N-CSRS 1 d451452dncsrs.htm BLACKROCK MUNIHOLDINGS FUND, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08081

Name of Fund: BlackRock MuniHoldings Fund, Inc. (MHD)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniHoldings Fund, Inc., 55 East 52nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 04/30/2018

Date of reporting period: 10/31/2017

Item 1 – Report to Stockholders

OCTOBER 31, 2017

SEMI-ANNUAL REPORT (UNAUDITED) |  |

BlackRock MuniAssets Fund, Inc. (MUA)

BlackRock MuniEnhanced Fund, Inc. (MEN)

BlackRock MuniHoldings Fund, Inc. (MHD)

BlackRock MuniHoldings Fund II, Inc. (MUH)

BlackRock MuniHoldings Quality Fund, Inc. (MUS)

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

BlackRock MuniVest Fund II, Inc. (MVT)

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

In the 12 months ended October 31, 2017, risk assets, such as stocks and high-yield bonds, continued to deliver strong performance. These markets showed great resilience during a period with big political surprises, including the aftermath of the U.K.’s vote to leave the European Union and the outcome of the U.S. presidential election, which brought only brief spikes in equity market volatility. In contrast, closely watched elections in France, the Netherlands, and Australia countered the isolationist and nationalist political developments in the U.K. and the United States.

Interest rates rose, which worked against high-quality assets with more interest rate sensitivity. Consequently, longer-term U.S. Treasuries posted negative returns, as rising energy prices, modest wage increases, and steady job growth led to expectations of higher inflation and further interest rate increases by the U.S. Federal Reserve (the “Fed”).

The market’s performance reflected reflationary expectations early in the reporting period, as investors began to sense that a global recovery was afoot. Thereafter, many countries throughout the world experienced sustained and synchronized growth for the first time since the financial crisis. Growth rates and inflation are still relatively low, but they are finally rising together.

The Fed responded to these positive developments by increasing short-term interest rates three times and setting expectations for additional interest rate increases. The Fed also began reducing the vast balance sheet reserves that had accumulated in the wake of the financial crisis. In October 2017, the Fed reduced its $4.5 trillion balance sheet by only $10 billion, while setting expectations for additional modest reductions and rate hikes in 2018.

By contrast, the European Central Bank (“ECB”) and the Bank of Japan (“BoJ”) both continued to expand their balance sheets despite nascent signs of sustained economic growth. The Eurozone and Japan are both approaching the limits of central banks’ ownership share of debt issued by their respective governments, which is a structural pressure point that limits their capacity to deliver additional monetary stimulus. In October 2017, the ECB announced plans to cut the amount of its bond purchases in half for 2018, while the BoJ reiterated its commitment to economic stimulus until the inflation rate rises to its target of 2.0%.

Emerging market growth also stabilized, as accelerating growth in China, the second largest economy in the world and the most influential of all developing economies, improved the outlook for corporate profits and economic growth across most developing nations. Chinese demand for commodities and other raw materials allayed concerns about the country’s banking system, leading to rising equity prices and foreign investment flows.

While escalating tensions between the United States and North Korea and our nation’s divided politics are significant concerns, benign credit conditions, modest inflation, solid corporate earnings, and the positive outlook for growth in the world’s largest economies have kept markets relatively tranquil.

High valuations across most assets have laid the groundwork for muted returns going forward. At current valuation levels, potential equity gains will likely be closely tied to the pace of earnings growth, which has remained solid thus far in 2017, particularly in emerging markets. In this environment, investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of October 31, 2017
|  | 6-month |  | 12-month
U.S. large cap equities (S&P 500® Index) |  | 9.10% |  | 23.63%
U.S. small cap equities (Russell 2000® Index) |  | 8.01 |  | 27.85
International equities (MSCI Europe, Australasia, Far East Index) |  | 10.74 |  | 23.44
Emerging market equities (MSCI Emerging Markets Index) |  | 16.14 |  | 26.45
3-month Treasury bills (BofA Merrill Lynch 3-Month U.S. Treasury Bill Index) |  | 0.49 |  | 0.72
U.S. Treasury securities (BofA Merrill Lynch 10-Year U.S. Treasury Index) |  | 0.15 |  | (2.98)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index) |  | 1.58 |  | 0.90
Tax-exempt municipal bonds (S&P Municipal Bond Index) |  | 2.22 |  | 1.80
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index) |  | 3.44 |  | 8.92
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 |  | THIS PAGE IS NOT PART OF YOUR FUND REPORT

Table of Contents

|  | Page |
The Markets in Review |  |  | 2 |
Semi-Annual Report: |  |  |  |
Municipal Market Overview |  |  | 4 |
The Benefits and Risks of Leveraging |  |  | 5 |
Derivative Financial Instruments |  |  | 5 |
Fund Summaries |  |  | 6 |
Financial Statements: |  |  |  |
Schedules of Investments |  |  | 20 |
Statements of Assets and Liabilities |  |  | 69 |
Statements of Operations |  |  | 71 |
Statements of Changes in Net Assets |  |  | 73 |
Statements of Cash Flows |  |  | 77 |
Financial Highlights |  |  | 79 |
Notes to Financial Statements |  |  | 86 |
Disclosure of Investment Advisory Agreements |  |  | 95 |
Director and Officer Information |  |  | 99 |
Additional Information |  |  | 100 |
Glossary of Terms Used in this Report |  |  | 103 |

|  |  | 3 |

Municipal Market Overview For the Reporting Period Ended October 31, 2017

Municipal Market Conditions

Municipal bonds experienced modestly positive performance for the period as a result of rising interest rates spurring from generally stronger economic data, signs of inflation pressures, Fed monetary policy normalization, and market expectations for pro-growth fiscal policy. However, ongoing reassurance from the Fed that rates would be increased gradually and would likely remain low overall resulted in continued demand for fixed income investments. More specifically, investors favored the income, attractive relative yield, and stability of municipal bonds amid bouts of interest rate volatility (bond prices rise as rates fall) resulting from geopolitical tensions, the contentious U.S. election, and evolving global central bank policies. During the 12 months ended October 31, 2017, municipal bond funds experienced net outflows of approximately $3 billion (based on data from the Investment Company Institute). The asset class came under pressure post the November U.S. election as a result of uncertainty surrounding potential tax-reform, though expectation that tax reform was likely to be delayed or watered down quickly eased investor concerns.

For the same 12-month period, total new issuance remained healthy from a historical perspective at $376 billion (though well below the robust $441 billion issued in the prior 12-month period). A noteworthy portion of new supply during this period was attributable to refinancing activity (roughly 51%) as issuers continued to take advantage of low interest rates and a flat yield curve to reduce their borrowing costs. |  | S&P Municipal Bond Index
| Total Returns as of October 31, 2017
| 6 months: 2.22%
| 12 months: 1.80%

A Closer Look at Yields

| From October 31, 2016 to October 31, 2017, yields on AAA-rated 30-year municipal bonds increased by 27 basis points (“bps”) from 2.56% to 2.83%, while 10-year rates rose by 28 bps from 1.73% to 2.01% and 5-year rates increased 29 bps from 1.13% to 1.42% (as measured by Thomson Municipal Market Data). The municipal yield curve steepened modestly over the 12-month period with the spread between 2- and 30-year maturities steepening by just 2 bps.

During the same time period, on a relative basis, tax-exempt municipal bonds strongly outperformed U.S. Treasuries with the greatest outperformance experienced in the front and intermediate portions of the yield curve. The relative positive performance of municipal bonds was driven largely by a supply/demand imbalance within the municipal market as investors sought income and incremental yield in an environment where opportunities became increasingly scarce. The asset class is known for its lower relative volatility and preservation of principal with an emphasis on income as tax rates rise.

Financial Conditions of Municipal Issuers

The majority of municipal credits remain strong, despite well-publicized distress among a few issuers. Four of the five states with the largest amount of debt outstanding — California, New York, Texas and Florida — have exhibited markedly improved credit fundamentals during the slow national recovery. However, several states with the largest unfunded pension liabilities have seen their bond prices decline noticeably and remain vulnerable to additional price deterioration. On the local level, Chicago’s credit quality downgrade is an outlier relative to other cities due to its larger pension liability and inadequate funding remedies. BlackRock maintains the view that municipal bond defaults will remain minimal and in the periphery while the overall market is fundamentally sound. We continue to advocate careful credit research and believe that a thoughtful approach to structure and security selection remains imperative amid uncertainty in a modestly improving economic environment.

The opinions expressed are those of BlackRock as of October 31, 2017, and are subject to change at any time due to changes in market or economic conditions. The comments should not be construed as a recommendation of any individual holdings or market sectors. Investing involves risk including loss of principal. Bond values fluctuate in price so the value of your investment can go down depending on market conditions. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to Alternative Minimum Tax (“AMT”). Capital gains distributions, if any, are taxable.

The Standard & Poor’s Municipal Bond Index, a broad, market value-weighted index, seeks to measure the performance of the U.S. municipal bond market. All bonds in the index are exempt from U.S. federal income taxes or subject to the AMT. Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index.

4 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

The Benefits and Risks of Leveraging

The Funds may utilize leverage to seek to enhance the distribution rate on, and net asset value (“NAV”) of, their common shares (“Common Shares”). However, these objectives cannot be achieved in all interest rate environments.

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by a Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of the Funds (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Funds’ shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage is paid to shareholders in the form of dividends, and the value of these portfolio holdings is reflected in the per share NAV.

To illustrate these concepts, assume a Fund’s Common Shares capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of $130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, a Fund’s financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the securities purchased by a Fund with the proceeds from leverage earn income based on longer-term interest rates. In this case, a Fund’s financing cost of leverage is significantly lower than the income earned on a Fund’s longer-term investments acquired from such leverage proceeds, and therefore the holders of Common Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.

However, in order to benefit Common Shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed the Funds’ return on assets purchased with leverage proceeds, income to shareholders is lower than if the Funds had not used leverage. Furthermore, the value of the Funds’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the value of the Funds’ obligations under their respective leverage arrangements generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Funds’ NAVs positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no assurance that the Funds’ intended leveraging strategy will be successful.

The use of leverage also generally causes greater changes in each Fund’s NAV, market price and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV and market price of a Fund’s Common Shares than if the Fund were not leveraged. In addition, each Fund may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Fund to incur losses. The use of leverage may limit a Fund’s ability to invest in certain types of securities or use certain types of hedging strategies. Each Fund incurs expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce income to the Common Shares. Moreover, to the extent the calculation of the Funds’ investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Funds’ investment adviser will be higher than if the Funds did not use leverage.

To obtain leverage, each Fund has issued Variable Rate Demand Preferred Shares (“VRDP Shares”) and Variable Rate Muni Term Preferred Shares (“VMTP Shares”) (collectively, “Preferred Shares”) and/or leveraged its assets through the use of tender option bond trusts (“TOB Trusts”) as described in the Notes to Financial Statements.

Under the Investment Company Act of 1940, as amended (the “1940 Act”), each Fund is permitted to issue debt up to 33 1/3% of its total managed assets or equity securities (e.g., Preferred Shares) up to 50% of its total managed assets. A Fund may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In addition, a Fund may also be subject to certain asset coverage, leverage or portfolio composition requirements imposed by the Preferred Shares’ governing instruments or by agencies rating the Preferred Shares, which may be more stringent than those imposed by the 1940 Act.

If a Fund segregates or designates on its books and records cash or liquid assets having a value not less than the value of a Fund’s obligations under the TOB Trust (including accrued interest), then the TOB Trust is not considered a senior security and is not subject to the foregoing limitations and requirements imposed by the 1940 Act.

Derivative Financial Instruments

The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other asset without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

THE BENEFITS AND RISKS OF LEVERAGING / DERIVATIVE FINANCIAL INSTRUMENTS |  |  | 5 |

Fund Summary as of October 31, 2017 |  | BlackRock MuniAssets Fund, Inc.

Investment Objective

BlackRock MuniAssets Fund, Inc.’s (MUA) (the “Fund”) investment objective is to provide high current income exempt from U.S. federal income taxes by investing primarily in a portfolio of medium- to lower-grade or unrated municipal obligations, the interest on which, in the opinion of bond counsel to the issuer, is exempt from U.S. federal income taxes. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Fund invests at least 65% of its assets in municipal bonds that are rated in the medium to lower rating categories by nationally recognized rating services (for example, Baa or lower by Moody’s Investors Service, Inc. (“Moody’s”) or BBB or lower by Standard & Poor’s Corporation (“S&P”), or securities that are unrated but are deemed by the investment adviser to be of comparable quality at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.

Fund Information

Symbol on New York Stock Exchange (“NYSE”) |  | MUA
Initial Offering Date |  | June 25, 1993
Yield on Closing Market Price as of October 31, 2017 ($14.94)(a) |  | 4.62%
Tax Equivalent Yield(b) |  | 8.16%
Current Monthly Distribution per Common Share(c) |  | $0.0575
Current Annualized Distribution per Common Share(c) |  | $0.6900
Economic Leverage as of October 31, 2017(d) |  | 12%

| (a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |

| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |

| (c) | The monthly distribution per Common Share, declared on December 1, 2017, was decreased to $0.0545 per share. The yield on closing market price, current monthly distribution per Common Share and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. |

| (d) | Represents TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to TOB Trusts, minus the sum of its accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 5. |

Performance

Returns for the six months ended October 31, 2017 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
MUA(a)(b) |  |  | 3.26% |  |  |  | 3.01% |
Lipper Closed-End High Yield Municipal Debt Funds(c) |  |  | 3.73% |  |  |  | 3.64% |

| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. |

| (b) | The Fund’s premium to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |

| (c) | Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend as calculated by Lipper. |

Past performance is not indicative of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Fund’s absolute performance based on NAV:

• |  | U.S. municipal bonds rallied in the six-month period due to the combination of fading prospects for tax reform during the early spring and summer, a positive balance of supply and demand in the market, and budget agreements in Illinois and Connecticut. Longer-term bonds outpaced shorter-term issues, reflecting the backdrop of muted inflation data and expectations for continued monetary policy tightening by the Fed.

• |  | The Fund’s positions in longer-dated securities made the largest contribution to performance, as bonds in the 20- to 40-year maturity range outpaced the broader market.

• |  | Investments in lower-rated investment-grade, below investment-grade and non-rated securities benefited performance at a time of robust investor risk appetites. Credit spreads narrowed considerably amid strong fund flows and investors’ ongoing search for yield.

• |  | At the sector level, the largest contributions came from health care, transportation and tobacco issues. The Fund gained an additional benefit from investments in development districts and single-site project financings.

• |  | Investments in high-quality, pre-refunded securities in the one- to five-year range declined in value amid the upward pressure on short-term interest rates fostered by the ongoing normalization of monetary policy. These positions, which the Fund acquired in a higher-rate environment, were retained due to their above average income.

• |  | The Fund’s modest exposure to general obligation bonds issued by Puerto Rico, which suffered large price declines in the wake of hurricane damage on the island, also detracted.

6 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary as of October 31, 2017 (continued) |  | BlackRock MuniAssets Fund, Inc.

• |  | The Fund sought to manage interest rate risk using U.S. Treasury futures, which had a small, positive effect on returns.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Market Price and Net Asset Value Per Share Summary

|  | 10/31/17 |  |  | 4/30/17 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 14.94 |  |  | $ | 14.82 |  |  |  | 0.81% |  |  | $ | 15.84 |  |  | $ | 14.44 |
Net Asset Value |  | $ | 14.15 |  |  | $ | 14.07 |  |  |  | 0.57% |  |  | $ | 14.29 |  |  | $ | 14.05 |

Market Price and Net Asset Value History For the Past Five Years

Overview of the Fund’s Total Investments*

SECTOR ALLOCATION

Sector |  | 10/31/17 |  |  | 4/30/17 |
Health |  |  | 20 | % |  |  | 22 | %
County/City/Special District/School District |  |  | 18 |  |  |  | 13 |
Tobacco |  |  | 17 |  |  |  | 16 |
Transportation |  |  | 17 |  |  |  | 19 |
Education |  |  | 9 |  |  |  | 10 |
Utilities |  |  | 8 |  |  |  | 8 |
Corporate |  |  | 7 |  |  |  | 7 |
State |  |  | 3 |  |  |  | 3 |
Housing |  |  | 1 |  |  |  | 2 |

|  | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |

CALL/MATURITY SCHEDULE (c)

Calendar Year Ended December 31, |  |  |  |
2017 |  |  | 14 | %
2018 |  |  | 8 |
2019 |  |  | 5 |
2020 |  |  | 13 |
2021 |  |  | 20 |

| (c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |

| * | Excludes short-term securities. |

CREDIT QUALITY ALLOCATION (a)

Credit Rating |  | 10/31/17 |  |  | 4/30/17 |
AA/Aa |  |  | 20 | % |  |  | 19 | %
A |  |  | 6 |  |  |  | 8 |
BBB/Baa |  |  | 21 |  |  |  | 21 |
BB/Ba |  |  | 9 |  |  |  | 9 |
B/B |  |  | 12 |  |  |  | 11 |
CCC/Caa |  |  | — |  |  |  | 1 |
N/R(b) |  |  | 32 |  |  |  | 31 |

| (a) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |

| (b) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2017 and April 30, 2017, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1% and 5%, respectively, of the Fund’s total investments. |

FUND SUMMARY |  |  | 7 |

Fund Summary as of October 31, 2017 |  | BlackRock MuniEnhanced Fund, Inc.

Investment Objective

BlackRock MuniEnhanced Fund, Inc.’s (MEN) (the “Fund”) investment objective is to provide shareholders with as high a level of current income exempt from U.S. federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). Under normal market conditions, the Fund invests primarily in long-term municipal bonds rated investment grade quality or, if unrated, are deemed to be of comparable quality by the investment adviser at the time of investment and invests primarily in long-term municipal bonds with maturities of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.

Fund Information

Symbol on NYSE |  | MEN
Initial Offering Date |  | March 2, 1989
Yield on Closing Market Price as of October 31, 2017 ($11.75)(a) |  | 5.77%
Tax Equivalent Yield(b) |  | 10.19%
Current Monthly Distribution per Common Share(c) |  | $0.0565
Current Annualized Distribution per Common Share(c) |  | $0.6780
Economic Leverage as of October 31, 2017(d) |  | 38%

| (a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |

| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |

| (c) | The monthly distribution per Common Share, declared on December 1, 2017, was decreased to $0.048 per share. The yield on closing market price, current monthly distribution per Common Share and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. |

| (d) | Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 5. |

Performance

Returns for the six months ended October 31, 2017 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
MEN(a)(b) |  |  | 3.40% |  |  |  | 4.27% |
Lipper General & Insured Municipal Debt Funds (Leveraged)(c) |  |  | 2.34% |  |  |  | 3.81% |

| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. |

| (b) | The Fund’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |

| (c) | Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend as calculated by Lipper. |

Past performance is not indicative of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Fund’s absolute performance based on NAV:

• |  | U.S. municipal bonds rallied in the six-month period due to the combination of fading prospects for tax reform during the early spring and summer, a positive balance of supply and demand in the market, and budget agreements in Illinois and Connecticut. Longer-term bonds outpaced shorter-term issues, reflecting the backdrop of muted inflation data and expectations for continued monetary policy tightening by the Fed.

• |  | Portfolio income, enhanced by leverage, produced the largest positive contribution to performance in a period characterized by a mild decline in municipal bond yields. (Prices and yields move in opposite directions.)

• |  | The Fund’s exposure to the long end of the yield curve aided results at a time of outperformance for longer-term bonds. Positions in lower-coupon bonds, including zero-coupon issues, contributed to performance due to their above-average interest rate sensitivity.

• |  | The Fund’s position in New Jersey state-appropriated debt benefited from a meaningful tightening of yield spreads. At the sector level, transportation issues made a strong contribution to performance. Municipal bonds subject to the AMT, which outperformed in anticipation of possible tax law changes, also performed well.

• |  | The Fund sought to manage interest rate risk using U.S. Treasury futures, which had a small, positive effect on returns.

• |  | Exposure to pre-refunded issues slightly hurt Fund results given the underperformance of short-term bonds.

• |  | Reinvestment was a further detractor, as the proceeds of higher-yielding bonds that matured or were called needed to be reinvested at materially lower prevailing rates.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

8 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary as of October 31, 2017 (continued) |  | BlackRock MuniEnhanced Fund, Inc.

Market Price and Net Asset Value Per Share Summary

|  | 10/31/17 |  |  | 4/30/17 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 11.75 |  |  | $ | 11.69 |  |  |  | 0.51 | % |  | $ | 12.45 |  |  | $ | 11.61 |
Net Asset Value |  | $ | 11.93 |  |  | $ | 11.77 |  |  |  | 1.36 | % |  | $ | 12.11 |  |  | $ | 11.75 |

Market Price and Net Asset Value History For the Past Five Years

Overview of the Fund’s Total Investments*

SECTOR ALLOCATION

Sector |  | 10/31/17 |  |  | 4/30/17 |
Transportation |  |  | 26 | % |  |  | 24 | %
State |  |  | 17 |  |  |  | 15 |
County/City/Special District/School District |  |  | 15 |  |  |  | 18 |
Health |  |  | 15 |  |  |  | 12 |
Utilities |  |  | 12 |  |  |  | 15 |
Education |  |  | 9 |  |  |  | 11 |
Corporate |  |  | 3 |  |  |  | 3 |
Housing |  |  | 2 |  |  |  | 1 |
Tobacco |  |  | 1 |  |  |  | 1 |

|  | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |

CALL/MATURITY SCHEDULE (c)

Calendar Year Ended December 31, |  |  |  |
2017 |  |  | 3 | %
2018 |  |  | 9 |
2019 |  |  | 15 |
2020 |  |  | 3 |
2021 |  |  | 12 |

| (c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |

| * | Excludes short-term securities. |

CREDIT QUALITY ALLOCATION (a)

Credit Rating |  | 10/31/17 |  |  | 4/30/17 |
AAA/Aaa |  |  | 8 | % |  |  | 11 | %
AA/Aa |  |  | 50 |  |  |  | 57 |
A |  |  | 24 |  |  |  | 17 |
BBB/Baa |  |  | 10 |  |  |  | 12 |
BB/Ba |  |  | 2 |  |  |  | — |
N/R(b) |  |  | 6 |  |  |  | 3 |

| (a) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |

| (b) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2017 and April 30, 2017, the market value of unrated securities deemed by the investment adviser to be investment grade each represents less than 1% of the Fund’s total investments. |

FUND SUMMARY |  |  | 9 |

Fund Summary as of October 31, 2017 |  | BlackRock MuniHoldings Fund, Inc.

Investment Objective

BlackRock MuniHoldings Fund, Inc.’s (MHD) (the “Fund”) investment objective is to provide shareholders with current income exempt from U.S. federal income taxes. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Fund invests, under normal market conditions, at least 75% of its assets in municipal bonds rated investment grade or, if unrated, are deemed to be of comparable quality by the investment adviser at the time of investment and invests primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.

Fund Information

Symbol on NYSE |  | MHD
Initial Offering Date |  | May 2, 1997
Yield on Closing Market Price as of October 31, 2017 ($16.59)(a) |  | 5.39%
Tax Equivalent Yield(b) |  | 9.52%
Current Monthly Distribution per Common Share(c) |  | $0.0745
Current Annualized Distribution per Common Share(c) |  | $0.8940
Economic Leverage as of October 31, 2017(d) |  | 38%

| (a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |

| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |

| (c) | The distribution rate is not constant and is subject to change. |

| (d) | Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 5. |

Performance

Returns for the six months ended October 31, 2017 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
MHD(a)(b) |  |  | 2.48% |  |  |  | 3.95% |
Lipper General & Insured Municipal Debt Funds (Leveraged)(c) |  |  | 2.34% |  |  |  | 3.81% |

| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. |

| (b) | The Fund’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |

| (c) | Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend as calculated by Lipper. |

Past performance is not indicative of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Fund’s absolute performance based on NAV:

• |  | U.S. municipal bonds rallied in the six-month period due to the combination of fading prospects for tax reform during the early spring and summer, a positive balance of supply and demand in the market, and budget agreements in Illinois and Connecticut. Longer-term bonds outpaced shorter-term issues, reflecting the backdrop of muted inflation data and expectations for continued monetary policy tightening by the Fed.

• |  | The Fund’s positions in longer-dated securities made the largest contribution to performance, as bonds in the 20- to 40-year maturity range outpaced the broader market.

• |  | Investments in lower-rated securities within the investment-grade market benefited performance at a time of robust investor risk appetites. Credit spreads narrowed considerably amid strong fund flows and investors’ ongoing search for yield.

• |  | At the sector level, the largest contributions came from state and local tax-backed, transportation and health care issues.

• |  | Investments in high-quality, pre-refunded securities in the one- to five-year range declined in value amid the upward pressure on short-term interest rates fostered by the ongoing normalization of monetary policy. These positions, which the Fund acquired in a higher-rate environment, were retained due to their above average income.

• |  | The Fund sought to manage interest rate risk using U.S. Treasury futures, which had a small, positive effect on returns.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

10 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary as of October 31, 2017 (continued) |  | BlackRock MuniHoldings Fund, Inc.

Market Price and Net Asset Value Per Share Summary

|  | 10/31/17 |  |  | 4/30/17 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 16.59 |  |  | $ | 16.65 |  |  |  | (0.36)% |  |  | $ | 18.25 |  |  | $ | 16.48 |
Net Asset Value |  | $ | 17.03 |  |  | $ | 16.85 |  |  |  | 1.07% |  |  | $ | 17.24 |  |  | $ | 16.82 |

Market Price and Net Asset Value History For the Past Five Years

Overview of the Fund’s Total Investments*

SECTOR ALLOCATION

Sector |  | 10/31/17 |  |  | 4/30/17 |
Transportation |  |  | 23 | % |  |  | 24 | %
Health |  |  | 20 |  |  |  | 19 |
County/City/Special District/School District |  |  | 16 |  |  |  | 12 |
State |  |  | 12 |  |  |  | 12 |
Utilities |  |  | 9 |  |  |  | 11 |
Education |  |  | 8 |  |  |  | 11 |
Corporate |  |  | 6 |  |  |  | 6 |
Tobacco |  |  | 6 |  |  |  | 5 |
Housing(a) |  |  | — |  |  |  | — |

| (a) | Representing less than 1% of the Fund’s total investments. |

|  | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |

CALL/MATURITY SCHEDULE (d)

Calendar Year Ended December 31, |  |  |  |
2017 |  |  | 5 | %
2018 |  |  | 5 |
2019 |  |  | 24 |
2020 |  |  | 11 |
2021 |  |  | 12 |

| (d) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |

| * | Excludes short-term securities. |

CREDIT QUALITY ALLOCATION (b)

Credit Rating |  | 10/31/17 |  |  | 4/30/17 |
AAA/Aaa |  |  | 3 | % |  |  | 5 | %
AA/Aa |  |  | 47 |  |  |  | 47 |
A |  |  | 19 |  |  |  | 19 |
BBB/Baa |  |  | 16 |  |  |  | 16 |
BB/Ba |  |  | 4 |  |  |  | 4 |
B |  |  | 3 |  |  |  | 2 |
N/R(c) |  |  | 8 |  |  |  | 7 |

| (b) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |

| (c) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2017 and April 30, 2017, the market value of unrated securities deemed by the investment adviser to be investment grade each represents 1% of the Fund’s total investments. |

FUND SUMMARY |  |  | 11 |

Fund Summary as of October 31, 2017 |  | BlackRock MuniHoldings Fund II, Inc.

Investment Objective

BlackRock MuniHoldings Fund II, Inc.’s (MUH) (the “Fund”) investment objective is to provide shareholders with current income exempt from U.S. federal income taxes. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Fund invests, under normal market conditions, at least 75% of its assets in municipal bonds rated investment grade or, if unrated, are deemed to be of comparable quality by the investment adviser at the time of investment and invests primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.

Fund Information

Symbol on NYSE |  | MUH
Initial Offering Date |  | February 27, 1998
Yield on Closing Market Price as of October 31, 2017 ($14.93)(a) |  | 5.43%
Tax Equivalent Yield(b) |  | 9.59%
Current Monthly Distribution per Common Share(c) |  | $0.0675
Current Annualized Distribution per Common Share(c) |  | $0.8100
Economic Leverage as of October 31, 2017(d) |  | 37%

| (a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |

| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |

| (c) | The distribution rate is not constant and is subject to change. |

| (d) | Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 5. |

Performance

Returns for the six months ended October 31, 2017 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
MUH(a)(b) |  |  | (1.50)% |  |  |  | 3.72% |
Lipper General & Insured Municipal Debt Funds (Leveraged)(c) |  |  | 2.34% |  |  |  | 3.81% |

| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. |

| (b) | The Fund moved from a premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV. |

| (c) | Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend as calculated by Lipper. |

Past performance is not indicative of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Fund’s absolute performance based on NAV:

• |  | U.S. municipal bonds rallied in the six-month period due to the combination of fading prospects for tax reform during the early spring and summer, a positive balance of supply and demand in the market, and budget agreements in Illinois and Connecticut. Longer-term bonds outpaced shorter-term issues, reflecting the backdrop of muted inflation data and expectations for continued monetary policy tightening by the Fed.

• |  | The Fund’s positions in longer-dated securities made the largest contribution to performance, as bonds in the 20- to 40-year maturity range outpaced the broader market.

• |  | Investments in lower-rated securities within the investment-grade market benefited performance at a time of robust investor risk appetites. Credit spreads narrowed considerably amid strong fund flows and investors’ ongoing search for yield.

• |  | At the sector level, the largest contributions came from state and local tax-backed, transportation and utilities issues.

• |  | Investments in high-quality, pre-refunded securities in the one- to five-year range declined in value amid the upward pressure on short-term interest rates fostered by the ongoing normalization of monetary policy. These positions, which the Fund acquired in a higher-rate environment, were retained due to their above average income.

• |  | The Fund sought to manage interest rate risk using U.S. Treasury futures, which had a small, positive effect on returns.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

12 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary as of October 31, 2017 (continued) |  | BlackRock MuniHoldings Fund II, Inc.

Market Price and Net Asset Value Per Share Summary

|  | 10/31/17 |  |  | 4/30/17 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 14.93 |  |  | $ | 15.59 |  |  |  | (4.23)% |  |  | $ | 16.63 |  |  | $ | 14.91 |
Net Asset Value |  | $ | 15.65 |  |  | $ | 15.52 |  |  |  | 0.84% |  |  | $ | 15.85 |  |  | $ | 15.49 |

Market Price and Net Asset Value History For the Past Five Years

Overview of the Fund’s Total Investments*

SECTOR ALLOCATION

Sector |  | 10/31/17 |  |  | 4/30/17 |
Transportation |  |  | 22 | % |  |  | 23 | %
Health |  |  | 19 |  |  |  | 19 |
County/City/Special District/School District |  |  | 16 |  |  |  | 12 |
State |  |  | 14 |  |  |  | 14 |
Utilities |  |  | 9 |  |  |  | 11 |
Education |  |  | 8 |  |  |  | 10 |
Corporate |  |  | 6 |  |  |  | 6 |
Tobacco |  |  | 5 |  |  |  | 4 |
Housing |  |  | 1 |  |  |  | 1 |

|  | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |

CALL/MATURITY SCHEDULE (c)

Calendar Year Ended December 31, |  |  |  |
2017 |  |  | 6 | %
2018 |  |  | 5 |
2019 |  |  | 26 |
2020 |  |  | 11 |
2021 |  |  | 12 |

| (c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |

| * | Excludes short-term securities. |

CREDIT QUALITY ALLOCATION (a)

Credit Rating |  | 10/31/17 |  |  | 4/30/17 |
AAA/Aaa |  |  | 4 | % |  |  | 6 | %
AA/Aa |  |  | 49 |  |  |  | 50 |
A |  |  | 18 |  |  |  | 18 |
BBB/Baa |  |  | 15 |  |  |  | 15 |
BB/Ba |  |  | 4 |  |  |  | 3 |
B |  |  | 2 |  |  |  | 1 |
N/R(b) |  |  | 8 |  |  |  | 7 |

| (a) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |

| (b) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2017 and April 30, 2017, the market value of unrated securities deemed by the investment adviser to be investment grade each represents 1% of the Fund’s total investments. |

FUND SUMMARY |  |  | 13 |

Fund Summary as of October 31, 2017 |  | BlackRock MuniHoldings Quality Fund, Inc.

Investment Objective

BlackRock MuniHoldings Quality Fund, Inc.’s (MUS) (the “Fund”) investment objective is to provide shareholders with current income exempt from U.S. federal income taxes. The Fund seeks to achieve its investment objective by investing primarily in long-term, investment grade municipal obligations exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). Under normal market conditions, the Fund invests at least 80% of its assets in investment grade municipal obligations, and obligations deemed to be of comparable quality by the investment adviser at the time of investment, with remaining maturities of one year or more at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.

Fund Information

Symbol on NYSE |  | MUS
Initial Offering Date |  | May 1, 1998
Yield on Closing Market Price as of October 31, 2017 ($13.34)(a) |  | 5.71%
Tax Equivalent Yield(b) |  | 10.09%
Current Monthly Distribution per Common Share(c) |  | $0.0635
Current Annualized Distribution per Common Share(c) |  | $0.7620
Economic Leverage as of October 31, 2017(d) |  | 39%

| (a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |

| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |

| (c) | The distribution rate is not constant and is subject to change. |

| (d) | Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 5. |

Performance

Returns for the six months ended October 31, 2017 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
MUS(a)(b) |  |  | 2.50% |  |  |  | 2.88% |
Lipper General & Insured Municipal Debt Funds (Leveraged)(c) |  |  | 2.34% |  |  |  | 3.81% |

| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. |

| (b) | The Fund’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |

| (c) | Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend as calculated by Lipper. |

Past performance is not indicative of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Fund’s absolute performance based on NAV:

• |  | U.S. municipal bonds rallied in the six-month period due to the combination of fading prospects for tax reform during the early spring and summer, a positive balance of supply and demand in the market, and budget agreements in Illinois and Connecticut. Longer-term bonds outpaced shorter-term issues, reflecting the backdrop of muted inflation data and expectations for continued monetary policy tightening by the Fed.

• |  | The Fund posted a gain in the period, with positive performance coming from both income and rising bond prices.

• |  | Geographically, positive returns were driven by exposure to Illinois and New Jersey bonds. Illinois passed its budget and moved closer to achieving fiscal balance and saw a stabilization of its credit rating. In New Jersey, legislation that redirected roughly $1 billion annually in lottery proceeds to the state’s pension funds helped stabilize its credit rating and contributed to positive returns for the New Jersey credits held in the Fund.

• |  | Positions in the tax-backed (state), tax-backed (local) and transportation sectors were positive contributors to performance. Holdings in longer-term bonds also added value in the period.

• |  | The Fund utilized a mix of U.S. Treasury futures contracts to help manage the risk of rising interest rates. This strategy was tactically adjusted throughout the period, resulting in a modestly positive contribution to performance.

• |  | The Fund’s emphasis on higher-quality bonds was a headwind at a time of outperformance for issues rated below investment grade. Reinvestment was a further drag on results, as the proceeds of higher-yielding bonds that matured or were called needed to be reinvested at materially lower prevailing rates.

• |  | The Fund’s holdings in short-term, pre-refunded bonds, while producing positive returns, lagged somewhat due to the premium amortization that occurred as the bonds approached their call and maturity dates. (When a bond’s price trades at a premium over its face value, the difference is amortized over time. A premium occurs when the price of the bond has increased due to a decline in interest rates.)

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

14 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary as of October 31, 2017 (continued) |  | BlackRock MuniHoldings Quality Fund, Inc.

Market Price and Net Asset Value Per Share Summary

|  | 10/31/17 |  |  | 4/30/17 |  |  | Change |  |  | High |  |  | Low |
Market Price |  |  | $13.34 |  |  |  | $13.38 |  |  |  | (0.30)% |  |  |  | $14.21 |  |  |  | $13.34 |
Net Asset Value |  |  | $13.96 |  |  |  | $13.95 |  |  |  | 0.07% |  |  |  | $14.17 |  |  |  | $13.93 |

Market Price and Net Asset Value History For the Past Five Years

Overview of the Fund’s Total Investments*

SECTOR ALLOCATION

Sector |  | 10/31/17 |  |  | 4/30/17 |
Transportation |  |  | 35 | % |  |  | 38 | %
County/City/Special District/School District |  |  | 24 |  |  |  | 25 |
Utilities |  |  | 14 |  |  |  | 13 |
Health |  |  | 10 |  |  |  | 11 |
State |  |  | 6 |  |  |  | 5 |
Education |  |  | 6 |  |  |  | 4 |
Housing |  |  | 3 |  |  |  | 2 |
Tobacco |  |  | 1 |  |  |  | 1 |
Corporate |  |  | 1 |  |  |  | 1 |

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

CALL/MATURITY SCHEDULE (b)

Calendar Year Ended December 31, |  |  |  |
2017 |  |  | — | % (c)
2018 |  |  | 24 |
2019 |  |  | 12 |
2020 |  |  | 4 |
2021 |  |  | 18 |

| (b) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |

| (c) | Representing less than 1% of the Fund’s total investments. |

| * | Excludes short-term securities. |

CREDIT QUALITY ALLOCATION (a)

Credit Rating |  | 10/31/17 |  |  | 4/30/17 |
AAA/Aaa |  |  | 5 | % |  |  | 6 | %
AA/Aa |  |  | 50 |  |  |  | 56 |
A |  |  | 34 |  |  |  | 29 |
BBB/Baa |  |  | 8 |  |  |  | 7 |
N/R |  |  | 3 |  |  |  | 2 |

| (a) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |

FUND SUMMARY |  |  | 15 |

Fund Summary as of October 31, 2017 |  | BlackRock Muni Intermediate Duration Fund, Inc.

Investment Objective

BlackRock Muni Intermediate Duration Fund, Inc.’s (MUI) (the “Fund”) investment objective is to provide common shareholders with high current income exempt from U.S. federal income taxes. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). Under normal market conditions, the Fund invests at least 75% of its assets in municipal bonds rated investment grade or, if unrated, are deemed to be of comparable quality by the investment adviser at the time of investment and invests at least 80% of its assets in municipal bonds with a duration of three to ten years at the time of investment. The Fund expects to maintain a dollar-weighted average portfolio duration, as calculated by the investment adviser, of three to ten years. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.

Fund Information

Symbol on NYSE |  | MUI
Initial Offering Date |  | August 1, 2003
Yield on Closing Market Price as of October 31, 2017 ($14.02)(a) |  | 4.24%
Tax Equivalent Yield(b) |  | 7.49%
Current Monthly Distribution per Common Share(c) |  | $0.0495
Current Annualized Distribution per Common Share(c) |  | $0.5940
Economic Leverage as of October 31, 2017(d) |  | 38%

| (a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |

| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |

| (c) | The distribution rate is not constant and is subject to change. |

| (d) | Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 5. |

Performance

Returns for the six months ended October 31, 2017 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
MUI(a)(b) |  |  | 2.64% |  |  |  | 4.43% |
Lipper Intermediate Municipal Debt Funds(c) |  |  | 1.06% |  |  |  | 3.01% |

| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. |

| (b) | The Fund’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV. |

| (c) | Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend as calculated by Lipper. |

Past performance is not indicative of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Fund’s absolute performance based on NAV:

• |  | U.S. municipal bonds rallied in the six-month period due to the combination of fading prospects for tax reform during the early spring and summer, a positive balance of supply and demand in the market, and budget agreements in Illinois and Connecticut. Longer-term bonds outpaced shorter-term issues, reflecting the backdrop of muted inflation data and expectations for continued monetary policy tightening by the Fed.

• |  | Concentrations in intermediate securities maturing in the 12- to 16-year range contributed to performance. The Fund’s use of leverage also boosted returns by enhancing income and amplifying the effect of rising bond prices.

• |  | The Fund’s allocation to A and BBB rated investment-grade debt aided results, as lower-quality bonds outperformed. Positions in the transportation and tax-backed (state) sectors further helped performance, highlighted by the strong showing of New Jersey and Illinois issues.

• |  | The Fund utilized a mix of U.S. Treasury futures contracts to help manage the risk of rising interest rates. This strategy was tactically adjusted throughout the period, resulting in a modestly positive contribution to performance.

• |  | Positions in shorter-dated bonds, including high-quality pre-refunded securities, hurt results at a time in which shorter-term bonds lagged. The Fund’s more-seasoned holdings also detracted due to the premium amortization that occurred as the bonds approached their call and maturity dates. (When a bond’s price trades at a premium over its face value, the difference is amortized over time. A premium occurs when the price of the bond has increased due to a decline in interest rates.) Additionally, positions in higher-quality securities underperformed relative to lower-quality issues.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

16 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary as of October 31, 2017 (continued) |  | BlackRock Muni Intermediate Duration Fund, Inc.

Market Price and Net Asset Value Per Share Summary

|  | 10/31/17 |  |  | 4/30/17 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 14.02 |  |  | $ | 13.96 |  |  |  | 0.43% |  |  | $ | 14.41 |  |  | $ | 13.79 |
Net Asset Value |  | $ | 15.50 |  |  | $ | 15.17 |  |  |  | 2.18% |  |  | $ | 15.67 |  |  | $ | 15.14 |

Market Price and Net Asset Value History For the Past Five Years

Overview of the Fund’s Total Investments*

SECTOR ALLOCATION

Sector |  | 10/31/17 |  |  | 4/30/17 |
Transportation |  |  | 29 | % |  |  | 28 | %
State |  |  | 16 |  |  |  | 12 |
County/City/Special District/School District |  |  | 13 |  |  |  | 17 |
Education |  |  | 13 |  |  |  | 14 |
Health |  |  | 11 |  |  |  | 10 |
Utilities |  |  | 10 |  |  |  | 11 |
Corporate |  |  | 5 |  |  |  | 4 |
Tobacco |  |  | 2 |  |  |  | 2 |
Housing |  |  | 1 |  |  |  | 2 |

|  | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |

CALL/MATURITY SCHEDULE (c)

Calendar Year Ended December 31, |  |  |  |
2017 |  |  | 2 | %
2018 |  |  | 4 |
2019 |  |  | 8 |
2020 |  |  | 8 |
2021 |  |  | 16 |

| (c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |

| * | Excludes short-term securities. |

CREDIT QUALITY ALLOCATION (a)

Credit Rating |  | 10/31/17 |  |  | 4/30/17 |
AAA/Aaa |  |  | 4 | % |  |  | 5 | %
AA/Aa |  |  | 40 |  |  |  | 43 |
A |  |  | 33 |  |  |  | 31 |
BBB/Baa |  |  | 17 |  |  |  | 16 |
BB/Ba |  |  | 1 |  |  |  | 1 |
B |  |  | 1 |  |  |  | 1 |
N/R(b) |  |  | 4 |  |  |  | 3 |

| (a) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P’s or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |

| (b) | The investment adviser evaluates the credit quality of unrated Investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2017 and April 30, 2017, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% and 1%, respectively, of the Fund’s total investments. |

FUND SUMMARY |  |  | 17 |

Fund Summary as of October 31, 2017 |  | BlackRock MuniVest Fund II, Inc.

Investment Objective

BlackRock MuniVest Fund II, Inc.’s (MVT) (the “Fund”) investment objective is to provide shareholders with as high a level of current income exempt from U.S. federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Fund invests, under normal market conditions, at least 75% of its assets in municipal bonds rated investment grade or, if unrated, are deemed to be of comparable quality by the investment adviser at the time of investment and invests primarily in long-term municipal bonds with a maturity of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.

Fund Information

Symbol on NYSE |  | MVT
Initial Offering Date |  | March 29, 1993
Yield on Closing Market Price as of October 31, 2017 ($15.21)(a) |  | 5.76%
Tax Equivalent Yield(b) |  | 10.18%
Current Monthly Distribution per Common Share(c) |  | $0.0730
Current Annualized Distribution per Common Share(c) |  | $0.8760
Economic Leverage as of October 31, 2017(d) |  | 38%

| (a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |

| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |

| (c) | The distribution rate is not constant and is subject to change. |

| (d) | Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 5. |

Performance

Returns for the six months ended October 31, 2017 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
MVT(a)(b) |  |  | 1.29% |  |  |  | 3.36% |
Lipper General & Insured Municipal Debt Funds (Leveraged)(c) |  |  | 2.34% |  |  |  | 3.81% |

| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. |

| (b) | The Fund moved from a premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV. |

| (c) | Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend as calculated by Lipper. |

Past performance is not indicative of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

The following discussion relates to the Fund’s absolute performance based on NAV:

• |  | U.S. municipal bonds rallied in the six-month period due to the combination of fading prospects for tax reform during the early spring and summer, a positive balance of supply and demand in the market, and budget agreements in Illinois and Connecticut. Longer-term bonds outpaced shorter-term issues, reflecting the backdrop of muted inflation data and expectations for continued monetary policy tightening by the Fed.

• |  | The Fund’s positions in longer-dated securities made the largest contribution to performance, as bonds in the 20- to 40-year maturity range outpaced the broader market.

• |  | Investments in lower-rated securities within the investment-grade market benefited performance at a time of robust investor risk appetites. Credit spreads narrowed considerably amid strong fund flows and investors’ ongoing search for yield.

• |  | At the sector level, the largest contributions came from state and local tax-backed, transportation and utilities issues.

• |  | Investments in high-quality, pre-refunded securities in the one- to five-year range declined in value amid the upward pressure on short-term interest rates fostered by the ongoing normalization of monetary policy. These positions, which the Fund acquired in a higher-rate environment, were retained due to their above average income.

• |  | The Fund sought to manage interest rate risk using U.S. Treasury futures, which had a small, positive effect on returns.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

18 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary as of October 31, 2017 (continued) |  | BlackRock MuniVest Fund II, Inc.

Market Price and Net Asset Value Per Share Summary

|  | 10/31/17 |  |  | 4/30/17 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 15.21 |  |  | $ | 15.45 |  |  |  | (1.55)% |  |  | $ | 16.18 |  |  | $ | 15.10 |
Net Asset Value |  | $ | 15.26 |  |  | $ | 15.19 |  |  |  | 0.46% |  |  | $ | 15.46 |  |  | $ | 15.16 |

Market Price and Net Asset Value History For the Past Five Years

Overview of the Fund’s Total Investments*

SECTOR ALLOCATION

Sector Allocation |  | 10/31/17 |  |  | 4/30/17 |
Transportation |  |  | 29 | % |  |  | 26 | %
Health |  |  | 18 |  |  |  | 18 |
County/City/Special District/School District |  |  | 14 |  |  |  | 12 |
State |  |  | 12 |  |  |  | 14 |
Utilities |  |  | 9 |  |  |  | 11 |
Corporate |  |  | 6 |  |  |  | 6 |
Tobacco |  |  | 6 |  |  |  | 5 |
Education |  |  | 5 |  |  |  | 7 |
Housing |  |  | 1 |  |  |  | 1 |

|  | For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |

CALL/MATURITY SCHEDULE (c)

Calendar Year Ended December 31, |  |  |  |
2017 |  |  | 6 | %
2018 |  |  | 11 |
2019 |  |  | 22 |
2020 |  |  | 12 |
2021 |  |  | 11 |

| (c) | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |

| * | Excludes short-term securities. |

CREDIT QUALITY ALLOCATION (a)

Credit Rating |  | 10/31/17 |  |  | 4/30/17 |
AAA/Aaa |  |  | 4 | % |  |  | 5 | %
AA/Aa |  |  | 46 |  |  |  | 50 |
A |  |  | 16 |  |  |  | 13 |
BBB/Baa |  |  | 17 |  |  |  | 16 |
BB/Ba |  |  | 4 |  |  |  | 4 |
B |  |  | 3 |  |  |  | 2 |
N/R(b) |  |  | 10 |  |  |  | 10 |

| (a) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |

| (b) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2017 and April 30, 2017 the market value of unrated securities deemed by the investment adviser to be investment grade represents 1% and 3%, respectively, of the Fund’s total investments. |

FUND SUMMARY |  |  | 19 |

Schedule of Investments October 31, 2017 (Unaudited) |  | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds |  |  |  |  |  |  |  |
Alabama — 1.3% |
County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 6.00%, 10/01/42 |  | $ | 3,745 |  |  | $ | 4,369,216 |
State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/20(a) |  |  | 2,165 |  |  |  | 2,455,002 |
|  |  |  |  |  |  | 6,824,218 |
Alaska — 1.3% |
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A: |  |  |  |  |  |  |  |
4.63%, 6/01/23 |  |  | 875 |  |  |  | 899,990 |
5.00%, 6/01/32 |  |  | 1,500 |  |  |  | 1,465,050 |
5.00%, 6/01/46 |  |  | 4,540 |  |  |  | 4,332,749 |
|  |  |  |  |  |  | 6,697,789 |
Arizona — 2.2% |
Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A, 5.13%, 7/01/37(b) |  |  | 960 |  |  |  | 1,010,342 |
City of Phoenix Arizona IDA, RB: |  |  |  |  |  |  |  |
Great Hearts Academies — Veritas Project, 6.40%, 7/01/21(a) |  |  | 425 |  |  |  | 500,960 |
Great Hearts Academies — Veritas Projects, 6.30%, 7/01/21(a) |  |  | 500 |  |  |  | 587,585 |
Legacy Traditional Schools Project, Series A, 6.50%, 7/01/34(b) |  |  | 570 |  |  |  | 646,893 |
Legacy Traditional Schools Projects, Series A, 6.75%, 7/01/44(b) |  |  | 1,000 |  |  |  | 1,119,070 |
City of Phoenix Arizona IDA, Refunding RB(b): |  |  |  |  |  |  |  |
Basis Schools, Inc. Projects, 5.00%, 7/01/35 |  |  | 305 |  |  |  | 318,393 |
Basis Schools, Inc. Projects, 5.00%, 7/01/45 |  |  | 855 |  |  |  | 881,838 |
Basis Schools, Inc. Projects, Series A, 5.00%, 7/01/35 |  |  | 260 |  |  |  | 271,417 |
Basis Schools, Inc. Projects, Series A, 5.00%, 7/01/46 |  |  | 290 |  |  |  | 298,915 |
Legacy Traditional School Projects, 5.00%, 7/01/35 |  |  | 320 |  |  |  | 326,304 |
Legacy Traditional School Projects, 5.00%, 7/01/45 |  |  | 255 |  |  |  | 253,875 |
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37 |  |  | 1,650 |  |  |  | 2,010,162 |
State of Arizona IDA, RB, Academies of Math & Science Project, Series B, 5.13%, 7/01/47(b) |  |  | 665 |  |  |  | 659,441 |
State of Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A, 5.25%, 7/01/47(b) |  |  | 1,765 |  |  |  | 1,855,121 |
University Medical Center Corp., RB, 6.50%, 7/01/19(a) |  |  | 500 |  |  |  | 543,080 |
|  |  |  |  |  |  | 11,283,396 |
California — 7.9% |
California Municipal Finance Authority, RB, Urban Discovery Academy Project(b): |  |  |  |  |  |  |  |
5.50%, 8/01/34 |  |  | 315 |  |  |  | 324,264 |
6.00%, 8/01/44 |  |  | 665 |  |  |  | 680,834 |
6.13%, 8/01/49 |  |  | 580 |  |  |  | 592,934 |
California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A: |  |  |  |  |  |  |  |
5.00%, 2/01/36 |  |  | 345 |  |  |  | 391,102 |
5.00%, 2/01/37 |  |  | 255 |  |  |  | 288,425 |
California School Finance Authority, RB: |  |  |  |  |  |  |  |
Alliance for College Ready Public School — 2023 Union LLC Project, Series A, 6.40%, 7/01/48 |  |  | 1,570 |  |  |  | 1,789,879 |
Value Schools, 6.65%, 7/01/33 |  |  | 435 |  |  |  | 497,588 |
Value Schools, 6.90%, 7/01/43 |  |  | 975 |  |  |  | 1,086,452 |
California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A(b): |  |  |  |  |  |  |  |
5.00%, 12/01/46 |  |  | 725 |  |  |  | 778,070 |
5.25%, 12/01/56 |  |  | 620 |  |  |  | 673,921 |

Security |  | Par (000) |  |  | Value |
California (continued) |
California Statewide Communities Development Authority, Refunding RB: |  |  |  |  |  |  |  |
American Baptist Homes of the West, 6.25%, 10/01/39 |  | $ | 2,175 |  |  | $ | 2,326,032 |
California Baptist University, Series A, 5.00%, 11/01/32(b) |  |  | 630 |  |  |  | 700,151 |
California Statewide Financing Authority, RB, Asset-Backed, Tobacco Settlement, Series B, 6.00%, 5/01/43 |  |  | 1,650 |  |  |  | 1,650,297 |
City & County of San Francisco California Redevelopment Agency, Tax Allocation Bonds, Mission Bay South Redevelopment Project, Series D(b)(c): |  |  |  |  |  |  |  |
0.00%, 8/01/26 |  |  | 1,250 |  |  |  | 814,300 |
0.00%, 8/01/43 |  |  | 1,500 |  |  |  | 376,635 |
City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project: |  |  |  |  |  |  |  |
6.50%, 5/01/36 |  |  | 900 |  |  |  | 1,053,099 |
6.50%, 5/01/42 |  |  | 2,220 |  |  |  | 2,597,644 |
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/40 |  |  | 375 |  |  |  | 457,384 |
County of Los Angeles California Tobacco Securitization Agency, RB, Asset-Backed, Los Angeles County Securitization Corp.: |  |  |  |  |  |  |  |
5.70%, 6/01/46 |  |  | 3,600 |  |  |  | 3,612,492 |
5.60%, 6/01/36 |  |  | 1,285 |  |  |  | 1,309,351 |
County of Riverside California Transportation Commission, RB, Senior Lien, Series A, 5.75%, 6/01/48 |  |  | 2,885 |  |  |  | 3,230,017 |
Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior Series A-1: |  |  |  |  |  |  |  |
5.13%, 6/01/47 |  |  | 4,455 |  |  |  | 4,381,626 |
5.75%, 6/01/47 |  |  | 3,745 |  |  |  | 3,744,888 |
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1: |  |  |  |  |  |  |  |
4.75%, 6/01/25 |  |  | 1,230 |  |  |  | 1,230,750 |
5.00%, 6/01/37 |  |  | 5,580 |  |  |  | 5,597,633 |
|  |  |  |  |  |  | 40,185,768 |
Colorado — 1.3% |
Castle Oaks Metropolitan District No. 3, GO, 6.25%, 12/01/44 |  |  | 500 |  |  |  | 531,685 |
Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47 |  |  | 575 |  |  |  | 589,962 |
City & County of Denver Colorado, Refunding RB, United Airlines, Inc. Project, AMT, 5.00%, 10/01/32 |  |  | 1,620 |  |  |  | 1,755,027 |
Colorado Health Facilities Authority, Refunding RB, Sunny Vista Living Center Project, Series A(b): |  |  |  |  |  |  |  |
6.13%, 12/01/45 |  |  | 335 |  |  |  | 352,507 |
6.25%, 12/01/50 |  |  | 1,115 |  |  |  | 1,174,853 |
Copperleaf Metropolitan District No. 2, GO, Refunding, 5.75%, 12/01/45 |  |  | 720 |  |  |  | 759,161 |
Regional Transportation District, RB, Denver Transit Partners Eagle P3 Project, 6.00%, 1/15/34 |  |  | 1,500 |  |  |  | 1,649,550 |
|  |  |  |  |  |  | 6,812,745 |
Connecticut — 1.0% |
Mohegan Tribal Finance Authority, RB, 7.00%, 2/01/45(b) |  |  | 1,400 |  |  |  | 1,483,328 |
Mohegan Tribe of Indians of Connecticut, RB, Series A, 6.75%, 2/01/45(b) |  |  | 1,271 |  |  |  | 1,366,570 |
Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution, Series C, 6.25%, 2/01/30(b) |  |  | 1,835 |  |  |  | 1,951,321 |
|  |  |  |  |  |  | 4,801,219 |

20 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Delaware — 0.9% |
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |  | $ | 1,000 |  |  | $ | 1,059,020 |
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 |  |  | 3,180 |  |  |  | 3,284,876 |
|  |  |  |  |  |  | 4,343,896 |
Florida — 8.3% |
Boggy Creek Improvement District, Refunding RB, Special Assessment Bonds, 5.13%, 5/01/43 |  |  | 1,500 |  |  |  | 1,515,375 |
Capital Trust Agency, Inc., RB, Silver Creek St. Augustine Project, Series A(d): |  |  |  |  |  |  |  |
1st Mortgage, 8.25%, 1/01/44 |  |  | 515 |  |  |  | 420,863 |
1st Mortgage, 8.25%, 1/01/49 |  |  | 1,105 |  |  |  | 902,785 |
5.75%, 1/01/50 |  |  | 655 |  |  |  | 586,395 |
County of Collier Florida IDA, Refunding RB, Arlington of Naples Project, Series A, 8.13%, 5/15/44(b) |  |  | 2,510 |  |  |  | 2,789,087 |
County of Palm Beach Florida Health Facilities Authority, RB, Acts Retirement Life Community, 5.50%, 11/15/20(a) |  |  | 3,500 |  |  |  | 3,936,205 |
County of Palm Beach Florida Health Facilities Authority, Refunding RB, Series A, 7.25%, 6/01/34 |  |  | 500 |  |  |  | 603,335 |
Florida Development Finance Corp., RB: |  |  |  |  |  |  |  |
Renaissance Charter School, Series A, 5.75%, 6/15/29 |  |  | 690 |  |  |  | 741,508 |
Renaissance Charter School, Series A, 6.00%, 6/15/34 |  |  | 835 |  |  |  | 889,684 |
Renaissance Charter School, Series A, 6.13%, 6/15/44 |  |  | 3,180 |  |  |  | 3,344,120 |
Solid Waste Disposal Facility, Waste Pro USA, Inc. Project, AMT, 5.00%, 8/01/29(b)(e) |  |  | 1,550 |  |  |  | 1,587,339 |
Greeneway Improvement District, RB, Special Assessment Bonds, 5.13%, 5/01/43 |  |  | 1,855 |  |  |  | 1,878,466 |
Harbor Bay Community Development District Florida, Special Assessment Bonds, Series A, 7.00%, 5/01/33 |  |  | 380 |  |  |  | 381,376 |
Lakewood Ranch Stewardship District Special Assessment Bonds, Village of Lakewood Ranch Sector Projects, 4.00%, 5/01/21 |  |  | 150 |  |  |  | 152,033 |
Lakewood Ranch Stewardship District Special Assessment Bonds, Refunding, Lakewood Center & New Sector Projects, 8.00%, 5/01/40 |  |  | 1,485 |  |  |  | 1,752,508 |
Lakewood Ranch Stewardship District Special Assessment Bonds, Village of Lakewood Ranch Sector Projects: |  |  |  |  |  |  |  |
4.25%, 5/01/26 |  |  | 150 |  |  |  | 153,368 |
5.13%, 5/01/46 |  |  | 880 |  |  |  | 913,449 |
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21(a) |  |  | 4,550 |  |  |  | 5,538,851 |
Midtown Miami Community Development District, Refunding, Special Assessment Bonds: |  |  |  |  |  |  |  |
Series A, 5.00%, 5/01/37 |  |  | 845 |  |  |  | 891,450 |
Series B, 5.00%, 5/01/37 |  |  | 495 |  |  |  | 522,210 |
Santa Rosa Bay Bridge Authority, RB, 6.25%, 7/01/28(d) |  |  | 4,052 |  |  |  | 2,917,743 |
Tampa Palms Open Space and Transportation Community Development District, RB, Capital Improvement, Richmond Place Project, 7.50%, 5/01/18 |  |  | 295 |  |  |  | 296,516 |
Tolomato Community Development District, Refunding, Special Assessment Bonds: |  |  |  |  |  |  |  |
Convertible CAB, Series A2, 6.61%, 5/01/39 |  |  | 250 |  |  |  | 249,978 |
Convertible CAB, Series A3, 6.61%, 5/01/40(f) |  |  | 585 |  |  |  | 539,042 |
Convertible CAB, Series A4, 6.61%, 5/01/40(f) |  |  | 305 |  |  |  | 235,951 |
Series 2015-2, 6.61%, 5/01/40(f) |  |  | 805 |  |  |  | 532,821 |
Series A1, 6.65%, 5/01/40 |  |  | 865 |  |  |  | 865,199 |
Tolomato Community Development District: |  |  |  |  |  |  |  |
Series 1, 6.61%, 5/01/40(f) |  |  | 1,305 |  |  |  | 1,048,528 |
Series 1, 6.65%, 5/01/40(d)(g) |  |  | 50 |  |  |  | 48,805 |
Series 3, 6.61%, 5/01/40(d)(g) |  |  | 875 |  |  |  | 9 |
Series 3, 6.65%, 5/01/40(d)(g) |  |  | 710 |  |  |  | 7 |

Security |  | Par (000) |  |  | Value |
Florida (continued) |
Village Community Development District No. 9, Special Assessment Bonds: |  |  |  |  |  |  |  |
6.75%, 5/01/31 |  | $ | 1,525 |  |  | $ | 1,732,522 |
7.00%, 5/01/41 |  |  | 2,500 |  |  |  | 2,921,100 |
5.50%, 5/01/42 |  |  | 1,180 |  |  |  | 1,285,103 |
|  |  |  |  |  |  | 42,173,731 |
Georgia — 1.6% |
County of Clayton Georgia, Tax Allocation Bonds, Ellenwood Project, 7.50%, 7/01/33 |  |  | 2,520 |  |  |  | 2,522,949 |
County of Clayton Georgia Development Authority, Refunding RB, Delta Air Lines, Inc. Project, Series A, 8.75%, 6/01/29 |  |  | 3,365 |  |  |  | 3,875,437 |
County of Gainesville & Hall Georgia Development Authority, Refunding RB, Acts Retirement Life Community, Series A-2(a): |  |  |  |  |  |  |  |
6.38%, 11/15/19 |  |  | 700 |  |  |  | 773,094 |
6.63%, 11/15/19 |  |  | 880 |  |  |  | 976,298 |
|  |  |  |  |  |  | 8,147,778 |
Guam — 0.3% |
Territory of Guam, GO, Series A: |  |  |  |  |  |  |  |
6.00%, 11/15/19 |  |  | 270 |  |  |  | 280,200 |
7.00%, 11/15/19(a) |  |  | 1,115 |  |  |  | 1,243,727 |
|  |  |  |  |  |  | 1,523,927 |
Illinois — 4.1% |
City of Chicago Illinois, GO, Refunding, Series A, 6.00%, 1/01/38 |  |  | 1,260 |  |  |  | 1,442,309 |
Illinois Finance Authority, Refunding RB: |  |  |  |  |  |  |  |
Friendship Village of Schaumburg, 7.25%, 2/15/45 |  |  | 4,000 |  |  |  | 4,179,440 |
Lutheran Home & Services Obligated Group, 5.63%, 5/15/42 |  |  | 2,395 |  |  |  | 2,524,474 |
Presence Health Network, Series C, 4.00%, 2/15/41 |  |  | 1,500 |  |  |  | 1,520,850 |
Primary Health Care Centers Program, 6.60%, 7/01/24 |  |  | 890 |  |  |  | 888,478 |
Rogers Park Montessori School Project, Series 2014, 6.00%, 2/01/34 |  |  | 365 |  |  |  | 382,155 |
Rogers Park Montessori School Project, Series 2014, 6.13%, 2/01/45 |  |  | 860 |  |  |  | 886,178 |
Roosevelt University Project, 6.50%, 4/01/44 |  |  | 2,000 |  |  |  | 2,125,560 |
Metropolitan Pier & Exposition Authority, RB, McCormick Place Expansion Project, Series A, 5.50%, 6/15/53 |  |  | 2,370 |  |  |  | 2,603,943 |
Railsplitter Tobacco Settlement Authority, RB: |  |  |  |  |  |  |  |
5.50%, 6/01/23 |  |  | 180 |  |  |  | 203,593 |
6.00%, 6/01/28 |  |  | 710 |  |  |  | 800,042 |
State of Illinois, GO: |  |  |  |  |  |  |  |
5.25%, 2/01/29 |  |  | 1,000 |  |  |  | 1,085,690 |
5.00%, 3/01/35 |  |  | 740 |  |  |  | 765,249 |
Village of Lincolnshire Illinois, Special Tax Bonds, Sedgebrook Project, 6.25%, 3/01/34 |  |  | 1,661 |  |  |  | 1,664,405 |
|  |  |  |  |  |  | 21,072,366 |
Indiana — 2.1% |
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |  |  |  |  |  |  |  |
6.75%, 1/01/34 |  |  | 825 |  |  |  | 976,973 |
7.00%, 1/01/44 |  |  | 2,000 |  |  |  | 2,380,080 |
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village Project, 6.25%, 1/01/29(b) |  |  | 2,450 |  |  |  | 2,378,975 |
County of Allen Indiana, RB, StoryPoint Fort Wayne Project, Series A-1(b): |  |  |  |  |  |  |  |
6.63%, 1/15/34 |  |  | 290 |  |  |  | 305,155 |
6.75%, 1/15/43 |  |  | 525 |  |  |  | 550,205 |
6.88%, 1/15/52 |  |  | 860 |  |  |  | 903,215 |

SCHEDULES OF INVESTMENTS |  |  | 21 |

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Indiana (continued) |
Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges East End Crossing Project, Series A, AMT: |  |  |  |  |  |  |  |
5.00%, 7/01/44 |  | $ | 470 |  |  | $ | 505,917 |
5.00%, 7/01/48 |  |  | 1,555 |  |  |  | 1,668,873 |
Town of Chesterton Indiana, RB, StoryPoint Chesterton Project, Series A-1, 6.38%, 1/15/51(b) |  |  | 1,190 |  |  |  | 1,238,136 |
|  |  |  |  |  |  | 10,907,529 |
Iowa — 2.7% |
Iowa Finance Authority, Refunding RB: |  |  |  |  |  |  |  |
Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.50%, 12/01/22 |  |  | 2,090 |  |  |  | 2,140,139 |
Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.25%, 12/01/25 |  |  | 2,190 |  |  |  | 2,333,949 |
Sunrise Retirement Community Project, 5.50%, 9/01/37 |  |  | 1,355 |  |  |  | 1,377,263 |
Sunrise Retirement Community Project, 5.75%, 9/01/43 |  |  | 2,115 |  |  |  | 2,167,304 |
Iowa Tobacco Settlement Authority, Refunding RB: |  |  |  |  |  |  |  |
Asset-Backed, CAB, Series B, 5.60%, 6/01/34 |  |  | 795 |  |  |  | 800,318 |
Series C, 5.38%, 6/01/38 |  |  | 4,900 |  |  |  | 4,899,559 |
|  |  |  |  |  |  | 13,718,532 |
Kentucky — 0.9% |
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing, First Tier, Series A, 5.75%, 7/01/49 |  |  | 4,000 |  |  |  | 4,460,720 |
Louisiana — 3.1% |
Juban Crossing Economic Development District, Refunding RB, General Infrastructure Project, Series C, 7.00%, 9/15/44(b) |  |  | 2,460 |  |  |  | 2,565,903 |
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, 6.75%, 11/01/32 |  |  | 5,000 |  |  |  | 5,000,000 |
Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.75%, 5/01/41 |  |  | 1,745 |  |  |  | 1,885,979 |
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.25%, 5/15/35 |  |  | 5,570 |  |  |  | 6,059,547 |
|  |  |  |  |  |  | 15,511,429 |
Maine — 0.6% |
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 7/01/41 |  |  | 2,955 |  |  |  | 3,207,150 |
Maryland — 2.6% |
City of Baltimore Maryland, Refunding RB, Convention Center Hotel, 5.00%, 9/01/33 |  |  | 470 |  |  |  | 543,861 |
County of Frederick Maryland, RB, Jefferson Technology Park Project, Series B, 7.13%, 7/01/43 |  |  | 2,840 |  |  |  | 3,083,246 |
Maryland EDC, RB: |  |  |  |  |  |  |  |
Purple Line Light Rail Project, AMT, 5.00%, 3/31/51 |  |  | 2,185 |  |  |  | 2,423,383 |
Transportation Facilities Project, Series A, 5.75%, 6/01/35 |  |  | 3,615 |  |  |  | 3,852,578 |
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25 |  |  | 3,085 |  |  |  | 3,258,408 |
|  |  |  |  |  |  | 13,161,476 |
Massachusetts — 1.4% |
Massachusetts Development Finance Agency, RB: |  |  |  |  |  |  |  |
Boston Medical Center, Series D, 5.00%, 7/01/44 |  |  | 1,905 |  |  |  | 2,090,166 |
Foxborough Regional Charter School, Series A, 7.00%, 7/01/42 |  |  | 1,025 |  |  |  | 1,101,117 |
North Hill Communities Issue, Series A, 6.50%, 11/15/43(b) |  |  | 2,020 |  |  |  | 2,271,126 |
Massachusetts Development Finance Agency, Refunding RB: |  |  |  |  |  |  |  |
6.75%, 1/01/21(a) |  |  | 895 |  |  |  | 1,045,092 |
Series I, 6.75%, 1/01/36 |  |  | 595 |  |  |  | 680,424 |
|  |  |  |  |  |  | 7,187,925 |

Security |  | Par (000) |  |  | Value |
Michigan — 0.9% |
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39 |  | $ | 2,785 |  |  | $ | 3,087,702 |
Michigan Finance Authority, RB, Detroit Water & Sewage Disposal System, Senior Lien, Series 2014 C-2, AMT, 5.00%, 7/01/44 |  |  | 415 |  |  |  | 444,320 |
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 7/01/44 |  |  | 920 |  |  |  | 1,000,748 |
|  |  |  |  |  |  | 4,532,770 |
Minnesota — 0.1% |
St. Paul Housing & Redevelopment Authority, Refunding RB, Hmong College Prep Academy Project, Series A: |  |  |  |  |  |  |  |
5.75%, 9/01/46 |  |  | 195 |  |  |  | 202,593 |
6.00%, 9/01/51 |  |  | 290 |  |  |  | 304,561 |
|  |  |  |  |  |  | 507,154 |
Mississippi — 0.1% |
Mississippi Business Finance Corp., RB, Solid Waste Disposal Facility, Waste Pro USA, Inc. Project, AMT, 5.00%, 2/01/36(b)(e) |  |  | 620 |  |  |  | 634,936 |
Missouri — 1.3% |
City of St. Louis Missouri IDA, Refunding RB: |  |  |  |  |  |  |  |
4.38%, 11/15/35 |  |  | 685 |  |  |  | 699,618 |
4.75%, 11/15/47 |  |  | 760 |  |  |  | 777,936 |
Kirkwood Missouri IDA, RB, Aberdeen Heights, Series A, 8.25%, 5/15/20(a) |  |  | 2,315 |  |  |  | 2,714,453 |
Lees Summit Missouri IDA, RB, John Knox Obligated Group, 5.25%, 8/15/39 |  |  | 2,235 |  |  |  | 2,373,526 |
|  |  |  |  |  |  | 6,565,533 |
New Jersey — 5.2% |
Casino Reinvestment Development Authority, Refunding RB: |  |  |  |  |  |  |  |
5.25%, 11/01/39 |  |  | 1,065 |  |  |  | 1,116,397 |
5.25%, 11/01/44 |  |  | 770 |  |  |  | 803,395 |
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 7/01/45(b) |  |  | 1,150 |  |  |  | 1,155,577 |
New Jersey EDA, RB: |  |  |  |  |  |  |  |
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 1/01/43 |  |  | 2,155 |  |  |  | 2,398,644 |
Kapkowski Road Landfill Project, Series B, AMT, 6.50%, 4/01/31 |  |  | 2,250 |  |  |  | 2,594,767 |
Provident Group-Kean Properties, Series A, 5.00%, 7/01/32 |  |  | 165 |  |  |  | 180,997 |
Provident Group-Kean Properties, Series A, 5.00%, 7/01/37 |  |  | 260 |  |  |  | 280,184 |
Team Academy Charter School Project, 6.00%, 10/01/43 |  |  | 1,530 |  |  |  | 1,714,457 |
New Jersey EDA, Refunding RB, Greater Brunswick Charter School, Inc. Project, Series A, 6.00%, 8/01/49(b) |  |  | 500 |  |  |  | 512,470 |
New Jersey Health Care Facilities Financing Authority, Refunding RB(a): |  |  |  |  |  |  |  |
St. Barnabas Health Care System, Series A, 5.63%, 7/01/21 |  |  | 2,650 |  |  |  | 3,055,635 |
St. Joseph’s Healthcare System, 6.63%, 7/01/18 |  |  | 2,590 |  |  |  | 2,685,053 |
New Jersey Transportation Trust Fund Authority, RB, Transportation Program, Series AA, 5.25%, 6/15/41 |  |  | 1,140 |  |  |  | 1,242,908 |
Tobacco Settlement Financing Corp., Refunding RB, Series 1A, 5.00%, 6/01/41 |  |  | 5,210 |  |  |  | 4,994,306 |
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A, 5.00%, 6/01/29 |  |  | 3,735 |  |  |  | 3,743,180 |
|  |  |  |  |  |  | 26,477,970 |

22 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
New Mexico — 0.6% |
New Mexico Hospital Equipment Loan Council, Refunding RB, Gerald Champion Regional Medical Center Project, 5.50%, 7/01/42 |  | $ | 2,970 |  |  | $ | 3,211,313 |
New York — 7.9% |
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A: |  |  |  |  |  |  |  |
6.25%, 6/01/41(b) |  |  | 5,300 |  |  |  | 5,484,175 |
5.00%, 6/01/42 |  |  | 3,155 |  |  |  | 3,025,645 |
5.00%, 6/01/45 |  |  | 1,185 |  |  |  | 1,122,231 |
Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through: |  |  |  |  |  |  |  |
Series A-2B, 5.00%, 6/01/51 |  |  | 900 |  |  |  | 928,476 |
Series B, 5.00%, 6/01/45 |  |  | 1,415 |  |  |  | 1,487,448 |
County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility, Series A-1, 5.00%, 8/01/46 |  |  | 3,315 |  |  |  | 2,730,499 |
County of Nassau New York Tobacco Settlement Corp., Refunding RB, Asset-Backed, Series A-3, 5.13%, 6/01/46 |  |  | 275 |  |  |  | 268,736 |
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44 |  |  | 1,310 |  |  |  | 1,409,895 |
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 6/01/45 |  |  | 2,890 |  |  |  | 2,834,743 |
Metropolitan Transportation Authority, RB, Series C: |  |  |  |  |  |  |  |
6.50%, 11/15/18(a) |  |  | 1,490 |  |  |  | 1,573,455 |
6.50%, 11/15/18(a) |  |  | 125 |  |  |  | 132,001 |
6.50%, 11/15/28 |  |  | 385 |  |  |  | 406,976 |
New York Liberty Development Corp., Refunding RB: |  |  |  |  |  |  |  |
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49 |  |  | 1,270 |  |  |  | 1,365,428 |
3 World Trade Center Project, Class 1, 5.00%, 11/15/44(b) |  |  | 4,705 |  |  |  | 5,114,194 |
3 World Trade Center Project, Class 2, 5.15%, 11/15/34(b) |  |  | 455 |  |  |  | 502,952 |
3 World Trade Center Project, Class 2, 5.38%, 11/15/40(b) |  |  | 1,080 |  |  |  | 1,201,748 |
3 World Trade Center Project, Class 3, 7.25%, 11/15/44(b) |  |  | 1,565 |  |  |  | 1,884,870 |
New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT, 5.00%, 8/01/31 |  |  | 1,195 |  |  |  | 1,275,113 |
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42(b) |  |  | 1,335 |  |  |  | 1,335,895 |
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/36 |  |  | 1,340 |  |  |  | 1,492,304 |
State of New York Dormitory Authority, Refunding RB, Orange Regional Medical Center, 5.00%, 12/01/33(b) |  |  | 955 |  |  |  | 1,048,857 |
Town of Oyster Bay New York, GO, BAN, Series A, 3.50%, 6/01/18 |  |  | 3,035 |  |  |  | 3,060,160 |
Town of Oyster Bay New York, GO, Refunding, BAN, Series B, 3.50%, 2/02/18 |  |  | 505 |  |  |  | 507,242 |
|  |  |  |  |  |  | 40,193,043 |
North Carolina — 1.5% |
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Series A: |  |  |  |  |  |  |  |
Deerfield Project, 6.13%, 11/01/18(a) |  |  | 4,565 |  |  |  | 4,795,167 |
Retirement Facilities Whitestone Project, 7.75%, 3/01/31 |  |  | 1,000 |  |  |  | 1,113,460 |
Retirement Facilities Whitestone Project, 7.75%, 3/01/41 |  |  | 1,420 |  |  |  | 1,566,686 |
|  |  |  |  |  |  | 7,475,313 |

Security |  | Par (000) |  |  | Value |
Ohio — 3.0% |
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Series A-2: |  |  |  |  |  |  |  |
Senior Turbo Term, 5.88%, 6/01/47 |  | $ | 5,570 |  |  | $ | 5,214,690 |
5.75%, 6/01/34 |  |  | 6,745 |  |  |  | 6,326,742 |
6.00%, 6/01/42 |  |  | 3,040 |  |  |  | 2,888,030 |
County of Hamilton Ohio, Refunding RB, Improvement-Life Enriching Communities, 5.00%, 1/01/46 |  |  | 875 |  |  |  | 934,754 |
|  |  |  |  |  |  | 15,364,216 |
Oklahoma — 0.2% |
Tulsa Oklahoma Industrial Authority, Refunding RB, Montereau, Inc. Project, 5.25%, 11/15/37 |  |  | 750 |  |  |  | 840,780 |
Oregon — 0.8% |
County of Multnomah Oregon Hospital Facilities Authority, Refunding RB, Mirabella at South Waterfront, 5.50%, 10/01/49 |  |  | 1,765 |  |  |  | 1,898,099 |
Polk County Hospital Facility Authority, RB, Dallas Retirement Village Project, Series A: |  |  |  |  |  |  |  |
5.13%, 7/01/35 |  |  | 620 |  |  |  | 647,298 |
5.38%, 7/01/45 |  |  | 1,435 |  |  |  | 1,508,888 |
|  |  |  |  |  |  | 4,054,285 |
Pennsylvania — 3.5% |
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A, 5.00%, 5/01/42 |  |  | 2,140 |  |  |  | 2,231,763 |
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 7/01/36 |  |  | 2,000 |  |  |  | 2,213,960 |
County of Cumberland Pennsylvania Municipal Authority, Refunding RB, Diakon Lutheran: |  |  |  |  |  |  |  |
6.38%, 1/01/19(a) |  |  | 5,550 |  |  |  | 5,883,555 |
6.38%, 1/01/39 |  |  | 615 |  |  |  | 642,072 |
County of Lehigh Pennsylvania General Purpose Authority, Refunding RB, Bible Fellowship Church Homes, 5.13%, 7/01/32 |  |  | 1,800 |  |  |  | 1,832,346 |
County of Northampton Pennsylvania IDA, Route 33 Project, Tax Allocation Bonds, 7.00%, 7/01/32 |  |  | 2,030 |  |  |  | 2,352,486 |
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44 |  |  | 2,710 |  |  |  | 2,871,137 |
|  |  |  |  |  |  | 18,027,319 |
Puerto Rico — 1.2% |
Children’s Trust Fund, Refunding RB, Tobacco Settlement, Asset-Backed Bonds: |  |  |  |  |  |  |  |
5.50%, 5/15/39 |  |  | 635 |  |  |  | 623,202 |
5.63%, 5/15/43 |  |  | 2,145 |  |  |  | 2,101,585 |
5.38%, 5/15/33 |  |  | 960 |  |  |  | 948,538 |
Commonwealth of Puerto Rico, GO, Refunding, Series A(d): |  |  |  |  |  |  |  |
Public Improvement, 5.50%, 7/01/39 |  |  | 665 |  |  |  | 194,513 |
8.00%, 7/01/35 |  |  | 1,765 |  |  |  | 525,087 |
Commonwealth of Puerto Rico, GO, , 6.00%, 7/01/38(d) |  |  | 750 |  |  |  | 219,375 |
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A, 6.00%, 7/01/44 |  |  | 1,060 |  |  |  | 677,075 |
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A, 6.00%, 7/01/38 |  |  | 1,150 |  |  |  | 734,562 |
|  |  |  |  |  |  | 6,023,937 |
Rhode Island — 2.3% |
Central Falls Detention Facility Corp., Refunding RB, 7.25%, 7/15/35(d) |  |  | 4,190 |  |  |  | 1,047,500 |
Tobacco Settlement Financing Corp., Refunding RB: |  |  |  |  |  |  |  |
Series A, 5.00%, 6/01/35 |  |  | 1,000 |  |  |  | 1,077,680 |
Series A, 5.00%, 6/01/40 |  |  | 980 |  |  |  | 1,041,534 |
Series B, 4.50%, 6/01/45 |  |  | 5,055 |  |  |  | 5,064,504 |

SCHEDULES OF INVESTMENTS |  |  | 23 |

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Rhode Island (continued) |
Tobacco Settlement Financing Corp., Refunding RB (continued): |  |  |  |  |  |  |  |
Series B, 5.00%, 6/01/50 |  | $ | 3,330 |  |  | $ | 3,435,827 |
|  |  |  |  |  |  | 11,667,045 |
Texas — 10.1% |
Central Texas Regional Mobility Authority, Refunding RB: |  |  |  |  |  |  |  |
CAB, 0.00%, 1/01/28(c) |  |  | 1,000 |  |  |  | 711,290 |
CAB, 0.00%, 1/01/29(c) |  |  | 2,000 |  |  |  | 1,360,680 |
CAB, 0.00%, 1/01/30(c) |  |  | 1,170 |  |  |  | 758,956 |
CAB, 5.00%, 1/01/33(c) |  |  | 3,690 |  |  |  | 2,075,809 |
CAB, 0.00%, 1/01/34(c) |  |  | 4,000 |  |  |  | 2,145,880 |
Senior Lien, 6.25%, 1/01/21(a) |  |  | 2,210 |  |  |  | 2,550,207 |
City of Houston Texas Airport System, Refunding ARB, AMT: |  |  |  |  |  |  |  |
Special Facilities, Continental Airlines, Inc., Series A, 6.63%, 7/15/38 |  |  | 2,890 |  |  |  | 3,190,329 |
United Airlines, Inc. Terminal E Project, 5.00%, 7/01/29 |  |  | 910 |  |  |  | 997,260 |
Clifton Higher Education Finance Corp., ERB, Idea Public Schools(a): |  |  |  |  |  |  |  |
5.50%, 8/15/21 |  |  | 955 |  |  |  | 1,099,253 |
5.75%, 8/15/21 |  |  | 720 |  |  |  | 835,373 |
County of Bexar Texas Health Facilities Development Corp., RB, Army Retirement Residence Project, 6.20%, 7/01/20(a) |  |  | 5,040 |  |  |  | 5,687,287 |
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 1/01/23(a) |  |  | 475 |  |  |  | 600,552 |
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co., Project, Series A, 6.30%, 11/01/29 |  |  | 2,090 |  |  |  | 2,272,729 |
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Senior Living Center Project, Series A, 8.25%, 11/15/44 |  |  | 4,200 |  |  |  | 4,469,388 |
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Trinity Terrace Project, 5.00%, 10/01/49 |  |  | 865 |  |  |  | 924,313 |
County of Travis Texas Health Facilities Development Corp., Refunding RB, 7.13%, 1/01/46 |  |  | 3,080 |  |  |  | 3,340,260 |
Mesquite Health Facility Development Corp., Refunding RB, 5.13%, 2/15/42 |  |  | 810 |  |  |  | 839,638 |
Mission Economic Development Corp., RB, Senior Lien, Natgasoline Project, Series B, AMT, 5.75%, 10/01/31(b) |  |  | 1,325 |  |  |  | 1,391,899 |
New Hope Cultural Education Facilities Corp., RB, Stephenville LLC Tarleton State University Project: |  |  |  |  |  |  |  |
5.88%, 4/01/36 |  |  | 1,210 |  |  |  | 1,364,553 |
6.00%, 4/01/45 |  |  | 1,845 |  |  |  | 2,040,921 |
Newark Higher Education Finance Corp., RB, Series A(b): |  |  |  |  |  |  |  |
5.50%, 8/15/35 |  |  | 290 |  |  |  | 297,917 |
5.75%, 8/15/45 |  |  | 580 |  |  |  | 595,677 |
North Texas Education Finance Corp., ERB, Uplift Education, Series A, 5.25%, 12/01/47 |  |  | 1,600 |  |  |  | 1,735,840 |
Red River Health Facilities Development Corp., First MRB, Project: |  |  |  |  |  |  |  |
Eden Home, Inc., 7.25%, 12/15/42(d) |  |  | 2,895 |  |  |  | 1,679,100 |
Wichita Falls Retirement Foundation, 5.13%, 1/01/41 |  |  | 900 |  |  |  | 928,674 |
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |  |  |  |  |  |  |  |
LBJ Infrastructure Group LLC, 7.00%, 6/30/40 |  |  | 3,775 |  |  |  | 4,260,578 |
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |  |  | 3,000 |  |  |  | 3,327,000 |
|  |  |  |  |  |  | 51,481,363 |

Security |  | Par (000) |  |  | Value |
Utah — 0.6% |
State of Utah Charter School Finance Authority, Refunding RB, 6.75%, 10/15/43 |  | $ | 2,950 |  |  | $ | 2,995,165 |
Vermont — 0.2% |
Vermont EDA, Refunding, MRB, Wake Robin Corp. Project, 5.40%, 5/01/33 |  |  | 770 |  |  |  | 816,246 |
Virginia — 2.4% |
Lower Magnolia Green Community Development Authority, Special Assessment Bonds(b): |  |  |  |  |  |  |  |
5.00%, 3/01/35 |  |  | 495 |  |  |  | 505,934 |
5.00%, 3/01/45 |  |  | 505 |  |  |  | 511,459 |
Mosaic District Community Development Authority, Special Assessment, Series A: |  |  |  |  |  |  |  |
6.63%, 3/01/26 |  |  | 1,485 |  |  |  | 1,618,858 |
6.88%, 3/01/36 |  |  | 1,300 |  |  |  | 1,420,029 |
Tobacco Settlement Financing Corp., Refunding RB, Senior Series B-1, 5.00%, 6/01/47 |  |  | 2,280 |  |  |  | 2,191,468 |
Virginia College Building Authority, RB, Marymount University Project, Series B, 5.00%, 7/01/45(b) |  |  | 535 |  |  |  | 558,133 |
Virginia College Building Authority, Refunding RB, Marymount University Project, Series A, 5.00%, 7/01/45(b) |  |  | 375 |  |  |  | 391,215 |
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 1/01/37 |  |  | 4,440 |  |  |  | 5,019,642 |
|  |  |  |  |  |  | 12,216,738 |
Washington — 0.8% |
County of King Washington Public Hospital District No. 4, GO, Refunding, Snoqualmie Valley Hospital, 7.00%, 12/01/40 |  |  | 1,455 |  |  |  | 1,512,196 |
Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A, 5.50%, 9/01/42 |  |  | 1,495 |  |  |  | 1,533,062 |
Washington State Housing Finance Commission, Refunding RB(b): |  |  |  |  |  |  |  |
5.75%, 1/01/35 |  |  | 315 |  |  |  | 319,026 |
6.00%, 1/01/45 |  |  | 850 |  |  |  | 862,750 |
|  |  |  |  |  |  | 4,227,034 |
Wisconsin — 1.1% |
Public Finance Authority, RB: |  |  |  |  |  |  |  |
Delray Beach Radiation Therapy, 6.85%, 11/01/46(b) |  |  | 900 |  |  |  | 924,282 |
Delray Beach Radiation Therapy, 7.00%, 11/01/46(b) |  |  | 570 |  |  |  | 591,147 |
Series A, 5.00%, 12/01/45 |  |  | 1,505 |  |  |  | 1,579,964 |
Series A, 5.15%, 12/01/50 |  |  | 1,170 |  |  |  | 1,226,804 |
Wisconsin Health & Educational Facilities Authority, Refunding RB, St. Johns Communities, Inc., Series A(a): |  |  |  |  |  |  |  |
7.25%, 9/15/19 |  |  | 425 |  |  |  | 472,298 |
7.63%, 9/15/19 |  |  | 855 |  |  |  | 956,061 |
|  |  |  |  |  |  | 5,750,556 |
Total Municipal Bonds — 87.4% |  |  |  | 445,084,310 |
Municipal Bonds Transferred to Tender Option Bond Trusts(h) |
Colorado — 2.4% |
Colorado Health Facilities Authority, Refunding RB, Sisters of Charity of Leavenworth Health System, Series A, 5.00%, 1/01/40 |  |  | 11,468 |  |  |  | 12,150,656 |
Florida — 4.9% |
City of New York New York Housing Development Corp., RB, M/F Housing, Series D-1, Class B, 4.25%, 11/01/45 |  |  | 8,996 |  |  |  | 9,257,760 |
County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A, AMT(a): |  |  |  |  |  |  |  |
5.25%, 10/01/18 |  |  | 11,655 |  |  |  | 12,071,899 |

24 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Florida (continued) |
County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A, AMT(a) (continued): |  |  |  |  |  |  |  |
5.25%, 10/01/18 |  | $ | 3,345 |  |  | $ | 3,464,651 |
|  |  |  |  |  |  | 24,794,310 |
Illinois — 2.7% |
Illinois Finance Authority, RB, Carle Foundation, Series A (AGM), 6.00%, 8/15/41 |  |  | 7,180 |  |  |  | 8,110,097 |
State of Illinois Toll Highway Authority, RB, Series A, 5.00%, 1/01/40 |  |  | 5,056 |  |  |  | 5,743,843 |
|  |  |  |  |  |  | 13,853,940 |
New York — 11.6% |
City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution: |  |  |  |  |  |  |  |
Fiscal 2013, Series CC, 5.00%, 6/15/47 |  |  | 14,181 |  |  |  | 16,138,758 |
Series HH, 5.00%, 6/15/31(i) |  |  | 8,610 |  |  |  | 9,648,337 |
Hudson Yards Infrastructure Corp., RB, Series A, 5.75%, 2/15/47(i) |  |  | 4,520 |  |  |  | 5,135,746 |
New York Liberty Development Corp., RB, World Trade Center Port Authority Consolidated, 5.25%, 12/15/43 |  |  | 18,105 |  |  |  | 20,409,561 |
New York Liberty Development Corp., Refunding RB, World Trade Center Project, 5.75%, 11/15/51(i) |  |  | 6,600 |  |  |  | 7,590,096 |
|  |  |  |  |  |  | 58,922,498 |
Pennsylvania — 0.6% |
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42 |  |  | 2,505 |  |  |  | 2,944,502 |
Washington — 1.7% |
City of Bellingham Washington Water & Sewer Revenue, RB, 5.00%, 8/01/40 |  |  | 7,966 |  |  |  | 8,838,204 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 23.9% |  |  |  | 121,504,110 |
Total Long-Term Investments — 111.3% (Cost — $530,889,788) |  |  |  | 566,588,420 |

Security |  | Shares |  |  | Value |
Short-Term Securities |  |  |  |  |  |  |  |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.74%(j)(k) |  |  | 3,874,985 |  |  | $ | 3,876,148 |
Total Short-Term Securities — 0.8% (Cost — $3,876,148) |  |  |  | 3,876,148 |
Total Investments — 112.1% (Cost — $534,765,936) |  |  |  | 570,464,568 |
Other Assets Less Liabilities — 1.3% |  |  |  | 6,475,614 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (13.4)% |  |  |  | (67,961,320 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 508,978,862 |

(a) | 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.

(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) | Zero-coupon bond.

(d) | Issuer filed for bankruptcy and/or is in default.

(e) | Variable rate security. Rate shown is the rate in effect as of period end.

(f) | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

(g) | Non-income producing security.

(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. See Note 4 of the Notes to Financial Statements for details.

(i) | All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between February 15, 2019 to November 15, 2019 is $11,849,809. See Note 4 of the Notes to Financial Statements for details.

(j) | Annualized 7-day yield as of period end.

(k) | During the six months ended October 31, 2017, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated |  | Shares Held at 04/30/17 |  |  | Net Activity |  |  | Shares Held at 10/31/17 |  |  | Value at 10/31/17 |  |  | Income |  |  | Net Realized Gain (a) |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, MuniCash, Institutional Class |  |  | 1,057,065 |  |  |  | 2,817,920 |  |  |  | 3,874,985 |  |  | $ | 3,876,148 |  |  | $ | 15,053 |  |  | $ | 515 |  |  | $ | (96 | )

| (a) | Includes capital gain distribution, if applicable. |

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 |  |  | (43 | ) |  |  | 12/19/17 |  |  | $ | 5,372 |  |  | $ | 78,743 |
Long U.S. Treasury Bond |  |  | (55 | ) |  |  | 12/19/17 |  |  |  | 8,386 |  |  |  | 161,430 |
Ultra Long U.S. Treasury Bond |  |  | (20 | ) |  |  | 12/19/17 |  |  |  | 3,296 |  |  |  | 70,048 |
5-Year U.S. Treasury Note |  |  | (61 | ) |  |  | 12/29/17 |  |  |  | 7,148 |  |  |  | 67,216 |
|  |  | $ | 377,437 |

SCHEDULES OF INVESTMENTS |  |  | 25 |

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniAssets Fund, Inc. (MUA)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized appreciation(a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 377,437 |  |  | $ | — |  |  | $ | 377,437 |

| (a) | Includes cumulative appreciation (depreciation) on futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |

For the six months ended October 31, 2017, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (570,618 | ) |  | $ | — |  |  | $ | (570,618 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 616,931 |  |  | $ | — |  |  | $ | 616,931 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |
Average notional value of contracts — short |  | $ | 21,801,574 |

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |
Investments: |
Long-Term Investments(a) |  | $ | — |  |  | $ | 566,588,420 |  |  | $ | — |  |  | $ | 566,588,420 |
Short-Term Securities |  |  | 3,876,148 |  |  |  |  |  |  |  | — |  |  |  | 3,876,148 |
|  | $ | 3,876,148 |  |  | $ | 566,588,420 |  |  | $ | — |  |  | $ | 570,464,568 |
Derivative Financial Instruments(b) |
Assets: |
Interest rate contracts |  | $ | 377,437 |  |  | $ | — |  |  | $ | — |  |  | $ | 377,437 |

| (a) | See above Schedule of Investments for values in each state or political subdivision. |

| (b) | Derivative financial instruments are futures contracts which 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 statement purposes. As of period end, TOB Trust Certificates of $67,756,523 are categorized as Level 2 within the disclosure hierarchy.

During the six months ended October 31, 2017, there were no transfers between levels.

See notes to financial statements.

26 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments October 31, 2017 (Unaudited) |  | BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds |
Alabama — 0.6% |
County of Tuscaloosa Board of Education, RB, Special Tax School Warrants, 5.00%, 2/01/43 |  | $ | 885 |  |  | $ | 1,013,121 |
Homewood Educational Building Authority, Refunding RB, Educational Facilities, Samford University, Series A, 5.00%, 12/01/47 |  |  | 1,010 |  |  |  | 1,129,766 |
|  |  |  |  |  |  | 2,142,887 |
Alaska — 0.7% |
Alaska Industrial Development & Export Authority, RB, Providence Health Services, Series A, 5.50%, 10/01/41 |  |  | 990 |  |  |  | 1,093,029 |
Borough of Matanuska-Susitna Alaska, RB, Goose Creek Correctional Center (AGC): |  |  |  |  |  |  |  |
6.00%, 9/01/19 |  |  | 765 |  |  |  | 831,853 |
6.00%, 9/01/19 |  |  | 435 |  |  |  | 473,015 |
|  |  |  |  |  |  | 2,397,897 |
Arizona — 1.9% |
County of Maricopa Arizona IDA, Refunding RB, Banner Health Obligation Group, Series A: |  |  |  |  |  |  |  |
5.00%, 1/01/38 |  |  | 280 |  |  |  | 324,383 |
4.00%, 1/01/41 |  |  | 3,100 |  |  |  | 3,212,685 |
State of Arizona, COP, Department of Administration, Series A (AGM): |  |  |  |  |  |  |  |
5.00%, 10/01/27 |  |  | 2,700 |  |  |  | 2,886,597 |
5.00%, 10/01/29 |  |  | 400 |  |  |  | 427,488 |
|  |  |  |  |  |  | 6,851,153 |
California — 14.2% |
Anaheim Public Financing Authority California, RB, Senior, Public Improvements Project, Series A (AGM), 6.00%, 9/01/24 |  |  | 5,000 |  |  |  | 6,018,850 |
California Health Facilities Financing Authority, RB: |  |  |  |  |  |  |  |
St. Joseph Health System, Series A, 5.75%, 7/01/39 |  |  | 550 |  |  |  | 590,194 |
Sutter Health, Series B, 5.88%, 8/15/31 |  |  | 1,200 |  |  |  | 1,349,748 |
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 7/01/37 |  |  | 1,090 |  |  |  | 1,236,125 |
California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 4/01/42 |  |  | 1,480 |  |  |  | 1,665,903 |
City & County of San Francisco California Airports Commission, Refunding ARB, Series A, AMT, 5.00%, 5/01/42 |  |  | 185 |  |  |  | 212,741 |
City of Redding California Electric System Revenue, COP, Refunding Series A, (AGM): |  |  |  |  |  |  |  |
5.00%, 6/01/18(a) |  |  | 620 |  |  |  | 634,427 |
5.00%, 6/01/30 |  |  | 600 |  |  |  | 612,720 |
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT: |  |  |  |  |  |  |  |
Series A, 5.00%, 3/01/36 |  |  | 410 |  |  |  | 475,563 |
Series A, 5.00%, 3/01/37 |  |  | 455 |  |  |  | 526,558 |
Series A-1, 5.75%, 3/01/34 |  |  | 850 |  |  |  | 959,811 |
County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A, 6.00%, 3/01/21(a) |  |  | 2,175 |  |  |  | 2,514,039 |
County of San Mateo California Community College District, GO, CAB, Election of 2001, Series C (NPFGC), 0.00%, 9/01/30(b) |  |  | 12,740 |  |  |  | 8,880,035 |
Mount San Antonio Community College District, GO, Refunding, CAB, Election of 2008, Series A, 6.25%, 8/01/43(c) |  |  | 2,500 |  |  |  | 2,003,725 |
Poway Unified School District, GO, Refunding, CAB, School Facilities Improvement, Election of 2008, Series B, 0.00%, 8/01/36(b) |  |  | 3,750 |  |  |  | 1,921,012 |

Security |  | Par (000) |  |  | Value |
California (continued) |
Rio Hondo Community College District California, GO, CAB, Election of 2004, Series C, 0.00%, 8/01/38(b) |  | $ | 5,000 |  |  | $ | 2,355,950 |
San Diego California Community College District, GO, CAB, Election of 2006(b): |  |  |  |  |  |  |  |
0.00%, 8/01/31 |  |  | 2,145 |  |  |  | 1,216,108 |
0.00%, 8/01/32 |  |  | 2,680 |  |  |  | 1,422,866 |
San Diego California Unified School District, GO, CAB, Election of 2008(b): |  |  |  |  |  |  |  |
Series C, 0.00%, 7/01/38 |  |  | 1,600 |  |  |  | 774,832 |
Series G, 0.00%, 7/01/34 |  |  | 650 |  |  |  | 307,879 |
Series G, 0.00%, 7/01/35 |  |  | 690 |  |  |  | 306,857 |
Series G, 0.00%, 7/01/36 |  |  | 1,035 |  |  |  | 432,185 |
Series G, 0.00%, 7/01/37 |  |  | 690 |  |  |  | 270,632 |
San Diego California Unified School District, GO, Refunding, Series R-1(b): |  |  |  |  |  |  |  |
0.00%, 7/01/30 |  |  | 5,000 |  |  |  | 3,433,550 |
0.00%, 7/01/31 |  |  | 1,280 |  |  |  | 845,274 |
San Marcos Unified School District, GO, Election of 2010, Series A: |  |  |  |  |  |  |  |
5.00%, 8/01/34 |  |  | 700 |  |  |  | 783,230 |
5.00%, 8/01/38 |  |  | 600 |  |  |  | 670,644 |
Walnut Valley Unified School District, GO, CAB, Election of 2007, Series B, 0.00%, 8/01/36(b) |  |  | 5,500 |  |  |  | 2,669,920 |
West Basin Municipal Water District California, COP, Refunding, Series B (AGC), 5.00%, 8/01/18(a) |  |  | 5,035 |  |  |  | 5,182,928 |
|  |  |  |  |  |  | 50,274,306 |
Colorado — 0.6% |
Regional Transportation District, COP, Refunding, Series A, 5.38%, 6/01/31 |  |  | 2,000 |  |  |  | 2,175,760 |
District of Columbia — 1.5% |
District of Columbia Ballpark Revenue, RB, Series B-1 (NPFGC), 5.00%, 2/01/31 |  |  | 5,360 |  |  |  | 5,458,892 |
Florida — 12.7% |
City of Gainesville Florida Utilities System Revenue, RB, Series A, 5.00%, 10/01/37(d) |  |  | 355 |  |  |  | 419,418 |
County of Brevard Florida Health Facilities Authority, Refunding RB, Health First, Inc. Project, 5.00%, 4/01/39 |  |  | 1,600 |  |  |  | 1,759,264 |
County of Broward Florida Water & Sewer Utility, Refunding RB, Series A, 5.25%, 10/01/18(a) |  |  | 850 |  |  |  | 882,139 |
County of Highlands Florida Health Facilities Authority, RB, Adventist Health System/Sunbelt, Series B, 6.00%, 11/15/37 |  |  | 1,450 |  |  |  | 1,576,121 |
County of Hillsborough Florida Aviation Authority, RB, Series A, AMT (AGC), 5.38%, 10/01/33 |  |  | 4,050 |  |  |  | 4,185,837 |
County of Lee Florida, Refunding ARB, Series A, AMT: |  |  |  |  |  |  |  |
5.63%, 10/01/26 |  |  | 960 |  |  |  | 1,086,624 |
5.38%, 10/01/32 |  |  | 3,160 |  |  |  | 3,509,085 |
County of Miami-Dade Florida, GO, Building Better Communities Program, Series B-1, 5.75%, 7/01/18(a) |  |  | 1,400 |  |  |  | 1,443,778 |
County of Miami-Dade Florida, RB, Seaport: |  |  |  |  |  |  |  |
Department, Series A, 6.00%, 10/01/38 |  |  | 2,025 |  |  |  | 2,416,027 |
Department, Series B, AMT, 6.25%, 10/01/38 |  |  | 415 |  |  |  | 492,771 |
Department, Series B, AMT, 6.00%, 10/01/42 |  |  | 660 |  |  |  | 765,382 |
Series B, AMT, 6.00%, 10/01/30 |  |  | 640 |  |  |  | 754,707 |
County of Miami-Dade Florida Aviation, Refunding ARB, AMT, 5.00%, 10/01/34 |  |  | 190 |  |  |  | 215,211 |
County of Miami-Dade Florida Educational Facilities Authority, RB, University of Miami, Series A, 5.00%, 4/01/40 |  |  | 2,995 |  |  |  | 3,371,382 |
County of Miami-Dade Florida Health Facilities Authority, Refunding RB, Nicklaus Children’s Hospital Project, 5.00%, 8/01/42 |  |  | 605 |  |  |  | 685,889 |

SCHEDULES OF INVESTMENTS |  |  | 27 |

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Florida (continued) |
County of Miami-Dade Florida School Board Foundation, Inc., COP, Series B (AGC), 5.00%, 5/01/18(a) |  | $ | 10,000 |  |  | $ | 10,193,400 |
County of Orange Florida Health Facilities Authority, Refunding RB, Presbyterian Retirement Communities Project: |  |  |  |  |  |  |  |
5.00%, 8/01/41 |  |  | 560 |  |  |  | 617,742 |
5.00%, 8/01/47 |  |  | 1,620 |  |  |  | 1,779,878 |
County of Palm Beach Florida Solid Waste Authority, Refunding RB, Series B: |  |  |  |  |  |  |  |
5.00%, 10/01/21(a) |  |  | 30 |  |  |  | 34,087 |
5.00%, 10/01/31 |  |  | 1,970 |  |  |  | 2,210,360 |
County of Sarasota Florida Public Hospital District, RB, Sarasota Memorial Hospital Project, Series A, 5.63%, 7/01/39 |  |  | 275 |  |  |  | 290,048 |
Florida Ports Financing Commission, Refunding RB, State Transportation Trust Fund, Series B, AMT: |  |  |  |  |  |  |  |
5.13%, 6/01/27 |  |  | 2,000 |  |  |  | 2,244,360 |
5.38%, 10/01/29 |  |  | 1,050 |  |  |  | 1,196,779 |
Greater Orlando Aviation Authority, ARB, Priority Sub-Series A, AMT, 4.00%, 10/01/47 |  |  | 2,880 |  |  |  | 2,958,307 |
|  |  |  |  |  |  | 45,088,596 |
Georgia — 3.1% |
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A, 5.50%, 8/15/54 |  |  | 500 |  |  |  | 585,995 |
Municipal Electric Authority of Georgia, Refunding RB, Series EE (AMBAC), 7.00%, 1/01/25 |  |  | 7,475 |  |  |  | 9,875,671 |
Private Colleges & Universities Authority, RB, Savannah College of Art & Design: |  |  |  |  |  |  |  |
5.00%, 4/01/33 |  |  | 140 |  |  |  | 156,197 |
5.00%, 4/01/44 |  |  | 380 |  |  |  | 413,618 |
|  |  |  |  |  |  | 11,031,481 |
Illinois — 16.3% |
City of Chicago Illinois O’Hare International Airport, ARB, Senior Lien, Series D, 5.25%, 1/01/42 |  |  | 2,900 |  |  |  | 3,404,049 |
City of Chicago Illinois O’Hare International Airport, GARB: |  |  |  |  |  |  |  |
3rd Lien, Series A, 5.75%, 1/01/21(a) |  |  | 4,290 |  |  |  | 4,876,915 |
3rd Lien, Series A, 5.75%, 1/01/39 |  |  | 820 |  |  |  | 922,123 |
Senior Lien, Series D, AMT, 5.00%, 1/01/42 |  |  | 230 |  |  |  | 258,757 |
City of Chicago Illinois Transit Authority, RB: |  |  |  |  |  |  |  |
5.25%, 12/01/49 |  |  | 900 |  |  |  | 995,616 |
Sales Tax Receipts, 5.25%, 12/01/36 |  |  | 595 |  |  |  | 642,005 |
County of Cook Illinois Forest Preserve District, GO, Refunding, Limited Tax Project, Series B, 5.00%, 12/15/37 |  |  | 45 |  |  |  | 47,795 |
Illinois Finance Authority, RB, Carle Foundation, Series A: |  |  |  |  |  |  |  |
5.75%, 8/15/34 |  |  | 650 |  |  |  | 732,648 |
6.00%, 8/15/41 |  |  | 1,000 |  |  |  | 1,131,140 |
Illinois Finance Authority, Refunding RB, Silver Cross Hospital & Medical Centers, Series C: |  |  |  |  |  |  |  |
4.13%, 8/15/37 |  |  | 740 |  |  |  | 753,039 |
5.00%, 8/15/44 |  |  | 350 |  |  |  | 374,647 |
Illinois Sports Facilities Authority, RB, State Tax Supported (AMBAC), 5.50%, 6/15/30 |  |  | 10,490 |  |  |  | 10,513,078 |
Illinois State Toll Highway Authority, RB, Series B, 5.00%, 1/01/37 |  |  | 2,785 |  |  |  | 3,179,077 |
Kane McHenry Cook & De Kalb Counties Unit School District No. 300, GO, Refunding, 5.25%, 1/01/33 |  |  | 9,145 |  |  |  | 10,389,177 |
Metropolitan Pier & Exposition Authority, RB, CAB, McCormick Place Expansion Project, Series A (NPFGC)(b): |  |  |  |  |  |  |  |
0.00%, 12/15/26 |  |  | 5,000 |  |  |  | 3,643,750 |
0.00%, 12/15/33 |  |  | 9,950 |  |  |  | 5,188,925 |

Security |  | Par (000) |  |  | Value |
Illinois (continued) |
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, McCormick Place Expansion Project, Series B (AGM), 0.00%, 6/15/44(b) |  | $ | 3,450 |  |  | $ | 1,114,591 |
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 6/01/28 |  |  | 675 |  |  |  | 760,604 |
Regional Transportation Authority, RB, Series A (AMBAC), 7.20%, 11/01/20 |  |  | 3,565 |  |  |  | 3,880,502 |
State of Illinois, GO: |  |  |  |  |  |  |  |
5.25%, 2/01/33 |  |  | 830 |  |  |  | 888,689 |
5.50%, 7/01/33 |  |  | 820 |  |  |  | 889,954 |
5.25%, 2/01/34 |  |  | 830 |  |  |  | 886,324 |
5.50%, 7/01/38 |  |  | 445 |  |  |  | 476,644 |
State of Illinois Toll Highway Authority, Refunding RB, Series B, 5.50%, 1/01/18(a) |  |  | 1,875 |  |  |  | 1,888,744 |
|  |  |  |  |  |  | 57,838,793 |
Indiana — 1.2% |
Indiana Finance Authority, RB, Series A: |  |  |  |  |  |  |  |
CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |  |  | 1,100 |  |  |  | 1,245,453 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44 |  |  | 515 |  |  |  | 554,356 |
Indiana Health & Educational Facilities Financing Authority, Refunding RB, Ascension Senior Credit Group, 5.00%, 11/15/46 |  |  | 700 |  |  |  | 790,104 |
Indianapolis Local Public Improvement Bond Bank, Refunding RB, Waterworks Project, Series A (AGC): |  |  |  |  |  |  |  |
5.25%, 1/01/19(a) |  |  | 115 |  |  |  | 120,557 |
5.25%, 1/01/29 |  |  | 485 |  |  |  | 508,668 |
State of Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges, Series A, AMT, 5.00%, 7/01/40 |  |  | 890 |  |  |  | 961,334 |
|  |  |  |  |  |  | 4,180,472 |
Iowa — 2.9% |
Iowa Finance Authority, RB, Iowa Health Care Facilities, Series A (AGC), 5.63%, 8/15/19(a) |  |  | 5,725 |  |  |  | 6,176,531 |
Iowa Student Loan Liquidity Corp., RB, Senior Series A-2, AMT: |  |  |  |  |  |  |  |
5.60%, 12/01/26 |  |  | 1,855 |  |  |  | 1,989,728 |
5.70%, 12/01/27 |  |  | 835 |  |  |  | 890,494 |
5.80%, 12/01/29 |  |  | 570 |  |  |  | 606,486 |
5.85%, 12/01/30 |  |  | 595 |  |  |  | 633,443 |
|  |  |  |  |  |  | 10,296,682 |
Louisiana — 1.5% |
City of New Orleans Louisiana Aviation Board, ARB, Series B, AMT, 5.00%, 1/01/40 |  |  | 2,795 |  |  |  | 3,118,493 |
City of Shreveport Louisiana Water & Sewer Revenue, RB, Series A (AGM), 5.00%, 12/01/41 |  |  | 855 |  |  |  | 986,687 |
Louisiana Public Facilities Authority, Refunding RB, Christus Health, Series B (AGC), 6.50%, 7/01/30 |  |  | 1,250 |  |  |  | 1,317,125 |
|  |  |  |  |  |  | 5,422,305 |
Maine — 0.2% |
Maine State Housing Authority, RB, Series D-1, 3.65%, 11/15/42 |  |  | 645 |  |  |  | 634,828 |
Massachusetts — 2.6% |
Commonwealth of Massachusetts, GOL, Consolidated Loan, Series D, 4.00%, 2/01/47 |  |  | 10 |  |  |  | 10,392 |
Massachusetts Development Finance Agency, RB, Emerson College Issue, Series A, 5.00%, 1/01/47 |  |  | 2,090 |  |  |  | 2,337,351 |
Massachusetts HFA, Refunding RB, AMT: |  |  |  |  |  |  |  |
Series A, 4.45%, 12/01/42 |  |  | 795 |  |  |  | 829,583 |
Series C, 5.35%, 12/01/42 |  |  | 640 |  |  |  | 678,797 |
Massachusetts Port Authority, Refunding ARB, Series B, AMT, 4.00%, 7/01/46 |  |  | 3,620 |  |  |  | 3,732,256 |

28 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Massachusetts (continued) |
Massachusetts School Building Authority, RB, Dedicated Sales Tax, Senior Series A, 5.00%, 5/15/43 |  | $ | 1,280 |  |  | $ | 1,455,104 |
|  |  |  |  |  |  | 9,043,483 |
Michigan — 2.7% |
City of Detroit Michigan Sewage Disposal System, Refunding RB, 2nd Lien, Series E (BHAC), 5.75%, 7/01/18(a) |  |  | 2,500 |  |  |  | 2,577,325 |
City of Detroit Michigan Water Supply System Revenue, RB, 2nd Lien, Series B (AGM), 6.25%, 7/01/19(a) |  |  | 400 |  |  |  | 433,516 |
City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 7/01/41 |  |  | 1,700 |  |  |  | 1,923,312 |
Michigan Finance Authority, Refunding RB: |  |  |  |  |  |  |  |
Henry Ford Health System, 3.25%, 11/15/42 |  |  | 480 |  |  |  | 439,037 |
Trinity Health Credit Group, 5.00%, 12/01/21(a) |  |  | 20 |  |  |  | 22,812 |
Michigan State Hospital Finance Authority, Refunding RB, Ascension Senior Credit Group, 4.00%, 11/15/47 |  |  | 600 |  |  |  | 616,032 |
Royal Oak Hospital Finance Authority, Refunding RB, Beaumont Health Credit Group, Series D, 5.00%, 9/01/39 |  |  | 1,040 |  |  |  | 1,147,931 |
State of Michigan Building Authority, Refunding RB, Facilities Program: |  |  |  |  |  |  |  |
Series I-A, 5.38%, 10/15/36 |  |  | 145 |  |  |  | 164,929 |
Series I-A, 5.38%, 10/15/41 |  |  | 700 |  |  |  | 794,773 |
Series II-A (AGM), 5.25%, 10/15/36 |  |  | 900 |  |  |  | 1,019,421 |
Western Michigan University, Refunding RB, General, University and College Improvements (AGM), 5.00%, 11/15/39 |  |  | 380 |  |  |  | 430,186 |
|  |  |  |  |  |  | 9,569,274 |
Minnesota — 0.7% |
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC): |  |  |  |  |  |  |  |
6.50%, 11/15/18(a) |  |  | 385 |  |  |  | 406,441 |
6.50%, 11/15/38 |  |  | 2,115 |  |  |  | 2,222,632 |
|  |  |  |  |  |  | 2,629,073 |
Nebraska — 1.8% |
Central Plains Energy Project Nebraska, RB, Gas Project No. 3: |  |  |  |  |  |  |  |
5.00%, 9/01/32 |  |  | 5,010 |  |  |  | 5,523,625 |
5.25%, 9/01/37 |  |  | 750 |  |  |  | 828,525 |
|  |  |  |  |  |  | 6,352,150 |
Nevada — 1.6% |
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/19(a) |  |  | 850 |  |  |  | 907,894 |
County of Clark Nevada, ARB, Las Vegas-McCarran International Airport, Series A: |  |  |  |  |  |  |  |
5.25%, 7/01/42 |  |  | 500 |  |  |  | 538,540 |
(AGM), 5.25%, 7/01/39 |  |  | 3,800 |  |  |  | 4,102,214 |
|  |  |  |  |  |  | 5,548,648 |
New Jersey — 8.6% |
New Jersey EDA, RB: |  |  |  |  |  |  |  |
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 1/01/43 |  |  | 895 |  |  |  | 996,189 |
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.13%, 1/01/34 |  |  | 685 |  |  |  | 759,014 |
School Facilities Construction (AGC), 6.00%, 12/15/18(a) |  |  | 1,975 |  |  |  | 2,083,941 |
School Facilities Construction (AGC), 6.00%, 12/15/18(a) |  |  | 25 |  |  |  | 26,379 |
Series WW, 5.25%, 6/15/33 |  |  | 155 |  |  |  | 171,469 |
Series WW, 5.00%, 6/15/34 |  |  | 205 |  |  |  | 222,122 |
Series WW, 5.00%, 6/15/36 |  |  | 925 |  |  |  | 994,634 |
Series WW, 5.25%, 6/15/40 |  |  | 265 |  |  |  | 287,464 |
New Jersey EDA, Refunding RB: |  |  |  |  |  |  |  |
Series B, 5.50%, 6/15/30 |  |  | 5,360 |  |  |  | 6,258,926 |
Sub Series A, 4.00%, 7/01/32 |  |  | 1,270 |  |  |  | 1,278,052 |

Security |  | Par (000) |  |  | Value |
New Jersey (continued) |
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series 1, AMT: |  |  |  |  |  |  |  |
5.50%, 12/01/26 |  | $ | 375 |  |  | $ | 409,991 |
5.75%, 12/01/27 |  |  | 2,415 |  |  |  | 2,653,602 |
New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing, Series 2, AMT, 4.35%, 11/01/33 |  |  | 970 |  |  |  | 1,024,960 |
New Jersey Transportation Trust Fund Authority, RB: |  |  |  |  |  |  |  |
Transportation Program, Series AA, 5.25%, 6/15/33 |  |  | 1,490 |  |  |  | 1,619,541 |
Transportation Program, Series AA, 5.00%, 6/15/38 |  |  | 1,885 |  |  |  | 2,017,346 |
Transportation System, Series A, 5.50%, 6/15/41 |  |  | 3,150 |  |  |  | 3,387,825 |
Transportation System, Series AA, 5.50%, 6/15/39 |  |  | 1,150 |  |  |  | 1,249,854 |
Transportation System, Series B, 5.50%, 6/15/31 |  |  | 1,000 |  |  |  | 1,095,900 |
Transportation System, Series B, 5.00%, 6/15/42 |  |  | 520 |  |  |  | 541,070 |
Transportation System, Series D, 5.00%, 6/15/32 |  |  | 735 |  |  |  | 793,337 |
New Jersey Turnpike Authority, Refunding RB, Series B, 4.00%, 1/01/37 |  |  | 2,310 |  |  |  | 2,471,261 |
|  |  |  |  |  |  | 30,342,877 |
New York — 8.0% |
City of New York, GO, Series B-1, 4.00%, 10/01/41 |  |  | 2,710 |  |  |  | 2,873,928 |
City of New York New York Municipal Water Finance Authority, Refunding RB, Second General Resolution, Fiscal 2012, Series BB, 5.25%, 6/15/44 |  |  | 1,425 |  |  |  | 1,618,116 |
City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-4, 5.50%, 1/15/33 |  |  | 1,600 |  |  |  | 1,683,664 |
City of New York New York Transitional Finance Authority, RB, Fiscal 2009, Series S-4, 5.50%, 1/15/34 |  |  | 2,750 |  |  |  | 2,893,797 |
City of New York New York Transitional Finance Authority, Refunding RB, Future Tax Secured, Series B, 5.00%, 11/01/32 |  |  | 1,480 |  |  |  | 1,713,041 |
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012: |  |  |  |  |  |  |  |
5.75%, 2/15/21(a) |  |  | 420 |  |  |  | 480,656 |
5.75%, 2/15/47 |  |  | 280 |  |  |  | 318,979 |
Hudson Yards Infrastructure Corp., Refunding RB, 2nd Indenture, Series A, 5.00%, 2/15/39 |  |  | 625 |  |  |  | 730,044 |
Metropolitan Transportation Authority, RB, Series C: |  |  |  |  |  |  |  |
6.50%, 11/15/18(a) |  |  | 2,985 |  |  |  | 3,152,190 |
6.50%, 11/15/18(a) |  |  | 245 |  |  |  | 258,722 |
6.50%, 11/15/28 |  |  | 770 |  |  |  | 813,952 |
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Sub-Series B-1, 4.00%, 8/01/42 |  |  | 2,600 |  |  |  | 2,763,930 |
New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.25%, 1/01/50 |  |  | 2,715 |  |  |  | 3,009,550 |
Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 206th Series, AMT, 5.00%, 11/15/37 |  |  | 600 |  |  |  | 699,924 |
State of New York Dormitory Authority, RB: |  |  |  |  |  |  |  |
Sales Tax, Group C, Series A, 4.00%, 3/15/47 |  |  | 1,530 |  |  |  | 1,614,395 |
Series B, 5.75%, 3/15/19(a) |  |  | 1,200 |  |  |  | 1,275,792 |
State of New York HFA, RB, Affordable Housing, M/F Housing, Series B, AMT, 5.30%, 11/01/37 |  |  | 2,500 |  |  |  | 2,503,075 |
|  |  |  |  |  |  | 28,403,755 |
Ohio — 1.6% |
County of Lucas Ohio, Refunding RB, Promedica Healthcare, Series A, 6.50%, 11/15/37 |  |  | 530 |  |  |  | 631,108 |
State of Ohio Turnpike Commission, RB, CAB, Junior Lien, Infrastructure Projects, Series A-2, 0.00%, 2/15/37(b) |  |  | 10,000 |  |  |  | 5,082,600 |
|  |  |  |  |  |  | 5,713,708 |
Oregon — 1.3% |
Counties of Washington & Multnomah Oregon School District No. 48J Beaverton, GO, Convertible CAB, Series D, 5.00%, 6/15/36(c) |  |  | 835 |  |  |  | 946,698 |

SCHEDULES OF INVESTMENTS |  |  | 29 |

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Oregon (continued) |
County of Clackamas Oregon Community College District, GO, Convertible Deferred Interest Bonds, Series A, 5.00%, 6/15/40(c) |  | $ | 440 |  |  | $ | 450,274 |
County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 6/15/38(b) |  |  | 995 |  |  |  | 433,561 |
State of Oregon Housing & Community Services Department, RB, Series D, 3.45%, 1/01/38 |  |  | 2,840 |  |  |  | 2,828,470 |
|  |  |  |  |  |  | 4,659,003 |
Pennsylvania — 7.4% |
Commonwealth Financing Authority, RB, Series B, 5.00%, 6/01/42 |  |  | 1,600 |  |  |  | 1,746,704 |
County of Berks Industrial Development Authority, Refunding RB, Tower Health Project, 4.00%, 11/01/47 |  |  | 1,855 |  |  |  | 1,862,606 |
Pennsylvania Economic Development Financing Authority, RB: |  |  |  |  |  |  |  |
Pennsylvania Bridge Finco LP, 5.00%, 12/31/38 |  |  | 1,305 |  |  |  | 1,461,496 |
Pennsylvania Bridge Finco LP, AMT, 5.00%, 12/31/34 |  |  | 7,290 |  |  |  | 8,251,915 |
Pennsylvania Rapid Bridge Replacement Project, AMT, 5.00%, 6/30/42 |  |  | 1,035 |  |  |  | 1,147,639 |
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Thomas Jefferson University, Series A, 5.25%, 9/01/50 |  |  | 2,330 |  |  |  | 2,634,927 |
Pennsylvania Turnpike Commission, RB: |  |  |  |  |  |  |  |
Series A, 5.00%, 12/01/38 |  |  | 620 |  |  |  | 707,897 |
Series A-1, 5.00%, 12/01/41 |  |  | 2,385 |  |  |  | 2,701,012 |
Series B, 5.00%, 12/01/40 |  |  | 935 |  |  |  | 1,065,404 |
Series C, 5.50%, 12/01/33 |  |  | 555 |  |  |  | 651,792 |
Sub-Series B-1, 5.00%, 6/01/42 |  |  | 1,750 |  |  |  | 1,974,210 |
Subordinate, Special Motor License Fund, 6.00%, 12/01/20(a) |  |  | 575 |  |  |  | 657,093 |
Pennsylvania Turnpike Commission, Refunding RB, Series A-1, 5.00%, 12/01/40 |  |  | 765 |  |  |  | 868,589 |
Philadelphia School District, GO, Series E(a): |  |  |  |  |  |  |  |
6.00%, 9/01/18 |  |  | 5 |  |  |  | 5,201 |
6.00%, 9/01/18 |  |  | 395 |  |  |  | 411,017 |
|  |  |  |  |  |  | 26,147,502 |
Rhode Island — 1.2% |
Rhode Island Commerce Corp., RB, Airport Corp., Series D, 5.00%, 7/01/41 |  |  | 355 |  |  |  | 398,008 |
Tobacco Settlement Financing Corp., Refunding RB, Series B: |  |  |  |  |  |  |  |
4.50%, 6/01/45 |  |  | 1,055 |  |  |  | 1,056,983 |
5.00%, 6/01/50 |  |  | 2,630 |  |  |  | 2,713,582 |
|  |  |  |  |  |  | 4,168,573 |
South Carolina — 4.9% |
South Carolina Jobs EDA, Refunding RB, Palmetto Health, Series A (AGM), 6.50%, 8/01/39 |  |  | 115 |  |  |  | 132,662 |
South Carolina Public Service Authority, Refunding RB, Series A(a): |  |  |  |  |  |  |  |
5.50%, 1/01/19 |  |  | 80 |  |  |  | 84,097 |
5.50%, 1/01/19 |  |  | 920 |  |  |  | 967,113 |
South Carolina Transportation Infrastructure Bank, RB, Series A, 5.25%, 10/01/19(a) |  |  | 3,000 |  |  |  | 3,228,570 |
State of South Carolina Ports Authority, RB, AMT, 5.25%, 7/01/50 |  |  | 2,330 |  |  |  | 2,601,911 |
State of South Carolina Public Service Authority, RB, Santee Cooper: |  |  |  |  |  |  |  |
Series A, 5.50%, 12/01/54 |  |  | 6,225 |  |  |  | 7,025,037 |
Series E, 5.50%, 12/01/53 |  |  | 745 |  |  |  | 837,231 |
State of South Carolina Public Service Authority, Refunding RB, Santee Cooper, Series B, 5.00%, 12/01/38 |  |  | 2,080 |  |  |  | 2,292,576 |
|  |  |  |  |  |  | 17,169,197 |

Security |  | Par (000) |  |  | Value |
South Dakota — 0.9% |
South Dakota Health & Educational Facilities Authority, Refunding RB, Avera Health Issue, 4.00%, 7/01/42 |  | $ | 3,000 |  |  | $ | 3,048,030 |
Tennessee — 2.1% |
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Vanderbilt University, Series B, 5.50%, 10/01/19(a) |  |  | 5,000 |  |  |  | 5,409,500 |
Tennessee Housing Development Agency, RB: |  |  |  |  |  |  |  |
3.60%, 7/01/42 |  |  | 550 |  |  |  | 549,626 |
3.65%, 7/01/47 |  |  | 1,470 |  |  |  | 1,466,781 |
|  |  |  |  |  |  | 7,425,907 |
Texas — 14.4% |
City of Houston Texas Combined Utility System Revenue, Refunding RB, Combined 1st Lien, Series A (AGC): |  |  |  |  |  |  |  |
5.38%, 5/15/19(a) |  |  | 1,280 |  |  |  | 1,361,498 |
6.00%, 5/15/19(a) |  |  | 1,990 |  |  |  | 2,135,568 |
6.00%, 11/15/35 |  |  | 110 |  |  |  | 118,450 |
5.38%, 11/15/38 |  |  | 70 |  |  |  | 74,115 |
City of San Antonio Texas Electric & Gas Revenue, RB, Junior Lien, 5.00%, 2/01/38 |  |  | 575 |  |  |  | 652,522 |
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A, 0.00%, 9/15/36(b) |  |  | 2,130 |  |  |  | 982,399 |
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Cook Children’s Medical Center, 5.25%, 12/01/39 |  |  | 750 |  |  |  | 847,342 |
Dallas-Fort Worth International Airport, ARB, Joint Improvement, AMT: |  |  |  |  |  |  |  |
Series D, 5.00%, 11/01/38 |  |  | 1,975 |  |  |  | 2,189,485 |
Series D, 5.00%, 11/01/42 |  |  | 1,500 |  |  |  | 1,656,240 |
Series H, 5.00%, 11/01/32 |  |  | 3,000 |  |  |  | 3,347,760 |
Dallas-Fort Worth International Airport, Refunding ARB, Series F, 5.25%, 11/01/33 |  |  | 975 |  |  |  | 1,145,410 |
Grand Parkway Transportation Corp., RB, Convertible CAB, Series B, 5.80%, 10/01/46(c) |  |  | 2,095 |  |  |  | 1,953,399 |
Leander ISD, GO, Refunding, CAB, Series D (PSF-GTD), 0.00%, 8/15/38(b) |  |  | 3,420 |  |  |  | 1,411,605 |
North Texas Tollway Authority, Refunding RB: |  |  |  |  |  |  |  |
1st Tier System (NPFGC), 5.75%, 1/01/18(a) |  |  | 600 |  |  |  | 604,644 |
1st Tier System (NPFGC), 5.75%, 1/01/40 |  |  | 195 |  |  |  | 196,509 |
1st Tier System, Series A, 6.00%, 1/01/19(a) |  |  | 2,270 |  |  |  | 2,396,598 |
1st Tier System, Series A, 6.00%, 1/01/28 |  |  | 525 |  |  |  | 554,594 |
1st Tier System, Series K-2 (AGC), 6.00%, 1/01/19(a) |  |  | 4,015 |  |  |  | 4,241,326 |
1st Tier System, Series S (NPFGC), 5.75%, 1/01/18(a) |  |  | 805 |  |  |  | 811,231 |
1st Tier, Series K-1 (AGC), 5.75%, 1/01/19(a) |  |  | 3,800 |  |  |  | 4,003,262 |
1st Tier-Series A, 5.00%, 1/01/43(d) |  |  | 2,490 |  |  |  | 2,876,174 |
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing & Expansion Project, CAB(b): |  |  |  |  |  |  |  |
0.00%, 9/15/35 |  |  | 4,990 |  |  |  | 2,242,905 |
0.00%, 9/15/36 |  |  | 11,525 |  |  |  | 4,876,227 |
0.00%, 9/15/37 |  |  | 8,245 |  |  |  | 3,279,284 |
Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements: |  |  |  |  |  |  |  |
5.00%, 12/15/31 |  |  | 1,190 |  |  |  | 1,330,884 |
5.00%, 12/15/32 |  |  | 705 |  |  |  | 785,955 |
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, AMT, Blueridge Transportation Group, 5.00%, 12/31/45 |  |  | 1,275 |  |  |  | 1,399,287 |
Texas Transportation Commission, Refunding RB, Central Texas Turnpike System, 1st Tier, Series A, 5.00%, 8/15/41 |  |  | 3,080 |  |  |  | 3,416,398 |
|  |  |  |  |  |  | 50,891,071 |

30 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Utah — 1.9% |
Salt Lake City Corp. Airport Revenue, RB, Series A, AMT, 5.00%, 7/01/42 |  | $ | 1,240 |  |  | $ | 1,427,562 |
Utah Transit Authority, RB, Series A (AGM), 5.00%, 6/15/18(a) |  |  | 5,000 |  |  |  | 5,121,550 |
|  |  |  |  |  |  | 6,549,112 |
Virginia — 0.1% |
County of Fairfax Virginia IDA, Refunding RB, Health Care-Inova Health: |  |  |  |  |  |  |  |
5.50%, 5/15/19(a) |  |  | 125 |  |  |  | 133,196 |
5.50%, 5/15/35 |  |  | 225 |  |  |  | 238,935 |
|  |  |  |  |  |  | 372,131 |
Washington — 1.4% |
Port of Seattle Washington, ARB, Intermediate Lien, Series C, AMT, 5.00%, 5/01/42 |  |  | 715 |  |  |  | 824,116 |
Port of Seattle Washington, RB, Series C, AMT, 5.00%, 4/01/40 |  |  | 1,015 |  |  |  | 1,130,822 |
Washington Health Care Facilities Authority, RB, Providence Health & Services, Series A: |  |  |  |  |  |  |  |
5.00%, 10/01/39 |  |  | 525 |  |  |  | 555,980 |
5.25%, 10/01/39 |  |  | 625 |  |  |  | 666,756 |
Washington Health Care Facilities Authority, Refunding RB, Multicare Health System, Series B, 4.00%, 8/15/41(d) |  |  | 1,835 |  |  |  | 1,879,958 |
|  |  |  |  |  |  | 5,057,632 |
Wisconsin — 2.0% |
Public Finance Authority, RB, KU Campus Development Corp., Central District Development Project, 5.00%, 3/01/46 |  |  | 645 |  |  |  | 724,271 |
State of Wisconsin Health & Educational Facilities Authority, RB: |  |  |  |  |  |  |  |
Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33 |  |  | 1,375 |  |  |  | 1,471,841 |
Marshfield Clinic Health System, Inc. Series C, 4.00%, 2/15/42 |  |  | 2,810 |  |  |  | 2,827,225 |
State of Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert Health, Inc. Obligated Group, 4.00%, 4/01/39 |  |  | 1,900 |  |  |  | 1,955,651 |
|  |  |  |  |  |  | 6,978,988 |
Total Municipal Bonds — 122.6% |  |  |  | 433,864,166 |
Municipal Bonds Transferred to Tender Option Bond Trusts(e) |
Arizona — 0.4% |
Phoenix Civic Improvement Corp., Refunding RB, Junior Lien, Series A, 5.00%, 7/01/19(a) |  |  | 1,200 |  |  |  | 1,275,822 |
California — 2.3% |
Bay Area California Toll Authority, Refunding RB, San Francisco Bay Area, Series D-1, 4.00%, 4/01/47(f) |  |  | 3,827 |  |  |  | 4,031,129 |
County of San Diego Water Authority Financing Corp., COP, Refunding, Series A (AGM)(a): |  |  |  |  |  |  |  |
5.00%, 5/01/18 |  |  | 466 |  |  |  | 475,391 |
5.00%, 5/01/18 |  |  | 2,344 |  |  |  | 2,390,135 |
San Diego Community College District, GO, Election of 2002, 5.25%, 8/01/19(a) |  |  | 404 |  |  |  | 432,670 |
University of California, RB, Series O, 5.75%, 5/15/19(a) |  |  | 840 |  |  |  | 899,068 |
|  |  |  |  |  |  | 8,228,393 |
Colorado — 2.3% |
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiative, Series A: |  |  |  |  |  |  |  |
5.50%, 7/01/34(f) |  |  | 900 |  |  |  | 946,044 |
5.00%, 2/01/41 |  |  | 7,000 |  |  |  | 7,299,600 |
|  |  |  |  |  |  | 8,245,644 |

Security |  | Par (000) |  |  | Value |
Connecticut — 0.4% |
State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45 |  | $ | 1,381 |  |  | $ | 1,560,319 |
District of Columbia — 1.7% |
District of Columbia, RB, Series A, 5.50%, 12/01/30(f) |  |  | 1,004 |  |  |  | 1,090,314 |
District of Columbia Water & Sewer Authority, Refunding RB, Series A, 6.00%, 10/01/18(a)(f) |  |  | 1,779 |  |  |  | 1,856,871 |
Metropolitan Washington Airports Authority, Refunding ARB, Airport System, Series A, AMT, 5.00%, 10/01/30 |  |  | 2,530 |  |  |  | 2,870,740 |
|  |  |  |  |  |  | 5,817,925 |
Florida — 3.9% |
County of Miami-Dade Florida, Refunding RB, Transit System Sales Surtax, 5.00%, 7/01/42 |  |  | 4,480 |  |  |  | 5,054,829 |
County of Miami-Dade Florida Water & Sewer System, RB, (AGM), 5.00%, 10/01/39 |  |  | 4,620 |  |  |  | 5,036,926 |
County of Orange Florida School Board, COP, Series A (AGC), 5.50%, 02/01/18(a) |  |  | 3,544 |  |  |  | 3,806,492 |
|  |  |  |  |  |  | 13,898,247 |
Illinois — 3.2% |
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/19(a)(f) |  |  | 4,399 |  |  |  | 4,684,742 |
State of Illinois Toll Highway Authority, RB: |  |  |  |  |  |  |  |
Series A, 5.00%, 1/01/38 |  |  | 2,138 |  |  |  | 2,381,389 |
Series A, 5.00%, 1/01/40 |  |  | 2,730 |  |  |  | 3,102,016 |
Series B, 5.00%, 1/01/40 |  |  | 1,050 |  |  |  | 1,189,439 |
|  |  |  |  |  |  | 11,357,586 |
Kansas — 1.6% |
County of Wyandotte Unified School District No. 500 Kansas City, GO, Improvement, Series A, 5.50%, 9/01/47 |  |  | 4,723 |  |  |  | 5,723,768 |
Maryland — 0.9% |
City of Baltimore Maryland, RB, Water Projects, Series A, 5.00%, 7/01/41 |  |  | 2,808 |  |  |  | 3,245,956 |
Massachusetts — 0.5% |
Commonwealth of Massachusetts, GO, Series A, 5.00%, 3/01/46 |  |  | 1,461 |  |  |  | 1,671,956 |
Michigan — 3.2% |
State of Michigan Finance Authority, RB, Beumont Health Credit Group, Series A, 5.00%, 11/01/44 |  |  | 1,970 |  |  |  | 2,195,370 |
State of Michigan Finance Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/39 |  |  | 7,530 |  |  |  | 8,292,940 |
State of Michigan Building Authority, Refunding RB, Facilities Program, Series I, 5.00%, 10/15/45 |  |  | 870 |  |  |  | 989,768 |
|  |  |  |  |  |  | 11,478,078 |
Nevada — 4.2% |
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/19(a)(f) |  |  | 3,778 |  |  |  | 4,029,956 |
County of Clark Nevada Water Reclamation District, GO, Series B(a): |  |  |  |  |  |  |  |
5.50%, 7/01/19 |  |  | 4,499 |  |  |  | 4,817,449 |
5.75%, 7/01/19 |  |  | 1,829 |  |  |  | 1,966,455 |
Las Vegas Valley Water District, GO, Refunding Water Improvement, Series A, 5.00%, 6/01/46 |  |  | 3,460 |  |  |  | 4,009,396 |
|  |  |  |  |  |  | 14,823,256 |
New Jersey — 0.8% |
County of Hudson New Jersey Improvement Authority, RB, Hudson County Vocational-Techical Schools Project, 5.25%, 5/01/51 |  |  | 800 |  |  |  | 922,458 |
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 6/15/36(f) |  |  | 1,840 |  |  |  | 1,956,432 |
|  |  |  |  |  |  | 2,878,890 |

SCHEDULES OF INVESTMENTS |  |  | 31 |

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
New York — 6.5% |
City of New York New York Water & Sewer System, RB, Fiscal 2009, Series A: |  |  |  |  |  |  |  |
5.75%, 6/15/18(a) |  | $ | 290 |  |  | $ | 298,094 |
5.75%, 6/15/40 |  |  | 969 |  |  |  | 996,840 |
City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution, Fiscal 2013, Series CC, 5.00%, 6/15/47 |  |  | 5,680 |  |  |  | 6,464,608 |
Metropolitan Transportation Authority, RB, Sub-Series D-1, 5.25%, 11/15/44 |  |  | 3,470 |  |  |  | 4,059,883 |
Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56 |  |  | 1,500 |  |  |  | 1,753,613 |
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Future Tax, Sub-Series A-3, 5.00%, 8/01/40(f) |  |  | 3,059 |  |  |  | 3,586,106 |
New York City Water & Sewer System, RB, 2nd General Resolution, Series DD, 5.00%, 6/15/35 |  |  | 1,665 |  |  |  | 1,939,053 |
Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 198th Series, 5.25%, 11/15/56 |  |  | 2,241 |  |  |  | 2,631,132 |
Triborough Bridge & Tunnel Authority, GRB, Series A-2, 5.25%, 11/15/34(f) |  |  | 1,300 |  |  |  | 1,356,647 |
|  |  |  |  |  |  | 23,085,976 |
Ohio — 1.1% |
Northeast Ohio Regional Sewer District, Refunding RB, 4.00%, 11/15/43 |  |  | 2,912 |  |  |  | 3,107,685 |
State of Ohio, RB, Cleveland Health Clinic, Series B, 5.50%, 1/01/34 |  |  | 580 |  |  |  | 609,006 |
|  |  |  |  |  |  | 3,716,691 |
Pennsylvania — 0.3% |
County of Westmoreland Municipal Authority, Refunding RB (BAM), 5.00%, 8/15/42 |  |  | 900 |  |  |  | 1,026,803 |
South Carolina — 1.5% |
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Texas Health Resources System , Series A, 5.00%, 2/15/41 |  |  | 3,440 |  |  |  | 3,942,025 |
South Carolina Public Service Authority, Refunding RB, Series A(a)(f): |  |  |  |  |  |  |  |
5.50%, 1/01/19 |  |  | 102 |  |  |  | 106,718 |
5.50%, 1/01/19 |  |  | 1,175 |  |  |  | 1,233,956 |
|  |  |  |  |  |  | 5,282,699 |
Washington — 1.0% |
Washington Health Care Facilities Authority, Refunding RB, Seattle Children’s Hospital, Series B, 5.00%, 10/01/38 |  |  | 2,880 |  |  |  | 3,430,627 |

Security |  | Shares/Par (000) |  |  | Value |
Wisconsin — 1.0% |
Wisconsin Health & Educational Facilities Authority, Refunding RB: |  |  |  |  |  |  |  |
Froedtert & Community Health, Inc., Series C, 5.25%, 4/01/19(a)(f) |  | $ | 1,430 |  |  | $ | 1,510,921 |
Froedtert Health, Inc., Series A, 5.00%, 4/01/42 |  |  | 1,980 |  |  |  | 2,140,221 |
|  |  |  |  |  |  | 3,651,142 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 36.8% |  |  |  | 130,399,778 |
Total Long-Term Investments — 159.4% (Cost — $521,863,363) |  |  |  | 564,263,944 |
Short-Term Securities — 1.5% |  |  |  |  |  |  |  |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.74%(g)(h) |  |  | 5,203,622 |  |  |  | 5,205,183 |
Total Short-Term Securities — 1.5% (Cost — $5,205,183) |  |  |  | 5,205,183 |
Total Investments — 160.9% (Cost — $527,068,546) |  |  |  | 569,469,127 |
Other Assets Less Liabilities — 0.3% |  |  |  | 1,195,869 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (21.0)% |  |  |  | (74,518,577 | )
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (40.2)% |  |  |  | (142,264,647 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 353,881,772 |

(a) | 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.

(b) | Zero-coupon bond.

(c) | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

(d) | When-issued security.

(e) | 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. See Note 4 of the Notes to Financial Statements for details.

(f) | All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between May 7, 2018 to August 1, 2025 is $15,995,433. See Note 4 of the Notes to Financial Statements for details.

(g) | Annualized 7-day yield as of period end.

(h) | During the six months ended October 31, 2017, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate |  | Shares Held at 04/30/17 |  |  | Net Activity |  |  | Shares Held at 10/31/17 |  |  | Value at 10/31/17 |  |  | Income |  |  | Net Realized Gain (a) |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, MuniCash, Institutional Class |  |  | 1,790,782 |  |  |  | 3,412,840 |  |  |  | 5,203,622 |  |  | $ | 5,205,183 |  |  | $ | 11,110 |  |  | $ | 785 |  |  | $ | (217 | )

(a) | Includes net capital gain distributions, if applicable.

32 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniEnhanced Fund, Inc. (MEN)

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 |  |  | (58 | ) |  |  | 12/19/17 |  |  | $ | 7,246 |  |  | $ | 109,380 |
Long U.S. Treasury Bond |  |  | (64 | ) |  |  | 12/19/17 |  |  |  | 9,758 |  |  |  | 194,620 |
Ultra Long U.S. Treasury Bond |  |  | (13 | ) |  |  | 12/19/17 |  |  |  | 2,142 |  |  |  | 46,487 |
5-Year U.S. Treasury Note |  |  | (28 | ) |  |  | 12/29/17 |  |  |  | 3,281 |  |  |  | 31,418 |
|  |  | $ | 381,905 |

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized appreciation(a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 381,905 |  |  | $ | — |  |  | $ | 381,905 |

| (a) | Includes cumulative appreciation (depreciation) on futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |

For the six months ended October 31, 2017, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (681,361 | ) |  | $ | — |  |  | $ | (681,361 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 853,033 |  |  | $ | — |  |  | $ | 853,033 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |
Average notional value of contracts — short |  | $ | 24,293,727 |

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

SCHEDULES OF INVESTMENTS |  |  | 33 |

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniEnhanced Fund, Inc. (MEN)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |
Long-Term Investments(a) |  | $ | — |  |  | $ | 564,263,944 |  |  | $ | — |  |  | $ | 564,263,944 |
Short-Term Securities |  |  | 5,205,183 |  |  |  | — |  |  |  | — |  |  |  | 5,205,183 |
|  | $ | 5,205,183 |  |  | $ | 564,263,944 |  |  | $ | — |  |  | $ | 569,469,127 |
Derivative Financial Instruments(b) |
Assets: |
Interest rate contracts |  | $ | 381,905 |  |  | $ | — |  |  | $ | — |  |  | $ | 381,905 |

| (a) | See above Schedule of Investments for values in each state or political subdivision. |

| (b) | Derivative financial instruments are futures contracts which 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 statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  | $ | — |  |  | $ | (74,326,061 | ) |  | $ | — |  |  | $ | (74,326,061 | )
VRDP Shares at Liquidation Value |  |  | — |  |  |  | (142,500,000 | ) |  |  | — |  |  |  | (142,500,000 | )
|  | $ | — |  |  | $ | (216,826,061 | ) |  | $ | — |  |  | $ | (216,826,061 | )

During the six months ended October 31, 2017, there were no transfers between levels.

See notes to financial statements.

34 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments October 31, 2017 (Unaudited) |  | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds |  |  |  |  |  |  |  |
Alabama — 2.0% |
County of Jefferson Alabama Sewer, Refunding RB: |  |  |  |  |  |  |  |
Senior Lien, Series A (AGM), 5.00%, 10/01/44 |  | $ | 570 |  |  | $ | 633,333 |
Senior Lien, Series A (AGM), 5.25%, 10/01/48 |  |  | 1,090 |  |  |  | 1,223,786 |
Sub-Lien, Series D, 6.00%, 10/01/42 |  |  | 1,000 |  |  |  | 1,166,680 |
Sub-Lien, Series D, 7.00%, 10/01/51 |  |  | 1,545 |  |  |  | 1,898,249 |
|  |  |  |  |  |  | 4,922,048 |
Arizona — 2.7% |
City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A, 5.00%, 7/01/46(a) |  |  | 1,230 |  |  |  | 1,277,232 |
Salt Verde Financial Corp., RB, Senior: |  |  |  |  |  |  |  |
5.00%, 12/01/32 |  |  | 2,000 |  |  |  | 2,417,260 |
5.00%, 12/01/37 |  |  | 2,360 |  |  |  | 2,875,141 |
|  |  |  |  |  |  | 6,569,633 |
California — 11.5% |
California Health Facilities Financing Authority, RB: |  |  |  |  |  |  |  |
St. Joseph Health System, Series A, 5.75%, 7/01/39 |  |  | 1,530 |  |  |  | 1,641,812 |
Sutter Health, Series B, 6.00%, 8/15/42 |  |  | 2,200 |  |  |  | 2,474,230 |
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 7/01/33 |  |  | 875 |  |  |  | 999,766 |
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A: |  |  |  |  |  |  |  |
5.25%, 8/15/39 |  |  | 105 |  |  |  | 115,794 |
5.25%, 8/15/49 |  |  | 265 |  |  |  | 290,231 |
California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A, 5.00%, 2/01/42 |  |  | 165 |  |  |  | 184,262 |
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45(a) |  |  | 1,025 |  |  |  | 1,104,294 |
California Statewide Communities Development Authority, RB, Series A: |  |  |  |  |  |  |  |
John Muir Health, 5.13%, 7/01/39 |  |  | 1,510 |  |  |  | 1,603,711 |
Loma Linda University Medical Center, 5.00%, 12/01/46(a) |  |  | 330 |  |  |  | 354,156 |
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A, 5.25%, 5/15/39 |  |  | 555 |  |  |  | 589,549 |
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/38 |  |  | 255 |  |  |  | 312,923 |
Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior Series A-1, 5.75%, 6/01/47 |  |  | 1,650 |  |  |  | 1,649,950 |
Montebello Unified School District, GO, CAB (NPFGC), 0.00%, 8/01/22(b) |  |  | 2,405 |  |  |  | 2,206,804 |
San Diego Unified School District California, GO, CAB, Election of 2008, Series A, 0.00%, 7/01/29(b) |  |  | 3,475 |  |  |  | 2,495,189 |
State of California, GO, Various Purposes, 6.50%, 4/01/33 |  |  | 8,370 |  |  |  | 9,008,464 |
State of California Public Works Board, LRB, Various Capital Projects: |  |  |  |  |  |  |  |
Series I, 5.00%, 11/01/38 |  |  | 550 |  |  |  | 631,417 |
Sub-Series I-1, 6.38%, 11/01/19(c) |  |  | 820 |  |  |  | 906,248 |
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1, 4.75%, 6/01/25 |  |  | 1,250 |  |  |  | 1,250,762 |
|  |  |  |  |  |  | 27,819,562 |
Colorado — 2.2% |
Colorado Educational & Cultural Facilities Authority, RB, Charter School, Colorado Springs, 5.50%, 7/01/40 |  |  | 1,455 |  |  |  | 1,527,954 |
Regional Transportation District, COP, Refunding, Series A, 5.38%, 6/01/31 |  |  | 710 |  |  |  | 772,395 |
Regional Transportation District, RB, Denver Transit Partners Eagle P3 Project, 6.00%, 1/15/34 |  |  | 1,425 |  |  |  | 1,567,072 |
University of Colorado, RB, Series A, 5.38%, 6/01/19(c) |  |  | 1,250 |  |  |  | 1,332,675 |
|  |  |  |  |  |  | 5,200,096 |

Security |  | Par (000) |  |  | Value |
Delaware — 1.8% |
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |  | $ | 790 |  |  | $ | 836,626 |
Delaware Transportation Authority, RB, U.S. 301 Project, 5.00%, 6/01/55 |  |  | 840 |  |  |  | 945,857 |
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 |  |  | 2,430 |  |  |  | 2,510,141 |
|  |  |  |  |  |  | 4,292,624 |
District of Columbia — 4.8% |
District of Columbia, Refunding RB, Georgetown University: |  |  |  |  |  |  |  |
5.00%, 4/01/35 |  |  | 315 |  |  |  | 370,283 |
Issue, 5.00%, 4/01/42 |  |  | 365 |  |  |  | 423,177 |
District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 6/01/41 |  |  | 1,520 |  |  |  | 1,678,886 |
Metropolitan Washington Airports Authority, Refunding ARB, Dulles Toll Road, CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/35(b) |  |  | 13,485 |  |  |  | 7,004,648 |
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A: |  |  |  |  |  |  |  |
5.00%, 10/01/39 |  |  | 505 |  |  |  | 535,654 |
5.25%, 10/01/44 |  |  | 1,470 |  |  |  | 1,563,815 |
|  |  |  |  |  |  | 11,576,463 |
Florida — 4.7% |
City of Clearwater Florida Water & Sewer Revenue, RB, Series A, 5.25%, 12/01/19(c) |  |  | 2,375 |  |  |  | 2,573,574 |
County of Broward Florida Water & Sewer Utility, Refunding RB, Series A, 5.25%, 10/01/18(c) |  |  | 750 |  |  |  | 778,357 |
County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 5/01/45 |  |  | 960 |  |  |  | 1,068,960 |
County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A-1, 5.38%, 10/01/41 |  |  | 2,620 |  |  |  | 2,899,659 |
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21(c) |  |  | 2,095 |  |  |  | 2,550,306 |
Village Community Development District No.10, Special Assessment Bonds, 5.13%, 5/01/43 |  |  | 1,420 |  |  |  | 1,588,526 |
|  |  |  |  |  |  | 11,459,382 |
Georgia — 1.5% |
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A, 5.50%, 8/15/54 |  |  | 370 |  |  |  | 433,636 |
DeKalb Georgia Private Hospital Authority, Refunding RB, Children’s Healthcare, 5.25%, 11/15/39 |  |  | 585 |  |  |  | 628,752 |
Metropolitan Atlanta Rapid Transit Authority, RB, Sales Tax, 3rd Indenture, Series A, 5.00%, 7/01/19(c) |  |  | 2,410 |  |  |  | 2,562,433 |
|  |  |  |  |  |  | 3,624,821 |
Hawaii — 0.4% |
State of Hawaii Harbor System, RB, Series A, 5.25%, 7/01/30 |  |  | 945 |  |  |  | 1,024,522 |
Idaho — 0.3% |
Idaho Health Facilities Authority, RB, Trinity Health Credit Group, Series A, 5.00%, 12/01/46 |  |  | 540 |  |  |  | 612,106 |
Illinois — 15.8% |
City of Chicago Illinois, GO, Project, Series A, 5.00%, 1/01/34 |  |  | 1,220 |  |  |  | 1,263,932 |
City of Chicago Illinois, GO, Refunding, Project, Series A: |  |  |  |  |  |  |  |
5.25%, 1/01/32 |  |  | 2,195 |  |  |  | 2,329,905 |
5.00%, 1/01/35 |  |  | 2,000 |  |  |  | 2,101,500 |
City of Chicago Illinois, Special Assessment Bonds, Lake Shore East Project, 6.75%, 12/01/32 |  |  | 885 |  |  |  | 889,912 |

SCHEDULES OF INVESTMENTS |  |  | 35 |

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Illinois (continued) |
City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien: |  |  |  |  |  |  |  |
Series A, 5.75%, 1/01/21(c) |  | $ | 1,680 |  |  | $ | 1,909,841 |
Series A, 5.75%, 1/01/39 |  |  | 320 |  |  |  | 359,853 |
Series C, 6.50%, 1/01/21(c) |  |  | 4,055 |  |  |  | 4,703,678 |
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |  |  | 730 |  |  |  | 783,334 |
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42 |  |  | 1,000 |  |  |  | 1,063,980 |
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38 |  |  | 560 |  |  |  | 598,998 |
Illinois Finance Authority, Refunding RB: |  |  |  |  |  |  |  |
Central Dupage Health, Series B, 5.50%, 11/01/39 |  |  | 1,115 |  |  |  | 1,201,647 |
Presence Health Network, Series C, 4.00%, 2/15/41 |  |  | 1,035 |  |  |  | 1,049,386 |
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project: |  |  |  |  |  |  |  |
CAB, Series B (AGM), 0.00%, 6/15/47(b) |  |  | 13,220 |  |  |  | 3,727,776 |
Series B (AGM), 5.00%, 6/15/50 |  |  | 3,070 |  |  |  | 3,252,911 |
Series B-2, 5.00%, 6/15/50 |  |  | 1,740 |  |  |  | 1,748,804 |
Railsplitter Tobacco Settlement Authority, RB: |  |  |  |  |  |  |  |
5.50%, 6/01/23 |  |  | 315 |  |  |  | 356,287 |
6.00%, 6/01/28 |  |  | 800 |  |  |  | 901,456 |
State of Illinois, GO: |  |  |  |  |  |  |  |
5.00%, 2/01/39 |  |  | 1,100 |  |  |  | 1,144,165 |
Series A, 5.00%, 4/01/38 |  |  | 2,625 |  |  |  | 2,730,814 |
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/19(c) |  |  | 440 |  |  |  | 468,930 |
State of Illinois Toll Highway Authority, RB: |  |  |  |  |  |  |  |
Senior, Series C, 5.00%, 1/01/36 |  |  | 1,870 |  |  |  | 2,126,190 |
Senior, Series C, 5.00%, 1/01/37 |  |  | 2,000 |  |  |  | 2,271,240 |
Series A, 5.00%, 1/01/38 |  |  | 415 |  |  |  | 462,613 |
University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 4/01/44 |  |  | 705 |  |  |  | 770,339 |
|  |  |  |  |  |  | 38,217,491 |
Indiana — 4.3% |
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |  |  |  |  |  |  |  |
6.75%, 1/01/34 |  |  | 560 |  |  |  | 663,158 |
7.00%, 1/01/44 |  |  | 1,355 |  |  |  | 1,612,504 |
Indiana Finance Authority, RB, Series A: |  |  |  |  |  |  |  |
CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |  |  | 2,275 |  |  |  | 2,575,823 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44 |  |  | 310 |  |  |  | 333,690 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48 |  |  | 1,030 |  |  |  | 1,105,427 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 1/01/51 |  |  | 290 |  |  |  | 314,151 |
Sisters of St. Francis Health Services, 5.25%, 11/01/39 |  |  | 585 |  |  |  | 627,179 |
Indiana Finance Authority, Refunding RB, Parkview Health System, Series A: |  |  |  |  |  |  |  |
5.75%, 5/01/19(c) |  |  | 1,065 |  |  |  | 1,135,375 |
5.75%, 5/01/31 |  |  | 235 |  |  |  | 249,467 |
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/19(c) |  |  | 775 |  |  |  | 819,159 |
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40 |  |  | 880 |  |  |  | 992,165 |
|  |  |  |  |  |  | 10,428,098 |
Iowa — 1.8% |
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project: |  |  |  |  |  |  |  |
5.00%, 12/01/19 |  |  | 330 |  |  |  | 341,992 |
5.50%, 12/01/22 |  |  | 1,630 |  |  |  | 1,669,104 |
5.25%, 12/01/25 |  |  | 320 |  |  |  | 341,033 |
5.88%, 12/01/26(a) |  |  | 285 |  |  |  | 302,536 |

Security |  | Par (000) |  |  | Value |
Iowa (continued) |
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22 |  | $ | 655 |  |  | $ | 692,571 |
Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 6/01/46 |  |  | 980 |  |  |  | 984,165 |
|  |  |  |  |  |  | 4,331,401 |
Kansas — 0.7% |
Kansas Development Finance Authority, Refunding RB, Adventist Health, Series C, 5.75%, 11/15/38 |  |  | 1,520 |  |  |  | 1,651,860 |
Kentucky — 0.6% |
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45 |  |  | 705 |  |  |  | 757,275 |
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 7/01/43(d) |  |  | 865 |  |  |  | 755,794 |
|  |  |  |  |  |  | 1,513,069 |
Louisiana — 3.4% |
East Baton Rouge Sewerage Commission, RB, Series A, 5.25%, 2/01/19(c) |  |  | 570 |  |  |  | 599,064 |
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, 6.75%, 11/01/32 |  |  | 3,500 |  |  |  | 3,500,000 |
New Orleans Aviation Board, RB, Passenger Facility Charge, Series A, 5.25%, 1/01/41 |  |  | 430 |  |  |  | 455,211 |
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |  |  |  |  |  |  |  |
5.50%, 5/15/30 |  |  | 700 |  |  |  | 756,847 |
5.25%, 5/15/31 |  |  | 600 |  |  |  | 651,474 |
5.25%, 5/15/32 |  |  | 765 |  |  |  | 837,820 |
5.25%, 5/15/33 |  |  | 830 |  |  |  | 901,305 |
5.25%, 5/15/35 |  |  | 350 |  |  |  | 380,762 |
|  |  |  |  |  |  | 8,082,483 |
Maine — 0.1% |
Maine Health & Higher Educational Facilities Authority, RB, Series A: |  |  |  |  |  |  |  |
5.00%, 7/01/19(c) |  |  | 65 |  |  |  | 69,056 |
5.00%, 7/01/39 |  |  | 145 |  |  |  | 151,934 |
|  |  |  |  |  |  | 220,990 |
Maryland — 1.2% |
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35 |  |  | 300 |  |  |  | 319,716 |
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25 |  |  | 530 |  |  |  | 559,791 |
Maryland Health & Higher Educational Facilities Authority, RB, Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46 |  |  | 305 |  |  |  | 349,500 |
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 1/01/21(c) |  |  | 1,520 |  |  |  | 1,751,420 |
|  |  |  |  |  |  | 2,980,427 |
Massachusetts — 2.0% |
Commonwealth of Massachusetts, GO, Series E, 3.00%, 4/01/44 |  |  | 1,860 |  |  |  | 1,679,617 |
Massachusetts Development Finance Agency, Refunding RB: |  |  |  |  |  |  |  |
Boston University, Series P, 5.45%, 5/15/59 |  |  | 1,165 |  |  |  | 1,401,845 |
Covanta Energy Project, Series C, AMT, 5.25%, 11/01/42(a) |  |  | 1,575 |  |  |  | 1,576,055 |
Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare System, Series J1, 5.00%, 7/01/39 |  |  | 255 |  |  |  | 268,204 |
|  |  |  |  |  |  | 4,925,721 |

36 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Michigan — 3.5% |
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39 |  | $ | 3,085 |  |  | $ | 3,420,309 |
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital: |  |  |  |  |  |  |  |
5.50%, 5/15/20(c) |  |  | 530 |  |  |  | 585,215 |
5.50%, 5/15/36 |  |  | 425 |  |  |  | 461,023 |
Michigan Finance Authority, Refunding RB: |  |  |  |  |  |  |  |
Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 7/01/44 |  |  | 630 |  |  |  | 685,295 |
Henry Ford Health System, 4.00%, 11/15/46 |  |  | 1,040 |  |  |  | 1,061,382 |
Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, 5.75%, 11/15/19(c) |  |  | 2,105 |  |  |  | 2,298,408 |
|  |  |  |  |  |  | 8,511,632 |
Minnesota — 0.9% |
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series A, 6.75%, 11/15/18(c) |  |  | 2,135 |  |  |  | 2,259,385 |
Mississippi — 0.3% |
University of Southern Mississippi, RB, Campus Facilities Improvements Project, 5.38%, 9/01/19(c) |  |  | 675 |  |  |  | 726,374 |
Missouri — 0.2% |
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44 |  |  | 175 |  |  |  | 198,925 |
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 5/01/43 |  |  | 175 |  |  |  | 191,084 |
|  |  |  |  |  |  | 390,009 |
Nebraska — 1.0% |
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.25%, 9/01/37 |  |  | 575 |  |  |  | 635,202 |
County of Sarpy Nebraska Hospital Authority No. 1, Refunding RB, Nebraska Medicine, 4.00%, 5/15/51 |  |  | 1,755 |  |  |  | 1,810,160 |
|  |  |  |  |  |  | 2,445,362 |
New Hampshire — 1.4% |
New Hampshire Health & Education Facilities Authority, Refunding RB, Dartmouth-Hitchcock, 6.00%, 8/01/38 |  |  | 3,035 |  |  |  | 3,284,720 |
New Jersey — 6.7% |
Casino Reinvestment Development Authority, Refunding RB: |  |  |  |  |  |  |  |
5.25%, 11/01/39 |  |  | 735 |  |  |  | 770,471 |
5.25%, 11/01/44 |  |  | 1,095 |  |  |  | 1,142,490 |
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 7/01/45(a) |  |  | 775 |  |  |  | 778,759 |
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT: |  |  |  |  |  |  |  |
5.13%, 9/15/23 |  |  | 1,410 |  |  |  | 1,552,368 |
5.25%, 9/15/29 |  |  | 1,365 |  |  |  | 1,494,497 |
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 4/01/31 |  |  | 1,550 |  |  |  | 1,740,960 |
New Jersey State Turnpike Authority, RB: |  |  |  |  |  |  |  |
Series A, 5.00%, 1/01/43 |  |  | 1,925 |  |  |  | 2,148,127 |
Series E, 5.00%, 1/01/45 |  |  | 1,875 |  |  |  | 2,111,194 |
New Jersey Transportation Trust Fund Authority, RB: |  |  |  |  |  |  |  |
Transportation Program, Series AA, 5.00%, 6/15/44 |  |  | 315 |  |  |  | 334,464 |
Transportation Program, Series AA, 5.00%, 6/15/44 |  |  | 580 |  |  |  | 611,291 |
Transportation System, Series A, 5.50%, 6/15/41 |  |  | 1,575 |  |  |  | 1,693,912 |
Transportation System, Series B, 5.25%, 6/15/36 |  |  | 1,705 |  |  |  | 1,812,705 |
|  |  |  |  |  |  | 16,191,238 |
New York — 7.5% |
City of New York New York Transitional Finance Authority Future Tax Secured, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 2/01/42 |  |  | 310 |  |  |  | 346,338 |

Security |  | Par (000) |  |  | Value |
New York (continued) |
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 6/01/41(a) |  | $ | 1,300 |  |  | $ | 1,345,175 |
County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility, Series A-1, 5.00%, 8/01/46 |  |  | 1,800 |  |  |  | 1,482,624 |
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44 |  |  | 233 |  |  |  | 251,218 |
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 6/01/45 |  |  | 1,405 |  |  |  | 1,378,136 |
Hudson Yards Infrastructure Corp., Refunding RB, Series A, 5.00%, 2/15/39 |  |  | 680 |  |  |  | 794,288 |
Long Island Power Authority, Refunding RB, Electric System, Series A, 5.75%, 4/01/39 |  |  | 1,450 |  |  |  | 1,531,881 |
Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/38 |  |  | 1,715 |  |  |  | 1,999,999 |
Metropolitan Transportation Authority, Refunding RB, Dedicated Tax Fund, Series B, 5.00%, 11/15/19(c) |  |  | 1,740 |  |  |  | 1,874,798 |
Metropolitan Transportation Authority Hudson Rail Yards Trust Obligations, Refunding RB, Series A, 5.00%, 11/15/56 |  |  | 765 |  |  |  | 858,766 |
New York Liberty Development Corp., Refunding RB: |  |  |  |  |  |  |  |
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49 |  |  | 850 |  |  |  | 913,869 |
3 World Trade Center Project, Class 1, 5.00%, 11/15/44(a) |  |  | 2,275 |  |  |  | 2,472,857 |
3 World Trade Center Project, Class 2, 5.15%, 11/15/34(a) |  |  | 245 |  |  |  | 270,820 |
3 World Trade Center Project, Class 2, 5.38%, 11/15/40(a) |  |  | 605 |  |  |  | 673,202 |
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8: |  |  |  |  |  |  |  |
6.00%, 12/01/36 |  |  | 900 |  |  |  | 1,002,294 |
6.00%, 12/01/42 |  |  | 875 |  |  |  | 970,042 |
|  |  |  |  |  |  | 18,166,307 |
North Carolina — 0.6% |
North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 6/01/19(c) |  |  | 970 |  |  |  | 1,028,472 |
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 3/01/41 |  |  | 415 |  |  |  | 457,869 |
|  |  |  |  |  |  | 1,486,341 |
Ohio — 1.6% |
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 6/01/47 |  |  | 2,570 |  |  |  | 2,406,059 |
County of Franklin Ohio, RB: |  |  |  |  |  |  |  |
Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 7/01/40 |  |  | 470 |  |  |  | 521,357 |
Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46 |  |  | 290 |  |  |  | 328,724 |
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 6/30/53 |  |  | 580 |  |  |  | 637,994 |
|  |  |  |  |  |  | 3,894,134 |
Pennsylvania — 3.1% |
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 7/01/42 |  |  | 460 |  |  |  | 505,945 |
Pennsylvania Economic Development Financing Authority, RB: |  |  |  |  |  |  |  |
American Water Co. Project, 6.20%, 4/01/39 |  |  | 2,520 |  |  |  | 2,684,304 |

SCHEDULES OF INVESTMENTS |  |  | 37 |

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Pennsylvania (continued) |
Pennsylvania Economic Development Financing Authority, RB (continued): |  |  |  |  |  |  |  |
Pennsylvania Rapid Bridge Replacement Project, AMT, 5.00%, 6/30/42 |  | $ | 2,015 |  |  | $ | 2,234,293 |
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44 |  |  | 1,105 |  |  |  | 1,170,703 |
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44 |  |  | 795 |  |  |  | 900,067 |
|  |  |  |  |  |  | 7,495,312 |
Puerto Rico — 1.1% |
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: |  |  |  |  |  |  |  |
5.50%, 5/15/39 |  |  | 1,345 |  |  |  | 1,320,010 |
5.63%, 5/15/43 |  |  | 1,280 |  |  |  | 1,254,093 |
|  |  |  |  |  |  | 2,574,103 |
Rhode Island — 2.2% |
Tobacco Settlement Financing Corp., Refunding RB: |  |  |  |  |  |  |  |
Series A, 5.00%, 6/01/35 |  |  | 580 |  |  |  | 625,054 |
Series B, 4.50%, 6/01/45 |  |  | 1,900 |  |  |  | 1,903,572 |
Series B, 5.00%, 6/01/50 |  |  | 2,605 |  |  |  | 2,687,787 |
|  |  |  |  |  |  | 5,216,413 |
South Carolina — 3.6% |
State of South Carolina Ports Authority, ARB: |  |  |  |  |  |  |  |
5.25%, 7/01/40 |  |  | 2,285 |  |  |  | 2,474,792 |
AMT, 5.25%, 7/01/55 |  |  | 925 |  |  |  | 1,032,948 |
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54 |  |  | 2,385 |  |  |  | 2,691,520 |
State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55 |  |  | 2,260 |  |  |  | 2,551,472 |
|  |  |  |  |  |  | 8,750,732 |
Tennessee — 0.7% |
City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45 |  |  | 980 |  |  |  | 1,052,667 |
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 7/01/40 |  |  | 495 |  |  |  | 556,355 |
|  |  |  |  |  |  | 1,609,022 |
Texas — 5.6% |
Central Texas Regional Mobility Authority, Refunding RB: |  |  |  |  |  |  |  |
Senior Lien, 6.25%, 1/01/21(c) |  |  | 1,480 |  |  |  | 1,707,831 |
Sub-Lien, 5.00%, 1/01/33 |  |  | 250 |  |  |  | 276,138 |
City of Austin Texas Airport System, ARB, AMT, 5.00%, 11/15/39 |  |  | 440 |  |  |  | 491,300 |
City of Austin Texas Electric Utility Revenue, Refunding RB, Series A, 5.00%, 11/15/37 |  |  | 1,500 |  |  |  | 1,675,650 |
City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB, 5.00%, 10/01/20(c) |  |  | 485 |  |  |  | 535,411 |
City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39 |  |  | 1,070 |  |  |  | 1,100,827 |
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 1/01/23(c) |  |  | 325 |  |  |  | 410,904 |
County of Harris Texas Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.25%, 12/01/18(c) |  |  | 1,910 |  |  |  | 2,035,162 |
La Vernia Higher Education Finance Corp., RB, Kipp, Inc., Series A, 6.38%, 8/15/19(c) |  |  | 450 |  |  |  | 490,180 |
North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 0.00%, 9/01/31(b)(c) |  |  | 1,400 |  |  |  | 620,172 |

Security |  | Par (000) |  |  | Value |
Texas (continued) |
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |  |  |  |  |  |  |  |
LBJ Infrastructure Group LLC, 7.00%, 6/30/40 |  | $ | 2,000 |  |  | $ | 2,257,260 |
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |  |  | 1,700 |  |  |  | 1,885,300 |
|  |  |  |  |  |  | 13,486,135 |
Utah — 0.3% |
Salt Lake City Corp. Airport Revenue, ARB, Series A, AMT, 5.00%, 7/01/47 |  |  | 665 |  |  |  | 762,010 |
Virginia — 1.8% |
County of Hanover Virginia EDA, Refunding RB, Covenant Woods, Series A: |  |  |  |  |  |  |  |
5.00%, 7/01/42 |  |  | 625 |  |  |  | 647,281 |
Residential Care Facility, 5.00%, 7/01/47 |  |  | 970 |  |  |  | 1,002,088 |
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT: |  |  |  |  |  |  |  |
5.25%, 1/01/32 |  |  | 550 |  |  |  | 606,738 |
6.00%, 1/01/37 |  |  | 1,830 |  |  |  | 2,068,906 |
|  |  |  |  |  |  | 4,325,013 |
Washington — 3.7% |
Central Puget Sound Regional Transit Authority, RB, Series A (AGM), 5.00%, 11/01/17(c) |  |  | 1,340 |  |  |  | 1,340,000 |
Grant County Public Utility District No. 2, Refunding RB, Series A, 5.00%, 1/01/43 |  |  | 1,555 |  |  |  | 1,759,405 |
Port of Seattle Washington, ARB, Intermediate Lien, Series C, AMT, 5.00%, 5/01/42 |  |  | 1,085 |  |  |  | 1,250,582 |
Port of Seattle Washington, RB, Series C, AMT, 5.00%, 4/01/40 |  |  | 540 |  |  |  | 601,619 |
State of Washington, GO, Series D, 5.00%, 2/01/42 |  |  | 1,890 |  |  |  | 2,196,501 |
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45 |  |  | 1,625 |  |  |  | 1,792,229 |
|  |  |  |  |  |  | 8,940,336 |
Wisconsin — 3.5% |
State of Wisconsin, Refunding RB, Series A, 6.00%, 5/01/19(c) |  |  | 4,980 |  |  |  | 5,339,058 |
State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33 |  |  | 1,710 |  |  |  | 1,830,435 |
Wisconsin Health & Educational Facilities Authority, Refunding RB, Medical College of Wisconsin, Inc., 4.00%, 12/01/46 |  |  | 1,305 |  |  |  | 1,344,816 |
|  |  |  |  |  |  | 8,514,309 |
Wyoming — 0.1% |
Wyoming Municipal Power Agency, Inc., RB, Series A, 5.00%, 1/01/19(c) |  |  | 210 |  |  |  | 219,419 |
Total Municipal Bonds — 111.2% |  |  |  | 268,701,103 |
Municipal Bonds Transferred to Tender Option Bond Trusts(e) |
Alabama — 0.5% |
Auburn University, Refunding RB, Series A, 4.00%, 6/01/41 |  |  | 1,220 |  |  |  | 1,281,476 |
California — 9.0% |  |  |  |  |  |
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area: |  |  |  |  |  |  |  |
Series F-1, 5.63%, 4/01/44(c) |  |  | 2,271 |  |  |  | 2,416,091 |
Toll Bridge Subordinate, 4.00%, 4/01/42(f) |  |  | 2,257 |  |  |  | 2,388,936 |
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/18(c)(f) |  |  | 1,845 |  |  |  | 1,914,661 |
City & County of San Francisco California Public Utilities Commission Water Revenue, RB, Series B, 5.00%, 11/01/19(c) |  |  | 6,600 |  |  |  | 7,105,802 |

38 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
California (continued) |  |  |  |  |  |
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A, 5.00%, 5/15/40 |  | $ | 4,121 |  |  | $ | 4,471,320 |
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No.2 Bonds, 5.00%, 10/01/47 |  |  | 2,250 |  |  |  | 2,596,639 |
San Diego Community College District, GO, Election of 2002, 5.25%, 8/01/19(c) |  |  | 748 |  |  |  | 801,241 |
|  |  |  |  |  |  | 21,694,690 |
Colorado — 3.6% |  |  |  |  |  |
Colorado Health Facilities Authority, RB, Catholic Health(c): |  |  |  |  |  |  |  |
Series C-3 (AGM), 5.10%, 4/29/18 |  |  | 2,580 |  |  |  | 2,630,723 |
Series C-7 (AGM), 5.00%, 5/01/18 |  |  | 1,650 |  |  |  | 1,681,928 |
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiative, Series A, 5.50%, 7/01/34(f) |  |  | 1,490 |  |  |  | 1,566,228 |
County of Adams Colorado, COP, Refunding, 4.00%, 12/01/45 |  |  | 2,700 |  |  |  | 2,806,866 |
|  |  |  |  |  |  | 8,685,745 |
Florida — 1.8% |  |  |  |  |  |
County of Miami-Dade Florida Water & Sewer System Revenue, RB, 5.00%, 10/01/34 |  |  | 3,939 |  |  |  | 4,308,481 |
Georgia — 1.0% |  |  |  |  |  |
Private Colleges & Universities Authority, Refunding RB, Emory University, Series C, 5.00%, 9/01/18(c) |  |  | 2,259 |  |  |  | 2,331,315 |
Massachusetts — 2.1% |  |  |  |  |  |
Massachusetts School Building Authority, RB, Series B, 5.00%, 10/15/41 |  |  | 4,502 |  |  |  | 5,047,761 |
New Hampshire — 0.6% |  |  |  |  |  |
New Hampshire Health and Education Facilities Authority Act, RB, Doartmouth College Issue, 5.25%, 6/01/19(c)(f) |  |  | 1,410 |  |  |  | 1,498,301 |
New York — 9.1% |  |  |  |  |  |
City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series FF-2, 5.50%, 6/15/40 |  |  | 1,110 |  |  |  | 1,185,698 |
Hudson Yards Infrastructure Corp., RB, Series A, 5.75%, 2/15/47(f) |  |  | 1,110 |  |  |  | 1,261,212 |
Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56 |  |  | 3,240 |  |  |  | 3,787,804 |
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 |  |  | 7,440 |  |  |  | 8,387,028 |
New York Liberty Development Corp., Refunding RB, World Trade Center Project, 5.75%, 11/15/51(f) |  |  | 4,460 |  |  |  | 5,129,064 |
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 |  |  | 1,860 |  |  |  | 2,153,663 |
|  |  |  |  |  |  | 21,904,469 |
North Carolina — 1.3% |  |  |  |  |  |
North Carolina Capital Facilities Finance Agency, Refunding RB: |  |  |  |  |  |  |  |
Duke University, Series B, 5.00%, 10/01/55 |  |  | 1,830 |  |  |  | 2,082,412 |
Wake Forest University, 5.00%, 1/01/19(c) |  |  | 1,080 |  |  |  | 1,127,833 |
|  |  |  |  |  |  | 3,210,245 |
Ohio — 4.2% |  |  |  |  |  |
State of Ohio, Refunding RB, Cleveland Clinic Health, Series A, 5.50%, 1/01/19(c) |  |  | 9,644 |  |  |  | 10,120,942 |
Pennsylvania — 0.8% |  |  |  |  |  |
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42 |  |  | 1,695 |  |  |  | 1,992,388 |

Security |  | Shares/Par (000) |  |  | Value |
Texas — 6.1% |  |  |  |  |  |
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43 |  | $ | 1,720 |  |  | $ | 1,938,883 |
County of Harris Metropolitan Transit Authority, RB, Series A, 5.00%, 11/01/41 |  |  | 2,350 |  |  |  | 2,621,754 |
County of Harris Texas, RB, Senior Lien Toll Road, Series A(f): |  |  |  |  |  |  |  |
5.00%, 8/15/19(c) |  |  | 2,620 |  |  |  | 2,778,017 |
5.00%, 8/15/38 |  |  | 2,004 |  |  |  | 2,124,943 |
University of Texas System, Refunding RB, Financing System, Series B, 5.00%, 8/15/43 |  |  | 2,041 |  |  |  | 2,319,023 |
University of Texas, Permanent University Fund, Refunding RB, Series B, 4.00%, 7/01/41 |  |  | 2,720 |  |  |  | 2,904,661 |
|  |  |  |  |  |  | 14,687,281 |
Utah — 1.1% |  |  |  |  |  |
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41 |  |  | 2,519 |  |  |  | 2,653,843 |
Virginia — 2.5% |  |  |  |  |  |
University of Virginia, Refunding RB, General, 5.00%, 6/01/18(c) |  |  | 3,749 |  |  |  | 3,830,530 |
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40 |  |  | 2,095 |  |  |  | 2,242,721 |
|  |  |  |  |  |  | 6,073,251 |
Wisconsin — 1.7% |  |  |  |  |  |
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Series C, 5.25%, 4/01/19(c)(f) |  |  | 3,959 |  |  |  | 4,184,089 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 45.4% |  |  |  | 109,674,277 |
Total Long-Term Investments — 156.6% (Cost — $348,801,863) |  |  |  | 378,375,380 |
Short-Term Securities — 2.4% |  |  |  |  |  |  |  |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.74%(g)(h) |  |  | 5,852,278 |  |  |  | 5,854,033 |
Total Short-Term Securities — 2.4% (Cost — $5,854,033) |  |  |  | 5,854,033 |
Total Investments — 159.0% (Cost — $354,655,896) |  |  |  | 384,229,413 |
Other Assets Less Liabilities — 1.8% |  |  |  | 4,381,014 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (26.2)% |  |  |  | (63,281,688 | )
VMTP Shares, at Liquidation Value — (34.6)% |  |  |  | (83,700,000 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 241,628,739 |

(a) | 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.

(b) | Zero-coupon bond.

(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) | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

(e) | 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. See Note 4 of the Notes to Financial Statements for details.

(f) | All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between May 7, 2018 to February 15, 2031, is $13,416,511. See Note 4 of the Notes to Financial Statements for details.

(g) | Annualized 7-day yield as of period end.

SCHEDULES OF INVESTMENTS |  |  | 39 |

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniHoldings Fund, Inc. (MHD)

(h) | During the six months ended October 31, 2017, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate |  | Shares Held at 04/30/17 |  |  | Net Activity |  |  | Shares Held at 10/31/17 |  |  | Value at 10/31/17 |  |  | Income |  |  | Net Realized Gain (a) |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, MuniCash, Institutional Class |  |  | 575,572 |  |  |  | 5,276,706 |  |  |  | 5,852,278 |  |  | $ | 5,854,033 |  |  | $ | 14,769 |  |  | $ | 472 |  |  | $ | (57 | )

| (a) | Includes net capital gains distributions, if applicable. |

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 |  |  | (30 | ) |  |  | 12/19/17 |  |  | $ | 3,748 |  |  | $ | 59,018 |
Long U.S. Treasury Bond |  |  | (39 | ) |  |  | 12/19/17 |  |  |  | 5,946 |  |  |  | 121,546 |
Ultra Long U.S. Treasury Bond |  |  | (20 | ) |  |  | 12/19/17 |  |  |  | 3,296 |  |  |  | 71,858 |
5-Year U.S. Treasury Note |  |  | (43 | ) |  |  | 12/29/17 |  |  |  | 5,039 |  |  |  | 45,680 |
|  |  | $ | 298,102 |

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized appreciation(a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 298,102 |  |  | $ | — |  |  | $ | 298,102 |

| (a) | Includes cumulative appreciation (depreciation) on futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |

For the six months ended October 31, 2017, the effect of derivative financial instruments in the Statements of Operation was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (439,239 | ) |  | $ | — |  |  | $ | (439,239 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 536,468 |  |  | $ | — |  |  | $ | 536,468 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |  |  |  |
Average notional value of contracts — short |  | $ | 16,674,801 |

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

40 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniHoldings Fund, Inc. (MHD)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments(a) |  | $ | — |  |  | $ | 378,375,380 |  |  | $ | — |  |  | $ | 378,375,380 |
Short-Term Securities |  |  | 5,854,033 |  |  |  | — |  |  |  | — |  |  |  | 5,854,033 |
|  | $ | 5,854,033 |  |  | $ | 378,375,380 |  |  | $ | — |  |  | $ | 384,229,413 |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 298,102 |  |  | $ | — |  |  | $ | — |  |  | $ | 298,102 |

| (a) | See above Schedule of Investments for values in each state or political subdivision. |

| (b) | Derivative financial instruments are futures contracts, which 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 statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  | $ | — |  |  | $ | (63,115,775 | ) |  | $ | — |  |  | $ | (63,115,775 | )
VMTP Shares at Liquidation Value |  |  | — |  |  |  | (83,700,000 | ) |  |  | — |  |  |  | (83,700,000 | )
|  | $ | — |  |  | $ | (146,815,775 | ) |  | $ | — |  |  | $ | (146,815,775 | )

During the six months ended October 31, 2017, there were no transfers between levels.

See notes to financial statements.

SCHEDULES OF INVESTMENTS |  |  | 41 |

Schedule of Investments October 31, 2017 (Unaudited) |  | BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds |  |  |  |  |  |  |  |
Alabama — 1.2% |  |  |  |
County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 6.00%, 10/01/42 |  | $ | 1,875 |  |  | $ | 2,187,525 |
Arizona — 1.1% |
City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A, 5.00%, 7/01/46(a) |  |  | 890 |  |  |  | 924,176 |
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37 |  |  | 810 |  |  |  | 986,807 |
|  |  |  |  |  |  | 1,910,983 |
California — 14.1% |
Benicia Unified School District, GO, CAB, Series A (NPFGC), 0.00%, 8/01/20(b) |  |  | 2,000 |  |  |  | 1,923,740 |
California Health Facilities Financing Authority, RB: |  |  |  |  |  |  |  |
St. Joseph Health System, Series A, 5.75%, 7/01/39 |  |  | 1,110 |  |  |  | 1,191,119 |
Sutter Health, Series B, 6.00%, 8/15/42 |  |  | 1,585 |  |  |  | 1,782,570 |
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 7/01/33 |  |  | 445 |  |  |  | 508,453 |
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A: |  |  |  |  |  |  |  |
5.25%, 8/15/39 |  |  | 80 |  |  |  | 88,224 |
5.25%, 8/15/49 |  |  | 195 |  |  |  | 213,566 |
California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A, 5.00%, 2/01/42 |  |  | 120 |  |  |  | 134,009 |
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45(a) |  |  | 730 |  |  |  | 786,473 |
California Statewide Communities Development Authority, RB, Series A: |  |  |  |  |  |  |  |
John Muir Health, 5.13%, 7/01/39 |  |  | 1,090 |  |  |  | 1,157,645 |
Loma Linda University Medical Center, 5.00%, 12/01/46(a) |  |  | 235 |  |  |  | 252,202 |
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A, 5.25%, 5/15/39 |  |  | 400 |  |  |  | 424,900 |
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/38 |  |  | 185 |  |  |  | 227,023 |
Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior Series A-1, 5.75%, 6/01/47 |  |  | 1,190 |  |  |  | 1,189,964 |
San Diego Unified School District California, GO, CAB, Election of 2008, Series A, 0.00%, 7/01/29(b) |  |  | 2,525 |  |  |  | 1,813,051 |
San Marino Unified School District, GO, Series A (NPFGC), 0.00%, 7/01/19(b) |  |  | 2,070 |  |  |  | 2,028,869 |
State of California, GO, Various Purposes: |  |  |  |  |  |  |  |
6.00%, 3/01/33 |  |  | 1,265 |  |  |  | 1,408,148 |
6.50%, 4/01/33 |  |  | 7,325 |  |  |  | 7,883,751 |
State of California Public Works Board, LRB, Various Capital Projects: |  |  |  |  |  |  |  |
Series I, 5.00%, 11/01/38 |  |  | 405 |  |  |  | 464,952 |
Sub-Series I-1, 6.38%, 11/01/19(c) |  |  | 600 |  |  |  | 663,108 |
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1, 4.75%, 6/01/25 |  |  | 935 |  |  |  | 935,570 |
|  |  |  |  |  |  | 25,077,337 |
Colorado — 1.5% |
Colorado Educational & Cultural Facilities Authority, RB, Charter School, Colorado Springs, 5.50%, 7/01/40 |  |  | 1,055 |  |  |  | 1,107,897 |
Regional Transportation District, COP, Refunding, Series A, 5.38%, 6/01/31 |  |  | 510 |  |  |  | 554,819 |
University of Colorado, RB, Series A, 5.38%, 6/01/19(c) |  |  | 920 |  |  |  | 980,849 |
|  |  |  |  |  |  | 2,643,565 |

Security |  | Par (000) |  |  | Value |
Delaware — 1.9% |
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |  | $ | 570 |  |  | $ | 603,641 |
Delaware Transportation Authority, RB, U.S. 301 Project, 5.00%, 6/01/55 |  |  | 605 |  |  |  | 681,242 |
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 |  |  | 2,050 |  |  |  | 2,117,609 |
|  |  |  |  |  |  | 3,402,492 |
District of Columbia — 4.2% |
District of Columbia, Refunding RB, Georgetown University: |  |  |  |  |  |  |  |
5.00%, 4/01/35 |  |  | 230 |  |  |  | 270,365 |
Issue, 5.00%, 4/01/42 |  |  | 265 |  |  |  | 307,238 |
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road: |  |  |  |  |  |  |  |
1st Senior Lien, Series A, 5.00%, 10/01/39 |  |  | 255 |  |  |  | 270,478 |
1st Senior Lien, Series A, 5.25%, 10/01/44 |  |  | 1,000 |  |  |  | 1,063,820 |
CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/34(b) |  |  | 10,170 |  |  |  | 5,525,158 |
|  |  |  |  |  |  | 7,437,059 |
Florida — 3.6% |
City of Clearwater Florida Water & Sewer Revenue, RB, Series A, 5.25%, 12/01/19(c) |  |  | 1,725 |  |  |  | 1,869,227 |
County of Broward Florida Water & Sewer Utility, Refunding RB, Series A, 5.25%, 10/01/18(c) |  |  | 545 |  |  |  | 565,607 |
County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 5/01/45 |  |  | 700 |  |  |  | 779,450 |
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21(c) |  |  | 1,525 |  |  |  | 1,856,428 |
Village Community Development District No.10, Special Assessment Bonds, 5.13%, 5/01/43(d) |  |  | 1,140 |  |  |  | 1,275,295 |
|  |  |  |  |  |  | 6,346,007 |
Georgia — 0.9% |
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A, 5.50%, 8/15/54 |  |  | 270 |  |  |  | 316,437 |
DeKalb Georgia Private Hospital Authority, Refunding RB, Children’s Healthcare, 5.25%, 11/15/39 |  |  | 420 |  |  |  | 451,412 |
Metropolitan Atlanta Rapid Transit Authority, RB, Sales Tax, 3rd Indenture, Series A, 5.00%, 7/01/19(c) |  |  | 740 |  |  |  | 786,805 |
|  |  |  |  |  |  | 1,554,654 |
Hawaii — 0.4% |
State of Hawaii Harbor System, RB, Series A, 5.25%, 7/01/30 |  |  | 680 |  |  |  | 737,222 |
Idaho — 1.4% |
County of Power Idaho Industrial Development Corp., RB, FMC Corp. Project, AMT, 6.45%, 8/01/32 |  |  | 2,000 |  |  |  | 2,008,200 |
Idaho Health Facilities Authority, RB, Trinity Health Credit Group, Series A, 5.00%, 12/01/46 |  |  | 390 |  |  |  | 442,077 |
|  |  |  |  |  |  | 2,450,277 |
Illinois — 16.8% |
City of Chicago Illinois, GO, Project, Series A, 5.00%, 1/01/34 |  |  | 885 |  |  |  | 916,869 |
City of Chicago Illinois, GO, Refunding, Project, Series A, 5.25%, 1/01/32 |  |  | 2,290 |  |  |  | 2,430,743 |
City of Chicago Illinois, Special Assessment Bonds, Lake Shore East Project, 6.75%, 12/01/32 |  |  | 590 |  |  |  | 593,275 |
City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien: |  |  |  |  |  |  |  |
Series A, 5.75%, 1/01/21(c) |  |  | 2,100 |  |  |  | 2,387,301 |
Series A, 5.75%, 1/01/39 |  |  | 400 |  |  |  | 449,816 |
Series C, 6.50%, 1/01/21(c) |  |  | 2,935 |  |  |  | 3,404,512 |

42 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Illinois (continued) |
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |  | $ | 530 |  |  | $ | 568,722 |
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42 |  |  | 1,845 |  |  |  | 1,963,043 |
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38 |  |  | 410 |  |  |  | 438,552 |
Illinois Finance Authority, Refunding RB: |  |  |  |  |  |  |  |
Central Dupage Health, Series B, 5.50%, 11/01/39 |  |  | 800 |  |  |  | 862,168 |
Presence Health Network, Series C, 4.00%, 2/15/41 |  |  | 745 |  |  |  | 755,356 |
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project: |  |  |  |  |  |  |  |
CAB, Series B (AGM), 0.00%, 6/15/47(b) |  |  | 9,555 |  |  |  | 2,694,319 |
Series B (AGM), 5.00%, 6/15/50 |  |  | 2,230 |  |  |  | 2,362,863 |
Series B-2, 5.00%, 6/15/50 |  |  | 1,260 |  |  |  | 1,266,376 |
Railsplitter Tobacco Settlement Authority, RB: |  |  |  |  |  |  |  |
5.50%, 6/01/23 |  |  | 230 |  |  |  | 260,146 |
6.00%, 6/01/28 |  |  | 500 |  |  |  | 563,410 |
State of Illinois, GO: |  |  |  |  |  |  |  |
5.00%, 2/01/39 |  |  | 810 |  |  |  | 842,521 |
Series A, 5.00%, 4/01/38 |  |  | 1,920 |  |  |  | 1,997,395 |
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/19(c) |  |  | 315 |  |  |  | 335,711 |
State of Illinois Toll Highway Authority, RB: |  |  |  |  |  |  |  |
Senior, Series C, 5.00%, 1/01/36 |  |  | 1,355 |  |  |  | 1,540,635 |
Senior, Series C, 5.00%, 1/01/37 |  |  | 1,450 |  |  |  | 1,646,649 |
Series A, 5.00%, 1/01/38 |  |  | 915 |  |  |  | 1,019,978 |
University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 4/01/44 |  |  | 520 |  |  |  | 568,194 |
|  |  |  |  |  |  | 29,868,554 |
Indiana — 4.7% |
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |  |  |  |  |  |  |  |
6.75%, 1/01/34 |  |  | 415 |  |  |  | 491,447 |
7.00%, 1/01/44 |  |  | 1,000 |  |  |  | 1,190,040 |
Indiana Finance Authority, RB, Series A: |  |  |  |  |  |  |  |
CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |  |  | 1,660 |  |  |  | 1,879,502 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44 |  |  | 225 |  |  |  | 242,194 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48 |  |  | 740 |  |  |  | 794,190 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 1/01/51 |  |  | 210 |  |  |  | 227,489 |
Sisters of St. Francis Health Services, 5.25%, 11/01/39 |  |  | 420 |  |  |  | 450,282 |
Indiana Finance Authority, Refunding RB, Parkview Health System, Series A: |  |  |  |  |  |  |  |
5.75%, 5/01/19(c) |  |  | 1,360 |  |  |  | 1,449,869 |
5.75%, 5/01/31 |  |  | 300 |  |  |  | 318,468 |
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/19(c) |  |  | 565 |  |  |  | 597,194 |
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40 |  |  | 640 |  |  |  | 721,574 |
|  |  |  |  |  |  | 8,362,249 |
Iowa — 1.2% |
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project: |  |  |  |  |  |  |  |
5.00%, 12/01/19 |  |  | 240 |  |  |  | 248,722 |
5.25%, 12/01/25 |  |  | 940 |  |  |  | 1,001,786 |
5.88%, 12/01/26(a) |  |  | 210 |  |  |  | 222,921 |
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22 |  |  | 580 |  |  |  | 613,269 |
|  |  |  |  |  |  | 2,086,698 |

Security |  | Par (000) |  |  | Value |
Kansas — 0.7% |
Kansas Development Finance Authority, Refunding RB, Adventist Health, Series C, 5.75%, 11/15/38 |  | $ | 1,105 |  |  | $ | 1,200,859 |
Kentucky — 0.6% |
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45 |  |  | 520 |  |  |  | 558,558 |
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 7/01/43(e) |  |  | 635 |  |  |  | 554,831 |
|  |  |  |  |  |  | 1,113,389 |
Louisiana — 3.3% |
East Baton Rouge Sewerage Commission, RB, Series A, 5.25%, 2/01/19(c) |  |  | 420 |  |  |  | 441,416 |
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, 6.75%, 11/01/32 |  |  | 2,500 |  |  |  | 2,500,000 |
New Orleans Aviation Board, RB, Passenger Facility Charge, Series A, 5.25%, 1/01/41 |  |  | 310 |  |  |  | 328,175 |
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |  |  |  |  |  |  |  |
5.50%, 5/15/30 |  |  | 510 |  |  |  | 551,417 |
5.25%, 5/15/31 |  |  | 435 |  |  |  | 472,319 |
5.25%, 5/15/32 |  |  | 555 |  |  |  | 607,830 |
5.25%, 5/15/33 |  |  | 600 |  |  |  | 651,546 |
5.25%, 5/15/35 |  |  | 255 |  |  |  | 277,412 |
|  |  |  |  |  |  | 5,830,115 |
Maine — 0.1% |
Maine Health & Higher Educational Facilities Authority, RB, Series A: |  |  |  |  |  |  |  |
5.00%, 7/01/19(c) |  |  | 45 |  |  |  | 47,808 |
5.00%, 7/01/39 |  |  | 105 |  |  |  | 110,021 |
|  |  |  |  |  |  | 157,829 |
Maryland — 1.2% |
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35 |  |  | 220 |  |  |  | 234,458 |
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25 |  |  | 390 |  |  |  | 411,922 |
Maryland Health & Higher Educational Facilities Authority, RB, Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46 |  |  | 220 |  |  |  | 252,098 |
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 1/01/21(c) |  |  | 1,095 |  |  |  | 1,261,714 |
|  |  |  |  |  |  | 2,160,192 |
Massachusetts — 2.6% |
Commonwealth of Massachusetts, GO, Series E, 3.00%, 4/01/44 |  |  | 1,365 |  |  |  | 1,232,622 |
Massachusetts Development Finance Agency, Refunding RB: |  |  |  |  |  |  |  |
Boston University, Series P, 5.45%, 5/15/59 |  |  | 845 |  |  |  | 1,016,788 |
Covanta Energy Project, Series C, AMT, 5.25%, 11/01/42(a) |  |  | 1,155 |  |  |  | 1,155,774 |
Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare System, Series J1, 5.00%, 7/01/39 |  |  | 360 |  |  |  | 378,641 |
Massachusetts HFA, Refunding RB, Series F, AMT, 5.70%, 6/01/40 |  |  | 825 |  |  |  | 842,416 |
|  |  |  |  |  |  | 4,626,241 |
Michigan — 3.5% |
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39 |  |  | 2,235 |  |  |  | 2,477,922 |

SCHEDULES OF INVESTMENTS |  |  | 43 |

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Michigan (continued) |
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital: |  |  |  |  |  |  |  |
5.50%, 5/15/20(c) |  | $ | 380 |  |  | $ | 419,588 |
5.50%, 5/15/36 |  |  | 310 |  |  |  | 336,276 |
Michigan Finance Authority, Refunding RB: |  |  |  |  |  |  |  |
Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 7/01/44 |  |  | 455 |  |  |  | 494,935 |
Henry Ford Health System, 4.00%, 11/15/46 |  |  | 750 |  |  |  | 765,420 |
Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, 5.75%, 11/15/19(c) |  |  | 1,520 |  |  |  | 1,659,658 |
|  |  |  |  |  |  | 6,153,799 |
Minnesota — 0.9% |
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series A, 6.75%, 11/15/18(c) |  |  | 1,540 |  |  |  | 1,629,720 |
Missouri — 0.2% |
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44 |  |  | 125 |  |  |  | 142,089 |
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 5/01/43 |  |  | 130 |  |  |  | 141,948 |
|  |  |  |  |  |  | 284,037 |
Nebraska — 1.1% |
County of Sarpy Nebraska Hospital Authority No. 1, Refunding RB, Nebraska Medicine, 4.00%, 5/15/51 |  |  | 1,835 |  |  |  | 1,892,674 |
New Hampshire — 0.9% |
New Hampshire Health & Education Facilities Authority, Refunding RB, Dartmouth-Hitchcock, 6.00%, 8/01/38 |  |  | 1,530 |  |  |  | 1,655,888 |
New Jersey — 5.7% |
Casino Reinvestment Development Authority, Refunding RB: |  |  |  |  |  |  |  |
5.25%, 11/01/39 |  |  | 530 |  |  |  | 555,578 |
5.25%, 11/01/44 |  |  | 790 |  |  |  | 824,262 |
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 7/01/45(a) |  |  | 560 |  |  |  | 562,716 |
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT: |  |  |  |  |  |  |  |
5.13%, 9/15/23 |  |  | 1,040 |  |  |  | 1,145,009 |
5.25%, 9/15/29 |  |  | 990 |  |  |  | 1,083,921 |
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 4/01/31 |  |  | 1,125 |  |  |  | 1,263,600 |
New Jersey State Turnpike Authority, RB, Series E, 5.00%, 1/01/45 |  |  | 1,355 |  |  |  | 1,525,689 |
New Jersey Transportation Trust Fund Authority, RB: |  |  |  |  |  |  |  |
Transportation Program, Series AA, 5.00%, 6/15/44 |  |  | 225 |  |  |  | 238,903 |
Transportation Program, Series AA, 5.00%, 6/15/44 |  |  | 420 |  |  |  | 442,659 |
Transportation System, Series A, 5.50%, 6/15/41 |  |  | 1,025 |  |  |  | 1,102,388 |
Transportation System, Series B, 5.25%, 6/15/36 |  |  | 1,235 |  |  |  | 1,313,015 |
|  |  |  |  |  |  | 10,057,740 |
New York — 7.8% |
City of New York New York Transitional Finance Authority Future Tax Secured, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 2/01/42 |  |  | 740 |  |  |  | 826,743 |
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 6/01/41(a) |  |  | 1,000 |  |  |  | 1,034,750 |
County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility, Series A-1, 5.00%, 8/01/46 |  |  | 1,355 |  |  |  | 1,116,086 |
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44(d) |  |  | 262 |  |  |  | 281,979 |
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 6/01/45 |  |  | 1,020 |  |  |  | 1,000,498 |

Security |  | Par (000) |  |  | Value |
New York (continued) |
Hudson Yards Infrastructure Corp., Refunding RB, Series A, 5.00%, 2/15/39 |  | $ | 490 |  |  | $ | 572,354 |
Long Island Power Authority, Refunding RB, Electric System, Series A, 5.75%, 4/01/39 |  |  | 1,050 |  |  |  | 1,109,294 |
Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/38 |  |  | 1,255 |  |  |  | 1,463,556 |
Metropolitan Transportation Authority, Refunding RB, Dedicated Tax Fund, Series B, 5.00%, 11/15/19(c) |  |  | 1,270 |  |  |  | 1,368,387 |
Metropolitan Transportation Authority Hudson Rail Yards Trust Obligations, Refunding RB, Series A, 5.00%, 11/15/56 |  |  | 555 |  |  |  | 623,026 |
New York Liberty Development Corp., Refunding RB: |  |  |  |  |  |  |  |
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49 |  |  | 615 |  |  |  | 661,211 |
3 World Trade Center Project, Class 1, 5.00%, 11/15/44(a) |  |  | 1,495 |  |  |  | 1,625,020 |
3 World Trade Center Project, Class 2, 5.15%, 11/15/34(a) |  |  | 175 |  |  |  | 193,443 |
3 World Trade Center Project, Class 2, 5.38%, 11/15/40(a) |  |  | 440 |  |  |  | 489,601 |
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8: |  |  |  |  |  |  |  |
6.00%, 12/01/36 |  |  | 650 |  |  |  | 723,879 |
6.00%, 12/01/42 |  |  | 630 |  |  |  | 698,431 |
|  |  |  |  |  |  | 13,788,258 |
North Carolina — 0.2% |
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 3/01/41 |  |  | 305 |  |  |  | 336,507 |
Ohio — 1.6% |
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 6/01/47 |  |  | 1,855 |  |  |  | 1,736,670 |
County of Franklin Ohio, RB: |  |  |  |  |  |  |  |
Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 7/01/40 |  |  | 350 |  |  |  | 388,244 |
Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46 |  |  | 210 |  |  |  | 238,041 |
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 6/30/53 |  |  | 420 |  |  |  | 461,996 |
|  |  |  |  |  |  | 2,824,951 |
Pennsylvania — 2.4% |
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 7/01/42 |  |  | 335 |  |  |  | 368,460 |
Pennsylvania Economic Development Financing Authority, RB: |  |  |  |  |  |  |  |
American Water Co. Project, 6.20%, 4/01/39 |  |  | 1,830 |  |  |  | 1,949,316 |
Pennsylvania Rapid Bridge Replacement Project, AMT, 5.00%, 6/30/42 |  |  | 440 |  |  |  | 487,885 |
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44 |  |  | 800 |  |  |  | 847,568 |
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44 |  |  | 585 |  |  |  | 662,314 |
|  |  |  |  |  |  | 4,315,543 |
Puerto Rico — 1.0% |
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: |  |  |  |  |  |  |  |
5.50%, 5/15/39 |  |  | 975 |  |  |  | 956,885 |
5.63%, 5/15/43 |  |  | 925 |  |  |  | 906,278 |
|  |  |  |  |  |  | 1,863,163 |

44 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Rhode Island — 2.1% |
Tobacco Settlement Financing Corp., Refunding RB: |  |  |  |  |  |  |  |
Series A, 5.00%, 6/01/35 |  | $ | 420 |  |  | $ | 452,626 |
Series B, 4.50%, 6/01/45 |  |  | 1,375 |  |  |  | 1,377,585 |
Series B, 5.00%, 6/01/50 |  |  | 1,895 |  |  |  | 1,955,223 |
|  |  |  |  |  |  | 3,785,434 |
South Carolina — 3.8% |
State of South Carolina Ports Authority, ARB: |  |  |  |  |  |  |  |
5.25%, 7/01/40 |  |  | 1,650 |  |  |  | 1,787,049 |
AMT, 5.25%, 7/01/55 |  |  | 670 |  |  |  | 748,189 |
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54 |  |  | 2,040 |  |  |  | 2,302,181 |
State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55 |  |  | 1,635 |  |  |  | 1,845,866 |
|  |  |  |  |  |  | 6,683,285 |
Tennessee — 0.7% |
City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45 |  |  | 720 |  |  |  | 773,388 |
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 7/01/40 |  |  | 360 |  |  |  | 404,622 |
|  |  |  |  |  |  | 1,178,010 |
Texas — 5.2% |
Central Texas Regional Mobility Authority, Refunding RB: |  |  |  |  |  |  |  |
Senior Lien, 6.25%, 1/01/21(c) |  |  | 1,070 |  |  |  | 1,234,716 |
Sub-Lien, 5.00%, 1/01/33 |  |  | 180 |  |  |  | 198,819 |
City of Austin Texas Airport System, ARB, AMT, 5.00%, 11/15/39 |  |  | 320 |  |  |  | 357,309 |
City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39 |  |  | 535 |  |  |  | 550,413 |
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 1/01/23(c) |  |  | 240 |  |  |  | 303,437 |
County of Harris Texas Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.25%, 12/01/18(c) |  |  | 1,380 |  |  |  | 1,470,431 |
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A(b): |  |  |  |  |  |  |  |
0.00%, 9/15/40 |  |  | 2,525 |  |  |  | 937,760 |
0.00%, 9/15/41 |  |  | 1,395 |  |  |  | 491,305 |
La Vernia Higher Education Finance Corp., RB, Kipp, Inc., Series A, 6.38%, 8/15/19(c) |  |  | 320 |  |  |  | 348,573 |
New Hope Cultural Education Facilities Corp., RB, Collegiate Housing Tarleton State University Project, 5.00%, 4/01/35 |  |  | 145 |  |  |  | 155,855 |
North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 0.00%, 9/01/31(b)(c) |  |  | 1,015 |  |  |  | 449,624 |
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |  |  |  |  |  |  |  |
LBJ Infrastructure Group LLC, 7.00%, 6/30/40 |  |  | 1,165 |  |  |  | 1,314,854 |
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |  |  | 1,300 |  |  |  | 1,441,700 |
|  |  |  |  |  |  | 9,254,796 |
Utah — 0.3% |
Salt Lake City Corp. Airport Revenue, ARB, Series A, AMT, 5.00%, 7/01/47 |  |  | 485 |  |  |  | 555,752 |
Virginia — 1.1% |
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT: |  |  |  |  |  |  |  |
5.25%, 1/01/32 |  |  | 400 |  |  |  | 441,264 |

Security |  | Par (000) |  |  | Value |
Virginia (continued) |
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT (continued): |  |  |  |  |  |  |  |
6.00%, 1/01/37 |  | $ | 1,345 |  |  | $ | 1,520,590 |
|  |  |  |  |  |  | 1,961,854 |
Washington — 3.9% |
Central Puget Sound Regional Transit Authority, RB, Series A (AGM), 5.00%, 11/01/32(c) |  |  | 1,355 |  |  |  | 1,355,000 |
Grant County Public Utility District No. 2, Refunding RB, Series A, 5.00%, 1/01/43 |  |  | 1,125 |  |  |  | 1,272,881 |
Port of Seattle Washington, ARB, Intermediate Lien, Series C, AMT, 5.00%, 5/01/42 |  |  | 785 |  |  |  | 904,799 |
Port of Seattle Washington, RB, Series C, AMT, 5.00%, 4/01/40 |  |  | 390 |  |  |  | 434,503 |
State of Washington, GO, Series D, 5.00%, 2/01/42 |  |  | 1,365 |  |  |  | 1,586,362 |
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45 |  |  | 1,195 |  |  |  | 1,317,977 |
|  |  |  |  |  |  | 6,871,522 |
Wisconsin — 3.5% |
State of Wisconsin, Refunding RB, Series A, 6.00%, 5/01/19(c) |  |  | 3,620 |  |  |  | 3,881,002 |
State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33 |  |  | 1,235 |  |  |  | 1,321,981 |
Wisconsin Health & Educational Facilities Authority, Refunding RB, Medical College of Wisconsin, Inc., 4.00%, 12/01/46 |  |  | 945 |  |  |  | 973,832 |
|  |  |  |  |  |  | 6,176,815 |
Total Municipal Bonds — 107.4% |  |  |  | 190,422,995 |
Municipal Bonds Transferred to Tender Option Bond Trusts(f) |
Alabama — 0.5% |
Auburn University, Refunding RB, Series A, 4.00%, 6/01/41 |  |  | 880 |  |  |  | 924,343 |
California — 8.9% |
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area: |  |  |  |  |  |  |  |
Toll Bridge Subordinate, 4.00%, 4/01/42(g) |  |  | 1,638 |  |  |  | 1,733,564 |
Series F-1, 5.63%, 4/01/19(c) |  |  | 1,641 |  |  |  | 1,745,546 |
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/18(c)(g) |  |  | 1,335 |  |  |  | 1,385,405 |
City & County of San Francisco California Public Utilities Commission Water Revenue, RB, Series B, 5.00%, 11/01/19(c) |  |  | 4,770 |  |  |  | 5,135,557 |
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A, 5.00%, 5/15/40 |  |  | 2,967 |  |  |  | 3,219,351 |
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds, 5.00%, 10/01/47 |  |  | 1,635 |  |  |  | 1,886,891 |
San Diego Community College District, GO, Election of 2002, 5.25%, 8/01/19(c) |  |  | 553 |  |  |  | 592,918 |
|  |  |  |  |  |  | 15,699,232 |
Colorado — 3.6% |
Colorado Health Facilities Authority, RB, Catholic Health(c): |  |  |  |  |  |  |  |
Series C-3 (AGM), 5.10%, 4/29/18 |  |  | 1,870 |  |  |  | 1,906,764 |
Series C-7 (AGM), 5.00%, 5/01/18 |  |  | 1,200 |  |  |  | 1,223,220 |
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiative, Series A, 5.50%, 7/01/34(g) |  |  | 1,080 |  |  |  | 1,135,253 |

SCHEDULES OF INVESTMENTS |  |  | 45 |

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Colorado (continued) |
County of Adams Colorado, COP, Refundig, 4.00%, 12/01/45 |  | $ | 1,950 |  |  | $ | 2,027,181 |
|  |  |  |  |  |  | 6,292,418 |
Florida — 1.8% |
County of Miami-Dade Florida Water & Sewer System Revenue, RB, 5.00%, 10/01/34 |  |  | 2,840 |  |  |  | 3,105,605 |
Georgia — 1.0% |
Private Colleges & Universities Authority, Refunding RB, Emory University, Series-C, 5.00%, 9/01/18(c) |  |  | 1,649 |  |  |  | 1,702,067 |
Massachusetts — 2.0% |
Massachusetts School Building Authority, RB, Series B, 5.00%, 10/15/41 |  |  | 3,211 |  |  |  | 3,600,736 |
New Hampshire — 0.6% |
New Hampshire Health and Education Facilities Authority Act, RB, Doartmouth College Issue, 5.25%, 6/01/19(c)(g) |  |  | 1,020 |  |  |  | 1,083,877 |
New York — 10.9% |
City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.25%, 1/15/39 |  |  | 3,299 |  |  |  | 3,457,450 |
City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series FF-2, 5.50%, 6/15/40 |  |  | 810 |  |  |  | 865,239 |
Hudson Yards Infrastructure Corp., RB, Series A, 5.75%, 2/15/47(g) |  |  | 810 |  |  |  | 920,344 |
Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56 |  |  | 2,340 |  |  |  | 2,735,636 |
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 |  |  | 5,400 |  |  |  | 6,087,359 |
New York Liberty Development Corp., Refunding RB, World Trade Center Project, 5.75%, 11/15/51(g) |  |  | 3,250 |  |  |  | 3,737,547 |
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 |  |  | 1,350 |  |  |  | 1,563,143 |
|  |  |  |  |  |  | 19,366,718 |
North Carolina — 1.3% |
North Carolina Capital Facilities Finance Agency, Refunding RB: |  |  |  |  |  |  |  |
Duke University, Series B, 5.00%, 10/01/55 |  |  | 1,320 |  |  |  | 1,502,068 |
Wake Forest University, 5.00%, 1/01/19(c) |  |  | 800 |  |  |  | 835,432 |
|  |  |  |  |  |  | 2,337,500 |
Ohio — 4.1% |
State of Ohio, Refunding RB, Cleveland Clinic Health, Series A, 5.50%, 1/01/19(c) |  |  | 6,974 |  |  |  | 7,319,188 |
Pennsylvania — 0.8% |
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42 |  |  | 1,229 |  |  |  | 1,444,944 |
Texas — 6.2% |
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43 |  |  | 1,260 |  |  |  | 1,420,345 |
County of Harris Metropolitan Transit Authority, RB, Series A, 5.00%, 11/01/41 |  |  | 1,710 |  |  |  | 1,907,744 |
County of Harris Texas, RB, Senior Lien Toll Road, Series A: |  |  |  |  |  |  |  |
5.00%, 8/15/19(c)(g) |  |  | 1,905 |  |  |  | 2,020,376 |
5.00%, 8/15/38 |  |  | 1,458 |  |  |  | 1,545,413 |
University of Texas System, Refunding RB, Financing System, Series B, 5.00%, 8/15/43 |  |  | 1,801 |  |  |  | 2,046,198 |
University of Texas, Permanent University Fund, Refunding RB, Series B, 4.00%, 7/01/41 |  |  | 1,980 |  |  |  | 2,114,422 |
|  |  |  |  |  |  | 11,054,498 |

Security |  | Shares/Par (000) |  |  | Value |
Utah — 0.8% |
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41 |  | $ | 1,395 |  |  | $ | 1,469,092 |
Virginia — 2.5% |
University of Virginia, Refunding RB, General, 5.00%, 6/01/18(c) |  |  | 2,729 |  |  |  | 2,788,626 |
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40 |  |  | 1,553 |  |  |  | 1,662,514 |
|  |  |  |  |  |  | 4,451,140 |
Wisconsin — 1.7% |
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Series C, 5.25%, 4/01/19(c)(g) |  |  | 2,859 |  |  |  | 3,021,842 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 46.7% |  |  |  | 82,873,200 |
Total Long-Term Investments — 154.1% (Cost — $252,578,396) |  |  |  | 273,296,195 |
Short-Term Securities — 2.4% |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.74%(h)(i) |  |  | 4,263,882 |  |  |  | 4,265,161 |
Total Short-Term Securities — 2.4% (Cost — $4,265,161) |  |  |  | 4,265,161 |
Total Investments — 156.5% (Cost — $256,843,557) |  |  |  | 277,561,356 |
Other Assets Less Liabilities — 1.7% |  |  |  | 3,118,485 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (27.2)% |  |  |  | (48,276,895 | )
VMTP Shares, at Liquidation Value — (31.0)% |  |  |  | (55,000,000 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 177,402,946 |

(a) | 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.

(b) | Zero-coupon bond.

(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) | When-issued security.

(e) | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

(f) | 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. See Note 4 of the Notes to Financial Statements for details.

(g) | All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between May 7, 2018 to February 15, 2031, is $9,716,229. See Note 4 of the Notes to Financial Statements for details.

(h) | Annualized 7-day yield as of period end.

46 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniHoldings Fund II, Inc. (MUH)

(i) | During the six months ended October 31, 2017, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate |  | Shares Held at 04/30/17 |  |  | Net Activity |  |  | Shares Held at 10/31/17 |  |  | Value at 10/31/17 |  |  | Income |  |  | Net Realized Gain (a) |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, MuniCash, Institutional Class |  |  | 712,360 |  |  |  | 3,551,522 |  |  |  | 4,263,882 |  |  | $ | 4,265,161 |  |  | $ | 10,263 |  |  | $ | 447 |  |  | $ | (71 | )

| (a) | Includes net capital gains distributions, if applicable. |

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 |  |  | (23 | ) |  |  | 12/19/17 |  |  | $ | 2,874 |  |  | $ | 38,724 |
Long U.S. Treasury Bond |  |  | (28 | ) |  |  | 12/19/17 |  |  |  | 4,269 |  |  |  | 86,921 |
Ultra Long U.S. Treasury Bond |  |  | (14 | ) |  |  | 12/19/17 |  |  |  | 2,307 |  |  |  | 50,743 |
5-Year U.S. Treasury Note |  |  | (26 | ) |  |  | 12/29/17 |  |  |  | 3,047 |  |  |  | 29,838 |
|  |  | $ | 206,226 |

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized appreciation(a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 206,226 |  |  | $ | — |  |  | $ | 206,226 |

| (a) | Includes cumulative appreciation (depreciation) on futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |

For the six months ended October 31, 2017, the effect of derivative financial instruments in the Statements of Operation was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (296,041 | ) |  | $ | — |  |  | $ | (296,041 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 333,041 |  |  | $ | — |  |  | $ | 333,041 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |
Average notional value of contracts — short |  | $ | 11,607,106 |

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

SCHEDULES OF INVESTMENTS |  |  | 47 |

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniHoldings Fund II, Inc. (MUH)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments(a) |  | $ | — |  |  | $ | 273,296,195 |  |  | $ | — |  |  | $ | 273,296,195 |
Short-Term Securities |  |  | 4,265,161 |  |  |  | — |  |  |  | — |  |  |  | 4,265,161 |
|  | $ | 4,265,161 |  |  | $ | 273,296,195 |  |  |  | — |  |  | $ | 277,561,356 |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 206,226 |  |  | $ | — |  |  | $ | — |  |  | $ | 206,226 |

| (a) | See above Schedule of Investments for values in each state or political subdivision. |

| (b) | Derivative financial instruments are futures contracts, which 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 statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  | $ | — |  |  | $ | (48,150,135 | ) |  | $ | — |  |  | $ | (48,150,135 | )
VMTP Shares at Liquidation Value |  |  | — |  |  |  | (55,000,000 | ) |  |  | — |  |  |  | (55,000,000 | )
|  | $ | — |  |  | $ | (103,150,135 | ) |  | $ | — |  |  | $ | (103,150,135 | )

During the six months ended October 31, 2017, there were no transfers between levels.

See notes to financial statements.

48 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments October 31, 2017 (Unaudited) |  | BlackRock MuniHoldings Quality Fund, Inc. (MUS) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds |
Alabama — 2.7% |
City of Birmingham Alabama Special Care Facilities Financing Authority, RB, Children’s Hospital (AGC), 6.00%, 6/01/19(a) |  | $ | 2,330 |  |  | $ | 2,504,936 |
City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A, 5.38%, 12/01/35 |  |  | 565 |  |  |  | 631,823 |
Lower Alabama Gas District, RB, Series A, 5.00%, 9/01/46 |  |  | 1,420 |  |  |  | 1,777,712 |
|  |  |  |  |  |  | 4,914,471 |
California — 23.5% |
California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/18(a) |  |  | 2,895 |  |  |  | 3,006,631 |
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 8/15/42 |  |  | 1,730 |  |  |  | 1,945,644 |
Central Unified School District, GO, Election of 2008, Series A (AGC), 5.63%, 8/01/19(a) |  |  | 1,325 |  |  |  | 1,429,172 |
City & County of San Francisco California Airports Commission, Refunding ARB, AMT, Series A: |  |  |  |  |  |  |  |
2nd, 5.50%, 5/01/28 |  |  | 1,085 |  |  |  | 1,279,280 |
2nd, 5.25%, 5/01/33 |  |  | 850 |  |  |  | 975,953 |
5.00%, 5/01/44 |  |  | 1,090 |  |  |  | 1,218,500 |
City of Los Angeles California Department of Water & Power, RB, Power System, Sub-Series A-1, 5.25%, 7/01/38 |  |  | 1,575 |  |  |  | 1,619,368 |
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series A-1, AMT: |  |  |  |  |  |  |  |
5.50%, 3/01/30 |  |  | 2,400 |  |  |  | 2,684,928 |
5.75%, 3/01/34 |  |  | 2,180 |  |  |  | 2,461,634 |
City of Sunnyvale California, Refunding RB, 5.25%, 4/01/40 |  |  | 1,605 |  |  |  | 1,747,941 |
County of Riverside Public Financing Authority, RB, Capital Facilities Project, 5.25%, 11/01/40 |  |  | 2,500 |  |  |  | 2,977,575 |
County of Sacramento California, ARB, Senior Series A (AGC), 5.50%, 7/01/18(a) |  |  | 2,100 |  |  |  | 2,162,622 |
County of Ventura California Community College District, GO, Election of 2002, Series C, 5.50%, 8/01/18(a) |  |  | 1,850 |  |  |  | 1,911,938 |
Kern Community College District, GO, Safety, Repair & Improvement, Series C, 5.50%, 11/01/33 |  |  | 1,420 |  |  |  | 1,727,331 |
Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 8/01/20(a) |  |  | 1,000 |  |  |  | 1,110,540 |
Oceanside Unified School District, GO, Series A (AGC), 5.25%, 8/01/33 |  |  | 1,825 |  |  |  | 1,878,527 |
Redondo Beach Unified School District, GO, Election of 2008, Series E, 5.50%, 8/01/21(a) |  |  | 1,335 |  |  |  | 1,544,168 |
State of California Public Works Board, LRB, Various Capital Projects, Series I: |  |  |  |  |  |  |  |
5.50%, 11/01/30 |  |  | 1,500 |  |  |  | 1,799,070 |
5.50%, 11/01/31 |  |  | 2,465 |  |  |  | 2,951,837 |
State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F, 5.25%, 9/01/33 |  |  | 725 |  |  |  | 850,556 |
Township of Washington California Health Care District, GO, Election of 2004, Series B, 5.50%, 8/01/40 |  |  | 540 |  |  |  | 652,282 |
University of California, Refunding RB, The Regents of Medical Center, Series J, 5.25%, 5/15/38 |  |  | 4,070 |  |  |  | 4,738,294 |
|  |  |  |  |  |  | 42,673,791 |
Colorado — 2.2% |
City & County of Denver Colorado Airport System, ARB, Series A, AMT: |  |  |  |  |  |  |  |
5.50%, 11/15/28 |  |  | 1,000 |  |  |  | 1,168,940 |
5.50%, 11/15/30 |  |  | 340 |  |  |  | 394,543 |
5.50%, 11/15/31 |  |  | 405 |  |  |  | 468,500 |
Colorado Health Facilities Authority, RB, Hospital, NCMC, Inc. Project, Series B (AGM), 6.00%, 5/15/19(a) |  |  | 1,900 |  |  |  | 2,037,484 |
|  |  |  |  |  |  | 4,069,467 |

Security |  | Par (000) |  |  | Value |
District of Columbia — 1.1% |
District of Columbia Water & Sewer Authority, Refunding RB, Series A, 5.50%, 10/01/18(a) |  | $ | 2,000 |  |  | $ | 2,081,100 |
Florida — 15.9% |
City of Jacksonville Florida, Refunding RB, Series A, 5.25%, 10/01/33 |  |  | 400 |  |  |  | 469,480 |
County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 5.00%, 10/01/45 |  |  | 2,845 |  |  |  | 3,164,693 |
County of Hillsborough Florida Aviation Authority, Refunding ARB, Tampa International Airport, Series A, AMT, 5.50%, 10/01/29 |  |  | 1,735 |  |  |  | 2,022,576 |
County of Lee Florida, Refunding ARB, Series A, AMT, 5.38%, 10/01/32 |  |  | 1,500 |  |  |  | 1,665,705 |
County of Lee Florida HFA, RB, S/F Housing, Multi-County Program, Series A-2, AMT (Ginnie Mae), 6.00%, 9/01/40 |  |  | 115 |  |  |  | 116,452 |
County of Miami-Dade Florida, RB, Seaport Department: |  |  |  |  |  |  |  |
Series A, 5.38%, 10/01/33 |  |  | 1,015 |  |  |  | 1,154,735 |
Series A, 6.00%, 10/01/38 |  |  | 1,000 |  |  |  | 1,193,100 |
Series B, AMT, 6.25%, 10/01/38 |  |  | 460 |  |  |  | 546,204 |
Series B, AMT, 6.00%, 10/01/42 |  |  | 615 |  |  |  | 713,197 |
County of Miami-Dade Florida Aviation, Refunding ARB, Series A, AMT, 5.00%, 10/01/31 |  |  | 2,900 |  |  |  | 3,234,660 |
County of Miami-Dade Florida Educational Facilities Authority, RB, University of Miami, Series A, 5.00%, 4/01/40 |  |  | 3,465 |  |  |  | 3,900,447 |
County of Orange Florida School Board, COP, Series A (AGC), 5.50%, 8/01/19(a) |  |  | 4,645 |  |  |  | 4,993,421 |
Reedy Creek Florida Improvement District, GO, Series A, 5.25%, 6/01/32 |  |  | 1,040 |  |  |  | 1,218,225 |
Tohopekaliga Water Authority, Refunding RB, Series A, 5.25%, 10/01/21(a) |  |  | 3,995 |  |  |  | 4,593,571 |
|  |  |  |  |  |  | 28,986,466 |
Hawaii — 1.5% |
State of Hawaii, Department of Transportation, COP, AMT: |  |  |  |  |  |  |  |
5.25%, 8/01/25 |  |  | 425 |  |  |  | 483,773 |
5.25%, 8/01/26 |  |  | 460 |  |  |  | 520,467 |
State of Hawaii, Department of Transportation, RB, Series A, AMT, 5.00%, 7/01/45 |  |  | 1,500 |  |  |  | 1,687,575 |
|  |  |  |  |  |  | 2,691,815 |
Illinois — 14.7% |
City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, AMT, 5.00%, 1/01/41 |  |  | 1,000 |  |  |  | 1,106,410 |
City of Chicago Illinois O’Hare International Airport, GARB: |  |  |  |  |  |  |  |
3rd Lien, Series A, 5.75%, 1/01/21(a) |  |  | 960 |  |  |  | 1,091,338 |
3rd Lien, Series A, 5.75%, 1/01/39 |  |  | 185 |  |  |  | 208,040 |
3rd Lien, Series C, 6.50%, 1/01/21(a) |  |  | 5,225 |  |  |  | 6,060,843 |
Senior Lien, Series D, AMT, 5.00%, 1/01/42 |  |  | 430 |  |  |  | 483,763 |
City of Chicago Illinois Transit Authority, RB: |  |  |  |  |  |  |  |
Federal Transit Administration, Section 5309, Series A (AGC), 6.00%, 12/01/18(a) |  |  | 2,000 |  |  |  | 2,106,520 |
Sales Tax Receipts, 5.25%, 12/01/36 |  |  | 1,000 |  |  |  | 1,079,000 |
Sales Tax Receipts, 5.25%, 12/01/40 |  |  | 1,790 |  |  |  | 1,920,777 |
City of Chicago Illinois Wastewater Transmission, RB, 2nd Lien, 5.00%, 1/01/42 |  |  | 2,050 |  |  |  | 2,149,445 |
County of Cook Illinois Community College District No. 508, GO, City College of Chicago: |  |  |  |  |  |  |  |
5.50%, 12/01/38 |  |  | 1,250 |  |  |  | 1,337,050 |
5.25%, 12/01/43 |  |  | 1,505 |  |  |  | 1,573,357 |
Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 5.00%, 2/15/41 |  |  | 555 |  |  |  | 612,615 |
Railsplitter Tobacco Settlement Authority, RB: |  |  |  |  |  |  |  |
5.50%, 6/01/23 |  |  | 1,405 |  |  |  | 1,589,153 |
6.00%, 6/01/28 |  |  | 400 |  |  |  | 450,728 |

SCHEDULES OF INVESTMENTS |  |  | 49 |

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniHoldings Quality Fund, Inc. (MUS) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Illinois (continued) |
State of Illinois, GO: |  |  |  |  |  |  |  |
5.25%, 2/01/31 |  | $ | 875 |  |  | $ | 941,894 |
5.25%, 2/01/32 |  |  | 1,355 |  |  |  | 1,454,701 |
5.50%, 7/01/33 |  |  | 2,000 |  |  |  | 2,170,620 |
5.50%, 7/01/38 |  |  | 425 |  |  |  | 455,222 |
|  |  |  |  |  |  | 26,791,476 |
Indiana — 3.8% |
Indianapolis Local Public Improvement Bond Bank, RB, Series F, 5.25%, 2/01/36 |  |  | 3,055 |  |  |  | 3,376,722 |
Indianapolis Local Public Improvement Bond Bank, Refunding RB, Waterworks Project, Series A (AGC): |  |  |  |  |  |  |  |
5.50%, 1/01/19(a) |  |  | 545 |  |  |  | 572,909 |
5.50%, 1/01/38 |  |  | 2,235 |  |  |  | 2,343,308 |
State of Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges, Series A, AMT, 5.00%, 7/01/40 |  |  | 565 |  |  |  | 610,285 |
|  |  |  |  |  |  | 6,903,224 |
Louisiana — 4.0% |
City of New Orleans Aviation Board, ARB, General Airport North Terminal Project, Series B, AMT, 5.00%, 1/01/48 |  |  | 3,740 |  |  |  | 4,232,782 |
Lake Charles Louisiana Harbor & Terminal District, RB, Series B, AMT (AGM), 5.50%, 1/01/29 |  |  | 1,500 |  |  |  | 1,743,435 |
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 5/15/29 |  |  | 1,215 |  |  |  | 1,279,954 |
|  |  |  |  |  |  | 7,256,171 |
Maryland — 0.9% |
County of Howard Maryland Housing Commission, RB, M/F Housing, Woodfield Oxford Square Apartments, 5.00%, 12/01/42 |  |  | 1,430 |  |  |  | 1,607,177 |
Massachusetts — 1.4% |
Massachusetts Development Finance Agency, RB, Emerson College Issue, Series A: |  |  |  |  |  |  |  |
5.00%, 1/01/47 |  |  | 245 |  |  |  | 273,996 |
5.25%, 1/01/42 |  |  | 545 |  |  |  | 626,570 |
Massachusetts Development Finance Agency, Refunding RB, Emerson College, Series A, 5.00%, 1/01/40 |  |  | 595 |  |  |  | 680,591 |
Massachusetts HFA, Refunding RB, Series C, AMT, 5.35%, 12/01/42 |  |  | 830 |  |  |  | 880,314 |
|  |  |  |  |  |  | 2,461,471 |
Michigan — 1.1% |
Royal Oak Michigan Hospital Finance Authority, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18(a) |  |  | 1,910 |  |  |  | 2,022,881 |
Minnesota — 1.1% |
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC): |  |  |  |  |  |  |  |
6.50%, 11/15/18(a) |  |  | 205 |  |  |  | 216,416 |
6.50%, 11/15/38 |  |  | 1,120 |  |  |  | 1,176,997 |
County of St. Paul Minnesota Housing & Redevelopment Authority, Refunding RB, Fairview Health Services, Series A, 4.00%, 11/15/43 |  |  | 575 |  |  |  | 598,656 |
|  |  |  |  |  |  | 1,992,069 |
Mississippi — 2.5% |
Mississippi Development Bank, RB, Jackson Water & Sewer System Project (AGM), 6.88%, 12/01/40 |  |  | 2,595 |  |  |  | 3,292,017 |
Mississippi State University Educational Building Corp., Refunding RB, Mississippi State University Improvement Project, 5.25%, 8/01/38 |  |  | 1,000 |  |  |  | 1,163,190 |
|  |  |  |  |  |  | 4,455,207 |

Security |  | Par (000) |  |  | Value |
Montana — 0.3% |
Montana State Board of Housing, RB, Series B-2: |  |  |  |  |  |  |  |
3.38%, 12/01/37 |  | $ | 245 |  |  | $ | 241,999 |
3.50%, 12/01/42 |  |  | 105 |  |  |  | 103,444 |
3.60%, 12/01/47 |  |  | 165 |  |  |  | 163,497 |
|  |  |  |  |  |  | 508,940 |
Nevada — 3.7% |
County of Clark Nevada, ARB, Las Vegas-McCarran International Airport, Series A (AGM), 5.25%, 7/01/39 |  |  | 1,410 |  |  |  | 1,522,137 |
County of Clark Nevada, GO, Limited Tax, 5.00%, 6/01/18(a) |  |  | 3,500 |  |  |  | 3,580,815 |
County of Clark Nevada Water Reclamation District, GO, Series A, 5.25%, 7/01/19(a) |  |  | 1,500 |  |  |  | 1,602,330 |
|  |  |  |  |  |  | 6,705,282 |
New Jersey — 7.1% |
New Jersey EDA, RB, Goethals Bridge Replacement Project, AMT, Private Activity Bond: |  |  |  |  |  |  |  |
5.38%, 1/01/43 |  |  | 3,000 |  |  |  | 3,339,180 |
(AGM), 5.00%, 1/01/31 |  |  | 790 |  |  |  | 889,643 |
New Jersey Health Care Facilities Financing Authority, RB, Virtua Health, Series A (AGC), 5.50%, 7/01/38 |  |  | 2,100 |  |  |  | 2,240,427 |
New Jersey Transportation Trust Fund Authority, RB, Transportation System: |  |  |  |  |  |  |  |
Series A (AGC), 5.63%, 12/15/28 |  |  | 3,170 |  |  |  | 3,332,018 |
Series AA, 5.50%, 6/15/39 |  |  | 1,890 |  |  |  | 2,054,109 |
Series B, 5.25%, 6/15/36 |  |  | 1,000 |  |  |  | 1,063,170 |
|  |  |  |  |  |  | 12,918,547 |
New York — 5.9% |
City of New York New York Municipal Water Finance Authority, Refunding RB, 2nd General Resolution, Series EE: |  |  |  |  |  |  |  |
Fiscal 2009, 5.25%, 6/15/40 |  |  | 3,410 |  |  |  | 3,623,398 |
Water & Sewer System, 5.38%, 6/15/43 |  |  | 1,305 |  |  |  | 1,459,799 |
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012: |  |  |  |  |  |  |  |
5.75%, 2/15/21(a) |  |  | 1,510 |  |  |  | 1,728,074 |
5.75%, 2/15/47 |  |  | 1,000 |  |  |  | 1,139,210 |
Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 166th Series, 5.25%, 7/15/36 |  |  | 2,000 |  |  |  | 2,235,620 |
TSASC, Inc., Refunding RB, Series A, 5.00%, 6/01/41 |  |  | 535 |  |  |  | 589,752 |
|  |  |  |  |  |  | 10,775,853 |
Ohio — 1.3% |
State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 2/15/31 |  |  | 2,000 |  |  |  | 2,338,680 |
Oklahoma — 0.6% |
Oklahoma Development Finance Authority, RB, Provident Oklahoma Education Resources, Inc., Cross Village Student Housing Project, Series A, 5.25%, 8/01/57 |  |  | 955 |  |  |  | 1,049,707 |
Pennsylvania — 1.1% |
County of Berks IDA, Refunding RB, Tower Health Projects, 5.00%, 11/01/47 |  |  | 575 |  |  |  | 641,574 |
Pennsylvania Turnpike Commission, RB, Sub-Series B-1, 5.25%, 6/01/47 |  |  | 170 |  |  |  | 195,527 |
Township of Bristol Pennsylvania School District, GO, 5.25%, 6/01/37 |  |  | 1,000 |  |  |  | 1,145,760 |
|  |  |  |  |  |  | 1,982,861 |
South Carolina — 6.0% |
County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38 |  |  | 2,180 |  |  |  | 2,555,091 |
County of Charleston South Carolina Airport District, ARB, Series A, AMT: |  |  |  |  |  |  |  |
5.50%, 7/01/38 |  |  | 1,000 |  |  |  | 1,134,860 |
6.00%, 7/01/38 |  |  | 1,695 |  |  |  | 1,974,302 |
5.50%, 7/01/41 |  |  | 1,000 |  |  |  | 1,131,510 |

50 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniHoldings Quality Fund, Inc. (MUS) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
South Carolina (continued) |
State of South Carolina Ports Authority, RB, AMT, 5.25%, 7/01/50 |  | $ | 1,095 |  |  | $ | 1,222,786 |
State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55 |  |  | 2,500 |  |  |  | 2,822,425 |
|  |  |  |  |  |  | 10,840,974 |
Tennessee — 1.5% |
Metropolitan Nashville Airport Authority, ARB, Series B, AMT, 5.00%, 7/01/40 |  |  | 2,500 |  |  |  | 2,805,400 |
Texas — 22.9% |
Austin Community College District Public Facility Corp., RB, Educational Facilities Project, Round Rock Campus, 5.25%, 8/01/18(a) |  |  | 2,500 |  |  |  | 2,577,525 |
City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 3/01/37 |  |  | 1,360 |  |  |  | 1,569,005 |
City of Houston Texas Combined Utility System Revenue, Refunding RB, Combined 1st Lien, Series A (AGC): |  |  |  |  |  |  |  |
6.00%, 5/15/19(a) |  |  | 3,790 |  |  |  | 4,067,239 |
6.00%, 11/15/35 |  |  | 210 |  |  |  | 226,132 |
Dallas Texas Area Rapid Transit, Refunding RB, Senior Lien(a): |  |  |  |  |  |  |  |
5.25%, 12/01/18 |  |  | 1,490 |  |  |  | 1,556,558 |
5.25%, 12/01/18 |  |  | 1,110 |  |  |  | 1,159,584 |
Dallas-Fort Worth Texas International Airport, ARB, Joint Improvement, AMT: |  |  |  |  |  |  |  |
Series A, 5.00%, 11/01/38 |  |  | 2,965 |  |  |  | 3,212,607 |
Series H, 5.00%, 11/01/37 |  |  | 2,200 |  |  |  | 2,443,386 |
Lower Colorado River Authority, Refunding RB, 5.50%, 5/15/33 |  |  | 1,240 |  |  |  | 1,467,081 |
North Texas Tollway Authority, RB, Special Projects, Series A, 5.50%, 9/01/21(a) |  |  | 3,150 |  |  |  | 3,617,271 |
North Texas Tollway Authority, Refunding RB: |  |  |  |  |  |  |  |
1st Tier System (NPFGC), 5.75%, 1/01/18(a) |  |  | 1,835 |  |  |  | 1,849,203 |
1st Tier System (NPFGC), 5.75%, 1/01/40 |  |  | 590 |  |  |  | 594,567 |
1st Tier System, Series A, 5.63%, 1/01/18(a) |  |  | 2,940 |  |  |  | 2,961,903 |
1st Tier System, Series A, 5.63%, 1/01/33 |  |  | 3,645 |  |  |  | 3,672,483 |
1st Tier System, Series S (NPFGC), 5.75%, 1/01/18(a) |  |  | 5,360 |  |  |  | 5,401,487 |
1st Tier System, Series S (NPFGC), 5.75%, 1/01/18(a) |  |  | 2,460 |  |  |  | 2,479,040 |
1st Tier System, Series SE (NPFGC), 5.75%, 1/01/40 |  |  | 915 |  |  |  | 922,082 |
1st Tier-Series A, 5.00%, 1/01/43(b) |  |  | 910 |  |  |  | 1,051,132 |
Red River Texas Education Financing Corp., RB, Texas Christian University Project, 5.25%, 3/15/38 |  |  | 620 |  |  |  | 702,156 |
|  |  |  |  |  |  | 41,530,441 |
Vermont — 0.9% |
University of Vermont & State Agricultural College, Refunding RB, 5.00%, 10/01/43 |  |  | 1,470 |  |  |  | 1,697,277 |
Virginia — 1.1% |
City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 1/01/43 |  |  | 570 |  |  |  | 636,525 |
State of Virginia Public School Authority, RB, Fluvanna County School Financing, 6.50%, 12/01/18(a) |  |  | 1,300 |  |  |  | 1,375,478 |
|  |  |  |  |  |  | 2,012,003 |
Washington — 2.7% |
City of Seattle Washington Municipal Light & Power, Refunding RB, Series A, 5.25%, 2/01/21(a) |  |  | 1,375 |  |  |  | 1,545,720 |
Port of Seattle Washington, ARB, Intermediate Lien, Series C, AMT: |  |  |  |  |  |  |  |
5.00%, 5/01/37 |  |  | 1,450 |  |  |  | 1,686,814 |
5.00%, 5/01/42 |  |  | 385 |  |  |  | 443,755 |
State of Washington, GO, Various Purposes, Series B, 5.25%, 2/01/36 |  |  | 1,075 |  |  |  | 1,202,635 |
|  |  |  |  |  |  | 4,878,924 |

Security |  | Par (000) |  |  | Value |
Wyoming — 0.2% |
State of Wyoming Municipal Power Agency, Inc., Refunding RB, Series A (BAM), 5.00%, 1/01/42 |  | $ | 330 |  |  | $ | 373,481 |
Total Municipal Bonds — 131.7% |  |  |  |  |  |  | 239,325,156 |
Municipal Bonds Transferred to Tender Option Bond Trusts(c) |
California — 2.9% |
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No.2 Bonds, 5.00%, 10/01/47 |  |  | 4,500 |  |  |  | 5,193,278 |
Colorado — 3.1% |
Colorado Health Facilities Authority, RB, Catholic Health, Series C-3 (AGM), 5.10%, 4/29/18(a) |  |  | 5,610 |  |  |  | 5,720,293 |
Connecticut — 1.1% |
State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45 |  |  | 1,771 |  |  |  | 2,001,278 |
District of Columbia — 0.6% |
District of Columbia Water & Sewer Authority, Refunding RB, Series A, 6.00%, 10/01/18(a)(d) |  |  | 1,039 |  |  |  | 1,084,914 |
Florida — 4.3% |
County of Miami-Dade Florida, GO, Building Better Communities Program, Series B-1, 6.00%, 7/01/18(a) |  |  | 7,500 |  |  |  | 7,744,088 |
Illinois — 1.4% |
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien (AGM), 5.25%, 11/01/33 |  |  | 2,508 |  |  |  | 2,580,413 |
Maryland — 0.9% |
City of Baltimore Maryland, RB, Subordinate Wastewater Projects, Series A, 5.00%, 7/01/46 |  |  | 1,499 |  |  |  | 1,724,142 |
Michigan — 1.9% |
State of Michigan Building Authority, Refunding RB, Facilities Program, Series I, 5.00%, 10/15/45 |  |  | 3,020 |  |  |  | 3,435,748 |
Nevada — 5.1% |
County of Clark Nevada Water Reclamation District, GO(a): |  |  |  |  |  |  |  |
Limited Tax, 6.00%, 7/01/18 |  |  | 5,000 |  |  |  | 5,162,775 |
Series B, 5.50%, 7/01/19 |  |  | 3,749 |  |  |  | 4,014,541 |
|  |  |  |  |  |  | 9,177,316 |
New Jersey — 1.2% |
New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series CC, 5.25%, 10/01/29 |  |  | 2,159 |  |  |  | 2,222,847 |
New York — 5.3% |
City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.25%, 1/15/39 |  |  | 1,400 |  |  |  | 1,466,797 |
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 |  |  | 4,530 |  |  |  | 5,106,618 |
New York Liberty Development Corp., Refunding RB, World Trade Center Project, 5.75%, 11/15/51(d) |  |  | 2,660 |  |  |  | 3,059,038 |
|  |  |  |  |  |  | 9,632,453 |
Pennsylvania — 0.7% |
County of Westmoreland Pennsylvania Municipal Authority, Refunding RB (BAM), 5.00%, 8/15/38 |  |  | 1,184 |  |  |  | 1,357,318 |
Utah — 0.6% |
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41 |  |  | 1,005 |  |  |  | 1,058,378 |

SCHEDULES OF INVESTMENTS |  |  | 51 |

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniHoldings Quality Fund, Inc. (MUS) (Percentages shown are based on Net Assets)

Security |  | Shares/Par (000) |  |  | Value |
Virginia — 1.5% |
County of Fairfax Virginia EDA, RB, Metrorail Parking System Project, 5.00%, 4/01/47(d) |  | $ | 2,320 |  |  | $ | 2,690,875 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts —30.6% |  |  |  | 55,623,341 |
Total Long-Term Investments — 162.3% (Cost — $275,429,873) |  |  |  | 294,948,497 |
Short-Term Securities |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.74%(e)(f) |  |  | 525,382 |  |  |  | 525,539 |
Total Short-Term Securities — 0.3% (Cost: — $525,539) |  |  |  | 525,539 |
Total Investments — 162.6% (Cost — $275,955,412) |  |  |  | 295,474,036 |
Other Assets Less Liabilities — 1.3% |  |  |  | 2,441,821 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (16.0)% |  |  |  | (29,191,135 | )
VMTP Shares, at Liquidation Value — (47.9)% |  |  |  | (87,000,000 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 181,724,722 |

(a) | 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.

(b) | When-issued security.

(c) | 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. See Note 4 of the Notes to Financial Statements for details.

(d) | All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between May 7, 2018 to October 1, 2024, is $3,450,256. See Note 4 of the Notes to Financial Statements for details.

(e) | Annualized 7-day yield as of period end.

(f) | During the six months ended October 31, 2017, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate |  | Shares Held at 04/30/17 |  |  | Net Activity |  |  | Shares Held at 10/31/17 |  |  | Value at 10/31/17 |  |  | Income |  |  | Net Realized Gain (a) |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, MuniCash, Institutional Class |  |  | 5,580,695 |  |  |  | (5,055,313 | ) |  |  | 525,382 |  |  | $ | 525,539 |  |  | $ | 10,336 |  |  | $ | 1,222 |  |  | $ | — |

(a) | Includes net capital gain distributions, if applicable.

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 |  |  | (28 | ) |  |  | 12/19/17 |  |  | $ | 3,498 |  |  | $ | 53,060 |
Long U.S. Treasury Bond |  |  | (21 | ) |  |  | 12/19/17 |  |  |  | 3,202 |  |  |  | 63,520 |
Ultra Long U.S. Treasury Bond |  |  | (6 | ) |  |  | 12/19/17 |  |  |  | 989 |  |  |  | 22,362 |
5-Year U.S. Treasury Note |  |  | (34 | ) |  |  | 12/29/17 |  |  |  | 3,984 |  |  |  | 38,704 |
|  |  | $ | 177,646 |

52 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniHoldings Quality Fund, Inc. (MUS)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Assets — Derivative Financial Instruments |
Futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized appreciation(a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 177,646 |  |  | $ | — |  |  | $ | 177,646 |

| (a) | Includes cumulative appreciation (depreciation) on futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |

For the six months ended October 31, 2017, the effect of derivative financial instruments in the Statements of Operation was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (296,675 | ) |  | $ | — |  |  | $ | (296,675 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 309,747 |  |  | $ | — |  |  | $ | 309,747 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |
Average notional value of contracts — short |  | $ | 10,023,293 |

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments(a) |  | $ | — |  |  | $ | 294,948,497 |  |  | $ | — |  |  | $ | 294,948,497 |
Short-Term Securities: |  |  | 525,539 |  |  |  | — |  |  |  | — |  |  |  | 525,539 |
Total |  | $ | 525,539 |  |  | $ | 294,948,497 |  |  | $ | — |  |  | $ | 295,474,036 |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 177,646 |  |  | $ | — |  |  | $ | — |  |  | $ | 177,646 |

| (a) | See above Schedule of Investments for values in each state or political subdivision. |

| (b) | Derivative financial instruments are futures contracts which 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 statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  | $ | — |  |  | $ | (29,123,326 | ) |  | $ | — |  |  | $ | (29,123,326 | )
VMTP Shares at Liquidation Value |  |  | — |  |  |  | (87,000,000 | ) |  |  | — |  |  |  | (87,000,000 | )
|  | $ | — |  |  | $ | (116,123,326 | ) |  | $ | — |  |  | $ | (116,123,326 | )

During the six months ended October 31, 2017, there were no transfers between levels.

See notes to financial statements.

SCHEDULES OF INVESTMENTS |  |  | 53 |

Schedule of Investments October 31, 2017 (Unaudited) |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds |  |  |  |  |  |  |  |
Alabama — 0.8% |  |  |  |  |  |
City of Birmingham Alabama Special Care Facilities Financing Authority, RB, Children’s Hospital (AGC), 6.00%, 6/01/19(a) |  | $ | 4,615 |  |  | $ | 4,961,494 |
Arizona — 3.6% |  |  |  |  |  |
Arizona Board of Regents, University of Arizona, RB, 5.00%, 8/01/28 |  |  | 2,000 |  |  |  | 2,247,880 |
Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital, Series A, 5.00%, 2/01/30 |  |  | 2,685 |  |  |  | 2,910,916 |
Arizona Industrial Development Authority, RB, Academies of Math & Science Projects, Series B, 4.25%, 7/01/27(b) |  |  | 590 |  |  |  | 588,118 |
Arizona State University, RB, Series D, 5.00%, 7/01/32 |  |  | 1,350 |  |  |  | 1,587,101 |
City of Phoenix Arizona IDA, RB, Facility, Legacy Traditional Schools Project, Series A, 5.75%, 7/01/24(b) |  |  | 750 |  |  |  | 818,243 |
City of Tucson Arizona, COP, Refunding, (AGC), 4.00%, 7/01/20 |  |  | 2,325 |  |  |  | 2,483,751 |
County of Pinal Arizona Electric District No. 3, Refunding RB, 5.00%, 7/01/21(a) |  |  | 1,600 |  |  |  | 1,809,280 |
Glendale Union School District No. 205, GO, Series C, (BAM): |  |  |  |  |  |  |  |
5.00%, 7/01/24 |  |  | 1,945 |  |  |  | 2,259,331 |
5.00%, 7/01/27 |  |  | 500 |  |  |  | 571,295 |
Phoenix-Mesa Gateway Airport Authority, RB, Mesa Project, AMT: |  |  |  |  |  |  |  |
5.00%, 7/01/27 |  |  | 700 |  |  |  | 783,111 |
5.00%, 7/01/32 |  |  | 1,925 |  |  |  | 2,128,395 |
Scottsdale IDA, Refunding RB, Scottsdale Healthcare, Series C (AGM), 5.00%, 9/01/35 |  |  | 2,050 |  |  |  | 2,194,955 |
State of Arizona, COP, Department of Administration, Series A (AGM), 4.25%, 10/01/23 |  |  | 1,000 |  |  |  | 1,048,770 |
|  |  |  |  |  |  | 21,431,146 |
Arkansas — 0.9% |
City of Benton Arkansas, RB, 5.00%, 6/01/29 |  |  | 1,055 |  |  |  | 1,225,214 |
University of Arkansas, Refunding RB: |  |  |  |  |  |  |  |
5.00%, 3/01/31 |  |  | 2,315 |  |  |  | 2,696,998 |
5.00%, 3/01/34 |  |  | 1,270 |  |  |  | 1,462,125 |
|  |  |  |  |  |  | 5,384,337 |
California — 4.9% |
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 8/15/22 |  |  | 2,135 |  |  |  | 2,358,470 |
California Health Facilities Financing Authority, Refunding RB, 5.00%, 11/15/29 |  |  | 1,930 |  |  |  | 2,353,037 |
California Infrastructure & Economic Development Bank, Refunding RB, 4.00%, 11/01/31 |  |  | 1,335 |  |  |  | 1,426,688 |
California Pollution Control Financing Authority, RB, Mandatory Put Bonds, Republic Services, Inc. Project, Series B, AMT, 5.25%, 6/01/23(c) |  |  | 605 |  |  |  | 606,924 |
City of Los Angeles Department of Airports, RB, Subordinate, Series A, AMT, 5.00%, 5/15/31 |  |  | 3,450 |  |  |  | 4,100,394 |
City of San Jose California, Refunding ARB, AMT: |  |  |  |  |  |  |  |
Norman Y Mineta San Jose International Airport SJC, Series A, 5.00%, 3/01/30 |  |  | 500 |  |  |  | 596,550 |
Series A-1, 5.00%, 3/01/25 |  |  | 2,000 |  |  |  | 2,205,940 |
City of San Jose California, Refunding RB, Norman Y Mineta San Jose International Airport SJC, AMT, Series A, 5.00%, 3/01/29 |  |  | 1,250 |  |  |  | 1,501,675 |
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 6/01/26 |  |  | 5,000 |  |  |  | 5,883,800 |
State of California, GO: |  |  |  |  |  |  |  |
5.50%, 4/01/28 |  |  | 15 |  |  |  | 15,057 |
Various Purposes, 5.00%, 11/01/17(a) |  |  | 105 |  |  |  | 105,000 |
Various Purposes, 5.75%, 4/01/31 |  |  | 7,000 |  |  |  | 7,469,700 |
Various Purposes, 5.00%, 11/01/32 |  |  | 660 |  |  |  | 660,000 |
|  |  |  |  |  |  | 29,283,235 |

Security |  | Par (000) |  |  | Value |
Colorado — 1.0% |
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatiives, Series B-1, 5.00%, 7/01/38 |  | $ | 270 |  |  | $ | 287,461 |
Denver Urban Renewal Authority, Refunding, Tax Allocation Bond, Stapleton, Senior-Series A-1, 5.00%, 12/01/23 |  |  | 2,500 |  |  |  | 2,864,475 |
Park Creek Metropolitan District, Refunding, Tax Allocation Bonds, 5.00%, 12/01/34 |  |  | 500 |  |  |  | 547,220 |
University of Northern Colorado, Refunding RB, Series A, 5.00%, 6/01/31 |  |  | 2,000 |  |  |  | 2,301,620 |
|  |  |  |  |  |  | 6,000,776 |
Connecticut — 1.8% |
Connecticut State Health & Educational Facility Authority, Refunding RB, Lawrence & Memorial Hospital, Series F, 5.00%, 7/01/31 |  |  | 4,530 |  |  |  | 4,884,110 |
University of Connecticut, RB, Series A, 5.00%, 3/15/28 |  |  | 5,000 |  |  |  | 5,860,250 |
|  |  |  |  |  |  | 10,744,360 |
Florida — 8.5% |
County of Broward Florida School Board, COP, Refunding, Series A (AGM), 5.00%, 7/01/24 |  |  | 10,000 |  |  |  | 11,227,800 |
County of Lee Florida, Refunding ARB, Series A, AMT (AGM), 5.00%, 10/01/27 |  |  | 1,635 |  |  |  | 1,822,436 |
County of Lee Florida, Refunding RB, Series A, AMT, 5.50%, 10/01/23 |  |  | 1,000 |  |  |  | 1,139,930 |
County of Miami-Dade Florida, RB, AMT, Series B: |  |  |  |  |  |  |  |
6.00%, 10/01/28 |  |  | 3,470 |  |  |  | 4,108,584 |
6.00%, 10/01/29 |  |  | 3,480 |  |  |  | 4,109,984 |
County of Miami-Dade Florida Educational Facilities Authority, Refunding RB, Series A, 5.00%, 4/01/32 |  |  | 5,020 |  |  |  | 5,736,605 |
County of Miami-Dade Florida Transit System Sales Surtax Revenue, Refunding RB, 5.00%, 7/01/32 |  |  | 1,500 |  |  |  | 1,705,125 |
County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series C (BHAC), 5.00%, 10/01/18(a) |  |  | 8,000 |  |  |  | 8,284,320 |
Florida Gulf Coast University Financing Corp., Refunding RB, Housing Project, Series A(d): |  |  |  |  |  |  |  |
5.00%, 8/01/28 |  |  | 1,000 |  |  |  | 1,202,370 |
5.00%, 8/01/29 |  |  | 1,000 |  |  |  | 1,194,510 |
5.00%, 8/01/30 |  |  | 1,390 |  |  |  | 1,646,844 |
5.00%, 8/01/31 |  |  | 1,295 |  |  |  | 1,523,050 |
5.00%, 8/01/32 |  |  | 2,000 |  |  |  | 2,340,700 |
Lakewood Ranch Stewardship District, Special Assessment Bonds: |  |  |  |  |  |  |  |
Del Webb Project, 3.65%, 5/01/22(b) |  |  | 640 |  |  |  | 642,803 |
Del Webb Project, 4.30%, 5/01/27(b) |  |  | 520 |  |  |  | 524,342 |
Lakewood National and Polo Run Projects, 4.00%, 5/01/22 |  |  | 1,500 |  |  |  | 1,510,200 |
Midtown Miami Community Development District, Refunding, Special Assessment Bonds, Series A, 4.25%, 5/01/24 |  |  | 1,485 |  |  |  | 1,542,796 |
Sterling Hill Community Development District, Refunding, Special Assessment Bonds, Series B, 5.50%, 11/01/10(e)(f) |  |  | 143 |  |  |  | 99,782 |
|  |  |  |  |  |  | 50,362,181 |
Georgia — 2.6% |
City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, 5.00%, 11/01/32 |  |  | 10,315 |  |  |  | 12,137,454 |
County of Cobb Kennestone Hospital Authority, Refunding RB, Revenue Anticipation Certificates: |  |  |  |  |  |  |  |
5.00%, 4/01/31 |  |  | 800 |  |  |  | 933,392 |
5.00%, 4/01/32 |  |  | 1,250 |  |  |  | 1,450,613 |
County of Fulton Development Authority, RB, Revenue Anticipation Certificates, Series A, 5.00%, 4/01/32 |  |  | 1,000 |  |  |  | 1,160,490 |
|  |  |  |  |  |  | 15,681,949 |

54 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Hawaii — 0.9% |
State of Hawaii Airports System, Refunding ARB, Series A, 5.25%, 7/01/29 |  | $ | 5,000 |  |  | $ | 5,509,850 |
Illinois — 15.4% |
City of Chicago Illinois Midway International Airport, Refunding ARB, 2nd Lien, Series A, AMT: |  |  |  |  |  |  |  |
5.00%, 1/01/32 |  |  | 5,000 |  |  |  | 5,636,700 |
5.50%, 1/01/32 |  |  | 1,500 |  |  |  | 1,704,210 |
City of Chicago Illinois O’Hare International Airport, Refunding GARB, AMT, Series C: |  |  |  |  |  |  |  |
5.25%, 1/01/28 |  |  | 1,350 |  |  |  | 1,537,178 |
5.25%, 1/01/29 |  |  | 3,020 |  |  |  | 3,432,441 |
City of Chicago Illinois O’Hare International Airport, RB, Refunding GARB, 5.00%, 1/01/32 |  |  | 3,745 |  |  |  | 4,323,602 |
City of Chicago Illinois O’Hare International Airport, Refunding GARB, Senior Lien, Series A, AMT, 5.00%, 1/01/23 |  |  | 13,000 |  |  |  | 14,903,980 |
City of Chicago Illinois Transit Authority, RB, 5.25%, 12/01/31 |  |  | 3,700 |  |  |  | 4,038,217 |
Cook County Community College District No. 508, GO, City College of Chicago, 5.13%, 12/01/38 |  |  | 1,000 |  |  |  | 1,036,660 |
Madison-Macoupin Etc. Counties Community College District No. 536, GO, Refunding, Lewis & Clark Community College: |  |  |  |  |  |  |  |
5.00%, 5/01/30 |  |  | 475 |  |  |  | 504,407 |
5.00%, 5/01/31 |  |  | 500 |  |  |  | 530,830 |
5.00%, 5/01/32 |  |  | 500 |  |  |  | 529,580 |
Railsplitter Tobacco Settlement Authority, RB: |  |  |  |  |  |  |  |
5.50%, 6/01/23 |  |  | 3,500 |  |  |  | 3,958,745 |
6.25%, 6/01/24 |  |  | 11,750 |  |  |  | 12,427,857 |
State of Illinois, GO: |  |  |  |  |  |  |  |
5.25%, 2/01/30 |  |  | 5,010 |  |  |  | 5,407,443 |
5.00%, 5/01/30 |  |  | 10,000 |  |  |  | 10,697,000 |
State of Illinois Finance Authority, Refunding RB, Southern Illinois Healthcare Enterprises, Inc.: |  |  |  |  |  |  |  |
5.00%, 3/01/28 |  |  | 1,100 |  |  |  | 1,292,643 |
5.00%, 3/01/29 |  |  | 700 |  |  |  | 816,970 |
5.00%, 3/01/30 |  |  | 550 |  |  |  | 636,708 |
5.00%, 3/01/31 |  |  | 450 |  |  |  | 517,316 |
5.00%, 3/01/32 |  |  | 920 |  |  |  | 1,052,020 |
State of Illinois Toll Highway Authority, RB, Series A, 5.00%, 1/01/34 |  |  | 9,140 |  |  |  | 10,216,692 |
State of Illinois Toll Highway Authority, Refunding RB, Senior Series A, 5.00%, 12/01/31 |  |  | 5,220 |  |  |  | 6,085,894 |
|  |  |  |  |  |  | 91,287,093 |
Indiana — 5.0% |
City of Whiting Indiana, RB, BP Products North America, Inc. Project, 5.25%, 1/01/21 |  |  | 4,800 |  |  |  | 5,343,024 |
County of Jasper Indiana, Refunding RB, Northern Indiana Public Service Co., Series C (NPFGC), 5.85%, 4/01/19 |  |  | 2,000 |  |  |  | 2,113,120 |
Indiana Finance Authority, RB, Wastewater, 1st Lien, Series A, 5.25%, 10/01/31 |  |  | 10,000 |  |  |  | 11,444,800 |
Indiana Finance Authority, Refunding RB, US Steel Corp. Project, 6.00%, 12/01/19 |  |  | 5,000 |  |  |  | 5,170,250 |
Indiana Municipal Power Agency, Refunding RB, Series A, 5.00%, 1/01/33 |  |  | 5,000 |  |  |  | 5,836,650 |
|  |  |  |  |  |  | 29,907,844 |
Iowa — 1.1% |
Iowa Higher Education Loan Authority, RB, Private College Facility: |  |  |  |  |  |  |  |
5.25%, 4/01/23 |  |  | 695 |  |  |  | 782,396 |
5.25%, 4/01/24 |  |  | 730 |  |  |  | 821,279 |
5.25%, 4/01/25 |  |  | 520 |  |  |  | 584,283 |
5.25%, 4/01/26 |  |  | 360 |  |  |  | 403,992 |

Security |  | Par (000) |  |  | Value |
Iowa (continued) |
Iowa Higher Education Loan Authority, Refunding RB, Private College Facility: |  |  |  |  |  |  |  |
5.00%, 9/01/20(a) |  | $ | 2,315 |  |  | $ | 2,556,339 |
Upper Iowa University Project, 5.00%, 9/01/20(g) |  |  | 1,000 |  |  |  | 1,071,460 |
|  |  |  |  |  |  | 6,219,749 |
Kansas — 1.4% |
County of Seward Unified School District No. 480 Liberal, GO, Refunding: |  |  |  |  |  |  |  |
5.00%, 9/01/33 |  |  | 1,005 |  |  |  | 1,166,765 |
5.00%, 9/01/33 |  |  | 4,995 |  |  |  | 5,569,375 |
Kansas Development Finance Authority, Refunding RB, Adventist Health System/Sunbelt Obligated Group, Series C, 5.00%, 11/15/23 |  |  | 1,500 |  |  |  | 1,617,705 |
|  |  |  |  |  |  | 8,353,845 |
Kentucky — 0.5% |
Countyof Louisville/Jefferson Metropolitan Government, Refunding RB, Catholic Health Initiatives: |  |  |  |  |  |  |  |
5.00%, 12/01/35 |  |  | 120 |  |  |  | 127,920 |
Series A, 5.00%, 12/01/31 |  |  | 2,750 |  |  |  | 2,959,275 |
|  |  |  |  |  |  | 3,087,195 |
Louisiana — 3.7% |
City of Bossier City Louisiana Utilities, Refunding RB, 5.00%, 10/01/32 |  |  | 2,000 |  |  |  | 2,326,660 |
City of New Orleans Louisiana Aviation Board, Refunding GARB, Restructuring, Series A-2 (AGC), 6.00%, 1/01/19(a) |  |  | 850 |  |  |  | 897,914 |
Louisiana Local Government Environmental Facilities & Community Development Authority, Refunding RB, BRCC Facilities Corp. Project: |  |  |  |  |  |  |  |
5.00%, 12/01/27 |  |  | 3,445 |  |  |  | 3,856,609 |
5.00%, 12/01/28 |  |  | 3,715 |  |  |  | 4,158,868 |
New Orleans Aviation Board, RB: |  |  |  |  |  |  |  |
General Airport, North Terminal Project, Series B, AMT, 5.00%, 1/01/32 |  |  | 800 |  |  |  | 934,312 |
Series A, 5.00%, 1/01/32 |  |  | 1,000 |  |  |  | 1,153,090 |
Series A, 5.00%, 1/01/33 |  |  | 1,000 |  |  |  | 1,148,870 |
State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, 4.00%, 5/01/34 |  |  | 3,000 |  |  |  | 3,174,570 |
Terrebonne Levee & Conservation District, RB, Sales Tax, 5.00%, 7/01/28 |  |  | 3,660 |  |  |  | 4,097,187 |
|  |  |  |  |  |  | 21,748,080 |
Maine — 0.3% |
Portland Housing Development Corp., Refunding RB, Senior Living, Retirement Facilities, Series A, 6.00%, 2/01/34 |  |  | 1,965 |  |  |  | 1,967,967 |
Maryland — 1.1% |
City of Rockville Maryland, RB, Ingleside King Farm Project, 3.50%, 11/01/26(d) |  |  | 1,825 |  |  |  | 1,827,591 |
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.13%, 6/01/20 |  |  | 1,375 |  |  |  | 1,468,184 |
Maryland Health & Higher Educational Facilities Authority, RB, Johns Hopkins Health System, Series B, 5.00%, 7/01/33 |  |  | 1,140 |  |  |  | 1,282,751 |
Maryland Health & Higher Educational Facilities Authority, Refunding RB, 5.00%, 7/01/33 |  |  | 1,500 |  |  |  | 1,676,415 |
|  |  |  |  |  |  | 6,254,941 |
Massachusetts — 2.4% |
Massachusetts Development Finance Agency, Refunding RB: |  |  |  |  |  |  |  |
Emerson College Issue, Series A, 5.00%, 1/01/30 |  |  | 1,500 |  |  |  | 1,777,020 |
Emerson College Issue, Series A, 5.00%, 1/01/31 |  |  | 1,730 |  |  |  | 1,963,412 |
Emerson College Issue, Series A, 5.00%, 1/01/31 |  |  | 2,005 |  |  |  | 2,344,406 |
Suffolk University, 5.00%, 7/01/29 |  |  | 2,700 |  |  |  | 3,157,380 |
Suffolk University, 5.00%, 7/01/30 |  |  | 3,125 |  |  |  | 3,645,844 |

SCHEDULES OF INVESTMENTS |  |  | 55 |

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Massachusetts (continued) |
Massachusetts Health & Educational Facilities Authority, Refunding RB, Winchester Hospital, 5.00%, 7/01/25 |  | $ | 1,060 |  |  | $ | 1,144,800 |
|  |  |  |  |  |  | 14,032,862 |
Michigan — 3.2% |
County of Wayne Airport Authority, Refunding ARB, Junior Lien Series B, AMT, 5.00%, 12/01/30 |  |  | 700 |  |  |  | 813,057 |
Manistee Area Public Schools, GO, Refunding, (Q-SBLF), 5.00%, 5/01/25 |  |  | 1,000 |  |  |  | 1,112,300 |
Michigan Finance Authority, Refunding RB, Senior Lien, Detroit Water and Sewer, Series C-3 (AGM), 5.00%, 7/01/31 |  |  | 4,000 |  |  |  | 4,547,040 |
Michigan State Building Authority, Refunding RB, Facilities Program, Series II-A, 5.00%, 10/15/24 |  |  | 2,500 |  |  |  | 2,821,225 |
Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, 5.25%, 11/15/19(a) |  |  | 4,900 |  |  |  | 5,301,065 |
State of Michigan, Refunding RB, Grant Anticipation, 5.00%, 3/15/25 |  |  | 3,750 |  |  |  | 4,500,150 |
|  |  |  |  |  |  | 19,094,837 |
Minnesota — 1.2% |
City of Minneapolis, RB, YMCA of the Greater Twin Cities Project: |  |  |  |  |  |  |  |
4.00%, 6/01/30 |  |  | 150 |  |  |  | 159,170 |
4.00%, 6/01/31 |  |  | 50 |  |  |  | 52,788 |
County of St. Paul Minnesota Housing & Redevelopment Authority, RB, Great River School Project, Series A, 4.75%, 7/01/29(b) |  |  | 250 |  |  |  | 253,080 |
University of Minnesota, RB, Biomedical Science Research Facilities Funding Program: |  |  |  |  |  |  |  |
Series B, 5.00%, 8/01/36 |  |  | 1,000 |  |  |  | 1,115,430 |
Series C, 5.00%, 8/01/27 |  |  | 1,390 |  |  |  | 1,625,994 |
Series C, 5.00%, 8/01/28 |  |  | 740 |  |  |  | 862,566 |
Series C, 5.00%, 8/01/29 |  |  | 1,555 |  |  |  | 1,808,869 |
Series C, 5.00%, 8/01/30 |  |  | 835 |  |  |  | 969,351 |
|  |  |  |  |  |  | 6,847,248 |
Missouri — 0.1% |
City of St. Louis Missouri Industrial Development Authority, Refunding RB, Ballpark Village Development Project, Series A, 3.88%, 11/15/29 |  |  | 395 |  |  |  | 401,782 |
Montana — 0.1% |
County of Yellowstone Montana School District No. 2 Billings, GO, 5.00%, 6/15/30 |  |  | 500 |  |  |  | 578,785 |
Nebraska — 0.9% |
County of Douglas Nebraska Hospital Authority No. 3, Refunding RB, 5.00%, 11/01/30 |  |  | 800 |  |  |  | 919,824 |
County of Lancaster Nebraska Hospital Authority No. 1, Refunding RB, Immanuel Obligation Group, 5.50%, 1/01/30 |  |  | 1,000 |  |  |  | 1,076,650 |
Nebraska Public Power District, Refunding RB, Series A: |  |  |  |  |  |  |  |
5.00%, 1/01/30 |  |  | 1,000 |  |  |  | 1,129,510 |
5.00%, 1/01/32 |  |  | 2,000 |  |  |  | 2,250,460 |
|  |  |  |  |  |  | 5,376,444 |
Nevada — 1.7% |
County of Clark Nevada Department of Aviation, Refunding RB, 5.00%, 7/01/33 |  |  | 5,000 |  |  |  | 5,766,050 |
County of Humboldt Nevada, Refunding RB, Idaho Power Co. Project, 5.15%, 12/01/24 |  |  | 3,800 |  |  |  | 4,040,426 |
|  |  |  |  |  |  | 9,806,476 |
New Jersey — 24.0% |
County of Essex New Jersey Improvement Authority, LRB, Newark Project, Series A (AGM), 5.00%, 11/01/20 |  |  | 2,000 |  |  |  | 2,139,060 |

Security |  | Par (000) |  |  | Value |
New Jersey (continued) |
New Jersey EDA, RB, AMT: |  |  |  |  |  |  |  |
Continental Airlines, Inc. Project, 5.13%, 9/15/23 |  | $ | 6,040 |  |  | $ | 6,649,859 |
Goethals Bridge Replacement Project, Private Activity Bond, 5.50%, 1/01/26 |  |  | 1,500 |  |  |  | 1,743,435 |
Goethals Bridge Replacement Project, Private Activity Bond, 5.50%, 1/01/27 |  |  | 1,000 |  |  |  | 1,159,200 |
New Jersey EDA, Refunding RB: |  |  |  |  |  |  |  |
New Jersey American Water Co., Series E, AMT, 4.70%, 12/01/25 |  |  | 3,000 |  |  |  | 3,235,170 |
School Facilities Construction, Series AA, 4.25%, 12/15/24 |  |  | 3,850 |  |  |  | 3,927,847 |
School Facilities Construction, Series EE, 5.00%, 9/01/23 |  |  | 3,465 |  |  |  | 3,704,535 |
Sub-Series A (BAM), 5.00%, 7/01/28 |  |  | 1,615 |  |  |  | 1,903,455 |
New Jersey Educational Facilities Authority, RB, Higher Education Facilities Trust Fund, 5.00%, 6/15/28 |  |  | 10,000 |  |  |  | 10,934,700 |
New Jersey Educational Facilities Authority, Refunding RB, 5.00%, 7/01/30 |  |  | 5,000 |  |  |  | 5,724,100 |
New Jersey Health Care Facilities Financing Authority, Refunding RB, St. Joseph Health System Obligated Group Issue, 5.00%, 7/01/30 |  |  | 1,595 |  |  |  | 1,808,092 |
New Jersey Higher Education Student Assistance Authority, Refunding RB: |  |  |  |  |  |  |  |
Series 1, AMT, 5.50%, 12/01/26 |  |  | 1,040 |  |  |  | 1,137,042 |
Student Loan, Series 1A, 4.75%, 12/01/21 |  |  | 1,370 |  |  |  | 1,454,817 |
New Jersey State Turnpike Authority, RB, Series E, 5.00%, 1/01/32 |  |  | 12,000 |  |  |  | 13,939,080 |
New Jersey State Turnpike Authority, Refunding RB, Series B, 5.00%, 1/01/29 |  |  | 10,000 |  |  |  | 11,438,200 |
New Jersey Transportation Trust Fund Authority, RB: |  |  |  |  |  |  |  |
Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 6/15/30 |  |  | 2,000 |  |  |  | 2,234,100 |
Federal Highway Reimbursement Revenue Notes, Series A-2, 5.00%, 6/15/30 |  |  | 10,000 |  |  |  | 10,212,900 |
Series B, 5.25%, 6/15/26 |  |  | 3,500 |  |  |  | 3,780,560 |
Transportation Program, Series AA, 5.25%, 6/15/31 |  |  | 12,000 |  |  |  | 13,126,440 |
Transportation Program, Series AA, 5.25%, 6/15/32 |  |  | 2,250 |  |  |  | 2,500,133 |
Transportation System, Series A, 5.25%, 6/15/24 |  |  | 3,185 |  |  |  | 3,473,529 |
Transportation System, Series B, 5.50%, 6/15/31 |  |  | 13,970 |  |  |  | 15,309,723 |
Transportation System, Series C, 5.25%, 6/15/32 |  |  | 10,000 |  |  |  | 10,948,800 |
Newark Housing Authority, RB, Series A: |  |  |  |  |  |  |  |
5.00%, 12/01/23 |  |  | 1,230 |  |  |  | 1,439,272 |
5.00%, 12/01/25 |  |  | 1,345 |  |  |  | 1,544,195 |
South Jersey Port Corp., RB, Marine Terminal, Series O-1 (AGC), 4.63%, 1/01/19(a) |  |  | 1,375 |  |  |  | 1,431,540 |
State of New Jersey, GO, Various Purposes, 5.00%, 6/01/28 |  |  | 5,000 |  |  |  | 5,724,450 |
|  |  |  |  |  |  | 142,624,234 |
New Mexico — 1.2% |
Albuquerque Municipal School District No. 12, GO, Series 2017, 5.00%, 8/01/30 |  |  | 1,250 |  |  |  | 1,499,550 |
County of Albuquerque Bernalillo New Mexico Water Utility Authority, Refunding RB, 4.00%, 7/01/33 |  |  | 2,510 |  |  |  | 2,693,079 |
New Mexico Hospital Equipment Loan Council, Refunding RB, 5.00%, 8/01/31 |  |  | 2,500 |  |  |  | 2,896,275 |
|  |  |  |  |  |  | 7,088,904 |
New York — 17.1% |
Build NYC Resource Corp., Refunding RB, New York Law School Project, 5.00%, 7/01/33 |  |  | 3,085 |  |  |  | 3,499,346 |
City of New York New York, GO, Refunding, Series A, 5.00%, 8/01/29 |  |  | 6,125 |  |  |  | 7,316,190 |

56 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
New York (continued) |
City of New York New York, GO: |  |  |  |  |  |  |  |
Sub-Series B-1, 5.25%, 9/01/22 |  | $ | 4,250 |  |  | $ | 4,397,517 |
Sub-Series I-1, 5.50%, 4/01/21 |  |  | 5,000 |  |  |  | 5,304,850 |
Sub-Series-D-1, 5.13%, 12/01/17(a) |  |  | 10 |  |  |  | 10,034 |
Sub-Series-D-1, 5.13%, 12/01/26 |  |  | 1,875 |  |  |  | 1,881,788 |
City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.00%, 1/15/23 |  |  | 3,560 |  |  |  | 3,724,935 |
Counties of Buffalo & Erie New York Industrial Land Development Corp., Refunding RB, The Charter School for Applied Technologies Project, Series A: |  |  |  |  |  |  |  |
4.00%, 6/01/22 |  |  | 1,000 |  |  |  | 1,058,740 |
4.50%, 6/01/27 |  |  | 1,710 |  |  |  | 1,849,570 |
5.00%, 6/01/35 |  |  | 415 |  |  |  | 445,353 |
County of Monroe New York Industrial Development Corp., Refunding RB, Series A, 5.00%, 7/01/29 |  |  | 5,695 |  |  |  | 6,631,941 |
County of Nassau New York, GO, Series A, 5.00%, 1/01/33 |  |  | 3,110 |  |  |  | 3,608,595 |
County of Westchester New York Healthcare Corp., Refunding RB, Senior Lien, Remarketing, Series A: |  |  |  |  |  |  |  |
5.00%, 11/01/24 |  |  | 5,470 |  |  |  | 6,011,202 |
5.00%, 11/01/30 |  |  | 655 |  |  |  | 710,937 |
Long Island Power Authority, Refunding RB, Electric System, Series A, 5.50%, 4/01/19(a) |  |  | 1,000 |  |  |  | 1,061,550 |
Metropolitan Transportation Authority, RB(a): |  |  |  |  |  |  |  |
Sub-Series B-1, 5.00%, 11/15/21 |  |  | 2,300 |  |  |  | 2,633,546 |
Sub-Series B-4, 5.00%, 11/15/21 |  |  | 1,500 |  |  |  | 1,717,530 |
New York City Trust for Cultural Resources, Refunding RB, Carnegie Hall, Series A, 5.00%, 12/01/29 |  |  | 2,750 |  |  |  | 2,952,868 |
New York State Dormitory Authority, RB, North Shore-Long Island Jewish Health System, Series A, 5.50%, 5/01/19(a) |  |  | 1,495 |  |  |  | 1,592,414 |
New York State Dormitory Authority, Refunding RB: |  |  |  |  |  |  |  |
4.25%, 9/01/19(a) |  |  | 480 |  |  |  | 506,602 |
5.00%, 7/01/30 |  |  | 1,555 |  |  |  | 1,840,016 |
New York State Thruway Authority, RB, Junior Lien, Series A, 5.00%, 1/01/33 |  |  | 4,500 |  |  |  | 5,235,705 |
Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, Series 8, 5.00%, 12/01/20 |  |  | 2,475 |  |  |  | 2,684,806 |
Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 152nd Series, AMT, 5.00%, 11/01/23 |  |  | 1,000 |  |  |  | 1,019,440 |
Port Authority of New York & New Jersey, Refunding RB, 5.00%, 11/01/28 |  |  | 4,185 |  |  |  | 5,000,405 |
State of New York Dormitory Authority, RB: |  |  |  |  |  |  |  |
Fordham University, Series A, 5.25%, 7/01/25 |  |  | 900 |  |  |  | 1,012,662 |
Icahn School of Medicine at Mount Sinai, Series A, 5.00%, 7/01/32 |  |  | 9,000 |  |  |  | 10,283,490 |
Mental Health Services (AGM), 5.00%, 8/15/18(a) |  |  | 10 |  |  |  | 10,313 |
Mental Health Services (AGM), 5.00%, 8/15/18(a) |  |  | 30 |  |  |  | 30,939 |
Mental Health Services (AGM), 5.00%, 2/15/22 |  |  | 325 |  |  |  | 335,150 |
Mental Health Services, 2nd Series (AGM), 5.00%, 8/15/18(a) |  |  | 10 |  |  |  | 10,313 |
Municipal Health Facilities Lease, Sub-Series 2-4, 5.00%, 1/15/27 |  |  | 6,900 |  |  |  | 6,956,649 |
New York University Hospitals Center, Series A, 5.00%, 7/01/20(a) |  |  | 1,725 |  |  |  | 1,893,929 |
New York University Hospitals Center, Series A, 5.13%, 7/01/20(a) |  |  | 1,670 |  |  |  | 1,839,004 |
State of New York Dormitory Authority, Refunding RB: |  |  |  |  |  |  |  |
North Shore-Long Island Jewish Obligated Group, Series A, 5.00%, 5/01/32 |  |  | 3,060 |  |  |  | 3,533,321 |
Orange Regional Medical Center, 5.00%, 12/01/27(b) |  |  | 900 |  |  |  | 1,028,745 |
Orange Regional Medical Center, 5.00%, 12/01/28(b) |  |  | 1,800 |  |  |  | 2,035,332 |
|  |  |  |  |  |  | 101,665,727 |

Security |  | Par (000) |  |  | Value |
North Carolina — 0.3% |
North Carolina Medical Care Commission, Refunding RB, WakeMed, Series A, 5.00%, 10/01/31 |  | $ | 1,500 |  |  | $ | 1,715,625 |
Ohio — 1.2% |
State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 2/15/31 |  |  | 6,000 |  |  |  | 7,016,040 |
Oklahoma — 0.8% |
Oklahoma City Public Property Authority, Refunding RB: |  |  |  |  |  |  |  |
5.00%, 10/01/27 |  |  | 1,190 |  |  |  | 1,423,145 |
5.00%, 10/01/28 |  |  | 1,265 |  |  |  | 1,503,769 |
5.00%, 10/01/29 |  |  | 1,400 |  |  |  | 1,658,692 |
|  |  |  |  |  |  | 4,585,606 |
Oregon — 1.5% |
County of Klamath Oregon School District, GO: |  |  |  |  |  |  |  |
5.00%, 6/15/30 |  |  | 1,000 |  |  |  | 1,158,680 |
5.00%, 6/15/31 |  |  | 1,000 |  |  |  | 1,157,530 |
County of Umatilla Oregon School District No. 16R Pendleton, GO, Series A, 5.00%, 6/15/32 |  |  | 2,000 |  |  |  | 2,300,600 |
Oregon State Facilities Authority, Refunding RB, Reed College Project, Series A, 5.00%, 7/01/29 |  |  | 1,835 |  |  |  | 2,002,572 |
State of Oregon, GO, Series H, 5.00%, 5/01/36 |  |  | 2,000 |  |  |  | 2,270,660 |
|  |  |  |  |  |  | 8,890,042 |
Pennsylvania — 6.7% |
Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project, 5.00%, 5/01/22(b) |  |  | 2,000 |  |  |  | 2,177,660 |
City of Philadelphia Pennsylvania, ARB, Series A, AMT (AGM), 5.00%, 6/15/20 |  |  | 2,895 |  |  |  | 2,904,698 |
City of Philadelphia Pennsylvania, GO, Refunding Series A, 5.00%, 8/01/31 |  |  | 6,145 |  |  |  | 7,267,938 |
County of Allegheny Pennsylvania, GO, Refunding, Series C-68, 5.00%, 11/01/25 |  |  | 2,515 |  |  |  | 2,836,493 |
County of Allegheny Pennsylvania, GO, Series C-67: |  |  |  |  |  |  |  |
5.00%, 11/01/25 |  |  | 2,700 |  |  |  | 3,049,623 |
5.00%, 11/01/26 |  |  | 2,375 |  |  |  | 2,668,811 |
Pennsylvania Economic Development Financing Authority, RB, PA Bridges Finco LP, AMT, 5.00%, 12/31/28 |  |  | 115 |  |  |  | 134,045 |
Pennsylvania Turnpike Commission, RB: |  |  |  |  |  |  |  |
Series B, 5.00%, 12/01/32 |  |  | 1,500 |  |  |  | 1,747,740 |
Sub-Series B, 5.25%, 12/01/31 |  |  | 4,000 |  |  |  | 4,409,400 |
Pennsylvania Turnpike Commission, Refunding RB, Sub-Series B-2, 5.00%, 6/01/31 |  |  | 5,000 |  |  |  | 5,827,200 |
South Fork Municipal Authority, Refunding RB, Conemaugh Valley Memorial Hospital, Series A (AGC), 6.00%, 7/01/20(a) |  |  | 6,225 |  |  |  | 6,974,552 |
|  |  |  |  |  |  | 39,998,160 |
Puerto Rico — 0.4% |
Puerto Rico Housing Finance Authority, Refunding RB, M/F Housing, Subordinate, Capital Fund Modernization, 5.13%, 12/01/27 |  |  | 2,475 |  |  |  | 2,591,870 |
Rhode Island — 1.8% |
Narragansett Bay Commission, Refunding RB, Series B, 5.00%, 9/01/32 |  |  | 4,150 |  |  |  | 4,851,558 |
Providence Redevelopment Agency, Refunding RB, Series A, 5.00%, 4/01/29 |  |  | 1,000 |  |  |  | 1,089,000 |
Rhode Island Health & Educational Building Corp., RB, City of Newport Issue Financing Program, Series C, 5.00%, 5/15/30 |  |  | 2,305 |  |  |  | 2,567,401 |
Rhode Island Health & Educational Building Corp., Refunding RB, 5.00%, 9/01/32 |  |  | 2,000 |  |  |  | 2,328,600 |
|  |  |  |  |  |  | 10,836,559 |

SCHEDULES OF INVESTMENTS |  |  | 57 |

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
South Carolina — 2.5% |
South Carolina Jobs-Economic Development Authority, Refunding RB, The Woodlands at Furman, 4.00%, 11/15/27 |  | $ | 995 |  |  | $ | 1,001,000 |
South Carolina Public Service Authority, Refunding RB, Series A: |  |  |  |  |  |  |  |
5.00%, 12/01/30 |  |  | 5,500 |  |  |  | 6,385,280 |
5.00%, 12/01/31 |  |  | 5,660 |  |  |  | 6,543,073 |
5.00%, 12/01/32 |  |  | 200 |  |  |  | 230,058 |
5.00%, 12/01/33 |  |  | 800 |  |  |  | 916,328 |
|  |  |  |  |  |  | 15,075,739 |
South Dakota — 0.2% |
South Dakota Health & Educational Facilities Authority, Refunding RB, Regional Health, 5.00%, 9/01/20(a) |  |  | 1,000 |  |  |  | 1,104,250 |
Tennessee — 2.5% |
County of Memphis-Shelby Tennessee Sports Authority, Inc., Refunding RB, Memphis Arena Project: |  |  |  |  |  |  |  |
Series A, 5.00%, 11/01/23 |  |  | 2,695 |  |  |  | 2,884,890 |
Series B, 5.00%, 11/01/22 |  |  | 1,000 |  |  |  | 1,071,280 |
Knox County Health Educational & Housing Facility Board Tennessee, Refunding RB, Eastowne Village Project, 4.00%, 6/01/31(c) |  |  | 3,125 |  |  |  | 3,228,656 |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 7/01/35 |  |  | 4,000 |  |  |  | 4,547,360 |
Tennessee Energy Acquisition Corp., RB, Gas Project, Series A, 4.00%, 5/01/48(c)(d) |  |  | 2,815 |  |  |  | 3,076,908 |
|  |  |  |  |  |  | 14,809,094 |
Texas — 10.4% |
City of Austin Texas Water & Wastewater System Revenue, Refunding RB, 5.00%, 11/15/30 |  |  | 6,000 |  |  |  | 7,238,760 |
City of Grapevine Texas, GO, 5.00%, 2/15/33 |  |  | 5,685 |  |  |  | 6,520,922 |
City of Houston Texas, Refunding ARB, Subordinate Lien, Series A, AMT: |  |  |  |  |  |  |  |
5.00%, 7/01/25 |  |  | 1,500 |  |  |  | 1,663,230 |
5.00%, 7/01/32 |  |  | 1,010 |  |  |  | 1,116,717 |
Dallas-Fort Worth International Airport, ARB, Joint Improvement, Series D, AMT, 5.00%, 11/01/38 |  |  | 8,290 |  |  |  | 9,190,294 |
Dallas/Fort Worth International Airport, Refunding RB, AMT: |  |  |  |  |  |  |  |
Series E, 5.00%, 11/01/26 |  |  | 2,185 |  |  |  | 2,404,265 |
Series E, 5.00%, 11/01/27 |  |  | 4,960 |  |  |  | 5,456,198 |
Series F, 5.00%, 11/01/31 |  |  | 6,345 |  |  |  | 6,940,669 |
Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project, AMT, 5.00%, 11/01/28 |  |  | 1,000 |  |  |  | 1,109,310 |
New Hope Cultural Education Facilities Finance Corp., RB, Jubilee Academic Center Project, Series A(b): |  |  |  |  |  |  |  |
3.63%, 8/15/22 |  |  | 105 |  |  |  | 105,686 |
4.25%, 8/15/27 |  |  | 160 |  |  |  | 161,312 |
North Texas Tollway Authority, Refunding RB(d): |  |  |  |  |  |  |  |
First Tier, Series A, 5.00%, 1/01/33 |  |  | 1,000 |  |  |  | 1,178,470 |
Second Tier, Series B, 5.00%, 1/01/31 |  |  | 2,250 |  |  |  | 2,626,807 |
Second Tier, Series B, 5.00%, 1/01/32 |  |  | 1,000 |  |  |  | 1,175,810 |
Red River Education Financing Corp., RB, 5.00%, 3/15/33 |  |  | 1,340 |  |  |  | 1,506,589 |
San Jacinto River Authority, RB, Special Project (AGM), 5.25%, 10/01/25 |  |  | 2,910 |  |  |  | 3,117,367 |
Socorro Independent School District, GO, Refunding (PSF-GTD): |  |  |  |  |  |  |  |
5.00%, 8/15/20(a) |  |  | 2,410 |  |  |  | 2,658,061 |
5.00%, 8/15/32 |  |  | 90 |  |  |  | 98,484 |
Via Metropolitan Transit Authority, Refunding RB: |  |  |  |  |  |  |  |
5.25%, 8/01/28 |  |  | 1,585 |  |  |  | 1,807,819 |
5.25%, 8/01/29 |  |  | 1,720 |  |  |  | 1,962,778 |
5.25%, 8/01/33 |  |  | 3,000 |  |  |  | 3,385,860 |
|  |  |  |  |  |  | 61,425,408 |

Security |  | Par (000) |  |  | Value |
U.S. Virgin Islands — 0.9% |
Virgin Islands Public Finance Authority, Refunding RB, Series A (AGM), 5.25%, 10/01/24 |  | $ | 5,000 |  |  | $ | 5,485,600 |
Utah — 0.3% |
Utah Charter School Finance Authority, Refunding RB, Freedom Academy Foundation Project, 4.50%, 6/15/27(b) |  |  | 1,500 |  |  |  | 1,499,925 |
Vermont — 1.0% |
University of Vermont & State Agricultural College, Refunding RB, 4.00%, 10/01/30 |  |  | 5,565 |  |  |  | 5,989,276 |
Washington — 0.3% |
Washington Health Care Facilities Authority, Refunding RB, Multicare Health System, Series B, 5.00%, 8/15/31(d) |  |  | 1,240 |  |  |  | 1,476,741 |
West Virginia — 1.6% |
West Virginia Commissioner of Highways, RB, Surface Transportation Improvements, Series A, 5.00%, 9/01/29 |  |  | 3,000 |  |  |  | 3,655,830 |
West Virginia Hospital Finance Authority, Refunding RB, Charleston Area Medical Center, Inc., Series A, 5.13%, 9/01/23 |  |  | 4,000 |  |  |  | 4,216,480 |
West Virginia University, RB, West Virginia University Project, Series B, 5.00%, 10/01/30 |  |  | 1,500 |  |  |  | 1,695,765 |
|  |  |  |  |  |  | 9,568,075 |
Wisconsin — 1.3% |
Public Finance Authority, Refunding RB, AMT: |  |  |  |  |  |  |  |
National Gypsum Co., 5.25%, 4/01/30 |  |  | 2,410 |  |  |  | 2,598,390 |
Wisconsin Airport Facilities, Senior Obligated Group, Series B, 5.25%, 7/01/28 |  |  | 4,765 |  |  |  | 5,206,477 |
|  |  |  |  |  |  | 7,804,867 |
Total Municipal Bonds — 139.1% |  |  |  | 825,576,218 |
Municipal Bonds Transferred to Tender Option Bond Trusts(h) |
California — 3.1% |
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Subordinate Toll Bridge, 4.00%, 4/01/31(i) |  |  | 8,080 |  |  |  | 8,954,418 |
Hudson Yards Infrastructure Corp., Refunding RB, Series A, 5.00%, 2/15/29 |  |  | 7,995 |  |  |  | 9,758,883 |
|  |  |  |  |  |  | 18,713,301 |
Connecticut — 2.0% |
State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/33 |  |  | 10,000 |  |  |  | 11,611,787 |
Louisiana — 2.3% |
State of Louisiana, GO, Series A, 5.00%, 8/01/24 |  |  | 12,000 |  |  |  | 13,749,090 |
Massachusetts — 1.9% |
Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare System Issue, Series L, 5.00%, 7/01/31 |  |  | 10,175 |  |  |  | 11,268,984 |
Minnesota — 1.9% |
State Of Minnesota, GO, Various Purpose, Series A, 4.00%, 8/01/20(a) |  |  | 10,525 |  |  |  | 11,301,480 |
New York — 8.1% |
City of New York New York, GO: |  |  |  |  |  |  |  |
Sub-Series 1-I, 5.00%, 3/01/32 |  |  | 7,009 |  |  |  | 8,145,194 |
Refunding Series E, 5.00%, 8/01/27 |  |  | 3,507 |  |  |  | 3,734,419 |
Metropolitan Transportation Authority, Refunding RB, Series B, 5.25%, 11/15/19(a) |  |  | 4,001 |  |  |  | 4,328,611 |
Port Authority of New York & New Jersey, RB, Consolidated, Series106th, 5.00%, 10/15/26 |  |  | 5,530 |  |  |  | 6,213,978 |

58 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI) (Percentages shown are based on Net Assets)

Security |  | Shares/Par (000) |  |  | Value |
New York (continued) |
Port Authority of New York & New Jersey, Refunding RB, 178th Series, AMT, 5.00%, 12/01/32 |  | $ | 4,009 |  |  | $ | 4,564,503 |
Sales Tax Asset Receivable Corp., Refunding RB, Fiscal 2015, Series A, 5.00%, 10/15/31 |  |  | 5,010 |  |  |  | 5,985,981 |
State of New York Dormitory Authority, Refunding RB, Series E, 5.25%, 3/15/33 |  |  | 7,000 |  |  |  | 8,515,745 |
State of New York Urban Development Corp., RB, State Personal Income Tax, Series A-1, 5.00%, 3/15/32 |  |  | 5,501 |  |  |  | 6,349,500 |
|  |  |  |  |  |  | 47,837,931 |
Texas — 1.4% |
Pflugerville Independent School District, GO, Unlimited Tax, School Building (PSF-GTD), 5.00%, 2/15/39 |  |  | 7,500 |  |  |  | 8,575,975 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 20.7% |  |  |  | 123,058,548 |
Total Long-Term Investments — 159.8% (Cost — $898,006,791) |  |  |  | 948,634,766 |
Short-Term Securities |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.74%(j)(k) |  |  | 11,197,790 |  |  |  | 11,201,149 |
Total Short-Term Securities — 1.9% (Cost — $11,201,149) |  |  |  | 11,201,149 |
Total Investments — 161.7% (Cost — $909,207,940) |  |  |  | 959,835,915 |
Liabilities in Excess of Other Assets — (1.5)% |  |  |  | (9,168,421 | )
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (11.8)% |  |  |  | (69,870,623 | )
VMTP Shares at Liquidation Value — (48.4)% |  |  |  | (287,100,000 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 593,696,871 |

(a) | 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.

(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) | Variable rate security. Rate shown is the rate in effect as of period end.

(d) | When-issued security.

(e) | Non-income producing security.

(f) | Issuer filed for bankruptcy and/or is in default.

(g) | Security is collateralized by municipal bonds or U.S. Treasury obligations.

(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. See Note 4 of the Notes to Financial Statements for details.

(i) | All or a portion of 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 April 1, 2025 is $6,226,089. See Note 4 of the Notes to Financial Statements for details.

(j) | Annualized 7-day yield as of period end.

(k) | During the period ended October 31, 2017, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated |  | Shares Held at 04/30/17 |  |  | Net Activity |  |  | Shares Held at 10/31/17 |  |  | Value at 10/31/17 |  |  | Income |  |  | Net Realized Gain (a) |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, MuniCash, Institutional Class |  |  | 4,693,275 |  |  |  | 6,504,515 |  |  |  | 11,197,790 |  |  | $ | 11,201,149 |  |  | $ | 27,723 |  |  | $ | 1,617 |  |  | $ | (180 | )

| (a) | Includes net capital gain distributions, if applicable. |

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 |  |  | (213 | ) |  |  | 12/19/17 |  |  | $ | 26,612 |  |  | $ | 412,041 |
Long U.S. Treasury Bond |  |  | (78 | ) |  |  | 12/19/17 |  |  |  | 11,893 |  |  |  | 228,057 |
5-Year U.S. Treasury Note |  |  | (154 | ) |  |  | 12/29/17 |  |  |  | 18,047 |  |  |  | 177,583 |
|  |  | $ | 817,681 |

SCHEDULES OF INVESTMENTS |  |  | 59 |

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized appreciation(a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 817,681 |  |  | $ | — |  |  | $ | 817,681 |

| (a) | Includes cumulative appreciation (depreciation) on futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |

For the six months ended October 31, 2017, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (860,106 | ) |  | $ | — |  |  | $ | (860,106 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,457,164 |  |  | $ | — |  |  | $ | 1,457,164 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |  |  |  |
Average notional value of contracts — long |  | $ | 783,906 | (a)
Average notional value of contracts — short |  | $ | 56,379,777 |

| (a) | Actual amounts for the period are shown due to limited outstanding derivative financial instruments as of each quarter end. |

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments(a) |  | $ | — |  |  | $ | 948,634,766 |  |  | $ | — |  |  | $ | 948,634,766 |
Short-Term Securities |  |  | 11,201,149 |  |  |  |  |  |  |  | — |  |  |  | 11,201,149 |
|  | $ | 11,201,149 |  |  | $ | 948,634,766 |  |  | $ | — |  |  | $ | 959,835,915 |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 817,681 |  |  | $ | — |  |  | $ | — |  |  | $ | 817,681 |

| (a) | See above Schedule of Investments for values in each state or political subdivision. |

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

60 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  | $ | — |  |  | $ | (69,726,850 | ) |  | $ | — |  |  | $ | (69,726,850 | )
VMTP Shares at Liquidation Value |  |  | — |  |  |  | (287,100,000 | ) |  |  | — |  |  |  | (287,100,000 | )
|  | $ | — |  |  | $ | (356,826,850 | ) |  | $ | — |  |  | $ | (356,826,850 | )

During the six months ended October 31, 2017, there were no transfers between levels.

See notes to financial statements.

SCHEDULES OF INVESTMENTS |  |  | 61 |

Schedule of Investments October 31, 2017 (Unaudited) |  | BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds |  |  |  |  |  |  |  |
Alabama — 1.6% |
County of Jefferson Alabama Sewer, Refunding RB: |  |  |  |  |  |  |  |
Senior Lien, Series A (AGM), 5.00%, 10/01/44 |  | $ | 805 |  |  | $ | 894,444 |
Sub-Lien, Series D, 6.00%, 10/01/42 |  |  | 3,575 |  |  |  | 4,170,881 |
|  |  |  |  |  |  | 5,065,325 |
Alaska — 0.3% |
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 4.63%, 6/01/23 |  |  | 850 |  |  |  | 874,276 |
Arizona — 0.5% |
City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A, 5.00%, 7/01/46(a) |  |  | 1,685 |  |  |  | 1,749,704 |
California — 13.6% |
California Health Facilities Financing Authority, RB: |  |  |  |  |  |  |  |
St. Joseph Health System, Series A, 5.75%, 7/01/39 |  |  | 2,200 |  |  |  | 2,360,776 |
Sutter Health, Series B, 6.00%, 8/15/42 |  |  | 3,170 |  |  |  | 3,565,141 |
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 7/01/33 |  |  | 890 |  |  |  | 1,016,905 |
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A: |  |  |  |  |  |  |  |
5.25%, 8/15/39 |  |  | 145 |  |  |  | 159,906 |
5.25%, 8/15/49 |  |  | 370 |  |  |  | 405,228 |
California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A, 5.00%, 2/01/42 |  |  | 225 |  |  |  | 251,267 |
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45(a) |  |  | 1,495 |  |  |  | 1,610,653 |
California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A(a): |  |  |  |  |  |  |  |
5.00%, 12/01/41 |  |  | 290 |  |  |  | 313,945 |
5.00%, 12/01/46 |  |  | 455 |  |  |  | 488,306 |
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A: |  |  |  |  |  |  |  |
Senior, 5.00%, 5/15/40 |  |  | 5,930 |  |  |  | 6,444,546 |
5.25%, 5/15/39 |  |  | 800 |  |  |  | 849,800 |
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/40 |  |  | 360 |  |  |  | 439,088 |
Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior Series A-1: |  |  |  |  |  |  |  |
5.13%, 6/01/47 |  |  | 2,165 |  |  |  | 2,129,343 |
5.75%, 6/01/47 |  |  | 1,630 |  |  |  | 1,629,951 |
San Marcos Unified School District, GO, CAB, Election of 2010, Series B, 0.00%, 8/01/42(b) |  |  | 2,000 |  |  |  | 789,780 |
State of California, GO, Various Purposes: |  |  |  |  |  |  |  |
6.00%, 3/01/33 |  |  | 2,525 |  |  |  | 2,810,729 |
6.50%, 4/01/33 |  |  | 14,925 |  |  |  | 16,063,479 |
State of California Public Works Board, LRB, Various Capital Projects: |  |  |  |  |  |  |  |
Series I, 5.00%, 11/01/38 |  |  | 775 |  |  |  | 889,723 |
Sub-Series I-1, 6.38%, 11/01/19(c) |  |  | 1,185 |  |  |  | 1,309,638 |
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1, 4.75%, 6/01/25 |  |  | 595 |  |  |  | 595,363 |
|  |  |  |  |  |  | 44,123,567 |
Colorado — 0.3% |
Colorado Health Facilities Authority, RB, Catholic Health Initiatives, Series D, 6.25%, 10/01/33 |  |  | 1,060 |  |  |  | 1,102,845 |

Security |  | Par (000) |  |  | Value |
Connecticut — 1.6% |
Connecticut State Health & Educational Facility Authority, RB, Ascension Health Senior Credit, Series A, 5.00%, 11/15/40 |  | $ | 1,375 |  |  | $ | 1,468,046 |
Connecticut State Health & Educational Facility Authority, Refunding RB, Wesleyan University, Series G, 5.00%, 7/01/20(c) |  |  | 3,385 |  |  |  | 3,723,060 |
|  |  |  |  |  |  | 5,191,106 |
Delaware — 2.1% |
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |  |  | 1,125 |  |  |  | 1,191,397 |
Delaware Transportation Authority, RB, U.S. 301 Project, 5.00%, 6/01/55 |  |  | 1,165 |  |  |  | 1,311,813 |
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 |  |  | 4,065 |  |  |  | 4,199,064 |
|  |  |  |  |  |  | 6,702,274 |
District of Columbia — 3.9% |
District of Columbia, Refunding RB: |  |  |  |  |  |  |  |
Georgetown University, 5.00%, 4/01/35 |  |  | 435 |  |  |  | 511,342 |
Georgetown University Issue, 5.00%, 4/01/42 |  |  | 500 |  |  |  | 579,695 |
Kipp Charter School, Series A, 6.00%, 7/01/43 |  |  | 240 |  |  |  | 274,147 |
Metropolitan Washington Airports Authority, Refunding ARB, Dulles Toll Road, CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/35(b) |  |  | 6,515 |  |  |  | 3,384,152 |
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road: |  |  |  |  |  |  |  |
1st Senior Lien, Series A, 5.25%, 10/01/44 |  |  | 1,500 |  |  |  | 1,595,730 |
CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/33(b) |  |  | 6,590 |  |  |  | 3,746,679 |
CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/34(b) |  |  | 4,830 |  |  |  | 2,624,042 |
|  |  |  |  |  |  | 12,715,787 |
Florida — 3.3% |
Celebration Pointe Community Development District, Special Assessment Bonds, County of Alachua Florida(a): |  |  |  |  |  |  |  |
5.00%, 5/01/32 |  |  | 470 |  |  |  | 477,459 |
5.00%, 5/01/48 |  |  | 1,175 |  |  |  | 1,178,525 |
County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 5/01/45 |  |  | 1,340 |  |  |  | 1,492,090 |
County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A-1, 5.38%, 10/01/41 |  |  | 1,165 |  |  |  | 1,289,352 |
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21(c) |  |  | 3,015 |  |  |  | 3,670,250 |
Village Community Development District No.10, Special Assessment Bonds, 5.13%, 5/01/43 |  |  | 2,250 |  |  |  | 2,517,030 |
|  |  |  |  |  |  | 10,624,706 |
Georgia — 1.6% |
City of Atlanta Georgia Water & Wastewater, Refunding RB, 5.00%, 11/01/40 |  |  | 600 |  |  |  | 692,214 |
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A, 5.50%, 8/15/54 |  |  | 515 |  |  |  | 603,575 |
DeKalb Georgia Private Hospital Authority, Refunding RB, Children’s Healthcare, 5.25%, 11/15/39 |  |  | 130 |  |  |  | 139,723 |
Metropolitan Atlanta Rapid Transit Authority, RB, Sales Tax, 3rd Indenture, Series A, 5.00%, 7/01/19(c) |  |  | 3,465 |  |  |  | 3,684,161 |
|  |  |  |  |  |  | 5,119,673 |
Hawaii — 0.5% |
State of Hawaii Harbor System, RB, Series A, 5.25%, 7/01/30 |  |  | 1,355 |  |  |  | 1,469,023 |

62 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Idaho — 0.3% |
Idaho Health Facilities Authority, RB, Trinity Health Credit Group, Series A, 5.00%, 12/01/46 |  | $ | 745 |  |  | $ | 844,480 |
Illinois — 20.9% |
City of Chicago Illinois, GO, Project, Series A, 5.00%, 1/01/34 |  |  | 1,750 |  |  |  | 1,813,017 |
City of Chicago Illinois, GO, Refunding, Project, Series A, 5.25%, 1/01/32 |  |  | 4,555 |  |  |  | 4,834,950 |
City of Chicago Illinois, Special Assessment Bonds, Lake Shore East Project, 6.75%, 12/01/32 |  |  | 786 |  |  |  | 790,362 |
City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien, Series C, 6.50%, 1/01/21(c) |  |  | 5,865 |  |  |  | 6,803,224 |
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |  |  | 1,050 |  |  |  | 1,126,713 |
City of Chicago Illinois Waterworks, Refunding RB: |  |  |  |  |  |  |  |
2nd Lien (AGM), 5.25%, 11/01/18(c) |  |  | 190 |  |  |  | 197,644 |
2nd Lien (AGM), 5.25%, 11/01/33 |  |  | 1,135 |  |  |  | 1,168,051 |
2nd Lien Project, 5.00%, 11/01/42 |  |  | 915 |  |  |  | 973,542 |
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38 |  |  | 805 |  |  |  | 861,060 |
Illinois Finance Authority, RB, Advocate Health Care Network, Series D, 6.50%, 11/01/18(c) |  |  | 5,000 |  |  |  | 5,265,500 |
Illinois Finance Authority, Refunding RB: |  |  |  |  |  |  |  |
Central Dupage Health, Series B, 5.50%, 11/01/39 |  |  | 1,610 |  |  |  | 1,735,113 |
Presence Health Network, Series C, 4.00%, 2/15/41 |  |  | 3,230 |  |  |  | 3,274,897 |
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project: |  |  |  |  |  |  |  |
Series B (AGM), 5.00%, 6/15/50 |  |  | 4,315 |  |  |  | 4,572,088 |
Series B-2, 5.00%, 6/15/50 |  |  | 2,500 |  |  |  | 2,512,650 |
Railsplitter Tobacco Settlement Authority, RB: |  |  |  |  |  |  |  |
5.50%, 6/01/23 |  |  | 440 |  |  |  | 497,671 |
6.00%, 6/01/28 |  |  | 1,140 |  |  |  | 1,284,575 |
Regional Transportation Authority, RB: |  |  |  |  |  |  |  |
Series A (AMBAC), 7.20%, 11/01/20 |  |  | 510 |  |  |  | 555,135 |
Series A (NPFGC), 6.70%, 11/01/21 |  |  | 3,325 |  |  |  | 3,680,476 |
Series C (NPFGC), 7.75%, 6/01/20 |  |  | 1,400 |  |  |  | 1,539,902 |
State of Illinois, GO: |  |  |  |  |  |  |  |
5.00%, 2/01/39 |  |  | 1,540 |  |  |  | 1,601,831 |
Series A, 5.00%, 4/01/35 |  |  | 3,000 |  |  |  | 3,125,370 |
Series A, 5.00%, 4/01/38 |  |  | 3,490 |  |  |  | 3,630,682 |
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/19(c) |  |  | 630 |  |  |  | 671,423 |
State of Illinois Toll Highway Authority, RB: |  |  |  |  |  |  |  |
Senior, Series C, 5.00%, 1/01/36 |  |  | 2,615 |  |  |  | 2,973,255 |
Senior, Series C, 5.00%, 1/01/37 |  |  | 2,800 |  |  |  | 3,179,736 |
Series A, 5.00%, 1/01/38 |  |  | 1,980 |  |  |  | 2,207,165 |
State of Illinois Toll Highway Authority, Refunding RB, Series B, 5.50%, 1/01/18(c) |  |  | 3,000 |  |  |  | 3,021,990 |
University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 4/01/44 |  |  | 985 |  |  |  | 1,076,290 |
Village of Hodgkins Illinois, RB, Metropolitan Biosolids Management LLC Project, AMT, 6.00%, 11/01/23 |  |  | 2,800 |  |  |  | 2,804,760 |
|  |  |  |  |  |  | 67,779,072 |
Indiana — 4.5% |
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |  |  |  |  |  |  |  |
6.75%, 1/01/34 |  |  | 790 |  |  |  | 935,526 |
7.00%, 1/01/44 |  |  | 1,905 |  |  |  | 2,267,026 |
Indiana Finance Authority, RB, Series A: |  |  |  |  |  |  |  |
CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |  |  | 3,280 |  |  |  | 3,713,715 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44 |  |  | 450 |  |  |  | 484,389 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48 |  |  | 1,430 |  |  |  | 1,534,719 |

Security |  | Par (000) |  |  | Value |
Indiana (continued) |
Indiana Finance Authority, RB, Series A (continued): |  |  |  |  |  |  |  |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 1/01/51 |  | $ | 405 |  |  | $ | 438,728 |
Sisters of St. Francis Health Services, 5.25%, 11/01/39 |  |  | 840 |  |  |  | 900,564 |
Indiana Finance Authority, Refunding RB, Parkview Health System, Series A: |  |  |  |  |  |  |  |
5.75%, 5/01/19(c) |  |  | 2,290 |  |  |  | 2,441,323 |
5.75%, 5/01/31 |  |  | 505 |  |  |  | 536,088 |
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40 |  |  | 1,270 |  |  |  | 1,431,874 |
|  |  |  |  |  |  | 14,683,952 |
Iowa — 1.5% |
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project: |  |  |  |  |  |  |  |
5.00%, 12/01/19 |  |  | 480 |  |  |  | 497,443 |
5.50%, 12/01/22 |  |  | 2,340 |  |  |  | 2,396,137 |
5.25%, 12/01/25 |  |  | 460 |  |  |  | 490,236 |
5.88%, 12/01/26(a) |  |  | 410 |  |  |  | 435,227 |
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22 |  |  | 975 |  |  |  | 1,030,926 |
|  |  |  |  |  |  | 4,849,969 |
Kentucky — 0.6% |
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45 |  |  | 995 |  |  |  | 1,068,779 |
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 7/01/43(d) |  |  | 1,200 |  |  |  | 1,048,500 |
|  |  |  |  |  |  | 2,117,279 |
Louisiana — 2.7% |
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35 |  |  | 3,320 |  |  |  | 3,744,263 |
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |  |  |  |  |  |  |  |
5.50%, 5/15/30 |  |  | 1,020 |  |  |  | 1,102,834 |
5.25%, 5/15/31 |  |  | 870 |  |  |  | 944,637 |
5.25%, 5/15/32 |  |  | 1,110 |  |  |  | 1,215,661 |
5.25%, 5/15/33 |  |  | 1,205 |  |  |  | 1,308,522 |
5.25%, 5/15/35 |  |  | 505 |  |  |  | 549,384 |
|  |  |  |  |  |  | 8,865,301 |
Maryland — 0.9% |
City of Baltimore Maryland, Refunding RB, Convention Center Hotel, 5.00%, 9/01/34 |  |  | 430 |  |  |  | 495,609 |
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35 |  |  | 435 |  |  |  | 463,588 |
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25 |  |  | 750 |  |  |  | 792,158 |
Maryland Health & Higher Educational Facilities Authority, RB: |  |  |  |  |  |  |  |
Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46 |  |  | 420 |  |  |  | 481,278 |
University of Maryland Medical System, Series B (NPFGC), 7.00%, 7/01/22(e) |  |  | 660 |  |  |  | 777,823 |
|  |  |  |  |  |  | 3,010,456 |
Massachusetts — 1.9% |
Commonwealth of Massachusetts, GO, Series E, 3.00%, 4/01/44 |  |  | 1,370 |  |  |  | 1,237,138 |
Massachusetts Development Finance Agency, Refunding RB, Covanta Energy Project, Series C, AMT, 5.25%, 11/01/42(a) |  |  | 2,205 |  |  |  | 2,206,477 |
Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare System, Series J1, 5.00%, 7/01/39 |  |  | 990 |  |  |  | 1,041,262 |

SCHEDULES OF INVESTMENTS |  |  | 63 |

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Massachusetts (continued) |
Massachusetts HFA, Refunding RB, Series F, AMT, 5.70%, 6/01/40 |  | $ | 1,700 |  |  | $ | 1,735,887 |
|  |  |  |  |  |  | 6,220,764 |
Michigan — 5.1% |
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39 |  |  | 4,425 |  |  |  | 4,905,953 |
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital: |  |  |  |  |  |  |  |
5.50%, 5/15/20(c) |  |  | 760 |  |  |  | 839,177 |
5.50%, 5/15/36 |  |  | 620 |  |  |  | 672,551 |
Michigan Finance Authority, Refunding RB: |  |  |  |  |  |  |  |
Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 7/01/44 |  |  | 880 |  |  |  | 957,238 |
Henry Ford Health System, 4.00%, 11/15/46 |  |  | 1,420 |  |  |  | 1,449,195 |
Michigan State Hospital Finance Authority, Refunding RB, McLaren Health Care, Series A, 5.75%, 5/15/18(c) |  |  | 7,560 |  |  |  | 7,749,832 |
|  |  |  |  |  |  | 16,573,946 |
Mississippi — 1.4% |
County of Lowndes Mississippi, Refunding RB, Solid Waste Disposal & Pollution Control, Weyerhaeuser Co. Project, Series A, 6.80%, 4/01/22 |  |  | 3,000 |  |  |  | 3,489,480 |
University of Southern Mississippi, RB, Campus Facilities Improvements Project, 5.38%, 9/01/19(c) |  |  | 1,065 |  |  |  | 1,146,057 |
|  |  |  |  |  |  | 4,635,537 |
Missouri — 0.2% |
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44 |  |  | 255 |  |  |  | 289,861 |
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 5/01/43 |  |  | 245 |  |  |  | 267,518 |
|  |  |  |  |  |  | 557,379 |
Nebraska — 0.8% |
Central Plains Energy Project Nebraska, RB, Gas Project No. 3: |  |  |  |  |  |  |  |
5.25%, 9/01/37 |  |  | 825 |  |  |  | 911,378 |
5.00%, 9/01/42 |  |  | 1,445 |  |  |  | 1,571,972 |
|  |  |  |  |  |  | 2,483,350 |
New Jersey — 6.2% |
Casino Reinvestment Development Authority, Refunding RB: |  |  |  |  |  |  |  |
5.25%, 11/01/39 |  |  | 1,675 |  |  |  | 1,755,836 |
5.25%, 11/01/44 |  |  | 1,525 |  |  |  | 1,591,139 |
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 7/01/45(a) |  |  | 1,085 |  |  |  | 1,090,262 |
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 5.25%, 9/15/29 |  |  | 1,955 |  |  |  | 2,140,471 |
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 4/01/31 |  |  | 2,240 |  |  |  | 2,515,968 |
New Jersey State Turnpike Authority, RB: |  |  |  |  |  |  |  |
Series A, 5.00%, 1/01/43 |  |  | 1,985 |  |  |  | 2,215,081 |
Series E, 5.00%, 1/01/45 |  |  | 2,615 |  |  |  | 2,944,412 |
New Jersey Transportation Trust Fund Authority, RB: |  |  |  |  |  |  |  |
Transportation Program, Series AA, 5.00%, 6/15/44 |  |  | 445 |  |  |  | 472,497 |
Transportation Program, Series AA, 5.00%, 6/15/44 |  |  | 825 |  |  |  | 869,509 |
Transportation System, Series A, 5.50%, 6/15/41 |  |  | 1,635 |  |  |  | 1,758,442 |
Transportation System, Series B, 5.25%, 6/15/36 |  |  | 2,460 |  |  |  | 2,615,398 |
|  |  |  |  |  |  | 19,969,015 |
New York — 14.7% |
City of New York New York Transitional Finance Authority, RB, Fiscal 2009, Series S-3, 5.25%, 1/15/39 |  |  | 6,700 |  |  |  | 7,026,223 |

Security |  | Par (000) |  |  | Value |
New York (continued) |
City of New York New York Transitional Finance Authority Future Tax Secured, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 2/01/42 |  | $ | 1,960 |  |  | $ | 2,189,751 |
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 6/01/41(a) |  |  | 1,800 |  |  |  | 1,862,550 |
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 6/01/45 |  |  | 1,960 |  |  |  | 1,922,525 |
Hudson Yards Infrastructure Corp., Refunding RB, Series A, 5.00%, 2/15/39 |  |  | 920 |  |  |  | 1,074,624 |
Metropolitan Transportation Authority, RB, Series C: |  |  |  |  |  |  |  |
6.50%, 11/15/18(c) |  |  | 7,015 |  |  |  | 7,407,910 |
6.50%, 11/15/18(c) |  |  | 580 |  |  |  | 612,486 |
6.50%, 11/15/28 |  |  | 1,810 |  |  |  | 1,913,315 |
Metropolitan Transportation Authority Hudson Rail Yards Trust Obligations, Refunding RB, Series A, 5.00%, 11/15/56 |  |  | 1,045 |  |  |  | 1,173,086 |
New York Liberty Development Corp., RB, World Trade Center Port Authority Consolidated, 5.25%, 12/15/43 |  |  | 10,735 |  |  |  | 12,125,934 |
New York Liberty Development Corp., Refunding RB: |  |  |  |  |  |  |  |
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49 |  |  | 1,220 |  |  |  | 1,311,671 |
3 World Trade Center Project, Class 1, 5.00%, 11/15/44(a) |  |  | 2,860 |  |  |  | 3,108,734 |
3 World Trade Center Project, Class 2, 5.15%, 11/15/34(a) |  |  | 340 |  |  |  | 375,833 |
3 World Trade Center Project, Class 2, 5.38%, 11/15/40(a) |  |  | 850 |  |  |  | 945,820 |
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8: |  |  |  |  |  |  |  |
6.00%, 12/01/36 |  |  | 1,165 |  |  |  | 1,297,414 |
6.00%, 12/01/42 |  |  | 1,250 |  |  |  | 1,385,775 |
Port Authority of New York & New Jersey, Refunding RB, Consolidated, 205th Series, 5.00%, 11/15/47 |  |  | 1,565 |  |  |  | 1,830,064 |
|  |  |  |  |  |  | 47,563,715 |
North Carolina — 0.8% |
North Carolina Medical Care Commission, Refunding RB: |  |  |  |  |  |  |  |
1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 3/01/41 |  |  | 595 |  |  |  | 656,463 |
Carolina Village Project, 6.00%, 4/01/38 |  |  | 2,000 |  |  |  | 2,028,480 |
|  |  |  |  |  |  | 2,684,943 |
Ohio — 1.4% |
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 6/01/47 |  |  | 3,230 |  |  |  | 3,023,959 |
County of Franklin Ohio, RB: |  |  |  |  |  |  |  |
Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 7/01/40 |  |  | 660 |  |  |  | 732,118 |
Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46 |  |  | 400 |  |  |  | 453,412 |
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 6/30/53 |  |  | 275 |  |  |  | 302,497 |
|  |  |  |  |  |  | 4,511,986 |
Pennsylvania — 1.8% |
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 7/01/42 |  |  | 635 |  |  |  | 698,424 |
Pennsylvania Economic Development Financing Authority, RB: |  |  |  |  |  |  |  |
AMT, 5.00%, 6/30/42 |  |  | 850 |  |  |  | 942,505 |
Aqua Pennsylvania, Inc. Project, Series B, 5.00%, 11/15/40 |  |  | 1,890 |  |  |  | 2,017,027 |

64 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Pennsylvania (continued) |
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44 |  | $ | 1,035 |  |  | $ | 1,096,541 |
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44 |  |  | 1,105 |  |  |  | 1,251,037 |
|  |  |  |  |  |  | 6,005,534 |
Puerto Rico — 1.1% |
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: |  |  |  |  |  |  |  |
5.50%, 5/15/39 |  |  | 1,855 |  |  |  | 1,820,534 |
5.63%, 5/15/43 |  |  | 1,770 |  |  |  | 1,734,175 |
|  |  |  |  |  |  | 3,554,709 |
Rhode Island — 2.0% |
Tobacco Settlement Financing Corp., Refunding RB: |  |  |  |  |  |  |  |
Series A, 5.00%, 6/01/35 |  |  | 820 |  |  |  | 883,698 |
Series B, 4.50%, 6/01/45 |  |  | 2,645 |  |  |  | 2,649,972 |
Series B, 5.00%, 6/01/50 |  |  | 2,945 |  |  |  | 3,038,592 |
|  |  |  |  |  |  | 6,572,262 |
South Carolina — 4.8% |
State of South Carolina Ports Authority, ARB: |  |  |  |  |  |  |  |
5.25%, 7/01/40 |  |  | 3,280 |  |  |  | 3,552,437 |
AMT, 5.25%, 7/01/55 |  |  | 1,295 |  |  |  | 1,446,126 |
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54 |  |  | 6,180 |  |  |  | 6,974,254 |
State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55 |  |  | 3,135 |  |  |  | 3,539,321 |
|  |  |  |  |  |  | 15,512,138 |
Tennessee — 0.6% |
City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45 |  |  | 995 |  |  |  | 1,068,779 |
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 7/01/40 |  |  | 690 |  |  |  | 775,526 |
|  |  |  |  |  |  | 1,844,305 |
Texas — 7.2% |
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.25%, 1/01/21(c) |  |  | 2,140 |  |  |  | 2,469,432 |
City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB: |  |  |  |  |  |  |  |
5.00%, 10/01/20(c) |  |  | 235 |  |  |  | 259,426 |
5.00%, 10/01/35 |  |  | 275 |  |  |  | 301,760 |
City of Houston Texas Airport System, Refunding ARB, United Airlines, Inc. Terminal E Project, AMT, 5.00%, 7/01/29 |  |  | 965 |  |  |  | 1,057,534 |
Clifton Higher Education Finance Corp., RB, Idea Public Schools, 6.00%, 8/15/43 |  |  | 745 |  |  |  | 863,939 |
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 1/01/23(c) |  |  | 455 |  |  |  | 575,266 |
County of Harris Texas Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.25%, 12/01/18(c) |  |  | 2,000 |  |  |  | 2,131,060 |
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Trinity Terrace Project, 5.00%, 10/01/49 |  |  | 1,000 |  |  |  | 1,068,570 |
Fort Bend County Industrial Development Corp., RB, NRG Energy Inc. Project, Series B, 4.75%, 11/01/42 |  |  | 670 |  |  |  | 691,025 |
North Texas Tollway Authority, Refunding RB, Series A: |  |  |  |  |  |  |  |
1st Tier System, 6.25%, 1/01/19(c) |  |  | 5,690 |  |  |  | 6,023,775 |
1st Tier System, 6.25%, 1/01/39 |  |  | 1,310 |  |  |  | 1,380,714 |
5.00%, 1/01/38 |  |  | 925 |  |  |  | 1,045,971 |

Security |  | Par (000) |  |  | Value |
Texas (continued) |
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |  |  |  |  |  |  |  |
LBJ Infrastructure Group LLC, 7.00%, 6/30/40 |  | $ | 2,000 |  |  | $ | 2,257,260 |
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |  |  | 2,775 |  |  |  | 3,077,475 |
|  |  |  |  |  |  | 23,203,207 |
Utah — 1.2% |
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41 |  |  | 2,780 |  |  |  | 2,930,732 |
Salt Lake City Corp. Airport Revenue, ARB, Series A, AMT, 5.00%, 7/01/47 |  |  | 915 |  |  |  | 1,048,480 |
|  |  |  |  |  |  | 3,979,212 |
Virginia — 1.2% |
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT: |  |  |  |  |  |  |  |
5.25%, 1/01/32 |  |  | 1,615 |  |  |  | 1,781,603 |
6.00%, 1/01/37 |  |  | 1,940 |  |  |  | 2,193,267 |
|  |  |  |  |  |  | 3,974,870 |
Washington — 7.3% |
Central Puget Sound Regional Transit Authority, RB, Series A(c): |  |  |  |  |  |  |  |
(AGM), 5.00%, 11/01/17 |  |  | 7,700 |  |  |  | 7,700,000 |
5.00%, 11/01/17 |  |  | 4,000 |  |  |  | 4,000,000 |
Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT: |  |  |  |  |  |  |  |
5.00%, 4/01/40 |  |  | 755 |  |  |  | 841,153 |
5.00%, 5/01/42 |  |  | 1,465 |  |  |  | 1,688,574 |
State of Washington, GO, Series D, 5.00%, 2/01/42 |  |  | 2,555 |  |  |  | 2,969,344 |
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45 |  |  | 2,290 |  |  |  | 2,525,664 |
Washington Health Care Facilities Authority, Refunding RB, Catholic Health Initiatives, Series D, 6.38%, 10/01/36 |  |  | 3,700 |  |  |  | 3,861,542 |
|  |  |  |  |  |  | 23,586,277 |
Wisconsin — 3.7% |
State of Wisconsin, Refunding RB, Series A, 6.00%, 5/01/19(c) |  |  | 7,100 |  |  |  | 7,611,910 |
State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33 |  |  | 2,465 |  |  |  | 2,638,610 |
Wisconsin Health & Educational Facilities Authority, Refunding RB, Medical College of Wisconsin, Inc., 4.00%, 12/01/46 |  |  | 1,810 |  |  |  | 1,865,223 |
|  |  |  |  |  |  | 12,115,743 |
Total Municipal Bonds — 124.1% |  |  |  | 402,437,687 |
Municipal Bonds Transferred to Tender Option Bond Trusts(f) |
Alabama — 0.5% |
Auburn University, Refunding RB, Series A, 4.00%, 6/01/41 |  |  | 1,680 |  |  |  | 1,764,655 |
California — 7.5% |
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area: |  |  |  |  |  |  |  |
Toll Bridge Subordinate, 4.00%, 4/01/42(g) |  |  | 3,056 |  |  |  | 3,234,577 |
Series F-1, 5.63%, 4/01/44(c) |  |  | 3,271 |  |  |  | 3,480,449 |
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/18(c)(g) |  |  | 2,610 |  |  |  | 2,708,545 |
City & County of San Francisco California Public Utilities Commission Water Revenue, RB, Series B, 5.00%, 11/01/19(c) |  |  | 9,480 |  |  |  | 10,206,515 |

SCHEDULES OF INVESTMENTS |  |  | 65 |

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
California (continued) |
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No.2 Bonds, 5.00%, 10/01/47 |  | $ | 3,075 |  |  | $ | 3,548,740 |
San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/19(c) |  |  | 1,077 |  |  |  | 1,153,787 |
|  |  |  |  |  |  | 24,332,613 |
Colorado — 0.7% |
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiative, Series A, 5.50%, 7/01/34(g) |  |  | 2,129 |  |  |  | 2,238,971 |
Florida — 1.9% |
County of Miami-Dade Florida Water & Sewer System Revenue, RB, 5.00%, 10/01/34 |  |  | 5,679 |  |  |  | 6,211,211 |
Maryland — 0.7% |
Maryland State Transportation Authority, RB, Transpotation Facilities Projects (AGM), 5.00%, 7/01/41 |  |  | 2,290 |  |  |  | 2,349,277 |
Massachusetts — 0.8% |
Massachusetts School Building Authority, RB, Series B, 5.00%, 10/15/41 |  |  | 2,266 |  |  |  | 2,540,706 |
New Hampshire — 0.7% |
New Hampshire Health and Education Facilities Authority Act, RB, Doartmouth College Issue, 5.25%, 6/01/19(c)(g) |  |  | 2,009 |  |  |  | 2,135,876 |
New York — 8.0% |
City of New York New York Water & Sewer System, Refunding RB: |  |  |  |  |  |  |  |
2nd General Resolution, Series FF-2, 5.50%, 6/15/40 |  |  | 1,575 |  |  |  | 1,682,410 |
Second Generation, 5.00%, 6/15/18(c) |  |  | 927 |  |  |  | 949,005 |
Second Generation, 5.00%, 6/15/37 |  |  | 5,372 |  |  |  | 5,498,040 |
Hudson Yards Infrastructure Corp., RB, Series A, 5.75%, 2/15/47(g) |  |  | 1,610 |  |  |  | 1,829,326 |
Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56 |  |  | 4,720 |  |  |  | 5,518,035 |
New York Liberty Development Corp., Refunding RB, World Trade Center Project, 5.75%, 11/15/51(g) |  |  | 6,440 |  |  |  | 7,406,093 |
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 |  |  | 2,595 |  |  |  | 3,004,707 |
|  |  |  |  |  |  | 25,887,616 |
North Carolina — 0.9% |
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University, Series B, 5.00%, 10/01/55 |  |  | 2,550 |  |  |  | 2,901,721 |
Ohio — 5.2% |
Ohio Higher Educational Facility Commission, Refunding RB, Cleveland Clinic Health System, Series A, 5.25%, 1/01/18(c) |  |  | 2,400 |  |  |  | 2,412,720 |
State of Ohio, Refunding RB, Cleveland Clinic Health, Series A, 5.50%, 1/01/19(c) |  |  | 13,843 |  |  |  | 14,528,195 |
|  |  |  |  |  |  | 16,940,915 |
Pennsylvania — 0.9% |
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42 |  |  | 2,340 |  |  |  | 2,750,553 |
South Carolina — 1.6% |
State of South Carolina Public Service Authority, Refunding RB, Series A(c)(g): |  |  |  |  |  |  |  |
5.50%, 1/01/19 |  |  | 398 |  |  |  | 418,082 |
5.50%, 1/01/19 |  |  | 4,603 |  |  |  | 4,834,204 |
|  |  |  |  |  |  | 5,252,286 |

Security |  | Shares/Par (000) |  |  | Value |
Texas — 2.7% |
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43 |  | $ | 2,520 |  |  | $ | 2,840,689 |
County of Harris Metropolitan Transit Authority, RB, Series A, 5.00%, 11/01/41 |  |  | 3,400 |  |  |  | 3,793,176 |
University of Texas System, Refunding RB, Financing System, Series B, 5.00%, 8/15/43 |  |  | 1,831 |  |  |  | 2,080,301 |
|  |  |  |  |  |  | 8,714,166 |
Wisconsin — 0.8% |
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group: Series C, 5.25%, 4/01/19(c)(g) |  |  | 2,499 |  |  |  | 2,641,470 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 32.9% |  |  |  | 106,662,036 |
Total Long-Term Investments — 157.0% (Cost — $473,147,043) |  |  |  | 509,099,723 |
Short-Term Securities — 2.5% |  |  |  |  |  |  |  |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.74%(h)(i) |  |  | 8,221,784 |  |  |  | 8,224,251 |
Total Short-Term Securities — 2.5% (Cost — $8,224,035) |  |  |  | 8,224,251 |
Total Investments — 159.5% (Cost — $481,371,078) |  |  |  | 517,323,974 |
Other Assets Less Liabilities — 2.3% |  |  |  | 7,268,570 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (18.6)% |  |  |  | (60,230,924 | )
VMTP Shares at Liquidation Value — (43.2)% |  |  |  | (140,000,000 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 324,361,620 |

(a) | 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.

(b) | Zero-coupon bond.

(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) | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

(e) | Security is collateralized by municipal bonds or U.S. Treasury obligations.

(f) | 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. See Note 4 of the Notes to Financial Statements for details.

(g) | All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between May 7, 2018 to April 1, 2025 is $15,744,299. See Note 4 of the Notes to Financial Statements for details.

(h) | Annualized 7-day yield as of period end.

66 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniVest Fund II, Inc. (MVT)

(i) | During the six months ended October 31, 2017, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated |  | Shares Held at 04/30/17 |  |  | Net Activity |  |  | Shares Held at 10/31/17 |  |  | Value at 10/31/17 |  |  | Income |  |  | Net Realized Gain (a) |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, MuniCash, Institutional Class |  |  | 16,387 |  |  |  | 8,205,397 |  |  |  | 8,221,784 |  |  | $ | 8,224,251 |  |  | $ | 19,629 |  |  | $ | 1,550 |  |  | $ | 216 |

| (a) | Includes net capital gain distributions, if applicable. |

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 |  |  | (40 | ) |  |  | 12/19/17 |  |  | $ | 4,998 |  |  | $ | 74,380 |
Long U.S. Treasury Bond |  |  | (48 | ) |  |  | 12/19/17 |  |  |  | 7,319 |  |  |  | 149,724 |
Ultra Long U.S. Treasury Bond |  |  | (18 | ) |  |  | 12/19/17 |  |  |  | 2,966 |  |  |  | 67,085 |
5-Year U.S. Treasury Note |  |  | (55 | ) |  |  | 12/29/17 |  |  |  | 6,445 |  |  |  | 65,493 |
|  |  | $ | 356,682 |

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized appreciation(a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 356,682 |  |  | $ | — |  |  | $ | 356,682 |

| (a) | Includes cumulative appreciation (depreciation) on futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |

For the six months ended October 31, 2017, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (488,477 | ) |  | $ | — |  |  | $ | (488,477 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 565,745 |  |  | $ | — |  |  | $ | 565,745 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |  |  |  |
Average notional value of contracts — short |  | $ | 20,113,899 |

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

SCHEDULES OF INVESTMENTS |  |  | 67 |

Schedule of Investments (continued) October 31, 2017 (Unaudited) |  | BlackRock MuniVest Fund II, Inc. (MVT)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments(a) |  | $ | — |  |  | $ | 509,099,723 |  |  | $ | — |  |  | $ | 509,099,723 |
Short-Term Securities |  |  | 8,224,251 |  |  |  |  |  |  |  | — |  |  |  | 8,224,251 |
|  | $ | 8,224,251 |  |  | $ | 509,099,723 |  |  | $ | — |  |  | $ | 517,323,974 |
Derivative Financial Instruments(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 356,682 |  |  | $ | — |  |  | $ | — |  |  | $ | 356,682 |

| (a) | See above Schedule of Investments for values in each state or political subdivision. |

| (b) | Derivative financial instruments are futures contracts which 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 statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  | $ | — |  |  | $ | (60,065,874 | ) |  | $ | — |  |  | $ | (60,065,874 | )
VMTP Shares at Liquidation Value |  |  | — |  |  |  | (140,000,000 | ) |  |  | — |  |  |  | (140,000,000 | )
|  | $ | — |  |  | $ | (200,065,874 | ) |  | $ | — |  |  | $ | (200,065,874 | )

During the six months ended October 31, 2017, there were no transfers between levels.

See notes to financial statements.

68 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities

October 31, 2017 (Unaudited)

|  | BlackRock MuniAssets Fund, Inc. (MUA) |  |  | BlackRock MuniEnhanced Fund, Inc. (MEN) |  |  | BlackRock MuniHoldings Fund, Inc. (MHD) |  |  | BlackRock MuniHoldings Fund II, Inc. (MUH) |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments at value — unaffiliated(a) |  | $ | 566,588,420 |  |  | $ | 564,263,944 |  |  | $ | 378,375,380 |  |  | $ | 273,296,195 |
Investments at value — affiliated(b) |  |  | 3,876,148 |  |  |  | 5,205,183 |  |  |  | 5,854,033 |  |  |  | 4,265,161 |
Cash |  |  | — |  |  |  | 2,766,901 |  |  |  | — |  |  |  | — |
Cash pledged for futures contracts |  |  | 308,950 |  |  |  | 302,900 |  |  |  | 240,550 |  |  |  | 170,200 |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest — unaffiliated |  |  | 9,935,421 |  |  |  | 7,106,734 |  |  |  | 5,567,465 |  |  |  | 3,975,818 |
Investments sold |  |  | 443,700 |  |  |  | 1,200,374 |  |  |  | 29,060 |  |  |  | 24,558 |
Variation margin on futures contracts |  |  | 7,648 |  |  |  | 6,500 |  |  |  | 5,367 |  |  |  | 3,625 |
Dividends — affiliated |  |  | 3,224 |  |  |  | 5,390 |  |  |  | 3,427 |  |  |  | 2,227 |
Prepaid expenses |  |  | 3,546 |  |  |  | 17,503 |  |  |  | 16,773 |  |  |  | 16,568 |
Total assets |  |  | 581,167,057 |  |  |  | 580,875,429 |  |  |  | 390,092,055 |  |  |  | 281,754,352 |
ACCRUED LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdraft |  |  | — |  |  |  | — |  |  |  | 136,351 |  |  |  | 89,597 |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income dividends — Common Shares |  |  | 2,068,515 |  |  |  | 1,676,392 |  |  |  | 1,057,708 |  |  |  | 765,199 |
Investments purchased |  |  | 1,742,987 |  |  |  | 8,160,124 |  |  |  | — |  |  |  | — |
Investment advisory fees |  |  | 269,575 |  |  |  | 241,976 |  |  |  | 181,406 |  |  |  | 131,068 |
Interest expense and fees |  |  | 204,797 |  |  |  | 192,516 |  |  |  | 165,913 |  |  |  | 126,760 |
Other accrued expenses |  |  | 130,572 |  |  |  | 118,093 |  |  |  | 94,730 |  |  |  | 80,484 |
Variation margin on futures contracts |  |  | 10,156 |  |  |  | 9,250 |  |  |  | 8,656 |  |  |  | 6,125 |
Officer’s and Directors’ fees |  |  | 5,070 |  |  |  | 4,598 |  |  |  | 2,777 |  |  |  | 2,038 |
Total accrued liabilities |  |  | 4,431,672 |  |  |  | 10,402,949 |  |  |  | 1,647,541 |  |  |  | 1,201,271 |
OTHER LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  |  | 67,756,523 |  |  |  | 74,326,061 |  |  |  | 63,115,775 |  |  |  | 48,150,135 |
VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs(c)(d) |  |  | — |  |  |  | 142,264,647 |  |  |  | — |  |  |  | — |
VMTP Shares, at liquidation value of $100,000 per share(c)(d) |  |  | — |  |  |  | — |  |  |  | 83,700,000 |  |  |  | 55,000,000 |
Total other liabilities |  |  | 67,756,523 |  |  |  | 216,590,708 |  |  |  | 146,815,775 |  |  |  | 103,150,135 |
Total liabilities |  |  | 72,188,195 |  |  |  | 226,993,657 |  |  |  | 148,463,316 |  |  |  | 104,351,406 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  | $ | 508,978,862 |  |  | $ | 353,881,772 |  |  | $ | 241,628,739 |  |  | $ | 177,402,946 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid-in capital(e)(f)(g) |  | $ | 479,883,213 |  |  | $ | 311,566,043 |  |  | $ | 211,660,385 |  |  | $ | 155,975,320 |
Undistributed net investment income |  |  | 713,190 |  |  |  | 3,317,697 |  |  |  | 1,286,483 |  |  |  | 1,783,776 |
Accumulated net realized loss |  |  | (7,693,610 | ) |  |  | (3,784,454 | ) |  |  | (1,189,748 | ) |  |  | (1,280,175 | )
Net unrealized appreciation (depreciation) |  |  | 36,076,069 |  |  |  | 42,782,486 |  |  |  | 29,871,619 |  |  |  | 20,924,025 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  | $ | 508,978,862 |  |  | $ | 353,881,772 |  |  | $ | 241,628,739 |  |  | $ | 177,402,946 |
Net asset value per Common Share |  | $ | 14.15 |  |  | $ | 11.93 |  |  | $ | 17.03 |  |  | $ | 15.65 |
(a) Investments at cost — unaffiliated |  | $ | 530,889,788 |  |  | $ | 521,863,363 |  |  | $ | 348,801,863 |  |  | $ | 252,578,396 |
(b) Investments at cost — affiliated |  | $ | 3,876,148 |  |  | $ | 5,205,183 |  |  | $ | 5,854,033 |  |  | $ | 4,265,161 |
(c) Preferred Shares outstanding, par value $0.10 per share |  |  | — |  |  |  | 1,425 |  |  |  | 837 |  |  |  | 550 |
(d) Preferred Shares authorized, including Auction Market Preferred Shares (“AMPS”) |  |  | — |  |  |  | 8,905 |  |  |  | 5,837 |  |  |  | 4,030 |
(e) Par value per Common Share |  | $ | 0.10 |  |  | $ | 0.10 |  |  | $ | 0.10 |  |  | $ | 0.10 |
(f) Common Shares outstanding |  |  | 35,974,169 |  |  |  | 29,672,170 |  |  |  | 14,191,210 |  |  |  | 11,336,282 |
(g) Common Shares authorized |  |  | 200,000,000 |  |  |  | 199,991,095 |  |  |  | 199,994,163 |  |  |  | 199,995,970 |

See notes to financial statements.

FINANCIAL STATEMENTS |  |  | 69 |

Statements of Assets and Liabilities (continued)

October 31, 2017 (Unaudited)

|  | BlackRock MuniHoldings Quality Fund, Inc. (MUS) |  |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI) |  |  | BlackRock MuniVest Fund II, Inc. (MVT) |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Investments at value — unaffiliated(a) |  | $ | 294,948,497 |  |  | $ | 948,634,766 |  |  | $ | 509,099,723 |
Investments at value — affiliated(b) |  |  | 525,539 |  |  |  | 11,201,149 |  |  |  | 8,224,251 |
Cash |  |  | — |  |  |  | — |  |  |  | — |
Cash pledged for futures contracts |  |  | 131,150 |  |  |  | 535,900 |  |  |  | 276,050 |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |
Interest — unaffiliated |  |  | 4,342,336 |  |  |  | 12,758,335 |  |  |  | 8,207,535 |
Investments sold |  |  | 184,387 |  |  |  | 8,473,423 |  |  |  | 890,000 |
Variation margin on futures contracts |  |  | 5,687 |  |  |  | 27,470 |  |  |  | 6,992 |
Dividends — affiliated |  |  | 890 |  |  |  | 6,861 |  |  |  | 4,973 |
Prepaid expenses |  |  | 16,627 |  |  |  | 18,776 |  |  |  | 17,098 |
Total assets |  |  | 300,155,113 |  |  |  | 981,656,680 |  |  |  | 526,726,622 |
ACCRUED LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
Bank overdraft |  |  | 141,727 |  |  |  | 467,698 |  |  |  | 228,066 |
Payables: |  |  |  |  |  |  |  |  |  |  |  |
Income dividends — Common Shares |  |  | 826,661 |  |  |  | 1,895,665 |  |  |  | 1,551,985 |
Investments purchased |  |  | 1,052,870 |  |  |  | 27,674,221 |  |  |  | — |
Investment advisory fees |  |  | 130,980 |  |  |  | 443,936 |  |  |  | 222,555 |
Interest expense and fees |  |  | 67,809 |  |  |  | 143,773 |  |  |  | 165,050 |
Other accrued expenses |  |  | 80,240 |  |  |  | 169,149 |  |  |  | 118,664 |
Variation margin on futures contracts |  |  | 4,578 |  |  |  | 7,313 |  |  |  | 9,000 |
Officer’s and Directors’ fees |  |  | 2,200 |  |  |  | 331,204 |  |  |  | 3,808 |
Total accrued liabilities |  |  | 2,307,065 |  |  |  | 31,132,959 |  |  |  | 2,299,128 |
OTHER LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  |  | 29,123,326 |  |  |  | 69,726,850 |  |  |  | 60,065,874 |
VMTP Shares, at liquidation value of $100,000 per share(c)(d) |  |  | 87,000,000 |  |  |  | 287,100,000 |  |  |  | 140,000,000 |
Total other liabilities |  |  | 116,123,326 |  |  |  | 356,826,850 |  |  |  | 200,065,874 |
Total liabilities |  |  | 118,430,391 |  |  |  | 387,959,809 |  |  |  | 202,365,002 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  | $ | 181,724,722 |  |  | $ | 593,696,871 |  |  | $ | 324,361,620 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF |  |  |  |  |  |  |  |  |  |  |  |
Paid-in capital(e)(f)(g) |  | $ | 174,749,656 |  |  | $ | 543,452,920 |  |  | $ | 288,764,232 |
Undistributed net investment income |  |  | 1,717,163 |  |  |  | 2,387,800 |  |  |  | 1,789,641 |
Accumulated net realized loss |  |  | (14,438,367 | ) |  |  | (3,589,506 | ) |  |  | (2,501,831 | )
Net unrealized appreciation (depreciation) |  |  | 19,696,270 |  |  |  | 51,445,657 |  |  |  | 36,309,578 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  | $ | 181,724,722 |  |  | $ | 593,696,871 |  |  | $ | 324,361,620 |
Net asset value per Common Share |  | $ | 13.96 |  |  | $ | 15.50 |  |  | $ | 15.26 |
(a) Investments at cost — unaffiliated |  | $ | 275,429,873 |  |  | $ | 898,006,791 |  |  | $ | 473,147,043 |
(b) Investments at cost — affiliated |  | $ | 525,539 |  |  | $ | 11,201,149 |  |  | $ | 8,224,035 |
(c) Preferred Shares outstanding, par value $0.10 per share |  |  | 870 |  |  |  | 2,871 |  |  |  | 1,400 |
(d) Preferred Shares authorized, including Auction Market Preferred Shares (“AMPS”) |  |  | 6,230 |  |  |  | 15,671 |  |  |  | 8,400 |
(e) Par value per Common Share |  | $ | 0.10 |  |  | $ | 0.10 |  |  | $ | 0.10 |
(f) Common Shares outstanding |  |  | 13,018,276 |  |  |  | 38,296,266 |  |  |  | 21,260,071 |
(g) Common Shares authorized |  |  | 199,993,770 |  |  |  | 199,984,329 |  |  |  | 199,991,600 |

See notes to financial statements.

70 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations

Six Months Ended October 31, 2017 (Unaudited)

|  | BlackRock MuniAssets Fund, Inc. (MUA) |  |  | BlackRock MuniEnhanced Fund, Inc. (MEN) |  |  | BlackRock MuniHoldings Fund, Inc. (MHD) |  |  | BlackRock MuniHoldings Fund II, Inc. (MUH) |
INVESTMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest — unaffiliated |  | $ | 14,641,371 |  |  | $ | 12,461,637 |  |  | $ | 8,835,731 |  |  | $ | 6,404,314 |
Dividends — affiliated |  |  | 15,053 |  |  |  | 11,110 |  |  |  | 14,769 |  |  |  | 10,263 |
Total investment income |  |  | 14,656,424 |  |  |  | 12,472,747 |  |  |  | 8,850,500 |  |  |  | 6,414,577 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory |  |  | 1,602,509 |  |  |  | 1,431,390 |  |  |  | 1,076,170 |  |  |  | 777,785 |
Professional |  |  | 45,583 |  |  |  | 46,901 |  |  |  | 39,183 |  |  |  | 34,891 |
Accounting services |  |  | 43,764 |  |  |  | 43,220 |  |  |  | 31,096 |  |  |  | 24,119 |
Transfer agent |  |  | 30,950 |  |  |  | 20,217 |  |  |  | 13,578 |  |  |  | 12,001 |
Officer and Directors |  |  | 27,781 |  |  |  | 19,862 |  |  |  | 13,259 |  |  |  | 9,752 |
Custodian |  |  | 12,306 |  |  |  | 12,003 |  |  |  | 8,062 |  |  |  | 5,299 |
Registration |  |  | 7,038 |  |  |  | 5,983 |  |  |  | 4,845 |  |  |  | 4,810 |
Printing |  |  | 5,873 |  |  |  | 4,636 |  |  |  | 3,723 |  |  |  | 3,270 |
Rating agency |  |  | — |  |  |  | 20,236 |  |  |  | 20,215 |  |  |  | 20,204 |
Miscellaneous |  |  | 21,816 |  |  |  | 20,037 |  |  |  | 19,149 |  |  |  | 14,109 |
Total expenses excluding interest expense, fees and amortization of offering costs |  |  | 1,797,620 |  |  |  | 1,624,485 |  |  |  | 1,229,280 |  |  |  | 906,240 |
Interest expense, fees and amortization of offering costs(a) |  |  | 528,981 |  |  |  | 1,772,963 |  |  |  | 1,243,139 |  |  |  | 866,226 |
Total expenses |  |  | 2,326,601 |  |  |  | 3,397,448 |  |  |  | 2,472,419 |  |  |  | 1,772,466 |
Less fees waived by the Manager |  |  | (2,172 | ) |  |  | (1,630 | ) |  |  | (2,111 | ) |  |  | (1,475 | )
Total expenses after fees waived |  |  | 2,324,429 |  |  |  | 3,395,818 |  |  |  | 2,470,308 |  |  |  | 1,770,991 |
Net investment income |  |  | 12,331,995 |  |  |  | 9,076,929 |  |  |  | 6,380,192 |  |  |  | 4,643,586 |
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 1,813,460 |  |  |  | 203,423 |  |  |  | 47,778 |  |  |  | 48,968 |
Investments — affiliated |  |  | 515 |  |  |  | 785 |  |  |  | 472 |  |  |  | 447 |
Futures contracts |  |  | (570,618 | ) |  |  | (681,361 | ) |  |  | (439,239 | ) |  |  | (296,041 | )
|  |  | 1,243,357 |  |  |  | (477,153 | ) |  |  | (390,989 | ) |  |  | (246,626 | )
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 1,123,639 |  |  |  | 5,109,269 |  |  |  | 2,806,414 |  |  |  | 1,730,748 |
Investments — affiliated |  |  | (96 | ) |  |  | (217 | ) |  |  | (57 | ) |  |  | (71 | )
Futures contracts |  |  | 616,931 |  |  |  | 853,033 |  |  |  | 536,468 |  |  |  | 333,041 |
|  |  | 1,740,474 |  |  |  | 5,962,085 |  |  |  | 3,342,825 |  |  |  | 2,063,718 |
Net realized and unrealized gain |  |  | 2,983,831 |  |  |  | 5,484,932 |  |  |  | 2,951,836 |  |  |  | 1,817,092 |
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS |  | $ | 15,315,826 |  |  | $ | 14,561,861 |  |  | $ | 9,332,028 |  |  | $ | 6,460,678 |

(a) | Related to TOB Trusts, VMTP Shares and/or VRDP Shares.

See notes to financial statements

FINANCIAL STATEMENTS |  |  | 71 |

Statements of Operations (continued)

Six Months Ended October 31, 2017 (Unaudited)

|  | BlackRock MuniHoldings Quality Fund, Inc. (MUS) |  |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI) |  |  | BlackRock MuniVest Fund II, Inc. (MVT) |
INVESTMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |
Interest — unaffiliated |  | $ | 6,668,252 |  |  | $ | 17,685,296 |  |  | $ | 12,261,024 |
Dividends — affiliated |  |  | 10,336 |  |  |  | 27,723 |  |  |  | 19,629 |
Total investment income |  |  | 6,678,588 |  |  |  | 17,713,019 |  |  |  | 12,280,653 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory |  |  | 829,151 |  |  |  | 2,617,115 |  |  |  | 1,323,626 |
Professional |  |  | 36,088 |  |  |  | 61,807 |  |  |  | 46,173 |
Accounting services |  |  | 25,019 |  |  |  | 63,495 |  |  |  | 41,610 |
Transfer agent |  |  | 11,777 |  |  |  | 25,957 |  |  |  | 16,728 |
Officer and Directors |  |  | 10,094 |  |  |  | 47,369 |  |  |  | 17,869 |
Custodian |  |  | 7,392 |  |  |  | 19,872 |  |  |  | 11,248 |
Registration |  |  | 4,793 |  |  |  | 7,506 |  |  |  | 4,971 |
Printing |  |  | 3,280 |  |  |  | 6,625 |  |  |  | 4,427 |
Rating agency |  |  | 20,216 |  |  |  | 20,288 |  |  |  | 20,235 |
Miscellaneous |  |  | 13,779 |  |  |  | 23,970 |  |  |  | 17,747 |
Total expenses excluding interest expense, fees and amortization of offering costs |  |  | 961,589 |  |  |  | 2,894,004 |  |  |  | 1,504,634 |
Interest expense, fees and amortization of offering costs(a) |  |  | 1,027,553 |  |  |  | 3,130,359 |  |  |  | 1,748,602 |
Total expenses |  |  | 1,989,142 |  |  |  | 6,024,363 |  |  |  | 3,253,236 |
Less fees waived by the Manager |  |  | (50,488 | ) |  |  | (3,941 | ) |  |  | (2,796 | )
Total expenses after fees waived |  |  | 1,938,654 |  |  |  | 6,020,422 |  |  |  | 3,250,440 |
Net investment income |  |  | 4,739,934 |  |  |  | 11,692,597 |  |  |  | 9,030,213 |
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 198,225 |  |  |  | 811,251 |  |  |  | 170,837 |
Investments — affiliated |  |  | 1,222 |  |  |  | 1,617 |  |  |  | 1,550 |
Futures contracts |  |  | (296,675 | ) |  |  | (860,106 | ) |  |  | (488,477 | )
|  |  | (97,228 | ) |  |  | (47,238 | ) |  |  | (316,090 | )
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 77,073 |  |  |  | 11,483,084 |  |  |  | 1,421,623 |
Investments — affiliated |  |  | — |  |  |  | (180 | ) |  |  | 216 |
Futures contracts |  |  | 309,747 |  |  |  | 1,457,164 |  |  |  | 565,745 |
|  |  | 386,820 |  |  |  | 12,940,068 |  |  |  | 1,987,584 |
Net realized and unrealized gain |  |  | 289,592 |  |  |  | 12,892,830 |  |  |  | 1,671,494 |
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS |  | $ | 5,029,526 |  |  | $ | 24,585,427 |  |  | $ | 10,701,707 |

(a) | Related to TOB Trusts and/or VMTP Shares.

See notes to financial statements.

72 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

|  | BlackRock MuniAssets Fund, Inc. (MUA) |  |  |  |  |  | BlackRock MuniEnhanced Fund, Inc. (MEN) |
|  | Six Months Ended 10/31/17 (Unaudited) |  |  | Year Ended 04/30/17 |  |  |  |  |  | Six Months Ended 10/31/17 (Unaudited) |  |  | Year Ended 04/30/17 |
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 12,331,995 |  |  | $ | 25,298,067 |  |  |  |  |  |  | $ | 9,076,929 |  |  | $ | 19,135,096 |
Net realized gain (loss) |  |  | 1,243,357 |  |  |  | (6,103,677 | ) |  |  |  |  |  |  | (477,153 | ) |  |  | 2,216,473 |
Net change in unrealized appreciation (depreciation) |  |  | 1,740,474 |  |  |  | (7,831,985 | ) |  |  |  |  |  |  | 5,962,085 |  |  |  | (23,080,927 | )
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |  |  | 15,315,826 |  |  |  | 11,362,405 |  |  |  |  |  |  |  | 14,561,861 |  |  |  | (1,729,358 | )
DISTRIBUTIONS TO COMMON SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (12,403,610 | ) |  |  | (24,955,313 | ) |  |  |  |  |  |  | (10,054,052 | ) |  |  | (20,244,836 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reinvestment of common distributions |  |  | 760,953 |  |  |  | 1,201,178 |  |  |  |  |  |  |  | 336,699 |  |  |  | 669,394 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets applicable to Common Shareholders |  |  | 3,673,169 |  |  |  | (12,391,730 | ) |  |  |  |  |  |  | 4,844,508 |  |  |  | (21,304,800 | )
Beginning of period |  |  | 505,305,693 |  |  |  | 517,697,423 |  |  |  |  |  |  |  | 349,037,264 |  |  |  | 370,342,064 |
End of period |  | $ | 508,978,862 |  |  | $ | 505,305,693 |  |  |  |  |  |  | $ | 353,881,772 |  |  | $ | 349,037,264 |
Undistributed net investment income, end of period |  | $ | 713,190 |  |  | $ | 784,805 |  |  |  |  |  |  | $ | 3,317,697 |  |  | $ | 4,294,820 |

(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL STATEMENTS |  |  | 73 |

Statements of Changes in Net Assets (continued)

|  | BlackRock MuniHoldings Fund, Inc. (MHD) |  |  |  |  |  | BlackRock MuniHoldings Fund II, Inc. (MUH) |
|  | Six Months Ended 10/31/17 (Unaudited) |  |  | Year Ended 04/30/17 |  |  |  |  |  | Six Months Ended 10/31/17 (Unaudited) |  |  | Year Ended 04/30/17 |
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 6,380,192 |  |  | $ | 13,423,611 |  |  |  |  |  |  | $ | 4,643,586 |  |  | $ | 9,771,566 |
Net realized gain (loss) |  |  | (390,989 | ) |  |  | 1,929,867 |  |  |  |  |  |  |  | (246,626 | ) |  |  | 1,537,795 |
Net change in unrealized appreciation (depreciation) |  |  | 3,342,825 |  |  |  | (17,165,235 | ) |  |  |  |  |  |  | 2,063,718 |  |  |  | (12,368,643 | )
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |  |  | 9,332,028 |  |  |  | (1,811,757 | ) |  |  |  |  |  |  | 6,460,678 |  |  |  | (1,059,282 | )
DISTRIBUTIONS TO COMMON SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (6,798,857 | ) |  |  | (13,833,972 | ) |  |  |  |  |  |  | (4,985,284 | ) |  |  | (10,145,858 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reinvestment of common distributions |  |  | 411,605 |  |  |  | 465,879 |  |  |  |  |  |  |  | 290,507 |  |  |  | 288,874 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets applicable to Common Shareholders |  |  | 2,944,776 |  |  |  | (15,179,850 | ) |  |  |  |  |  |  | 1,765,901 |  |  |  | (10,916,266 | )
Beginning of period |  |  | 238,683,963 |  |  |  | 253,863,813 |  |  |  |  |  |  |  | 175,637,045 |  |  |  | 186,553,311 |
End of period |  | $ | 241,628,739 |  |  | $ | 238,683,963 |  |  |  |  |  |  | $ | 177,402,946 |  |  | $ | 175,637,045 |
Undistributed net investment income, end of period |  | $ | 1,286,483 |  |  | $ | 1,705,148 |  |  |  |  |  |  | $ | 1,783,776 |  |  | $ | 2,125,474 |

(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

74 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)

|  | BlackRock MuniHoldings Quality Fund, Inc. (MUS) |  |  |  |  |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI) |
|  | Six Months Ended 10/31/17 (Unaudited) |  |  | Year Ended 04/30/17 |  |  |  |  |  | Six Months Ended 10/31/17 (Unaudited) |  |  | Year Ended 04/30/17 |
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 4,739,934 |  |  | $ | 9,805,483 |  |  |  |  |  |  | $ | 11,692,597 |  |  | $ | 24,790,887 |
Net realized gain (loss) |  |  | (97,228 | ) |  |  | 544,766 |  |  |  |  |  |  |  | (47,238 | ) |  |  | 1,224,930 |
Net change in unrealized appreciation (depreciation) |  |  | 386,820 |  |  |  | (11,494,637 | ) |  |  |  |  |  |  | 12,940,068 |  |  |  | (32,802,123 | )
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |  |  | 5,029,526 |  |  |  | (1,144,388 | ) |  |  |  |  |  |  | 24,585,427 |  |  |  | (6,786,306 | )
DISTRIBUTIONS TO COMMON SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (4,959,420 | ) |  |  | (10,437,391 | ) |  |  |  |  |  |  | (11,833,546 | ) |  |  | (25,757,762 | )
From net realized gain |  |  | — |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  | (5,481,919 | )
Decrease in net assets resulting from distributions to Common Shareholders |  |  | (4,959,420 | ) |  |  | (10,437,391 | ) |  |  |  |  |  |  | (11,833,546 | ) |  |  | (31,239,681 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reinvestment of common distributions |  |  | 40,885 |  |  |  | 85,253 |  |  |  |  |  |  |  | — |  |  |  | — |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets applicable to Common Shareholders |  |  | 110,991 |  |  |  | (11,496,526 | ) |  |  |  |  |  |  | 12,751,881 |  |  |  | (38,025,987 | )
Beginning of period |  |  | 181,613,731 |  |  |  | 193,110,257 |  |  |  |  |  |  |  | 580,944,990 |  |  |  | 618,970,977 |
End of period |  | $ | 181,724,722 |  |  | $ | 181,613,731 |  |  |  |  |  |  | $ | 593,696,871 |  |  | $ | 580,944,990 |
Undistributed net investment income, end of period |  | $ | 1,717,163 |  |  | $ | 1,936,649 |  |  |  |  |  |  | $ | 2,387,800 |  |  | $ | 2,528,749 |

(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL STATEMENTS |  |  | 75 |

Statements of Changes in Net Assets (continued)

|  | BlackRockMuniVest Fund II, Inc. (MVT) |
|  | Six Months Ended 10//31/17 (Unaudited) |  |  | Year Ended 04/30/17 |
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS: |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |
Net investment income |  | $ | 9,030,213 |  |  | $ | 19,206,316 |
Net realized gain (loss) |  |  | (316,090 | ) |  |  | 820,955 |
Net change in unrealized appreciation (depreciation) |  |  | 1,987,584 |  |  |  | (20,760,264 | )
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |  |  | 10,701,707 |  |  |  | (732,993 | )
DISTRIBUTIONS TO COMMON SHAREHOLDERS(a) |  |  |  |  |  |  |  |
From net investment income |  |  | (9,299,864 | ) |  |  | (19,904,361 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |
Reinvestment of common distributions |  |  | 1,020,825 |  |  |  | 1,823,631 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |
Total increase (decrease) in net assets applicable to Common Shareholders |  |  | 2,422,668 |  |  |  | (18,813,723 | )
Beginning of period |  |  | 321,938,952 |  |  |  | 340,752,675 |
End of period |  | $ | 324,361,620 |  |  | $ | 321,938,952 |
Undistributed net investment income, end of period |  | $ | 1,789,641 |  |  | $ | 2,059,292 |

(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

76 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Cash Flows

Six Months Ended October 31, 2017 (Unaudited)

|  | BlackRock MuniAssets Fund, Inc. (MUA) |  |  | BlackRock MuniEnhanced Fund, Inc. (MEN) |  |  | BlackRock MuniHoldings Fund, Inc. (MHD) |  |  | BlackRock MuniHoldings Fund II, Inc. (MUH) |
CASH PROVIDED BY OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase in net assets resulting from operations |  | $ | 15,315,826 |  |  | $ | 14,561,861 |  |  | $ | 9,332,028 |  |  | $ | 6,460,678 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales of long-term investments |  |  | 41,288,784 |  |  |  | 67,345,877 |  |  |  | 16,258,327 |  |  |  | 12,047,729 |
Purchases of long-term investments |  |  | (39,323,921 | ) |  |  | (64,411,882 | ) |  |  | (12,285,781 | ) |  |  | (9,169,435 | )
Net proceeds from sales (purchases) of short-term securities |  |  | (2,818,872 | ) |  |  | (3,414,043 | ) |  |  | (5,278,346 | ) |  |  | (3,552,658 | )
Amortization of premium and accretion of discount on investments and other fees |  |  | 82,118 |  |  |  | (275,253 | ) |  |  | 141,934 |  |  |  | 9,501 |
Net realized gain on investments |  |  | (1,767,916 | ) |  |  | (204,208 | ) |  |  | (48,250 | ) |  |  | (49,415 | )
Net unrealized gain on investments |  |  | (1,123,543 | ) |  |  | (5,109,052 | ) |  |  | (2,806,357 | ) |  |  | (1,730,677 | )
(Increase) Decrease in Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash pledged for futures contracts |  |  | 181,000 |  |  |  | 559,000 |  |  |  | 276,000 |  |  |  | 116,000 |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest — unaffiliated |  |  | (148,542 | ) |  |  | 208,263 |  |  |  | 62,298 |  |  |  | 42,518 |
Dividends — affiliated |  |  | (2,389 | ) |  |  | (3,203 | ) |  |  | (2,466 | ) |  |  | (1,369 | )
Variation margin on futures contracts |  |  | (7,648 | ) |  |  | (6,500 | ) |  |  | (5,367 | ) |  |  | (3,625 | )
Prepaid expenses |  |  | 13,002 |  |  |  | 49,225 |  |  |  | (1,227 | ) |  |  | (2,430 | )
Increase (Decrease) in Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory fees |  |  | 10,507 |  |  |  | 9,991 |  |  |  | 7,043 |  |  |  | 4,994 |
Interest expense and fees |  |  | 30,756 |  |  |  | 23,954 |  |  |  | 22,846 |  |  |  | 17,485 |
Officer’s and Directors’ fees |  |  | 626 |  |  |  | 1,052 |  |  |  | 413 |  |  |  | 310 |
Variation margin on futures contracts |  |  | (17,250 | ) |  |  | (39,108 | ) |  |  | (21,297 | ) |  |  | (10,453 | )
Other accrued expenses |  |  | (72,935 | ) |  |  | (76,791 | ) |  |  | (62,878 | ) |  |  | (53,310 | )
Net cash provided by operating activities |  |  | 11,639,603 |  |  |  | 9,219,183 |  |  |  | 5,588,920 |  |  |  | 4,125,843 |
CASH USED FOR FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from TOB Trust Certificates |  |  | 647,995 |  |  |  | 6,991,840 |  |  |  | 1,692,477 |  |  |  | 1,228,170 |
Repayments of TOB Trust Certificates |  |  | (398,849 | ) |  |  | (3,489,131 | ) |  |  | (810,000 | ) |  |  | (585,000 | )
Proceeds from Loan for TOB Trust Certificates |  |  | 398,849 |  |  |  | 450,309 |  |  |  | — |  |  |  | — |
Repayments of Loan for TOB Trust Certificates |  |  | (647,995 | ) |  |  | (450,309 | ) |  |  | — |  |  |  | — |
Cash dividends paid to Common Shareholders |  |  | (11,639,603 | ) |  |  | (9,715,849 | ) |  |  | (6,477,084 | ) |  |  | (4,772,750 | )
Increase (decrease) in bank overdraft |  |  | — |  |  |  | (196,611 | ) |  |  | 5,687 |  |  |  | 3,737 |
Amortization of deferred offering costs |  |  | — |  |  |  | (42,531 | ) |  |  | — |  |  |  | — |
Net cash used for financing activities |  |  | (11,639,603 | ) |  |  | (6,452,282 | ) |  |  | (5,588,920 | ) |  |  | (4,125,843 | )
CASH |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase in cash |  |  | — |  |  |  | 2,766,901 |  |  |  | — |  |  |  | — |
Cash at beginning of period |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cash at end of period |  | $ | — |  |  | $ | 2,766,901 |  |  | $ | — |  |  | $ | — |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash paid during the period for interest expense |  | $ | 498,225 |  |  | $ | 1,791,540 |  |  | $ | 1,220,293 |  |  | $ | 848,741 |
NON-CASH FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital shares issued in reinvestment of distributions paid to Common Shareholders |  |  | 760,953 |  |  |  | 336,699 |  |  |  | 411,605 |  |  |  | 290,507 |

See notes to financial statements.

FINANCIAL STATEMENTS |  |  | 77 |

Statements of Cash Flows (continued)

Six Months Ended October 31, 2017 (Unaudited)

|  | BlackRock MuniHoldings Quality Fund, Inc. (MUS) |  |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI) |  |  | BlackRock MuniVest Fund II, Inc. (MVT) |
CASH PROVIDED BY OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Net increase in net assets resulting from operations |  | $ | 5,029,526 |  |  | $ | 24,585,427 |  |  | $ | 10,701,707 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales of long-term investments |  |  | 17,572,610 |  |  |  | 112,846,398 |  |  |  | 25,130,362 |
Purchases of long-term investments |  |  | (23,008,948 | ) |  |  | (121,893,831 | ) |  |  | (17,951,057 | )
Net proceeds from sales (purchases) of short-term securities |  |  | 5,056,272 |  |  |  | (6,506,936 | ) |  |  | (8,207,861 | )
Amortization of premium and accretion of discount on investments and other fees |  |  | 562,021 |  |  |  | 3,319,476 |  |  |  | 447,368 |
Net realized gain on investments |  |  | (199,447 | ) |  |  | (812,868 | ) |  |  | (172,387 | )
Net unrealized gain on investments |  |  | (77,073 | ) |  |  | (11,482,904 | ) |  |  | (1,421,839 | )
(Increase) Decrease in Assets: |  |  |  |  |  |  |  |  |
Cash pledged for futures contracts |  |  | 141,000 |  |  |  | 626,000 |  |  |  | 202,000 |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |
Interest — unaffiliated |  |  | (76,246 | ) |  |  | 55,908 |  |  |  | 123,502 |
Dividends — affiliated |  |  | 474 |  |  |  | (2,947 | ) |  |  | (3,301 | )
Variation margin on futures contracts |  |  | (5,687 | ) |  |  | (25,439 | ) |  |  | (6,992 | )
Prepaid expenses |  |  | (2,374 | ) |  |  | 7,204 |  |  |  | 434 |
Increase (Decrease) in Liabilities: |  |  |  |  |  |  |  |  |
Payables: |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory fees |  |  | 4,718 |  |  |  | 25,911 |  |  |  | 4,714 |
Interest expense and fees |  |  | 9,290 |  |  |  | 36,953 |  |  |  | 18,014 |
Officer’s and Directors’ fees |  |  | 375 |  |  |  | 27,139 |  |  |  | 584 |
Variation margin on futures contracts |  |  | (10,343 | ) |  |  | (53,622 | ) |  |  | (18,187 | )
Other accrued expenses |  |  | (57,463 | ) |  |  | (98,052 | ) |  |  | (73,409 | )
Net cash provided by operating activities |  |  | 4,938,705 |  |  |  | 653,817 |  |  |  | 8,773,652 |
CASH USED FOR FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from TOB Trust Certificates |  |  | — |  |  |  | 11,390,000 |  |  |  | 2,291,585 |
Repayments of TOB Trust Certificates |  |  | (26,267 | ) |  |  | — |  |  |  | (2,800,591 | )
Proceeds from Loan for TOB Trust Certificates |  |  | — |  |  |  | — |  |  |  | — |
Repayments of Loan for TOB Trust Certificates |  |  | — |  |  |  | — |  |  |  | — |
Cash dividends paid to Common Shareholders |  |  | (4,918,350 | ) |  |  | (12,063,324 | ) |  |  | (8,274,159 | )
Increase in bank overdraft |  |  | 5,912 |  |  |  | 19,507 |  |  |  | 9,513 |
Amortization of deferred offering costs |  |  | — |  |  |  | — |  |  |  | — |
Net cash used for financing activities |  |  | (4,938,705 | ) |  |  | (653,817 | ) |  |  | (8,773,652 | )
CASH |  |  |  |  |  |  |  |  |  |  |  |
Net increase in cash |  |  | — |  |  |  | — |  |  |  | — |
Cash at beginning of period |  |  | — |  |  |  | — |  |  |  | — |
Cash at end of period |  | $ | — |  |  | $ | — |  |  | $ | — |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |  |  |  |  |  |  |  |  |
Cash paid during the period for interest expense |  | $ | 1,018,263 |  |  | $ | 3,093,406 |  |  | $ | 1,730,588 |
NON-CASH FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Capital shares issued in reinvestment of distributions paid to Common Shareholders |  |  | 40,885 |  |  |  | — |  |  |  | 1,020,825 |

See notes to financial statements.

78 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

|  | BlackRock MuniAssets Fund, Inc. (MUA) |
|  | Six Months Ended 10/31/17 (Unaudited) |  |  |  |  |  | Year Ended April 30, |
|  |  |  | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2013 |
Net asset value, beginning of period |  | $ | 14.07 |  |  |  |  |  |  | $ | 14.45 |  |  | $ | 14.12 |  |  | $ | 13.56 |  |  | $ | 14.36 |  |  | $ | 13.47 |
Net investment income(a) |  |  | 0.34 |  |  |  |  |  |  |  | 0.70 |  |  |  | 0.72 |  |  |  | 0.73 |  |  |  | 0.77 |  |  |  | 0.77 |
Net realized and unrealized gain (loss) |  |  | 0.09 |  |  |  |  |  |  |  | (0.38 | ) |  |  | 0.35 |  |  |  | 0.59 |  |  |  | (0.82 | ) |  |  | 0.90 |
Net increase (decrease) from investment operations |  |  | 0.43 |  |  |  |  |  |  |  | 0.32 |  |  |  | 1.07 |  |  |  | 1.32 |  |  |  | (0.05 | ) |  |  | 1.67 |
Distributions to Common Shareholders from net investment income(b) |  |  | (0.35 | ) |  |  |  |  |  |  | (0.70 | ) |  |  | (0.74 | ) |  |  | (0.76 | ) |  |  | (0.75 | ) |  |  | (0.78 | )
Net asset value, end of period |  | $ | 14.15 |  |  |  |  |  |  | $ | 14.07 |  |  | $ | 14.45 |  |  | $ | 14.12 |  |  | $ | 13.56 |  |  | $ | 14.36 |
Market price, end of period |  | $ | 14.94 |  |  |  |  |  |  | $ | 14.82 |  |  | $ | 14.74 |  |  | $ | 14.22 |  |  | $ | 12.85 |  |  | $ | 13.96 |
Total Return Applicable to Common Shareholders(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 3.01 | %(d) |  |  |  |  |  |  | 2.23 | % |  |  | 7.90 | % |  |  | 10.11 | % |  |  | 0.47 | % |  |  | 12.70 | %
Based on market price |  |  | 3.26 | %(d) |  |  |  |  |  |  | 5.56 | % |  |  | 9.30 | % |  |  | 17.02 | % |  |  | (2.06 | )% |  |  | 12.22 | %
Ratios to Average Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 0.90 | %(e) |  |  |  |  |  |  | 0.87 | % |  |  | 0.81 | % |  |  | 0.82 | % |  |  | 0.82 | % |  |  | 0.83 | %
Total expenses after fees waived and paid indirectly |  |  | 0.90 | %(e) |  |  |  |  |  |  | 0.87 | % |  |  | 0.81 | % |  |  | 0.82 | % |  |  | 0.82 | % |  |  | 0.83 | %
Total expenses after fees waived and paid indirectly and excluding interest expense and fees(f) |  |  | 0.70 | %(e) |  |  |  |  |  |  | 0.69 | % |  |  | 0.70 | % |  |  | 0.71 | % |  |  | 0.70 | % |  |  | 0.71 | %
Net investment income |  |  | 4.79 | %(e) |  |  |  |  |  |  | 4.93 | % |  |  | 5.09 | % |  |  | 5.24 | % |  |  | 5.84 | % |  |  | 5.52 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 508,979 |  |  |  |  |  |  | $ | 505,306 |  |  | $ | 517,697 |  |  | $ | 505,341 |  |  | $ | 485,319 |  |  | $ | 513,923 |
Borrowings outstanding, end of period (000) |  | $ | 67,757 |  |  |  |  |  |  | $ | 67,507 |  |  | $ | 66,087 |  |  | $ | 61,066 |  |  | $ | 71,145 |  |  | $ | 76,451 |
Portfolio turnover rate |  |  | 7 | % |  |  |  |  |  |  | 11 | % |  |  | 18 | % |  |  | 22 | % |  |  | 19 | % |  |  | 19 | %

(a) | Based on average Common Shares outstanding.

(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(d) | Aggregate total return.

(e) | Annualized.

(f) | Interest expense and fees relate to TOB Trusts. See Note 4 of the Notes to Financial Statements for details.

See notes to financial statements.

FINANCIAL HIGHLIGHTS |  |  | 79 |

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BlackRock MuniEnhanced Fund, Inc. (MEN) |
|  | Six Months Ended 10/31/17 (Unaudited) |  |  |  |  |  | Year Ended April 30, |
|  |  | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2013 |
Net asset value, beginning of period |  | $ | 11.77 |  |  |  |  |  |  | $ | 12.52 |  |  | $ | 12.27 |  |  | $ | 11.94 |  |  | $ | 12.63 |  |  | $ | 12.12 |
Net investment income(a) |  |  | 0.31 |  |  |  |  |  |  |  | 0.65 |  |  |  | 0.70 |  |  |  | 0.71 |  |  |  | 0.73 |  |  |  | 0.71 |
Net realized and unrealized gain (loss) |  |  | 0.19 |  |  |  |  |  |  |  | (0.72 | ) |  |  | 0.28 |  |  |  | 0.35 |  |  |  | (0.70 | ) |  |  | 0.50 |
Net increase (decrease) from investment operations |  |  | 0.50 |  |  |  |  |  |  |  | (0.07 | ) |  |  | 0.98 |  |  |  | 1.06 |  |  |  | 0.03 |  |  |  | 1.21 |
Distributions to Common Shareholders from net investment income(b) |  |  | (0.34 | ) |  |  |  |  |  |  | (0.68 | ) |  |  | (0.73 | ) |  |  | (0.73 | ) |  |  | (0.72 | ) |  |  | (0.70 | )
Net asset value, end of period |  | $ | 11.93 |  |  |  |  |  |  | $ | 11.77 |  |  | $ | 12.52 |  |  | $ | 12.27 |  |  | $ | 11.94 |  |  | $ | 12.63 |
Market price, end of period |  | $ | 11.75 |  |  |  |  |  |  | $ | 11.69 |  |  | $ | 12.55 |  |  | $ | 11.67 |  |  | $ | 11.27 |  |  | $ | 12.65 |
Total Return Applicable to Common Shareholders(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 4.27 | %(d) |  |  |  |  |  |  | (0.51 | )% |  |  | 8.50 | % |  |  | 9.49 | % |  |  | 1.06 | % |  |  | 10.16 | %
Based on market price |  |  | 3.40 | %(d) |  |  |  |  |  |  | (1.42 | )% |  |  | 14.35 | % |  |  | 10.33 | % |  |  | (4.76 | )% |  |  | 14.69 | %
Ratios to Average Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.90 | %(e) |  |  |  |  |  |  | 1.73 | % |  |  | 1.44 | % |  |  | 1.44 | % |  |  | 1.50 | % |  |  | 1.49 | %(f)
Total expenses after fees waived and paid indirectly |  |  | 1.90 | %(e) |  |  |  |  |  |  | 1.73 | % |  |  | 1.44 | % |  |  | 1.43 | % |  |  | 1.50 | % |  |  | 1.49 | %(f)
Total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering costs(g) |  |  | 0.91 | %(e) |  |  |  |  |  |  | 0.89 | % |  |  | 0.90 | % |  |  | 0.91 | % |  |  | 0.92 | % |  |  | 0.96 | %(f),(h)
Net investment income to Common Shareholders |  |  | 5.08 | %(e) |  |  |  |  |  |  | 5.29 | % |  |  | 5.71 | % |  |  | 5.76 | % |  |  | 6.37 | % |  |  | 5.65 | %(f)
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of period (000) |  | $ | 353,882 |  |  |  |  |  |  | $ | 349,037 |  |  | $ | 370,342 |  |  | $ | 362,703 |  |  | $ | 352,878 |  |  | $ | 373,259 |
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |  | $ | 142,500 |  |  |  |  |  |  | $ | 142,500 |  |  | $ | 142,500 |  |  | $ | 142,500 |  |  | $ | 142,500 |  |  | $ | 142,500 |
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |  | $ | 348,338 |  |  |  |  |  |  | $ | 344,938 |  |  | $ | 359,889 |  |  | $ | 354,528 |  |  | $ | 347,633 |  |  | $ | 361,936 |
Borrowings outstanding, end of period (000) |  | $ | 74,326 |  |  |  |  |  |  | $ | 70,823 |  |  | $ | 67,160 |  |  | $ | 76,094 |  |  | $ | 73,379 |  |  | $ | 81,244 |
Portfolio turnover rate |  |  | 12 | % |  |  |  |  |  |  | 12 | % |  |  | 10 | % |  |  | 12 | % |  |  | 16 | % |  |  | 12 | %

(a) | Based on average Common Shares outstanding.

(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(d) | Aggregate total return.

(e) | Annualized.

(f) | Does not reflect the effect of dividends to AMPS Shareholders.

(g) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

(h) | For the year ended April 30, 2013, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees was 0.91%.

See notes to financial statements.

80 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BlackRock MuniHoldings Fund, Inc. (MHD) |
|  | Six Months Ended 10/31/17 (Unaudited) |  |  |  |  |  | Year Ended April 30, |
|  |  |  |  |  | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2013 |
Net asset value, beginning of period |  | $ | 16.85 |  |  |  |  |  |  | $ | 17.95 |  |  | $ | 17.59 |  |  | $ | 16.85 |  |  | $ | 18.12 |  |  | $ | 17.36 |
Net investment income(a) |  |  | 0.45 |  |  |  |  |  |  |  | 0.95 |  |  |  | 1.00 |  |  |  | 1.03 |  |  |  | 1.04 |  |  |  | 1.07 |
Net realized and unrealized gain (loss) |  |  | 0.21 |  |  |  |  |  |  |  | (1.07 | ) |  |  | 0.42 |  |  |  | 0.77 |  |  |  | (1.22 | ) |  |  | 1.01 |
Distributions to VMTP Shareholders from net realized gain |  |  | — |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.01 | )
Net increase (decrease) from investment operations |  |  | 0.66 |  |  |  |  |  |  |  | (0.12 | ) |  |  | 1.42 |  |  |  | 1.80 |  |  |  | (0.18 | ) |  |  | 2.07 |
Distributions to Common Shareholders:(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.48 | ) |  |  |  |  |  |  | (0.98 | ) |  |  | (1.06 | ) |  |  | (1.06 | ) |  |  | (1.08 | ) |  |  | (1.12 | )
From net realized gain |  |  | — |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.01 | ) |  |  | (0.19 | )
Total distributions to Common Shareholders |  |  | (0.48 | ) |  |  |  |  |  |  | (0.98 | ) |  |  | (1.06 | ) |  |  | (1.06 | ) |  |  | (1.09 | ) |  |  | (1.31 | )
Net asset value, end of period |  | $ | 17.03 |  |  |  |  |  |  | $ | 16.85 |  |  | $ | 17.95 |  |  | $ | 17.59 |  |  | $ | 16.85 |  |  | $ | 18.12 |
Market price, end of period |  | $ | 16.59 |  |  |  |  |  |  | $ | 16.65 |  |  | $ | 18.14 |  |  | $ | 17.25 |  |  | $ | 16.01 |  |  | $ | 18.20 |
Total Return Applicable to Common Shareholders(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 3.95 | %(d) |  |  |  |  |  |  | (0.67 | )% |  |  | 8.65 | % |  |  | 11.22 | % |  |  | (0.15 | )% |  |  | 12.20 | %
Based on market price |  |  | 2.48 | %(d) |  |  |  |  |  |  | (2.87 | )% |  |  | 11.91 | % |  |  | 14.80 | % |  |  | (5.55 | )% |  |  | 8.21 | %
Ratios to Average Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 2.03 | %(e) |  |  |  |  |  |  | 1.87 | % |  |  | 1.53 | % |  |  | 1.50 | % |  |  | 1.64 | % |  |  | 1.60 | %
Total expenses after fees waived and paid indirectly |  |  | 2.03 | %(e) |  |  |  |  |  |  | 1.87 | % |  |  | 1.53 | % |  |  | 1.50 | % |  |  | 1.64 | % |  |  | 1.60 | %
Total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering costs(f) |  |  | 1.01 | %(e) |  |  |  |  |  |  | 0.99 | % |  |  | 0.99 | % |  |  | 0.99 | % |  |  | 1.04 | % |  |  | 1.02 | %
Net investment income to Common Shareholders |  |  | 5.23 | %(e) |  |  |  |  |  |  | 5.42 | % |  |  | 5.75 | % |  |  | 5.86 | % |  |  | 6.48 | % |  |  | 5.92 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of period (000) |  | $ | 241,629 |  |  |  |  |  |  | $ | 238,684 |  |  | $ | 253,864 |  |  | $ | 248,646 |  |  | $ | 238,113 |  |  | $ | 255,911 |
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |  | $ | 83,700 |  |  |  |  |  |  | $ | 83,700 |  |  | $ | 83,700 |  |  | $ | 83,700 |  |  | $ | 83,700 |  |  | $ | 83,700 |
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |  | $ | 388,684 |  |  |  |  |  |  | $ | 385,166 |  |  | $ | 403,302 |  |  | $ | 397,068 |  |  | $ | 384,484 |  |  | $ | 405,748 |
Borrowings outstanding, end of period (000) |  | $ | 63,116 |  |  |  |  |  |  | $ | 62,233 |  |  | $ | 60,289 |  |  | $ | 56,784 |  |  | $ | 60,238 |  |  | $ | 69,753 |
Portfolio turnover rate |  |  | 3 | % |  |  |  |  |  |  | 9 | % |  |  | 7 | % |  |  | 11 | % |  |  | 20 | % |  |  | 16 | %

(a) | Based on average Common Shares outstanding.

(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(d) | Aggregate total return.

(e) | Annualized.

(f) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

See notes to financial statements.

FINANCIAL HIGHLIGHTS |  |  | 81 |

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BlackRock MuniHoldings Fund II, Inc. (MUH) |
|  | Six Months Ended 10/31/17 (Unaudited) |  |  |  |  |  | Year Ended April 30, |
|  |  |  | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2013 |
Net asset value, beginning of period |  | $ | 15.52 |  |  |  |  |  |  | $ | 16.51 |  |  | $ | 16.21 |  |  | $ | 15.61 |  |  | $ | 16.93 |  |  | $ | 16.23 |
Net investment income(a) |  |  | 0.41 |  |  |  |  |  |  |  | 0.86 |  |  |  | 0.91 |  |  |  | 0.93 |  |  |  | 0.95 |  |  |  | 0.98 |
Net realized and unrealized gain (loss) |  |  | 0.16 |  |  |  |  |  |  |  | (0.95 | ) |  |  | 0.33 |  |  |  | 0.64 |  |  |  | (1.17 | ) |  |  | 0.93 |
Distributions to VMTP Shareholders from net realized gain |  |  | — |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.01 | )
Net increase (decrease) from investment operations |  |  | 0.57 |  |  |  |  |  |  |  | (0.09 | ) |  |  | 1.24 |  |  |  | 1.57 |  |  |  | (0.22 | ) |  |  | 1.90 |
Distributions to Common Shareholders:(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.44 | ) |  |  |  |  |  |  | (0.90 | ) |  |  | (0.94 | ) |  |  | (0.97 | ) |  |  | (1.00 | ) |  |  | (1.04 | )
From net realized gain |  |  | — |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.10 | ) |  |  | (0.16 | )
Total distributions to Common Shareholders |  |  | (0.44 | ) |  |  |  |  |  |  | (0.90 | ) |  |  | (0.94 | ) |  |  | (0.97 | ) |  |  | (1.10 | ) |  |  | (1.20 | )
Net asset value, end of period |  | $ | 15.65 |  |  |  |  |  |  | $ | 15.52 |  |  | $ | 16.51 |  |  | $ | 16.21 |  |  | $ | 15.61 |  |  | $ | 16.93 |
Market price, end of period |  | $ | 14.93 |  |  |  |  |  |  | $ | 15.59 |  |  | $ | 16.23 |  |  | $ | 15.28 |  |  | $ | 14.84 |  |  | $ | 16.75 |
Total Return Applicable to Common Shareholders(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 3.72 | %(d) |  |  |  |  |  |  | (0.52 | )% |  |  | 8.25 | % |  |  | 10.64 | % |  |  | (0.40 | )% |  |  | 11.99 | %
Based on market price |  |  | (1.50 | )%(d) |  |  |  |  |  |  | 1.65 | % |  |  | 12.90 | % |  |  | 9.71 | % |  |  | (4.30 | )% |  |  | 9.25 | %
Ratios to Average Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.98 | %(e) |  |  |  |  |  |  | 1.83 | % |  |  | 1.50 | % |  |  | 1.48 | % |  |  | 1.61 | % |  |  | 1.59 | %
Total expenses after fees waived and paid indirectly |  |  | 1.98 | %(e) |  |  |  |  |  |  | 1.83 | % |  |  | 1.50 | % |  |  | 1.48 | % |  |  | 1.61 | % |  |  | 1.59 | %
Total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering costs(f) |  |  | 1.01 | %(e) |  |  |  |  |  |  | 1.00 | % |  |  | 1.00 | % |  |  | 1.00 | % |  |  | 1.04 | % |  |  | 1.03 | %
Net investment income to Common Shareholders |  |  | 5.18 | %(e) |  |  |  |  |  |  | 5.37 | % |  |  | 5.66 | % |  |  | 5.76 | % |  |  | 6.36 | % |  |  | 5.81 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of period (000) |  | $ | 177,403 |  |  |  |  |  |  | $ | 175,637 |  |  | $ | 186,553 |  |  | $ | 183,214 |  |  | $ | 176,395 |  |  | $ | 191,366 |
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |  | $ | 55,000 |  |  |  |  |  |  | $ | 55,000 |  |  | $ | 55,000 |  |  | $ | 55,000 |  |  | $ | 55,000 |  |  | $ | 55,000 |
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |  | $ | 422,551 |  |  |  |  |  |  | $ | 419,340 |  |  | $ | 439,188 |  |  | $ | 433,117 |  |  | $ | 420,718 |  |  | $ | 447,938 |
Borrowings outstanding, end of period (000) |  | $ | 48,150 |  |  |  |  |  |  | $ | 47,507 |  |  | $ | 46,103 |  |  | $ | 43,568 |  |  | $ | 48,497 |  |  | $ | 56,354 |
Portfolio turnover rate |  |  | 3 | % |  |  |  |  |  |  | 10 | % |  |  | 7 | % |  |  | 11 | % |  |  | 18 | % |  |  | 16 | %

(a) | Based on average Common Shares outstanding.

(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(d) | Aggregate total return.

(e) | Annualized.

(f) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

See notes to financial statements.

82 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BlackRock MuniHoldings Quality Fund, Inc. (MUS) |
|  | Six Months Ended 10/31/17 (Unaudited) |  |  |  |  |  | Year Ended April 30, |
|  |  |  |  |  | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2013 |
Net asset value, beginning of period |  | $ | 13.95 |  |  |  |  |  |  | $ | 14.84 |  |  | $ | 14.57 |  |  | $ | 14.18 |  |  | $ | 15.31 |  |  | $ | 14.61 |
Net investment income(a) |  |  | 0.36 |  |  |  |  |  |  |  | 0.75 |  |  |  | 0.80 |  |  |  | 0.80 |  |  |  | 0.82 |  |  |  | 0.83 |
Net realized and unrealized gain (loss) |  |  | 0.03 |  |  |  |  |  |  |  | (0.84 | ) |  |  | 0.28 |  |  |  | 0.40 |  |  |  | (1.13 | ) |  |  | 0.76 |
Net increase (decrease) from investment operations |  |  | 0.39 |  |  |  |  |  |  |  | (0.09 | ) |  |  | 1.08 |  |  |  | 1.20 |  |  |  | (0.31 | ) |  |  | 1.59 |
Distributions to Common Shareholders from net investment income(b) |  |  | (0.38 | ) |  |  |  |  |  |  | (0.80 | ) |  |  | (0.81 | ) |  |  | (0.81 | ) |  |  | (0.82 | ) |  |  | (0.89 | )
Net asset value, end of period |  | $ | 13.96 |  |  |  |  |  |  | $ | 13.95 |  |  | $ | 14.84 |  |  | $ | 14.57 |  |  | $ | 14.18 |  |  | $ | 15.31 |
Market price, end of period |  | $ | 13.34 |  |  |  |  |  |  | $ | 13.38 |  |  | $ | 14.31 |  |  | $ | 13.32 |  |  | $ | 12.88 |  |  | $ | 14.92 |
Total Return Applicable to Common Shareholders(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 2.88 | %(d) |  |  |  |  |  |  | (0.47 | )% |  |  | 8.24 | % |  |  | 9.20 | % |  |  | (1.07 | )% |  |  | 11.06 | %
Based on market price |  |  | 2.50 | %(d) |  |  |  |  |  |  | (1.00 | )% |  |  | 14.09 | % |  |  | 9.91 | % |  |  | (7.78 | )% |  |  | 8.90 | %
Ratios to Average Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 2.16 | %(e) |  |  |  |  |  |  | 1.95 | % |  |  | 1.60 | % |  |  | 1.59 | % |  |  | 1.75 | % |  |  | 1.80 | %
Total expenses after fees waived and paid indirectly |  |  | 2.10 | %(e) |  |  |  |  |  |  | 1.91 | % |  |  | 1.58 | % |  |  | 1.57 | % |  |  | 1.67 | % |  |  | 1.72 | %
Total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering costs(f) |  |  | 0.99 | %(e) |  |  |  |  |  |  | 0.98 | % |  |  | 0.99 | % |  |  | 0.99 | % |  |  | 0.99 | % |  |  | 1.00 | %
Net investment income to Common Shareholders |  |  | 5.14 | %(e) |  |  |  |  |  |  | 5.22 | % |  |  | 5.49 | % |  |  | 5.49 | % |  |  | 6.00 | % |  |  | 5.48 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of period (000) |  | $ | 181,725 |  |  |  |  |  |  | $ | 181,614 |  |  | $ | 193,110 |  |  | $ | 189,594 |  |  | $ | 184,479 |  |  | $ | 199,236 |
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |  | $ | 87,000 |  |  |  |  |  |  | $ | 87,000 |  |  | $ | 87,000 |  |  | $ | 87,000 |  |  | $ | 87,000 |  |  | $ | 87,000 |
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |  | $ | 308,879 |  |  |  |  |  |  | $ | 308,751 |  |  | $ | 321,966 |  |  | $ | 317,924 |  |  | $ | 312,045 |  |  | $ | 329,007 |
Borrowings outstanding, end of period (000) |  | $ | 29,123 |  |  |  |  |  |  | $ | 29,150 |  |  | $ | 24,429 |  |  | $ | 21,937 |  |  | $ | 25,187 |  |  | $ | 48,934 |
Portfolio turnover rate |  |  | 6 | % |  |  |  |  |  |  | 18 | % |  |  | 25 | % |  |  | 11 | % |  |  | 46 | % |  |  | 34 | %

(a) | Based on average Common Shares outstanding.

(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(d) | Aggregate total return.

(e) | Annualized.

(f) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

See notes to financial statements.

FINANCIAL HIGHLIGHTS |  |  | 83 |

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI) |
|  | Six Months Ended 10/31/17 (Unaudited) |  |  |  |  |  | Year Ended April 30, |
|  |  |  | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2013 |
Net asset value, beginning of period |  | $ | 15.17 |  |  |  |  |  |  | $ | 16.16 |  |  | $ | 15.86 |  |  | $ | 15.64 |  |  | $ | 16.60 |  |  | $ | 16.21 |
Net investment income(a) |  |  | 0.31 |  |  |  |  |  |  |  | 0.65 |  |  |  | 0.73 |  |  |  | 0.77 |  |  |  | 0.80 |  |  |  | 0.82 |
Net realized and unrealized gain (loss) |  |  | 0.33 |  |  |  |  |  |  |  | (0.83 | ) |  |  | 0.53 |  |  |  | 0.27 |  |  |  | (0.85 | ) |  |  | 0.58 |
Distributions to VMTP Shareholders from net realized gain |  |  | — |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.01 | )
Net increase (decrease) from investment operations |  |  | 0.64 |  |  |  |  |  |  |  | (0.18 | ) |  |  | 1.26 |  |  |  | 1.04 |  |  |  | (0.05 | ) |  |  | 1.39 |
Distributions to Common Shareholders:(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.31 | ) |  |  |  |  |  |  | (0.67 | ) |  |  | (0.78 | ) |  |  | (0.82 | ) |  |  | (0.86 | ) |  |  | (0.87 | )
From net realized gain |  |  | — |  |  |  |  |  |  |  | (0.14 | ) |  |  | (0.18 | ) |  |  | — |  |  |  | (0.05 | ) |  |  | (0.13 | )
Total distributions to Common Shareholders |  |  | (0.31 | ) |  |  |  |  |  |  | (0.81 | ) |  |  | (0.96 | ) |  |  | (0.82 | ) |  |  | (0.91 | ) |  |  | (1.00 | )
Net asset value, end of period |  | $ | 15.50 |  |  |  |  |  |  | $ | 15.17 |  |  | $ | 16.16 |  |  | $ | 15.86 |  |  | $ | 15.64 |  |  | $ | 16.60 |
Market price, end of period |  | $ | 14.02 |  |  |  |  |  |  | $ | 13.96 |  |  | $ | 15.19 |  |  | $ | 14.47 |  |  | $ | 14.55 |  |  | $ | 16.12 |
Total Return Applicable to Common Shareholders(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 4.43 | %(d) |  |  |  |  |  |  | (0.69 | )% |  |  | 9.04 | % |  |  | 7.27 | % |  |  | 0.50 | % |  |  | 8.78 | %
Based on market price |  |  | 2.64 | %(d) |  |  |  |  |  |  | (2.77 | )% |  |  | 12.27 | % |  |  | 5.20 | % |  |  | (3.73 | )% |  |  | 4.09 | %
Ratios to Average Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 2.02 | %(e) |  |  |  |  |  |  | 1.90 | % |  |  | 1.57 | % |  |  | 1.52 | % |  |  | 1.65 | % |  |  | 1.91 | %
Total expenses after fees waived and paid indirectly |  |  | 2.02 | %(e) |  |  |  |  |  |  | 1.89 | % |  |  | 1.57 | % |  |  | 1.52 | % |  |  | 1.65 | % |  |  | 1.91 | %
Total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering costs(f) |  |  | 0.97 | %(e) |  |  |  |  |  |  | 0.96 | % |  |  | 0.94 | % |  |  | 0.96 | % |  |  | 1.00 | % |  |  | 1.35 | %(g)
Net investment income to Common Shareholders |  |  | 3.92 | %(e) |  |  |  |  |  |  | 4.12 | % |  |  | 4.61 | % |  |  | 4.82 | % |  |  | 5.28 | % |  |  | 4.93 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of period (000) |  | $ | 593,697 |  |  |  |  |  |  | $ | 580,945 |  |  | $ | 618,971 |  |  | $ | 607,440 |  |  | $ | 599,066 |  |  | $ | 635,652 |
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |  | $ | 287,100 |  |  |  |  |  |  | $ | 287,100 |  |  | $ | 287,100 |  |  | $ | 287,100 |  |  | $ | 287,100 |  |  | $ | 287,100 |
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |  | $ | 306,791 |  |  |  |  |  |  | $ | 302,349 |  |  | $ | 315,594 |  |  | $ | 311,578 |  |  | $ | 308,661 |  |  | $ | 321,405 |
Borrowings outstanding, end of period (000) |  | $ | 69,727 |  |  |  |  |  |  | $ | 58,337 |  |  | $ | 63,102 |  |  | $ | 52,932 |  |  | $ | 69,070 |  |  | $ | 105,939 |
Portfolio turnover rate |  |  | 13 | % |  |  |  |  |  |  | 12 | % |  |  | 20 | % |  |  | 18 | % |  |  | 22 | % |  |  | 16 | %

(a) | Based on average Common Shares outstanding.

(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(d) | Aggregate total return.

(e) | Annualized.

(f) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

(g) | For the year ended April 30, 2013, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees was 0.98%.

See notes to financial statements.

84 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | BlackRock MuniVest Fund II, Inc. (MVT) |
|  | Six Months Ended 10/31/17 (Unaudited) |  |  |  |  |  | Year Ended April 30, |
|  |  |  | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2013 |
Net asset value, beginning of period |  | $ | 15.19 |  |  |  |  |  |  | $ | 16.17 |  |  | $ | 16.01 |  |  | $ | 15.45 |  |  | $ | 16.69 |  |  | $ | 15.91 |
Net investment income(a) |  |  | 0.43 |  |  |  |  |  |  |  | 0.91 |  |  |  | 0.98 |  |  |  | 0.99 |  |  |  | 1.03 |  |  |  | 1.06 |
Net realized and unrealized gain (loss) |  |  | 0.08 |  |  |  |  |  |  |  | (0.95 | ) |  |  | 0.18 |  |  |  | 0.61 |  |  |  | (1.19 | ) |  |  | 0.82 |
Net increase (decrease) from investment operations |  |  | 0.51 |  |  |  |  |  |  |  | (0.04 | ) |  |  | 1.16 |  |  |  | 1.60 |  |  |  | (0.16 | ) |  |  | 1.88 |
Distributions to Common Shareholders from net investment income(b) |  | (0.44) |  |  |  |  |  | (0.94) |  |  | (1.00) |  |  | (1.04) |  |  | (1.08) |  |  | (1.10) |
Net asset value, end of period |  | $ | 15.26 |  |  |  |  |  |  | $ | 15.19 |  |  | $ | 16.17 |  |  | $ | 16.01 |  |  | $ | 15.45 |  |  | $ | 16.69 |
Market price, end of period |  | $ | 15.21 |  |  |  |  |  |  | $ | 15.45 |  |  | $ | 17.38 |  |  | $ | 16.26 |  |  | $ | 15.16 |  |  | $ | 17.31 |
Total Return Applicable to Common Shareholders(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 3.36 | %(d) |  |  |  |  |  |  | (0.34 | )% |  |  | 7.61 | % |  |  | 10.65 | % |  |  | (0.37 | )% |  |  | 11.95 | %
Based on market price |  |  | 1.29 | %(d) |  |  |  |  |  |  | (5.68 | )% |  |  | 13.88 | % |  |  | 14.52 | % |  |  | (5.74 | )% |  |  | 10.28 | %
Ratios to Average Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.98 | %(e) |  |  |  |  |  |  | 1.88 | % |  |  | 1.52 | % |  |  | 1.50 | % |  |  | 1.63 | % |  |  | 1.66 | %
Total expenses after fees waived and paid indirectly |  |  | 1.98 | %(e) |  |  |  |  |  |  | 1.87 | % |  |  | 1.52 | % |  |  | 1.50 | % |  |  | 1.63 | % |  |  | 1.66 | %
Total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering costs(f) |  |  | 0.92 | %(e) |  |  |  |  |  |  | 0.92 | % |  |  | 0.92 | % |  |  | 0.92 | % |  |  | 0.96 | % |  |  | 0.96 | %
Net investment income to Common Shareholders |  |  | 5.51 | %(e) |  |  |  |  |  |  | 5.78 | % |  |  | 6.15 | % |  |  | 6.17 | % |  |  | 6.93 | % |  |  | 6.43 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of period (000) |  | $ | 324,362 |  |  |  |  |  |  | $ | 321,939 |  |  | $ | 340,753 |  |  | $ | 336,320 |  |  | $ | 324,146 |  |  | $ | 348,998 |
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |  | $ | 140,000 |  |  |  |  |  |  | $ | 140,000 |  |  | $ | 140,000 |  |  | $ | 140,000 |  |  | $ | 140,000 |  |  | $ | 140,000 |
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |  | $ | 331,687 |  |  |  |  |  |  | $ | 329,956 |  |  | $ | 343,395 |  |  | $ | 340,229 |  |  | $ | 331,533 |  |  | $ | 349,284 |
Borrowings outstanding, end of period (000) |  | $ | 60,066 |  |  |  |  |  |  | $ | 60,575 |  |  | $ | 69,195 |  |  | $ | 66,439 |  |  | $ | 66,715 |  |  | $ | 99,386 |
Portfolio turnover rate |  |  | 3 | % |  |  |  |  |  |  | 9 | % |  |  | 6 | % |  |  | 10 | % |  |  | 17 | % |  |  | 15 | %

(a) | Based on average Common Shares outstanding.

(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(d) | Aggregate total return.

(e) | Annualized.

(f) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.

See notes to financial statements.

FINANCIAL HIGHLIGHTS |  |  | 85 |

Notes to Financial Statements (Unaudited)

1. | Organization:

The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed-end management investment companies and are referred to herein collectively as the “Funds”, or individually as a “Fund”:

Fund Name |  | Herein Referred To As |  | Organized |  | Diversification Classification
BlackRock MuniAssets Fund, Inc. |  | MUA |  | Maryland |  | Diversified
BlackRock MuniEnhanced Fund, Inc. |  | MEN |  | Maryland |  | Diversified
BlackRock MuniHoldings Fund, Inc. |  | MHD |  | Maryland |  | Diversified
BlackRock MuniHoldings Fund II, Inc. |  | MUH |  | Maryland |  | Diversified
BlackRock MuniHoldings Quality Fund, Inc. |  | MUS |  | Maryland |  | Diversified
BlackRock Muni Intermediate Duration Fund, Inc. |  | MUI |  | Maryland |  | Diversified
BlackRock MuniVest Fund II, Inc. |  | MVT |  | Maryland |  | Diversified

The Board of Directors of the Funds are collectively referred to throughout this report as the “Board of Directors” or the “Board,” and the directors thereof are collectively referred to throughout this report as “Directors”. The Funds determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of closed-end funds referred to as the Closed-End Complex.

2. | Significant Accounting Policies:

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the “trade dates”). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income are recorded on the ex-dividend date. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on an accrual basis.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) or certain borrowings (e.g., TOB Trust transactions) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments or borrowings. Doing so allows the investment or borrowing to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Distributions: Distributions from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend date and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Distributions to Preferred Shareholders are accrued and determined as described in Note 10.

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Fund’s Board, the independent Directors (“Independent Directors”) may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain other BlackRock Closed-End Funds selected by the Independent Directors. This has the same economic effect for the Independent Directors as if the Independent Directors had invested the deferred amounts directly in certain other BlackRock Closed-End Funds.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Fund, if applicable. Deferred compensation liabilities are included in the officer’s and directors’ fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Funds until such amounts are distributed in accordance with the Plan.

Recent Accounting Standards: In November 2016, the Financial Accounting Standards Board issued Accounting Standards Update “Restricted Cash” which will require entities to include the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the beginning and ending cash balances in the Statements of Cash Flows. The guidance will be applied retrospectively and is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Management is evaluating the impact, if any, of this guidance on the Funds’ presentation in the Statements of Cash Flows.

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization of Purchased Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Funds.

86 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.

Other: Expenses directly related to a Fund are charged to that Fund. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

Through May 31, 2016, the Funds had an arrangement with their custodian whereby credits were earned on uninvested cash balances, which could be used to reduce custody fees and/or overdraft charges. Credits previously earned have been utilized until December 31, 2016. Under current arrangements effective June 1, 2016, the Funds no longer earn credits on uninvested cash, and may incur charges on uninvested cash balances and overdrafts, subject to certain conditions.

3. | Investment Valuation and Fair Value Measurements:

Investment Valuation Policies: The Funds’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of each Fund (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

| • |  | Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments.

| • |  | Investments in open-end U.S. mutual funds are valued at NAV each business day.

| • |  | Futures contracts traded on exchanges are valued at their last sale price.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include Market approach, Income approach and Cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement purposes as follows:

| • |  | Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each 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)

| • |  | Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including each Fund’s own assumptions used in determining the fair value of investments and derivative 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 Global 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. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with each Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

NOTES TO FINANCIAL STATEMENTS |  |  | 87 |

Notes to Financial Statements (continued)

4. | Securities and Other Investments:

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

Forward Commitments and When-Issued Delayed Delivery Securities: Certain Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. A Fund may purchase securities under such conditions with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, a Fund may be required to pay more at settlement than the security is worth. In addition, a Fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, a Fund’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

Municipal Bonds Transferred to TOB Trusts: The Funds leverage their assets through the use of “TOB Trust” transactions. The Funds transfer municipal bonds into a special purpose trust (a “TOB Trust”). A TOB Trust issues two classes of beneficial interests: short-term floating rate interests (“TOB Trust Certificates”), which are sold to third party investors, and residual inverse floating rate interests (“TOB Residuals”), which are issued to the participating funds that contributed the municipal bonds to the TOB Trust. The TOB Trust Certificates have interest rates that reset weekly and their holders have the option to tender such certificates to the TOB Trust for redemption at par and any accrued interest at each reset date. The TOB Residuals held by a Fund provide the Fund with the right to cause the holders of a proportional share of the TOB Trust Certificates to tender their certificates to the TOB Trust at par plus accrued interest. The Funds may withdraw a corresponding share of the municipal bonds from the TOB Trust. Other funds managed by the investment adviser may also contribute municipal bonds to a TOB Trust into which a Fund has contributed bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and obligations under the TOB Residuals will be shared among the funds ratably in proportion to their participation in the TOB Trust.

TOB Trusts are supported by a liquidity facility provided by a third party bank or other financial institution (the “Liquidity Provider”) that allows the holders of the TOB Trust Certificates to tender their certificates in exchange for payment of par plus accrued interest on any business day. The tendered TOB Trust Certificates are remarketed by a Remarketing Agent. In the event of a failed remarketing, the TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered TOB Trust Certificates. Any loans made by the Liquidity Provider will be secured by the purchased TOB Trust Certificates held by the TOB Trust and will be subject to an increased interest rate based on number of days the loan is outstanding.

The TOB Trust may be collapsed without the consent of a Fund, upon the occurrence of a termination event as defined in the TOB Trust agreement. Upon the occurrence of a termination event, a TOB Trust would be liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the Remarketing Agent and the Liquidity Provider. Upon certain termination events, TOB Trust Certificates holders will be paid before the TOB Residuals holders (i.e., the Funds) whereas in other termination events, TOB Trust Certificates holders and TOB Residuals holders will be paid pro rata.

While a Fund’s investment policies and restrictions expressly permit investments in inverse floating rate securities, such as TOB Residuals, they restrict the ability of a Fund to borrow money for purposes of making investments. MUA, MEN and MVT’s management believes that a Fund’s restrictions on borrowings do not apply to the Funds’ TOB Trust transactions. Each Fund’s transfer of the municipal bonds to a TOB Trust is considered a secured borrowing for financial reporting purposes. The cash received by the TOB Trust from the sale of the TOB Trust Certificates, less certain transaction expenses, is paid to a Fund. A Fund typically invests the cash received in additional municipal bonds.

Accounting for TOB Trusts: The municipal bonds deposited into a TOB Trust are presented in a Fund’s Schedule of Investments and the TOB Trust Certificates are shown in Other Liabilities in the Statements of Assets and Liabilities. Any loans drawn by the TOB Trust pursuant to the liquidity facility to purchase tendered TOB Trust Certificates are shown as Loan for TOB Trust Certificates. The carrying amount of a Fund’s payable to the holder of the TOB Trust Certificates or the Liquidity Provider, as reported in the Statements of Assets and Liabilities as TOB Trust Certificates, approximates its fair value.

Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by a Fund on an accrual basis. Interest expense incurred on the TOB Trust transaction and other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust are shown as interest expense, fees and amortization of offering costs in the Statements of Operations. Fees paid upon creation of the TOB Trust are recorded as debt issuance costs and are amortized to interest expense, fees and amortization of offering costs in the Statements of Operations to the expected maturity of the TOB Trust. In connection with the restructurings of the TOB Trusts to non-bank sponsored TOB Trusts, a Fund incurred non-recurring, legal and restructuring fees, which are recorded as interest expense, fees and amortization of deferred offering costs in the Statements of Operations.

For the six months ended October 31, 2017, the following table is a summary of each Fund’s TOB Trusts:

|  | Underlying Municipal Bonds Transferred to TOB Trusts (a) |  |  | Liability for TOB Trust Certificates (b) |  |  | Range of Interest Rates on TOB Trust Certificates at Period End |  |  | Average TOB Trust Certificates Outstanding |  |  | Daily Weighted Average Rate of Interest and Other Expenses on TOB Trusts |
MUA |  | $ | 121,504,110 |  |  | $ | 67,756,523 |  |  |  | 0.94% - 1.15% |  |  | $ | 67,693,423 |  |  |  | 1.55 | %
MEN |  |  | 130,399,778 |  |  |  | 74,326,061 |  |  |  | 0.93% - 1.58% |  |  |  | 71,070,569 |  |  |  | 1.49 |
MHD |  |  | 109,674,277 |  |  |  | 63,115,775 |  |  |  | 0.93% - 1.58% |  |  |  | 62,600,951 |  |  |  | 1.49 |
MUH |  |  | 82,873,200 |  |  |  | 48,150,135 |  |  |  | 0.93% - 1.58% |  |  |  | 47,775,151 |  |  |  | 1.49 |
MUS |  |  | 55,623,341 |  |  |  | 29,123,326 |  |  |  | 0.93% - 1.10% |  |  |  | 29,143,703 |  |  |  | 1.52 |
MUI |  |  | 123,058,548 |  |  |  | 69,726,850 |  |  |  | 0.94% - 1.00% |  |  |  | 65,564,350 |  |  |  | 1.45 |
MVT |  |  | 106,662,036 |  |  |  | 60,065,874 |  |  |  | 0.93% - 1.58% |  |  |  | 59,869,830 |  |  |  | 1.51 |

88 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

| (a) | The municipal bonds transferred to a TOB Trust are generally high grade municipal bonds. In certain cases, when municipal bonds transferred are lower grade municipal bonds, the TOB Trust transaction may include a credit enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by a credit enhancement provider in the event of default of the municipal bond. The TOB Trust would be responsible for the payment of the credit enhancement fee and the Funds, as TOB Residuals holders, would be responsible for reimbursement of any payments of principal and interest made by the credit enhancement provider. The maximum potential amounts owed by the Funds, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts. |

| (b) | TOB Trusts may be structured on a non-recourse or recourse basis. When a Fund invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a Fund invests in a TOB Trust on a recourse basis, a Fund enters into a reimbursement agreement with the Liquidity Provider where a Fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”). As a result, if a Fund invests in a recourse TOB Trust, a Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Fund at October 31, 2017, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a Fund at October 31, 2017. |

For the six months ended October 31, 2017, the following table is a summary of each Fund’s Loan for TOB Trust Certificates:

|  | Loans Outstanding at Period End |  |  | Range of Interest Rates on Loans at Period End |  |  | Average Loans Outstanding |  |  | Daily Weighted Average Rate of Interest and Other Expenses on Loans |
MUA |  | $ | — |  |  |  | — | % |  | $ | 63,100 |  |  |  | 0.80 | %
MEN |  |  | — |  |  |  | — |  |  |  | 14,684 |  |  |  | 0.78 |

5. | Derivative Financial Instruments:

The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk), changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, is shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or underlying assets.

6. | Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate of BlackRock, Inc. (“BlackRock”) for 1940 Act purposes.

Investment Advisory: Each Fund entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser, an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

For such services, each Fund, except for MUI, pays the Manager a monthly fee, at an annual rate equal to following percentages of the average daily value of each Fund’s net assets:

|  | MUA |  |  | MEN |  |  | MHD |  |  | MUH |  |  | MUS |  |  | MVT |
Investment advisory fees |  |  | 0.55 | % |  |  | 0.50 | % |  |  | 0.55 | % |  |  | 0.55 | % |  |  | 0.55 | % |  |  | 0.50 | %

For such services, MUI pays the Manager a monthly fee of 0.55% of (i) the average daily value of MUI’s net assets and (ii) the proceeds of any outstanding debt securities and borrowings used for leverage.

For purposes of calculating these fees, “net assets” mean the total assets of a Fund minus the sum of its accrued liabilities (which does not include liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares). It is understood that the liquidation preference of any outstanding preferred stock (other than accumulated dividends) and TOB Trusts is not considered a liability in determining a Fund’s NAV.

NOTES TO FINANCIAL STATEMENTS |  |  | 89 |

Notes to Financial Statements (continued)

Waivers: The Manager, for MUS, voluntarily agreed to waive its investment advisory fee on the proceeds of the Preferred Shares and TOB Trusts that exceed 35% of total assets minus the sum of its accrued liabilities (which does not include liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares). This amounts is included in fees waived by the Manager in the Statements of Operations. For the six months ended October 31, 2017, the waiver was $48,952.

The Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”). These amounts are included in fees waived by the Manager in the Statements of Operations. For the six months ended October 31, 2017, the amounts waived were as follows:

|  | MUA |  |  | MEN |  |  | MHD |  |  | MUH |  |  | MUS |  |  | MUI |  |  | MVT |
Amounts waived |  | $ | 2,172 |  |  | $ | 1,630 |  |  | $ | 2,111 |  |  | $ | 1,475 |  |  | $ | 1,536 |  |  | $ | 3,941 |  |  | $ | 2,796 |

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2018. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Funds’ Independent Directors. For the six months ended October 31, 2017, there were no fees waived by the Manager.

Officers and Directors: Certain officers and/or Directors of the Funds are officers and/or directors of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Funds’ Chief Compliance Officer, which is included in Officer and Directors in the Statements of Operations.

7. | Purchases and Sales:

For the six months ended October 31, 2017, purchases and sales of investments, excluding short-term securities, were as follows:

|  | MUA |  |  | MEN |  |  | MHD |  |  | MUH |  |  | MUS |  |  | MUI |  |  | MVT |
Purchases |  | $ | 40,496,003 |  |  | $ | 71,662,922 |  |  | $ | 12,284,833 |  |  | $ | 9,168,584 |  |  | $ | 24,060,498 |  |  | $ | 148,406,172 |  |  | $ | 17,949,385 |
Sales |  |  | 41,117,484 |  |  |  | 68,546,251 |  |  |  | 16,277,387 |  |  |  | 12,062,287 |  |  |  | 17,756,997 |  |  |  | 118,798,062 |  |  |  | 25,605,362 |

8. | Income Tax Information:

It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for each of the four years ended April 30, 2017. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2017, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of October 31, 2017, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

Expires April 30, |  | MUA |  |  | MEN |  |  | MUS |  |  | MVT |
No expiration date(a) |  | $ | 6,490,824 |  |  | $ | — |  |  | $ | 7,432,440 |  |  | $ | 1,124,434 |
2018 |  |  | 396,366 |  |  |  | 1,225,298 |  |  |  | 6,614,798 |  |  |  | — |
2019 |  |  | 2,194,154 |  |  |  | 732,655 |  |  |  | — |  |  |  | — |
|  | $ | 9,081,344 |  |  | $ | 1,957,953 |  |  | $ | 14,047,238 |  |  | $ | 1,124,434 |

| (a) | Must be utilized prior to losses subject to expiration. |

As of October 31, 2017, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

|  | MUA |  |  | MEN |  |  | MHD |  |  | MUH |  |  | MUS |  |  | MUI |  |  | MVT |
Tax cost |  | $ | 466,439,266 |  |  | $ | 453,294,750 |  |  | $ | 291,873,807 |  |  | $ | 208,564,879 |  |  | $ | 246,996,497 |  |  | $ | 840,486,589 |  |  | $ | 421,310,474 |
Gross unrealized appreciation |  | $ | 44,697,763 |  |  | $ | 43,194,719 |  |  | $ | 30,845,661 |  |  | $ | 21,646,112 |  |  | $ | 19,764,014 |  |  | $ | 51,648,255 |  |  | $ | 36,934,860 |
Gross unrealized depreciation |  |  | (8,051,547 | ) |  |  | (964,498 | ) |  |  | (1,307,728 | ) |  |  | (593,544 | ) |  |  | (232,155 | ) |  |  | (1,208,098 | ) |  |  | (630,552 | )
Net unrealized appreciation (depreciation) |  | $ | 36,646,216 |  |  | $ | 42,230,221 |  |  | $ | 29,537,933 |  |  | $ | 21,052,568 |  |  | $ | 19,531,859 |  |  | $ | 50,440,157 |  |  | $ | 36,304,308 |

9. | Principal Risks:

Many municipalities insure repayment of their bonds, which may reduce the potential for loss due to credit risk. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligation.

90 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

Inventories of municipal bonds held by brokers and dealers may decrease, which would lessen their ability to make a market in these securities. Such a reduction in market making capacity could potentially decrease a Fund’s ability to buy or sell bonds. As a result, a Fund may sell a security at a lower price, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative impact on performance. If a Fund needed to sell large blocks of bonds, those sales could further reduce the bonds’ prices and impact performance.

In the normal course of business, certain Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) general economy; (ii) overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Each Fund’s prospectus provides details of the risks to which each Fund is subject.

Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

The Funds may hold a significant amount of bonds subject to calls by the issuers at defined dates and prices. When bonds are called by issuers and the Funds reinvest the proceeds received, such investments may be in securities with lower yields than the bonds originally held, and correspondingly, could adversely impact the yield and total return performance of a fund.

A Fund structures and “sponsors” the TOB Trusts in which it holds TOB Residuals and has certain duties and responsibilities, which may give rise to certain additional risks including, but not limited to, compliance, securities law and operational risks.

Should short-term interest rates rise, the Funds’ investments in TOB Trusts may adversely affect the Funds’ net investment income and dividends to Common Shareholders. Also, fluctuations in the market value of municipal bonds deposited into the TOB Trust may adversely affect the Funds’ NAVs per share.

The SEC and various federal banking and housing agencies have adopted credit risk retention rules for securitizations (the “Risk Retention Rules”). The Risk Retention Rules would require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s municipal bonds. The Risk Retention Rules may adversely affect the Funds’ ability to engage in TOB Trust transactions or increase the costs of such transactions in certain circumstances.

TOB Trusts constitute an important component of the municipal bond market. Any modifications or changes to rules governing TOB Trusts may adversely impact the municipal market and the Funds, including through reduced demand for and liquidity of municipal bonds and increased financing costs for municipal issuers. The ultimate impact of any potential modifications on the TOB Trust market and the overall municipal market is not yet certain.

Counterparty Credit Risk: Similar to issuer credit risk, the Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: As of period end, MEN, MUS, MUI and MVT invested a significant portion of their assets in securities in the transportation sector. Changes in economic conditions affecting such sector would have a greater impact on the Funds and could affect the value, income and/or liquidity of positions in such securities.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

10. | Capital Share Transactions:

Each Fund is authorized to issue 200 million shares, all of which were initially classified as Common Shares. The par value for each Fund’s Common Shares is $0.10. The par value for each Fund’s Preferred Shares outstanding is $0.10. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

NOTES TO FINANCIAL STATEMENTS |  |  | 91 |

Notes to Financial Statements (continued)

Common Shares

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

|  | MUA |  |  | MEN |  |  | MHD |  |  | MUH |  |  | MUS |  |  | MVT |
Six Months Ended October 31, 2017 |  |  | 53,114 |  |  |  | 28,129 |  |  |  | 24,051 |  |  |  | 18,533 |  |  |  | 2,901 |  |  |  | 66,648 |
Year Ended April 30, 2017 |  |  | 83,132 |  |  |  | 52,845 |  |  |  | 25,957 |  |  |  | 17,531 |  |  |  | 5,658 |  |  |  | 114,327 |

For the six months ended October 31, 2017 and the year ended April 30, 2017, shares issued and outstanding remained constant for MUI.

Preferred Shares

Each Fund’s Preferred Shares rank prior to the Fund’s Common Shares as to the payment of dividends by the Fund and distribution of assets upon dissolution or liquidation of a Fund. The 1940 Act prohibits the declaration of any dividend on a Fund’s Common Shares or the repurchase of a Fund’s Common Shares if a Fund fails to maintain asset coverage of at least 200% of the liquidation preference of the Fund’s outstanding Preferred Shares. In addition, pursuant to the Preferred Shares’ governing instruments, a Fund is restricted from declaring and paying dividends on classes of shares ranking junior to or on parity with the Fund’s Preferred Shares or repurchasing such shares if a Fund fails to declare and pay dividends on the Preferred Shares, redeem any Preferred Shares required to be redeemed under the Preferred Shares’ governing instruments or comply with the basic maintenance amount requirement of the ratings agencies rating the Preferred Shares.

The holders of Preferred Shares have voting rights equal to the voting rights of the holders of Common Shares (one vote per share) and will vote together with holders of Common Shares (one vote per share) as a single class on certain matters. However, the holders of Preferred Shares, voting as a separate class, are also entitled to elect two Directors to the Board of each Fund. The holders of Preferred Shares are also entitled to elect the full Board of Directors if dividends on the Preferred Shares are not paid for a period of two years. The holders of Preferred Shares are also generally entitled to a separate class vote to amend the Preferred Share governing documents. In addition, the 1940 Act requires the approval of the holders of a majority of any outstanding Preferred Shares, voting as a separate class, to (a) adopt any plan of reorganization that would adversely affect the Preferred Shares, (b) change a Fund’s sub-classification as a closed-end investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.

VRDP Shares

MEN has issued Series W-7 VRDP Shares, $100,000 liquidation preference per share, in a privately negotiated offering. The VRDP Shares were offered to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The VRDP Shares include a liquidity feature and are currently in a special rate period, as described below.

As of period end, the VRDP Shares outstanding of MEN were as follows:

|  | Issue Date |  |  | Shares Issued |  |  | Aggregate Principal |  |  | Maturity Date |
MEN |  |  | 5/19/11 |  |  |  | 1,425 |  |  | $ | 142,500,000 |  |  |  | 6/01/41 |

Redemption Terms: MEN is required to redeem its VRDP Shares on the maturity date, unless earlier redeemed or repurchased. Six months prior to the maturity date, MEN is required to begin to segregate liquid assets with the Fund’s custodian to fund the redemption. In addition, MEN is required to redeem certain of its outstanding VRDP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.

Subject to certain conditions, the VRDP Shares may also be redeemed, in whole or in part, at any time at the option of MEN. The redemption price per VRDP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends.

Liquidity Feature: MEN entered into a fee agreement with the liquidity provider that requires an initial commitment to the liquidity provider. These fees, if applicable, are shown as liquidity fees in the Statements of Operations.

The fee agreement between MEN and the liquidity provider is for a 364 day term and was scheduled to expire on July 6, 2017. MEN renewed the fee agreement for an additional 364 day term which is scheduled to expire on July 5, 2018 unless renewed or terminated in advance.

In the event the fee agreement is not renewed or is terminated in advance, and MEN does not enter into a fee agreement with an alternate liquidity provider, the VRDP Shares will be subject to mandatory purchase by the liquidity provider prior to the termination of the fee agreement. In the event of such mandatory purchase, MEN is required to redeem the VRDP Shares six months after the purchase date. Immediately after such mandatory purchase, MEN is required to begin to segregate liquid assets with its custodian to fund the redemption. There is no assurance MEN will replace such redeemed VRDP Shares with any other preferred shares or other form of leverage.

Remarketing: MEN may incur remarketing fees of 0.10% on the aggregate principal amount of all the Fund’s VRDP Shares, which, if any, are included in remarketing fees on Preferred Shares in the Statements of Operations. During any special rate period (as described below), MEN may incur no remarketing fees.

Dividends: Dividends on the VRDP Shares are payable monthly at a variable rate set weekly by the remarketing agent. Such dividend rates are generally based upon a spread over a base rate and cannot exceed a maximum rate. In the event of a failed remarketing, the dividend rate of the VRDP Shares will be reset to a maximum rate. The maximum rate is determined based on, among other things, the long-term preferred share rating assigned to the VRDP Shares and the length of time that the VRDP Shares fail to be remarketed. At the date of issuance, the VRDP Shares were assigned long-term ratings of Aaa from Moody’s and AAA from Fitch. Subsequent to the

92 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (continued)

issuance of the VRDP Shares, Moody’s completed a review of its methodology for rating securities issued by registered closed-end funds. As of period end, the VRDP Shares were assigned a long-term rating of Aa1 from Moody’s under its new ratings methodology. The VRDP Shares continue to be assigned a long-term rating of AAA from Fitch.

For the six months ended October 31, 2017, the annualized dividend rate for MEN’s VRDP Shares was 1.72%.

Special Rate Period: On June 20, 2012, MEN commenced an approximate three-year term ending June 24, 2015 (the “special rate period”) with respect to its VRDP Shares, during which the VRDP Shares will not be subject to any remarketing and the dividend rate will be based on a predetermined methodology. The implementation of the special rate period resulted in a mandatory tender of the VRDP Shares prior to the commencement of the special rate period. The mandatory tender event was not the result of a failed remarketing. The short-term ratings on the VRDP Shares for MEN was withdrawn by Moody’s, Fitch and/or S&P at the commencement of the special rate period. The special rate period has been subsequently extended and is currently set to expire on June 20, 2018. Prior to June 20, 2018, the holder of the VRDP Shares and MEN may mutually agree to extend the special rate period. If the special rate period is not extended, the VRDP Shares will revert to remarketable securities upon the termination of the special rate period and will be remarketed and available for purchase by qualified institutional investors.

During the special rate period, the liquidity and fee agreements remain in effect and the VRDP Shares remain subject to mandatory redemption by MEN on the maturity date. The VRDP Shares will not be remarketed or subject to optional or mandatory tender events during the special rate period. During the special rate period, MEN is required to comply with the same asset coverage, basic maintenance amount and leverage requirements for the VRDP Shares as is required when the VRDP Shares are not in a special rate period. MEN will not pay any fees to the liquidity provider and remarketing agent during the special rate period. MEN will also pay dividends monthly based on the sum of Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index rate and a percentage per annum based on the long-term ratings assigned to the VRDP Shares.

If MEN redeems the VRDP Shares prior to the end of the special rate period and the VRDP Shares have long-term ratings above A1/A+ and its equivalent by all ratings agencies then rating the VRDP Shares, then such redemption may be subject to a redemption premium payable to the holder of the VRDP Shares based on the time remaining in the special rate period, subject to certain exceptions for redemptions that are required to comply with minimum asset coverage requirements.

For the six months ended October 31, 2017, VRDP Shares issued and outstanding of MEN remained constant.

VMTP Shares

MHD, MUH, MUS, MUI and MVT (collectively, the “VMTP Funds”) have issued Series W-7 VMTP Shares, $100,000 liquidation preference per share, in privately negotiated offerings and sale of VMTP Shares exempt from registration under the Securities Act. The VMTP Shares are subject to certain restrictions on transfer, and VMTP Funds may also be required to register the VMTP Shares for sale under the Securities Act under certain circumstances. In addition, amendments to the VMTP governing documents generally require the consent of the holders of VMTP Shares.

On December 7, 2012, MUI issued Series W-7 VMTP Shares, $100,000 liquidation preference per share, in a private offering with a maturity date of January 4, 2016. The maturity date was subsequently extended to January 2, 2019. Total proceeds received of $287,100,000 were used to redeem all of MUI’s existing VRDP Shares on December 21, 2012. The fee agreement for MUI’s VRDP Shares was for a two year term and was scheduled to expire on December 28, 2012 and was terminated upon issuance of the VMTP Shares. Any liquidity fees incurred by MUI in connection with MUI’s VRDP Shares through the date of issuance of the VMTP Shares are shown as liquidity fees in the Statements of Operations.

As of period end, the VMTP Shares outstanding of each Fund were as follows:

|  | Issue Date |  |  | Shares Issued |  |  | Aggregate Principal |  |  | Term Redemption Date |
MHD |  |  | 12/16/11 |  |  |  | 837 |  |  | $ | 83,700,000 |  |  |  | 01/02/19 |
MUH |  |  | 12/16/11 |  |  |  | 550 |  |  |  | 55,000,000 |  |  |  | 01/02/19 |
MUS |  |  | 12/16/11 |  |  |  | 870 |  |  |  | 87,000,000 |  |  |  | 01/02/19 |
MUI |  |  | 12/07/12 |  |  |  | 2,871 |  |  |  | 287,100,000 |  |  |  | 01/02/19 |
MVT |  |  | 12/16/11 |  |  |  | 1,400 |  |  |  | 140,000,000 |  |  |  | 01/02/19 |

Redemption Terms: Each VMTP Fund is required to redeem its VMTP Shares on the term redemption date, unless earlier redeemed or repurchased or unless extended. In June 2015, the term redemption dates for MHD, MUH, MUS, MUI and MVT were extended until January 2, 2019. There is no assurance that the term of a Fund’s VMTP Shares will be extended further or that a Fund’s VMTP Shares will be replaced with any other preferred shares or other form of leverage upon the redemption or repurchase of the VMTP Shares. Six months prior to the term redemption date, each VMTP Fund is required to begin to segregate liquid assets with each Fund’s custodian to fund the redemption. In addition, each VMTP Fund is required to redeem certain of its outstanding VMTP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.

Subject to certain conditions, a Fund’s VMTP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The redemption price per VMTP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends and applicable redemption premium. If a Fund redeems the VMTP Shares prior to the term redemption date and the VMTP Shares have long-term ratings above A1/A+ or its equivalent by the ratings agencies then rating the VMTP Shares, then such redemption may be subject to a prescribed redemption premium (up to 3% of the liquidation preference) payable to the holder of the VMTP Shares based on the time remaining until the term redemption date, subject to certain exceptions for redemptions that are required to comply with minimum asset coverage requirements.

NOTES TO FINANCIAL STATEMENTS |  |  | 93 |

Notes to Financial Statements (continued)

Dividends: Dividends on the VMTP Shares are declared daily and payable monthly at a variable rate set weekly at a fixed rate spread to SIFMA. The fixed spread is determined based on the long-term preferred share rating assigned to the VMTP Shares by the ratings agencies then rating the VMTP Shares. At the date of issuance, the VMTP Shares were assigned long-term ratings of Aaa from Moody’s and AAA from Fitch. Subsequent to the issuance of the VMTP Shares, Moody’s completed a review of its methodology for rating securities issued by registered closed-end funds. As of period end, the VMTP Shares were assigned a long-term rating of Aa1 from Moody’s under its new rating methodology. The VMTP Shares continue to be assigned a long-term rating of AAA from Fitch. The dividend rate on the VMTP Shares is subject to a step-up spread if the Funds fail to comply with certain provisions, including, among other things, the timely payment of dividends, redemptions or gross-up payments, and complying with certain asset coverage and leverage requirements.

For the six months ended October 31, 2017, the average annualized dividend rate[s] for the VMTP Shares were as follows:

|  | MHD |  |  | MUH |  |  | MUS |  |  | MUI |  |  | MVT |
Rate |  |  | 1.84 | % |  |  | 1.84 | % |  |  | 1.84 | % |  |  | 1.84 | % |  |  | 1.84 | %

For the six months ended October 31, 2017, VMTP Shares issued and outstanding of each Fund remained constant.

Offering Costs: The Funds incurred costs in connection with the issuance of VRDP and VMTP Shares, which were recorded as a direct deduction from the carrying value of the related debt liability and will be amortized over the life of the VRDP and VMTP Shares with the exception of upfront fees paid to the liquidity provider which were amortized over the life of the liquidity agreement. Amortization of these costs is included in interest expense, fees and amortization of offering costs in the Statements of Operations.

MUI’s offering costs that were recorded as a deferred charge and amortized over the 30-year life of MUI’s VRDP Shares were accelerated and charged to expense immediately upon redemption of MUI’s VRDP Shares. Costs incurred in connection with the issuance of MUI’s VMTP Shares were recorded as a deferred charge and will be amortized over the life of the VMTP Shares.

Financial Reporting: The VRDP and VMTP Shares are considered debt of the issuer; therefore, the liquidation preference, which approximates fair value of the VRDP and VMTP Shares, is recorded as a liability in the Statements of Assets and Liabilities net of deferred offering costs. Unpaid dividends are included in interest expense and fees payable in the Statements of Assets and Liabilities, and the dividends accrued and paid on the VRDP and VMTP Shares are included as a component of interest expense, fees and amortization of offering costs in the Statements of Operations. The VRDP and VMTP Shares are treated as equity for tax purposes. Dividends paid to holders of the VRDP and VMTP Shares are generally classified as tax-exempt income for tax-reporting purposes.

11. | Subsequent Events:

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were issued and the following items were noted:

|  | Common Dividend Per Share |  |  |  |  |  | Preferred Shares (c) |
|  | Paid (a) |  |  | Declared (b) |  |  |  |  |  | Shares |  |  | Series |  |  | Declared |
MUA |  | $ | 0.0575 |  |  | $ | 0.0545 |  |  |  |  |  |  |  | — |  |  |  | — |  |  | $ | — |
MEN |  |  | 0.0565 |  |  |  | 0.0480 |  |  |  |  |  |  |  | VRDP |  |  |  | W-7 |  |  |  | 211,993 |
MHD |  |  | 0.0745 |  |  |  | 0.0745 |  |  |  |  |  |  |  | VMTP |  |  |  | W-7 |  |  |  | 133,117 |
MUH |  |  | 0.0675 |  |  |  | 0.0675 |  |  |  |  |  |  |  | VMTP |  |  |  | W-7 |  |  |  | 87,473 |
MUS |  |  | 0.0635 |  |  |  | 0.0635 |  |  |  |  |  |  |  | VMTP |  |  |  | W-7 |  |  |  | 138,366 |
MUI |  |  | 0.0495 |  |  |  | 0.0495 |  |  |  |  |  |  |  | VMTP |  |  |  | W-7 |  |  |  | 456,607 |
MVT |  |  | 0.0730 |  |  |  | 0.0730 |  |  |  |  |  |  |  | VMTP |  |  |  | W-7 |  |  |  | 222,658 |

| (a) | Net investment income dividend paid on December 1, 2017 to Common Shareholders of record on November 15, 2017. |

| (b) | Net investment income dividend declared on December 1, 2017, payable to Common Shareholders of record on December 12, 2017. |

| (c) | Dividends declared for period November 1, 2017 to November 30, 2017. |

|  | Common Distribution Per Share |
|  | Declared (a) |  |  | Declared (b) |  |  | Declared (c) |
MUA |  | $ | 0.003343 |  |  |  | — |  |  |  | — |
MEN |  |  | 0.005133 |  |  |  | — |  |  |  | — |
MHD |  |  | 0.001420 |  |  |  | 0.004439 |  |  |  | 0.008899 |
MUH |  |  | 0.002020 |  |  |  | 0.003431 |  |  |  | 0.004877 |
MUI |  |  | 0.001471 |  |  |  | — |  |  |  | 0.001553 |
MVT |  |  | 0.002480 |  |  |  | — |  |  |  | — |

| (a) | Net investment income special dividend declared amounts per share on December 1, 2017, payable to Common Shareholders of record on December 12, 2017. |

| (b) | Special short-term capital gain distribution declared amounts per share on December 1, 2017, payable to Common Shareholders of record on December 12, 2017. |

| (c) | Special long-term capital gain distribution declared amounts per share on December 1, 2017, payable to Common Shareholders of record on December 12, 2017. |

94 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Disclosure of Investment Advisory Agreements

The Board of Directors (each, a “Board,” collectively, the “Boards,” and the members of which are referred to as “Board Members”) of BlackRock MuniAssets Fund, Inc. (“MUA”), BlackRock MuniEnhanced Fund, Inc. (“MEN”), BlackRock MuniHoldings Fund, Inc. (“MHD”), BlackRock MuniHoldings Fund II, Inc. (“MUH”), BlackRock MuniHoldings Quality Fund, Inc. (“MUS”), BlackRock Muni Intermediate Duration Fund, Inc. (“MUI”) and BlackRock MuniVest Fund II, Inc. (“MVT,” and together with MUA, MEN, MHD, MUH, MUS and MUI, each, a “Fund,” and, collectively, the “Funds”) met in person on April 27, 2017 (the “April Meeting”) and June 7-8, 2017 (the “June Meeting”) to consider the approval of each Fund’s investment advisory agreement (each, an “Advisory Agreement,” and, collectively, the “Advisory Agreements”) with BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor. The Manager is referred to herein as “BlackRock.” The Advisory Agreements are also referred to herein as the “Agreements.”

Activities and Composition of the Board

On the date of the June Meeting, the Board of each Fund consisted of eleven individuals, nine of whom were not “interested persons” of such Fund as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of the Funds and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Chair of each Board is an Independent Board Member. Each Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee, and an Executive Committee, each of which is chaired by an Independent Board Member and composed of Independent Board Members (except for the Executive Committee, which also has one interested Board Member).

The Agreements

Pursuant to the 1940 Act, each Board is required to consider the continuation of its Advisory Agreement on an annual basis. The Boards have four quarterly meetings per year, each extending over two days, a fifth one-day meeting to consider specific information surrounding the consideration of renewing the Agreements and additional in-person and telephonic meetings as needed. In connection with this year-long deliberative process, the Boards assessed, among other things, the nature, extent and quality of the services provided to the Funds by BlackRock, BlackRock’s personnel and affiliates, including, as applicable; investment management, administrative, and shareholder services; the oversight of fund service providers; marketing; risk oversight; compliance; and ability to meet applicable legal and regulatory requirements.

The Boards, acting directly and through their respective committees, consider at each of their meetings, and from time to time as appropriate, factors that are relevant to their annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Funds and their shareholders. BlackRock also furnished additional information to the Boards in response to specific questions from the Boards. This additional information is discussed further below in the section titled “Board Considerations in Approving the Agreements.” Among the matters the Boards considered were: (a) investment performance for one-year, three-year, five-year, ten-year, and/or since inception periods, as applicable, against peer funds, applicable benchmarks, and performance metrics, as applicable, as well as senior management’s and portfolio managers’ analysis of the reasons for any over-performance or underperformance relative to their peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, paid to BlackRock and its affiliates by the Funds for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Funds; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Funds’ investment objective(s), policies and restrictions, and meeting regulatory requirements; (e) the Funds’ adherence to their compliance policies and procedures; (f) the nature, cost and character of non-investment management services provided by BlackRock and its affiliates; (g) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policies approved by the Boards; (i) execution quality of portfolio transactions; (j) BlackRock’s implementation of the Funds’ valuation and liquidity procedures; (k) an analysis of management fees for products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Funds; (l) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; and (m) periodic updates on BlackRock’s business.

The Board of each of MEN, MHD, MUH, MUS, MUI and MVT considered BlackRock’s efforts during the past several years with regard to the redemption of outstanding auction rate preferred securities (“AMPS”). As of the date of this report, each of MEN, MHD, MUH, MUS, MUI and MVT has redeemed all of its outstanding AMPS.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the April Meeting, the Boards requested and received materials specifically relating to the Agreements. The Boards are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to better assist their deliberations. The materials provided in connection with the April Meeting included (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”) on Fund fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds as determined by Broadridge(a) and a customized peer group selected by BlackRock (“Customized Peer Group”); (b) information on the profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (c) a general analysis provided by BlackRock concerning investment management fees charged to other clients, such as institutional clients, sub-advised mutual funds, and open-end funds, under similar investment mandates, as applicable; (d) review of non-management fees; (e) the existence, impact and sharing of potential economies of scale; and (f) a summary of aggregate amounts paid by each Fund to BlackRock.

At the April Meeting, the Boards reviewed materials relating to their consideration of the Agreements. As a result of the discussions that occurred during the April Meeting, and as a culmination of the Boards’ year-long deliberative process, the Boards presented BlackRock with questions and requests for additional information. BlackRock

(a) | Funds are ranked by Broadridge in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable.

DISCLOSURE OF INVESTMENT ADVISORY AGREEMENTS |  |  | 95 |

Disclosure of Investment Advisory Agreements (continued)

responded to these requests with additional written information in advance of the June Meeting. Topics covered included:(a) fund repositionings and portfolio management changes, including additional information about the portfolio managers, research teams, organization and methods and historical track records of the teams, and the potential impact of such changes on fund performance and the costs of such changes; (b) scientific active equity management; (c) BlackRock’s option overwrite policy; (d) differences in services between closed-end funds and mutual funds; (d) market discount; and (e) adviser profitability.

At the June Meeting, each Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and its Fund for a one-year term ending June 30, 2018. In approving the continuation of the Agreements, the Boards considered: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Funds; (c) the advisory fee and the cost of the services and profits to be realized by BlackRock and its affiliates from their relationship with the Funds; (d) the Funds’ costs to investors compared to the costs of Expense Peers and performance compared to the relevant performance metrics as previously discussed; (e) the sharing of potential economies of scale; (f) fall-out benefits to BlackRock and its affiliates as a result of its relationship with the Funds; and (g) other factors deemed relevant by the Board Members.

The Boards also considered other matters they deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, services related to the valuation and pricing of Fund portfolio holdings, and advice from independent legal counsel with respect to the review process and materials submitted for the Boards’ review. The Boards noted the willingness of BlackRock personnel to engage in open, candid discussions with the Boards. The Boards did not identify any particular information as determinative, and each Board Member may have attributed different weights to the various items considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock: The Boards, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services and the resulting performance of the Funds. Throughout the year, the Boards compared the Funds’ performance to the performance of a comparable group of closed-end funds, relevant benchmark, and performance metrics, as applicable. The Boards met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. Each Board also reviewed the materials provided by its Fund’s portfolio management team discussing the Fund’s performance and the Fund’s investment objective(s), strategies and outlook.

The Boards considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and the Funds’ portfolio management teams; BlackRock’s research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Boards engaged in a review of BlackRock’s compensation structure with respect to the Funds’ portfolio management teams and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Boards considered the quality of the administrative and other non-investment advisory services provided to the Funds. BlackRock and its affiliates provide the Funds with certain administrative, shareholder, and other services (in addition to any such services provided to the Funds by third parties) and officers and other personnel as are necessary for the operations of the Funds. In particular, BlackRock and its affiliates provide the Funds with administrative services including, among others: (i) preparing disclosure documents, such as the prospectus and the statement of additional information in connection with the initial public offering and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of the Fund; (iii) oversight of daily accounting and pricing; (iv) preparing periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of other service providers; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Boards in their consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing other administrative functions necessary for the operation of the Funds, such as tax reporting, fulfilling regulatory filing requirements and call center services. The Boards reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal & compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Funds and BlackRock: Each Board, including the Independent Board Members, also reviewed and considered the performance history of its Fund. In preparation for the April Meeting, the Boards were provided with reports independently prepared by Broadridge, which included a comprehensive analysis of the Funds’ performance. The Boards also reviewed a narrative and statistical analysis of the Broadridge data that was prepared by BlackRock. In connection with its review, each Board received and reviewed information regarding the investment performance, based on net asset value (NAV), of its Fund as compared to other funds in its applicable Broadridge category and the Customized Peer Group. The Boards were provided with a description of the methodology used by Broadridge to select peer funds and periodically met with Broadridge representatives to review its methodology. The Boards were provided with information on the composition of the Broadridge performance universes and expense universes. Each Board and its Performance Oversight Committee regularly review, and meet with Fund management to discuss, the performance of its Fund throughout the year.

In evaluating performance, the Boards recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. Further, the Boards recognized that it is possible that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to affect long-term performance disproportionately.

The Board of MUA noted that for the one-, three- and five-year periods reported, MUA ranked first out of three funds, second out of three funds and first out of three funds, respectively, against its Customized Peer Group Composite.

The Board of MEN noted that for each of the one-, three- and five-year periods reported, MEN ranked first out of two funds against its Customized Peer Group Composite.

The Board of MHD noted that for the one-, three- and five-year periods reported, MHD ranked in the third, first and first quartiles, respectively, against its Customized Peer Group Composite. The Board and BlackRock reviewed MHD’s underperformance during the one-year period.

The Board of MUH noted that for the one-, three- and five-year periods reported, MUH ranked in the third, first and first quartiles, respectively, against its Customized Peer Group Composite. The Board and BlackRock reviewed MUH’s underperformance during the one-year period.

96 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Disclosure of Investment Advisory Agreements (continued)

The Board of MUI noted that for the one-, three- and five-year periods reported, MUI ranked in the second, second and first quartiles, respectively, against its Customized Peer Group Composite.

The Board of MVT noted that for each of the one-, three- and five-year periods reported, MVT ranked in the first quartile against its Customized Peer Group Composite.

The Board of MUS noted that for each of the one-, three- and five-year periods reported, MUS ranked first out of two funds against its Customized Peer Group Composite.

BlackRock believes that the Customized Peer Group Composite is an appropriate performance metric for each of the Funds. The Composite measures a blend of total return and yield.

C. Consideration of the Advisory/Management Fees and the Cost of the Services and Profits to be Realized by BlackRock and its Affiliates from their Relationship with the Funds: Each Board, including the Independent Board Members, reviewed its Fund’s contractual management fee rate compared with the other funds in its Broadridge category. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. Each Board also compared the Fund’s total expense ratio, as well as its actual management fee rate as a percentage of total assets, to those of other funds in its Broadridge category. The total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers that benefit a fund, and the actual management fee rate gives effect to any management fee reimbursements or waivers that benefit a fund. The Boards considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Boards received and reviewed statements relating to BlackRock’s financial condition. The Boards reviewed BlackRock’s profitability methodology and were also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Funds. The Boards reviewed BlackRock’s profitability with respect to the Funds and other funds the Boards currently oversee for the year ended December 31, 2016 compared to available aggregate profitability data provided for the prior two years. The Boards reviewed BlackRock’s profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Boards reviewed BlackRock’s assumptions and methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Boards recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. As a result, calculating and comparing profitability at individual fund levels is difficult.

The Boards noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Boards reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly-traded asset management firms. The Boards considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

In addition, the Boards considered the cost of the services provided to the Funds by BlackRock, and BlackRock’s and its affiliates’ profits relating to the management of the Funds and the other funds advised by BlackRock and its affiliates. As part of their analysis, the Boards reviewed BlackRock’s methodology in allocating its costs of managing the Funds, to the Funds. The Boards may receive and review information from independent third parties as part of their annual evaluation. The Boards considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Boards. The Boards further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing the Funds in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable.

The Board of MUA noted that MUA’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers.

The Board of MEN noted that MEN’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio ranked in the first and second quartiles, respectively, relative to the Expense Peers.

The Board of MHD noted that MHD’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio ranked in the first and second quartiles, respectively, relative to the Expense Peers.

The Board of MUH noted that MUH’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.

The Board of MUI noted that MUI’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile relative to the Expense Peers.

The Board of MVT noted that MVT’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio ranked in the first and second quartiles, respectively, relative to the Expense Peers.

The Board of MUS noted that MUS’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers.

D. Economies of Scale: Each Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of its Fund increase. Each Board also considered the extent to which its Fund benefits from such economies in a variety of ways, and whether there should be changes in the

DISCLOSURE OF INVESTMENT ADVISORY AGREEMENTS |  |  | 97 |

Disclosure of Investment Advisory Agreements (continued)

advisory fee rate or breakpoint structure in order to enable the Fund to more fully participate in these economies of scale. Each Board considered its Fund’s asset levels and whether the current fee was appropriate.

Based on the Boards’ review and consideration of the issue, the Boards concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. They are typically priced at scale at a fund’s inception.

E. Other Factors Deemed Relevant by the Board Members: The Boards, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from their respective relationships with the Funds, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Funds, including for administrative, securities lending and cash management services. The Boards also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Boards also noted that BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with their consideration of the Agreements, the Boards also received information regarding BlackRock’s brokerage and soft dollar practices. The Boards received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Boards noted the competitive nature of the closed-end fund marketplace, and that shareholders are able to sell their Fund shares in the secondary market if they believe that the Funds’ fees and expenses are too high or if they are dissatisfied with the performance of the Funds.

The Boards also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included the redemption of AMPS for the BlackRock closed-end funds with AMPS outstanding; developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock funds; and continued communications efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: continuing communications concerning the redemption efforts related to AMPS; sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.

Conclusion

Each Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and its Fund for a one-year term ending June 30, 2018. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, each Board, including the Independent Board Members, was satisfied that the terms of the Advisory Agreement were fair and reasonable and in the best interest of its Fund and its shareholders. In arriving at its decision to approve the Advisory Agreement for its Fund, each Board did not identify any single factor or group of factors as, all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination. The contractual fee arrangements for the Funds reflect the results of several years of review by the Board Members and predecessor Board Members, and discussions between such Board Members (and predecessor Board Members) and BlackRock. As a result, the Board Members’ conclusions may be based in part on their consideration of these arrangements in prior years.

98 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Director and Officer Information

Richard E. Cavanagh, Chair of the Board and Director

Karen P. Robards, Vice Chair of the Board and Director

Michael J. Castellano, Director

Cynthia L. Egan, Director

Frank J. Fabozzi, Director

Jerrold B. Harris, Director

R. Glenn Hubbard, Director

W. Carl Kester, Director

Catherine A. Lynch, Director

Barbara G. Novick, Director

John M. Perlowski, Director, President and Chief Executive Officer

Jonathan Diorio, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

Janey Ahn, Secretary

Effective December 31, 2017, Jerrold B. Harris will retire as Director of the Funds.

As of the date of this report, the portfolio managers of:

| • |  | MUS are Ted Jaeckel, Phillip Soccio, Peter Hayes and Christian Romaglino.

Investment Adviser |  | VRDP Remarketing Agent
BlackRock Advisors, LLC |  | Citigroup Global Markets Inc.(a)
Wilmington, DE 19809 |  | New York, NY 10179
Transfer Agent |  | VRDP Liquidity Provider
Computershare Trust Company, N.A. |  | Citibank, N.A.(a)
Canton, MA 02021 |  | New York, NY 10179
VRDP Tender and Paying Agent and VMTP Redemption and Paying Agent |  | Accounting Agent and Custodian
The Bank of New York Mellon |  | State Street Bank and Trust Company
New York, NY 10289 |  | Boston, MA 02111
|  | Independent Registered Public Accounting Firm
|  | Deloitte & Touche LLP
|  | Boston, MA 02116
|  | Legal Counsel
|  | Skadden, Arps, Slate, Meagher & Flom LLP
|  | Boston, MA 02116
|  | Address of the Funds
|  | 100 Bellevue Parkway
|  | Wilmington, DE 19809

(a) | For MEN.

OFFICERS AND DIRECTORS |  |  | 99 |

Additional Information

Proxy Results

The Annual Meeting of Shareholders was held on July 25, 2017 for shareholders of record on May 30, 2017 to elect director nominees for each Fund. There were no broker non-votes with regard to any of the Funds.

Shareholders elected the Class I Directors as follows:

|  | Michael J. Castellano |  |  | R. Glenn Hubbard |  |  | W. Carl Kester |
|  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |
MUA |  |  | 33,287,824 |  |  |  | 1,264,265 |  |  |  | 33,325,483 |  |  |  | 1,226,606 |  |  |  | 33,276,069 |  |  |  | 1,276,020 |
|  |  | John M. Perlowski |
|  |  | Votes For |  |  | Votes Withheld |
MUA |  |  |  | 33,324,305 |  |  |  | 1,227,784 |

For the Fund listed above, Directors whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Richard E. Cavanagh, Cynthia L. Egan, Frank J. Fabozzi, Jerrold B. Harris, Catherine A. Lynch, Barbara G. Novick, and Karen P. Robards.

Shareholders elected the Directors as follows:

|  | Michael J. Castellano |  |  | Richard E. Cavanagh |  |  | Cynthia L. Egan |
|  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |
MEN |  |  | 27,850,695 |  |  |  | 590,040 |  |  |  | 27,650,414 |  |  |  | 790,321 |  |  |  | 27,937,612 |  |  |  | 503,123 |
MHD |  |  | 13,448,374 |  |  |  | 268,713 |  |  |  | 13,357,116 |  |  |  | 359,971 |  |  |  | 13,492,525 |  |  |  | 224,562 |
MUH |  |  | 10,623,721 |  |  |  | 167,948 |  |  |  | 10,621,537 |  |  |  | 170,132 |  |  |  | 10,687,560 |  |  |  | 104,109 |
MUS |  |  | 12,214,106 |  |  |  | 458,573 |  |  |  | 12,169,171 |  |  |  | 503,508 |  |  |  | 12,367,828 |  |  |  | 304,851 |
MUI |  |  | 34,273,278 |  |  |  | 2,141,091 |  |  |  | 33,943,967 |  |  |  | 2,470,402 |  |  |  | 34,358,409 |  |  |  | 2,055,960 |
MVT |  |  | 19,752,220 |  |  |  | 395,731 |  |  |  | 19,732,389 |  |  |  | 415,562 |  |  |  | 19,792,650 |  |  |  | 355,301 |
|  | Frank J. Fabozzi(a) |  |  | Jerrold B. Harris |  |  | R. Glenn Hubbard |
|  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |
MEN |  |  | 1,425 |  |  |  | 0 |  |  |  | 27,516,145 |  |  |  | 924,590 |  |  |  | 27,618,847 |  |  |  | 821,888 |
MHD |  |  | 837 |  |  |  | 0 |  |  |  | 13,336,127 |  |  |  | 380,960 |  |  |  | 13,375,629 |  |  |  | 341,458 |
MUH |  |  | 550 |  |  |  | 0 |  |  |  | 10,597,037 |  |  |  | 194,632 |  |  |  | 10,701,564 |  |  |  | 90,105 |
MUS |  |  | 870 |  |  |  | 0 |  |  |  | 12,150,574 |  |  |  | 522,105 |  |  |  | 12,308,089 |  |  |  | 364,590 |
MUI |  |  | 2,871 |  |  |  | 0 |  |  |  | 33,940,865 |  |  |  | 2,473,504 |  |  |  | 33,977,782 |  |  |  | 2,436,587 |
MVT |  |  | 1,400 |  |  |  | 0 |  |  |  | 19,759,656 |  |  |  | 388,295 |  |  |  | 19,763,372 |  |  |  | 384,579 |
|  | W. Carl Kester(a) |  |  | Catherine A. Lynch |  |  | Barbara G. Novick |
|  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |
MEN |  |  | 1,425 |  |  |  | 0 |  |  |  | 27,945,622 |  |  |  | 495,113 |  |  |  | 27,936,860 |  |  |  | 503,875 |
MHD |  |  | 837 |  |  |  | 0 |  |  |  | 13,492,525 |  |  |  | 224,562 |  |  |  | 13,493,635 |  |  |  | 223,452 |
MUH |  |  | 550 |  |  |  | 0 |  |  |  | 10,650,768 |  |  |  | 140,901 |  |  |  | 10,688,360 |  |  |  | 103,309 |
MUS |  |  | 870 |  |  |  | 0 |  |  |  | 12,335,337 |  |  |  | 337,342 |  |  |  | 12,373,579 |  |  |  | 299,100 |
MUI |  |  | 2,871 |  |  |  | 0 |  |  |  | 34,355,633 |  |  |  | 2,058,736 |  |  |  | 34,372,740 |  |  |  | 2,041,629 |
MVT |  |  | 1,400 |  |  |  | 0 |  |  |  | 19,707,477 |  |  |  | 440,474 |  |  |  | 19,815,843 |  |  |  | 332,108 |
|  |  | John M. Perlowski |  |  | Karen P. Robards |
|  |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |
MEN |  |  |  | 27,908,231 |  |  |  | 532,504 |  |  |  | 27,951,973 |  |  |  | 488,762 |
MHD |  |  |  | 13,490,356 |  |  |  | 226,731 |  |  |  | 13,474,048 |  |  |  | 243,039 |
MUH |  |  |  | 10,702,130 |  |  |  | 89,539 |  |  |  | 10,695,298 |  |  |  | 96,371 |
MUS |  |  |  | 12,335,267 |  |  |  | 337,412 |  |  |  | 12,290,401 |  |  |  | 382,278 |
MUI |  |  |  | 34,333,932 |  |  |  | 2,080,437 |  |  |  | 34,363,791 |  |  |  | 2,050,578 |
MVT |  |  |  | 19,849,716 |  |  |  | 298,235 |  |  |  | 19,781,142 |  |  |  | 366,809 |

| (a) | Voted on by holders of preferred shares only. |

Fund Certification

Certain Funds are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Funds filed with the SEC the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.

100 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Additional Information (continued)

Dividend Policy

Each Fund’s dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more stable level of distributions, the Funds may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any particular month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the distributions paid by the Funds for any particular month may be more or less than the amount of net investment income earned by the Funds during such month. The Funds’ current accumulated but undistributed net investment income, if any, is disclosed in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

General Information

The Funds do not make available copies of their Statements of Additional Information because the Funds’ shares are not continuously offered, which means that the Statement of Additional Information of each Fund has not been updated after completion of the respective Fund’s offerings and the information contained in each Fund’s Statement of Additional Information may have become outdated.

During the period, there were no material changes in the Funds’ investment objectives or policies or to the Funds’ charters or by-laws that would delay or prevent a change of control of the Funds that were not approved by the shareholders or in the principal risk factors associated with investment in the Funds. Except as disclosed on page 100, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Funds’ portfolios.

Effective September 26, 2016, BlackRock implemented a new methodology for calculating “effective duration” for BlackRock’s municipal bond portfolios. The new methodology replaces the model previously used by BlackRock to evaluate municipal bond duration and is a common indicator of an investment’s sensitivity to interest rate movements. The new methodology is applied to each Fund’s duration reported for periods after September 26, 2016.

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports by enrolling in the electronic delivery program. Electronic copies of shareholder reports are available on BlackRock’s website.

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisers, banks or brokerages may offer this service.

Householding

The Funds will mail only one copy of shareholder documents, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 882-0052.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room or how to access documents on the SEC’s website without charge may be obtained by calling (800) SEC-0330. The Funds’ Forms N-Q may also be obtained upon request and without charge by calling (800) 882-0052.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 882-0052; (2) at http://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http://www.blackrock.com; or by calling (800) 882-0052; and (2) on the SEC’s website at http://www.sec.gov.

ADDITIONAL INFORMATION |  |  | 101 |

Additional Information (continued)

Availability of Fund Updates

BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the “Closed-end Funds” section of http://www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

102 |  | 2017 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviations
AGC |  | Assured Guarantee Corp.
AGM |  | Assured Guaranty Municipal Corp.
AMBAC |  | American Municipal Bond Assurance Corp.
AMT |  | Alternative Minimum Tax (subject to)
ARB |  | Airport Revenue Bonds
BAN |  | Bond Anticipation Notes
BAM |  | Build America Mutual Assurance Co.
BARB |  | Building Aid Revenue Bonds
BHAC |  | Berkshire Hathaway Assurance Corp.
CAB |  | Capital Appreciation Bonds
COP |  | Certificates of Participation
EDA |  | Economic Development Authority
EDC |  | Economic Development Corp.
ERB |  | Education Revenue Bonds
GARB |  | General Airport Revenue Bonds
GO |  | General Obligation Bonds
GTD |  | Guaranteed
HFA |  | Housing Finance Agency
IDA |  | Industrial Development Authority
ISD |  | Independent School District
LRB |  | Lease Revenue Bonds
M/F |  | Multi-Family
MRB |  | Mortgage Revenue Bonds
NPFGC |  | National Public Finance Guarantee Corp.
PSF |  | Permanent School Fund
RB |  | Revenue Bonds
S/F |  | Single-Family

GLOSSARY OF TERMS USED IN THIS REPORT |  |  | 103 |

This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. The Funds have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares, and the risk that fluctuations in short-term interest rates may reduce the Common Shares’ yield. Statements and other information herein are as dated and are subject to change.

CEMUNI7-10/17-SAR |  |

Item 2 – |  | Code of Ethics – During the period covered by this report, the code of ethics was amended to clarify an inconsistency as to whom persons covered by the code should report suspected violations of the code. The amendment clarifies that such reporting should be made to BlackRock Advisors, LLC’s General Counsel, and retains the alternative option of anonymous reporting following “whistleblower” policies. Other non-material changes were also made in connection with this amendment. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-882-0052, option 4.
Item 3 – |  | Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 – |  | Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 – |  | Audit Committee of Listed Registrants – Not Applicable to this semi-annual report
Item 6 – |  | Investments
|  | (a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.
|  | (b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 – |  | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report
Item 8 – |  | Portfolio Managers of Closed-End Management Investment Companies
|  | (a) |  | Not Applicable to this semi-annual report
|  | (b) |  | As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.
Item 9 – |  | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – |  | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 11 – |  | Controls and Procedures
|  | (a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. (b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 – |  | Disclosure of Securities Lending Activities for Closed-End Management Investment
|  | Companies – Not Applicable
Item 13 – Exhibits attached hereto
|  | (a)(1) – Code of Ethics – Not Applicable to this semi-annual report
|  | (a)(2) – Certifications – Attached hereto
|  | (a)(3) – Not Applicable
|  | (a)(4) – Not Applicable
|  | (b) – Certifications – Attached hereto

2

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock MuniHoldings Fund, Inc.

By: |  | /s/ John M. Perlowski |  |
|  | John M. Perlowski |  |
|  | Chief Executive Officer (principal executive officer) of |  |
|  | BlackRock MuniHoldings Fund, Inc. |  |

Date: January 5, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: |  | /s/ John M. Perlowski |  |
|  | John M. Perlowski |  |
|  | Chief Executive Officer (principal executive officer) of |  |
|  | BlackRock MuniHoldings Fund, Inc. |  |
Date: January 5, 2018 |  |
By: |  | /s/ Neal J. Andrews |  |
|  | Neal J. Andrews |  |
|  | Chief Financial Officer (principal financial officer) of |  |
|  | BlackRock MuniHoldings Fund, Inc. |  |
Date: January 5, 2018 |  |

3