# EDGAR Filing Document

**Accession Number:** 0001137393
**File Stem:** 0001752724-25-157963
**Filing Date:** 2025-6
**Character Count:** 113070
**Document Hash:** df0ee8e33fdf977942bcf38d2274d818
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-157963.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-157963

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20250731

**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:** 251077030

**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

April 30, 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)

April 30, 2025

**BlackRock Municipal Income Trust (BFK)** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 5.0%** | **Alabama — 5.0%** |  |
| &nbsp;&nbsp;&nbsp; Alabama Corrections Institution Finance Authority, RB, <br> 5.25%, 07/01/47<br>| $870 | &nbsp;&nbsp; $897860 |
| Black Belt Energy Gas District, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 12/01/53 | 5455 | &nbsp;&nbsp; 5772860 |
| &nbsp;&nbsp;&nbsp; Series C, 5.50%, 10/01/54 | 10000 | &nbsp;&nbsp; 10682204 |
| &nbsp;&nbsp;&nbsp; Series F, 5.50%, 11/01/53 | 795 | &nbsp;&nbsp; 831606 |
| &nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District, RB, Series B-1, <br> 5.75%, 04/01/54<sup>(a)</sup><br>| 3500 | &nbsp;&nbsp; 3817371 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, RB, <br> Series A-1, 5.50%, 01/01/53<sup>(a)</sup><br>| 1345 | &nbsp;&nbsp; 1425280 |
|  |  | &nbsp;&nbsp; 23427181 |
| **Arizona — 4.9%** | **Arizona — 4.9%** |  |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., RB, Junior <br> Lien, 5.25%, 07/01/47<br>| 3335 | &nbsp;&nbsp; 3532377 |
| &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; 3174285 |
| Salt Verde Financial Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/32 | 8000 | &nbsp;&nbsp; 8388621 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/37 | 7460 | &nbsp;&nbsp; 7751497 |
|  |  | &nbsp;&nbsp; 22846780 |
| **Arkansas — 1.1%** | **Arkansas — 1.1%** |  |
| Arkansas Development Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 4.75%, 09/01/49<sup>(b)</sup> | 4665 | &nbsp;&nbsp; 4256016 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.70%, 05/01/53 | 855 | &nbsp;&nbsp; 860284 |
|  |  | &nbsp;&nbsp; 5116300 |
| **California — 6.0%** | **California — 6.0%** |  |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, RB, 8.00%, <br> 11/15/62<sup>(b)</sup><br>| 750 | &nbsp;&nbsp; 730618 |
| &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; 2240979 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, RB, AMT, <br> 5.00%, 11/21/45<sup>(b)</sup><br>| 2970 | &nbsp;&nbsp; 2913403 |
| &nbsp;&nbsp;&nbsp; City of Long Beach California Harbor Revenue, ARB, <br> Series B, AMT, Sustainability Bonds, 5.00%, 05/15/43<br>| 2000 | &nbsp;&nbsp; 2009005 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; AMT, Subordinate, 5.00%, 05/15/46 | 2325 | &nbsp;&nbsp; 2347059 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Sustainability Bonds, 5.50%, 05/15/55 | 2105 | &nbsp;&nbsp; 2200594 |
| &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; 2224031 |
| &nbsp;&nbsp;&nbsp; Series B, Senior Lien, 0.00%, 06/01/42 | 6000 | &nbsp;&nbsp; 2525638 |
| &nbsp;&nbsp;&nbsp; Series B, Senior Lien, 0.00%, 06/01/43 | 5000 | &nbsp;&nbsp; 1964874 |
| 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; 2464249 |
| &nbsp;&nbsp;&nbsp; Series B, Election 2010, 0.00%, 08/01/36 | 4000 | &nbsp;&nbsp; 2549433 |
| &nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California, <br> Refunding RB, 5.00%, 06/01/48<br>| 4000 | &nbsp;&nbsp; 4014984 |
|  |  | &nbsp;&nbsp; 28184867 |
| **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; 889370 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **District of Columbia — 4.8%** | **District of Columbia — 4.8%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Income Tax Revenue, RB, Series A, <br> 5.00%, 07/01/47<br>| $2050 | &nbsp;&nbsp; $2104971 |
| &nbsp;&nbsp;&nbsp; District of Columbia Tobacco Settlement Financing Corp., <br> Refunding RB, 6.75%, 05/15/40<br>| 19290 | &nbsp;&nbsp; 19647129 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB, Series A, AMT, 5.25%, <br> 10/01/48<br>| 1000 | &nbsp;&nbsp; 1015909 |
|  |  | &nbsp;&nbsp; 22768009 |
| **Florida — 5.5%** | **Florida — 5.5%** |  |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Aviation Revenue, <br> Refunding ARB, Series A, AMT, 5.00%, 10/01/38<br>| 4760 | &nbsp;&nbsp; 4762006 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., RB, Series A, <br> 5.00%, 06/15/56<br>| 210 | &nbsp;&nbsp; 191451 |
| &nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 11/15/49 | 6510 | &nbsp;&nbsp; 6827359 |
| &nbsp;&nbsp;&nbsp; Series C, 4.13%, 11/15/51 | 13000 | &nbsp;&nbsp; 11766277 |
| &nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, SAB, 6.30%, <br> 05/01/54<br>| 410 | &nbsp;&nbsp; 424595 |
| &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; 1808658 |
|  |  | &nbsp;&nbsp; 25780346 |
| **Georgia — 2.0%** | **Georgia — 2.0%** |  |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., RB, Series A, 5.00%, <br> 06/01/53<sup>(a)</sup><br>| 9000 | &nbsp;&nbsp; 9294420 |
| **Illinois — 5.8%** | **Illinois — 5.8%** |  |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, ARB, Series D, <br> AMT, Senior Lien, 5.00%, 01/01/47<br>| 5205 | &nbsp;&nbsp; 5108482 |
| Illinois State Toll Highway Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 01/01/44 | 2000 | &nbsp;&nbsp; 1869422 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/46 | 1540 | &nbsp;&nbsp; 1588135 |
| &nbsp;&nbsp;&nbsp; Regional Transportation Authority, RB, Series A, <br> 06/01/50<sup>(f)</sup><br>| 10000 | &nbsp;&nbsp; 10197668 |
| State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/01/40 | 2000 | &nbsp;&nbsp; 1822470 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 03/01/47 | 1275 | &nbsp;&nbsp; 1316816 |
