October 31, 2024 
2024 Quarterly Report
(Unaudited)
 
BlackRock Municipal Income Fund, Inc. (MUI)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
October 31, 2024
BlackRock Municipal Income Fund, Inc. (MUI)
(Percentages shown are based on Net Assets)

 
Security
 
Par
(000)
Value
Municipal Bonds
Alabama — 4.8%
Black Belt Energy Gas District, RB(a)
 
Series A, 5.25%, 01/01/54
$
3,365
$ 3,591,890
Series C, 5.50%, 10/01/54
 
7,625
8,379,246
County of Jefferson Alabama Sewer Revenue,
Refunding RB, 5.25%, 10/01/49
 
1,750
1,865,149
Energy Southeast A Cooperative District, RB,
Series B-1, 5.75%, 04/01/54(a)
 
10,455
11,665,545
Southeast Energy Authority A Cooperative District,
RB(a)
 
Series A-1, 5.50%, 01/01/53
 
3,315
3,549,252
Series B, 5.00%, 01/01/54
 
6,190
6,552,478
Series B-1, 5.00%, 05/01/53
 
8,800
9,178,300
 
 
44,781,860
Arizona — 0.9%
Arizona Industrial Development Authority, RB
 
4.38%, 07/01/39(b)
 
1,015
932,010
Series A, 3.55%, 07/15/29
 
855
816,155
Series A, 5.00%, 07/01/49(b)
 
965
905,982
Series A, 5.00%, 07/01/54(b)
 
745
690,680
Series B, 4.25%, 07/01/27(b)
 
205
203,676
Industrial Development Authority of the County of Pima,
RB, 5.00%, 07/01/29(b)
 
300
302,535
Industrial Development Authority of the County of Pima,
Refunding RB, 5.00%, 06/15/49(b)
 
950
936,216
Maricopa County Industrial Development Authority, RB,
6.38%, 07/01/58(b)
 
1,050
1,100,994
Phoenix-Mesa Gateway Airport Authority, ARB
 
5.00%, 07/01/27
 
700
700,540
5.00%, 07/01/32
 
1,925
1,926,367
 
 
8,515,155
Arkansas — 0.2%
Arkansas Development Finance Authority, RB, AMT,
4.50%, 09/01/49(b)
 
2,245
2,177,072
California — 4.6%
California Community Choice Financing Authority, RB,
Sustainability Bonds, 5.50%, 10/01/54(a)
 
2,600
2,854,282
California Enterprise Development Authority, RB,
8.00%, 11/15/62(b)
 
1,450
1,501,562
California Infrastructure & Economic Development
Bank, RB, Series A-4, AMT, 8.00%, 01/01/50(a)(b)
 
1,310
1,349,512
California School Finance Authority, RB, 5.00%,
08/01/42(b)
 
875
891,806
City of Los Angeles Department of Airports, ARB,
Series C, AMT, 5.00%, 05/15/45
 
5,000
5,241,787
City of Los Angeles Department of Airports, Refunding
ARB
 
AMT, 5.00%, 05/15/36
 
5,650
6,018,969
AMT, Subordinate, 5.00%, 11/15/31(c)
 
530
580,825
AMT, Subordinate, 5.00%, 05/15/37
 
9,470
10,141,219
CSCDA Community Improvement Authority, RB, M/F
Housing, Sustainability Bonds, 5.00%, 09/01/37(b)
 
155
156,603
Manteca Financing Authority, RB, (AGC-ICC), 5.75%,
12/01/36
 
3,285
3,291,364
San Francisco City & County Airport Comm-San
Francisco International Airport, Refunding ARB
 
Series A, AMT, 5.00%, 05/01/47
 
7,855
7,952,871
Security
 
Par
(000)
Value
California (continued)
San Francisco City & County Airport Comm-San
Francisco International Airport, Refunding
ARB (continued)
 
Series E, AMT, 5.00%, 05/01/40
$
3,335
$ 3,477,323
State of California, GO, 5.50%, 04/01/28
 
15
15,026
 
 
43,473,149
Colorado — 1.0%
City & County of Denver Colorado Airport System
Revenue, Refunding ARB
 
Series A, AMT, 5.00%, 11/15/47
 
885
920,095
Series A, AMT, 4.13%, 11/15/53
 
2,185
2,032,895
Series D, AMT, 5.75%, 11/15/45
 
1,315
1,454,815
Colorado Health Facilities Authority, RB
 
5.25%, 11/01/39
 
1,000
1,103,115
5.50%, 11/01/47
 
620
680,468
5.25%, 11/01/52
 
1,555
1,653,980
Mayfield Metropolitan District, GOL, Series A, 5.75%,
12/01/50
 
1,189
1,215,213
 
 
9,060,581
Connecticut — 0.6%
Connecticut State Health & Educational Facilities
Authority, RB, 4.25%, 07/15/53
 
765
744,014
Connecticut State Health & Educational Facilities
Authority, Refunding RB, 5.00%, 12/01/45
 
5,000
5,043,494
 
 
5,787,508
District of Columbia — 0.6%
Washington Metropolitan Area Transit Authority
Dedicated Revenue, RB, Sustainability Bonds,
5.00%, 07/15/48
 
5,000
5,340,490
Florida — 3.6%
Capital Region Community Development District,
Refunding SAB, Series A-1, 4.63%, 05/01/28
 
300
300,391
Capital Trust Agency, Inc., RB(b)
 
5.00%, 01/01/55
 
945
900,250
Series A, 4.00%, 06/15/29
 
465
449,970
Series A, 5.00%, 06/01/45
 
850
773,851
Series A, 5.50%, 06/01/57
 
305
285,579
County of Miami-Dade Seaport Department, Refunding
RB, Series B-1, AMT, Subordinate, 4.00%, 10/01/46
 
5,500
5,056,743
County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54
 
715
791,085
Esplanade Lake Club Community Development District,
SAB
 
Series A-1, 4.00%, 11/01/40
 
1,080
951,225
Series A-2, 3.63%, 11/01/30
 
100
95,465
Series A-2, 4.00%, 11/01/40
 
185
162,941
Florida Development Finance Corp., RB(b)
 
6.50%, 06/30/57(d)(e)
 
840
593,038
AMT, 5.00%, 05/01/29
 
2,380
2,418,407
Florida Development Finance Corp., Refunding RB
 
5.00%, 06/01/31(b)
 
450
460,354
5.00%, 09/15/50(b)
 
475
436,777
AMT, (AGM), 5.25%, 07/01/53
 
12,370
12,842,254
Lakewood Ranch Stewardship District, SAB
 
4.30%, 05/01/27(b)
 
325
323,859
3.80%, 05/01/29
 
225
220,769
Orange County Health Facilities Authority, RB, 5.00%,
10/01/47
 
1,945
2,014,398
Seminole Improvement District, RB
 
5.00%, 10/01/32
 
265
262,423
1
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock Municipal Income Fund, Inc. (MUI)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Florida (continued)
Seminole Improvement District, RB (continued)
 
5.30%, 10/01/37
$
300
$ 297,052
Sterling Hill Community Development District,
Refunding SAB, Series B, 5.50%, 11/01/10(d)(e)
 
142
69,847
Tolomato Community Development District, Refunding
SAB, Sub-Series A-2, 3.85%, 05/01/29
 
180
176,832
Viera Stewardship District, SAB, Series 2023, 5.50%,
05/01/54
 
910
905,463
Village Community Development District No. 14, SAB,
5.50%, 05/01/53
 
1,940
1,988,297
Village Community Development District No. 15, SAB,
5.25%, 05/01/54(b)
 
835
861,568
 
 
33,638,838
Georgia — 3.2%
East Point Business & Industrial Development Authority,
RB, Series A, 5.25%, 06/15/62(b)
 
740
731,523
Main Street Natural Gas, Inc., RB
 
Series A, 5.00%, 05/15/49
 
860
914,382
Series A, 5.00%, 06/01/53(a)
 
8,890
9,400,572
Main Street Natural Gas, Inc., Refunding RB,
Series E-1, 5.00%, 12/01/53(a)
 
13,405
14,243,756
Municipal Electric Authority of Georgia, RB, Series A,
5.00%, 07/01/52
 
3,160
3,282,332
Municipal Electric Authority of Georgia, Refunding RB,
Series A, 5.00%, 01/01/56
 
1,250
1,280,468
 
 
29,853,033
Hawaii — 0.9%
State of Hawaii Airports System Revenue, ARB,
Series A, AMT, 5.00%, 07/01/43
 
5,000
5,068,371
State of Hawaii Airports System Revenue, COP
 
AMT, 5.25%, 08/01/25
 
1,350
1,350,683
AMT, 5.25%, 08/01/26
 
2,500
2,501,262
 
 
8,920,316
Idaho — 0.6%
Idaho Health Facilities Authority, RB, Series A, 5.00%,
12/01/47
 
5,000
5,097,283
Idaho Housing & Finance Association, Refunding RB,
(GTD), 4.00%, 05/01/52
 
905
808,115
 
 
5,905,398
Illinois — 5.1%
Chicago Board of Education, GO
 
Series A, 5.00%, 12/01/34
 
1,760
1,808,920
Series A, 5.00%, 12/01/40
 
720
726,690
Series A, 5.00%, 12/01/47
 
1,915
1,893,548
Chicago Board of Education, Refunding GO
 
Series A, 5.00%, 12/01/30
 
495
512,008
Series C, 5.00%, 12/01/26
 
4,730
4,814,464
Series D, 5.00%, 12/01/26
 
4,185
4,254,357
Chicago Midway International Airport, Refunding ARB,
Series A, AMT, Senior Lien, (BAM), 5.75%, 01/01/48
 
1,015
1,107,570
Chicago O’Hare International Airport, ARB, Class A,
AMT, Senior Lien, (AGM), 5.50%, 01/01/53
 
4,360
4,605,757
Chicago O’Hare International Airport, Refunding RB,
Series B, Senior Lien, 5.00%, 01/01/37
 
3,460
3,549,427
Chicago Transit Authority Sales Tax Receipts Fund,
Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57
 
1,000
1,024,982
Security
 
Par
(000)
Value
Illinois (continued)
City of Chicago Illinois Wastewater Transmission
Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%,
01/01/58
$
1,190
$ 1,271,123
Illinois Housing Development Authority, RB, S/F
Housing, Series G, Sustainability Bonds, (FHLMC,
FNMA, GNMA), 4.65%, 10/01/37
 
1,455
1,498,776
Metropolitan Pier & Exposition Authority, Refunding RB,
4.00%, 06/15/50
 
2,725
2,507,369
State of Illinois, GO
 
5.00%, 11/01/34
 
5,000
5,121,237
Series A, 5.50%, 03/01/42
 
6,000
6,572,779
Series A, 5.50%, 03/01/47
 
5,500
5,938,655
Series D, 5.00%, 11/01/28
 
350
366,144
 
 
47,573,806
Indiana — 0.9%
Indiana Finance Authority, RB
 
5.00%, 06/01/41
 
550
485,211
5.00%, 06/01/51
 
405
329,503
5.00%, 06/01/56
 
360
287,668
Indiana Finance Authority, Refunding RB, Series A,
4.13%, 12/01/26
 
1,270
1,271,163
Indianapolis Local Public Improvement Bond Bank, RB,
Series F1, Subordinate, (BAM), 5.00%, 03/01/53
 
5,365
5,673,249
 
 
8,046,794
Kentucky — 1.0%
City of Henderson Kentucky, RB, Series A, AMT, 4.70%,
01/01/52(b)
 
285
275,396
County of Boyle Kentucky, Refunding RB, Series A,
4.25%, 06/01/46
 
810
757,813
Kentucky Public Energy Authority, Refunding RB,
Series A-1, 5.25%, 04/01/54(a)
 
7,470
8,068,593
 
 
9,101,802
Louisiana — 0.7%
Louisiana Public Facilities Authority, RB
 
5.25%, 10/01/48
 
2,030
2,118,334
5.25%, 10/01/53
 
3,965
4,103,544
 
 
6,221,878
Maryland — 1.4%
City of Baltimore Maryland, RB, 5.00%, 06/01/51
 
820
791,295
City of Baltimore Maryland, Refunding TA(b)
 
Series A, Senior Lien, 2.95%, 06/01/27
 
175
168,927
Series A, Senior Lien, 3.05%, 06/01/28
 
190
181,379
Series A, Senior Lien, 3.15%, 06/01/29
 
200
188,855
City of Baltimore Maryland, TA, Series B, 3.38%,
06/01/29(b)
 
285
271,746
Maryland Economic Development Corp., RB, Class B,
AMT, Sustainability Bonds, 5.25%, 06/30/47
 
9,730
10,090,174
Maryland Health & Higher Educational Facilities
Authority, RB, 6.25%, 07/01/63(b)
 
1,655
1,671,309
 
 
13,363,685
Massachusetts — 0.5%
Massachusetts Development Finance Agency, RB,
Series A, 5.00%, 01/01/47
 
4,610
4,629,609
Massachusetts Port Authority, ARB, Series E, AMT,
5.00%, 07/01/51
 
215
221,281
 
 
4,850,890
Schedule of Investments
2
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock Municipal Income Fund, Inc. (MUI)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Michigan — 0.8%
City of Detroit Michigan Water Supply System Revenue,
RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36
$
10
$ 10,021
City of Detroit Michigan, GO
 
5.00%, 04/01/30
 
180
188,058
5.00%, 04/01/32
 
225
234,284
5.00%, 04/01/33
 
295
306,315
Lansing Board of Water & Light, RB, Series A, 5.00%,
07/01/51
 
3,760
3,945,914
Michigan Finance Authority, RB, Sustainability Bonds,
5.50%, 02/28/57
 
540
590,081
Michigan Strategic Fund, RB, AMT, 5.00%, 06/30/48
 
2,000
2,021,639
Michigan Strategic Fund, Refunding RB, 5.00%,
11/15/34
 
490
498,090
 
 
7,794,402
Minnesota — 0.3%
Housing & Redevelopment Authority of The City of St.
Paul Minnesota, RB, Series A, 4.75%, 07/01/29(b)
 
150
150,012
Minnesota Higher Education Facilities Authority, RB,
Series A, Sustainability Bonds, 5.00%, 10/01/47
 
2,420
2,560,920
 
 
2,710,932
Mississippi — 1.8%
Mississippi Development Bank, RB
 
(AGM), 6.75%, 12/01/31
 
3,775
3,784,773
(AGM), 6.75%, 12/01/33
 
2,350
2,355,898
(AGM), 6.88%, 12/01/40
 
6,405
6,420,448
Mississippi Home Corp., RB, S/F Housing, Series C,
(FHLMC, FNMA, GNMA), 4.80%, 12/01/49
 
4,530
4,561,200
 
 
17,122,319
Missouri — 0.7%
Industrial Development Authority of the City of St. Louis
Missouri, Refunding RB, Series A, 3.88%, 11/15/29
 
260
241,209
Kansas City Industrial Development Authority, ARB,
Class B, AMT, 5.00%, 03/01/54
 
2,840
2,894,862
Missouri Housing Development Commission, RB, S/F
Housing, Series C, (FHLMC, FNMA, GNMA), 4.55%,
11/01/44
 
2,030
2,044,430
St Louis County Industrial Development Authority,
Refunding RB
 
5.00%, 09/01/27
 
225
228,079
5.00%, 09/01/32
 
1,015
1,027,183
 
 
6,435,763
Nevada — 0.2%
State of Nevada Department of Business & Industry,
RB, Series A4, AMT, 8.13%, 01/01/50(a)
 
100
103,016
Tahoe-Douglas Visitors Authority, RB, 5.00%, 07/01/51
 
1,890
1,902,831
 
 
2,005,847
New Hampshire — 0.1%
New Hampshire Business Finance Authority, RB, M/F
Housing, Series 2, Sustainability Bonds, 4.25%,
07/20/41
 
1,481
1,448,482
New Jersey — 6.0%
Camden County Improvement Authority, RB,
Sustainability Bonds, 6.00%, 06/15/47
 
940
1,016,970
New Jersey Economic Development Authority, RB
 
5.00%, 11/01/44
 
10,500
10,955,947
AMT, 5.50%, 01/01/26
 
1,500
1,501,754
AMT, 5.50%, 01/01/27
 
1,000
1,001,187
AMT, (AGM), 5.00%, 01/01/31
 
2,425
2,427,388
Security
 
Par
(000)
Value
New Jersey (continued)
New Jersey Economic Development Authority,
RB (continued)
 
AMT, 5.38%, 01/01/43
$
7,000
$ 7,013,661
New Jersey Housing & Mortgage Finance Agency, RB,
S/F Housing, Series K, Sustainability Bonds, 4.55%,
10/01/44
 
1,240
1,248,224
New Jersey Transportation Trust Fund Authority, RB
 
Series AA, 5.00%, 06/15/45
 
6,000
6,308,295
Series BB, 5.00%, 06/15/46
 
6,725
7,182,621
New Jersey Turnpike Authority, RB, Series B, 5.00%,
01/01/46
 
4,105
4,444,071
Newark Housing Authority, RB, M/F Housing, Series A,
5.00%, 12/01/25
 
690
690,950
Tobacco Settlement Financing Corp., Refunding RB,
Series A, 5.00%, 06/01/34
 
12,000
12,485,142
 
 
56,276,210
New Mexico — 0.1%
City of Santa Fe New Mexico, RB
 
Series A, 5.00%, 05/15/34
 
170
173,404
Series A, 5.00%, 05/15/44
 
820
811,430
 
 
984,834
New York — 6.5%
Buffalo & Erie County Industrial Land Development
Corp., Refunding RB
 
Series A, 4.50%, 06/01/27
 
1,070
1,082,824
Series A, 5.00%, 06/01/35
 
415
425,629
Build NYC Resource Corp., RB, Series A, 4.88%,
05/01/31(b)
 
360
359,673
City of New York, GO, Series A, 5.00%, 08/01/46
 
3,035
3,262,093
Huntington Local Development Corp., RB, Series A,
5.00%, 07/01/36
 
940
878,757
New York City Housing Development Corp., RB, M/F
Housing, Series E-1, Sustainability Bonds, 4.85%,
11/01/53
 
2,925
2,959,481
New York City Municipal Water Finance Authority, RB,
Series GG, 5.00%, 06/15/50
 
1,685
1,762,724
New York Convention Center Development Corp., RB,
CAB, Class B, Sub Lien, 0.00%, 11/15/40(f)
 
7,650
3,616,370
New York Liberty Development Corp., Refunding RB
 
Class 1, 5.00%, 11/15/44(b)
 
1,730
1,721,737
Series A, Sustainability Bonds, 3.00%, 11/15/51
 
4,840
3,561,190
Series A, Sustainability Bonds, (BAM-TCRS), 3.00%,
11/15/51
 
3,970
2,910,396
New York Transportation Development Corp., ARB
 
AMT, 5.63%, 04/01/40
 
1,810
1,940,253
AMT, 5.00%, 12/01/40
 
1,865
1,940,663
New York Transportation Development Corp., RB
 
AMT, Sustainability Bonds, (AGM), 5.25%, 06/30/60
 
5,920
6,164,207
AMT, Sustainability Bonds, 5.50%, 06/30/60
 
8,915
9,386,508
Port Authority of New York & New Jersey, Refunding
ARB
 
AMT, 5.00%, 01/15/47
 
6,520
6,857,184
Series 232, AMT, 4.63%, 08/01/52
 
1,290
1,301,536
Triborough Bridge & Tunnel Authority, RB, Series A,
5.00%, 11/15/49
 
4,860
5,110,425
Triborough Bridge & Tunnel Authority, Refunding RB
 
Series A, 5.00%, 05/15/47
 
3,915
4,170,500
Series C, 5.25%, 05/15/52
 
1,805
1,943,372
 
 
61,355,522
3
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock Municipal Income Fund, Inc. (MUI)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
North Carolina — 0.8%
North Carolina Housing Finance Agency, RB, S/F
Housing, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 5.00%, 07/01/47
$
1,855
$ 1,854,486
North Carolina Turnpike Authority, RB, Series A, (AGM),
5.00%, 01/01/58
 
4,625
4,882,637
University of North Carolina at Chapel Hill, RB, 5.00%,
02/01/49
 
620
689,273
 
 
7,426,396
North Dakota — 0.4%
North Dakota Housing Finance Agency, RB, S/F
Housing, Series C, Sustainability Bonds, 4.75%,
07/01/49
 
3,945
3,902,188
Ohio — 0.8%
Buckeye Tobacco Settlement Financing Authority,
Refunding RB
 
Series A-2, Class 1, 4.00%, 06/01/48
 
2,710
2,445,634
Series B-2, Class 2, 5.00%, 06/01/55
 
5,310
4,788,696
 
 
7,234,330
Pennsylvania — 4.0%
Allegheny County Hospital Development Authority,
Refunding RB, Series A, 5.00%, 04/01/47
 
2,525
2,550,978
Bucks County Industrial Development Authority, RB,
4.00%, 07/01/46
 
245
200,096
Pennsylvania Economic Development Financing
Authority, RB
 
AMT, (AGM), 5.50%, 06/30/42
 
2,000
2,207,136
AMT, 5.75%, 06/30/48
 
2,365
2,529,603
AMT, 5.25%, 06/30/53
 
3,910
4,022,321
Pennsylvania Housing Finance Agency, RB, S/F
Housing, Series 145A, Sustainability Bonds, 4.75%,
10/01/49
 
8,545
8,624,498
Pennsylvania Housing Finance Agency, Refunding RB,
S/F Housing, Series 142-A, Sustainability Bonds,
5.00%, 10/01/50
 
1,590
1,632,948
Pennsylvania Turnpike Commission, RB, Series B,
Subordinate, 4.00%, 12/01/51
 
3,000
2,825,117
Philadelphia Authority for Industrial Development, RB,
5.25%, 11/01/52
 
745
785,172
School District of Philadelphia, GOL
 
Series A, (SAW), 5.50%, 09/01/48
 
9,145
10,127,548
Series B, Sustainability Bonds, (SAW), 5.00%,
09/01/48
 
2,085
2,210,901
 
 
37,716,318
Puerto Rico — 1.9%
Commonwealth of Puerto Rico, GO
 
Series A-1, Restructured, 5.75%, 07/01/31
 
2,753
3,027,181
Series A-1, Restructured, 4.00%, 07/01/35
 
675
665,295
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB
 
Series A-2, Convertible, Restructured, 4.33%,
07/01/40
 
1,919
1,898,872
Series A-1, Restructured, 4.75%, 07/01/53
 
1,069
1,054,714
Series A-1, Restructured, 5.00%, 07/01/58
 
6,695
6,703,066
Series A-2, Restructured, 4.78%, 07/01/58
 
488
482,728
Series B-1, Restructured, 4.75%, 07/01/53
 
334
331,560
Series B-2, Restructured, 4.78%, 07/01/58
 
726
714,623
Security
 
Par
(000)
Value
Puerto Rico (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, CAB(f)
 
Series A-1, Restructured, 0.00%, 07/01/33
$
1,464
$ 1,029,892
Series A-1, Restructured, 0.00%, 07/01/46
 
6,546
2,098,796
 
 
18,006,727
South Carolina — 0.6%
Patriots Energy Group Financing Agency, RB,
Series A1, 5.25%, 10/01/54(a)
 
5,210
5,629,066
South Carolina State Housing Finance & Development
Authority, Refunding RB, S/F Housing, Series A,
4.95%, 07/01/53
 
300
310,460
 
 
5,939,526
Tennessee — 3.7%
Knox County Health Educational & Housing Facility
Board, RB, Series A-1, (BAM), 5.50%, 07/01/59
 
660
707,735
Memphis-Shelby County Airport Authority, ARB,
Series A, AMT, 5.00%, 07/01/49
 
3,230
3,326,074
Metropolitan Government Nashville & Davidson County
Health & Educational Facilities Board, RB
 
5.25%, 05/01/48
 
820
878,897
Series A, 5.00%, 07/01/40
 
4,000
4,047,499
Metropolitan Government Nashville & Davidson County
Health & Educational Facilities Board, Refunding RB,
5.25%, 10/01/58
 
3,090
3,111,071
Metropolitan Nashville Airport Authority, ARB
 
Series B, AMT, 5.00%, 07/01/52
 
3,800
3,956,062
Series B, AMT, 5.50%, 07/01/52
 
3,500
3,770,795
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)
 
5,395
5,824,498
Tennessee Energy Acquisition Corp., RB, Series A,
5.00%, 05/01/52(a)
 
7,845
8,327,808
Tennessee Housing Development Agency, RB, S/F
Housing
 
Series 2-A, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 4.45%, 07/01/44
 
250
251,863
Series 2-A, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 4.60%, 07/01/49
 
310
311,646
 
 
34,513,948
Texas — 4.3%
Arlington Higher Education Finance Corp., RB(b)
 
7.50%, 04/01/62
 
1,630
1,660,878
7.88%, 11/01/62
 
1,410
1,475,328
City of Austin Texas Airport System Revenue, ARB,
Series B, AMT, 5.00%, 11/15/44
 
5,130
5,295,316
City of El Paso Texas Water & Sewer Revenue,
Refunding RB, 5.25%, 03/01/49
 
2,505
2,723,346
City of Houston Texas Airport System Revenue, ARB,
Series A, AMT, 6.63%, 07/15/38
 
700
701,155
City of Houston Texas Airport System Revenue,
Refunding ARB, AMT, 5.00%, 07/15/27
 
410
417,942
City of Houston Texas Airport System Revenue,
Refunding RB, Series A, AMT, 5.00%, 07/01/27
 
400
407,644
Love Field Airport Modernization Corp., ARB, 5.00%,
11/01/28
 
700
700,410
New Hope Cultural Education Facilities Finance Corp.,
RB, Series A, 5.00%, 08/15/50(b)
 
800
760,783
Port Authority of Houston of Harris County Texas, ARB,
1st Lien, 5.00%, 10/01/53
 
1,850
1,978,732
San Jacinto River Authority, RB, (AGM), 5.25%,
10/01/25
 
2,910
2,912,626
Tarrant County Cultural Education Facilities Finance
Corp., Refunding RB, Series A, 5.00%, 02/15/47
 
8,590
8,697,974
Schedule of Investments
4
Schedule of Investments (unaudited)(continued)
October 31, 2024
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
$ 422,260
Texas Municipal Gas Acquisition & Supply Corp. III,
Refunding RB
 
5.00%, 12/15/30
 
1,720
1,814,637
5.00%, 12/15/32
 
6,585
6,967,201
Texas Private Activity Bond Surface Transportation
Corp., RB, AMT, 5.00%, 06/30/58
 
2,000
2,024,696
Texas Water Development Board, RB, 4.45%, 10/15/36
 
1,155
1,237,529
 
 
40,198,457
Utah — 0.7%
City of Salt Lake City Utah Airport Revenue, ARB
 
Series A, AMT, 5.00%, 07/01/34
 
3,500
3,574,388
Series A, AMT, 5.00%, 07/01/51
 
1,805
1,850,039
Utah Charter School Finance Authority, Refunding RB,
4.50%, 06/15/27(b)
 
805
794,927
 
 
6,219,354
Virginia — 1.1%
Hampton Roads Transportation Accountability
Commission, RB, Series A, 4.00%, 07/01/57
 
8,400
8,063,305
Virginia Housing Development Authority, RB, M/F
Housing, Series G, 5.15%, 11/01/52
 
2,065
2,117,731
Virginia Housing Development Authority, RB, S/F
Housing, Series E-2, 4.40%, 10/01/44
 
560
558,051
 
 
10,739,087
Washington — 0.6%
Port of Seattle Washington, Refunding ARB, Series C,
AMT, Intermediate Lien, 5.00%, 08/01/46
 
5,755
6,006,215
Wisconsin — 0.8%
Public Finance Authority, RB
 
5.00%, 06/15/34
 
430
442,803
5.00%, 10/15/56(b)
 
385
328,714
Class A, 5.00%, 06/15/56(b)
 
1,000
846,859
AMT, Sustainability Bonds, 4.00%, 09/30/51
 
1,595
1,383,485
AMT, Sustainability Bonds, 4.00%, 03/31/56
 
1,520
1,291,269
Public Finance Authority, Refunding RB
 
4.00%, 09/01/29(b)
 
100
96,758
5.00%, 09/01/49(b)
 
520
488,104
Series B, AMT, 5.25%, 07/01/28
 
2,730
2,732,023
 
 
7,610,015
Total Municipal Bonds — 66.8%
(Cost: $607,921,608)
628,259,127
Municipal Bonds Transferred to Tender Option Bond Trusts(g)
Alabama — 2.3%
Black Belt Energy Gas District, RB, Series C-1, 5.25%,
02/01/53(a)
 
20,000
21,191,835
Security
 
Par
(000)
Value
California — 0.7%
City of Los Angeles Department of Airports, ARB,
Series A, AMT, 5.00%, 05/15/45
$
6,415
$ 6,769,813
Colorado — 0.8%
City & County of Denver Colorado Airport System
Revenue, Refunding ARB, Series A, AMT, 5.50%,
11/15/53
 
7,310
7,813,503
Florida — 2.9%
City of Fort Lauderdale Florida Water & Sewer
Revenue, RB, Series A, 5.50%, 09/01/48
 
5,310
5,922,076
City of Tampa Florida Water & Wastewater System
Revenue, RB, Series A, Sustainability Bonds, 5.25%,
10/01/57
 
20,000
21,656,787
 
 
27,578,863
Idaho — 0.8%
Idaho Housing & Finance Association, RB, Series A,
5.25%, 08/15/48(h)
 
6,880
7,575,579
Illinois — 1.4%
Illinois State Toll Highway Authority, RB, Series A,
5.00%, 01/01/46
 
11,860
12,608,206
Michigan — 2.7%
Michigan Finance Authority, Refunding RB, 5.00%,
12/01/45
 
15,520
15,627,008
Michigan State Hospital Finance Authority, Refunding
RB, 5.00%, 11/15/47
 
10,000
10,093,160
 
 
25,720,168
Nebraska — 0.9%
Omaha Public Power District, RB, Series A, 5.25%,
02/01/48
 
8,045
8,795,596
Oregon — 0.9%
Port of Portland Oregon Airport Revenue, Refunding
ARB, Series 29, AMT, Sustainability Bonds, 5.50%,
07/01/48
 
7,910
8,530,658
Pennsylvania — 2.1%
Pennsylvania Turnpike Commission, RB, Series B-1,
5.25%, 06/01/47
 
18,910
19,456,612
Texas — 2.3%
City of San Antonio Texas Electric & Gas Systems
Revenue, Refunding RB, Series A, 5.50%, 02/01/50
 
5,940
6,566,470
5
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock Municipal Income Fund, Inc. (MUI)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Texas (continued)
Denton Independent School District, GO, (PSF-GTD),
5.00%, 08/15/48
$
6,640
$ 7,122,036
Tarrant County Cultural Education Facilities Finance
Corp., RB, 5.00%, 11/15/51
 
7,130
7,548,478
 
 
21,236,984
Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 17.8%
(Cost: $161,827,602)
167,277,817
Total Long-Term Investments — 84.6%
(Cost: $769,749,210)
795,536,944
 
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 21.3%
BlackRock Liquidity Funds, MuniCash, Institutional
Shares, 3.19%(i)(j)
 
199,889,780
199,909,769
Total Short-Term Securities — 21.3%
(Cost: $199,909,769)
199,909,769
Total Investments — 105.9%
(Cost: $969,658,979)
995,446,713
Other Assets Less Liabilities — 4.4%
41,578,732
Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (10.3)%
(96,907,621
)
Net Assets Applicable to Common Shares — 100.0%
$ 940,117,824
 
(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)
Zero-coupon bond.
(g)
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.
(h)
All or a portion of the security is subject to a recourse agreement. The aggregate
maximum potential amount the Fund could ultimately be required to pay under the
agreement, which expires on August 15, 2031, is $3,625,617.
(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, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
10/31/24
Shares
Held at
10/31/24
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, MuniCash, Institutional
Shares
$ 375,440,715
$ —
$ (175,530,946
)(a)
$ 2,013
$ (2,013
)
$ 199,909,769
199,889,780
$ 693,643
$ —
 
(a)
Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: 
• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable
Schedule of Investments
6
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock Municipal Income Fund, Inc. (MUI)
 
Fair Value Hierarchy as of Period End (continued)
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
$ —
$ 628,259,127
$ —
$ 628,259,127
Municipal Bonds Transferred to Tender Option Bond Trusts
—
167,277,817
—
167,277,817
Short-Term Securities 
Money Market Funds
199,909,769
—
—
199,909,769
 
$199,909,769
$795,536,944
$—
$995,446,713
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, TOB Trust Certificates of $96,419,867 are categorized as Level 2 within the fair value hierarchy.
 
Portfolio Abbreviation 
AGC-ICC
 Assured Guaranty Corp. – Insured Custody Certificate
AGM
 Assured Guaranty Municipal Corp.
AMT
 Alternative Minimum Tax
ARB
 Airport Revenue Bonds
BAM
 Build America Mutual Assurance Co.
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
GO
 General Obligation Bonds
GOL
 General Obligation Ltd.
GTD
 GTD Guaranteed
M/F
 Multi-Family
PSF-GTD
 Permanent School Fund Guaranteed
RB
 Revenue Bond
S/F
 Single-Family
SAB
 Special Assessment Bonds
SAW
 State Aid Withholding
ST
 Special Tax
TA
 Tax Allocation
7
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