# EDGAR Filing Document

**Accession Number:** 0001137393
**File Stem:** 0001410368-25-043468
**Filing Date:** 2025-12
**Character Count:** 128450
**Document Hash:** 9f305eb98a0f76b463be67a4b3cc7612
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-043468.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001410368-25-043468

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK MUNICIPAL INCOME TRUST
- **CENTRAL INDEX KEY:** 0001137393

**ORGANIZATION NAME:**
- **EIN:** 510409115
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10339
- **FILM NUMBER:** 251606891

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **STREET 2:** MUTUAL FUND DEPARTMENT
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 888-825-2257

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **STREET 2:** MUTUAL FUND DEPARTMENT
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

## Nport-Ex

October 31, 2025

2025 Quarterly Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BlackRock Municipal Income Trust (BFK)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

Schedule of Investments (unaudited)

October 31, 2025

**BlackRock Municipal Income Trust (BFK)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama**<sup>(a)</sup> **— 5.3%** | **Alabama**<sup>(a)</sup> **— 5.3%** |  |
| Black Belt Energy Gas District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/56 | $2160 | &nbsp;&nbsp; $2250673 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 12/01/53 | 5455 | &nbsp;&nbsp; 5922639 |
| &nbsp;&nbsp;&nbsp; Series C, 5.50%, 10/01/54 | 10000 | &nbsp;&nbsp; 11098389 |
| &nbsp;&nbsp;&nbsp; Series F, 5.50%, 11/01/53 | 795 | &nbsp;&nbsp; 840205 |
| &nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District, RB, Series B-1, <br> 5.75%, 04/01/54<br>| 3500 | &nbsp;&nbsp; 3933388 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, RB, <br> Series A-1, 5.50%, 01/01/53<br>| 1345 | &nbsp;&nbsp; 1457654 |
|  |  | &nbsp;&nbsp; 25502948 |
| **Arizona — 5.4%** | **Arizona — 5.4%** |  |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., ARB, Junior <br> Lien, 5.00%, 07/01/49<br>| 2325 | &nbsp;&nbsp; 2381891 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., RB, Junior <br> Lien, 5.25%, 07/01/47<br>| 3335 | &nbsp;&nbsp; 3584609 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of Phoenix <br> Arizona, RB, Series A, 5.00%, 07/01/46<sup>(b)</sup><br>| 3400 | &nbsp;&nbsp; 3277852 |
| Salt Verde Financial Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/32 | 8000 | &nbsp;&nbsp; 8769984 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/37 | 7460 | &nbsp;&nbsp; 8162920 |
|  |  | &nbsp;&nbsp; 26177256 |
| **Arkansas — 0.2%** | **Arkansas — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, RB, AMT, <br> Sustainability Bonds, 5.70%, 05/01/53<br>| 855 | &nbsp;&nbsp; 872669 |
| **California — 7.8%** | **California — 7.8%** |  |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, RB, 8.00%, <br> 11/15/62<sup>(b)</sup><br>| 750 | &nbsp;&nbsp; 744182 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, <br> Refunding RB, Series A, Class B, AMT, Sustainability <br> Bonds, 9.50%, 01/01/65<sup>(a)(b)</sup><br>| 2330 | &nbsp;&nbsp; 1864000 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, S/F Housing, <br> Series A-1, 3.44%, 02/20/41<sup>(a)</sup><br>| 5401 | &nbsp;&nbsp; 5036783 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, RB, AMT, <br> 5.00%, 11/21/45<sup>(b)</sup><br>| 4970 | &nbsp;&nbsp; 4970164 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, ARB, AMT, <br> Sustainability Bonds, 5.00%, 05/15/47<br>| 2325 | &nbsp;&nbsp; 2389702 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB, Series A, AMT, Sustainability Bonds, 5.50%, <br> 05/15/55<br>| 2105 | &nbsp;&nbsp; 2264519 |
| &nbsp;&nbsp;&nbsp; Hartnell Community College District, GO, Sustainability <br> Bonds, 4.00%, 07/01/53<br>| 3455 | &nbsp;&nbsp; 3283865 |
| &nbsp;&nbsp;&nbsp; Riverside County Transportation Commission, RB, <br> CAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, Senior Lien, 0.00%, 06/01/41 | 5000 | &nbsp;&nbsp; 2596251 |
| &nbsp;&nbsp;&nbsp; Series B, Senior Lien, 0.00%, 06/01/42 | 6000 | &nbsp;&nbsp; 2923385 |
| &nbsp;&nbsp;&nbsp; Series B, Senior Lien, 0.00%, 06/01/43 | 5000 | &nbsp;&nbsp; 2284205 |
| &nbsp;&nbsp;&nbsp; Sacramento Metropolitan Fire District, GO, Series A, <br> Election 2024, 4.00%, 08/01/55<br>| 2940 | &nbsp;&nbsp; 2774880 |
| San Marcos Unified School District, GO, CAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, Election 2010, 0.00%, 08/01/34 | 3500 | &nbsp;&nbsp; 2694351 |
| &nbsp;&nbsp;&nbsp; Series B, Election 2010, 0.00%, 08/01/36 | 4000 | &nbsp;&nbsp; 2817992 |
| &nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California, <br> Refunding RB, 5.00%, 06/01/48<br>| 1000 | &nbsp;&nbsp; 1001712 |
|  |  | &nbsp;&nbsp; 37645991 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Colorado — 0.2%** | **Colorado — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB, Series D, AMT, 5.75%, <br> 11/15/45<br>| $835 | &nbsp;&nbsp; $901531 |
| **District of Columbia — 4.6%** | **District of Columbia — 4.6%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Income Tax Revenue, RB, Series A, <br> 5.00%, 07/01/47<br>| 2050 | &nbsp;&nbsp; 2141681 |
| &nbsp;&nbsp;&nbsp; District of Columbia Tobacco Settlement Financing Corp., <br> Refunding RB, 6.75%, 05/15/40<br>| 16240 | &nbsp;&nbsp; 16749136 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 10/01/48 | 1000 | &nbsp;&nbsp; 1044439 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.50%, 10/01/55 | 2255 | &nbsp;&nbsp; 2429348 |
|  |  | &nbsp;&nbsp; 22364604 |
| **Florida — 4.8%** | **Florida — 4.8%** |  |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., RB, Series A, <br> 5.00%, 06/15/56<br>| 210 | &nbsp;&nbsp; 198476 |
| Florida Housing Finance Corp., RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp; Series 5, (FHLMC, FNMA, GNMA), 5.00%, 07/01/50 | 2940 | &nbsp;&nbsp; 2994734 |
| &nbsp;&nbsp;&nbsp; Series 5, (FHLMC, FNMA, GNMA), 5.05%, 01/01/56 | 1890 | &nbsp;&nbsp; 1910895 |
| &nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 11/15/49 | 3010 | &nbsp;&nbsp; 3212561 |
| &nbsp;&nbsp;&nbsp; Series C, 4.13%, 11/15/51 | 5000 | &nbsp;&nbsp; 4674067 |
| &nbsp;&nbsp;&nbsp; Series C, 5.50%, 11/15/54 | 3500 | &nbsp;&nbsp; 3764164 |
| &nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, SAB, 6.30%, <br> 05/01/54<br>| 410 | &nbsp;&nbsp; 432608 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Refunding RB, <br> Series A, 5.25%, 10/01/56<br>| 3805 | &nbsp;&nbsp; 3999829 |
| &nbsp;&nbsp;&nbsp; Stevens Plantation Community Development District, <br> SAB, Series A, 7.10%, 05/01/35<sup>(d)(e)</sup><br>| 3159 | &nbsp;&nbsp; 2147900 |
|  |  | &nbsp;&nbsp; 23335234 |
| **Georgia — 3.4%** | **Georgia — 3.4%** |  |
| &nbsp;&nbsp;&nbsp; Georgia Housing & Finance Authority, RB, S/F Housing, <br> Series C, 5.13%, 12/01/50<br>| 6640 | &nbsp;&nbsp; 6837347 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., RB, Series A, 5.00%, <br> 06/01/53<sup>(a)</sup><br>| 9000 | &nbsp;&nbsp; 9541312 |
|  |  | &nbsp;&nbsp; 16378659 |
| **Illinois — 1.8%** | **Illinois — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education, GO, Series A, 6.25%, <br> 12/01/50<br>| 1870 | &nbsp;&nbsp; 1954812 |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education, Refunding GO, Series B, <br> 12/01/43<sup>(f)</sup><br>| 785 | &nbsp;&nbsp; 818295 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, ARB, Series D, <br> AMT, Senior Lien, 5.00%, 01/01/47<br>| 5205 | &nbsp;&nbsp; 5208813 |
| &nbsp;&nbsp;&nbsp; State of Illinois, GO, Series C, (BAM-TCRS), 4.25%, <br> 10/01/45<br>| 710 | &nbsp;&nbsp; 681569 |
|  |  | &nbsp;&nbsp; 8663489 |
| **Indiana — 1.5%** | **Indiana — 1.5%** |  |
| Indiana Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/46 | 1290 | &nbsp;&nbsp; 1391748 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/47 | 445 | &nbsp;&nbsp; 478793 |
| &nbsp;&nbsp;&nbsp; Indiana Municipal Power Agency, Refunding RB, <br> Series A, 5.00%, 01/01/42<br>| 5570 | &nbsp;&nbsp; 5609454 |
|  |  | &nbsp;&nbsp; 7479995 |

