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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:
811-21126

Name of Fund: |  | BlackRock Municipal Income Trust II (BLE)

Fund Address: |  | 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal Income Trust II, 50 Hudson Yards, New York, NY 10001
Registrant’s telephone number, including area code: (800)
882-0052,
Option 4
Date of fiscal year end: 07/31/2024
Date of reporting period: 01/31/2024

Item 1 – | Report to Stockholders

(a) The Report to Shareholders is attached herewith.

|  | JANUARY 31, 2024

|  | 2024 Semi-Annual Report (Unaudited)

BlackRock Investment Quality Municipal Trust, Inc. (BKN)
BlackRock Municipal Income Trust (BFK)
BlackRock Municipal Income Trust II (BLE)
BlackRock MuniHoldings Fund, Inc. (MHD)
BlackRock MuniVest Fund, Inc. (MVF)
BlackRock MuniVest Fund II, Inc. (MVT)
BlackRock MuniYield Quality Fund II, Inc. (MQT)

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review
Dear Shareholder,
The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended January 31, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the period before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.
Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained, while emerging market stocks declined overall.
The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, shorter-duration U.S. Treasuries gained, as higher yields boosted returns. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.
The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates four times during the 12-month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.
Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.
Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, 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 January 31, 2024 |
|  | 6-Month |  |  | 12-Month |
U.S. large cap equities (S&P 500 ® Index) |  |  | 6.43% |  |  |  | 20.82% |
U.S. small cap equities (Russell 2000 ® Index) |  |  | (2.02) |  |  |  | 2.40 |
International equities (MSCI Europe, Australasia, Far East Index) |  |  | 3.15 |  |  |  | 10.01 |
Emerging market equities (MSCI Emerging Markets Index) |  |  | (6.00) |  |  |  | (2.94) |
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) |  |  | 2.73 |  |  |  | 5.13 |
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) |  |  | 1.74 |  |  |  | (0.38) |
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) |  |  | 3.15 |  |  |  | 2.10 |
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) |  |  | 2.70 |  |  |  | 2.90 |
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) |  |  | 6.18 |  |  |  | 9.28 |
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

2 |  | T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

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 Summary |  |  | 6 |
Financial Statements: |  |  |  |
Schedules of Investments |  |  | 20 |
Statements of Assets and Liabilities |  |  | 72 |
Statements of Operations |  |  | 74 |
Statements of Changes in Net Assets |  |  | 76 |
Statements of Cash Flows |  |  | 80 |
Financial Highlights |  |  | 82 |
Notes to Financial Statements |  |  | 90 |
Additional Information |  |  | 101 |
Glossary of Terms Used in this Report |  |  | 104 |

|  | 3

Municipal Market Overview For the Reporting Period Ended January 31, 2024

Municipal Market Conditions
Municipals struggled at the start of the period as the Fed continued its tightening policy, raising fed fund rates to 5.25%-5.50%, before pausing in September. Subsequently, falling inflation, weakening economic growth, and the prolonged Fed pause led to more dovish expectations for monetary policy, causing a strong interest rate rally into year-end. As a result, municipals posted their strongest performance since the mid-1980s during the fourth quarter of 2023 before taking a step back to reassess macro expectations at the end of the period. Lower-rated credits and the long-end of the curve performed best.

During the 12-months ended January 31, 2024, municipal bond funds experienced net outflows totaling $20 billion (based on data from the Investment Company Institute), as demand shifted from funds to individual bonds and ETFs. At the same time, the market contended with just $368 billion in issuance, a small increase from the $347 billion issued during the prior 12-month period, as issuers shied away from rising rates and volatility. |  |  |  | Bloomberg Municipal Bond Index Total Returns as of January 31, 2024 6 months: 2.70% 12 months: 2.90%

A Closer Look at Yields
From January 31, 2023, to January 31, 2024, yields on AAA-rated 30-year municipal bonds increased by 32 basis points (bps) from 3.20% to 3.52%, ten-year yields increased by 19 bps from 2.19% to 2.38%, five-year yields increased by 31 bps from 2.05% to 2.36%, and two-year yields increased by 47 bps from 2.17% to 2.64% (as measured by Refinitiv Municipal Market Data). As a result, the municipal yield curve flattened over the 12-month period with the spread between two- and 30-year maturities flattening by 15 bps to a slope of 88 bps. Still, the curve remained relatively steep compared to the inverted U.S. Treasury curve.
Outperformance throughout the period pushed relative valuations to extremely rich levels. Municipal-to-Treasury ratios ended well through their 5-year averages across the curve, with intermediate maturities approaching all-time lows.
Financial Conditions of Municipal Issuers
With reserves at nearly an all-time high and debt service burden at a 50-year low, states are well-positioned to weather a potential economic slowdown. However, tax receipts are diverging for the states that primarily rely on consumption taxes, compared to their peers that depend on income taxes. State median revenues declined by a slight 1% for the rolling 12-months ending September 2023. States with regimes that favor sales taxes, such as Florida, Nevada, Texas, Tennessee, and Washington, all experienced positive revenue growth, while states that depend on personal income taxes, such as California and New York, experienced much greater declines in receipts, by 23% and 16%, respectively. Particularly in California’s case, the rating agencies have been patient, but the risk of downgrades has increased significantly. Meanwhile spreads remain surprisingly tight, reflecting investor indifference. Personal income tax collections should improve this April, due to a rebound in the financial markets, which should alleviate the strain on New York’s budget, but California will need to enact significant corrective action to address its reported $68 billion deficit. No sector is immune to an economic contraction; however, most municipal issuers are ultra-defensive since they provide essential services and can raise user fees or taxes to cover operations. Across all muni sectors, we anticipate borrowing to increase modestly in 2024 due to various potential factors: revenue shortfalls, aversion to fee increases, reluctance to cut programs, no future federal stimulus, preference to maintain liquidity, and deferral of capital expenditures. Patient investors will have better options in 2024 to buy solid credits in the primary market or discounted names in the secondary market.
The opinions expressed are those of BlackRock as of January 31, 2024 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 Bloomberg 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 not an indication of future results. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index.

4 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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, there is no guarantee that these objectives can 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 each Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Fund’s shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage (after paying the leverage costs) is paid to shareholders in the form of dividends, and the value of these portfolio holdings (less the leverage liability) 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 a Fund’s return on assets purchased with leverage proceeds, income to shareholders is lower than if a Fund had not used leverage. In such circumstance, the investment adviser may nevertheless determine to maintain a Fund’s leverage if it deems such action to be appropriate. 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 amount of each Fund’s obligations under its respective leverage arrangement 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 a Fund’s 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 each Fund’s 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 Muni Term Preferred Shares (“VMTP Shares” or “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 borrow money (including through the use of TOB Trusts) or issue debt securities 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.
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 assets 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. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. 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.

