Regulatory Filings • Sep 25, 2012
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Download Source FileN-Q 1 e50003nq.htm QUARTERLY REPORT
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 52 nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 04/30/2013
Date of reporting period: 07/31/2012
Item 1 – Schedule of Investments
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Schedule of Investments July 31, 2012 (Unaudited) BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)
| Municipal Bonds | Value | |
|---|---|---|
| Alabama — 1.1% | ||
| Alabama State Docks Department, | ||
| Refunding RB, 6.00%, 10/01/40 | $ 4,080 | $ 4,729,740 |
| County of Jefferson Alabama, RB, Series | ||
| A, 5.25%, 1/01/19 | 2,910 | 2,913,201 |
| 7,642,941 | ||
| Arizona — 3.0% | ||
| Salt Verde Financial Corp., RB: | ||
| 5.00%, 12/01/32 | 10,030 | 10,434,008 |
| 5.00%, 12/01/37 | 9,460 | 9,819,953 |
| 20,253,961 | ||
| California — 18.5% | ||
| Bay Area Toll Authority, Refunding RB, | ||
| San Francisco Bay Area, Series F-1, | ||
| 5.63%, 4/01/44 | 4,445 | 5,145,087 |
| California County Tobacco Securitization | ||
| Agency, RB, CAB, Stanislaus, Sub- | ||
| Series C, 11.01%, 6/01/55 (a) | 17,855 | 181,407 |
| California Health Facilities Financing | ||
| Authority, RB: | ||
| Stanford Hospital and Clinics, | ||
| Series A, 5.00%, 8/15/51 | 2,305 | 2,527,986 |
| Sutter Health, Series B, | ||
| 6.00%, 8/15/42 | 6,230 | 7,482,230 |
| California State Public Works Board, RB, | ||
| Various Capital Projects, Sub-Series 1, | ||
| 6.38%, 11/01/34 | 2,315 | 2,812,146 |
| California Statewide Communities | ||
| Development Authority, RB, 5.00%, | ||
| 4/01/42 | 4,295 | 4,701,221 |
| City of Los Angeles Department of | ||
| Airports, Refunding RB, Series A, | ||
| 5.25%, 5/15/39 | 1,560 | 1,757,730 |
| Foothill Eastern Transportation Corridor | ||
| Agency California, Refunding RB, CAB | ||
| (a): | ||
| 6.07%, 1/15/32 | 54,635 | 17,070,159 |
| 6.09%, 1/15/38 | 75,000 | 16,285,500 |
| Foothill-De Anza Community College | ||
| District, GO, Series C, 5.00%, | ||
| 8/01/40 | 7,000 | 8,097,110 |
| Los Angeles Regional Airports | ||
| Improvement Corp. California, | ||
| Refunding RB, Facilities LAXFUEL | ||
| Corp., LA International, AMT (AMBAC), | ||
| 5.50%, 1/01/32 | 13,320 | 13,331,322 |
| Murrieta Community Facilities District | ||
| Special Tax California, Special Tax | ||
| Bonds, District No. 2, The Oaks | ||
| Improvement Area A, 6.00%, 9/01/34 | 5,000 | 5,075,800 |
| San Marcos Unified School District, GO, | ||
| CAB, Election of 2010, Series B (a): | ||
| 4.99%, 8/01/34 | 3,500 | 1,183,455 |
| 5.12%, 8/01/36 | 4,000 | 1,188,800 |
| Municipal Bonds | Par (000) | Value |
| California (concluded) | ||
| State of California, GO: | ||
| 6.00%, 3/01/33 | $ 4,970 | $ 6,122,245 |
| 6.50%, 4/01/33 | 20,410 | 25,493,315 |
| State of California, GO, Refunding, | ||
| 5.00%, 10/01/41 | 5,935 | 6,476,806 |
| 124,932,319 | ||
| Colorado — 2.0% | ||
| City of Colorado Springs Colorado, RB, | ||
| Subordinate Lien, Improvement, | ||
| Series C (AGM), 5.00%, 11/15/45 | 2,115 | 2,224,747 |
| Colorado Health Facilities Authority, | ||
| Refunding RB: | ||
| Evangelical Lutheran Good | ||
| Samaritan Society Project, | ||
| 5.00%, 12/01/42 | 3,450 | 3,656,000 |
| Catholic Health, Series A, | ||
| 5.50%, 7/01/34 | 4,205 | 4,806,315 |
| Park Creek Metropolitan District | ||
| Colorado, Refunding RB, Senior, | ||
| Limited Tax, Property Tax, 5.50%, | ||
| 12/01/37 | 2,530 | 2,679,118 |
| 13,366,180 | ||
| Connecticut — 2.3% | ||
| Connecticut State Health & Educational | ||
| Facility Authority, RB, Ascension | ||
| Health Senior Credit, 5.00%, | ||
| 11/15/40 | 2,710 | 2,984,035 |
| State of Connecticut, GO, Refunding: | ||
| Series C, 5.00%, 6/01/23 | 6,160 | 7,772,565 |
| Series C, 5.00%, 6/01/24 | 3,925 | 4,906,878 |
| 15,663,478 | ||
| Delaware — 1.6% | ||
| County of Sussex Delaware, RB, NRG | ||
| Energy, Inc., Indian River Project, | ||
| 6.00%, 10/01/40 | 2,225 | 2,526,554 |
| Delaware State EDA, RB, Exempt | ||
| Facilities, Indian River Power, 5.38%, | ||
| 10/01/45 | 7,950 | 8,605,716 |
| 11,132,270 | ||
| District of Columbia — 4.0% | ||
| District of Columbia Tobacco Settlement | ||
| Financing Corp., Refunding RB, Asset- | ||
| Backed, 6.75%, 5/15/40 | 23,035 | 23,495,470 |
| Metropolitan Washington Airports | ||
| Authority, Refunding RB, First Senior | ||
| Lien, Series A: | ||
| 5.00%, 10/01/39 | 990 | 1,087,307 |
| 5.25%, 10/01/44 | 2,465 | 2,729,642 |
| 27,312,419 |
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BLACKROCK MUNICIPAL INCOME TRUST JULY 31, 2012 1
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Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)
| Municipal Bonds | Value | |
|---|---|---|
| Florida — 5.6% | ||
| Citizens Property Insurance Corp., RB, | ||
| Senior Secured, Series A-1: | ||
| 5.00%, 6/01/19 | $ 5,465 | $ 6,276,334 |
| 5.00%, 6/01/21 | 3,330 | 3,841,621 |
| County of Miami-Dade Florida, | ||
| Refunding RB, Miami International | ||
| Airport, Series A-1, 5.38%, 10/01/41 | 2,280 | 2,589,943 |
| Highlands County Florida Health | ||
| Facilities Authority, RB, Series 2006- | ||
| G, 5.13%, 11/15/32 (b) | 1,000 | 1,066,610 |
| Miami Beach Health Facilities Authority, | ||
| RB, Mount Sinai Medical Center of | ||
| Florida, 6.75%, 11/15/21 | 6,575 | 7,185,817 |
| Mid-Bay Bridge Authority, RB, Series A, | ||
| 7.25%, 10/01/40 | 4,450 | 5,616,835 |
| Orange County Health Facilities | ||
| Authority, Refunding RB: | ||
| 5.00%, 6/01/32 | 600 | 616,344 |
| Mayflower Retirement Center, | ||
| 5.00%, 6/01/36 | 125 | 127,135 |
| Mayflower Retirement Center, | ||
| 5.13%, 6/01/42 | 1,925 | 1,979,266 |
| Stevens Plantation Community | ||
| Development District, Special | ||
| Assessment Bonds, Series A, 7.10%, | ||
| 5/01/35 | 3,590 | 2,692,895 |
| Village Community Development District | ||
| No. 6, Special Assessment Bonds, | ||
| 5.63%, 5/01/22 | 5,575 | 5,620,715 |
| 37,613,515 | ||
| Georgia — 1.7% | ||
| DeKalb Private Hospital Authority, | ||
| Refunding RB, Children's Healthcare, | ||
| 5.25%, 11/15/39 | 1,650 | 1,825,312 |
| Metropolitan Atlanta Rapid Transit | ||
| Authority, RB, Third Series, 5.00%, | ||
| 7/01/39 | 5,000 | 5,583,900 |
| Richmond County Development | ||
| Authority, Refunding RB, International | ||
| Paper Co. Project, Series A, AMT, | ||
| 6.00%, 2/01/25 | 4,000 | 4,053,320 |
| 11,462,532 | ||
| Hawaii — 0.5% | ||
| State of Hawaii, RB, Series A, 5.25%, | ||
| 7/01/30 | 2,660 | 3,115,685 |
| Illinois — 11.0% | ||
| Chicago Board of Education Illinois, GO, | ||
| Series A, 5.50%, 12/01/39 | 4,110 | 4,791,520 |
| Chicago Transit Authority, RB, Sales Tax | ||
| Receipts Revenue, 5.25%, 12/01/40 | 2,055 | 2,344,406 |
| City of Chicago Illinois, GO, Project, | ||
| Series A: | ||
| 5.00%, 1/01/33 | 4,435 | 5,002,591 |
| Municipal Bonds | Par (000) | Value |
| Illinois (concluded) | ||
| City of Chicago Illinois, GO, Project, | ||
| Series A (concluded): | ||
| 5.00%, 1/01/34 | $ 4,430 | $ 4,959,031 |
| City of Chicago Illinois, Refunding RB, | ||
| Series A, 5.25%, 1/01/38 | 1,605 | 1,842,508 |
| City of Chicago Illinois O'Hare | ||
| International Airport, RB, Third Lien, | ||
| Series C, 6.50%, 1/01/41 | 11,385 | 13,977,137 |
| Illinois Finance Authority, RB: | ||
| Advocate Health Care, Series | ||
| C, 5.38%, 4/01/44 | 10,630 | 11,712,453 |
| MJH Education Assistance IV | ||
| LLC, Sub-Series B, 5.38%, | ||
| 6/01/35 (c)(d) | 1,675 | 167,450 |
| Navistar International | ||
| Recovery Zone, 6.50%, | ||
| 10/15/40 | 1,780 | 1,840,306 |
| Illinois Finance Authority, Refunding RB: | ||
| 5.00%, 11/15/37 | 1,895 | 2,110,708 |
| 5.00%, 11/15/42 | 3,450 | 3,819,668 |
| Central Dupage Health, Series | ||
| B, 5.50%, 11/01/39 | 3,160 | 3,557,117 |
| Friendship Village | ||
| Schaumburg, Series A, | ||
| 5.63%, 2/15/37 | 470 | 471,969 |
| Metropolitan Pier & Exposition Authority, | ||
| Refunding RB, McCormick Place | ||
| Expansion Project (AGM): | ||
| Series B, 5.00%, 6/15/50 | 3,905 | 4,223,843 |
| Series B-2, 5.00%, 6/15/50 | 6,155 | 6,659,710 |
| Railsplitter Tobacco Settlement | ||
| Authority, RB: | ||
| 5.50%, 6/01/23 | 2,625 | 3,063,165 |
| 6.00%, 6/01/28 | 2,245 | 2,612,529 |
| State of Illinois, RB, Build Illinois, Series | ||
| B, 5.25%, 6/15/34 | 1,240 | 1,408,764 |
| 74,564,875 | ||
| Indiana — 1.3% | ||
| City of Vincennes Indiana, Refunding | ||
| RB, Southwest Indiana Regional Youth | ||
| Village, 6.25%, 1/01/24 | 1,925 | 1,176,521 |
| Indiana Finance Authority, RB: | ||
| First Lien, CWA Authority, | ||
| Series A, 5.25%, 10/01/38 | 3,080 | 3,564,792 |
| Sisters of St. Francis Health, | ||
| 5.25%, 11/01/39 | 1,655 | 1,818,928 |
| Indiana Municipal Power Agency, RB, | ||
| Series B, 6.00%, 1/01/39 | 2,150 | 2,507,502 |
| 9,067,743 |
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BLACKROCK MUNICIPAL INCOME TRUST JULY 31, 2012 2
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Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)
| Municipal Bonds | Value | |
|---|---|---|
| Iowa — 0.6% | ||
| Iowa Student Loan Liquidity Corp., | ||
| Refunding RB, Senior Series A-1, AMT, | ||
| 5.15%, 12/01/22 | $ 3,830 | $ 4,321,427 |
| Kansas — 0.5% | ||
| Kansas Development Finance Authority, | ||
| Refunding RB, Sisters of Leavenworth, | ||
| Series A, 5.00%, 1/01/40 | 3,275 | 3,573,254 |
| Kentucky — 0.3% | ||
| Kentucky Economic Development | ||
| Finance Authority, RB, Owensboro | ||
| Medical Health System, Series A, | ||
| 6.38%, 6/01/40 | 1,490 | 1,753,268 |
| Louisiana — 2.9% | ||
| Louisiana Local Government | ||
| Environmental Facilities & Community | ||
| Development Authority, RB, Westlake | ||
| Chemical Corp., Series A-1, 6.50%, | ||
| 11/01/35 | 6,535 | 7,570,405 |
| Parish of Saint John the Baptist | ||
| Louisiana, RB, Marathon Oil Corp., | ||
| Series A, 5.13%, 6/01/37 | 4,340 | 4,609,210 |
| State of Louisiana Gasoline & Fuels Tax, | ||
| RB, Second Lien, Series B, 5.00%, | ||
| 5/01/45 | 6,355 | 7,148,295 |
| 19,327,910 | ||
| Maine — 0.3% | ||
| Maine State Turnpike Authority, RB, | ||
| 5.00%, 7/01/42 | 1,715 | 1,972,353 |
| Maryland — 1.3% | ||
| Maryland EDC, RB, Transportation | ||
| Facilities Project, Series A, 5.75%, | ||
| 6/01/35 | 855 | 932,207 |
| Maryland EDC, Refunding RB, CNX | ||
| Marine Terminals, Inc., 5.75%, | ||
| 9/01/25 | 1,760 | 1,905,147 |
| Maryland Health & Higher Educational | ||
| Facilities Authority, Refunding RB, | ||
| Charlestown Community, 6.25%, | ||
| 1/01/41 | 4,295 | 4,903,859 |
| Montgomery County Housing | ||
| Opportunities Commission, RB, Series | ||
| D, AMT, 5.50%, 1/01/38 | 825 | 868,725 |
| 8,609,938 | ||
| Massachusetts — 0.6% | ||
| Massachusetts Health & Educational | ||
| Facilities Authority, Refunding RB, | ||
| Partners Healthcare, Series J1, | ||
| 5.00%, 7/01/39 | 3,535 | 3,853,610 |
| Municipal Bonds | Par (000) | Value |
| Michigan — 2.5% | ||
| City of Detroit Michigan Water Supply | ||
| System, RB, Series A, 5.25%, | ||
| 7/01/41 | $ 6,015 | $ 6,311,539 |
| Kalamazoo Hospital Finance Authority, | ||
| Refunding RB, Bronson Methodist | ||
| Hospital, 5.50%, 5/15/36 | 2,700 | 2,997,189 |
| Lansing Board of Water & Light Utilities, | ||
| RB, Series A, 5.50%, 7/01/41 | 2,870 | 3,400,491 |
| Michigan State Hospital Finance | ||
| Authority, Refunding RB, Henry Ford | ||
| Health System, Series A, 5.25%, | ||
| 11/15/46 | 4,230 | 4,459,774 |
| 17,168,993 | ||
| Minnesota — 2.1% | ||
| Tobacco Securitization Authority | ||
| Minnesota, Refunding RB, Series B: | ||
| 5.25%, 3/01/25 | 8,780 | 10,187,522 |
| 5.25%, 3/01/31 | 3,700 | 4,162,241 |
| 14,349,763 | ||
| Mississippi — 2.1% | ||
| City of Gulfport Mississippi, RB, | ||
| Memorial Hospital at Gulfport Project, | ||
| Series A, 5.75%, 7/01/31 | 14,025 | 14,045,757 |
| Missouri — 0.3% | ||
| Missouri State Health & Educational | ||
| Facilities Authority, RB, Senior Living | ||
| Facilities, Lutheran Senior Home, | ||
| 5.50%, 2/01/42 | 2,035 | 2,160,661 |
| Multi-State — 2.6% | ||
| Centerline Equity Issuer Trust, 6.80%, | ||
| 10/31/52 (e)(f) | 16,000 | 17,596,160 |
| Nebraska — 1.3% | ||
| Central Plains Energy Project Nebraska, | ||
| RB, Gas Project No. 3: | ||
| 5.25%, 9/01/37 | 1,610 | 1,708,419 |
| 5.00%, 9/01/42 | 2,815 | 2,895,763 |
| Douglas County Hospital Authority No. 2, | ||
| RB, Health Facilities, Immanuel | ||
| Obligation Group, 5.63%, 1/01/40 | 3,280 | 3,652,411 |
| Lancaster County Hospital Authority No. | ||
| 1, Refunding RB, Immanuel Obligation | ||
| Group, 5.63%, 1/01/40 | 600 | 668,124 |
| 8,924,717 | ||
| Nevada — 0.7% | ||
| County of Clark Nevada, Refunding RB, | ||
| Alexander Dawson School Nevada | ||
| Project, 5.00%, 5/15/29 | 4,550 | 4,776,772 |
| New Jersey — 7.1% | ||
| Middlesex County Improvement | ||
| Authority, RB, Heldrich Center Hotel, | ||
| Series B, 6.25%, 1/01/37 (c)(d) | 3,680 | 275,963 |
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Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)
| Municipal Bonds | Value | |
|---|---|---|
| New Jersey (concluded) | ||
| New Jersey EDA, RB, AMT: | ||
| Continental Airlines, Inc. | ||
| Project, 6.25%, 9/15/29 | $ 3,000 | $ 3,011,970 |
| Continental Airlines, Inc. Project, | ||
| 7.00%, 11/15/30 (b) | 15,410 | 15,468,404 |
| New Jersey EDA, Refunding Special | ||
| Assignment, Kapkowski Road Landfill | ||
| Project, 6.50%, 4/01/28 | 8,000 | 9,558,720 |
| New Jersey EDA, Cigarette Tax, | ||
| Refunding RB, 5.00%, 6/15/24 | 1,905 | 2,158,384 |
| New Jersey Transportation Trust Fund | ||
| Authority, RB: | ||
| Transportation System, Series | ||
| A, 5.50%, 6/15/41 | 8,000 | 9,350,560 |
| Series B, 5.25%, 6/15/36 | 4,810 | 5,542,130 |
| Tobacco Settlement Financing Corp. | ||
| New Jersey, Refunding RB, Series 1A, | ||
| 4.50%, 6/01/23 | 3,080 | 2,929,912 |
| 48,296,043 | ||
| New York — 6.6% | ||
| Albany Industrial Development Agency, | ||
| RB, New Covenant Charter School | ||
| Project, Series A, 7.00%, 5/01/35 | ||
| (c)(d) | 1,820 | 409,482 |
| Metropolitan Transportation Authority, | ||
| RB, Series E, 5.00%, 11/15/42 | 1,055 | 1,185,830 |
| Metropolitan Transportation Authority, | ||
| Refunding RB, Transportation, Series | ||
| D, 5.25%, 11/15/40 | 2,375 | 2,684,439 |
| New York City Industrial Development | ||
| Agency, RB, American Airlines, Inc., JFK | ||
| International Airport, AMT (b)(c)(d): | ||
| 7.75%, 8/01/31 | 22,140 | 23,579,100 |
| 8.00%, 8/01/28 | 5,000 | 5,324,900 |
| New York Liberty Development Corp., | ||
| Refunding RB, Second Priority, Bank | ||
| of America Tower at One Bryant Park | ||
| Project, 6.38%, 7/15/49 | 2,400 | 2,737,560 |
| New York State Thruway Authority, RB, | ||
| Series I, 5.00%, 1/01/42 | 3,465 | 3,905,471 |
| Port Authority of New York & New | ||
| Jersey, RB, JFK International Air | ||
| Terminal: | ||
| 6.00%, 12/01/36 | 2,525 | 2,869,182 |
| 6.00%, 12/01/42 | 1,960 | 2,219,759 |
| 44,915,723 | ||
| North Carolina — 3.8% | ||
| Gaston County Industrial Facilities & | ||
| Pollution Control Financing Authority | ||
| North Carolina, RB, Exempt Facilities, | ||
| National Gypsum Co. Project, AMT, | ||
| 5.75%, 8/01/35 | 12,130 | 10,958,363 |
| Municipal Bonds | Par (000) | Value |
| North Carolina (concluded) | ||
| North Carolina Capital Facilities Finance | ||
| Agency, RB, Duke University Project, | ||
| Series B, 5.00%, 10/01/38 | $ 10,000 | $ 11,630,500 |
| North Carolina Medical Care | ||
| Commission, RB, Duke University | ||
| Health System, Series A, 5.00%, | ||
| 6/01/42 | 2,750 | 3,037,348 |
| 25,626,211 | ||
| Ohio — 2.9% | ||
| County of Allen Ohio, Refunding RB, | ||
| Catholic Healthcare, Series A, 5.25%, | ||
| 6/01/38 | 6,125 | 6,769,595 |
| County of Hamilton Ohio, RB, Christ | ||
| Hospital Project, 5.00%, 6/01/42 | 3,580 | 3,743,928 |
| County of Montgomery Ohio, Refunding | ||
| RB, Catholic Healthcare, Series A, | ||
| 5.00%, 5/01/39 | 5,450 | 5,866,108 |
| Pinnacle Community Infrastructure | ||
| Financing Authority, RB, Facilities, | ||
| Series A, 6.25%, 12/01/36 | 3,760 | 3,498,379 |
| 19,878,010 | ||
| Oregon — 0.1% | ||
| City of Tigard Washington County | ||
| Oregon, Refunding RB, Water System, | ||
| 5.00%, 8/01/37 | 495 | 574,413 |
| Pennsylvania — 0.9% | ||
| Allegheny County Hospital Development | ||
| Authority, Refunding RB, Health | ||
| System, West Penn, Series A, 5.38%, | ||
| 11/15/40 | 2,255 | 1,841,433 |
| Pennsylvania Economic Development | ||
| Financing Authority, RB, Aqua | ||
| Pennsylvania, Inc. Project, 5.00%, | ||
| 11/15/40 | 3,725 | 4,155,088 |
| 5,996,521 | ||
| Puerto Rico — 4.0% | ||
| Puerto Rico Sales Tax Financing Corp., | ||
| RB: | ||
| CAB, Series A, 5.39%, | ||
| 8/01/33 (a) | 11,400 | 3,729,510 |
| CAB, Series A, 5.64%, | ||
| 8/01/36 (a) | 40,000 | 10,532,800 |
| First Sub-Series A, 6.50%, | ||
| 8/01/44 | 10,900 | 13,011,657 |
| 27,273,967 | ||
| South Carolina — 1.9% | ||
| South Carolina Jobs-EDA, Refunding RB, | ||
| Palmetto Health Alliance, Series A, | ||
| 6.25%, 8/01/31 | 5,075 | 5,485,872 |
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Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)
| Municipal Bonds | Value | |
|---|---|---|
| South Carolina (concluded) | ||
| South Carolina State Ports Authority, RB, | ||
| 5.25%, 7/01/40 | $ 6,455 | $ 7,263,231 |
| 12,749,103 | ||
| Tennessee — 0.6% | ||
| Knox County Health Educational & | ||
| Housing Facilities Board Tennessee, | ||
| Refunding RB, CAB, Series A (AGM), | ||
| 5.54%, 1/01/20 (a) | 5,055 | 3,370,068 |
| Rutherford County Health & Educational | ||
| Facilities Board, RB, 5.00%, | ||
| 11/15/47 | 415 | 467,489 |
| 3,837,557 | ||
| Texas — 14.2% | ||
| Brazos River Authority, RB, TXU Electric, | ||
| Series A, AMT, 8.25%, 10/01/30 | 4,370 | 492,455 |
| Central Texas Regional Mobility | ||
| Authority, Refunding RB, Senior Lien, | ||
| 6.25%, 1/01/46 | 4,210 | 4,881,116 |
| City of Austin Texas, Refunding RB, | ||
| Water & Wastewater System | ||
| Revenue, 5.00%, 11/15/37 | 1,235 | 1,441,492 |
| City of Dallas Texas, Refunding RB, | ||
| Waterworks & Sewer System | ||
| Revenue, 5.00%, 10/01/35 | 2,970 | 3,425,182 |
| City of Houston Texas, Refunding RB: | ||
| Combined First Lien, Series A | ||
| (AGC), 6.00%, 11/15/35 | 16,425 | 20,027,824 |
| Senior Lien, Series A, 5.50%, | ||
| 7/01/39 | 3,000 | 3,369,150 |
| Harris County-Houston Sports Authority, | ||
| Refunding RB (NPFGC) (a): | ||
| CAB, Junior Lien, Series H, | ||
| 5.95%, 11/15/35 | 5,000 | 1,275,750 |
| CAB, Senior Lien, Series A, | ||
| 5.95%, 11/15/38 | 12,580 | 2,694,762 |
| Third Lien, Series A-3, 5.94%, | ||
| 11/15/37 | 26,120 | 5,942,822 |
| Lower Colorado River Authority, | ||
| Refunding RB: | ||
| (NPFGC), 5.00%, 5/15/13 (g) | 55 | 57,077 |
| LCRA Transmission Services | ||
| Project (AMBAC), 4.75%, | ||
| 5/15/34 | 140 | 140,340 |
| Series A (NPFGC), 5.00%, | ||
| 5/15/13 (g) | 5 | 5,189 |
| North Texas Tollway Authority, | ||
| Refunding RB, Toll, Second Tier, | ||
| Series F, 6.13%, 1/01/31 | 12,180 | 13,469,497 |
| San Antonio Energy Acquisition Public | ||
| Facility Corp., RB, Gas Supply, 5.50%, | ||
| 8/01/25 | 6,540 | 7,309,104 |
| Tarrant County Cultural Education | ||
| Facilities Finance Corp., RB, Scott & | ||
| White Healthcare, 6.00%, 8/15/45 | 7,930 | 9,369,454 |
| Par | ||
| Municipal Bonds | (000) | Value |
| Texas (concluded) | ||
| Texas Private Activity Bond Surface | ||
| Transportation Corp., RB, Senior Lien: | ||
| Infrastructure, 7.00%, 6/30/40 | $ 6,000 | $ 7,324,800 |
| NTE Mobility Partners LLC, North | ||
| Tarrant Express Managed Lanes | ||
| Project, 6.88%, 12/31/39 | 6,500 | 7,804,290 |
| University of Texas System, Refunding | ||
| RB, Financing System, Series B, | ||
| 5.00%, 8/15/43 | 6,000 | 7,050,540 |
| 96,080,844 | ||
| Virginia — 1.8% | ||
| City of Norfolk Virginia, Refunding RB, | ||
| Series B (AMBAC), 5.50%, 2/01/31 | 2,240 | 2,242,442 |
| Virginia Small Business Financing Authority, | ||
| RB, Senior Lien, Elizabeth River Crossings | ||
| OPCP LLC Project, AMT: | ||
| 5.25%, 1/01/32 | 3,155 | 3,413,331 |
| 6.00%, 1/01/37 | 3,580 | 4,088,754 |
| 5.50%, 1/01/42 | 2,255 | 2,484,920 |
| 12,229,447 | ||
| Washington — 1.1% | ||
| Washington Health Care Facilities | ||
| Authority, RB, Swedish Health Services, | ||
| Series A, 6.75%, 5/15/21 (g) | 3,900 | 5,439,564 |
| Washington Health Care Facilities | ||
| Authority, Refunding RB, Providence | ||
| Health & Services, Series A, 5.00%, | ||
| 10/01/42 | 1,980 | 2,208,809 |
| 7,648,373 | ||
| Wisconsin — 2.1% | ||
| Wisconsin Health & Educational | ||
| Facilities Authority, RB: | ||
| Ascension Health Senior Care | ||
| Group, 5.00%, 11/15/30 | 3,210 | 3,591,701 |
| Ascension Health Senior Care | ||
| Group, 5.00%, 11/15/33 | 1,640 | 1,818,120 |
| Aurora Health, Senior Credit | ||
| Group, 6.40%, 4/15/33 | 7,500 | 7,652,400 |
| Wisconsin Health & Educational | ||
| Facilities Authority, Refunding RB, | ||
| Froedtert & Community Health, Inc., | ||
| 5.38%, 10/01/30 | 1,205 | 1,209,266 |
| 14,271,487 | ||
| Total Municipal Bonds – 117.8% | 797,940,200 |
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BLACKROCK MUNICIPAL INCOME TRUST JULY 31, 2012 5
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Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)
| Value | ||
|---|---|---|
| Municipal Bonds Transferred to | ||
| Tender Option Bond (TOB) Trusts (h) | ||
| Alabama — 0.7% | ||
| Alabama Special Care Facilities | ||
| Financing Authority-Birmingham, | ||
| Refunding RB, Ascension Health | ||
| Senior Credit Group, Series C-2, | ||
| 5.00%, 11/15/36 | $ 4,548 | $ 4,819,385 |
| Arizona — 0.8% | ||
| Salt River Project Agricultural | ||
| Improvement & Power District, RB, | ||
| Series A, 5.00%, 1/01/38 | 4,760 | 5,289,986 |
| California — 9.5% | ||
| California Educational Facilities | ||
| Authority, RB, University of Southern | ||
| California, Series B, 5.25%, 10/01/39 | 5,115 | 5,987,363 |
| City of Los Angeles California | ||
| Department of Airports, Refunding RB, | ||
| Senior, Los Angeles International | ||
| Airport, Series A, 5.00%, 5/15/40 | 11,679 | 13,108,791 |
| Los Angeles Community College District | ||
| California, GO, Election of 2001, | ||
| Series A (AGM), 5.00%, 8/01/32 | 4,500 | 5,073,030 |
| San Diego Community College District | ||
| California, GO, Election of 2002, | ||
| 5.25%, 8/01/33 | 3,260 | 3,823,898 |
| San Francisco City & County Public | ||
| Utilities Commission, RB, Series B, | ||
| 5.00%, 11/01/39 | 18,540 | 20,849,157 |
| University of California, RB: | ||
| Limited Project, Series B, | ||
| 4.75%, 5/15/38 | 9,838 | 10,286,185 |
| Series C (NPFGC), 4.75%, | ||
| 5/15/37 | 5,000 | 5,197,750 |
| 64,326,174 | ||
| Colorado — 2.0% | ||
| Colorado Health Facilities Authority, RB, | ||
| Catholic Health: | ||
| Series C-3 (AGM), 5.10%, | ||
| 10/01/41 | 7,600 | 8,117,256 |
| Series C-7, 5.00%, 9/01/36 | 4,860 | 5,197,284 |
| 13,314,540 | ||
| Connecticut — 3.2% | ||
| Connecticut State Health & Educational | ||
| Facility Authority, RB, Yale University: | ||
| Series T-1, 4.70%, 7/01/29 | 9,400 | 10,729,348 |
| Series X-3, 4.85%, 7/01/37 | 9,360 | 10,709,712 |
| 21,439,060 | ||
| Florida — 1.1% | ||
| County of Miami-Dade Florida, RB, | ||
| Water & Sewer System, 5.00%, | ||
| 10/01/34 | 6,629 | 7,460,083 |
| Par (000) | Value | |
| Municipal Bonds Transferred to | ||
| Tender Option Bond (TOB) Trusts (h) | ||
| Illinois — 0.9% | ||
| City of Chicago Illinois, Refunding RB, | ||
| 5.00%, 11/01/42 | $ 5,617 | $ 6,394,907 |
| Maryland — 1.3% | ||
| Maryland Health & Higher Educational | ||
| Facilities Authority, Refunding RB, | ||
| 5.00%, 11/15/51 | 8,139 | 9,044,757 |
| Massachusetts — 2.6% | ||
| Massachusetts School Building Authority, | ||
| RB, Senior Series B, 5.00%, 10/15/41 | 8,860 | 10,237,198 |
| Massachusetts Water Resources | ||
| Authority, Refunding RB, General, | ||
| Series A, 5.00%, 8/01/41 | 6,770 | 7,616,453 |
| 17,853,651 | ||
| Michigan — 0.9% | ||
| Detroit Water and Sewerage Department, | ||
| Refunding RB, Senior Lien, Series A: | ||
| 5.00%, 7/01/32 | 3,063 | 3,221,346 |
| 5.25%, 7/01/39 | 2,649 | 2,793,267 |
| 6,014,613 | ||
| New Hampshire — 0.7% | ||
| New Hampshire Health & Education | ||
| Facilities Authority, RB, Dartmouth | ||
| College, 5.25%, 6/01/39 | 3,988 | 4,759,312 |
| New York — 13.2% | ||
| Hudson New York Yards Infrastructure | ||
| Corp., Senior RB, Senior Series A, | ||
| 5.75%, 2/15/47 | 3,130 | 3,668,268 |
| New York City Municipal Water Finance | ||
| Authority, Refunding RB: | ||
| Series FF-2, 5.50%, 6/15/40 | 3,074 | 3,621,343 |
| Water & Sewer System, Second | ||
| General Resolution, Series HH, | ||
| 5.00%, 6/15/31 | 16,393 | 19,278,744 |
| New York City Transitional Finance | ||
| Authority, Future Tax Secured | ||
| Revenue, Sub-Series E-1, RB, 5.00%, | ||
| 2/01/42 | 4,799 | 5,540,152 |
| New York Liberty Development Corp., | ||
| RB, 1 World Trade Center Port | ||
| Authority Construction, 5.25%, | ||
| 12/15/43 | 20,865 | 24,066,734 |
| New York Liberty Development Corp., | ||
| Refunding RB, 4 World Trade Center | ||
| Project, 5.75%, 11/15/51 | 12,610 | 14,919,521 |
| New York State Dormitory Authority, | ||
| ERB, Series F, 5.00%, 3/15/35 | 16,708 | 18,178,369 |
| 89,273,131 |
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BLACKROCK MUNICIPAL INCOME TRUST JULY 31, 2012 6
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Schedule of Investments (continued) BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)
| Value | ||
|---|---|---|
| Municipal Bonds Transferred to | ||
| Tender Option Bond (TOB) Trusts (h) | ||
| Texas — 1.1% | ||
| Harris County Texas Metropolitan | ||
| Transit Authority, Refunding RB, | ||
| Series A, 5.00%, 11/01/41 | $ 6,650 | $ 7,612,986 |
| Utah — 1.2% | ||
| City of Riverton Utah, RB, IHC Health | ||
| Services Inc., 5.00%, 8/15/41 | 7,153 | 7,817,434 |
| Virginia — 1.8% | ||
| University of Virginia, Refunding RB, | ||
| General, 5.00%, 6/01/40 | 10,767 | 12,386,412 |
| Washington — 3.4% | ||
| Central Puget Sound Regional Transit | ||
| Authority, RB, Series A (AGM), 5.00%, | ||
| 11/01/32 | 5,459 | 6,224,447 |
| State of Washington, GO, Various | ||
| Purpose, Series E, 5.00%, 2/01/34 | 14,487 | 16,704,362 |
| 22,928,809 | ||
| Total Municipal Bonds Transferred to | ||
| Tender Option Bond (TOB) Trusts – 44.4% | 300,735,240 | |
| Total Long-Term Investments | ||
| (Cost – $1,013,946,237) – 162.2% | 1,098,675,440 | |
| Shares | ||
| Short-Term Securities | ||
| FFI Institutional Tax-Exempt Fund, 0.01%, | ||
| 8/01/12 (i)(j) | 4,373,429 | 4,373,429 |
| Total Short-Term Securities | ||
| (Cost – $4,373,429) – 0.7% | 4,373,429 | |
| Total Investments (Cost - $1,018,319,666*) – 162.9% | 1,103,048,869 | |
| Other Assets Less Liabilities – 1.1% | 7,421,667 | |
| Liability for TOB Trust Certificates, Including Interest | ||
| Expense and Fees Payable – (24.0)% | (162,304,970) | |
| VMTP Shares, at Liquidation Value – (40.0)% | (270,800,000) | |
| Net Assets Applicable to Common Shares – 100.0% | $ 677,365,566 |
| Tax cost | $ |
|---|---|
| Gross unrealized appreciation | $ 98,965,063 |
| Gross unrealized depreciation | (14,317,517) |
| Net unrealized appreciation | $ 84,647,546 |
(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.
(b) Variable rate security. Rate shown is as of report date.
(c) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
(d) Non-income producing security.
(e) Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity.
(f) 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.
(g) US 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.
(h) Securities represent bonds transferred to a TOB in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction.
(i) Investments in companies considered to be an affiliate of the Trust during the period, 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, 2012 | Net Activity | Shares Held at July 31, 2012 | Income |
|---|---|---|---|---|
| FFI Institutional | ||||
| Tax-Exempt | ||||
| Fund | 12,181,066 | (7,807,637) | 4,373,429 | $918 |
(j) Represents the current yield as of report date.
| Portfolio Abbreviations | |
|---|---|
| To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list: | |
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AMBAC | American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax (subject to) |
| CAB | Capital Appreciation Bonds |
| EDA | Economic Development Authority |
| EDC | Economic Development Corp. |
| ERB | Education Revenue Bonds |
| GO | General Obligation Bonds |
| NPFGC | National Public Finance Guarantee Corp. |
| RB | Revenue Bonds |
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BLACKROCK MUNICIPAL INCOME TRUST JULY 31, 2012 7
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Schedule of Investments July 31, 2012 (concluded) BlackRock Municipal Income Trust (BFK)
• Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:
• Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities
• Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)
• Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust's own assumptions used in determining the fair value of investments)
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust's policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust's policy regarding valuation of investments and other significant accounting policies, please refer to the Trust's most recent financial statements as contained in its annual report.
The following table summarizes the Trust's investments categorized in the disclosure hierarchy as of July 31, 2012:
| Level 1 | Level 2 | Level 3 | Total | |
|---|---|---|---|---|
| Assets: | ||||
| Investments: | ||||
| Long-Term | ||||
| Investments 1 | — | $1,098,675,440 | — | $1,098,675,440 |
| Short-Term | ||||
| securities | $4,373,429 | — | — | 4,373,429 |
| Total | $4,373,429 | $1,098,675,440 | — | $1,103,048,869 |
1 See above Schedule of Investments for values in each state or political subdivision.
Certain of the Trust’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of July 31, 2012, such liabilities are categorized within the disclosure hierarchy as follows:
| Level 1 | Level 2 | Level 3 | Total | |
|---|---|---|---|---|
| Liabilities: | ||||
| TOB trust | ||||
| certificates | — | $(162,219,916) | — | $(162,219,916) |
| VMTP | ||||
| Shares | — | (270,800,000) | — | (270,800,000) |
| Total | — | $(433,019,916) | — | $(433,019,916) |
There were no transfers between levels during the period ended July 31, 2012.
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BLACKROCK MUNICIPAL INCOME TRUST JULY 31, 2012 8
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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: |
|---|
| John M. Perlowski |
| Chief Executive Officer (principal executive officer) of |
| BlackRock Municipal Income Trust |
Date: September 25, 2012
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: |
|---|
| John M. Perlowski |
| Chief Executive Officer (principal executive officer) of |
| BlackRock Municipal Income Trust |
Date: September 25, 2012
| By: |
|---|
| Neal J. Andrews |
| Chief Financial Officer (principal financial officer) of |
| BlackRock Municipal Income Trust |
Date: September 25, 2012
Field: Rule-Page
Field: /Rule-Page
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