---

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Municipal Income Trust (BFK)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Iowa — 0.7%** | **Iowa — 0.7%** |  |
| University of Iowa Facilities Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/47 | $1890 | &nbsp;&nbsp; $1988869 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/48 | 1190 | &nbsp;&nbsp; 1249591 |
|  |  | &nbsp;&nbsp; 3238460 |
| **Kentucky — 2.7%** | **Kentucky — 2.7%** |  |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, RB, Series A-1, <br> 4.00%, 08/01/52<sup>(a)</sup><br>| 9000 | &nbsp;&nbsp; 9249455 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority, <br> RB, CAB, Convertible, 6.75%, 07/01/43<sup>(g)</sup><br>| 2325 | &nbsp;&nbsp; 2636143 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property & Building Commission, RB, <br> Series A, 5.50%, 11/01/42<br>| 875 | &nbsp;&nbsp; 979094 |
|  |  | &nbsp;&nbsp; 12864692 |
| **Louisiana — 0.5%** | **Louisiana — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, RB, AMT, 5.75%, <br> 09/01/64<br>| 2400 | &nbsp;&nbsp; 2488538 |
| **Massachusetts — 1.9%** | **Massachusetts — 1.9%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GOL, Series A, <br> 5.00%, 01/01/49<br>| 3000 | &nbsp;&nbsp; 3158231 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Refunding <br> RB, 5.00%, 07/01/47<br>| 1815 | &nbsp;&nbsp; 1839398 |
| &nbsp;&nbsp;&nbsp; Massachusetts Port Authority, ARB, Series E, AMT, <br> 5.00%, 07/01/46<br>| 4245 | &nbsp;&nbsp; 4329305 |
|  |  | &nbsp;&nbsp; 9326934 |
| **Michigan — 2.1%** | **Michigan — 2.1%** |  |
| Lansing Community College, GOL, 5.00%, 05/01/44 | 5070 | &nbsp;&nbsp; 5238124 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Refunding RB, Series MI1, <br> 5.00%, 12/01/48<br>| 2000 | &nbsp;&nbsp; 2020503 |
| &nbsp;&nbsp;&nbsp; Michigan State Building Authority, Refunding RB, <br> Series I, 5.00%, 10/15/46<br>| 1000 | &nbsp;&nbsp; 1007284 |
| Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 | 2120 | &nbsp;&nbsp; 2122298 |
|  |  | &nbsp;&nbsp; 10388209 |
| **Minnesota — 0.6%** | **Minnesota — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Duluth Economic Development Authority, Refunding RB, <br> Series A, 5.25%, 02/15/58<br>| 2940 | &nbsp;&nbsp; 2957093 |
| **Missouri — 0.4%** | **Missouri — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of <br> Missouri, Refunding RB, Series A, 4.00%, 04/01/45<br>| 1365 | &nbsp;&nbsp; 1282059 |
| &nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, RB, S/F <br> Housing, Series C, (FHLMC, FNMA, GNMA), 5.00%, <br> 11/01/55<br>| 785 | &nbsp;&nbsp; 791678 |
|  |  | &nbsp;&nbsp; 2073737 |
| **New Hampshire — 2.3%** | **New Hampshire — 2.3%** |  |
| New Hampshire Business Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, 4.09%, 01/20/41<sup>(a)</sup> | 721 | &nbsp;&nbsp; 718626 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.50%, 06/01/55 | 2860 | &nbsp;&nbsp; 3008632 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1st Series, Class B, 5.75%, 04/28/42 | 1110 | &nbsp;&nbsp; 1158796 |
| &nbsp;&nbsp;&nbsp; Series 2025, Subordinate, 5.15%, 09/28/37 | 1725 | &nbsp;&nbsp; 1744877 |
| &nbsp;&nbsp;&nbsp; Class A-1, Sustainability Bonds, 0.00%, 11/20/42<sup>(a)</sup> | 4383 | &nbsp;&nbsp; 4307737 |
|  |  | &nbsp;&nbsp; 10938668 |
| **New Jersey — 10.9%** | **New Jersey — 10.9%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, ARB, <br> Series B, AMT, 5.63%, 11/15/30<br>| 2035 | &nbsp;&nbsp; 2035012 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New Jersey (continued)** | **New Jersey (continued)** |  |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, 5.25%, 11/01/47 | 3415 | &nbsp;&nbsp; $3609021 |
| &nbsp;&nbsp;&nbsp; Series EEE, 5.00%, 06/15/48 | 11690 | &nbsp;&nbsp; 11905124 |
| &nbsp;&nbsp;&nbsp; AMT, 5.38%, 01/01/43 | 2285 | &nbsp;&nbsp; 2287044 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Refunding <br> SAB, 6.50%, 04/01/28<br>| 3549 | &nbsp;&nbsp; 3668962 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance <br> Authority, Refunding RB, Series C, AMT, Subordinate, <br> 5.00%, 12/01/52<br>| 2485 | &nbsp;&nbsp; 2465448 |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, RB, <br> S/F Housing, Series M, Sustainability Bonds, 5.10%, <br> 10/01/50<br>| 2500 | &nbsp;&nbsp; 2577654 |
| New Jersey Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/28<sup>(h)</sup> | 980 | &nbsp;&nbsp; 1052915 |
| &nbsp;&nbsp;&nbsp; Series CC, 5.25%, 06/15/55 | 5090 | &nbsp;&nbsp; 5376332 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, RB, Series A, 5.25%, <br> 01/01/55<br>| 2180 | &nbsp;&nbsp; 2344238 |
| &nbsp;&nbsp;&nbsp; South Jersey Port Corp., ARB, Series B, AMT, 5.00%, <br> 01/01/42<br>| 4000 | &nbsp;&nbsp; 4051808 |
| Tobacco Settlement Financing Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/46 | 4140 | &nbsp;&nbsp; 4095401 |
| &nbsp;&nbsp;&nbsp; Sub-Series B, 5.00%, 06/01/46 | 7370 | &nbsp;&nbsp; 7175711 |
|  |  | &nbsp;&nbsp; 52644670 |
| **New York — 7.2%** | **New York — 7.2%** |  |
| City of New York, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series C-1, 5.25%, 09/01/50 | 2565 | &nbsp;&nbsp; 2726195 |
| &nbsp;&nbsp;&nbsp; Series G-1, 5.25%, 02/01/53 | 400 | &nbsp;&nbsp; 426251 |
| Metropolitan Transportation Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C-1, Sustainability Bonds, 4.75%, 11/15/45 | 3210 | &nbsp;&nbsp; 3220292 |
| &nbsp;&nbsp;&nbsp; Series C-1, Sustainability Bonds, 5.25%, 11/15/55 | 1545 | &nbsp;&nbsp; 1589860 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Subordinate, 5.25%, 05/01/52 | 1625 | &nbsp;&nbsp; 1738149 |
| &nbsp;&nbsp;&nbsp; Series F-1, Subordinate, 4.00%, 02/01/51 | 3455 | &nbsp;&nbsp; 3203563 |
| &nbsp;&nbsp;&nbsp; New York Counties Tobacco Trust II, RB, 5.75%, <br> 06/01/43<br>| 700 | &nbsp;&nbsp; 713251 |
| &nbsp;&nbsp;&nbsp; New York Counties Tobacco Trust IV, Refunding RB, <br> Series A, 6.25%, 06/01/41<sup>(b)</sup><br>| 3045 | &nbsp;&nbsp; 2930025 |
| &nbsp;&nbsp;&nbsp; New York Counties Tobacco Trust VI, Refunding RB, <br> Series A-2B, 5.00%, 06/01/51<br>| 6395 | &nbsp;&nbsp; 5399699 |
| &nbsp;&nbsp;&nbsp; New York Liberty Development Corp., Refunding RB, <br> Class 2, 5.38%, 11/15/40<sup>(b)</sup><br>| 1655 | &nbsp;&nbsp; 1655305 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, RB, Series A, <br> 5.00%, 03/15/44<br>| 1610 | &nbsp;&nbsp; 1646890 |
| New York Transportation Development Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.63%, 04/01/40 | 915 | &nbsp;&nbsp; 960790 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/46 | 1165 | &nbsp;&nbsp; 1159918 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, (AGM), 6.00%, 06/30/60 | 2050 | &nbsp;&nbsp; 2215853 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., RB, AMT, <br> 5.00%, 10/01/35<br>| 2125 | &nbsp;&nbsp; 2222906 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority Sales Tax <br> Revenue, RB, Series A, 4.13%, 05/15/53<br>| 3075 | &nbsp;&nbsp; 2918356 |
|  |  | &nbsp;&nbsp; 34727303 |
| **Ohio — 4.5%** | **Ohio — 4.5%** |  |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55<br>| 2000 | &nbsp;&nbsp; 1676079 |
| &nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority, Refunding ARB, <br> Series A, Class A, AMT, 5.50%, 01/01/55<br>| 2100 | &nbsp;&nbsp; 2221694 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Municipal Income Trust (BFK)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Ohio (continued)** | **Ohio (continued)** |  |