T H E B E N E F I T S A N D R I S K S O F L E V E R A G I N G / D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S |  | 5

Fund Summary as of January 31, 2024 |  | BlackRock Investment Quality Municipal Trust, Inc. (BKN)

Investment Objective
BlackRock Investment Quality Municipal Trust, Inc.’s (BKN) (the “Fund”)
investment objective is to provide high current income exempt from regular U.S. federal income tax consistent with the preservation of capital. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal obligations that pay interest that is 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 securities rated investment grade at the time of investment. The Fund may invest up to 20% of its assets in unrated securities that are deemed by the investment adviser to be of comparable quality. 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.
On October 30, 2023, the Board of Directors of the Fund and the Board of Directors of BlackRock MuniYield Quality Fund III, Inc. (MYI) announced the withdrawal of the merger proposal that was previously approved by the Boards pursuant to which the Fund would have been merged into MYI, with MYI continuing as the surviving fund.
Fund Information

Symbol on New York Stock Exchange |  | BKN
Initial Offering Date |  | February 28, 1993
Yield on Closing Market Price as of January 31, 2024 ($ 11.71) (a) |  | 5.84%
Tax Equivalent Yield (b) |  | 9.86%
Current Monthly Distribution per Common Share (c) |  | $0.057000
Current Annualized Distribution per Common Share (c) |  | $0.684000
Leverage as of January 31, 2024 (d) |  | 31%

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

| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, 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. A portion of the distribution may be deemed a return of capital or net realized gain. |

| (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. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |

Market Price and Net Asset Value Per Share Summary

|  | 01/31/24 |  |  | 07/31/23 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 11.71 |  |  | $ | 11.75 |  |  |  | (0.34 | )% |  | $ | 12.05 |  |  | $ | 9.60 |
Net Asset Value |  |  | 13.14 |  |  |  | 13.21 |  |  |  | (0.53 | ) |  |  | 13.34 |  |  |  | 11.54 |

Performance
Returns for the period ended January 31, 2024 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Fund at NAV (a)(b) |  |  | 1.93 | % |  |  | 2.21 | % |  |  | 1.89 | % |  |  | 4.50 | %
Fund at Market Price (a)(b) |  |  | 2.12 |  |  |  | (0.72 | ) |  |  | 1.35 |  |  |  | 3.05 |
National Customized Reference Benchmark (c) |  |  | 2.77 |  |  |  | 3.02 |  |  |  | 2.13 |  |  |  | N/A |
Bloomberg Municipal Bond Index (d) |  |  | 2.70 |  |  |  | 2.90 |  |  |  | 2.00 |  |  |  | 2.78 |

| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any. |

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

| (c) | The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |

| (d) | An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. |

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of
blackrock.com
.
The following discussion relates to the Fund’s absolute performance based on NAV:
Municipal bonds posted solid gains for the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.

6 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Fund Summary as of January 31, 2024 (continued) |  | BlackRock Investment Quality Municipal Trust, Inc. (BKN)

Income was the largest contributor to the Fund’s performance. Holdings in the 15- to 20-year maturity range were key contributors as well. Holdings in high yield (non investment-grade) bonds also contributed, as did positions in A and BBB rated bonds within the investment-grade category. At the sector level, transportation and tax-backed issues were the largest contributors. The Fund’s cash position had no material impact on performance.
The Fund’s use of U.S. Treasury futures to manage interest rate risk detracted from performance due to the strong bond market rally in the second half of the reporting period. The Fund continued to use leverage, but the performance impact was muted due to increased borrowing costs.
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.
Overview of the Fund’s Total Investments
SECTOR ALLOCATION

Sector (a)(b) |  | Percentage of Total Investments |
County/City/Special District/School District |  |  | 24.3 | %
Transportation |  |  | 23.8 |
Corporate |  |  | 13.4 |
Utilities |  |  | 11.2 |
Health |  |  | 7.5 |
Education |  |  | 7.2 |
State |  |  | 6.6 |
Housing |  |  | 3.2 |
Tobacco |  |  | 2.8 |

CREDIT QUALITY ALLOCATION

Credit Rating (a)(d) |  | Percentage of Total Investments |
AAA/Aaa |  |  | 4.9 | %
AA/Aa |  |  | 41.0 |
A |  |  | 31.7 |
BBB/Baa |  |  | 7.2 |
BB/Ba |  |  | 3.5 |
B |  |  | 1.5 |
N/R (e) |  |  | 10.2 |

CALL/MATURITY SCHEDULE

Calendar Year Ended December 31, (a)(c) |  | Percentage |
2024 |  |  | 7.3 | %
2025 |  |  | 1.3 |
2026 |  |  | 4.3 |
2027 |  |  | 11.4 |
2028 |  |  | 5.9 |

(a) | Excludes short-term securities. |

(b) | 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. |

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

(d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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. |

(e) | 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 January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments. |

F U N D S U M M A R Y |  | 7

Fund Summary as of January 31, 2024 |  | BlackRock Municipal Income Trust (BFK)

Investment Objective
BlackRock Municipal Income Trust’s (BFK) (the “Fund”)
investment objective is to provide current income exempt from regular U.S. federal income tax. The Fund seeks to achieve its investment objective by investing primarily in municipal bonds that pay interest that is 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 80% of its assets in municipal bonds that are investment grade, or if unrated, deemed to be of comparable quality by the investment adviser, 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 |  | BFK
Initial Offering Date |  | July 31, 2001
Yield on Closing Market Price as of January 31, 2024 ($ 10.11) (a) |  | 5.93%
Tax Equivalent Yield (b) |  | 10.02%
Current Monthly Distribution per Common Share (c) |  | $0.050000
Current Annualized Distribution per Common Share (c) |  | $0.600000
Leverage as of January 31, 2024 (d) |  | 34%

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

| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, 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. A portion of the distribution may be deemed a return of capital or net realized gain. |

| (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. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |

Market Price and Net Asset Value Per Share Summary

|  | 01/31/24 |  |  | 07/31/23 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 10.11 |  |  | $ | 10.11 |  |  |  | 0.00 | % |  | $ | 10.32 |  |  | $ | 8.59 |
Net Asset Value |  |  | 11.56 |  |  |  | 11.66 |  |  |  | (0.86 | ) |  |  | 11.66 |  |  |  | 10.38 |

Performance
Returns for the period ended January 31, 2024 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Fund at NAV (a)(b) |  |  | 1.43 | % |  |  | 1.97 | % |  |  | 1.19 | % |  |  | 3.77 | %
Fund at Market Price (a)(b) |  |  | 2.31 |  |  |  | (0.56 | ) |  |  | (0.12 | ) |  |  | 2.67 |
National Customized Reference Benchmark (c) |  |  | 2.77 |  |  |  | 3.02 |  |  |  | 2.13 |  |  |  | N/A |
Bloomberg Municipal Bond Index (d) |  |  | 2.70 |  |  |  | 2.90 |  |  |  | 2.00 |  |  |  | 2.78 |

| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any. |

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

| (c) | The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |

| (d) | An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. |

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of
blackrock.com
.
The following discussion relates to the Fund’s absolute performance based on NAV:
Municipal bonds posted solid gains for the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.
The Fund’s holdings in higher-quality investment-grade securities with longer duration characteristics contributed to performance. (Duration is a measure of interest rate sensitivity.) Within this category, longer-maturity bonds performed particularly well. On the other end of the spectrum, positions in lower-duration securities made smaller contributions. The Fund’s cash position had no material impact on performance.

