UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

 

Investment Company Act file number: 811-10339

 

Name of Fund: BlackRock Municipal Income Trust (BFK)

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal
Income Trust, 55 East 52nd Street, New York, NY 10055

 

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

 

Date of fiscal year end: 04/30/2015

 

Date of reporting period: 01/31/2015

 

Item 1 – Schedule of Investments

 
 
Schedule of Investments January 31, 2015 (Unaudited) BlackRock Municipal Income Trust (BFK)
  (Percentages shown are based on Net Assets)
Municipal Bonds Par
(000)		   Value  
 
Alabama — 3.0%  
County of Jefferson Alabama, RB, Limited Obligation School, Series A, 5.25%, 1/01/19 $ 2,910 $ 2,946,375  
County of Jefferson Alabama Sewer, Refunding RB:          
  Senior Lien, Series A (AGM), 5.00%, 10/01/44   1,555   1,744,834  
  Senior Lien, Series A (AGM), 5.25%, 10/01/48   2,275   2,582,034  
  Sub-Lien, Series D, 6.00%, 10/01/42   5,740   6,490,218  
  Sub-Lien, Series D, 7.00%, 10/01/51   1,765   2,137,274  
State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/40   4,080   4,844,511  
   
    20,745,246  
 
Arizona — 3.0%  
Salt Verde Financial Corp., RB, Senior:          
  5.00%, 12/01/32   10,030   11,998,287  
  5.00%, 12/01/37   7,460   9,010,860  
   
    21,009,147  
 
California — 14.0%  
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, Series F-1, 5.63%, 4/01/19 (a)   4,445   5,315,642  
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 8/15/42   6,230   7,546,025  
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 7/01/33   2,465   2,917,894  
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:          
  5.25%, 8/15/39   290   328,097  
  5.25%, 8/15/49   715   804,304  
California Pollution Control Financing Authority, RB (b):          
  County of San Diego California Water Authority Desalination Project Pipeline, 5.00%, 11/21/45   2,415   2,504,524  
               
Municipal Bonds Par
(000)		   Value  
 
California (continued)  
California Pollution Control Financing Authority, RB (b) (concluded):          
  Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45 $ 2,970 $ 3,258,803  
California Statewide Communities Development Authority, Refunding RB, Episcopal Communities & Services, 5.00%, 5/15/42   650   722,397  
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A:          
  Senior, 5.00%, 5/15/40   11,690   13,457,879  
  5.25%, 5/15/39   1,560   1,800,396  
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/40   690   823,957  
County of Stanislaus California Tobacco Securitization Agency, RB, CAB, Sub-Series C, 0.00%, 6/01/55 (c)   17,855   237,114  
Foothill-De Anza Community College District, GO, Election of 2006, Series C, 5.00%, 8/01/40   7,000   8,121,750  
Murrieta Community Facilities District Special Tax California, Special Tax Bonds, District No. 2, The Oaks Improvement Area A, 6.00%, 9/01/34   4,890   4,900,758  
Riverside County Transportation Commission, RB, CAB, Senior Lien, Series B (c):          
  0.00%, 6/01/41   5,000   1,409,050  
  0.00%, 6/01/42   6,000   1,607,820  
  0.00%, 6/01/43   5,000   1,273,450  
San Marcos Unified School District, GO, CAB, Election of 2010, Series B (c):          
  0.00%, 8/01/34   3,500   1,663,690  
  0.00%, 8/01/36   4,000   1,746,960  
State of California, GO, Various Purposes, 6.00%, 3/01/33   4,970   6,157,432  
State of California, Refunding, GO, Various Purposes, 6.50%, 4/01/33   20,410   25,171,041  
State of California Public Works Board, LRB, Various Capital Projects:          
  Series I, 5.00%, 11/01/38   1,495   1,746,160  
               


BLACKROCK MUNICIPAL INCOME TRUSTJANUARY 31, 20151
 
Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK)
  (Percentages shown are based on Net Assets)
Municipal Bonds Par
(000)		   Value  
 
California (concluded)  
State of California Public Works Board, LRB, Various Capital Projects (concluded):          
  Sub-Series I-1, 6.38%, 11/01/34 $ 2,315 $ 2,878,888  
   
    96,394,031  
 
Colorado — 1.5%  
Colorado Health Facilities Authority, Refunding RB:          
  Catholic Health Initiative, Series A, 5.50%, 7/01/34   4,205   4,874,772  
  Evangelical Lutheran Good Samaritan Society Project, 5.00%, 12/01/42   2,925   3,204,601  
Park Creek Metropolitan District, Refunding RB, Senior Limited Property Tax, 5.50%, 12/01/37   2,530   2,572,656  
   
    10,652,029  
 
Connecticut — 0.4%  
Connecticut State Health & Educational Facility Authority, RB, Ascension Health Senior Credit, Series A, 5.00%, 11/15/40   2,710   3,076,988  
 
Delaware — 2.0%  
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40   2,225   2,561,998  
Delaware State EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45   10,080   11,142,029  
   
    13,704,027  
 
District of Columbia — 4.2%  
District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 7/01/43   1,480   1,752,497  
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.75%, 5/15/40   23,035   23,039,607  
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A:          
  5.00%, 10/01/39   990   1,120,759  
               
Municipal Bonds Par
(000)		   Value  
 
District of Columbia (concluded)  
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A (concluded):          
  5.25%, 10/01/44 $ 2,465 $ 2,810,051  
   
    28,722,914  
 
Florida — 2.3%  
County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A-1, 5.38%, 10/01/41   2,280   2,651,572  
County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center:          
  5.00%, 6/01/32   600   659,304  
  5.00%, 6/01/36   125   136,830  
  5.13%, 6/01/42   1,925   2,115,055  
Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/40   5,885   7,317,880  
Stevens Plantation Community Development District, Special Assessment, Series A, 7.10%, 5/01/35 (d)(e)   3,590   2,678,499  
   
    15,559,140  
 
Georgia — 1.3%  
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Series A, Northeast Georgia Health System, Inc. Project, 5.50%, 8/15/54   1,010   1,208,142  
DeKalb Private Hospital Authority, Refunding RB, Children's Healthcare, 5.25%, 11/15/39   1,650   1,903,011  
Metropolitan Atlanta Rapid Transit Authority, RB, Sales Tax, 3rd Indenture, Series A, 5.00%, 7/01/39   5,000   5,724,900  
   
    8,836,053  
 
Hawaii — 0.4%  
State of Hawaii Harbor System, RB, Series A, 5.25%, 7/01/30   2,660   3,076,024  
 
Illinois — 19.3%  
City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series C, 6.50%, 1/01/41   11,385   13,932,166  
               


BLACKROCK MUNICIPAL INCOME TRUSTJANUARY 31, 20152
 
Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK)
  (Percentages shown are based on Net Assets)
Municipal Bonds Par
(000)		   Value  
 
Illinois (continued)  
City of Chicago Illinois, GO, Refunding, Series A:          
  Project, 5.25%, 1/01/32 $ 6,155 $ 6,717,567  
  Project, 5.00%, 1/01/34   6,270   6,610,649  
  5.00%, 1/01/34   2,500   2,668,525  
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38   1,605   1,807,727  
City of Chicago Illinois Board of Education, GO, Series A, 5.25%, 12/01/41   8,680   9,285,343  
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40   2,055   2,374,491  
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42   7,625   8,554,792  
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38   1,525   1,813,713  
Illinois Finance Authority, RB, Advocate Health Care, Series C, 5.38%, 4/01/44   10,630   12,012,538  
Illinois Finance Authority, Refunding RB:          
  Ascension Health, Series A, 5.00%, 11/15/37   1,895   2,165,000  
  Central Dupage Health, Series B, 5.50%, 11/01/39   3,160   3,676,123  
  Friendship Village Schaumburg, Series A, 5.63%, 2/15/37   470   470,127  
Illinois State Toll Highway Authority, RB:          
  Senior, Series C, 5.00%, 1/01/36   6,370   7,461,882  
  Senior, Series C, 5.00%, 1/01/37   5,455   6,384,914  
  Series A, 5.00%, 1/01/38   4,550   5,239,052  
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:          
  Series B (AGM), 5.00%, 6/15/50   14,710   15,860,175  
  Series B-2, 5.00%, 6/15/50   3,905   4,201,467  
Railsplitter Tobacco Settlement Authority, RB:          
  5.50%, 6/01/23   885   1,058,805  
  6.00%, 6/01/28   2,245   2,688,634  
State of Illinois, GO:          
  5.00%, 2/01/39   2,990   3,237,692  
               
Municipal Bonds Par
(000)		   Value  
 
Illinois (concluded)  
State of Illinois, GO (concluded):          
  Series A, 5.00%, 4/01/38 $ 9,030 $ 9,725,310  
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34   1,240   1,410,686  
University of Illinois, RB, Auxiliary Facilities System, Series A:          
  5.00%, 4/01/39   1,565   1,806,088  
  5.00%, 4/01/44   1,910   2,199,289  
   
    133,362,755  
 
Indiana — 4.3%  
Carmel Redevelopment Authority, Refunding RB, Multipurpose, Series A, 4.00%, 2/01/38   2,705   2,893,025  
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:          
  6.75%, 1/01/34   1,525   1,888,911  
  7.00%, 1/01/44   3,680   4,585,795  
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village, 6.25%, 1/01/24   1,570   1,411,352  
Indiana Finance Authority, RB, Series A:          
  CWA Authority Project, 1st Lien, 5.25%, 10/01/38   6,305   7,428,236  
  Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44   880   963,424  
  Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48   2,905   3,175,978  
  Sisters of St. Francis Health Services, 5.25%, 11/01/39   1,655   1,874,354  
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39   2,150   2,485,808  
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40   2,490   2,859,192  
   
    29,566,075  
 
Iowa — 2.5%  
Iowa Finance Authority, RB, Midwestern Disaster Area, Alcoa, Inc. Project, 4.75%, 8/01/42   2,265   2,387,695  
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:          
  5.00%, 12/01/19   1,880   2,013,875  
  5.50%, 12/01/22   4,595   4,888,023  
               


BLACKROCK MUNICIPAL INCOME TRUSTJANUARY 31, 20153
 
Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK)
  (Percentages shown are based on Net Assets)
Municipal Bonds Par
(000)		   Value  
 
Iowa (concluded)  
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project (concluded):          
  5.25%, 12/01/25 $ 2,125 $ 2,347,615  
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22   2,845   3,024,349  
Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 6/01/46   2,920   2,640,643  
   
    17,302,200  
 
Kentucky — 0.6%  
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45   1,915   2,209,374  
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 7/01/43 (f)   2,325   1,724,220  
   
    3,933,594  
 
Louisiana — 2.6%  
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35   6,535   7,923,361  
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:          
  5.50%, 5/15/30   1,980   2,226,728  
  5.25%, 5/15/31   1,690   1,892,580  
  5.25%, 5/15/32   2,160   2,448,101  
  5.25%, 5/15/33   2,345   2,646,379  
  5.25%, 5/15/35   985   1,111,474  
   
    18,248,623  
 
Maryland — 1.2%  
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35   855   933,070  
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25   2,235   2,514,263  
               
Municipal Bonds Par
(000)		   Value  
 
Maryland (concluded)  
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 1/01/41 $ 4,295 $ 4,951,147  
Montgomery County Housing Opportunities Commission, RB, Series D, AMT, 5.50%, 1/01/38   150   152,009  
   
    8,550,489  
 
Massachusetts — 0.8%  
Massachusetts Development Finance Agency, Refunding RB, Covanta Energy Project, Series C, AMT, 5.25%, 11/01/42 (b)   2,775   2,890,135  
Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare System, Series J1, 5.00%, 7/01/39   2,535   2,894,387  
   
    5,784,522  
 
Michigan — 3.2%  
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39   8,665   9,541,032  
City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 7/01/41   2,870   3,448,362  
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.50%, 5/15/36   2,700   3,110,616  
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 7/01/44   1,710   1,849,570  
Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, Series A, 5.25%, 11/15/46   4,230   4,414,640  
   
    22,364,220  
 
Mississippi — 2.0%  
City of Gulfport Mississippi, RB, Memorial Hospital at Gulfport Project, Series A, 5.75%, 7/01/31   14,025   14,066,514  
 
               


BLACKROCK MUNICIPAL INCOME TRUSTJANUARY 31, 20154
 
Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK)
  (Percentages shown are based on Net Assets)
Municipal Bonds Par
(000)		   Value  
 
Missouri — 0.5%  
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44 $ 495 $ 569,676  
State of Missouri Health & Educational Facilities Authority, RB, Senior Living Facilities, Lutheran Senior Services, 5.50%, 2/01/42   2,035   2,255,736  
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 5/01/43   480   544,589  
   
    3,370,001  
 
Nebraska — 2.1%  
Central Plains Energy Project Nebraska, RB, Gas Project No. 3:          
  5.25%, 9/01/37   1,610   1,824,903  
  5.00%, 9/01/42   2,815   3,131,772  
County of Douglas Nebraska Hospital Authority No. 2, Refunding RB, Health Facilities, Immanuel Obligation Group, 5.63%, 1/01/40   3,280   3,702,989  
County of Hall Nebraska School District #2, GO, Grand Island Public Schools, 5.00%, 12/15/39   4,600   5,411,210  
County of Lancaster Nebraska Hospital Authority No. 1, Refunding RB, Immanuel Obligation Group, Health Facilities, 5.63%, 1/01/40   600   677,376  
   
    14,748,250  
 
Nevada — 0.7%  
County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%, 5/15/29   4,550   4,773,905  
 
New Jersey — 8.1%  
County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 1/01/37 (d)(e)   3,680   183,963  
New Jersey EDA, RB, AMT:          
  Continental Airlines, Inc. Project, 5.25%, 9/15/29   3,830   4,149,575  
               
Municipal Bonds Par
(000)		   Value  
 
New Jersey (concluded)  
New Jersey EDA, RB, AMT (concluded):          
  Continental Airlines, Inc. Project, Series B, 5.63%, 11/15/30 $ 2,035 $ 2,256,469  
  Private Activity Bond, The Goethals Bridge Replacement Project, 5.38%, 1/01/43   2,285   2,567,906  
New Jersey EDA, Refunding RB, Special Assessment, Kapkowski Road Landfill Project, 6.50%, 4/01/28   8,000   10,163,920  
New Jersey State Turnpike Authority, RB, Series A:          
  5.00%, 1/01/38   2,535   2,900,750  
  5.00%, 1/01/43   8,150   9,244,219  
New Jersey Transportation Trust Fund Authority, RB:          
  Transportation Program, Series AA, 5.00%, 6/15/44   6,815   7,562,469  
  Transportation System, Series A, 5.50%, 6/15/41   8,000   9,222,560  
  Transportation System, Series B, 5.25%, 6/15/36   4,810   5,383,208  
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A, 4.50%, 6/01/23   2,165   2,174,786  
   
    55,809,825  
 
New York — 14.0%  
City of New York New York Industrial Development Agency, ARB, American Airlines, Inc., JFK International Airport, AMT (g):          
  8.00%, 8/01/28   5,000   5,495,200  
  7.75%, 8/01/31   22,140   24,159,832  
City of New York New York Transitional Finance Authority, RB, Future Tax Secured Bonds, Fiscal 2012, Sub-Series E-1, 5.00%, 2/01/42   4,805   5,545,595  
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44   1,909   2,194,540  
Metropolitan Transportation Authority, RB, Series B:          
  5.25%, 11/15/38   4,640   5,559,973  
  5.25%, 11/15/39   1,650   1,974,176  
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series B-1, 5.00%, 8/01/39   5,905   6,998,606  
               


BLACKROCK MUNICIPAL INCOME TRUSTJANUARY 31, 20155
 
Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK)
  (Percentages shown are based on Net Assets)
Municipal Bonds Par
(000)		   Value  
 
New York (concluded)  
New York Counties Tobacco Trust II, RB, 5.75%, 6/01/43 $ 5,000 $ 5,023,950  
New York Liberty Development Corp., Refunding RB:          
  2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49   2,400   2,742,048  
  3 World Trade Center Project, Class 1, 5.00%, 11/15/44 (b)   9,610   10,277,222  
  3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (b)   660   739,127  
  3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (b)   1,655   1,867,816  
New York State Dormitory Authority, RB, Series F, 5.00%, 3/15/35   4,775   4,804,175  
New York State Dormitory Authority, Refunding RB, Series D, 5.00%, 2/15/37   6,655   7,713,744  
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42 (b)   1,575   1,646,521  
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8:          
  6.00%, 12/01/36   2,525   3,009,598  
  6.00%, 12/01/42   1,960   2,330,303  
Westchester Tobacco Asset Securitization, Refunding RB, 5.13%, 6/01/45   4,600   4,359,466  
   
    96,441,892  
 
North Carolina — 4.1%  
County of Gaston North Carolina Industrial Facilities & Pollution Control Financing Authority, RB, Exempt Facilities, National Gypsum Co. Project, AMT, 5.75%, 8/01/35   12,130   12,168,331  
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/38   10,000   11,429,100  
               
Municipal Bonds Par
(000)		   Value  
 
North Carolina (concluded)  
North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 6/01/42 $ 2,750 $ 3,138,300  
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 3/01/41   1,130   1,294,449  
   
    28,030,180  
 
Ohio — 2.6%  
County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 6/01/38   6,125   7,070,516  
County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 7/01/40   1,280   1,431,309  
County of Montgomery Ohio, Refunding RB, Catholic Health, Series A, 5.00%, 5/01/39   5,450   5,961,700  
Pinnacle Community Infrastructure Financing Authority, RB, Facilities, Series A, 6.25%, 12/01/36   3,760   3,803,278  
   
    18,266,803  
 
Pennsylvania — 1.4%  
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 7/01/42   2,395   2,586,768  
Pennsylvania Economic Development Financing Authority, RB, Aqua Pennsylvania, Inc. Project, Series B, 5.00%, 11/15/40   3,725   4,266,615  
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44   2,155   2,509,691  
   
    9,363,074  
 
South Carolina — 3.2%  
South Carolina State Ports Authority, RB, 5.25%, 7/01/40   6,455   7,384,585  
               


BLACKROCK MUNICIPAL INCOME TRUSTJANUARY 31, 20156
 
Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK)
  (Percentages shown are based on Net Assets)
Municipal Bonds Par
(000)		   Value  
 
South Carolina (concluded)  
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54 $ 12,065 $ 14,396,199  
   
    21,780,784  
 
Tennessee — 0.4%  
City of Chattanooga Tennessee Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45   2,660   3,068,895  
 
Texas — 14.9%  
Brazos River Authority, RB, TXU Electric, Series A, AMT, 8.25%, 10/01/30 (d)(e)   4,370   218,500  
Central Texas Regional Mobility Authority, Refunding RB:          
  Senior Lien, 6.25%, 1/01/46   4,210   4,959,422  
  Sub-Lien, 5.00%, 1/01/33   700   773,080  
City of Austin Texas Airport System Revenue, ARB, AMT, 5.00%, 11/15/39   385   445,295  
City of Austin Texas Airport System Revenue, RB, 5.00%, 11/15/44   820   944,689  
City of Dallas Texas Waterworks & Sewer System, Refunding RB, 5.00%, 10/01/35   2,970   3,472,554  
City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39   3,000   3,413,040  
City of Houston Texas Utility System, Refunding RB, Combined 1st Lien, Series A (AGC), 6.00%, 11/15/35   16,425   19,754,019  
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B:          
  7.00%, 1/01/43   380   449,912  
  7.00%, 1/01/48   500   585,750  
County of Harris Texas-Houston Sports Authority, Refunding RB (NPFGC) (c):          
  3rd Lien, Series A-3, 0.00%, 11/15/37   26,120   7,825,813  
  CAB, Junior Lien, Series H, 0.00%, 11/15/35   5,000   1,851,500  
  CAB, Senior Lien, Series A, 0.00%, 11/15/38   12,580   4,097,809  
               
Municipal Bonds Par
(000)		   Value  
 
Texas (concluded)  
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A (c):          
  0.00%, 9/15/40 $ 9,780 $ 3,183,586  
  0.00%, 9/15/41   5,420   1,672,178  
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45   7,930   9,535,904  
Fort Bend County Industrial Development Corp., RB, NRG Energy Project, Series B, 4.75%, 11/01/42   2,045   2,167,250  
North Texas Tollway Authority, Refunding RB, 2nd Tier System, Series F, 6.13%, 1/01/16 (a)   12,180   12,835,528  
San Antonio Energy Acquisition Public Facility Corp., RB, Gas Supply, 5.50%, 8/01/25   6,540   8,063,428  
Texas Municipal Gas Acquisition & Supply Corp. III, RB, 5.00%, 12/15/32   2,835   3,162,556  
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien:          
  LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40   6,000   7,349,460  
  NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39   5,100   6,118,266  
   
    102,879,539  
 
Utah — 0.7%  
Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy, Series A:          
  3.25%, 10/15/36   1,940   1,838,926  
  3.25%, 10/15/42   3,010   2,795,537  
   
    4,634,463  
 
Virginia — 1.5%  
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT:          
  5.25%, 1/01/32   3,155   3,491,228  
               


BLACKROCK MUNICIPAL INCOME TRUSTJANUARY 31, 20157
 
Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK)
  (Percentages shown are based on Net Assets)
Municipal Bonds Par
(000)		   Value  
 
Virginia (concluded)  
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT (concluded):          
  6.00%, 1/01/37 $ 5,695 $ 6,661,043  
   
    10,152,271  
 
Washington — 0.8%  
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45   4,420   5,333,305  
 
Wisconsin — 0.3%  
State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33   1,640   1,874,979  
 
Total Municipal Bonds — 123.9%   855,482,757  
 
 
 

Municipal Bonds Transferred to

Tender Option Bond Trusts (h)

  
 
Alabama — 0.7%  
City of Birmingham Alabama Special Care Facilities Financing Authority, Refunding RB, Ascension Health, Senior Credit, Series C-2, 5.00%, 11/15/36   4,548   4,876,397  
 
California — 5.2%  
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (i)   5,115   5,824,246  
City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/39   18,540   21,385,519  
Los Angeles Community College District California, GO, Election of 2001, Series A (AGM), 5.00%, 8/01/17 (a)   4,500   4,998,825  
               

Municipal Bonds Transferred to

Tender Option Bond Trusts (h)

 Par
(000)		   Value  
 
California (concluded)  
San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33 $ 3,260 $ 3,810,360  
   
    36,018,950  
 
Colorado — 1.9%  
Colorado Health Facilities Authority, RB, Catholic Health (AGM):          
  Series C-3, 5.10%, 10/01/41   7,600   8,148,416  
  Series C-7, 5.00%, 9/01/36   4,860   5,219,786  
   
    13,368,202  
 
Connecticut — 2.9%  
Connecticut State Health & Educational Facility Authority, RB, Yale University:          
  Series T-1, 4.70%, 7/01/29   9,397   10,203,375  
  Series X-3, 4.85%, 7/01/37   9,366   10,161,490  
   
    20,364,865  
 
Florida — 1.1%  
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/34   6,629   7,700,387  
 
Massachusetts — 0.8%  
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41   4,427   5,188,879  
 
New Hampshire — 0.7%  
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39 (i)   3,988   4,612,799  
 
New York — 9.6%  
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution:          
  Series FF-2, 5.50%, 6/15/40   3,075   3,604,586  
  Series HH, 5.00%, 6/15/31 (i)   16,393   19,213,000  
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (i)   3,130   3,679,681  
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43   20,865   24,554,558  
               


BLACKROCK MUNICIPAL INCOME TRUSTJANUARY 31, 20158
 
Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK)
  (Percentages shown are based on Net Assets)

Municipal Bonds Transferred to

Tender Option Bond Trusts (h)

 Par
(000)		   Value  
 
New York (concluded)  
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (i) $ 12,610 $ 15,050,539  
   
    66,102,364  
 
Texas — 3.0%  
City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43   4,900   5,652,885  
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41   6,650   7,735,879  
University of Texas, Refunding RB, Financing System, Series B, 5.00%, 8/15/43   6,001   7,022,028  
   
    20,410,792  
 
Utah — 1.2%  
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41   7,150   8,044,502  
 
Virginia — 1.7%  
University of Virginia, Refunding RB, General, 5.00%, 6/01/40   10,767   12,088,119  
 
Washington — 3.3%  
Central Puget Sound Regional Transit Authority, RB, Series A (AGM), 5.00%, 11/01/32   5,459   6,004,846  
               

Municipal Bonds Transferred to

Tender Option Bond Trusts (h)

 Par
(000)		   Value  
 
Washington (concluded)  
State of Washington, GO, Various Purposes, Series E, 5.00%, 2/01/34 $ 14,487 $ 16,556,129  
   
    22,560,975  
 

Total Municipal Bonds Transferred to

Tender Option Bond Trusts — 32.1%

   221,337,231  
 
Total Long-Term Investments
(Cost — $970,472,183) — 156.0%		   1,076,819,988  
 
 
 

Short-Term Securities – 0.4%

 Shares      
 
FFI Institutional Tax-Exempt Fund, 0.03% (j)(k)   2,873,263   2,873,263  
 
Total Short-Term Securities
(Cost — $2,873,263) — 0.4%		   2,873,263  
 
Total Investments
(Cost — $973,345,446*) — 156.4%		   1,079,693,251  
Other Assets Less Liabilities — 0.6%   4,292,189  
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (17.8%)   (122,714,427)  
VMTP Shares, at Liquidation Value — (39.2%)   (270,800,000)  
   
Net Assets Applicable to Common Shares — 100.0% $ 690,471,013  
   
               
* As of January 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:  
     
Tax cost $ 853,010,459  
         
Gross unrealized appreciation $ 116,174,905  
Gross unrealized depreciation   (12,180,039)  
         
Net unrealized appreciation $ 103,994,866  
         
         


Notes to Schedule of Investments

(a) U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.
(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(c) Zero-coupon bond.
(d) Non-income producing security.
(e) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
(f) Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.
(g) Variable rate security. Rate shown is as of report date.
(h) Represent bonds transferred to a TOB in exchange for which the Trust received cash and residual interest certificates. These bonds serve as collateral in a financing transaction.

 

BLACKROCK MUNICIPAL INCOME TRUSTJANUARY 31, 20159
 
Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK)
  (Percentages shown are based on Net Assets)
(i) All or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreement, which expire from October 1, 2016 to November 15, 2019 is $25,981,887.
(j) Represents the current yield as of report date.
(k) During the period ended January 31, 2015, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 
  Affiliate   Shares
Held at
April 30, 2014		   Net
Activity		   Shares
Held at
January 31, 2015		   Income  
 
  FFI Institutional Tax-Exempt Fund   14,668,018   (11,794,755)   2,873,263   $ 3,317  
                     
 

Portfolio Abbreviations

 
   
AGC Assured Guarantee Corp.  
AGM Assured Guaranty Municipal Corp.  
AMT Alternative Minimum Tax (subject to)  
ARB Airport Revenue Bonds  
CAB Capital Appreciation Bonds  
EDA Economic Development Authority  
EDC Economic Development Corp.  
GARB General Airport Revenue Bonds  
GO General Obligation Bonds  
LRB Lease Revenue Bonds  
NPFGC    National Public Finance Guarantee Corp.  
RB Revenue Bonds  
S/F Single-Family  
                                           
• Financial futures contracts outstanding as of January 31, 2015 were as follows:  

 

Contracts
Short		 Issue Exchange Expiration Notional
Value		   Unrealized
Depreciation		  
(866) 10-Year U.S. Treasury Note Chicago Board of Trade March 2015 $ 113,337,750 $ (3,006,608)  

 

BLACKROCK MUNICIPAL INCOME TRUSTJANUARY 31, 201510
 
Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK)
  (Percentages shown are based on Net Assets)
• Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. 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. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:
   
  • Level 1 – unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access
 
  • Level 2 – other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs)
 
  • Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)
 

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund's policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund's policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.

As of January 31, 2015, the following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

  Level 1   Level 2   Level 3   Total  
 
Assets:   
Investments:  
  Long-Term Investments1   — $ 1,076,819,988   — $  1,076,819,988  
  Short-Term Securities $ 2,873,263   —   —   2,873,263  
Total $ 2,873,263 $ 1,076,819,988   —   $ 1,079,693,251  
                       
1 See above Schedule of Investments for values in each state or political division.
 
 
    Level 1   Level 2   Level 3   Total  
 
Derivative Financial Instruments 2  
Liabilities:  
Interest rate contracts $ (3,006,608)   —   — $ (3,006,608)  

 

2 Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.
BLACKROCK MUNICIPAL INCOME TRUSTJANUARY 31, 201511
 
Schedule of Investments (concluded) BlackRock Municipal Income Trust (BFK)
  (Percentages shown are based on Net Assets)
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of January 31, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
  

 

  Level 1   Level 2   Level 3   Total  
Assets:    
  Cash pledged for financial futures contracts $ 1,175,000   —   — $ 1,175,000  
Liabilities:    
  TOB trust certificates   — $ (122,687,926)   —   (122,687,926)  
  VMTP Shares   —   (270,800,000)   —   (270,800,000)  
Total $ 1,175,000 $ (393,487,926)   — $ (392,312,926)  

 

During the period ended January 31, 2015, there were no transfers between levels.

 

BLACKROCK MUNICIPAL INCOME TRUSTJANUARY 31, 201512
 

Item 2 – Controls and Procedures
2(a) – The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the ″1940 Act″)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
2(b) – There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 3 – Exhibits
  Certifications – Attached hereto
  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
     
  BlackRock Municipal Income Trust
     
  By: /s/ John M. Perlowski
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock Municipal Income Trust
     
  Date: March 25, 2015
     
  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
     
  By: /s/ John M. Perlowski
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock Municipal Income Trust
     
  Date: March 25, 2015
     
  By: /s/ Neal J. Andrews
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Municipal Income Trust
     
  Date: March 25, 2015