| &nbsp;&nbsp;&nbsp; Columbus-Franklin County Finance Authority, RB, M/F <br> Housing, (FNMA), 4.82%, 11/01/43<br>| 1430 | &nbsp;&nbsp; $1525077 |
| &nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, RB, S/F Housing, <br> Series B, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 4.50%, 09/01/44<br>| 14565 | &nbsp;&nbsp; 14689063 |
| &nbsp;&nbsp;&nbsp; University of Cincinnati, Refunding RB, Series A, 5.00%, <br> 06/01/44<br>| 1390 | &nbsp;&nbsp; 1419874 |
|  |  | &nbsp;&nbsp; 21531787 |
| **Oklahoma — 0.6%** | **Oklahoma — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, RB, Series B, <br> 5.50%, 08/15/52<br>| 1735 | &nbsp;&nbsp; 1741775 |
| &nbsp;&nbsp;&nbsp; Tulsa Municipal Airport Trust Trustees, Refunding ARB, <br> AMT, 6.25%, 12/01/35<br>| 985 | &nbsp;&nbsp; 1135901 |
|  |  | &nbsp;&nbsp; 2877676 |
| **Pennsylvania — 4.7%** | **Pennsylvania — 4.7%** |  |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/47 | 5000 | &nbsp;&nbsp; 5021281 |
| &nbsp;&nbsp;&nbsp; Series A, (AGM-CR), 5.00%, 04/01/47 | 2525 | &nbsp;&nbsp; 2557863 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Pennsylvania Water & Wastewater <br> Revenue, RB, Series A, 5.00%, 10/01/47<br>| 2225 | &nbsp;&nbsp; 2256808 |
| &nbsp;&nbsp;&nbsp; Geisinger Authority, Refunding RB, Series A-1, 5.00%, <br> 02/15/45<br>| 4725 | &nbsp;&nbsp; 4768032 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health <br> Authority, Refunding RB, 5.00%, 09/01/48<br>| 715 | &nbsp;&nbsp; 725280 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B-1, (AGM), 4.25%, 11/01/48 | 3450 | &nbsp;&nbsp; 3249300 |
| &nbsp;&nbsp;&nbsp; Series B-1, (AGM), 5.00%, 11/01/51 | 3790 | &nbsp;&nbsp; 3916415 |
|  |  | &nbsp;&nbsp; 22494979 |
| **Puerto Rico — 5.2%** | **Puerto Rico — 5.2%** |  |
| Commonwealth of Puerto Rico, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.63%, 07/01/29 | 2810 | &nbsp;&nbsp; 3000642 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.75%, 07/01/31 | 2536 | &nbsp;&nbsp; 2811904 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.75%, 07/01/53 | 2191 | &nbsp;&nbsp; 2071595 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 12148 | &nbsp;&nbsp; 11798632 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 3325 | &nbsp;&nbsp; 3126818 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB, CAB, Series A-1, Restructured, 0.00%, <br> 07/01/46<sup>(c)</sup><br>| 6010 | &nbsp;&nbsp; 2091675 |
|  |  | &nbsp;&nbsp; 24901266 |
| **South Carolina — 1.6%** | **South Carolina — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> RB, Series A, 5.50%, 11/01/49<br>| 3900 | &nbsp;&nbsp; 4166741 |
| &nbsp;&nbsp;&nbsp; South Carolina State Housing Finance & Development <br> Authority, RB, S/F Housing, Series B, (FHLMC, <br> FNMA, GNMA), 5.00%, 07/01/50<br>| 3280 | &nbsp;&nbsp; 3340054 |
|  |  | &nbsp;&nbsp; 7506795 |
| **Tennessee — 4.6%** | **Tennessee — 4.6%** |  |
| &nbsp;&nbsp;&nbsp; City of Memphis Tennessee Memphis Light Gas & Water <br> Division Electric System Revenue, RB, Series A, <br> 4.00%, 12/01/45<br>| 1500 | &nbsp;&nbsp; 1446842 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Health & Educational Fcilities Board, RB, Series A, <br> 5.00%, 07/01/46<br>| 6590 | &nbsp;&nbsp; 6600468 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Tennessee (continued)** | **Tennessee (continued)** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Sports Authority, RB, Series B, Subordinate, (AGM), <br> 5.25%, 07/01/48<br>| 2900 | &nbsp;&nbsp; $3065247 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson <br> County TN Water & Sewer Revenue, Refunding RB, <br> 5.25%, 07/01/55<br>| 1270 | &nbsp;&nbsp; 1352849 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Refunding RB, <br> Series A-1, 5.00%, 05/01/53<sup>(a)</sup><br>| 7260 | &nbsp;&nbsp; 7523196 |
| &nbsp;&nbsp;&nbsp; Tennessee Housing Development Agency, Refunding <br> RB, S/F Housing, Series 3A, Sustainability Bonds, <br> 6.25%, 01/01/54<br>| 1980 | &nbsp;&nbsp; 2141131 |
|  |  | &nbsp;&nbsp; 22129733 |
| **Texas — 11.2%** | **Texas — 11.2%** |  |
| Arlington Higher Education Finance Corp., RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/62 | 845 | &nbsp;&nbsp; 422500 |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62 | 720 | &nbsp;&nbsp; 432000 |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Water & Wastewater System <br> Revenue, Refunding RB, 5.00%, 11/15/53<br>| 1290 | &nbsp;&nbsp; 1360253 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, ARB, <br> Series B, AMT, 5.50%, 07/15/39<br>| 600 | &nbsp;&nbsp; 646744 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, <br> Refunding ARB, Series A, AMT, Subordinate Lien, <br> 5.50%, 07/01/55<br>| 2910 | &nbsp;&nbsp; 3104558 |
| &nbsp;&nbsp;&nbsp; Conroe Independent School District, GO, (PSF), 4.00%, <br> 02/15/50<br>| 2020 | &nbsp;&nbsp; 1892552 |
| &nbsp;&nbsp;&nbsp; County of Harris Texas Toll Road Revenue, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 1st Lien, 4.00%, 08/15/49 | 2955 | &nbsp;&nbsp; 2776123 |
| &nbsp;&nbsp;&nbsp; Series A, 1st Lien, 4.00%, 08/15/54 | 2105 | &nbsp;&nbsp; 1937014 |
| &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, Refunding ARB, <br> Series B, 5.00%, 11/01/47<br>| 1625 | &nbsp;&nbsp; 1708183 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance <br> Corp., Refunding RB, Class A, 4.13%, 07/01/52<br>| 2270 | &nbsp;&nbsp; 2092633 |
| Harris County Municipal Utility District No. 534, GO |  |  |
| &nbsp;&nbsp;&nbsp; (AGM), 5.00%, 09/01/47 | 1750 | &nbsp;&nbsp; 1769187 |
| &nbsp;&nbsp;&nbsp; (BAM), 5.00%, 09/01/47 | 1100 | &nbsp;&nbsp; 1112060 |
| &nbsp;&nbsp;&nbsp; Leander Independent School District, Refunding GO, <br> Series A, (PSF), 5.00%, 08/15/50<br>| 2710 | &nbsp;&nbsp; 2865136 |
| &nbsp;&nbsp;&nbsp; Midland County Fresh Water Supply District No. 1, RB, <br> CAB, Series A, 0.00%, 09/15/27<sup>(c)(h)</sup><br>| 15200 | &nbsp;&nbsp; 7354942 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Refunding RB, Series B, <br> 5.00%, 01/01/43<br>| 3900 | &nbsp;&nbsp; 3937808 |
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, GO, (PSF), <br> 5.25%, 02/15/55<br>| 1380 | &nbsp;&nbsp; 1474304 |
| &nbsp;&nbsp;&nbsp; Sunnyvale Independent School District, Refunding GO, <br> (PSF), 4.25%, 02/15/55<br>| 1960 | &nbsp;&nbsp; 1890882 |
| Tarrant County Hospital District, GOL, 4.25%, 08/15/53 | 5645 | &nbsp;&nbsp; 5280474 |
| &nbsp;&nbsp;&nbsp; Texas Department of Housing & Community Affairs, RB, <br> S/F Housing, Series A, (GNMA), 5.75%, 03/01/54<br>| 4600 | &nbsp;&nbsp; 4973874 |
| Texas Water Development Board, RB, 4.75%, 10/15/55 | 3000 | &nbsp;&nbsp; 3041127 |
| &nbsp;&nbsp;&nbsp; Thrall Independent School District, GO, (PSF), 5.25%, <br> 02/15/48<br>| 3525 | &nbsp;&nbsp; 3733311 |
|  |  | &nbsp;&nbsp; 53805665 |
| **Utah — 1.1%** | **Utah — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Black Desert Public Infrastructure District, SAB, 5.63%, <br> 12/01/53<sup>(b)</sup><br>| 280 | &nbsp;&nbsp; 282837 |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City Utah Airport Revenue, ARB, <br> Series A, AMT, 5.50%, 07/01/55<br>| 2855 | &nbsp;&nbsp; 3043590 |