8 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Fund Summary as of January 31, 2024 (continued) |  | BlackRock Municipal Income Trust (BFK)

All sectors produced positive returns, with the largest contributions coming from transportation and corporate-backed issues due to their higher weightings in the portfolio.
The Fund continued to use U.S. Treasury futures on a limited basis in an effort to mitigate interest rate risk. This aspect of its strategy had a minimal effect on results. Believing yields were unlikely to rise significantly from already elevated levels, the investment adviser reduced the extent of the risk-management strategy. The Fund continued to use leverage, but the performance impact was muted due to increased borrowing costs.
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.
Overview of the Fund’s Total Investments
SECTOR ALLOCATION

Sector (a)(b) |  | Percentage of Total Investments |
Transportation |  |  | 22.9 | %
County/City/Special District/School District |  |  | 21.8 |
Corporate |  |  | 13.1 |
State |  |  | 12.9 |
Utilities |  |  | 11.0 |
Tobacco |  |  | 7.8 |
Health |  |  | 6.8 |
Education |  |  | 2.5 |
Housing |  |  | 1.2 |

CREDIT QUALITY ALLOCATION

Credit Rating (a)(d) |  | Percentage of Total Investments |
AAA/Aaa |  |  | 10.6 | %
AA/Aa |  |  | 40.0 |
A |  |  | 30.6 |
BBB/Baa |  |  | 7.0 |
BB/Ba |  |  | 3.0 |
B |  |  | 1.0 |
N/R (e) |  |  | 7.8 |

CALL/MATURITY SCHEDULE

Calendar Year Ended December 31, (a)(c) |  | Percentage |
2024 |  |  | 10.0 | %
2025 |  |  | 3.6 |
2026 |  |  | 7.3 |
2027 |  |  | 9.2 |
2028 |  |  | 16.8 |

(a) | Excludes short-term securities. |

(b) | 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. |

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

(d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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. |

(e) | 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 January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.1% of the Fund’s total investments. |

F U N D S U M M A R Y |  | 9

Fund Summary as of January 31, 2024 |  | BlackRock Municipal Income Trust II (BLE)

Investment Objective
BlackRock Municipal Income Trust II’s (BLE) (the “Fund”)
investment objective is to provide current income exempt from regular U.S. federal income tax. The Fund seeks to achieve its investment objective by investing primarily 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 80% of its managed assets in municipal bonds that are investment grade quality at the time of investment or, if unrated, determined to be of comparable quality by the investment adviser at the time of investment. The Fund may invest directly in 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 |  | BLE
Initial Offering Date |  | July 30, 2002
Yield on Closing Market Price as of January 31, 2024 ($ 10.66) (a) |  | 5.85%
Tax Equivalent Yield (b) |  | 9.88%
Current Monthly Distribution per Common Share (c) |  | $0.052000
Current Annualized Distribution per Common Share (c) |  | $0.624000
Leverage as of January 31, 2024 (d) |  | 30%

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

| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, 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. A portion of the distribution may be deemed a return of capital or net realized gain. |

| (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. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |

Market Price and Net Asset Value Per Share Summary

|  | 01/31/24 |  |  | 07/31/23 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 10.66 |  |  | $ | 10.45 |  |  |  | 2.01 | % |  | $ | 10.89 |  |  | $ | 8.81 |
Net Asset Value |  |  | 12.20 |  |  |  | 12.09 |  |  |  | 0.91 |  |  |  | 12.37 |  |  |  | 10.63 |

Performance
Returns for the period ended January 31, 2024 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Fund at NAV (a)(b) |  |  | 3.32 | % |  |  | 3.77 | % |  |  | 1.56 | % |  |  | 3.95 | %
Fund at Market Price (a)(b) |  |  | 4.45 |  |  |  | 1.32 |  |  |  | (0.58 | ) |  |  | 2.81 |
National Customized Reference Benchmark (c) |  |  | 2.77 |  |  |  | 3.02 |  |  |  | 2.13 |  |  |  | N/A |
Bloomberg Municipal Bond Index (d) |  |  | 2.70 |  |  |  | 2.90 |  |  |  | 2.00 |  |  |  | 2.78 |

| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any. |

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

| (c) | The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |

| (d) | An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. |

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of
blackrock.com
.
The following discussion relates to the Fund’s absolute performance based on NAV:
Municipal bonds posted solid gains for the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.
The Fund’s holdings in longer-maturity bonds (15- to 20-year issues), the strongest performing area of the market, contributed to performance. Holdings in high yield (non investment-grade bonds) contributed as well. Within the investment-grade category, A rated bonds were generally the top performers. The Fund’s use of U.S. Treasury futures to mitigate interest rate risk also contributed to results. The Fund’s cash position had no material impact on performance.

10 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Fund Summary as of January 31, 2024 (continued) |  | BlackRock Municipal Income Trust II (BLE)

Security selection in the transportation sector was a slight detractor. The Fund continued to use leverage, but the performance impact was muted due to increased borrowing costs.
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.
Overview of the Fund’s Total Investments
SECTOR ALLOCATION

Sector (a)(b) |  | Percentage of Total Investments |
Transportation |  |  | 21.3 | %
County/City/Special District/School District |  |  | 16.7 |
Corporate |  |  | 12.5 |
Health |  |  | 12.0 |
Utilities |  |  | 10.8 |
State |  |  | 9.5 |
Housing |  |  | 8.3 |
Education |  |  | 5.2 |
Tobacco |  |  | 3.7 |

CREDIT QUALITY ALLOCATION

Credit Rating (a)(d) |  | Percentage of Total Investments |
AAA/Aaa |  |  | 8.7 | %
AA/Aa |  |  | 34.0 |
A |  |  | 29.0 |
BBB/Baa |  |  | 12.6 |
BB/Ba |  |  | 2.6 |
B |  |  | 0.9 |
N/R (e) |  |  | 12.2 |

CALL/MATURITY SCHEDULE

Calendar Year Ended December 31, (a)(c) |  | Percentage |
2024 |  |  | 10.5 | %
2025 |  |  | 0.6 |
2026 |  |  | 2.5 |
2027 |  |  | 4.9 |
2028 |  |  | 12.5 |

(a) | Excludes short-term securities. |

(b) | 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. |

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

(d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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. |

(e) | 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 January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments. |

F U N D S U M M A R Y |  | 11

Fund Summary as of January 31, 2024 |  | BlackRock MuniHoldings Fund, Inc. (MHD)

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 New York Stock Exchange |  | MHD
Initial Offering Date |  | May 2, 1997
Yield on Closing Market Price as of January 31, 2024 ($ 11.91) (a) |  | 5.29%
Tax Equivalent Yield (b) |  | 8.94%
Current Monthly Distribution per Common Share (c) |  | $0.052500
Current Annualized Distribution per Common Share (c) |  | $0.630000
Leverage as of January 31, 2024 (d) |  | 31%

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

| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, 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. A portion of the distribution may be deemed a return of capital or net realized gain. |

| (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. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |

Market Price and Net Asset Value Per Share Summary

|  | 01/31/24 |  |  | 07/31/23 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 11.91 |  |  | $ | 11.84 |  |  |  | 0.59 | % |  | $ | 12.01 |  |  | $ | 9.96 |
Net Asset Value |  |  | 13.67 |  |  |  | 13.62 |  |  |  | 0.37 |  |  |  | 13.87 |  |  |  | 11.98 |

Performance
Returns for the period ended January 31, 2024 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Fund at NAV (a)(b) |  |  | 2.58 | % |  |  | 2.93 | % |  |  | 1.27 | % |  |  | 3.75 | %
Fund at Market Price (a)(b) |  |  | 2.81 |  |  |  | 0.02 |  |  |  | (0.35 | ) |  |  | 2.77 |
National Customized Reference Benchmark (c) |  |  | 2.77 |  |  |  | 3.02 |  |  |  | 2.13 |  |  |  | N/A |
Bloomberg Municipal Bond Index (d) |  |  | 2.70 |  |  |  | 2.90 |  |  |  | 2.00 |  |  |  | 2.78 |

| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any. |

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

| (c) | The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |

| (d) | An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. |

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of
blackrock.com
.
The following discussion relates to the Fund’s absolute performance based on NAV:
Municipal bonds posted solid gains for the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.
Income was the largest contributor to the Fund’s performance. Holdings in the 15- to 20-year maturity range were key contributors as well. Holdings in high yield (non investment-grade) bonds also contributed, as did positions in A and BBB rated bonds within the investment-grade category. At the sector level, transportation and tax-backed issues were the largest contributors. The Fund’s cash position had no material impact on performance.

12 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Fund Summary as of January 31, 2024 (continued) |  | BlackRock MuniHoldings Fund, Inc. (MHD)

The Fund’s use of U.S. Treasury futures to manage interest rate risk detracted from performance due to the strong bond market rally in the second half of the reporting period. The Fund continued to use leverage, but the performance impact was muted due to increased borrowing costs.
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.
Overview of the Fund’s Total Investments
SECTOR ALLOCATION

Sector (a)(b) |  | Percentage of Total Investments |
Transportation |  |  | 26.0 | %
County/City/Special District/School District |  |  | 15.3 |
Corporate |  |  | 13.6 |
Utilities |  |  | 11.3 |
Health |  |  | 11.1 |
State |  |  | 11.0 |
Education |  |  | 7.4 |
Housing |  |  | 2.3 |
Tobacco |  |  | 2.0 |

CREDIT QUALITY ALLOCATION

Credit Rating (a)(d) |  | Percentage of Total Investments |
AAA/Aaa |  |  | 5.1 | %
AA/Aa |  |  | 43.1 |
A |  |  | 28.4 |
BBB/Baa |  |  | 8.3 |
BB/Ba |  |  | 2.8 |
B |  |  | 1.1 |
N/R (e) |  |  | 11.2 |

CALL/MATURITY SCHEDULE

Calendar Year Ended December 31, (a)(c) |  | Percentage |
2024 |  |  | 8.3 | %
2025 |  |  | 1.4 |
2026 |  |  | 2.3 |
2027 |  |  | 7.3 |
2028 |  |  | 11.0 |

(a) | Excludes short-term securities. |

(b) | 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. |

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

(d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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. |

(e) | 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 January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments. |

F U N D S U M M A R Y |  | 13

Fund Summary as of January 31, 2024 |  | BlackRock MuniVest Fund, Inc. (MVF)

Investment Objective
BlackRock MuniVest Fund, Inc.’s (MVF) (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 an aggregate of the Fund’s net assets (including proceeds from the issuance of any preferred shares) and the proceeds of any borrowing for investment purposes, in 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 primarily invests in long term municipal obligations rated investment grade at the time of investment (or, if unrated, are considered by the Fund’s investment adviser to be of comparable quality at the time of investment) and in long term municipal obligations with maturities of more than ten years at the time of investment. The Fund may invest up to 20% of its total assets in securities rated below investment grade or deemed equivalent at the time of purchase. The Fund may invest directly in 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 |  | MVF
Initial Offering Date |  | September 29, 1988
Yield on Closing Market Price as of January 31, 2024 ($ 6.97) (a) |  | 5.16%
Tax Equivalent Yield (b) |  | 8.72%
Current Monthly Distribution per Common Share (c) |  | $0.030000
Current Annualized Distribution per Common Share (c) |  | $0.360000
Leverage as of January 31, 2024 (d) |  | 31%

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

| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, 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. A portion of the distribution may be deemed a return of capital or net realized gain. |

| (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. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |

Market Price and Net Asset Value Per Share Summary

|  | 01/31/24 |  |  | 07/31/23 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 6.97 |  |  | $ | 6.83 |  |  |  | 2.05 | % |  | $ | 7.12 |  |  | $ | 5.85 |
Net Asset Value |  |  | 8.04 |  |  |  | 7.90 |  |  |  | 1.77 |  |  |  | 8.17 |  |  |  | 7.08 |

Performance
Returns for the period ended January 31, 2024 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Fund at NAV (a)(b) |  |  | 3.98 | % |  |  | 3.82 | % |  |  | 1.86 | % |  |  | 3.53 | %
Fund at Market Price (a)(b) |  |  | 4.26 |  |  |  | 1.46 |  |  |  | (0.26 | ) |  |  | 2.14 |
National Customized Reference Benchmark (c) |  |  | 2.77 |  |  |  | 3.02 |  |  |  | 2.13 |  |  |  | N/A |
Bloomberg Municipal Bond Index (d) |  |  | 2.70 |  |  |  | 2.90 |  |  |  | 2.00 |  |  |  | 2.78 |

| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any. |

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

| (c) | The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |

| (d) | An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. |

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of
blackrock.com
.
The following discussion relates to the Fund’s absolute performance based on NAV:
Municipal bonds posted solid gains for the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.

