BFK

BlackRock Municipal Income Trust is a closed-end management investment company that seeks to provide high current income exempt from federal income taxes by investing primarily in municipal bonds. Managed by BlackRock Advisors, LLC, the fund invests in a diversified portfolio of investment-grade and below-investment-grade municipal securities issued by or on behalf of states, territories, and possessions of the United States and their political subdivisions, agencies, and instrumentalities. The fund aims to deliver attractive tax-equivalent yields to shareholders while managing credit and interest rate risks. The fund's portfolio includes municipal bonds issued for various public purposes including infrastructure projects, school construction, hospital financing, utilities, transportation, and other governmental activities. Municipal bonds offer interest income that is exempt from federal income tax, and potentially from state and local taxes for residents of the issuing state. The fund's investment team conducts credit analysis to evaluate issuer financial strength, project economics, and legal structures. The fund may invest across the credit spectrum including high-yield municipal bonds, which offer higher yields but carry greater credit risk. As a closed-end fund, BlackRock Municipal Income Trust issues a fixed number of shares that trade on stock exchanges, often at premiums or discounts to the fund's net asset value (NAV). The fund employs leverage through borrowings, tender option bonds, or other instruments to potentially enhance returns and income generation, though leverage also increases risk and volatility. The trust provides monthly distributions of tax-exempt income to shareholders. The fund serves income-focused investors in higher tax brackets seeking tax-advantaged income, particularly those subject to high federal income tax rates who benefit most from tax-exempt municipal bond income.