| &nbsp;&nbsp;&nbsp; Series C, 4.00%, 10/01/42 | 5000 | &nbsp;&nbsp; 4502441 |
| &nbsp;&nbsp;&nbsp; Series C, (BAM-TCRS), 4.25%, 10/01/45 | 710 | &nbsp;&nbsp; 660945 |
|  |  | &nbsp;&nbsp; 27066379 |
| **Indiana — 1.2%** | **Indiana — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Indiana Municipal Power Agency, Refunding RB, <br> Series A, 5.00%, 01/01/42<br>| 5570 | &nbsp;&nbsp; 5587541 |
| **Iowa — 0.7%** | **Iowa — 0.7%** |  |
| University of Iowa Facilities Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/47 | 1890 | &nbsp;&nbsp; 1958573 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/48 | 1190 | &nbsp;&nbsp; 1230159 |
|  |  | &nbsp;&nbsp; 3188732 |
| **Kentucky — 3.4%** | **Kentucky — 3.4%** |  |
| County of Warren Kentucky, RB, 5.25%, 04/01/49 | 3250 | &nbsp;&nbsp; 3359527 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, RB, Series A-1, <br> 4.00%, 08/01/52<sup>(a)</sup><br>| 9000 | &nbsp;&nbsp; 8920883 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority, <br> RB, CAB, Convertible, 6.75%, 07/01/43<sup>(g)</sup><br>| 2325 | &nbsp;&nbsp; 2634603 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property & Building Commission, RB, <br> Series A, 5.50%, 11/01/42<br>| 875 | &nbsp;&nbsp; 957295 |
|  |  | &nbsp;&nbsp; 15872308 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Municipal Income Trust (BFK)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Massachusetts — 2.4%** | **Massachusetts — 2.4%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GO, Series I, 5.00%, <br> 12/01/48<br>| $4900 | &nbsp;&nbsp; $5082922 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Refunding <br> RB, 5.00%, 07/01/47<br>| 1815 | &nbsp;&nbsp; 1820320 |
| &nbsp;&nbsp;&nbsp; Massachusetts Port Authority, ARB, Series E, AMT, <br> 5.00%, 07/01/46<br>| 4245 | &nbsp;&nbsp; 4260542 |
|  |  | &nbsp;&nbsp; 11163784 |
| **Michigan — 3.5%** | **Michigan — 3.5%** |  |
| Lansing Community College, GOL, 5.00%, 05/01/44 | 5070 | &nbsp;&nbsp; 5153636 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Refunding RB, Series MI1, <br> 5.00%, 12/01/48<br>| 2000 | &nbsp;&nbsp; 2016432 |
| Michigan State Building Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series I, 5.00%, 10/15/45 | 6300 | &nbsp;&nbsp; 6303290 |
| &nbsp;&nbsp;&nbsp; Series I, 5.00%, 10/15/46 | 1000 | &nbsp;&nbsp; 1002730 |
| Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 | 2120 | &nbsp;&nbsp; 2119997 |
|  |  | &nbsp;&nbsp; 16596085 |
| **Minnesota — 1.4%** | **Minnesota — 1.4%** |  |
| City of Rochester Minnesota, RB, 4.00%, 11/15/48 | 4000 | &nbsp;&nbsp; 3707370 |
| &nbsp;&nbsp;&nbsp; Duluth Economic Development Authority, Refunding RB, <br> Series A, 5.25%, 02/15/58<br>| 2940 | &nbsp;&nbsp; 2940809 |
|  |  | &nbsp;&nbsp; 6648179 |
| **Missouri — 0.2%** | **Missouri — 0.2%** |  |
| &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; 788883 |
| **New Hampshire — 0.3%** | **New Hampshire — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, <br> Series 2025-1, Class A1, 4.17%, 01/20/41<sup>(a)</sup><br>| 724 | &nbsp;&nbsp; 687876 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, M/F <br> Housing, Class B, 5.75%, 04/28/42<br>| 940 | &nbsp;&nbsp; 947342 |
|  |  | &nbsp;&nbsp; 1635218 |
| **New Jersey — 10.1%** | **New Jersey — 10.1%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, ARB, <br> Series B, AMT, 5.63%, 11/15/30<br>| 2035 | &nbsp;&nbsp; 2035777 |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, 5.25%, 11/01/47 | 3415 | &nbsp;&nbsp; 3524380 |
| &nbsp;&nbsp;&nbsp; Series EEE, 5.00%, 06/15/48 | 11690 | &nbsp;&nbsp; 11753054 |
| &nbsp;&nbsp;&nbsp; AMT, 5.38%, 01/01/43 | 2285 | &nbsp;&nbsp; 2285745 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Refunding <br> SAB, 6.50%, 04/01/28<br>| 4484 | &nbsp;&nbsp; 4586731 |
| &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; 2357314 |
| New Jersey Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/28<sup>(h)</sup> | 980 | &nbsp;&nbsp; 1043991 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/46 | 1820 | &nbsp;&nbsp; 1830420 |
| South Jersey Port Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/49 | 2500 | &nbsp;&nbsp; 2499863 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 01/01/42 | 4000 | &nbsp;&nbsp; 3910214 |
| Tobacco Settlement Financing Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/46 | 4140 | &nbsp;&nbsp; 4114006 |
| &nbsp;&nbsp;&nbsp; Sub-Series B, 5.00%, 06/01/46 | 7825 | &nbsp;&nbsp; 7491720 |
|  |  | &nbsp;&nbsp; 47433215 |
| **New York — 10.5%** | **New York — 10.5%** |  |
| City of New York, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series C-1, 5.25%, 09/01/50 | 2565 | &nbsp;&nbsp; 2698672 |
| &nbsp;&nbsp;&nbsp; Series E, 5.25%, 08/01/50 | 1000 | &nbsp;&nbsp; 1055058 |
| &nbsp;&nbsp;&nbsp; Series - G-1, 5.25%, 02/01/53 | 400 | &nbsp;&nbsp; 421758 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| Metropolitan Transportation Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C-1, Sustainability Bonds, 4.75%, 11/15/45 | 3210 | &nbsp;&nbsp; $3196101 |
| &nbsp;&nbsp;&nbsp; Series C-1, Sustainability Bonds, 5.25%, 11/15/55 | 1545 | &nbsp;&nbsp; 1571262 |
| &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; 5250662 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, RB, <br> Series G-1, 5.25%, 05/01/51<br>| 5000 | &nbsp;&nbsp; 5260251 |
| &nbsp;&nbsp;&nbsp; New York Counties Tobacco Trust II, RB, 5.75%, <br> 06/01/43<br>| 775 | &nbsp;&nbsp; 776138 |
| &nbsp;&nbsp;&nbsp; New York Counties Tobacco Trust IV, Refunding RB, <br> Series A, 6.25%, 06/01/41<sup>(b)</sup><br>| 3100 | &nbsp;&nbsp; 3099940 |
| &nbsp;&nbsp;&nbsp; New York Counties Tobacco Trust VI, Refunding RB, <br> Series A-2B, 5.00%, 06/01/51<br>| 6395 | &nbsp;&nbsp; 5651741 |
