, 8/01/42   2,265   1,835,805  
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:          
  5.00%, 12/01/19   1,880   1,838,001  
  5.50%, 12/01/22   4,595   4,538,574  
  5.25%, 12/01/25   905   856,166  
Iowa Student Loan Liquidity Corp., Refunding RB, Senior Series A-1, AMT, 5.15%, 12/01/22   3,465   3,776,434  
    12,844,980  
Kentucky  — 0.3%  
Kentucky Economic Development Finance Authority, RB, Owensboro Medical Health System, Series A, 6.38%, 6/01/40   1,490   1,576,316  
Louisiana  — 3.8%  
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35   6,535   6,896,712  
State of Louisiana Gasoline & Fuels Tax Revenue, RB, Second Lien, Series B, 5.00%, 5/01/45   6,355   6,423,443  
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:          
  5.50%, 5/15/30   1,980   2,046,588  
  5.25%, 5/15/31   1,690   1,694,141  
  5.25%, 5/15/32   2,160   2,161,318  
           
                     

 

BLACKROCK MUNICIPAL INCOME TRUSTJULY 31, 20133
 
Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK)
  (Percentages shown are based on Net Assets)
   
Municipal Bonds Par
(000)		   Value  
Louisiana (concluded)  
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A  (concluded):          
  5.25%, 5/15/33 $ 2,345 $ 2,333,392  
  5.25%, 5/15/35   985   964,886  
    22,520,480  
Maine  — 0.3%  
Maine Turnpike Authority, RB, Series A, 5.00%, 7/01/42   1,715   1,767,187  
Maryland  — 2.7%  
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35   855   914,363  
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25   1,760   1,836,243  
Maryland Health & Higher Educational Facilities Authority, RB, Ascension Health Alliance, Series B, 5.00%, 11/15/51   8,155   8,154,348  
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 1/01/41   4,295   4,507,431  
Montgomery County Housing Opportunites Commission, RB, Series D, AMT, 5.50%, 1/01/38   510   523,586  
    15,935,971  
Massachusetts  — 1.1%  
Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare, Series J1, 5.00%, 7/01/39   3,535   3,543,837  
Massachusetts School Building Authority, RB, Dedicated Sales Tax Bonds, Senior Series A, 5.00%, 5/15/43   2,780   2,888,893  
    6,432,730  
Michigan  — 3.5%  
City of Detroit Michigan, Refunding RB, Sewage Disposal System, Senior Lien, Series A:          
  5.00%, 7/01/32   3,065   2,772,384  
  5.25%, 7/01/39   2,650   2,419,317  
           
Municipal Bonds Par
(000)		   Value  
Michigan (concluded)  
City of Detroit Michigan Water Supply System, RB, Senior Lien, Series A, 5.25%, 7/01/41 $ 6,015 $ 5,490,372  
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.50%, 5/15/36   2,700   2,753,325  
Lansing Board of Water & Light Utilities System, RB, Series A, 5.50%, 7/01/41   2,870   3,063,180  
Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, Series A, 5.25%, 11/15/46   4,230   4,061,350  
    20,559,928  
Mississippi  — 2.4%  
City of Gulfport Mississipi, RB, Memorial Hospital at Gulfport Project, Series A, 5.75%, 7/01/31   14,025   14,031,592  
Missouri  — 0.4%  
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combination Lien, Series A, 5.00%, 10/01/44 (f)   495   508,895  
Missouri State Health & Educational Facilities Authority, RB, Senior Living Facilities, Lutheran Senior Services, 5.50%, 2/01/42   2,035   2,023,400  
    2,532,295  
Multi-State  — 2.9%  
Centerline Equity Issuer Trust, 6.80%, 10/31/52 (b)(g)   16,000   17,014,240  
Nebraska  — 1.4%  
Central Plains Energy Project Nebraska, RB, Gas Project No. 3:          
  5.25%, 9/01/37   1,610   1,612,222  
  5.00%, 9/01/42   2,815   2,698,374  
Douglas County Hospital Authority No. 2, Refunding RB, Health Facilities, Immanuel Obligation Group, 5.63%, 1/01/40   3,280   3,392,996  
           
                     

 

BLACKROCK MUNICIPAL INCOME TRUSTJULY 31, 20134
 
Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK)
  (Percentages shown are based on Net Assets)
   
Municipal Bonds Par
(000)		   Value  
Nebraska (concluded)  
Lancaster County Hospital Authority No. 1, Refunding RB, Immanuel Obligation Group, 5.63%, 1/01/40 $ 600 $ 620,670  
    8,324,262  
Nevada  — 0.8%  
Clark County Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%, 5/15/29   4,550   4,639,499  
New Jersey  — 9.5%  
Middlesex County Improvement Authority, RB, Subordinate, Heldrich Center Hotel, Series B, 6.25%, 1/01/37 (d)(e)   3,680   257,379  
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT:          
  5.25%, 9/15/29   3,830   3,591,966  
  7.00%, 11/15/30 (c)   15,410   15,417,089  
New Jersey EDA, Refunding RB, Special Assessment, Kapkowski Road Landfill Project, 6.50%, 4/01/28   8,000   8,721,360  
New Jersey State Turnpike Authority, RB, Series A:          
  5.00%, 1/01/38   2,535   2,586,080  
  5.00%, 1/01/43   8,150   8,278,607  
New Jersey Transportation Trust Fund Authority, RB, Transportation System:          
  Series A, 5.50%, 6/15/41   8,000   8,411,200  
  Series B, 5.25%, 6/15/36   4,810   4,994,945  
Rutgers The State University of New Jersey, Refunding RB, Series L:          
  5.00%, 5/01/38   985   1,022,666  
  5.00%, 5/01/43   1,030   1,061,188  
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A, 4.50%, 6/01/23   2,165   2,012,995  
    56,355,475  
New York  — 9.0%  
Albany Industrial Development Agency, RB, New Covenant Charter School Project, Series A, 7.00%, 5/01/35 (d)(e)   1,820   272,454  
Metropolitan Transportation Authority, Refunding RB, Transportation, Series D, 5.25%, 11/15/40   2,375   2,423,806  
           
Municipal Bonds Par
(000)		   Value  
New York (concluded)  
New York City Industrial Development Agency, RB, American Airlines, Inc., JFK International Airport, AMT (c):          
  8.00%, 8/01/28 $ 5,000 $ 5,540,150  
  7.75%, 8/01/31   22,140   24,311,270  
New York City Transitional Finance Authority, RB, Future Tax Secured, Sub-Series E-1, 5.00%, 2/01/42   4,805   4,956,021  
New York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project, 6.38%, 7/15/49   2,400   2,609,040  
New York State Dormitory Authority, RB, Series F, 5.00%, 3/15/35   4,775   4,895,855  
New York State Thruway Authority, Refunding RB, Series I, 5.00%, 1/01/42   3,465   3,521,965  
Port Authority of New York & New Jersey, RB, JFK International Air Terminal:          
  6.00%, 12/01/36   2,525   2,800,730  
  6.00%, 12/01/42   1,960   2,167,544  
    53,498,835  
North Carolina  — 4.0%  
Gaston County Industrial Facilities & Pollution Control Financing Authority North Carolina, RB, Exempt Facilities, National Gypsum Co. Project, AMT, 5.75%, 8/01/35   12,130   10,477,166  
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/38   10,000   10,561,300  
North Carolina Medical Care Commission, RB, Duke University Health System, Series A, 5.00%, 6/01/42   2,750   2,774,723  
    23,813,189  
Ohio  — 2.9%  
County of Allen Ohio, Refunding RB, Catholic Healthcare, Series A, 5.25%, 6/01/38   6,125   6,247,806  
County of Hamilton Ohio, RB, Christ Hospital Project, 5.00%, 6/01/42   2,475   2,372,783  
           
                     

 

BLACKROCK MUNICIPAL INCOME TRUSTJULY 31, 20135
 
Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK)
  (Percentages shown are based on Net Assets)
   
Municipal Bonds Par
(000)		   Value  
Ohio (concluded)  
County of Montgomery Ohio, Refunding RB, Catholic Health, Series A, 5.00%, 5/01/39 $ 5,450 $ 5,364,271  
Pinnacle Community Infrastructure Financing Authority, RB, Facilities, Series A, 6.25%, 12/01/36   3,760   3,552,862  
    17,537,722  
Oregon  — 0.1%  
City of Tigard Washington County Oregon, Refunding RB, Water System, 5.00%, 8/01/37   495   515,384  
Pennsylvania  — 0.6%  
Pennsylvania Economic Development Financing Authority, RB, Aqua Pennsylvania, Inc. Project, 5.00%, 11/15/40   3,725   3,734,685  
Puerto Rico  — 2.0%  
Puerto Rico Sales Tax Financing Corp., RB, CAB, Series A (a):          
  6.45%, 8/01/33   11,400   3,202,602  
  6.61%, 8/01/36   40,000   8,963,600  
    12,166,202  
South Carolina  — 2.0%  
South Carolina Jobs, EDA, Refunding RB, Palmetto Health Alliance, Series A, 6.25%, 8/01/31   5,075   5,094,133  
South Carolina State Ports Authority, RB, 5.25%, 7/01/40   6,455   6,646,971  
    11,741,104  
South Dakota  — 0.2%  
South Dakota Health & Educational Facilities Authority, RB, Sanford, Series E, 5.00%, 11/01/42   1,095   1,070,231  
Tennessee  — 0.1%  
County of Rutherford Tennessee Health & Educational Facilities Board, RB, Ascension Health, Series C, 5.00%, 11/15/47   415   422,296  
Texas  — 18.6%  
Brazos River Authority, RB, TXU Electric, Series A, AMT, 8.25%, 10/01/30   4,370   338,500  
           
Municipal Bonds Par
(000)		   Value  
Texas (continued)  
Central Texas Regional Mobility Authority, Refunding RB:          
  Senior Lien, 6.25%, 1/01/46 $ 4,210 $ 4,513,709  
  Senior Lien, Series A, 5.00%, 1/01/33   195   190,492  
  Subordinate Lien, 5.00%, 1/01/33   700   655,347  
  Subordinate Lien, 5.00%, 1/01/42   620   564,101  
City of Dallas Texas Waterworks & Sewer System, Refunding RB, 5.00%, 10/01/35   2,970   3,098,749  
City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39   3,000   3,262,440  
City of Houston Texas Utility System, Refunding RB, Combined First Lien, Series A (AGC), 6.00%, 11/15/35   16,425   18,670,954  
City of San Antonio Texas, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43   4,895   5,032,941  
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Scott & White Healthcare, Series A, 5.00%, 8/15/43   705   687,854  
Dallas-Fort Worth International Airport, Refunding RB, Series E, AMT, 5.00%, 11/01/35   3,535   3,383,737  
Fort Bend County Industrial Development Corp., RB, NRG Energy Project, Series B, 4.75%, 11/01/42   2,890   2,497,480  
Harris County-Houston Sports Authority, Refunding RB (NPFGC) (a):          
  CAB, Junior Lien, Series H, 6.46%, 11/15/35   5,000   1,212,100  
  CAB, Senior Lien, Series A, 6.31%, 11/15/38   12,580   2,614,376  
  Third Lien, Series A-3, 6.53%, 11/15/37   26,120   5,484,678  
Matagorda County Navigation District No. 1, Refunding RB, AEP Texas Central Co. Project, Series 1, 4.00%, 6/01/30   2,120   1,896,128  
Midland County Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A (a):          
  5.35%, 9/15/40   9,780   2,335,855  
  5.45%, 9/15/41   5,420   1,194,785  
           
                     

 

BLACKROCK MUNICIPAL INCOME TRUSTJULY 31, 20136
 
Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK)
  (Percentages shown are based on Net Assets)
   
Municipal Bonds Par
(000)		   Value  
Texas (concluded)  
North Texas Tollway Authority, Refunding RB, Toll, Second Tier, Series F, 6.13%, 1/01/31 $ 12,180 $ 13,013,477  
San Antonio Energy Acquisition Public Facility Corp., RB, Gas Supply, 5.50%, 8/01/25   6,540   7,092,434  
Tarrant County Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45   7,930   8,794,291  
Texas Municipal Gas Acquisition & Supply Corp. III, RB:          
  5.00%, 12/15/29   865   841,386  
  5.00%, 12/15/32   2,835   2,683,328  
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien:          
  LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40   6,000   6,814,140  
  NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39   6,500   7,282,665  
University of Texas System, Refunding RB, Financing System, Series B, 5.00%, 8/15/43   6,000   6,302,520  
    110,458,467  
Utah  — 1.5%  
County of Utah, RB, IHC Health Services, Inc., 5.00%, 5/15/43   3,940   4,034,166  
University of Utah, RB, General, Series A, 5.00%, 8/01/43   1,235   1,278,250  
Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy:          
  3.25%, 10/15/36   1,940   1,422,466  
  3.25%, 10/15/42   3,010   2,093,997  
    8,828,879  
Virginia  — 1.8%  
City of Norfolk Virginia Parking System, Refunding RB, Series B (AMBAC), 5.50%, 2/01/31   2,240   2,240,202  
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings Project, AMT:          
  5.25%, 1/01/32   3,155   2,970,243  
           
Municipal Bonds Par
(000)		   Value  
Virginia (concluded)  
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings Project, AMT  (concluded):          
  6.00%, 1/01/37 $ 5,695 $ 5,737,655  
    10,948,100  
Washington  — 0.3%  
Washington Health Care Facilities Authority, Refunding RB, Providence Health & Services, Series A, 5.00%, 10/01/42   1,980   1,944,083  
Wisconsin  — 3.2%  
Wisconsin Health & Educational Facilities Authority, RB:          
  Ascension Health Senior Care Group, 5.00%, 11/15/30   3,210   3,289,769  
  Ascension Health Senior Care Group, 5.00%, 11/15/33   1,640   1,666,404  
  Aurora Health, Senior Credit Group, 6.40%, 4/15/33   7,500   7,509,225  
WPPI Energy Wisconsin, Refunding RB, Power Supply System, Series A:        
  5.00%, 7/01/29   740   772,923  
  5.00%, 7/01/30   935   970,511  
  5.00%, 7/01/31   2,035   2,102,440  
  5.00%, 7/01/37   2,470   2,481,411  
    18,792,683  
Total Municipal Bonds — 129.0%   765,763,269  
 
 
Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (h)		  
Alabama  — 0.8%  
Alabama Special Care Facilities Financing Authority-Birmingham, Refunding RB, Ascension Health Senior Credit Group, Series C-2, 5.00%, 11/15/36   4,548   4,550,525  
Arizona  — 0.8%  
Salt River Project Agricultural Improvement & Power District, RB, Series A, 5.00%, 1/01/38   4,760   4,888,551  
California  — 7.5%  
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (i)   5,115   5,463,536  
           
                     

 

BLACKROCK MUNICIPAL INCOME TRUSTJULY 31, 20137
 
Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK)
  (Percentages shown are based on Net Assets)
   
Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (h)		 Par
(000)		   Value  
California (concluded)  
City & County of San Francisco California Public Utilities Commission, RB, Series B, 5.00%, 11/01/39 $ 18,540 $ 18,865,933  
City of Los Angeles California Department of Airports, Refunding RB, Senior, Los Angeles International Airport, Series A, 5.00%, 5/15/40   11,680   11,853,653  
Los Angeles Community College District California, GO, Election of 2001, Series A (AGM), 5.00%, 8/01/32   4,500   4,685,715  
San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33   3,260   3,608,132  
    44,476,969  
Colorado  — 2.1%  
Colorado Health Facilities Authority, RB, Catholic Health (AGM):          
  Series C-3, 5.10%, 10/01/41   7,600   7,565,648  
  Series C-7, 5.00%, 9/01/36   4,860   4,833,464  
    12,399,112  
Connecticut  — 3.3%  
Connecticut State Health & Educational Facility Authority, RB, Yale University:          
  Series T-1, 4.70%, 7/01/29   9,397   9,660,761  
  Series X-3, 4.85%, 7/01/37   9,366   9,689,348  
    19,350,109  
Florida  — 1.2%  
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/34   6,629   6,829,802  
Illinois  — 0.9%  
City of Chicago Illinois, Refunding RB, Waterworks, Second Lien, 5.00%, 11/01/42   5,625   5,539,556  
Massachusetts  — 2.7%  
Massachusetts School Building Authority, RB, Senior Series B, 5.00%, 10/15/41   8,860   9,172,847  
           
Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (h)		 Par
(000)		   Value  
Massachusetts (concluded)  
Massachusetts Water Resources Authority, Refunding RB, General, Series A, 5.00%, 8/01/41 $ 6,770 $ 6,977,365  
    16,150,212  
New Hampshire  — 0.7%  
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39 (i)   3,988   4,282,746  
New York  — 10.0%  
Hudson New York Yards Infrastructure Corp., RB, Senior Series A, 5.75%, 2/15/47 (i)   3,130   3,322,856  
New York City Municipal Water Finance Authority, Refunding RB:          
  Second General Resolution, Series HH, 5.00%, 6/15/31 (i)   16,393   17,331,073  
  Series FF-2, 5.50%, 6/15/40   3,074   3,347,945  
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction, 5.25%, 12/15/43   20,864   21,679,243  
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (i)   12,610   13,653,225  
    59,334,342  
Texas  — 1.1%  
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41   6,650   6,766,441  
Utah  — 1.2%  
City of Riverton Utah Hospital, RB, IHC Health Services, Inc., 5.00%, 8/15/41   7,153   7,153,116  
Virginia  — 1.9%  
University of Virginia, Refunding RB, General, 5.00%, 6/01/40   10,767   11,324,203  
Washington  — 3.6%  
Central Puget Sound Regional Transit Authority, RB, Series A (AGM), 5.00%, 11/01/32   5,459   5,692,753  
           
                     

 

BLACKROCK MUNICIPAL INCOME TRUSTJULY 31, 20138
 
Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK)
  (Percentages shown are based on Net Assets)
   
Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (h)		   Par
(000)		     Value  
Washington (concluded)
State of Washington, GO, Various Purpose, Series E, 5.00%, 2/01/34 $ 14,487   $ 15,510,965  
          21,203,718  
Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts — 37.8%         224,249,402  
Total Long-Term Investments
(Cost — $993,783,828) — 166.8%		         990,012,671  
        
 
Short-Term Securities   
Shares		        
FFI Institutional Tax-Exempt Fund, 0.03% (j)(k)   8,485,009     8,485,009  
Total Short-Term Securities
(Cost — $8,485,009) — 1.4%		         8,485,009  
Total Investments
(Cost — $1,002,268,837*) — 168.2%		         998,497,680  
  
          Value  
Other Assets Less Liabilities — 0.1%       $ 754,629  
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (22.7%)         (134,805,748 )
VMTP Shares, at Liquidation Value — (45.6%)         (270,800,000 )
Net Assets Applicable to Common Shares — 100.0%       $ 593,646,561  
 
   
*  As of July 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost $ 870,008,252  
Gross unrealized appreciation $ 33,778,567  
Gross unrealized depreciation   (40,055,897 )
Net unrealized depreciation $ (6,277,330 )
       
   
                     

Notes to Schedule of Investments

(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.
(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) Variable rate security. Rate shown is as of report date.
(d) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
(e) Non-income producing security.
(f) When-issued security. Unsettled when-issued transactions were as follows:

 

  Counterparty   Value    Unrealized
(Depreciation)		 
  Royal Bank of Canada  $508,895   $(6,385)

 

(g) Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity.
(h) Securities represent bonds transferred to a TOB in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction.
(i) All or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire from October 1, 2016 to November 15, 2019 is $25,997,578.
BLACKROCK MUNICIPAL INCOME TRUSTJULY 31, 20139
 
Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK)
   
(j) Investments in issuers considered to be an affiliate of the Trust during the period ended July 31, 2013, for purposes of Section 2(a)(3) of the 1940 Act were as follows:

 

  Affiliate   Shares
Held at
April 30, 2013		    Net
Activity		    Shares
Held at
July 31, 2013		    Income 
  FFI Institutional Tax-Exempt Fund   2,673,310    5,811,699    8,485,009   $1,092 

 

(k) Represents the current yield as of report date.

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:
   
AGC Assured Guarantee Corp.
AGM Assured Guaranty Municipal Corp.
AMBAC American Municipal Bond Assurance 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
NPFGC National Public Finance Guarantee Corp.
RB Revenue Bonds

 

• Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure 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)

 

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.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust's policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment 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, please refer to the Trust's most recent financial statements as contained in its annual report.

 

BLACKROCK MUNICIPAL INCOME TRUSTJULY 31, 201310
 
Schedule of Investments (concluded) BlackRock Municipal Income Trust (BFK)
   

The following table summarizes the Trust's investments categorized in the disclosure hierarchy as of July 31, 2013:

 

   Level 1  Level 2  Level 3  Total
Assets:              
Investments:                      
  Long-Term Investments 1      —     $990,012,671    —     $990,012,671 
 Short-Term Securities     $8,485,009    —      —      8,485,009 
Total   $8,485,009   $990,012,671    —     $998,497,680 
                       
1 See above Schedule of Investments for values in each state or political subdivision.  
Certain of the Trust's liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of July 31, 2013, such liabilities are categorized within the disclosure hierarchy as follows:
 		  
     Level 1    Level 2  Level 3  Total
Liabilities:                          

  

Bank overdraft     —    $(8,272)    —     $(8,272)
 TOB trust certificates     —     (134,766,758)    —      (134,766,758)
 VMTP Shares     —     (270,800,000)    —      (270,800,000)
Total      —    $(405,575,030)    —     $(405,575,030)

 

There were no transfers between levels during the period ended July 31, 2013.

                                                                                             

BLACKROCK MUNICIPAL INCOME TRUSTJULY 31, 201311
 

 

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 15d-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 24, 2013

 

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 24, 2013

 

By:       /s/ Neal J. Andrews

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock Municipal Income Trust

 

Date: September 24, 2013