---

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Municipal Income Trust (BFK)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Utah (continued)** | **Utah (continued)** |  |
| Downtown Revitalization Public Infrastructure District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 1st Lien, (AGM), 5.50%, 06/01/55 | 1310 | &nbsp;&nbsp; $1411123 |
| &nbsp;&nbsp;&nbsp; Series B, 2nd Lien, (AGM), 5.50%, 06/01/55 | 465 | &nbsp;&nbsp; 500520 |
|  |  | &nbsp;&nbsp; 5238070 |
| **Virginia — 1.0%** | **Virginia — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Fairfax County Industrial Development Authority, RB, <br> 4.13%, 05/15/54<br>| 5220 | &nbsp;&nbsp; 4808747 |
| **Washington — 1.4%** | **Washington — 1.4%** |  |
| &nbsp;&nbsp;&nbsp; Vancouver Housing Authority, RB, M/F Housing, 5.00%, <br> 08/01/40<br>| 2310 | &nbsp;&nbsp; 2386733 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Refunding <br> RB, Series A, 5.50%, 09/01/55<br>| 1820 | &nbsp;&nbsp; 1932860 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, RB, <br> M/F Housing, Series A-1, 0.00%, 11/20/41<sup>(a)</sup><br>| 2316 | &nbsp;&nbsp; 2229006 |
|  |  | &nbsp;&nbsp; 6548599 |
| **West Virginia — 0.6%** | **West Virginia — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, RB, Class A, <br> 4.38%, 06/01/53<br>| 3000 | &nbsp;&nbsp; 2821777 |
| **Wisconsin — 0.9%** | **Wisconsin — 0.9%** |  |
| Public Finance Authority, RB, AMT, 6.50%, 12/31/65 | 4040 | &nbsp;&nbsp; 4437084 |
| **Total Municipal Bonds — 101.7%** <br>**(Cost: $471,726,089)** | **Total Municipal Bonds — 101.7%** <br>**(Cost: $471,726,089)** | &nbsp;&nbsp; 490072858 |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(i)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(i)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(i)</sup> |
| **California — 7.3%** | **California — 7.3%** |  |
| City of Los Angeles Department of Airports, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 05/15/46 | 8800 | &nbsp;&nbsp; 8818488 |
| &nbsp;&nbsp;&nbsp; Sub-Series A, AMT, 5.00%, 05/15/42 | 11420 | &nbsp;&nbsp; 11544549 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, ARB, <br> Series B, AMT, 5.00%, 07/01/48<br>| 14500 | &nbsp;&nbsp; 15017685 |
|  |  | &nbsp;&nbsp; 35380722 |
| **Colorado — 2.1%** | **Colorado — 2.1%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB, Series A, AMT, 5.00%, <br> 12/01/43<sup>(j)</sup><br>| 10000 | &nbsp;&nbsp; 10147910 |
| **Florida — 5.0%** | **Florida — 5.0%** |  |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Transit System, RB, <br> 5.00%, 07/01/51<br>| 10510 | &nbsp;&nbsp; 10900765 |
| &nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority, ARB, Series A, AMT, <br> 5.00%, 10/01/42<br>| 13280 | &nbsp;&nbsp; 13424829 |
|  |  | &nbsp;&nbsp; 24325594 |
| **Illinois — 4.9%** | **Illinois — 4.9%** |  |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, RB, Series B, 5.00%, <br> 01/01/41<br>| 13000 | &nbsp;&nbsp; 13068108 |
| &nbsp;&nbsp;&nbsp; Regional Transportation Authority, RB, Series A, 5.00%, <br> 06/01/50<sup>(j)</sup><br>| 10000 | &nbsp;&nbsp; 10353746 |
|  |  | &nbsp;&nbsp; 23421854 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Indiana — 2.7%** | **Indiana — 2.7%** |  |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, RB, Series A, 5.00%, <br> 10/01/53<br>| $12775 | &nbsp;&nbsp; $13192086 |
| **Massachusetts — 2.2%** | **Massachusetts — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund <br> Revenue, RB, Series B, 5.00%, 06/01/52<br>| 10000 | &nbsp;&nbsp; 10393584 |
| **Michigan — 4.3%** | **Michigan — 4.3%** |  |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Refunding <br> RB, 5.00%, 11/15/47<br>| 10000 | &nbsp;&nbsp; 10229961 |
| &nbsp;&nbsp;&nbsp; State of Michigan Trunk Line Revenue, RB, 5.00%, <br> 11/15/46<br>| 10000 | &nbsp;&nbsp; 10566874 |
|  |  | &nbsp;&nbsp; 20796835 |
| **Nevada — 4.2%** | **Nevada — 4.2%** |  |
| &nbsp;&nbsp;&nbsp; County of Clark Nevada, GOL, Series A, 5.00%, <br> 05/01/48<br>| 19650 | &nbsp;&nbsp; 20046323 |
| **New Jersey — 3.9%** | **New Jersey — 3.9%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, RB, <br> Series AA, 5.00%, 06/15/55<br>| 8320 | &nbsp;&nbsp; 8624059 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, RB, Series A, 5.00%, <br> 01/01/48<br>| 10000 | &nbsp;&nbsp; 10255185 |
|  |  | &nbsp;&nbsp; 18879244 |
| **New York — 12.1%** | **New York — 12.1%** |  |
| &nbsp;&nbsp;&nbsp; County of Nassau New York, GOL, Series A, 5.00%, <br> 04/01/55<sup>(j)</sup><br>| 11235 | &nbsp;&nbsp; 11765879 |
| New York City Municipal Water Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series DD1, 5.00%, 06/15/48 | 10000 | &nbsp;&nbsp; 10161267 |
| &nbsp;&nbsp;&nbsp; Series GG, 5.00%, 06/15/48 | 10000 | &nbsp;&nbsp; 10309454 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, <br> Refunding RB, Series DD, 5.25%, 06/15/46<br>| 10000 | &nbsp;&nbsp; 10654609 |
| New York City Ny Hsg Dev Corp, 5.00%, 11/01/55 | 4780 | &nbsp;&nbsp; 4849975 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB, Series D-1, 5.25%, 11/01/48<br>| 5000 | &nbsp;&nbsp; 5270970 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Refunding RB, <br> Series 207, 5.25%, 03/15/52<sup>(j)</sup><br>| 5000 | &nbsp;&nbsp; 5306787 |
|  |  | &nbsp;&nbsp; 58318941 |
| **Oregon — 2.8%** | **Oregon — 2.8%** |  |
| &nbsp;&nbsp;&nbsp; Port of Portland Oregon Airport Revenue, Refunding <br> ARB, Series 29, AMT, Sustainability Bonds, 5.50%, <br> 07/01/48<br>| 12705 | &nbsp;&nbsp; 13524770 |
| **South Carolina — 3.7%** | **South Carolina — 3.7%** |  |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, RB, Series A1, <br> 5.25%, 10/01/54<sup>(a)</sup><br>| 16400 | &nbsp;&nbsp; 17890575 |
| **Tennessee — 2.7%** | **Tennessee — 2.7%** |  |
| &nbsp;&nbsp;&nbsp; Tennessee State School Bond Authority, RB, Series A, <br> (NPFGC), 5.00%, 11/01/52<br>| 12500 | &nbsp;&nbsp; 13058986 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Municipal Income Trust (BFK)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas — 3.9%** | **Texas — 3.9%** |  |
| &nbsp;&nbsp;&nbsp; Terrell Independent School District, GO, (PSF), 5.25%, <br> 08/01/55<sup>(j)</sup><br>| $5740 | &nbsp;&nbsp; $6162111 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, RB, Series A, 5.25%, <br> 10/15/51<br>| 11775 | &nbsp;&nbsp; 12507488 |
|  |  | &nbsp;&nbsp; 18669599 |
| **Washington — 4.5%** | **Washington — 4.5%** |  |
| &nbsp;&nbsp;&nbsp; Port of Seattle Washington, ARB, Series A, AMT, 5.00%, <br> 05/01/43<br>| 10975 | &nbsp;&nbsp; 11018543 |
| State of Washington, GO, Series C, 5.00%, 02/01/47 | 10000 | &nbsp;&nbsp; 10448093 |
|  |  | &nbsp;&nbsp; 21466636 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 66.3%** <br>**(Cost: $313,529,878)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 66.3%** <br>**(Cost: $313,529,878)** | &nbsp;&nbsp; 319513659 |
| **Total Long-Term Investments — 168.0%** <br>**(Cost: $785,255,967)** | **Total Long-Term Investments — 168.0%** <br>**(Cost: $785,255,967)** | &nbsp;&nbsp; 809586517 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 3.01%<sup>(k)(l)</sup><br>| 3126296 | &nbsp;&nbsp; 3126608 |
| **Total Short-Term Securities — 0.7%** <br>**(Cost: $3,126,568)** | **Total Short-Term Securities — 0.7%** <br>**(Cost: $3,126,568)** | &nbsp;&nbsp; 3126608 |
| **Total Investments — 168.7%** <br>**(Cost: $788,382,535)** | **Total Investments — 168.7%** <br>**(Cost: $788,382,535)** | &nbsp;&nbsp; 812713125 |
| **Other Assets Less Liabilities — 1.7%** | **Other Assets Less Liabilities — 1.7%** | &nbsp;&nbsp; 8117632 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (38.4)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (38.4)%** | &nbsp;&nbsp; (184919836)<br>|
| **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(32.0)%** | **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(32.0)%** | &nbsp;&nbsp; (154100000)<br>|
| **Net Assets Applicable to Common Shares — 100.0%** | **Net Assets Applicable to Common Shares — 100.0%** | &nbsp;&nbsp; $481810921 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> Zero-coupon bond.