| New York Liberty Development Corp., Refunding RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Class 1, 5.00%, 11/15/44 | 6230 | &nbsp;&nbsp; 6191289 |
| &nbsp;&nbsp;&nbsp; Class 2, 5.38%, 11/15/40 | 1655 | &nbsp;&nbsp; 1654937 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, RB, Series A, <br> 5.00%, 03/15/44<br>| 1610 | &nbsp;&nbsp; 1635771 |
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority, Refunding RB, <br> Series O, 4.00%, 01/01/49<br>| 4995 | &nbsp;&nbsp; 4472509 |
| New York Transportation Development Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.63%, 04/01/40 | 915 | &nbsp;&nbsp; 948101 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/46 | 1165 | &nbsp;&nbsp; 1149662 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., RB, AMT, <br> 5.00%, 10/01/35<br>| 2125 | &nbsp;&nbsp; 2154688 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Refunding RB, <br> 4.00%, 09/01/39<br>| 1110 | &nbsp;&nbsp; 1070404 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, RB, Series A, <br> 5.25%, 12/01/47<br>| 1060 | &nbsp;&nbsp; 1121299 |
|  |  | &nbsp;&nbsp; 49380243 |
| **Ohio — 4.1%** | **Ohio — 4.1%** |  |
| &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; 1721845 |
| &nbsp;&nbsp;&nbsp; Columbus-Franklin County Finance Authority, RB, M/F <br> Housing, (FHLMC), 4.82%, 11/01/43<br>| 1430 | &nbsp;&nbsp; 1424834 |
| &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>| 14850 | &nbsp;&nbsp; 14544269 |
| &nbsp;&nbsp;&nbsp; University of Cincinnati, Refunding RB, Series A, 5.00%, <br> 06/01/44<br>| 1390 | &nbsp;&nbsp; 1404027 |
|  |  | &nbsp;&nbsp; 19094975 |
| **Oklahoma — 0.8%** | **Oklahoma — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, RB, Series B, <br> 5.50%, 08/15/52<br>| 1735 | &nbsp;&nbsp; 1737127 |
| &nbsp;&nbsp;&nbsp; Oklahoma Housing Finance Agency, RB, S/F Housing, <br> Series D, (FHLMC, FNMA, GNMA), 4.50%, 09/01/44<br>| 2125 | &nbsp;&nbsp; 1999972 |
|  |  | &nbsp;&nbsp; 3737099 |
| **Pennsylvania — 3.5%** | **Pennsylvania — 3.5%** |  |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, <br> Refunding RB, Series A, 5.00%, 04/01/47<br>| 7525 | &nbsp;&nbsp; 7401507 |
| &nbsp;&nbsp;&nbsp; Geisinger Authority, Refunding RB, Series A-1, 5.00%, <br> 02/15/45<br>| 4725 | &nbsp;&nbsp; 4631441 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health <br> Authority, Refunding RB, 5.00%, 09/01/48<br>| 715 | &nbsp;&nbsp; 698146 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, <br> Refunding RB, Series B-1, (AGC), 5.25%, 11/01/48<br>| 3790 | &nbsp;&nbsp; 3914808 |
|  |  | &nbsp;&nbsp; 16645902 |
| **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; 2896823 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Municipal Income Trust (BFK)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Puerto Rico (continued)** | **Puerto Rico (continued)** |  |
| Commonwealth of Puerto Rico, GO (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.75%, 07/01/31 | 2536 | &nbsp;&nbsp; $2669646 |
| &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 | 3952 | &nbsp;&nbsp; 3642062 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 10387 | &nbsp;&nbsp; 9870730 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 3325 | &nbsp;&nbsp; 3038228 |
| &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>| 7210 | &nbsp;&nbsp; 2311402 |
|  |  | &nbsp;&nbsp; 24428891 |
| **South Carolina — 0.9%** | **South Carolina — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> RB, Series A, 5.50%, 11/01/48<br>| 3900 | &nbsp;&nbsp; 4189166 |
| **Tennessee — 4.4%** | **Tennessee — 4.4%** |  |
| &nbsp;&nbsp;&nbsp; City of Memphis Tennessee Electric System Revenue, <br> RB, Series A, 4.00%, 12/01/45<br>| 1500 | &nbsp;&nbsp; 1369722 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Health & Educational cilities Board, RB, Series A, <br> 5.00%, 07/01/46<br>| 6590 | &nbsp;&nbsp; 6554191 |
| &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; 3003455 |
| &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; 7442485 |
| &nbsp;&nbsp;&nbsp; Tennessee Housing Development Agency, Refunding <br> RB, S/F Housing, Series 3A, Sustainability Bonds, <br> 6.25%, 01/01/54<br>| 2135 | &nbsp;&nbsp; 2291441 |
|  |  | &nbsp;&nbsp; 20661294 |
| **Texas — 8.6%** | **Texas — 8.6%** |  |
| Arlington Higher Education Finance Corp., RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/62 | 845 | &nbsp;&nbsp; 811652 |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62 | 720 | &nbsp;&nbsp; 729617 |
| &nbsp;&nbsp;&nbsp; City of Dallas Texas Waterworks & Sewer System <br> Revenue, Refunding RB, 5.00%, 10/01/46<br>| 3550 | &nbsp;&nbsp; 3580335 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, ARB, <br> Series B, AMT, 5.50%, 07/15/39<br>| 600 | &nbsp;&nbsp; 600777 |
| &nbsp;&nbsp;&nbsp; County of Harris Texas Toll Road Revenue, Refunding <br> RB, Series A, 1st Lien, 4.00%, 08/15/49<br>| 5000 | &nbsp;&nbsp; 4432756 |
| Dallas Fort Worth International Airport, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/48 | 1770 | &nbsp;&nbsp; 1850525 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/47 | 1625 | &nbsp;&nbsp; 1662101 |
| &nbsp;&nbsp;&nbsp; Fort Bend County Industrial Development Corp., RB, <br> Series B, 4.75%, 11/01/42<br>| 470 | &nbsp;&nbsp; 457070 |
| Harris County Municipal Utility District No. 534, GO |  |  |
| &nbsp;&nbsp;&nbsp; (AGM), 5.00%, 09/01/47 | 1750 | &nbsp;&nbsp; 1772236 |
| &nbsp;&nbsp;&nbsp; (BAM), 5.00%, 09/01/47 | 1100 | &nbsp;&nbsp; 1113977 |
| &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; 7175812 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Refunding RB, Series B, <br> 5.00%, 01/01/43<br>| 3900 | &nbsp;&nbsp; 3914523 |
| &nbsp;&nbsp;&nbsp; Permanent University Fund - Texas A&M University <br> System, Refunding RB, Series A, 5.00%, 07/01/54<br>| 1300 | &nbsp;&nbsp; 1349425 |
| &nbsp;&nbsp;&nbsp; Texas Department of Housing & Community Affairs, RB, <br> S/F Housing, Series A, (GNMA), 5.75%, 03/01/54<br>| 4725 | &nbsp;&nbsp; 5058185 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation <br> Corp., RB, AMT, 5.00%, 06/30/58<br>| 2310 | &nbsp;&nbsp; $2262857 |
| &nbsp;&nbsp;&nbsp; Thrall Independent School District, GO, (PSF-GTD), <br> 5.25%, 02/15/48<br>| 3525 | &nbsp;&nbsp; 3670646 |
|  |  | &nbsp;&nbsp; 40442494 |
| **Utah — 0.7%** | **Utah — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Black Desert Public Infrastructure District, SAB, 5.63%, <br> 12/01/53<sup>(b)</sup><br>| 280 | &nbsp;&nbsp; 272501 |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City Utah Airport Revenue, ARB, <br> Series A, AMT, 5.00%, 07/01/47<br>| 3085 | &nbsp;&nbsp; 2989541 |
|  |  | &nbsp;&nbsp; 3262042 |
| **Washington — 0.6%** | **Washington — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, RB, <br> Series A, 5.00%, 08/15/45<br>| 3000 | &nbsp;&nbsp; 2893935 |
| **Total Municipal Bonds — 97.8%** <br>**(Cost: $456,344,607)** | **Total Municipal Bonds — 97.8%** <br>**(Cost: $456,344,607)** | &nbsp;&nbsp; 459023638 |
| **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 — 7.4%** | **California — 7.4%** |  |
| City of Los Angeles Department of Airports, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 05/15/46 | 8800 | &nbsp;&nbsp; 8661721 |
| &nbsp;&nbsp;&nbsp; Sub-Series A, AMT, 5.00%, 05/15/42 | 11420 | &nbsp;&nbsp; 11477811 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, ARB, <br> Series B, AMT, 5.00%, 07/01/48<br>| 14500 | &nbsp;&nbsp; 14617784 |
|  |  | &nbsp;&nbsp; 34757316 |
| **Colorado — 4.7%** | **Colorado — 4.7%** |  |
| &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; 9963344 |
| &nbsp;&nbsp;&nbsp; Denver City & County School District No. 1, GO, <br> Series A, (SAW), 5.00%, 12/01/45<br>| 11625 | &nbsp;&nbsp; 11989412 |
|  |  | &nbsp;&nbsp; 21952756 |
| **Georgia — 2.8%** | **Georgia — 2.8%** |  |
| &nbsp;&nbsp;&nbsp; City of Atlanta Georgia Department of Aviation, ARB, <br> Series B, AMT, 5.00%, 07/01/44<br>| 13280 | &nbsp;&nbsp; 13348956 |
| **Illinois — 4.0%** | **Illinois — 4.0%** |  |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, <br> Refunding RB, Series A, 5.00%, 12/01/49<sup>(j)</sup><br>| 11070 | &nbsp;&nbsp; 5535000 |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, RB, Series B, 5.00%, <br> 01/01/41<br>| 13000 | &nbsp;&nbsp; 13035648 |
|  |  | &nbsp;&nbsp; 18570648 |
| **Indiana — 2.6%** | **Indiana — 2.6%** |  |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, <br> Refunding RB, Series A, 5.00%, 02/01/49<br>| 11970 | &nbsp;&nbsp; 12078194 |
| **Massachusetts — 4.7%** | **Massachusetts — 4.7%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund <br> Revenue, RB, Sustainability Bonds, 5.00%, <br> 06/01/50<sup>(j)</sup><br>| 11320 | &nbsp;&nbsp; 11635471 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GOL, Series D, <br> 5.00%, 09/01/51<br>| 10000 | &nbsp;&nbsp; 10228548 |
|  |  | &nbsp;&nbsp; 21864019 |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Municipal Income Trust (BFK)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Michigan — 4.4%** | **Michigan — 4.4%** |  |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, RB, 5.00%, <br> 11/15/47<br>| $10000 | &nbsp;&nbsp; $10263216 |
| &nbsp;&nbsp;&nbsp; State of Michigan Trunk Line Revenue, RB, 5.00%, <br> 11/15/46<br>| 10000 | &nbsp;&nbsp; 10401467 |
|  |  | &nbsp;&nbsp; 20664683 |
| **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; 19910435 |
| **New Jersey — 2.2%** | **New Jersey — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, RB, Series A, 5.00%, <br> 01/01/48<br>| 10000 | &nbsp;&nbsp; 10249067 |
| **New York — 9.3%** | **New York — 9.3%** |  |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., Refunding RB, 5.00%, <br> 03/15/47<br>| 10535 | &nbsp;&nbsp; 10754669 |
| New York City Municipal Water Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series AA, 5.00%, 06/15/51<sup>(j)</sup> | 11235 | &nbsp;&nbsp; 12057651 |
| &nbsp;&nbsp;&nbsp; Series DD1, 5.00%, 06/15/48 | 10000 | &nbsp;&nbsp; 10091043 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, <br> Refunding RB, Series DD, 5.25%, 06/15/46<br>| 10000 | &nbsp;&nbsp; 10615621 |
|  |  | &nbsp;&nbsp; 43518984 |
| **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; 13269654 |
| **Pennsylvania — 2.1%** | **Pennsylvania — 2.1%** |  |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Pennsylvania Airport Revenue, <br> Refunding ARB, Series B, AMT, 5.00%, 07/01/37<sup>(j)</sup><br>| 9615 | &nbsp;&nbsp; 9720089 |
| **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; 17398716 |
| **Texas — 7.0%** | **Texas — 7.0%** |  |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., RB, 5.00%, 11/15/51<br>| 12305 | &nbsp;&nbsp; 12548869 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., Refunding RB, Series A, 5.00%, 02/15/47<br>| 8000 | &nbsp;&nbsp; 8015019 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, RB, Series A, 5.25%, <br> 10/15/51<br>| 11775 | &nbsp;&nbsp; 12349649 |
|  |  | &nbsp;&nbsp; 32913537 |
| **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; 10935655 |
| State of Washington, GO, Series C, 5.00%, 02/01/47 | 10000 | &nbsp;&nbsp; 10309729 |
|  |  | &nbsp;&nbsp; 21245384 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 66.4%** <br>**(Cost: $312,222,081)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 66.4%** <br>**(Cost: $312,222,081)** | &nbsp;&nbsp; 311462438 |
| **Total Long-Term Investments — 164.2%** <br>**(Cost: $768,566,688)** | **Total Long-Term Investments — 164.2%** <br>**(Cost: $768,566,688)** | &nbsp;&nbsp; 770486076 |

---

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.9%** | **Money Market Funds — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 3.05%<sup>(k)(l)</sup><br>| 4380508 | &nbsp;&nbsp; $4380946 |
| **Total Short-Term Securities — 0.9%** <br>**(Cost: $4,380,906)** | **Total Short-Term Securities — 0.9%** <br>**(Cost: $4,380,906)** | &nbsp;&nbsp; 4380946 |
| **Total Investments — 165.1%** <br>**(Cost: $772,947,594)** | **Total Investments — 165.1%** <br>**(Cost: $772,947,594)** | &nbsp;&nbsp; 774867022 |
| **Other Assets Less Liabilities — 1.1%** | **Other Assets Less Liabilities — 1.1%** | &nbsp;&nbsp; 5190015 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (33.4)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (33.4)%** | &nbsp;&nbsp; (156609920)<br>|
| **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(32.8)%** | **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(32.8)%** | &nbsp;&nbsp; (154100000)<br>|
| **Net Assets Applicable to Common Shares — 100.0%** | **Net Assets Applicable to Common Shares — 100.0%** | &nbsp;&nbsp; $469347117 |

---

&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 July 1, 2026 to December 15, 2032, is $27,992,967. 

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Municipal Income Trust (BFK)** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 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>*07/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, MuniCash, Institutional Shares | $2742564<br> $1638368 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $14 | $— | $4380946 | 4380508 | $104963 | $— |

---

&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

&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; $459023638 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $459023638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 311462438 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 311462438 |
| &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; 4380946 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4380946 |
|  | &nbsp;&nbsp; $4380946 | &nbsp;&nbsp;&nbsp;&nbsp; $770486076 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $774867022 |

---

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; $(155109978)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(155109978)<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; $(309209978)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(309209978)<br>|

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |

---

---

| | |
|:---|:---|
| **Portfolio Abbreviation (continued)** | **Portfolio Abbreviation (continued)** |
| AMT | Alternative Minimum Tax |
| ARB | Airport Revenue Bonds  |

---

------

Schedule of Investments (unaudited)(continued)

April 30, 2025

**BlackRock Municipal Income Trust (BFK)** 

---

| | |
|:---|:---|
| **Portfolio Abbreviation (continued)** | **Portfolio Abbreviation (continued)** |
| 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 |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation Bonds |
| GOL | General Obligation Ltd. |
| GTD | GTD Guaranteed |
| M/F | Multi-Family |
| PSF-GTD | Permanent School Fund Guaranteed |
| RB | Revenue Bonds |
| S/F | Single-Family |
| SAB | Special Assessment Bonds |
| SAW | State Aid Withholding |

---

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:** 2025-07-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $783846653.20

**Total Liabilities:** $314440194.91

**Net Assets:** $469406458.29

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 259260.84000000 | **1-Year:** 11194.14000000 | **5-Year:** 117978.45000000 | **10-Year:** 123753.54000000 | **30-Year:** 72513.65000000

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

- **3-Month:** 406.19000000 | **1-Year:** 0.00000000 | **5-Year:** 7653.43000000 | **10-Year:** 2212.30000000 | **30-Year:** 51779.01000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.03%                | -2.28%               | -1.51%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-148131.33              | $3615592.32                                |
| Month 2  | $-379956.75              | $-12508870.10                              |
| Month 3  | $-501265.28              | $-8186953.06                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Riverside County Transportation Commission                                       | RIVERSIDE CNTY CA TRANSPRTN COMMISSION TOLL REVENUE          | CUSIP: 76912DAR9<br>LEI: 5493003G0IESJS57M350 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $2224031.25   | 0.47%             | 2041-06-01      | None          | 0.00%                 | 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        |    724494 | PA      | $687875.53    | 0.15%             | 2041-01-20      | Fixed         | 4.17%                 | 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      | $698145.69    | 0.15%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lansing Community College                                                        | LANSING MI CMNTY CLG                                         | CUSIP: 516408KT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5070000 | PA      | $5153635.73   | 1.10%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | WASHINGTON ST HLTH CARE FACS AUTH                            | CUSIP: 93978HNH4<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2893935.24   | 0.62%             | 2045-08-15      | Fixed         | 5.00%                 | 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      | $17398715.64  | 3.71%             | 2054-10-01      | Fixed         | 5.25%                 | 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        |   4725000 | PA      | $5058184.75   | 1.08%             | 2054-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                     | MASSACHUSETTS ST PORT AUTH                                   | CUSIP: 575896YJ8<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   4245000 | PA      | $4260542.43   | 0.91%             | 2046-07-01      | 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: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9963343.80   | 2.12%             | 2043-12-01      | 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      | $3910213.64   | 0.83%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252NQ8<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1869421.54   | 0.40%             | 2044-01-01      | Fixed         | 4.00%                 | 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      | $1958572.92   | 0.42%             | 2047-06-01      | Fixed         | 5.00%                 | 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      | $2285745.09   | 0.49%             | 2043-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Transportation Fund Revenue                        | MASSACHUSETTS ST TRANSPRTN FUND REVENUE                      | CUSIP: 57604TKC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11320000 | PA      | $11635471.42  | 2.48%             | 2050-06-01      | 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: 64972GK29<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |  11234997 | PA      | $12057651.06  | 2.57%             | 2047-04-01      | Fixed         | 5.00%                 | 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      | $10935655.02  | 2.33%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                  | CUSIP: 45528UZJ3<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |  11970000 | PA      | $12078194.14  | 2.57%             | 2049-02-01      | 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      | $1230158.87   | 0.26%             | 2048-06-01      | Fixed         | 5.00%                 | 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      | $3670645.88   | 0.78%             | 2048-02-15      | Fixed         | 5.25%                 | 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        |   4484547 | PA      | $4586731.38   | 0.98%             | 2028-04-01      | Fixed         | 6.50%                 | 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      | $1721844.64   | 0.37%             | 2055-06-01      | Fixed         | 5.00%                 | 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      | $6554191.19   | 1.40%             | 2046-07-01      | Fixed         | 5.00%                 | 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      | $788882.84    | 0.17%             | 2055-11-01      | Fixed         | 5.00%                 | 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      | $272500.80    | 0.06%             | 2053-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966SMF0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    400000 | PA      | $421758.21    | 0.09%             | 2053-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX Waterworks & Sewer System Revenue                              | DALLAS TX WTRWKS & SWR SYS REVENUE                           | CUSIP: 23542JFW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3580334.75   | 0.76%             | 2046-10-01      | 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      | $1820319.60   | 0.39%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966SJY3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055058.21   | 0.22%             | 2050-08-01      | Fixed         | 5.25%                 | 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      | $1149662.45   | 0.24%             | 2046-07-01      | Fixed         | 5.00%                 | 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      | $3174285.42   | 0.68%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | MICHIGAN ST FIN AUTH REVENUE                                 | CUSIP: 59447TUC5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016431.58   | 0.43%             | 2048-12-01      | 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: 597495BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5420000 | PA      | $2475155.30   | 0.53%             | 2041-09-15      | None          | 0.00%                 | 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        |  19290000 | PA      | $19647128.12  | 4.19%             | 2040-05-15      | Fixed         | 6.75%                 | 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        |   3952000 | PA      | $3642062.34   | 0.78%             | 2053-07-01      | Fixed         | 4.75%                 | 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      | $1654936.75   | 0.35%             | 2040-11-15      | Fixed         | 5.38%                 | 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        |  10387000 | PA      | $9870730.26   | 2.10%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2535955 | PA      | $2669646.19   | 0.57%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                  | ALLEGHENY CNTY PA HOSP DEV AUTH                              | CUSIP: 01728A4A1<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   7525000 | PA      | $7401507.38   | 1.58%             | 2047-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Long Beach CA Harbor Revenue                                             | LONG BEACH CA HARBOR REVENUE                                 | CUSIP: 542424VD5<br>LEI: 549300XH3OUOL3JO1O51 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2009005.44   | 0.43%             | 2043-05-15      | 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      | $1113976.84   | 0.24%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                             | TRIBOROUGH NY BRIDGE & TUNNEL AUTH REAL ESTATE TRANSFER TAX  | CUSIP: 896032AY5<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1121298.48   | 0.24%             | 2047-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE      | CUSIP: 87638QSE0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |  12305000 | PA      | $12548869.28  | 2.67%             | 2051-11-15      | 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      | $2634603.25   | 0.56%             | 2043-07-01      | Floating      | 6.75%                 | 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      | $10249066.95  | 2.18%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153HV4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    710000 | PA      | $660944.45    | 0.14%             | 2045-10-01      | Fixed         | 4.25%                 | 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      | $12349649.07  | 2.63%             | 2051-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Tennessee Housing Development Agency                                             | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE               | CUSIP: 88046KGW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2135000 | PA      | $2291440.65   | 0.49%             | 2054-01-01      | Fixed         | 6.25%                 | 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      | $3003455.44   | 0.64%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445CY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11420000 | PA      | $11477810.95  | 2.45%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - Texas A&M University System                          | TEXAS ST A & M UNIV PERM UNIV FUND                           | CUSIP: 8821178Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1349425.04   | 0.29%             | 2054-07-01      | Fixed         | 5.00%                 | 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      | $3817370.94   | 0.81%             | 2054-04-01      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                          | PHILADELPHIA PA ARPT REVENUE                                 | CUSIP: 717817UK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9614997 | PA      | $9720088.60   | 2.07%             | 2037-07-01      | Fixed         | 5.00%                 | 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      | $10401467.15  | 2.22%             | 2046-11-15      | Fixed         | 5.00%                 | 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      | $1964873.70   | 0.42%             | 2043-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| South Jersey Port Corp                                                           | SOUTH JERSEY NJ PORT CORP                                    | CUSIP: 838530RJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2499863.05   | 0.53%             | 2049-01-01      | 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      | $1425280.31   | 0.30%             | 2053-01-01      | Floating      | 5.50%                 | 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      | $2525637.84   | 0.54%             | 2042-06-01      | 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: 597495BD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9780000 | PA      | $4700657.24   | 1.00%             | 2040-09-15      | None          | 0.00%                 | 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      | $729616.77    | 0.16%             | 2062-11-01      | Fixed         | 7.88%                 | 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      | $1737126.66   | 0.37%             | 2052-08-15      | Fixed         | 5.50%                 | 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      | $3038227.36   | 0.65%             | 2058-07-01      | Fixed         | 4.78%                 | 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        |    775000 | PA      | $776138.27    | 0.17%             | 2043-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                        | ATLANTA GA ARPT REVENUE                                      | CUSIP: 04780MVW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13280000 | PA      | $13348956.27  | 2.84%             | 2044-07-01      | Fixed         | 5.00%                 | 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      | $831606.63    | 0.18%             | 2053-11-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp                          | TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE   | CUSIP: 882667AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2310000 | PA      | $2262857.29   | 0.48%             | 2058-06-30      | 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      | $1424834.43   | 0.30%             | 2043-11-01      | Fixed         | 4.82%                 | 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      | $1772235.89   | 0.38%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AG50<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1571262.00   | 0.33%             | 2055-11-15      | 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      | $5651740.81   | 1.20%             | 2051-06-01      | Fixed         | 5.00%                 | 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      | $1043990.92   | 0.22%             | 2046-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Housing Finance Agency                                                  | OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE                      | CUSIP: 67886MT25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2125000 | PA      | $1999972.08   | 0.43%             | 2044-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE                | CUSIP: 70917TRU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3790000 | PA      | $3914807.58   | 0.83%             | 2048-11-01      | Fixed         | 5.25%                 | 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      | $3524379.96   | 0.75%             | 2047-11-01      | Fixed         | 5.25%                 | 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      | $1808658.40   | 0.39%             | 2035-05-01      | Fixed         | 7.10%                 | 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      | $889370.31    | 0.19%             | 2045-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY                                                  | CUSIP: 64966SHK5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2565000 | PA      | $2698672.28   | 0.57%             | 2050-09-01      | Fixed         | 5.25%                 | 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      | $2154687.93   | 0.46%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 544445S67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2347059.04   | 0.50%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Corrections Institution Finance Authority                                | ALABAMA ST CORRS INSTN FIN AUTH REVENUE                      | CUSIP: 010507CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $897860.22    | 0.19%             | 2047-07-01      | Fixed         | 5.25%                 | 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      | $2119996.93   | 0.45%             | 2043-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153MC0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4502441.05   | 0.96%             | 2042-10-01      | Fixed         | 4.00%                 | 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      | $5108482.44   | 1.09%             | 2047-01-01      | Fixed         | 5.00%                 | 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        |   2970000 | PA      | $2913402.97   | 0.62%             | 2045-11-21      | Fixed         | 5.00%                 | 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        |   3100000 | PA      | $3099940.17   | 0.66%             | 2041-06-01      | Fixed         | 6.25%                 | 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        |   6510000 | PA      | $6827358.53   | 1.45%             | 2049-11-15      | 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: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015909.27   | 0.22%             | 2048-10-01      | Fixed         | 5.25%                 | 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      | $2940809.29   | 0.63%             | 2058-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | MIAMI-DADE CNTY FL AVIATION REVENUE                          | CUSIP: 59333PR75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4760000 | PA      | $4762006.10   | 1.01%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | ARKANSAS ST DEV FIN AUTH INDL DEV REVENUE                    | CUSIP: 04108WCD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4665000 | PA      | $4256016.70   | 0.91%             | 2049-09-01      | Fixed         | 4.75%                 | 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      | $4114006.22   | 0.88%             | 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        |   7825000 | PA      | $7491719.87   | 1.60%             | 2046-06-01      | 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      | $8920882.62   | 1.90%             | 2052-08-01      | Floating      | 4.00%                 | 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      | $13269654.37  | 2.83%             | 2048-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fort Bend County Industrial Development Corp                                     | FORT BEND CNTY TX INDL DEV CORP                              | CUSIP: 346786AH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $457070.02    | 0.10%             | 2042-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Sales Tax Receipts Fund                                | CHICAGO IL TRANSIT AUTH SALES TAX RECPTS REVENUE             | CUSIP: 16772PEP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11070000 | PA      | $11231568.70  | 2.39%             | 2049-12-01      | 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      | $860283.74    | 0.18%             | 2053-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN Electric System Revenue                                       | MEMPHIS TN ELEC SYS REVENUE                                  | CUSIP: 586158RD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1369721.61   | 0.29%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No 1                                        | DENVER CITY & CNTY CO SCH DIST #1                            | CUSIP: 249174YP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11624997 | PA      | $11989412.41  | 2.55%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL FIN AUTH REV                   | CUSIP: 64972JJD1<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5260250.85   | 1.12%             | 2051-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH                                           | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2809771 | PA      | $2896822.85   | 0.62%             | 2029-07-01      | Fixed         | 5.63%                 | 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      | $2104970.98   | 0.45%             | 2047-07-01      | Fixed         | 5.00%                 | 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      | $1635771.16   | 0.35%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582TBY7<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   4900000 | PA      | $5082921.95   | 1.08%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp                        | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP REVENUE           | CUSIP: 87638TFM0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8015018.92   | 1.71%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                                             | ROCHESTER MN HLTH CARE FACS REVENUE                          | CUSIP: 771902HF3<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3707370.00   | 0.79%             | 2048-11-15      | 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 REVENUE               | CUSIP: 64971X4F2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5250661.45   | 1.12%             | 2048-11-01      | 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        |  13000000 | PA      | $11766277.51  | 2.51%             | 2051-11-15      | Fixed         | 4.13%                 | 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      | $2464249.20   | 0.52%             | 2034-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST                                                | CUSIP: 93974EVQ6<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10309729.00  | 2.20%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK & NEW JERSEY NY                        | CUSIP: 73358W2C7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1070404.00   | 0.23%             | 2039-09-01      | Fixed         | 4.00%                 | 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      | $600777.42    | 0.13%             | 2039-07-15      | Fixed         | 5.50%                 | 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      | $3914522.94   | 0.83%             | 2043-01-01      | Fixed         | 5.00%                 | 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      | $2035777.23   | 0.43%             | 2030-11-15      | Fixed         | 5.63%                 | 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      | $5587540.54   | 1.19%             | 2042-01-01      | Fixed         | 5.00%                 | 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        |    940000 | PA      | $947342.43    | 0.20%             | 2042-04-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HLTH FACS REVENUE       | CUSIP: 837032CB5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   3900000 | PA      | $4189165.70   | 0.89%             | 2048-11-01      | Fixed         | 5.50%                 | 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      | $9294419.88   | 1.98%             | 2053-06-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                        | BlackRock Liquidity Funds: MuniCash, Institutional Shares    | CUSIP: 09248U841<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   5944650 | NS      | $5945244.10   | 1.27%             |  |  |  | No            |                  1 | 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      | $10615621.20  | 2.26%             | 2046-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153AU3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1822470.40   | 0.39%             | 2040-03-01      | Fixed         | 4.00%                 | 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      | $10091043.10  | 2.15%             | 2048-06-15      | 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      | $14617783.72  | 3.11%             | 2048-07-01      | 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: N/A                  | Long             | DBT              | MUN               | US        |   8800000 | PA      | $8661720.54   | 1.85%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Cincinnati                                                         | UNIV OF CINCINNATI OH RECPTS                                 | CUSIP: 914119P48<br>LEI: 549300E0RD3ICJ858L23 | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1404026.73   | 0.30%             | 2044-06-01      | 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        |   7210000 | PA      | $2311401.77   | 0.49%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS ARPT REVENUE                    | CUSIP: 5444453D9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2105000 | PA      | $2200593.67   | 0.47%             | 2055-05-15      | 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      | $424594.68    | 0.09%             | 2054-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                               | CLARK CNTY NV                                                | CUSIP: 180848XJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  19650000 | PA      | $19910435.40  | 4.24%             | 2048-05-01      | Fixed         | 5.00%                 | 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      | $957295.21    | 0.20%             | 2042-11-01      | Fixed         | 5.50%                 | 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        |   4000000 | PA      | $4014984.44   | 0.86%             | 2048-06-01      | 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      | $3532376.97   | 0.75%             | 2047-07-01      | 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      | $7442485.40   | 1.59%             | 2053-05-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST                                             | CUSIP: 57582RS31<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10228547.65  | 2.18%             | 2051-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                            | ILLINOIS ST TOLL HIGHWAY AUTH                                | CUSIP: 452252PX1<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1588134.87   | 0.34%             | 2046-01-01      | Fixed         | 5.00%                 | 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        |   5000000 | PA      | $4432756.40   | 0.94%             | 2049-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Urban Development Corp                                            | NEW YORK ST URBAN DEV CORP REVENUE                           | CUSIP: 650036CH7<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |  10534996 | PA      | $10754669.03  | 2.29%             | 2047-03-15      | 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      | $1002730.41   | 0.21%             | 2046-10-15      | Fixed         | 5.00%                 | 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      | $11753053.87  | 2.50%             | 2048-06-15      | Fixed         | 5.00%                 | 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      | $2549433.28   | 0.54%             | 2036-08-01      | None          | 0.00%                 | 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      | $4631441.22   | 0.99%             | 2045-02-15      | Fixed         | 5.00%                 | 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      | $191450.57    | 0.04%             | 2056-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Warren KY                                                              | WARREN CNTY KY HOSP REVENUE                                  | CUSIP: 934864CN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3359526.59   | 0.72%             | 2049-04-01      | Fixed         | 5.25%                 | 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      | $730618.06    | 0.16%             | 2062-11-15      | Fixed         | 8.00%                 | 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      | $10263216.40  | 2.19%             | 2047-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                                | MICHIGAN ST BLDG AUTH REVENUE                                | CUSIP: 594615BU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6300000 | PA      | $6303290.55   | 1.34%             | 2045-10-15      | 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      | $2240978.55   | 0.48%             | 2065-01-01      | Floating      | 9.50%                 | 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      | $2357313.49   | 0.50%             | 2052-12-01      | 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      | $948100.83    | 0.20%             | 2040-04-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | MET TRANSPRTN AUTH NY REVENUE                                | CUSIP: 59261AG35<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3210000 | PA      | $3196100.99   | 0.68%             | 2045-11-15      | Fixed         | 4.75%                 | 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      | $811651.80    | 0.17%             | 2062-04-01      | Fixed         | 7.50%                 | 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      | $8388620.64   | 1.79%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUSTFUND AUTH                       | CUSIP: 64613CFG8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1830420.23   | 0.39%             | 2046-06-15      | Fixed         | 5.00%                 | 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        |  14850000 | PA      | $14544269.39  | 3.10%             | 2044-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp                                                | NEW YORK ST LIBERTY DEV CORP LIBERTY REVENUE                 | CUSIP: 649519DA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6230000 | PA      | $6191289.21   | 1.32%             | 2044-11-15      | Fixed         | 5.00%                 | 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      | $10682203.70  | 2.28%             | 2054-10-01      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST                                                  | CUSIP: 452153DB2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1316816.29   | 0.28%             | 2047-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                                 | NEW YORK ST THRUWAY AUTH                                     | CUSIP: 650009X65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4995000 | PA      | $4472508.56   | 0.95%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                          | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE              | CUSIP: 23503CEJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1850524.52   | 0.39%             | 2048-11-01      | Fixed         | 5.25%                 | 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      | $13035648.02  | 2.78%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | SALT LAKE CITY UT ARPT REVENUE                               | CUSIP: 795576FY8<br>LEI: 549300CRGKV67DRSGT85 | Long             | DBT              | MUN               | US        |   3085000 | PA      | $2989541.34   | 0.64%             | 2047-07-01      | 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      | $7751496.74   | 1.65%             | 2037-12-01      | Fixed         | 5.00%                 | 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      | $1662101.19   | 0.35%             | 2047-11-01      | 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      | $5772859.69   | 1.23%             | 2053-12-01      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer