Schedule of Investments (unaudited)

October 31, 2023

   

BlackRock Municipal Income Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  

Municipal Bonds

 

Alabama(a) — 6.3%

 

Black Belt Energy Gas District, RB

     

4.00%, 10/01/52

   $ 2,425      $ 2,336,644  

Series A, 5.25%, 01/01/54

     3,365        3,359,331  

Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51

         11,455        10,543,883  

Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54

     10,455        10,811,855  

Southeast Energy Authority A Cooperative District, RB

     

Series A, 4.00%, 11/01/51

     8,540        8,062,324  

Series A-1, 5.50%, 01/01/53

     3,315        3,346,135  

Series B, 5.00%, 01/01/54

     6,190        6,142,337  

Series B-1, 5.00%, 05/01/53

     8,800        8,714,768  
    

 

 

  
       53,317,277  
Arizona — 3.5%             

Arizona Industrial Development Authority, RB

     

4.38%, 07/01/39(b)

    1,015        796,983  

Series A, 3.55%, 07/15/29

     1,010        926,962  

Series A, 5.00%, 07/01/49(b)

    965        777,458  

Series A, 4.00%, 02/01/50

     9,000        7,139,255  

Series A, 5.00%, 07/01/54(b)

    745        584,829  

Series B, 4.25%, 07/01/27(b)

    265        255,327  

City of Phoenix Civic Improvement Corp., ARB, Series B, AMT, Junior Lien, 5.00%, 07/01/36

     4,000        4,034,883  

Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.75%, 07/01/24(b)

    165        164,487  

Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/29(b)

    300        282,636  

Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/49(b)

    950        771,870  

Maricopa County Industrial Development Authority, RB

     

6.38%, 07/01/58(b)

    1,050        950,488  

Series 2019F, 4.00%, 01/01/45

     3,130        2,665,990  

Maricopa County Industrial Development Authority, Refunding RB, Series A, 5.00%, 01/01/38

     3,000        3,021,974  

Phoenix-Mesa Gateway Airport Authority, ARB

     

AMT, 5.00%, 07/01/27

     700        700,250  

AMT, 5.00%, 07/01/32

     1,925        1,925,371  

Salt River Project Agricultural Improvement & Power District, Refunding RB, Series A, 4.00%, 01/01/45

     4,970        4,331,283  
    

 

 

  
       29,330,046  
Arkansas — 0.7%             

Arkansas Development Finance Authority, RB, Series A, AMT, 4.50%, 09/01/49(b)

    2,245        1,973,701  

City of Springdale Arkansas Sales & Use Tax Revenue, RB, Series B, (BAM), 4.13%, 08/01/47

     4,345        3,788,907  
    

 

 

  
             5,762,608  
California — 14.9%             

California Community Choice Financing Authority, RB, 5.50%, 10/01/54(a)

    2,615        2,693,777  

California Community Housing Agency, RB, M/F Housing, 3.00%, 08/01/56(b)

    215        129,293  

California Enterprise Development Authority, RB, 8.00%, 11/15/62(b)

    1,450        1,280,577  

California Municipal Finance Authority, RB Series A, 4.00%, 10/01/29(b)

    410        369,183  
Security  

Par

(000)

      Value  
California (continued)             

California Municipal Finance Authority, RB (continued)

     

Series A, 3.00%, 02/01/46

   $ 485      $ 323,046  

California School Finance Authority, RB, 5.00%, 08/01/42(b)

     875        816,256  

California State Public Works Board, RB, Series I, 5.50%, 11/01/30

     4,500        4,508,925  

City of Campbell California, GO, Election 2018, 4.00%, 09/01/50

     3,025        2,713,969  

City of Los Angeles Department of Airports, ARB

     

Series A, AMT, 5.00%, 05/15/45

     6,415        6,348,305  

Series C, AMT, 5.00%, 05/15/45

     5,000        4,914,500  

City of Los Angeles Department of Airports, Refunding ARB

     

Series A, AMT, 5.00%, 05/15/36

     5,650        5,790,701  

AMT, Subordinate, 5.00%, 11/15/31(c)

    530        561,029  

AMT, Subordinate, 5.00%, 05/15/37

     9,470        9,648,911  

AMT, Subordinate, 4.00%, 05/15/41

     6,810        5,800,735  

County of Santa Barbara California, COP, Series B, AMT, 5.25%, 12/01/33

         10,330        10,647,309  

CSCDA Community Improvement Authority, RB, M/F Housing(b)

     

5.00%, 09/01/37

     170        155,660  

4.00%, 10/01/56

     600        451,790  

4.00%, 12/01/56

     300        189,328  

Series A, 4.00%, 06/01/58

     2,920        1,991,988  

Senior Lien, 3.13%, 06/01/57

     1,005        575,001  

Series A, Senior Lien, 4.00%, 12/01/58

     3,880        2,623,983  

Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/28(c)

    10,285        10,985,654  

Los Angeles Department of Water & Power, RB, 5.00%, 07/01/51

     5,000        5,098,582  

Manteca Financing Authority, RB, Series A, (AGC-ICC), 5.75%, 12/01/36

     3,285        3,290,547  

Ontario Public Financing Authority, RB, (AGM), 5.00%, 11/01/52

     6,000        6,039,782  

Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53

     5,755        4,887,913  

Riverside County Transportation Commission, Refunding RB, Class B1, Senior Lien, 4.00%, 06/01/46

     1,870        1,559,089  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB

     

Series A, AMT, 5.25%, 05/01/33

     6,370        6,373,386  

Series A, AMT, 5.00%, 05/01/47

     7,855        7,563,747  

Series E, AMT, 5.00%, 05/01/40

     3,335        3,266,612  

State of California, GO, 5.50%, 04/01/28

     15        15,021  

State of California, Refunding GO

     

4.00%, 03/01/36

     10,775        10,574,285  

4.00%, 09/01/42

     4,000        3,748,368  
    

 

 

  
           125,937,252  
Colorado — 1.5%             

City & County of Denver Colorado Airport System Revenue, ARB

     

Series A, AMT, 5.50%, 11/15/28

     2,700        2,701,898  

Series A, AMT, 5.50%, 11/15/30

     1,040        1,040,738  

Series A, AMT, 5.50%, 11/15/31

     1,250        1,250,885  
 

 

1

  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock Municipal Income Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Colorado (continued)  

City & County of Denver Colorado Airport System Revenue, Refunding ARB

    

Series A, AMT, 4.13%, 11/15/53

   $         2,185     $         1,740,346  

Series D, AMT, 5.75%, 11/15/45

     1,315       1,369,715  

Colorado Health Facilities Authority, RB

    

5.25%, 11/01/39

     1,000       997,600  

5.50%, 11/01/47

     620       620,769  

5.25%, 11/01/52

     1,555       1,480,460  

Mayfield Metropolitan District, GO, Series A, 5.75%, 12/01/50

     1,190       1,014,910  

Park Creek Metropolitan District, Refunding RB, Series A, Senior Lien, 5.00%, 12/01/34

     500       505,914  
   

 

 

  
      12,723,235  
Connecticut — 1.2%            

Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Series C-2, AMT, 2.20%, 11/15/34

     1,190       928,712  

Connecticut State Health & Educational Facilities Authority, RB

    

5.25%, 07/15/48

     2,860       2,784,652  

4.25%, 07/15/53

     765       613,454  

Series A, 5.00%, 01/01/30(b)

    130       119,794  

Connecticut State Health & Educational Facilities Authority, Refunding RB

    

5.00%, 12/01/45

     5,000       4,789,546  

Series G-1, 5.00%, 07/01/27(b)

    100       98,163  

Series G-1, 5.00%, 07/01/28(b)

    100       97,276  

Series G-1, 5.00%, 07/01/29(b)

    100       96,414  

Series G-1, 5.00%, 07/01/30(b)

    100       95,504  

Series G-1, 5.00%, 07/01/32(b)

    150       140,798  

Series G-1, 5.00%, 07/01/34(b)

    125       115,609  

State of Connecticut, GO

    

Series C, 4.00%, 06/15/39

     300       275,636  

Series C, 4.00%, 06/15/41

     300       271,197  
   

 

 

  
      10,426,755  
Delaware — 0.5%            

County of Kent Delaware, RB

    

Series A, 5.00%, 07/01/29

     880       870,370  

Series A, 5.00%, 07/01/30

     1,030       1,013,362  

Series A, 5.00%, 07/01/31

     750       734,454  

Series A, 5.00%, 07/01/32

     375       365,437  

Series A, 5.00%, 07/01/33

     1,190       1,155,037  
   

 

 

  
      4,138,660  
District of Columbia — 0.7%            

District of Columbia, RB, Series A, AMT, 5.50%, 02/28/37

     880       915,212  

Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, 5.00%, 07/15/48

     5,000       5,041,803  
   

 

 

  
      5,957,015  
Florida — 8.7%            

Brevard County Health Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/47

     2,035       1,933,437  

Capital Region Community Development District, Refunding SAB, Series A-1, 4.63%, 05/01/28

     500       491,451  

Capital Trust Agency, Inc., RB(b)

    

5.00%, 01/01/55

     945       657,857  

Series A, 4.00%, 06/15/29

     540       482,772  

Series A, 5.00%, 06/01/45

     850       667,526  
Security   Par
(000)		     Value  
Florida (continued)            

Capital Trust Agency, Inc., RB(b) (continued)

    

Series A, 5.50%, 06/01/57

   $ 305     $ 242,218  

Central Florida Expressway Authority, Refunding RB, Senior Lien, 4.00%, 07/01/41

             10,000               8,666,709  

Charlotte County Industrial Development Authority, RB, AMT, 5.00%, 10/01/29(b)

    785       756,028  

City of Fort Lauderdale Florida Water & Sewer Revenue, RB

    

5.50%, 09/01/48

     4,645       4,931,840  

Series A, 5.50%, 09/01/48

     5,310       5,637,906  

City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, 5.25%, 10/01/57

     20,000       20,564,571  

County of Miami-Dade Florida Transit System, RB,
Series A, 4.00%, 07/01/46

     3,000       2,535,908  

County of Miami-Dade Seaport Department, Refunding RB

    

Series A, AMT, 5.25%, 10/01/52

     2,470       2,357,952  

Series B-1, AMT, Subordinate, 4.00%, 10/01/46

     5,500       4,498,412  

County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54

     715       750,300  

Escambia County Health Facilities Authority, Refunding RB

    

5.00%, 08/15/33

     1,400       1,392,275  

5.00%, 08/15/34

     1,240       1,223,466  

Esplanade Lake Club Community Development District, SAB

    

Series A-1, 3.63%, 11/01/30

     370       333,006  

Series A-1, 4.00%, 11/01/40

     1,080       848,072  

Series A-1, 4.13%, 11/01/50

     385       273,561  

Series A-2, 3.63%, 11/01/30

     150       135,004  

Series A-2, 4.00%, 11/01/40

     200       157,050  

Series A-2, 4.13%, 11/01/50

     235       166,979  

Florida Development Finance Corp., RB(b)

    

6.50%, 06/30/57

     1,270       1,094,682  

AMT, 5.00%, 05/01/29

     3,080       2,803,775  

Florida Development Finance Corp., Refunding RB(b)

    

5.00%, 06/01/31

     450       410,022  

Series C, 5.00%, 09/15/50

     475       354,338  

Harbor Bay Community Development District, Refunding SAB, Series A-2, 3.30%, 05/01/29

     960       893,847  

Harbor Bay Community Development District, SAB, Series A-1, 3.30%, 05/01/29

     590       549,393  

Hills of Minneola Community Development District, SAB, 3.50%, 05/01/31(b)

    1,100       974,079  

Lakewood Ranch Stewardship District, SAB

    

3.60%, 05/01/24

     85       84,318  

4.30%, 05/01/27(b)

    425       419,945  

3.80%, 05/01/29

     515       487,760  

Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, AMT, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40

     65       65,000  

Midtown Miami Community Development District, Refunding SAB, Series A, 4.25%, 05/01/24

     240       238,914  

Osceola Chain Lakes Community Development District, SAB, 3.50%, 05/01/30

     350       321,210  

Seminole Improvement District, RB

    

5.00%, 10/01/32

     265       249,545  

5.30%, 10/01/37

     300       275,102  

Southern Groves Community Development District No. 5, Refunding SAB, 3.25%, 05/01/29

     290       269,235  
 

 

S C H E D U L E S  O F  I N V E S T M E N T S

   2

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock Municipal Income Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Florida (continued)  

Sterling Hill Community Development District, Refunding SAB, Series B, 5.50%, 11/01/10(d)(e)

  $ 142     $ 68,422  

Talavera Community Development District, SAB

    

3.50%, 05/01/25

     190       186,771  

3.85%, 05/01/30

     540       496,693  

Tolomato Community Development District, Refunding SAB, Sub-Series A-2, 3.85%, 05/01/29

     180       170,744  

Viera Stewardship District, SAB, Series 2023, 5.50%, 05/01/54

     910       804,840  

Village Community Development District No. 14, SAB, 5.50%, 05/01/53

     2,000       1,909,317  

Village Community Development District No. 15, SAB, 5.25%, 05/01/54(b)

    840       741,375  
   

 

 

  
      73,573,627  
Georgia — 3.4%            

East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)

    740       583,495  

Georgia Ports Authority, ARB, 4.00%, 07/01/47

     2,500       2,131,012  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/49

     860       800,583  

Series A, 5.00%, 06/01/53(a)

    8,890       8,740,407  

Main Street Natural Gas, Inc., Refunding RB,
Series E-1, 5.00%, 12/01/53(a)

    13,405       13,302,082  

Municipal Electric Authority of Georgia, RB, Series A, 5.00%, 07/01/52

     3,160       2,965,704  
   

 

 

  
      28,523,283  
Hawaii — 1.0%            

State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/43

     5,000       4,824,746  

State of Hawaii Airports System Revenue, COP

    

AMT, 5.25%, 08/01/25

     1,350       1,350,177  

AMT, 5.25%, 08/01/26

     2,500       2,500,606  
   

 

 

  
      8,675,529  
Idaho — 1.6%            

Idaho Health Facilities Authority, RB 4.00%, 12/01/43

     8,170       6,878,884  

Series A, 5.00%, 12/01/47

     5,000       4,864,810  

Idaho Housing & Finance Association, Refunding RB

    

(GTD), 4.00%, 05/01/42

     1,160       926,521  

(GTD), 4.00%, 05/01/52

     905       660,131  
   

 

 

  
      13,330,346  
Illinois — 16.1%            

Chicago Board of Education, GO

    

Series A, 5.00%, 12/01/34

             2,825               2,752,056  

Series A, 5.00%, 12/01/40

     720       655,474  

Series A, 5.00%, 12/01/47

     1,915       1,680,183  

Chicago Board of Education, Refunding GO

    

Series A, 5.00%, 12/01/30

     495       490,946  

Series C, 5.00%, 12/01/26

     4,730       4,756,183  

Series D, 5.00%, 12/01/26

     4,185       4,208,166  

Chicago Midway International Airport, Refunding ARB

    

Series A, AMT, 2nd Lien, 5.00%, 01/01/32

     5,000       4,999,723  

Series A, AMT, 2nd Lien, 5.00%, 01/01/41

     6,685       6,301,181  

Chicago Midway International Airport, Refunding RB

    

Series A, AMT, 2nd Lien, 5.50%, 01/01/30

     6,500       6,512,519  

Series A, AMT, 2nd Lien, 5.50%, 01/01/32

     7,775       7,789,830  

Chicago O’Hare International Airport, ARB

    

Class A, AMT, Senior Lien, 5.50%, 01/01/55

     4,360       4,353,969  
Security   Par
(000)		     Value  
Illinois (continued)            

Chicago O’Hare International Airport, ARB (continued)

    

Series D, Senior Lien, 5.25%, 01/01/42

   $         2,630     $ 2,612,699  

Chicago O’Hare International Airport, Refunding RB

    

Series B, 5.00%, 01/01/32

     3,745       3,788,539  

Series A, Senior Lien, 4.00%, 01/01/37

     3,820       3,520,080  

Series B, Senior Lien, 5.00%, 01/01/37

     3,460       3,514,121  

Series E, Senior Lien, (AGM), 4.00%, 01/01/40

     5,000       4,591,339  

Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB

    

Series A, 2nd Lien, 5.00%, 12/01/57

     1,000       937,582  

Series A, Senior Lien, 4.00%, 12/01/49

     5,190       4,053,696  

City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/58

     1,190       1,190,415  

City of Chicago Illinois Waterworks Revenue, RB,

    

Series A, 2nd Lien, (AGM), 5.25%, 11/01/53

     1,975       1,990,629  

Cook County Community College District No. 508, GO, 5.13%, 12/01/38

     1,000       931,843  

Illinois Finance Authority, RB

    

Series A, 5.00%, 02/15/28

     810       801,902  

Series A, 5.00%, 02/15/29

     400       395,706  

Series A, 5.00%, 02/15/30

     500       493,490  

Series A, 5.00%, 02/15/31

     500       491,173  

Series A, 5.00%, 02/15/32

     500       486,964  

Illinois Finance Authority, Refunding RB, Series A, 4.00%, 07/15/47

     5,000       4,126,091  

Illinois Housing Development Authority, RB, S/F Housing, Series G, (FHLMC, FNMA, GNMA), 4.65%, 10/01/37

     1,455       1,359,773  

Illinois State Toll Highway Authority, RB

    

Series A, 5.00%, 01/01/34

     4,140       4,141,164  

Series A, 5.00%, 01/01/40

     5,000       5,008,374  

Series A, 5.00%, 01/01/45

     2,500       2,498,260  

Series A, 4.00%, 01/01/46

     9,770       8,147,301  

Illinois State Toll Highway Authority, Refunding RB,

    

Series A, 5.00%, 12/01/31

     4,220       4,315,221  

Metropolitan Pier & Exposition Authority, Refunding RB
5.00%, 12/15/28

     1,200       1,222,582  

4.00%, 06/15/50

     2,725       2,109,299  

State of Illinois, GO

    

5.00%, 04/01/31

     1,000       1,002,546  

5.00%, 05/01/31

     5,010       5,025,727  

5.00%, 11/01/34

     5,000       5,046,115  

5.50%, 05/01/39

     3,500       3,581,104  

5.75%, 05/01/45

     2,000       2,039,146  

Series A, 5.50%, 03/01/42

     6,000       6,072,010  

Series A, 5.50%, 03/01/47

     5,500       5,530,305  

Series D, 5.00%, 11/01/28

     350       358,414  

State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27

     120       122,961  
   

 

 

  
            136,006,801  
Indiana — 0.4%            

Indiana Finance Authority, RB

    

Series A, 5.00%, 06/01/41

     550       433,734  

Series A, 5.00%, 06/01/51

     405       295,851  

Series A, 5.00%, 06/01/56

     360       255,416  
 

 

3

  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock Municipal Income Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Indiana (continued)  

Indiana Finance Authority, Refunding RB, Series A, 4.13%, 12/01/26

   $ 1,270     $ 1,229,729  

Indianapolis Local Public Improvement Bond Bank, RB, 5.25%, 02/01/48

     975       1,000,218  
   

 

 

  
      3,214,948  
Iowa — 0.8%            

Iowa Finance Authority, Refunding RB, Series C, 4.13%, 02/15/35

             7,500               7,107,392  
   

 

 

  
Kansas — 0.2%            

Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52

     2,000       1,620,075  
   

 

 

  
Kentucky — 0.7%            

City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52(b)

    285       249,544  

County of Boyle Kentucky, Refunding RB, Series A, 4.25%, 06/01/46

     810       690,085  

Kentucky Public Energy Authority, RB(a)

   

Series A-1, 4.00%, 08/01/52

     2,440       2,259,032  

Series C, 4.00%, 02/01/50

     2,500       2,372,329  
   

 

 

  
      5,570,990  
Louisiana — 0.8%            

Lafayette Parish School Board Sale Tax Revenue, RB

    

4.00%, 04/01/48

     940       806,791  

4.00%, 04/01/53

     595       496,457  

Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48

     4,405       4,341,457  

New Orleans Aviation Board, ARB, Series A, 5.00%, 01/01/33

     1,000       1,009,552  
   

 

 

  
      6,654,257  
Maryland — 2.1%            

City of Baltimore Maryland, RB, 5.00%, 06/01/51

     820       685,248  

City of Baltimore Maryland, Refunding TA(b)

   

Series A, Senior Lien, 2.95%, 06/01/27

     175       161,781  

Series A, Senior Lien, 3.05%, 06/01/28

     190       172,060  

Series A, Senior Lien, 3.15%, 06/01/29

     200       177,878  

City of Baltimore Maryland, TA, Series B, 3.38%, 06/01/29(b)

    285       256,524  

Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/47

     2,500       2,346,295  

Maryland Health & Higher Educational Facilities Authority, RB, 6.25%, 07/01/63(b)

    1,655       1,455,760  

Maryland State Transportation Authority, RB, 4.00%, 07/01/50

     15,000       12,661,915  
   

 

 

  
      17,917,461  
Massachusetts — 4.0%            

Commonwealth of Massachusetts Transportation Fund Revenue, RB, Class A, Sustainability Bonds, 4.00%, 06/01/50

     8,000       6,743,013  

Commonwealth of Massachusetts, GO

    

Series D, 4.00%, 02/01/46

     5,000       4,339,998  

Series E, 5.00%, 11/01/45

     2,500       2,552,808  

Massachusetts Development Finance Agency, RB,
Series A, 5.00%, 01/01/47

     4,610       4,167,077  

Massachusetts Development Finance Agency, Refunding RB

    

5.00%, 07/01/30

     3,125       3,138,031  

5.00%, 07/01/41

     4,710       4,738,470  
Security   Par
(000)		     Value  
Massachusetts (continued)            

Massachusetts Development Finance Agency, Refunding RB (continued)

    

Series A, 5.00%, 01/01/31

   $ 1,730     $ 1,731,718  

Massachusetts Educational Financing Authority, RB, AMT, 5.00%, 01/01/27

     1,000       1,001,966  

Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/51

     215       202,745  

Massachusetts School Building Authority, RB, Sub-Series B, 4.00%, 02/15/42

             6,200               5,457,580  
   

 

 

  
      34,073,406  
Michigan — 3.7%            

City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36

     10       10,018  

City of Detroit Michigan, GO

    

5.00%, 04/01/26

     265       266,663  

5.00%, 04/01/27

     210       210,848  

5.00%, 04/01/28

     235       235,574  

5.00%, 04/01/29

     235       235,437  

5.00%, 04/01/30

     180       179,279  

5.00%, 04/01/31

     265       263,051  

5.00%, 04/01/32

     225       222,764  

5.00%, 04/01/33

     295       291,411  

City of Lansing Michigan, Refunding GO, Series B, (AGM), 4.13%, 06/01/48

     1,825       1,519,427  

Lansing Board of Water & Light, RB, Series A, 5.00%, 07/01/51

     3,760       3,712,568  

Michigan Finance Authority, RB

    

4.00%, 02/15/47

     4,500       3,686,638  

4.00%, 02/15/50

     9,705       7,843,742  

Michigan Finance Authority, Refunding RB,
Series C-3, Senior Lien, (AGM), 5.00%, 07/01/31

     4,000       4,026,382  

Michigan Strategic Fund, RB

    

AMT, 5.00%, 06/30/33

     2,415       2,428,750  

AMT, 5.00%, 12/31/33

     2,000       2,008,670  

Michigan Strategic Fund, Refunding RB
5.00%, 11/15/29

     440       423,214  

5.00%, 11/15/34

     490       453,033  

State of Michigan Trunk Line Revenue, RB, BAB, 5.00%, 11/15/46

     2,925       2,954,242  
   

 

 

  
      30,971,711  
Minnesota — 0.6%            

Duluth Economic Development Authority, Refunding RB

    

Series A, 5.00%, 02/15/33

     1,000       1,016,091  

Series A, 5.00%, 02/15/34

     1,185       1,200,710  

Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB, Series A, 4.75%, 07/01/29(b)

    200       188,296  

Minnesota Higher Education Facilities Authority, RB, Series A, 5.00%, 10/01/47

     2,420       2,384,787  
   

 

 

  
      4,789,884  
Mississippi — 1.5%            

Mississippi Development Bank, RB

    

(AGM), 6.75%, 12/01/31

     3,775       3,781,192  

(AGM), 6.75%, 12/01/33

     2,350       2,353,761  

(AGM), 6.88%, 12/01/40

     6,405       6,418,849  
   

 

 

  
      12,553,802  
 

 

S C H E D U L E S  O F  I N V E S T M E N T S

   4

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock Municipal Income Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Missouri — 0.5%            

Industrial Development Authority of the City of St. Louis Missouri, Refunding RB, Series A, 3.88%, 11/15/29

   $ 290     $ 239,485  

Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54

     2,840       2,622,552  

St Louis County Industrial Development Authority, Refunding RB

    

5.00%, 09/01/27

     290       283,987  

5.00%, 09/01/32

             1,015               929,288  
   

 

 

  
      4,075,312  
Nebraska — 1.1%            

Douglas County Hospital Authority No. 3, Refunding RB, 5.00%, 11/01/30

     800       811,832  

Omaha Public Power District, RB, Series A, 5.25%, 02/01/48(f)

    8,045       8,334,013  
   

 

 

  
      9,145,845  
Nevada — 0.8%            

City of Las Vegas Nevada Special Improvement District No. 814, SAB

    

3.50%, 06/01/28

     155       147,423  

3.25%, 06/01/30

     345       305,955  

County of Clark Department of Aviation, Refunding RB, Series A-2, Sub Lien, 5.00%, 07/01/33

     5,000       5,013,434  

Tahoe-Douglas Visitors Authority, RB, 5.00%, 07/01/51

     1,890       1,589,936  
   

 

 

  
      7,056,748  
New Hampshire — 0.1%            

New Hampshire Business Finance Authority, Refunding RB, Series A, AMT, 4.00%, 11/01/27(b)

    795       721,413  
   

 

 

  
New Jersey — 13.3%            

Camden County Improvement Authority, RB, 6.00%, 06/15/47

     940       974,531  

New Jersey Economic Development Authority, RB

    

5.00%, 11/01/44

     10,500       10,361,179  

AMT, 5.50%, 01/01/26

     1,500       1,498,479  

AMT, 5.50%, 01/01/27

     1,000       998,945  

AMT, (AGM), 5.00%, 01/01/31

     2,425       2,398,111  

AMT, 5.38%, 01/01/43

     7,000       6,777,484  

New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26(c)

    1,750       1,843,445  

New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51

     6,110       5,000,922  

New Jersey Higher Education Student Assistance Authority, Refunding RB

    

Series B, AMT, 5.00%, 12/01/27

     1,000       1,027,828  

Series B, AMT, 5.00%, 12/01/28

     1,000       1,021,728  

Series B, AMT, 4.00%, 12/01/41

     4,820       4,376,195  

New Jersey Housing & Mortgage Finance Agency, Refunding RB

    

Series BB, AMT, 3.65%, 04/01/28

     3,840       3,667,733  

Series BB, AMT, 3.70%, 10/01/28

     2,975       2,834,685  

New Jersey Transportation Trust Fund Authority, RB

    

Series A, 5.00%, 06/15/30

     2,000       2,033,737  

Series AA, 5.25%, 06/15/32

     2,250       2,291,465  

Series AA, 5.00%, 06/15/35

     3,000       3,076,839  

Series AA, 4.00%, 06/15/39

     4,000       3,607,000  

Series AA, 5.00%, 06/15/45

     6,000       5,943,527  
Security   Par
(000)		     Value  
New Jersey (continued)            

New Jersey Transportation Trust Fund Authority, RB (continued)

    

Series C, 5.25%, 06/15/32

   $       10,000     $         10,065,354  

New Jersey Transportation Trust Fund Authority, Refunding RB

    

Series A, 5.00%, 12/15/33

     2,285       2,347,013  

Series A, 5.00%, 06/15/37

     2,115       2,171,012  

Series A, 5.25%, 06/15/42

     850       869,406  

Series AA, 4.25%, 06/15/44

     2,000       1,761,648  

New Jersey Turnpike Authority, RB, Series B, 5.00%, 01/01/46

     9,105       9,140,307  

Newark Housing Authority, RB, M/F Housing, Series A, 5.00%, 12/01/25

     1,345       1,345,559  

South Jersey Port Corp., ARB

    

Series B, AMT, 5.00%, 01/01/29

     250       252,018  

Series B, AMT, 5.00%, 01/01/30

     200       200,846  

Series B, AMT, 5.00%, 01/01/31

     350       351,240  

Series B, AMT, 5.00%, 01/01/32

     425       425,281  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/34

     12,000       12,259,073  

Sub-Series B, 5.00%, 06/01/46

     12,065       11,203,750  
   

 

 

  
      112,126,340  
New Mexico — 0.4%            

Albuquerque Bernalillo County Water Utility Authority, Refunding RB, 4.00%, 07/01/33

     2,510       2,469,565  

City of Santa Fe New Mexico, RB

    

Series A, 5.00%, 05/15/34

     170       147,433  

Series A, 5.00%, 05/15/44

     820       643,610  
   

 

 

  
      3,260,608  
New York — 26.7%            

Buffalo & Erie County Industrial Land Development Corp., Refunding RB

    

Series A, 4.50%, 06/01/27

     1,400       1,385,396  

Series A, 5.00%, 06/01/35

     415       412,926  

Build NYC Resource Corp., RB, Series A, 4.88%, 05/01/31(b)

    385       356,142  

Build NYC Resource Corp., Refunding RB, 5.00%, 08/01/35

     665       666,453  

City of New York, GO

    

Series A, 5.00%, 08/01/46

     3,035       3,020,116  

Series A-1, 4.00%, 09/01/46

     2,630       2,234,992  

Series B, 5.25%, 10/01/39

     1,750       1,833,821  

Series B, 5.25%, 10/01/40

     1,340       1,398,823  

Series F-1, 4.00%, 03/01/47

     2,645       2,249,787  

Hudson Yards Infrastructure Corp., Refunding RB, Series A, (AGM), 4.00%, 02/15/47

     25,165       21,581,092  

Huntington Local Development Corp., RB, Series A, 5.00%, 07/01/36

     940       762,497  

Metropolitan Transportation Authority, RB

    

Series A-1, 5.25%, 11/15/39

     7,005       7,007,328  

Series B, 5.25%, 11/15/38

     3,145       3,146,220  

Series C, 5.00%, 11/15/38

     4,450       4,449,210  

Sub-Series A-1, 5.00%, 11/15/40

     2,355       2,328,306  

Metropolitan Transportation Authority, Refunding RB, Series A, 4.00%, 11/15/51

     2,250       1,842,958  

Monroe County Industrial Development Corp., Refunding RB, Series A, 4.00%, 07/01/50

     4,365       3,651,426  
 

 

5

  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock Municipal Income Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New York (continued)            

New York City Municipal Water Finance Authority, Refunding RB

    

Series DD, 4.13%, 06/15/46

   $         5,000     $         4,383,983  

Series DD, 4.13%, 06/15/47

     2,500       2,178,518  

New York City Transitional Finance Authority Building Aid Revenue, RB

    

Series S-1, Subordinate, (SAW), 4.00%, 07/15/45

     4,210       3,567,687  

Series S-3, Subordinate, (SAW), 5.25%, 07/15/45

     6,625       6,725,100  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB

    

Series B-1, 5.00%, 08/01/36

     9,445       9,551,514  

Series E-1, 4.00%, 02/01/49

     2,915       2,485,646  

Subordinate, 4.00%, 05/01/43

     19,900       17,525,397  

Series A-1, Subordinate, 4.00%, 08/01/48

     3,795       3,209,518  

Series F-1, Subordinate, 5.00%, 02/01/47

     2,690       2,699,699  

New York Convention Center Development Corp., RB, CAB, Class B, Sub Lien, 0.00%, 11/15/40(g)

    7,650       2,882,873  

New York Liberty Development Corp., Refunding RB

    

3.13%, 09/15/50

     1,535       1,000,961  

Class 1, 5.00%, 11/15/44(b)

    1,730       1,543,781  

Series A, 2.88%, 11/15/46

     1,665       1,079,730  

Series A, 3.00%, 11/15/51

     6,385       4,139,187  

Series A, (BAM-TCRS), 3.00%, 11/15/51

     3,970       2,555,397  

New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55

     9,515       7,729,474  

New York State Dormitory Authority, Refunding RB

    

Series A, 5.00%, 05/01/32

     3,060       3,092,995  

Series A, 5.00%, 03/15/36

     5,500       5,614,328  

Series A, 4.00%, 03/15/46

     10,000       8,627,998  

Series E, 4.00%, 03/15/42

     10,000       8,914,418  

New York State Thruway Authority, Refunding RB, Series A, 4.00%, 03/15/50

     5,000       4,261,958  

New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/49

     11,185       9,373,112  

New York State Urban Development Corp., Refunding RB, Series A, 3.00%, 03/15/40

     8,500       6,480,782  

New York Transportation Development Corp., ARB, AMT, 5.00%, 12/01/40

     1,865       1,793,642  

New York Transportation Development Corp., RB

    

5.63%, 04/01/40(f)

    1,810       1,791,034  

AMT, 4.00%, 10/01/30

     2,775       2,547,545  

AMT, 5.00%, 10/01/35

     1,870       1,784,547  

Port Authority of New York & New Jersey, Refunding ARB

    

AMT, 5.00%, 01/15/47

     6,520       6,363,718  

223rd Series, AMT, 4.00%, 07/15/41

     1,850       1,573,336  

Series 223, AMT, 4.00%, 07/15/40

     1,475       1,238,988  

Series 232, AMT, 4.63%, 08/01/52

     1,290       1,144,976  

Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 4.13%, 05/15/53

     12,245       10,345,693  

Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/49

     4,860       4,844,155  

Triborough Bridge & Tunnel Authority, Refunding RB

    

Series A, 5.00%, 05/15/47

     3,915       3,923,174  

Series B, 5.00%, 11/15/37

     4,400       4,474,523  

Series C, 5.25%, 05/15/52

     1,805       1,834,584  

Utility Debt Securitization Authority, Refunding RB, Restructured, 5.00%, 12/15/44

     4,290       4,456,383  
   

 

 

  
      226,067,847  
Security   Par
(000)		     Value  
North Carolina — 0.3%            

North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA), 5.00%, 07/01/47

   $         1,860     $         1,625,051  

University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49

     620       598,778  
   

 

 

  
      2,223,829  
Ohio — 2.1%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB

    

Series A-2, 4.00%, 06/01/48

     2,710       2,165,905  

Series B-2, 5.00%, 06/01/55

     10,865       8,884,328  

Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b)

    2,130       1,697,835  

State of Ohio, RB, 4.00%, 01/01/46

     6,000       5,030,991  

State of Ohio, Refunding RB, Series A, 4.00%, 01/01/28(c)

    25       25,265  
   

 

 

  
      17,804,324  
Oklahoma — 0.6%            

Oklahoma City Public Property Authority, Refunding RB, 5.00%, 10/01/29

     1,400       1,429,991  

Oklahoma Development Finance Authority, RB

    

Series B, 5.00%, 08/15/29

     1,200       1,136,617  

Series B, 5.00%, 08/15/33

     1,305       1,181,719  

Oklahoma Water Resources Board, RB, 4.00%, 04/01/48

     1,395       1,203,443  
   

 

 

  
      4,951,770  
Oregon — 0.9%            

Port of Portland Oregon Airport Revenue, Refunding ARB, 29th Series, AMT, 5.50%, 07/01/48

     7,910       8,036,253  
   

 

 

  
Pennsylvania — 2.8%            

Allentown Neighborhood Improvement Zone Development Authority, RB, 5.00%, 05/01/28(b)

    835       838,826  

Bucks County Industrial Development Authority, RB

    

5.00%, 07/01/35

     1,100       927,009  

5.00%, 07/01/36

     1,250       1,042,918  

4.00%, 07/01/46

     245       161,183  

Pennsylvania Economic Development Financing Authority, RB

    

AMT, 5.75%, 06/30/48

     2,365       2,418,914  

AMT, 5.25%, 06/30/53

     3,910       3,786,208  

Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 142-A, 5.00%, 10/01/50

     1,590       1,524,339  

Pennsylvania Turnpike Commission, RB, Series B, Subordinate, 4.00%, 12/01/51

     3,000       2,412,070  

Pennsylvania Turnpike Commission, Refunding RB

    

2nd Series, 5.00%, 12/01/30

     2,620       2,720,117  

Sub-Series B-2, 5.00%, 06/01/32

     5,000       5,160,936  

Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52

     745       724,711  

School District of Philadelphia, GO

    

Series A, (SAW), 5.00%, 09/01/32

     1,200       1,239,090  

Series A, 5.50%, 09/01/48(f)

    1,070       1,096,995  
   

 

 

  
      24,053,316  
Puerto Rico — 5.5%            

Commonwealth of Puerto Rico, GO

    

Series A-1, Restructured, 5.75%, 07/01/31

     2,753       2,830,241  

Series A-1, Restructured, 4.00%, 07/01/35

     675       571,188  
 

 

S C H E D U L E S  O F  I N V E S T M E N T S

   6

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock Municipal Income Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Puerto Rico (continued)            

Commonwealth of Puerto Rico, GO, CAB, Series A, Restructured, 0.00%, 07/01/33(g)

  $ 5,621     $ 3,155,634  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

    

Series A-2, Convertible, Restructured, 4.33%, 07/01/40

         1,919               1,657,036  

Series A-1, Restructured, 4.75%, 07/01/53

     1,069       901,763  

Series A-1, Restructured, 5.00%, 07/01/58

     8,412       7,290,121  

Series A-2, Restructured, 4.78%, 07/01/58

     488       408,583  

Series A-2, Restructured, 4.33%, 07/01/40

     12,484       10,780,091  

Series B-1, Restructured, 4.75%, 07/01/53

     749       633,107  

Series B-2, Restructured, 4.78%, 07/01/58

     726       607,027  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(g)

   

Series A-1, Restructured, 0.00%, 07/01/29

     11,890       9,064,781  

Series A-1, Restructured, 0.00%, 07/01/33

     1,464       904,272  

Series A-1, Restructured, 0.00%, 07/01/46

     7,903       1,953,530  

Series B-1, Restructured, 0.00%, 07/01/27

     2,521       2,133,355  

Series B-1, Restructured, 0.00%, 07/01/29

     4,466       3,403,846  
   

 

 

  
      46,294,575  
Rhode Island — 0.1%            

Providence Redevelopment Agency, Refunding RB, Series A, 5.00%, 04/01/29

     1,000       1,000,916  
   

 

 

  
South Carolina — 2.5%            

Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a)

    5,210       5,190,804  

South Carolina Jobs-Economic Development Authority, Refunding RB

    

4.00%, 11/15/27

     415       382,368  

Series A, 5.00%, 05/01/37

     4,480       4,385,082  

South Carolina Public Service Authority, Refunding RB

    

Series A, 5.00%, 12/01/30

     5,500       5,580,956  

Series A, 5.00%, 12/01/31

     5,660       5,738,631  

South Carolina State Housing Finance & Development Authority, Refunding RB, S/F Housing, Series A, 4.95%, 07/01/53

     310       292,409  
   

 

 

  
      21,570,250  
Tennessee — 3.3%            

Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/49

     3,230       3,054,205  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB

    

5.25%, 05/01/48

     820       822,126  

Series A, 5.00%, 07/01/40

     4,000       3,965,385  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, 5.00%, 10/01/34

     450       428,999  

Metropolitan Nashville Airport Authority, ARB

    

Series B, AMT, 5.00%, 07/01/52

     3,800       3,496,348  

Series B, AMT, 5.50%, 07/01/52

     3,500       3,495,287  

Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)

    5,395       5,412,442  

Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(a)

    7,845       7,678,944  
   

 

 

  
      28,353,736  
Security   Par
(000)		     Value  
Texas — 11.9%            

Arlington Higher Education Finance Corp., RB(b)

   

7.50%, 04/01/62

   $     1,630     $         1,426,114  

7.88%, 11/01/62

     1,410       1,327,483  

City of Austin Texas Airport System Revenue, ARB, Series B, AMT, 5.00%, 11/15/44

     5,130       4,893,399  

City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48

     405       345,841  

City of Houston Texas Airport System Revenue, ARB, Series A, AMT, 6.63%, 07/15/38

     700       693,837  

City of Houston Texas Airport System Revenue, Refunding ARB

    

AMT, 5.00%, 07/15/27

     410       395,884  

Series A, AMT, 1st Lien, Subordinate, (AGM), 5.25%, 07/01/48

     2,390       2,337,805  

City of Houston Texas Airport System Revenue, Refunding RB, Series A, AMT, 5.00%, 07/01/27

     400       386,398  

City of Houston Texas Combined Utility System Revenue, Refunding RB, Series A, 1st Lien, 4.00%, 11/15/51

     1,840       1,488,190  

City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.50%, 02/01/50

     5,940       6,201,633  

County of Harris Texas, GO, Series A, 5.00%, 09/15/48

     6,080       6,172,945  

Cypress-Fairbanks Independent School District, GO, (PSF), 4.00%, 02/15/48

     920       788,034  

Dallas Fort Worth International Airport, Refunding RB, Series B, 4.00%, 11/01/45

     9,400       7,956,749  

Denton Independent School District, GO, (PSF), 5.00%, 08/15/48

     2,485       2,525,876  

Harris County Flood Control District, Refunding GO, Series A, Sustainability Bonds, 4.00%, 09/15/48

     1,885       1,589,976  

Hutto Independent School District, GO, (PSF), 5.00%, 08/01/48

     230       233,936  

Love Field Airport Modernization Corp., ARB, AMT, 5.00%, 11/01/28

     855       836,558  

Mission Economic Development Corp., Refunding RB, AMT, Senior Lien, 4.63%, 10/01/31(b)

    1,360       1,279,411  

New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(b)

    800       626,878  

North Texas Tollway Authority, Refunding RB

    

Series A, 4.13%, 01/01/40

     2,500       2,267,842  

Series A, 5.00%, 01/01/40

     3,000       3,067,608  

Port Authority of Houston of Harris County Texas, ARB, 4.00%, 10/01/46

     1,740       1,436,597  

Port Authority of Houston of Harris County Texas, RB, 5.00%, 10/01/53

     1,850       1,836,377  

San Jacinto River Authority, RB, (AGM), 5.25%, 10/01/25

     2,910       2,911,872  

Spring Branch Independent School District, GO, (PSF), 4.00%, 02/01/48

     6,720       5,822,411  

State of Texas, GO, Class A, 5.00%, 04/01/44

     6,000       6,056,617  

Tarrant County Cultural Education Facilities Finance Corp., RB

    

5.00%, 11/15/51

     7,130       6,799,905  

Series A, 4.00%, 07/01/53

     2,410       1,869,821  

Series A, 5.00%, 07/01/53

     1,485       1,408,643  

Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Series A, 5.00%, 02/15/47

     8,590       8,214,891  
 

 

7

  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock Municipal Income Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Texas (continued)            

Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45

   $ 445     $ 345,483  

Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB

    

5.00%, 12/15/30

     1,720       1,679,815  

5.00%, 12/15/32

     6,585       6,381,764  

Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58

     2,000       1,822,613  

Texas Water Development Board, RB

    

4.45%, 10/15/36

     1,155       1,152,846  

4.00%, 10/15/54

     7,000       5,759,864  
   

 

 

  
      100,341,916  
Utah — 1.0%            

City of Salt Lake City Utah Airport Revenue, ARB

    

Series A, AMT, 5.00%, 07/01/34

     3,500       3,522,331  

Series A, AMT, 5.25%, 07/01/48

     1,320       1,298,833  

Series A, AMT, 5.00%, 07/01/51

             1,805               1,687,367  

Utah Charter School Finance Authority, RB(b)

   

Series A, 3.63%, 06/15/29

     345       307,914  

Series A, 5.00%, 06/15/49

     320       255,502  

Utah Charter School Finance Authority, Refunding RB, 4.50%, 06/15/27(b)

    1,040       993,554  
   

 

 

  
      8,065,501  
Vermont — 0.6%            

University of Vermont and State Agricultural College, Refunding RB, 4.00%, 10/01/30

     5,565       5,519,258  
   

 

 

  
Virginia — 1.2%            

Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57

     8,400       6,909,384  

Roanoke Economic Development Authority, Refunding RB, 3.00%, 07/01/45

     2,065       1,396,025  

Virginia Housing Development Authority, RB, M/F Housing, Series G, 5.15%, 11/01/52

     2,065       1,965,167  
   

 

 

  
      10,270,576  
Washington — 1.0%            

City of Bellevue Washington, Refunding GO, 4.00%, 12/01/42

     1,250       1,103,825  

Port of Seattle Washington, Refunding ARB, Series C, AMT, Intermediate Lien, 5.00%, 08/01/46

     5,755       5,488,490  

Washington State Housing Finance Commission, Refunding RB(b)

    

5.00%, 01/01/27

     1,560       1,479,086  

5.00%, 01/01/28

     750       698,073  
   

 

 

  
      8,769,474  
Wisconsin — 1.8%            

Public Finance Authority, RB

    

5.00%, 06/15/34

     430       413,302  

5.00%, 10/15/56(b)

    385       284,635  

Class A, 5.00%, 06/15/56(b)

    1,000       677,806  
Security   Par
(000)		     Value  
Wisconsin (continued)            

Public Finance Authority, RB (continued)

    

Series A, 4.00%, 03/01/30(b)

  $ 445     $ 411,341  

Series A, 5.00%, 07/15/39(b)

    165       144,983  

Series A, 5.00%, 07/15/49(b)

    630       522,335  

Series A, 5.00%, 10/15/50(b)

    1,695       1,268,552  

AMT, 4.00%, 09/30/51

     1,595       1,156,587  

AMT, 4.00%, 03/31/56

     1,520       1,066,957  

Public Finance Authority, Refunding RB

    

4.00%, 09/01/29(b)

    115       98,182  

5.00%, 09/01/49(b)

    520       371,363  

Series B, AMT, 5.25%, 07/01/28

     3,765       3,734,033  

Wisconsin Health & Educational Facilities Authority, Refunding RB

    

4.00%, 12/15/49

     4,235       3,358,820  

4.00%, 12/01/51

             2,720       2,146,515  
   

 

 

  
      15,655,411  
   

 

 

  

Total Municipal Bonds — 153.4%
(Cost: $1,377,885,959)

           1,297,541,578  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(h)

 

Alabama — 1.3%  

Black Belt Energy Gas District, RB, Series C-1, 5.25%, 02/01/53(a)

    11,280       11,293,344  
   

 

 

  
Colorado — 0.9%            

City & County of Denver Colorado Airport System Revenue, Refunding RB, Series A, AMT, 5.50%, 11/15/53(a)

    7,310       7,392,210  
   

 

 

  
Illinois — 1.4%            

Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/46(a)

    11,860       11,836,784  
   

 

 

  
Michigan(a) — 2.9%            

Ascension Health, 5.00%, 11/15/47

     10,000       9,571,754  

Michigan Finance Authority, Refunding RB, 5.00%, 12/01/45

     15,520       14,868,252  
   

 

 

  
      24,440,006  
Nebraska — 1.1%            

Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53(a)

     9,062       8,934,732  
   

 

 

  
New York — 0.5%            

Port Authority of New York & New Jersey, Refunding ARB, Series 178, AMT, 5.00%, 12/01/32

     4,009       4,010,118  
   

 

 

  
 

 

S C H E D U L E S  O F  I N V E S T M E N T S

   8

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock Municipal Income Fund, Inc. (MUI)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  
Pennsylvania — 2.2%             

Pennsylvania Turnpike Commission, RB, Series B-1, 5.25%, 06/01/47(a)

  $ 18,910      $ 18,982,256  
    

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 10.3%
(Cost: $89,538,877)

 

      86,889,450  
    

 

 

  

Total Long-Term Investments — 163.7%
(Cost: $1,467,424,836)

 

        1,384,431,028  
    

 

 

  
     Shares          
Short-Term Securities             

Money Market Funds — 7.6%

     

BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.82%(i)(j)

    64,795,431        64,795,431  
    

 

 

  

Total Short-Term Securities — 7.6%
(Cost: $64,795,418)

 

      64,795,431  
    

 

 

  

Total Investments — 171.3%
(Cost: $1,532,220,254)

 

      1,449,226,459  

Other Assets Less Liabilities — 1.2%

 

      9,369,185  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (6.1)%

 

      (51,352,812 ) 

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (66.4)%

 

      (561,399,364 ) 
    

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

    $ 845,843,468  
    

 

 

  

 

(a) 

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.

(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) 

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.

(d) 

Issuer filed for bankruptcy and/or is in default.

(e) 

Non-income producing security.

(f) 

When-issued security.

(g) 

Zero-coupon bond.

(h) 

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.

(i) 

Affiliate of the Fund.

(j) 

Annualized 7-day yield as of period end.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
07/31/23		      Purchases
at Cost		      Proceeds
from Sales		      Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
10/31/23		      Shares
Held at
10/31/23		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $  36,788,624      $ 28,006,189 (a)     $ —      $ 531      $ 87      $  64,795,431        64,795,431      $  198,676      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a) 

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts		        Expiration
Date		        Notional
Amount (000)		        Value/
Unrealized
Appreciation
(Depreciation)		  

Short Contracts

                  

10-Year U.S. Treasury Note

      228          12/19/23        $ 24,175        $ 288,739  

U.S. Long Bond

      270          12/19/23          29,413          668,803  

5-Year U.S. Treasury Note

      236          12/29/23          24,649          147,329  
                 

 

 

  
                  $ 1,104,871  
                 

 

 

  

 

9

  

Schedule of Investments (unaudited) (continued)

October 31, 2023

    BlackRock Municipal Income Fund, Inc. (MUI)

 

Fair Value Hierarchy as of Period End

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

 

  •  

Level 1 – Unadjusted price quotations 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); and

 

  •  

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (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. There may not be a secondary market, and/or there are 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

                  

Investments

                  

Long-Term Investments

                  

Municipal Bonds

    $ —        $ 1,297,541,578        $ —        $ 1,297,541,578  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          86,889,450          —          86,889,450  

Short-Term Securities

                  

Money Market Funds

      64,795,431          —          —          64,795,431  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $   64,795,431        $   1,384,431,028        $               —        $   1,449,226,459  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                 

Assets

                  

Interest Rate Contracts

    $ 1,104,871        $ —        $ —        $ 1,104,871  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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

                  

TOB Trust Certificates

    $ —        $ (50,895,945 )       $ —        $ (50,895,945 ) 

VRDP Shares at Liquidation Value

      —          (561,700,000 )         —          (561,700,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $               —        $  (612,595,945 )       $ —        $ (612,595,945 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

Portfolio Abbreviation
AGC-ICC    Assured Guaranty Corp. – Insured Custody Certificate
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAB   

Build America Bond

BAM    Build America Mutual Assurance Co.
Portfolio Abbreviation (continued)
BAM-TCRS    Build America Mutual Assurance Co.- Transferable Custodial Receipts
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
FHLMC    Federal Home Loan Mortgage Corp.
FNMA    Federal National Mortgage Association
GNMA    Government National Mortgage Association
 

 

S C H E D U L E S  O F  I N V E S T M E N T S

   10

Schedule of Investments (unaudited) (continued)

October 31, 2023

    BlackRock Municipal Income Fund, Inc. (MUI)

 

 

Portfolio Abbreviation (continued)

GO    General Obligation Bonds
GTD    GTD Guaranteed
M/F    Multi-Family
PSF    Permanent School Fund
RB   

Revenue Bond

S/F    Single-Family
SAB    Special Assessment Bonds
SAN    State Aid Notes
SAW    State Aid Withholding
ST    Special Tax
TA    Tax Allocation

 

11

  
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