<sup>(d)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(e)</sup> Non-income producing security.

<sup>(f)</sup> When-issued security.

<sup>(g)</sup> Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. 

<sup>(h)</sup> 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. 

<sup>(i)</sup> Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. 

<sup>(j)</sup> All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between December 1, 2027 to August 1, 2033, is $30,072,320. 

<sup>(k)</sup> Affiliate of the Fund.

<sup>(l)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*10/31/25*<br>| *Shares* <br>*Held at* <br>*10/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, MuniCash, Institutional Shares | $7786970 | $—<br> $(4660362 )<sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $3126608 | 3126296 | $37879 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Municipal Income Trust (BFK)** 

**Fair Value Hierarchy as of Period End (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund's policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $490072858 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $490072858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 319513659 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 319513659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 3126608 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3126608 |
|  | &nbsp;&nbsp; $3126608 | &nbsp;&nbsp;&nbsp;&nbsp; $809586517 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $812713125 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TOB Trust Certificates | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(183974987)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(183974987)<br>|
| &nbsp;&nbsp;&nbsp; VMTP Shares at Liquidation Value | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (154100000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (154100000)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(338074987)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(338074987)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| AGM | Assured Guaranty Municipal Corp. |
| AGM-CR | AGM Insured Custodial Receipt |
| AMT | Alternative Minimum Tax |
| ARB | Airport Revenue Bonds  |
| BAM | Build America Mutual Assurance Co. |
| BAM-TCRS | &nbsp;&nbsp;&nbsp; Build America Mutual Assurance Co. - Transferable <br> Custodial Receipts<br>|
| CAB | Capital Appreciation Bonds |
| CR | Custodian Receipt |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation Bonds |
| GOL | General Obligation Ltd. |
| M/F | Multi-Family |
| NPFGC | National Public Finance Guarantee Corp. |
| PSF | Permanent School Fund |
| RB | Revenue Bonds |

---

---

| | |
|:---|:---|
| **Portfolio Abbreviation (continued)** | **Portfolio Abbreviation (continued)** |
| S/F | Single-Family |
| SAB | Special Assessment Bonds |

---

Schedule of Investments

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BlackRock Municipal Income Trust

- **b. Investment Company Act file number:** 811-10339

- **c. CIK number of Registrant:** 0001137393

- **d. LEI of Registrant:** R3ITLLW1CUEQICP4XR90

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Bellevue Parkway

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 800-441-7762

**Item A.2. Information about the Series.**

- **a. Name of Series:** BlackRock Municipal Income Trust

- **c. LEI of Series:** R3ITLLW1CUEQICP4XR90

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $824992790.66

**Total Liabilities:** $343081542.94

**Net Assets:** $481911247.72

**Delayed Delivery Securities:** $818660.80

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 234690.45000000 | **1-Year:** 30156.70000000 | **5-Year:** 134535.43000000 | **10-Year:** 124397.39000000 | **30-Year:** 65910.04000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 5861.42000000 | **1-Year:** 0.00000000 | **5-Year:** 6378.77000000 | **10-Year:** 9085.71000000 | **30-Year:** 31246.68000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.48%                | 3.94%                | 1.79%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1502545.17             | $5837986.92                                |
| Month 2  | $-990258.05              | $17428129.90                               |
| Month 3  | $-236855.96              | $6627400.50                                |

**Designated Index Information**

- **Index Name:** Fund`s Designated Reference Portfolio is the Fund`s Securities Portfolio

- **Index Identifier:** Fund`s Designated Reference Portfolio is the Fund`s Securities Portfolio

### Schedule of Portfolio Investments

| Name                                                                             | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Allegheny County Hospital Development Authority                                  | ALLEGHENY CNTY PA HOSP DEV AUTH                              | CUSIP: 01728A4A1<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5021280.50   | 1.04%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                  | ALLEGHENY CNTY PA HOSP DEV AUTH                              | CUSIP: 01728A5Y8<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2557862.88   | 0.53%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | ARKANSAS DEV FIN AUTH ENVIRONMENTAL REVENUE                  | CUSIP: 04110FAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $872668.58    | 0.18%             | 2053-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 041807BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $432000.00    | 0.09%             | 2062-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                                          | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE                    | CUSIP: 041807CF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $422500.00    | 0.09%             | 2062-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | AUSTIN TX WTR & WSTWTR SYS REVENUE                           | CUSIP: 052477YT7<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1360253.40   | 0.28%             | 2053-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS SPLY REVENUE               | CUSIP: 09182NCT5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   5455000 | PA      | $5922639.15   | 1.23%             | 2053-12-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TBT3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    795000 | PA      | $840204.26    | 0.17%             | 2053-11-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TDB0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $11098389.00  | 2.30%             | 2054-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE            | CUSIP: 09182TEV5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2250672.91   | 0.47%             | 2056-05-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Desert Public Infrastructure District                                      | BLACK DESERT PUB INFRASTRUCTURE DIST UT SPL ASSMNT           | CUSIP: 09204TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $282837.32    | 0.06%             | 2053-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | BUCKEYE OH TOBACCO SETTLEMENT FING AUTH                      | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1676078.40   | 0.35%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE         | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2330000 | PA      | $1864000.00   | 0.39%             | 2065-01-01      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH MUNI CTFS                        | CUSIP: 13050WAA9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   5401414 | PA      | $5036783.18   | 1.05%             | 2041-02-20      | Floating      | 3.44%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                 | CALIFORNIA ST POLL CONTROL FING AUTH WTR FURNISHING REVENUE  | CUSIP: 13054WAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4970000 | PA      | $4970164.01   | 1.03%             | 2045-11-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Enterprise Development Authority                                      | CALIFORNIA ST ENTERPRISE DEV AUTH REVENUE                    | CUSIP: 13067RCZ4<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    750000 | PA      | $744182.25    | 0.15%             | 2062-11-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505A63<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    785000 | PA      | $818294.75    | 0.17%             | 2043-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | CHICAGO IL BRD OF EDU                                        | CUSIP: 167505ZL3<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1954811.79   | 0.41%             | 2050-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | CUSIP: 167593F72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5205000 | PA      | $5208812.66   | 1.08%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus-Franklin County Finance Authority                                       | COLUMBUS-FRANKLIN CNTY OH FIN AUTH MF HSG REVENUE            | CUSIP: 19910XAL0<br>LEI: 549300NX3ODQN2ETOO82 | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1525076.70   | 0.32%             | 2043-11-01      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                                              | COLUMBUS OH REGL ARPT AUTH REVENUE                           | CUSIP: 199546DD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2221694.16   | 0.46%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Conroe Independent School District                                               | CONROE TX INDEP SCH DIST                                     | CUSIP: 2084185M1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2020000 | PA      | $1892551.74   | 0.39%             | 2050-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE              | CUSIP: 23503CDD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1708182.94   | 0.35%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182TM8<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |    835000 | PA      | $901530.88    | 0.19%             | 2045-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                          | DIST OF COLUMBIA INCOME TAX SECURED REVENUE                  | CUSIP: 25477GUW3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2141681.13   | 0.44%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Tobacco Settlement Financing Corp                           | DIST OF COLUMBIA TOBACCO SETTLEMENT FING CORP                | CUSIP: 254842AK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16240000 | PA      | $16749135.37  | 3.48%             | 2040-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                           | DOWNTOWN REVITALIZATION PUBLIC INFRASTRUCTURE DIST UT SALES  | CUSIP: 26118TAX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1411122.83   | 0.29%             | 2055-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Downtown Revitalization Public Infrastructure District                           | DOWNTOWN REVITALIZATION PUBLIC INFRASTRUCTURE DIST UT SALES  | CUSIP: 26118TBV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $500519.72    | 0.10%             | 2055-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                                            | DULUTH MN ECON DEV AUTH HLTH CARE FACS REVENUE               | CUSIP: 26444CHF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2940000 | PA      | $2957093.16   | 0.61%             | 2058-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Energy Southeast A Cooperative District                                          | ENERGY S E AL A COOPERATIVE DIST ENERGY SPLY REVENUE         | CUSIP: 292723AY9<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3933388.20   | 0.82%             | 2054-04-01      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                  | FAIRFAX CNTY VA INDL DEV AUTH HLTH CARE REVENUE              | CUSIP: 30382VAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5220000 | PA      | $4808747.52   | 1.00%             | 2054-05-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE                 | CUSIP: 34061UKQ0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    210000 | PA      | $198476.19    | 0.04%             | 2056-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp                                                     | FLORIDA HSG FIN CORP REVENUE                                 | CUSIP: 34074NFS3<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   2940000 | PA      | $2994733.69   | 0.62%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Housing Finance Corp                                                     | FLORIDA HSG FIN CORP REVENUE                                 | CUSIP: 34074NFT1<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   1890000 | PA      | $1910894.90   | 0.40%             | 2056-01-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                              | GEISINGER PA AUTH HLTH SYS REVENUE                           | CUSIP: 368497HP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4725000 | PA      | $4768032.47   | 0.99%             | 2045-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                              | GEORGIA ST HSG & FIN AUTH REVENUE                            | CUSIP: 37353PRJ0<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   6640000 | PA      | $6837346.78   | 1.42%             | 2050-12-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                         | HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE            | CUSIP: 414009RR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2270000 | PA      | $2092632.42   | 0.43%             | 2052-07-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                            | HARRIS CNTY TX TOLL ROAD REVENUE                             | CUSIP: 41423PDY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2955000 | PA      | $2776122.92   | 0.58%             | 2049-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                            | HARRIS CNTY TX TOLL ROAD REVENUE                             | CUSIP: 41423PDZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2105000 | PA      | $1937013.63   | 0.40%             | 2054-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Harris County Municipal Utility District No 534                                  | HARRIS CNTY TX MUNI UTILITY DIST #534                        | CUSIP: 41423SCA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1769186.65   | 0.37%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Municipal Utility District No 534                                  | HARRIS CNTY TX MUNI UTILITY DIST #534                        | CUSIP: 41423SDB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1112060.18   | 0.23%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                             | HILLSBOROUGH CNTY FLA INDL DEVAUTH HEALTH SYS REVENUE        | CUSIP: 43233KAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3010000 | PA      | $3212560.96   | 0.67%             | 2049-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                             | HILLSBOROUGH CNTY FLA INDL DEVAUTH HEALTH SYS REVENUE        | CUSIP: 43233KAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4674067.50   | 0.97%             | 2051-11-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                             | HILLSBOROUGH CNTY FLA INDL DEVAUTH HEALTH SYS REVENUE        | CUSIP: 43233KAW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3764163.55   | 0.78%             | 2054-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349HZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $646744.38    | 0.13%             | 2039-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE                                  | CUSIP: 442349JV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2910000 | PA      | $3104558.24   | 0.64%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153HV4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    710000 | PA      | $681569.54    | 0.14%             | 2045-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH HLTH SYS REVENUE                         | CUSIP: 45470YGB1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1391747.59   | 0.29%             | 2046-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH HLTH SYS REVENUE                         | CUSIP: 45470YGC9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    445000 | PA      | $478793.08    | 0.10%             | 2047-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                                   | INDIANA ST MUNI PWR AGY                                      | CUSIP: 454898TX5<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |   5570000 | PA      | $5609454.54   | 1.16%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Transportation Infrastructure Authority                          | KENTUCKY PUB TRANSPRTN INFRASTRUCTURE AUTH TOLL REVENUE      | CUSIP: 491397AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2636142.89   | 0.55%             | 2043-07-01      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                    | KENTUCKY ST PROPERTY & BLDGS COMMISSION REVENUES             | CUSIP: 49151FY87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $979094.46    | 0.20%             | 2042-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lakewood Ranch Stewardship District                                              | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE        | CUSIP: 51265KFJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $432607.89    | 0.09%             | 2054-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Lansing Community College                                                        | LANSING MI CMNTY CLG                                         | CUSIP: 516408KT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5070000 | PA      | $5238124.24   | 1.09%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Leander Independent School District                                              | LEANDER TX INDEP SCH DIST                                    | CUSIP: 521841S80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2710000 | PA      | $2865136.39   | 0.59%             | 2050-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444453D9<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   2105000 | PA      | $2264519.01   | 0.47%             | 2055-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445C64<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2389701.96   | 0.50%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | LOUISIANA PUB FACS AUTH REVENUE                              | CUSIP: 546399SZ0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2488538.16   | 0.52%             | 2064-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE            | CUSIP: 56035DEN8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9541312.20   | 1.98%             | 2053-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582R5Q5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3158231.10   | 0.66%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY REVENUE                         | CUSIP: 57584X8W4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1815000 | PA      | $1839398.14   | 0.38%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                     | MASSACHUSETTS ST PORT AUTH                                   | CUSIP: 575896YJ8<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   4245000 | PA      | $4329304.43   | 0.90%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN Memphis Light Gas & Water Division Electric System Revenue    | MEMPHIS TN ELEC SYS REVENUE                                  | CUSIP: 586158RD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1446841.95   | 0.30%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | MET GOVT NASHVILLE & DAVIDSONCNTY TN HLTH & EDUCTNL FAC BRD  | CUSIP: 592041WH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6590000 | PA      | $6600467.56   | 1.37%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Sports Authority             | MET GOVT NASHVILLE & DAVIDSONCNTY TN SPORTS AUTH             | CUSIP: 592090KT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $3065247.22   | 0.64%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue  | MET GOVT NASHVILLE & DAVIDSON CNTY TN WTR & SWR REVENUE      | CUSIP: 5920983R6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1352848.70   | 0.28%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AG35<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3210000 | PA      | $3220292.22   | 0.67%             | 2045-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AG50<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1589859.69   | 0.33%             | 2055-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647MC2<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044439.10   | 0.22%             | 2048-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH ARPT SYS REVENUE                | CUSIP: 592647PE5<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   2255000 | PA      | $2429348.26   | 0.50%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TUC5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2020503.20   | 0.42%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | MICHIGAN ST BLDG AUTH REVENUE                                | CUSIP: 594615FW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007283.70   | 0.21%             | 2046-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | MICHIGAN ST STRATEGIC FUND LTD OBLG REVENUE                  | CUSIP: 594698QT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2120000 | PA      | $2122297.66   | 0.44%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Midland County Fresh Water Supply District No 1                                  | MIDLAND CNTY TX FRESH WTR SPLY DIST #1 REVENUE               | CUSIP: 597495BD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9780000 | PA      | $4817975.19   | 1.00%             | 2040-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Midland County Fresh Water Supply District No 1                                  | MIDLAND CNTY TX FRESH WTR SPLY DIST #1 REVENUE               | CUSIP: 597495BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5420000 | PA      | $2536966.50   | 0.53%             | 2041-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | MISSOURI ST HLTH & EDUCTNL FACS AUTH HLTH FACS REVENUE       | CUSIP: 60637AXK3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1282058.51   | 0.27%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                          | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE               | CUSIP: 60637GJJ9<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    785000 | PA      | $791678.39    | 0.16%             | 2055-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                          | MONTGOMERY CNTY PA HGR EDU & HLTH AUTH                       | CUSIP: 613603YY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $725280.27    | 0.15%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust II                                               | NEW YORK CNTYS NY TOBACCO TRUST II                           | CUSIP: 62947VAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $713250.79    | 0.15%             | 2043-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust IV                                               | NEW YORK CNTYS NY TOBACCO TRUST IV                           | CUSIP: 62947YAL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3045000 | PA      | $2930025.37   | 0.61%             | 2041-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MUNI CTFS                               | CUSIP: 63607WBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    721339 | PA      | $718626.00    | 0.15%             | 2041-01-20      | Floating      | 4.09%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MUNI CTFS                               | CUSIP: 63607WBK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1744876.83   | 0.36%             | 2037-09-28      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MUNI CTFS                               | CUSIP: 63607WBN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4382494 | PA      | $4307737.22   | 0.89%             | 2042-11-20      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH REVENUE                                 | CUSIP: 63607YCZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2860000 | PA      | $3008632.20   | 0.62%             | 2055-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MF AFFORDABLE HSG                       | CUSIP: 63610CAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1158795.82   | 0.24%             | 2042-04-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 64577B5G5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |  11690000 | PA      | $11905124.06  | 2.47%             | 2048-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH ECON DEV REVENUE                 | CUSIP: 64577HMG3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3548609 | PA      | $3668962.20   | 0.76%             | 2028-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REV                              | CUSIP: 64577XED4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3415000 | PA      | $3609020.83   | 0.75%             | 2047-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH SPL FAC REVENUE                  | CUSIP: 64578CBW0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2035011.80   | 0.42%             | 2030-11-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH REVENUE                          | CUSIP: 6459182D4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2287044.39   | 0.47%             | 2043-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                         | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE   | CUSIP: 646080WQ0<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   2485000 | PA      | $2465447.77   | 0.51%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Housing & Mortgage Finance Agency                                     | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE                     | CUSIP: 64613ALS9<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2577654.00   | 0.53%             | 2050-10-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUSTFUND AUTH                       | CUSIP: 64613CFC7<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    980000 | PA      | $1052915.14   | 0.22%             | 2046-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CGK8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5090000 | PA      | $5376332.35   | 1.12%             | 2055-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140JF1<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2344237.71   | 0.49%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust VI                                               | NEW YORK CNTYS NY TOBACCO TRUST VI                           | CUSIP: 64945JAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6395000 | PA      | $5399698.83   | 1.12%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                                | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                 | CUSIP: 649519DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1655304.69   | 0.34%             | 2040-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966SHK5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2565000 | PA      | $2726195.12   | 0.57%             | 2050-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966SMF0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    400000 | PA      | $426251.52    | 0.09%             | 2053-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971X7H5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3455000 | PA      | $3203563.07   | 0.66%             | 2051-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JWM6<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1738149.24   | 0.36%             | 2052-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH SALES TAX REVENUE                      | CUSIP: 64990AHZ1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1646889.61   | 0.34%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1159918.15   | 0.24%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116CY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $2222905.98   | 0.46%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $960789.99    | 0.20%             | 2040-04-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE               | CUSIP: 650116JJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2215853.20   | 0.46%             | 2060-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | N TX TOLLWAY AUTH REVENUE                                    | CUSIP: 66285WXM3<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3937807.77   | 0.82%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northwest Independent School District                                            | NORTHWEST TX INDEP SCH DIST                                  | CUSIP: 667826HG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1380000 | PA      | $1474303.68   | 0.31%             | 2055-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                      | OHIO ST HSG FIN AGY RSDL MTGE REVENUE                        | CUSIP: 67756Q7X9<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |  14565000 | PA      | $14689063.21  | 3.05%             | 2044-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                           | OKLAHOMA ST DEV FIN AUTH HLTHSYS REVENUE                     | CUSIP: 67884XCK1<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1741774.83   | 0.36%             | 2052-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | ORANGE CNTY FL HLTH FACS AUTH REVENUE                        | CUSIP: 68450LJQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3805000 | PA      | $3999829.32   | 0.83%             | 2056-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917TRV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3249299.70   | 0.67%             | 2048-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917TRX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3790000 | PA      | $3916414.69   | 0.81%             | 2051-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                               | PHILADELPHIA PA WTR & WSTWTR REVENUE                         | CUSIP: 717893C90<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   2225000 | PA      | $2256807.93   | 0.47%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                           | PHOENIX AZ CIVIC IMPT CORP ARPT REVENUE                      | CUSIP: 71883MPB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2381891.12   | 0.49%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp                                           | PHOENIX AZ CIVIC IMPT CORP WSTWTR SYS REVENUE                | CUSIP: 71883PMN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3335000 | PA      | $3584608.74   | 0.74%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona/The              | PHOENIX AZ INDL DEV AUTH EDU REVENUE                         | CUSIP: 71885FFG7<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3277851.94   | 0.68%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE              | CUSIP: 74440DDS0<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9249454.80   | 1.92%             | 2052-08-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI TOLL REVENUE                              | CUSIP: 74448UAC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   4040000 | PA      | $4437084.33   | 0.92%             | 2065-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2809771 | PA      | $3000641.83   | 0.62%             | 2029-07-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2535955 | PA      | $2811904.44   | 0.58%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2191000 | PA      | $2071594.88   | 0.43%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12148000 | PA      | $11798632.02  | 2.45%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6010000 | PA      | $2091675.33   | 0.43%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE            | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3325000 | PA      | $3126818.03   | 0.65%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Riverside County Transportation Commission                                       | RIVERSIDE CNTY CA TRANSPRTN COMMISSION TOLL REVENUE          | CUSIP: 76912DAR9<br>LEI: 5493003G0IESJS57M350 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $2596250.50   | 0.54%             | 2041-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Transportation Commission                                       | RIVERSIDE CNTY CA TRANSPRTN COMMISSION TOLL REVENUE          | CUSIP: 76912DAS7<br>LEI: 5493003G0IESJS57M350 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $2923385.40   | 0.61%             | 2042-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Riverside County Transportation Commission                                       | RIVERSIDE CNTY CA TRANSPRTN COMMISSION TOLL REVENUE          | CUSIP: 76912DAT5<br>LEI: 5493003G0IESJS57M350 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $2284205.00   | 0.47%             | 2043-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Metropolitan Fire District                                            | SACRAMENTO CA MET FIRE DIST                                  | CUSIP: 785880BH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2940000 | PA      | $2774879.60   | 0.58%             | 2055-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | SALT LAKE CITY UT ARPT REVENUE                               | CUSIP: 795576NB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2855000 | PA      | $3043590.17   | 0.63%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp                                                        | SALT VERDE AZ FINANCIAL CORP SENIOR GAS REVENUE              | CUSIP: 79575EAR9<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8769984.00   | 1.82%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp                                                        | SALT VERDE AZ FINANCIAL CORP SENIOR GAS REVENUE              | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   7460000 | PA      | $8162920.74   | 1.69%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified School District/CA                                             | SAN DIEGO CA UNIF SCH DIST                                   | CUSIP: 797356JG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3455000 | PA      | $3283865.21   | 0.68%             | 2053-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Marcos Unified School District                                               | SAN MARCOS CA UNIF SCH DIST                                  | CUSIP: 798755DC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2694350.75   | 0.56%             | 2034-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| San Marcos Unified School District                                               | SAN MARCOS CA UNIF SCH DIST                                  | CUSIP: 798755DE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2817992.00   | 0.58%             | 2036-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTH FACS REVENUE       | CUSIP: 837032CC3<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $4166740.50   | 0.86%             | 2049-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                     | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE            | CUSIP: 83712D8S8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3280000 | PA      | $3340054.18   | 0.69%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Jersey Port Corp                                                           | SOUTH JERSEY NJ PORT CORP                                    | CUSIP: 838530RG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4051807.60   | 0.84%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COMMODITY SPLY REVENUE              | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1457654.11   | 0.30%             | 2053-01-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Stevens Plantation Community Development District                                | STEVENS PLANTATION FL CDD SPL ASSMNT REVENUE                 | CUSIP: 860242AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3158677 | PA      | $2147900.38   | 0.45%             | 2035-05-01      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| Sunnyvale Independent School District                                            | SUNNYVALE TX SCH DIST                                        | CUSIP: 867646LJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1960000 | PA      | $1890881.97   | 0.39%             | 2055-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Tarrant County Hospital District                                                 | TARRANT CNTY TX HOSP DIST                                    | CUSIP: 876387FC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5645000 | PA      | $5280474.13   | 1.10%             | 2053-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Patriots Energy Group Financing Agency                                           | PATRIOTS ENERGY GROUP FING AGY SC GAS SPLY REVENUE           | CUSIP: 70342PAN4<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |  16400000 | PA      | $17890574.68  | 3.71%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | CLARK CNTY NV                                                | CUSIP: 180848XJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19650000 | PA      | $20046324.78  | 4.16%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | CUSIP: 646140DD2<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10255185.00  | 2.13%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974EVQ6<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10448093.00  | 2.17%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252LX5<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13068108.30  | 2.71%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GE83<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10654609.00  | 2.21%             | 2046-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Michigan Trunk Line Revenue                                             | MICHIGAN ST TRUNK LINE                                       | CUSIP: 5946954P0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10566874.00  | 2.19%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                              | PORT OF PORTLAND OR ARPT REVENUE                             | CUSIP: 7352403J0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12704997 | PA      | $13524769.81  | 2.81%             | 2048-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS WTR DEV BRD ST WTR IMPLEMENTATION REVENUE FUND         | CUSIP: 88285ADT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11774996 | PA      | $12507488.48  | 2.60%             | 2051-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE                                   | CUSIP: 735389E20<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |  10974997 | PA      | $11018543.46  | 2.29%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Airport Authority                                      | SAN DIEGO CNTY CA REGL ARPT AUTH AIRPORT REVENUE             | CUSIP: 79739GRK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14500000 | PA      | $15017684.80  | 3.12%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GPZ1<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10161267.00  | 2.11%             | 2048-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445CC1<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   8800000 | PA      | $8818487.92   | 1.83%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445CY3<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |  11420000 | PA      | $11544548.80  | 2.40%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY & CNTY CO ARPT REVENUE                           | CUSIP: 249182LV6<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10147910.00  | 2.11%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                        | MICHIGAN ST HOSP FIN AUTH                                    | CUSIP: 59465HTY2<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10229961.00  | 2.12%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | CUSIP: 64972GXD1<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10309454.00  | 2.14%             | 2048-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                                | REGL TRANSPRTN AUTH IL                                       | CUSIP: 7599116N5<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10353746.00  | 2.15%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH HLTH SYS REVENUE                         | CUSIP: 45470YFK2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |  12775000 | PA      | $13192085.71  | 2.74%             | 2053-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                               | GTR ORLANDO FL AVIATION AUTH ARPT FACS REVENUE               | CUSIP: 392274X35<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |  13280000 | PA      | $13424829.02  | 2.79%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Nassau NY                                                              | NASSAU CNTY NY                                               | CUSIP: 63165T7A7<br>LEI: 549300ICRCGQYCPS7T40 | Long             | DBT              | MUN               | US        |  11234998 | PA      | $11765878.91  | 2.44%             | 2055-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH                      | CUSIP: 64613CHS0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   8320000 | PA      | $8624058.56   | 1.79%             | 2055-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                        | MASSACHUSETTS ST TRANSPRTN FUND REVENUE                      | CUSIP: 57604TKD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10393584.00  | 2.16%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | CUSIP: 64990KFX6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5306786.50   | 1.10%             | 2052-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | NEW YORK CITY NY TRANSITIONAL FIN AUTH REVENUE               | CUSIP: 64971X4F2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5270969.50   | 1.09%             | 2048-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Transit System                                           | MIAMI-DADE CNTY FL TRANSIT SALES SURTAX REVENUE              | CUSIP: 59334PKY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10509999 | PA      | $10900764.69  | 2.26%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee State School Bond Authority                                            | TENNESSEE ST SCH BOND AUTH                                   | CUSIP: 880558QP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12500000 | PA      | $13058986.25  | 2.71%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP MF HSG REV                     | CUSIP: 64972KMG7<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   4780000 | PA      | $4849974.90   | 1.01%             | 2055-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Terrell Independent School District/TX                                           | TERRELL TX INDEP SCH DIST                                    | CUSIP: 881405NZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5740000 | PA      | $6162110.99   | 1.28%             | 2055-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp                                                | TENNESSEE ST ENERGY ACQUISITION CORP GAS REVENUE             | CUSIP: 880443JF4<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   7260000 | PA      | $7523196.05   | 1.56%             | 2053-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                             | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE               | CUSIP: 88046KGW0<br>LEI: 25490004PSQYQLFJGI76 | Long             | DBT              | MUN               | US        |   1980000 | PA      | $2141131.21   | 0.44%             | 2054-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Texas Department of Housing & Community Affairs                                  | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS                         | CUSIP: 88275FWZ8<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   4600000 | PA      | $4973874.20   | 1.03%             | 2054-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | TEXAS WTR DEV BRD REVENUE                                    | CUSIP: 88285AKD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3041127.30   | 0.63%             | 2055-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Thrall Independent School District/TX                                            | THRALL TX INDEP SCH DIST                                     | CUSIP: 885528JB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3525000 | PA      | $3733311.29   | 0.77%             | 2048-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Authority of Southern California                          | TOBACCO SECURITIZATION AUTH STHRN CA TOBACCO SETTLEMENT REVE | CUSIP: 888804CR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001712.20   | 0.21%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4140000 | PA      | $4095401.02   | 0.85%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                                                | TOBACCO SETTLEMENT FING CORP NJ                              | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7370000 | PA      | $7175711.32   | 1.49%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue                           | TRIBOROUGH NY BRIDGE & TUNNEL AUTH SALES TAX REVENUE         | CUSIP: 896035CA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3075000 | PA      | $2918355.81   | 0.61%             | 2053-05-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Tulsa Municipal Airport Trust Trustees/OK                                        | TULSA OK MUNI ARPT TRUST TRUSTEES                            | CUSIP: 899661EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $1135900.82   | 0.24%             | 2035-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| University of Cincinnati                                                         | UNIV OF CINCINNATI OH RECPTS                                 | CUSIP: 914119P48<br>LEI: 549300E0RD3ICJ858L23 | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1419874.16   | 0.29%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Iowa Facilities Corp                                               | UNIV OF IOWA IA FACS CORP                                    | CUSIP: 914364YP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1890000 | PA      | $1988868.74   | 0.41%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Iowa Facilities Corp                                               | UNIV OF IOWA IA FACS CORP                                    | CUSIP: 914364YQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1249590.92   | 0.26%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                      | VANCOUVER WA HSG AUTH                                        | CUSIP: 921626QH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2310000 | PA      | $2386732.43   | 0.50%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HF75<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1932860.20   | 0.40%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSION                             | CUSIP: 93978UDT0<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2316342 | PA      | $2229005.91   | 0.46%             | 2041-11-20      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                         | WEST VIRGINIA ST HOSP FIN AUTH                               | CUSIP: 956622W34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2821777.50   | 0.59%             | 2053-06-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                        | BlackRock Liquidity Funds: MuniCash, Institutional Shares    | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   3622667 | NS      | $3623029.55   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-28

**Name of Applicant:** BlackRock Municipal Income Trust

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer