Karpus reports 11.3% stake in BlackRock Muni Income

Karpus Management, Inc., doing business as Karpus Investment Management, filed an amended Schedule 13G reporting a significant ownership position in BlackRock Municipal Income Trust common shares as of December 31, 2025.

Rhea-AI Filing Summary

Karpus Management, Inc., doing business as Karpus Investment Management, filed an amended Schedule 13G reporting a significant ownership position in BlackRock Municipal Income Trust common shares as of December 31, 2025.

Karpus reports beneficial ownership of 4,953,591 common shares, representing 11.30% of the outstanding class. It has sole power to vote and dispose of all these shares, which are held in accounts it manages. Karpus states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the trust.

FAQ

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What stake does Karpus Management report in BlackRock Municipal Income Trust (BFK)?

Karpus Management, Inc. reports beneficial ownership of 4,953,591 common shares of BlackRock Municipal Income Trust, representing 11.30% of the class as of December 31, 2025. This stake gives Karpus a significant institutional position in the closed-end fund.

Does Karpus Management control voting and disposition of its BFK shares?

Yes. Karpus reports sole voting power and sole dispositive power over all 4,953,591 BlackRock Municipal Income Trust shares it beneficially owns. It reports zero shared voting or shared dispositive power, indicating all decision-making authority for these securities rests with Karpus.

Who is the reporting person on this Schedule 13G/A for BlackRock Municipal Income Trust (BFK)?

The reporting person is Karpus Management, Inc., doing business as Karpus Investment Management, a New York corporation and registered investment adviser. The firm manages client accounts that directly own the BlackRock Municipal Income Trust shares covered by this Schedule 13G/A filing.

What is Karpus Management’s stated intent regarding control of BlackRock Municipal Income Trust (BFK)?

Karpus certifies the securities were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing control of BlackRock Municipal Income Trust, other than activities solely in connection with a nomination under Rule 240.14a-11.

How is Karpus Management related to City of London Investment Group in this BFK filing?

Karpus is controlled by City of London Investment Group plc, but states effective informational barriers exist so that voting and investment power over BlackRock Municipal Income Trust securities is exercised independently. Therefore, beneficial ownership is not attributed between Karpus and City of London Investment Group in this filing.

Where is Karpus Management based in connection with its BlackRock Municipal Income Trust (BFK) holdings?

Karpus Management, Inc.’s principal business office is located at 183 Sully’s Trail, Pittsford, New York 14534. BlackRock Municipal Income Trust’s principal executive offices are listed at 100 Bellevue Parkway, Wilmington, Delaware 19809 in the same ownership disclosure.

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Accepted by SEC EDGAR 02/13/2026 - 04:07 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

BlackRock Municipal Income Trust

(Name of Issuer)

Common

(Title of Class of Securities)

09248F109

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 09248F109

1

Names of Reporting Persons

KARPUS MANAGEMENT, INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 4,953,591.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,953,591.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,953,591.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

11.30 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: BlackRock Municipal Income Trust
(b)	Address of issuer's principal executive offices: 100 Bellevue Parkway, Wilmington, Delaware 19809
Item 2.
(a)	Name of person filing: This statement is being filed by Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus" or the "Reporting Person"). Karpus is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940. Karpus is controlled by City of London Investment Group plc ("CLIG"), which is listed on the London Stock Exchange. However, in accordance with SEC Release No. 34-39538 (January 12, 1998), effective informational barriers have been established between Karpus and CLIG such that voting and investment power over the subject securities is exercised by Karpus independently of CLIG, and, accordingly, attribution of beneficial ownership is not required between Karpus and CLIG. The Shares to which this Schedule 13G relates are owned directly by the accounts managed by Karpus.
(b)	Address or principal business office or, if none, residence: 183 Sully's Trail, Pittsford, New York 14534.
(c)	Citizenship: The members of the Karpus Management Committee are US citizens. Karpus is a New York corporation.
(d)	Title of class of securities: Common
(e)	CUSIP No.: 09248F109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 4,953,591.00
(b)	Percent of class: 11.30 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 4,953,591.00
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 4,953,591.00
	(iv) Shared power to dispose or to direct the disposition of: 0.00
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

KARPUS MANAGEMENT, INC.

Signature:	/s/ Jodi L. Hedberg
Name/Title:	Jodi L. Hedberg / Chief Compliance Officer
Date:	02/13/2026