14 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Fund Summary as of January 31, 2024 (continued) |  | BlackRock MuniVest Fund, Inc. (MVF)

At a time of positive market performance, all sectors delivered gains. State tax-backed, transportation, corporate-backed, and healthcare issues made the largest contributions. All ratings tiers, maturities, and coupons produced positive absolute returns with the strongest results coming from AA and A rated bonds, securities maturing in 25 years or more, and 4% and 5% coupons, respectively. Bonds with lower coupons and lower dollar prices generally outperformed higher-coupon issues priced at a premium. The Fund’s cash position had no material impact on performance. The Fund continued to use leverage, but the performance impact was muted due to increased borrowing costs.
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.
Overview of the Fund’s Total Investments
SECTOR ALLOCATION

Sector (a)(b) |  | Percentage of Total Investments |
Transportation |  |  | 24.9 | %
State |  |  | 15.4 |
Health |  |  | 15.0 |
Corporate |  |  | 11.7 |
County/City/Special District/School District |  |  | 11.1 |
Education |  |  | 8.7 |
Utilities |  |  | 4.7 |
Housing |  |  | 4.6 |
Tobacco |  |  | 3.9 |

CREDIT QUALITY ALLOCATION

Credit Rating (a)(d) |  | Percentage of Total Investments |
AAA/Aaa |  |  | 3.6 | %
AA/Aa |  |  | 47.8 |
A |  |  | 21.1 |
BBB/Baa |  |  | 8.4 |
BB/Ba |  |  | 4.1 |
B |  |  | 2.0 |
N/R (e) |  |  | 13.0 |

CALL/MATURITY SCHEDULE

Calendar Year Ended December 31, (a)(c) |  | Percentage |
2024 |  |  | 11.0 | %
2025 |  |  | 6.9 |
2026 |  |  | 2.0 |
2027 |  |  | 14.9 |
2028 |  |  | 9.3 |

(a) | Excludes short-term securities. |

(b) | 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. |

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

(d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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. |

(e) | 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 January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.1% of the Fund’s total investments. |

F U N D S U M M A R Y |  | 15

Fund Summary as of January 31, 2024 |  | BlackRock MuniVest Fund II, Inc. (MVT)

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 New York Stock Exchange |  | MVT
Initial Offering Date |  | March 29, 1993
Yield on Closing Market Price as of January 31, 2024 ($ 10.73) (a) |  | 5.65%
Tax Equivalent Yield (b) |  | 9.54%
Current Monthly Distribution per Common Share (c) |  | $0.050500
Current Annualized Distribution per Common Share (c) |  | $0.606000
Leverage as of January 31, 2024 (d) |  | 30%

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

| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, 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. A portion of the distribution may be deemed a return of capital or net realized gain. |

| (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. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |

Market Price and Net Asset Value Per Share Summary

|  | 01/31/24 |  |  | 07/31/23 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 10.73 |  |  | $ | 10.66 |  |  |  | 0.66 | % |  | $ | 10.91 |  |  | $ | 9.02 |
Net Asset Value |  |  | 12.47 |  |  |  | 12.36 |  |  |  | 0.89 |  |  |  | 12.63 |  |  |  | 10.88 |

Performance
Returns for the period ended January 31, 2024 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Fund at NAV (a)(b) |  |  | 3.14 | % |  |  | 3.70 | % |  |  | 1.66 | % |  |  | 3.74 | %
Fund at Market Price (a)(b) |  |  | 2.90 |  |  |  | 0.10 |  |  |  | (1.23 | ) |  |  | 2.26 |
National Customized Reference Benchmark (c) |  |  | 2.77 |  |  |  | 3.02 |  |  |  | 2.13 |  |  |  | N/A |
Bloomberg Municipal Bond Index (d) |  |  | 2.70 |  |  |  | 2.90 |  |  |  | 2.00 |  |  |  | 2.78 |

| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any. |

| (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) | The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |

| (d) | An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. |

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of
blackrock.com
.
The following discussion relates to the Fund’s absolute performance based on NAV:
Municipal bonds posted solid gains for the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.
The Fund’s holdings in longer-maturity bonds (15- to 20-year issues), the strongest performing area of the market, contributed to performance. Holdings in high yield (non investment-grade bonds) contributed as well. Within the investment-grade category, A rated bonds were generally the top performers. The Fund’s use of U.S. Treasury futures

16 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Fund Summary as of January 31, 2024 (continued) |  | BlackRock MuniVest Fund II, Inc. (MVT)

to mitigate interest rate risk also contributed to results. The Fund’s cash position had no material impact on performance. During the period, the Fund’s use of derivatives marginally contributed to the Fund’s performance.
Security selection in the transportation sector was a slight detractor. The Fund continued to use leverage, but the performance impact was muted due to increased borrowing costs.
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.
Overview of the Fund’s Total Investments
SECTOR ALLOCATION

Sector (a)(b) |  | Percentage of Total Investments |
Transportation |  |  | 24.1 | %
Health |  |  | 13.8 |
County/City/Special District/School District |  |  | 13.3 |
Corporate |  |  | 13.1 |
Utilities |  |  | 12.6 |
State |  |  | 10.0 |
Housing |  |  | 5.3 |
Tobacco |  |  | 4.2 |
Education |  |  | 3.6 |

CREDIT QUALITY ALLOCATION

Credit Rating (a)(d) |  | Percentage of Total Investments |
AAA/Aaa |  |  | 6.9 | %
AA/Aa |  |  | 35.3 |
A |  |  | 31.0 |
BBB/Baa |  |  | 8.3 |
BB/Ba |  |  | 2.8 |
B |  |  | 2.1 |
N/R (e) |  |  | 13.6 |

CALL/MATURITY SCHEDULE

Calendar Year Ended December 31, (a)(c) |  | Percentage |
2024 |  |  | 8.5 | %
2025 |  |  | 1.6 |
2026 |  |  | 1.1 |
2027 |  |  | 7.0 |
2028 |  |  | 10.9 |

(a) | Excludes short-term securities. |

(b) | 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. |

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

(d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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. |

(e) | 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 January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments. |

F U N D S U M M A R Y |  | 17

Fund Summary as of January 31, 2024 |  | BlackRock MuniYield Quality Fund II, Inc. (MQT)

Investment Objective
BlackRock MuniYield Quality Fund II, Inc.’s (MQT) (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 in municipal bonds which are in the three highest quality rating categories (A or better), or are deemed to be of comparable quality by the investment adviser at the time of investment. The Fund 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 New York Stock Exchange |  | MQT
Initial Offering Date |  | August 28, 1992
Yield on Closing Market Price as of January 31, 2024 ($ 10.28) (a) |  | 5.72%
Tax Equivalent Yield (b) |  | 9.66%
Current Monthly Distribution per Common Share (c) |  | $0.049000
Current Annualized Distribution per Common Share (c) |  | $0.588000
Leverage as of January 31, 2024 (d) |  | 33%

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

| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, 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. A portion of the distribution may be deemed a return of capital or net realized gain. |

| (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. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |

Market Price and Net Asset Value Per Share Summary

|  | 01/31/24 |  |  | 07/31/23 |  |  | Change |  |  | High |  |  | Low |
Closing Market Price |  | $ | 10.28 |  |  | $ | 10.17 |  |  |  | 1.08 | % |  | $ | 10.60 |  |  | $ | 8.60 |
Net Asset Value |  |  | 11.75 |  |  |  | 11.71 |  |  |  | 0.34 |  |  |  | 11.90 |  |  |  | 10.33 |

Performance
Returns for the period ended January 31, 2024 were as follows:

|  |  |  |  | Average Annual Total Returns |
|  | 6-month |  |  | 1 Year |  |  | 5 Years |  |  | 10 Years |
Fund at NAV (a)(b) |  |  | 2.79 | % |  |  | 3.03 | % |  |  | 2.12 | % |  |  | 4.04 | %
Fund at Market Price (a)(b) |  |  | 3.55 |  |  |  | (0.80 | ) |  |  | 1.64 |  |  |  | 3.40 |
National Customized Reference Benchmark (c) |  |  | 2.77 |  |  |  | 3.02 |  |  |  | 2.13 |  |  |  | N/A |
Bloomberg Municipal Bond Index (d) |  |  | 2.70 |  |  |  | 2.90 |  |  |  | 2.00 |  |  |  | 2.78 |

| (a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any. |

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

| (c) | The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |

| (d) | An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. |

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Past performance is not an indication of future results.
The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.
More information about the Fund’s historical performance can be found in the “Closed End Funds” section of
blackrock.com
.
The following discussion relates to the Fund’s absolute performance based on NAV:
Municipal bonds posted solid gains for the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.

18 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Fund Summary as of January 31, 2024 (continued) |  | BlackRock MuniYield Quality Fund II, Inc. (MQT)

Income was the largest contributor to the Fund’s performance. Holdings in the 15- to 20-year maturity range were key contributors, as well. Holdings in high yield (non investment-grade) bonds also contributed, as did positions in A and BBB rated bonds within the investment-grade category. At the sector level, transportation and tax-backed issues were the largest contributors. The Fund’s cash position had no material impact on performance.
The Fund’s use of U.S. Treasury futures to manage interest rate risk detracted from performance due to the strong bond market rally in the second half of the period. The Fund continued to use leverage, but the performance impact was muted due to increased borrowing costs.
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.
Overview of the Fund’s Total Investments
SECTOR ALLOCATION

Sector (a)(b) |  | Percentage of Total Investments |
Transportation |  |  | 30.7 | %
County/City/Special District/School District |  |  | 16.4 |
Corporate |  |  | 12.5 |
Health |  |  | 11.5 |
Utilities |  |  | 9.8 |
State |  |  | 9.2 |
Education |  |  | 5.7 |
Housing |  |  | 2.5 |
Tobacco |  |  | 1.7 |

CREDIT QUALITY ALLOCATION

Credit Rating (a)(d) |  | Percentage of Total Investments |
AAA/Aaa |  |  | 4.4 | %
AA/Aa |  |  | 42.1 |
A |  |  | 30.8 |
BBB/Baa |  |  | 5.5 |
BB/Ba |  |  | 1.9 |
B |  |  | 0.2 |
N/R (e) |  |  | 15.1 |

CALL/MATURITY SCHEDULE

Calendar Year Ended December 31, (a)(c) |  | Percentage |
2024 |  |  | 5.7 | %
2025 |  |  | 3.8 |
2026 |  |  | 7.6 |
2027 |  |  | 8.2 |
2028 |  |  | 8.8 |

(a) | Excludes short-term securities. |

(b) | 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. |

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

(d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. 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. |

(e) | 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 January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments. |

F U N D S U M M A R Y |  | 19

Schedule of Investments (unaudited) January 31, 2024 |  | BlackRock Investment Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds |  |  |  |  |  |  |  |
Alabama — 2.9% |  |  |  |  |  |
Black Belt Energy Gas District, RB(a) |  |  |  |  |  |  |  |
4.00%, 10/01/52 |  | $ | 1,195 |  |  | $ | 1,193,190 |
Series A, 5.25%, 01/01/54 |  |  | 760 |  |  |  | 818,416 |
Series F, 5.50%, 11/01/53 |  |  | 735 |  |  |  | 782,015 |
County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53 |  |  | 1,505 |  |  |  | 1,650,905 |
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46 |  |  | 1,265 |  |  |  | 1,335,745 |
Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53 (a) |  |  | 670 |  |  |  | 720,685 |
|  |  |  |  |  |  | 6,500,956 |
Arizona — 3.8% |  |  |  |  |  |
Arizona Industrial Development Authority, Refunding RB (b) |  |  |  |  |  |  |  |
Series A, 5.50%, 07/01/52 |  |  | 215 |  |  |  | 204,730 |
Series G, 5.00%, 07/01/47 |  |  | 430 |  |  |  | 402,992 |
City of Phoenix Civic Improvement Corp., ARB, Series B, AMT, Junior Lien, 5.00%, 07/01/44 |  |  | 910 |  |  |  | 951,727 |
Maricopa County Industrial Development Authority, RB, Series 2019F, 4.00%, 01/01/45 |  |  | 750 |  |  |  | 744,609 |
Salt Verde Financial Corp., RB |  |  |  |  |  |  |  |
5.00%, 12/01/32 |  |  | 1,095 |  |  |  | 1,172,125 |
5.00%, 12/01/37 |  |  | 4,585 |  |  |  | 5,006,389 |
|  |  |  |  |  |  | 8,482,572 |
Arkansas — 1.1% |  |  |  |  |  |
Arkansas Development Finance Authority, RB |  |  |  |  |  |  |  |
Series A, AMT, 4.50%, 09/01/49 (b) |  |  | 1,450 |  |  |  | 1,407,036 |
AMT, Sustainability Bonds, 5.70%, 05/01/53 |  |  | 380 |  |  |  | 389,010 |
City of Benton Arkansas Sales & Use Tax, RB, (AGM), 4.00%, 06/01/39 |  |  | 755 |  |  |  | 755,517 |
|  |  |  |  |  |  | 2,551,563 |
California — 11.4% |  |  |  |  |  |
California Enterprise Development Authority, RB, 8.00%, 11/15/62 (b) |  |  | 335 |  |  |  | 330,861 |
Carlsbad Unified School District, GO, Series B, 6.00%, 05/01/34 (c) |  |  | 1,500 |  |  |  | 1,509,396 |
CSCDA Community Improvement Authority, RB, M/F Housing (b) |  |  |  |  |  |  |  |
4.00%, 10/01/56 |  |  | 105 |  |  |  | 85,800 |
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 |  |  | 445 |  |  |  | 286,817 |
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58 |  |  | 195 |  |  |  | 145,639 |
Sustainability Bonds, 4.00%, 12/01/56 |  |  | 200 |  |  |  | 139,334 |
Series A, Sustainability Bonds, 4.00%, 06/01/58 |  |  | 260 |  |  |  | 188,152 |
Hartnell Community College District, GO, Series D, 7.00%, 08/01/34 (c) |  |  | 2,475 |  |  |  | 2,873,504 |
Norwalk-La Mirada Unified School District, Refunding GO, Series E, Election 2002, (AGC), 0.00%, 08/01/38 (d) |  |  | 12,000 |  |  |  | 6,623,676 |
Palomar Community College District, GO |  |  |  |  |  |  |  |
Series B, Convertible, 6.20%, 08/01/39 (c) |  |  | 4,000 |  |  |  | 4,704,361 |
Series B, Election 2006, 0.00%, 08/01/30 (d) |  |  | 2,270 |  |  |  | 1,932,949 |
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53 |  |  | 1,205 |  |  |  | 1,195,467 |

Security |  | Par (000) |  |  | Value |
California (continued) |  |  |  |  |  |
San Diego Community College District, GO, Election 2002, 6.00%, 08/01/27 (c)(e) |  | $ | 4,200 |  |  | $ | 4,704,962 |
San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 5.00%, 07/01/56 |  |  | 685 |  |  |  | 711,406 |
San Diego Unified School District, GO, Series C, 0.00%, 07/01/45 (d) |  |  | 1,000 |  |  |  | 417,500 |
|  |  |  |  |  |  | 25,849,824 |
Colorado — 0.7% |  |  |  |  |  |
Colorado Health Facilities Authority, RB, 5.50%, 11/01/47 |  |  | 1,550 |  |  |  | 1,682,946 |
Connecticut — 0.1% |  |  |  |  |  |  |  |
Connecticut State Health & Educational Facilities Authority, RB |  |  |  |  |  |  |  |
5.25%, 07/15/48 |  |  | 130 |  |  |  | 140,724 |
4.25%, 07/15/53 |  |  | 175 |  |  |  | 170,743 |
|  |  |  |  |  |  | 311,467 |
District of Columbia — 1.2% |  |  |  |  |  |
District of Columbia Income Tax Revenue, RB, Series A, 5.25%, 05/01/48 |  |  | 1,110 |  |  |  | 1,244,208 |
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48 |  |  | 455 |  |  |  | 489,439 |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, CAB, Series B, 2nd Lien, (AGM-CR), 0.00%, 10/01/40 (d) |  |  | 1,800 |  |  |  | 889,831 |
|  |  |  |  |  |  | 2,623,478 |
Florida — 12.7% |  |  |  |  |  |
Brevard County Health Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/47 |  |  | 2,725 |  |  |  | 2,899,641 |
Capital Trust Agency, Inc., RB, Series A, 5.00%, 06/15/49 (b) |  |  | 100 |  |  |  | 91,695 |
City of Gainesville Florida Utilities System Revenue, Refunding RB, Series A, 5.00%, 10/01/47 |  |  | 1,305 |  |  |  | 1,366,945 |
City of Tampa Florida, RB, CAB (d) |  |  |  |  |  |  |  |
Series A, 0.00%, 09/01/49 |  |  | 465 |  |  |  | 133,224 |
Series A, 0.00%, 09/01/53 |  |  | 270 |  |  |  | 62,330 |
County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 4.00%, 10/01/49 |  |  | 615 |  |  |  | 543,565 |
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/44 |  |  | 475 |  |  |  | 493,422 |
County of Miami-Dade Florida Water & Sewer System Revenue, RB, 4.00%, 10/01/48 |  |  | 1,350 |  |  |  | 1,329,069 |
County of Miami-Dade Florida, RB (d) |  |  |  |  |  |  |  |
0.00%, 10/01/32 |  |  | 5,000 |  |  |  | 3,742,552 |
0.00%, 10/01/33 |  |  | 15,375 |  |  |  | 11,050,255 |
County of Miami-Dade Seaport Department, Refunding RB |  |  |  |  |  |  |  |
Series A, AMT, 5.00%, 10/01/41 |  |  | 325 |  |  |  | 345,020 |
Series A-1, AMT, (AGM), 4.00%, 10/01/45 |  |  | 695 |  |  |  | 643,641 |
County of Osceola Florida Transportation Revenue, Refunding RB, CAB (d) |  |  |  |  |  |  |  |
Series A-2, 0.00%, 10/01/46 |  |  | 420 |  |  |  | 128,188 |
Series A-2, 0.00%, 10/01/47 |  |  | 680 |  |  |  | 195,286 |
County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54 |  |  | 165 |  |  |  | 186,094 |
Florida Development Finance Corp., RB, 6.50%, 06/30/57 (b) |  |  | 300 |  |  |  | 287,864 |

20 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock Investment Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Florida (continued) |  |  |  |  |  |
Greater Orlando Aviation Authority, ARB, Sub-Series A, AMT, 5.00%, 10/01/47 |  | $ | 1,130 |  |  | $ | 1,148,657 |
Hillsborough County Aviation Authority, ARB, AMT, 5.00%, 10/01/48 |  |  | 1,840 |  |  |  | 1,870,789 |
Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54 |  |  | 190 |  |  |  | 199,112 |
Orange County Health Facilities Authority, RB, 5.00%, 10/01/53 |  |  | 1,590 |  |  |  | 1,697,185 |
Village Community Development District No. 15, SAB, 5.25%, 05/01/54 (b) |  |  | 195 |  |  |  | 193,257 |
|  |  |  |  |  |  | 28,607,791 |
Georgia — 2.6% |  |  |  |  |  |
City of Atlanta Georgia Department of Aviation, Refunding ARB, Series B, AMT, 5.00%, 07/01/52 |  |  | 480 |  |  |  | 506,646 |
Development Authority for Fulton County, RB |  |  |  |  |  |  |  |
4.00%, 07/01/49 |  |  | 145 |  |  |  | 137,047 |
5.00%, 06/15/56 |  |  | 2,295 |  |  |  | 2,494,963 |
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62 (b) |  |  | 175 |  |  |  | 158,628 |
Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51 |  |  | 780 |  |  |  | 733,443 |
Main Street Natural Gas, Inc., RB |  |  |  |  |  |  |  |
Series A, 5.00%, 05/15/49 |  |  | 205 |  |  |  | 222,980 |
Series A, 5.00%, 06/01/53 (a) |  |  | 565 |  |  |  | 597,646 |
Municipal Electric Authority of Georgia, RB |  |  |  |  |  |  |  |
Class A, 5.50%, 07/01/63 |  |  | 310 |  |  |  | 325,531 |
Series A, 5.00%, 01/01/59 |  |  | 770 |  |  |  | 781,688 |
|  |  |  |  |  |  | 5,958,572 |
Hawaii — 0.8% |  |  |  |  |  |
State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/43 |  |  | 785 |  |  |  | 814,522 |
State of Hawaii Department of Budget & Finance, Refunding RB, AMT, 4.00%, 03/01/37 |  |  | 1,395 |  |  |  | 964,196 |
|  |  |  |  |  |  | 1,778,718 |
Illinois — 6.5% |  |  |  |  |  |
Chicago Board of Education, GO |  |  |  |  |  |  |  |
Series C, 5.25%, 12/01/35 |  |  | 1,235 |  |  |  | 1,240,757 |
Series D, 5.00%, 12/01/46 |  |  | 1,635 |  |  |  | 1,636,259 |
Series H, 5.00%, 12/01/36 |  |  | 375 |  |  |  | 383,611 |
Chicago Board of Education, Refunding GO |  |  |  |  |  |  |  |
Series C, 5.00%, 12/01/34 |  |  | 370 |  |  |  | 378,355 |
Series D, 5.00%, 12/01/26 |  |  | 675 |  |  |  | 691,670 |
Chicago O’Hare International Airport, Refunding RB, Series B, AMT, 4.00%, 01/01/29 |  |  | 2,400 |  |  |  | 2,401,087 |
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57 |  |  | 620 |  |  |  | 633,677 |
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/53 |  |  | 695 |  |  |  | 761,837 |
City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/53 |  |  | 470 |  |  |  | 511,492 |
Illinois Finance Authority, Refunding RB, Series A, 5.00%, 11/15/45 |  |  | 945 |  |  |  | 951,809 |
Illinois Housing Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.13%, 10/01/38 |  |  | 100 |  |  |  | 97,461 |
Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46 |  |  | 820 |  |  |  | 800,861 |
Metropolitan Pier & Exposition Authority, RB, 5.00%, 06/15/57 |  |  | 590 |  |  |  | 601,865 |

Security |  | Par (000) |  |  | Value |
Illinois (continued) |  |  |  |  |  |
State of Illinois, GO |  |  |  |  |  |  |  |
5.00%, 02/01/39 |  | $ | 1,000 |  |  | $ | 1,002,122 |
5.50%, 05/01/39 |  |  | 1,610 |  |  |  | 1,783,593 |
Series C, 5.00%, 12/01/48 |  |  | 740 |  |  |  | 788,694 |
|  |  |  |  |  |  | 14,665,150 |
Indiana — 0.7% |  |  |  |  |  |
Indianapolis Local Public Improvement Bond Bank, RB 5.25%, 02/01/48 |  |  | 220 |  |  |  | 247,235 |
(BAM), 5.00%, 03/01/53 |  |  | 1,255 |  |  |  | 1,317,749 |
|  |  |  |  |  |  | 1,564,984 |
Kentucky — 2.2% |  |  |  |  |  |
City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52 (b) |  |  | 135 |  |  |  | 127,385 |
County of Boyle Kentucky, Refunding RB, 5.00%, 06/01/37 |  |  | 2,000 |  |  |  | 2,085,758 |
Kentucky Public Transportation Infrastructure Authority, RB, CAB (c) |  |  |  |  |  |  |  |
Series C, Convertible, 6.45%, 07/01/34 |  |  | 1,000 |  |  |  | 1,203,282 |
Series C, Convertible, 6.60%, 07/01/39 |  |  | 1,395 |  |  |  | 1,643,265 |
|  |  |  |  |  |  | 5,059,690 |
Louisiana — 1.1% |  |  |  |  |  |
Louisiana Public Facilities Authority, RB |  |  |  |  |  |  |  |
5.25%, 10/01/48 |  |  | 425 |  |  |  | 450,671 |
5.25%, 10/01/53 |  |  | 915 |  |  |  | 970,513 |
Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48 |  |  | 995 |  |  |  | 1,066,594 |
|  |  |  |  |  |  | 2,487,778 |
Maryland — 0.5% |  |  |  |  |  |
Anne Arundel County Consolidated Special Taxing District, ST |  |  |  |  |  |  |  |
5.13%, 07/01/36 |  |  | 260 |  |  |  | 260,623 |
5.25%, 07/01/44 |  |  | 260 |  |  |  | 260,399 |
Maryland Economic Development Corp., RB, Class B, AMT, Sustainability Bonds, 5.25%, 06/30/55 |  |  | 705 |  |  |  | 718,881 |
|  |  |  |  |  |  | 1,239,903 |
Massachusetts — 1.8% |  |  |  |  |  |
Massachusetts Development Finance Agency, RB |  |  |  |  |  |  |  |
Series A, 5.25%, 01/01/42 |  |  | 900 |  |  |  | 915,528 |
Series A, 5.00%, 01/01/47 |  |  | 1,010 |  |  |  | 1,016,375 |
Massachusetts Development Finance Agency, Refunding RB |  |  |  |  |  |  |  |
4.00%, 07/01/39 |  |  | 1,375 |  |  |  | 1,254,610 |
5.00%, 04/15/40 |  |  | 600 |  |  |  | 602,558 |
Series A, 4.00%, 06/01/29 (e) |  |  | 235 |  |  |  | 252,695 |
|  |  |  |  |  |  | 4,041,766 |
Michigan — 3.7% |  |  |  |  |  |
Michigan Finance Authority, RB |  |  |  |  |  |  |  |
4.00%, 02/15/50 |  |  | 1,040 |  |  |  | 983,276 |
4.00%, 02/15/44 |  |  | 420 |  |  |  | 404,954 |
Series A, 4.00%, 11/15/50 |  |  | 295 |  |  |  | 273,255 |
Michigan Finance Authority, Refunding RB, 4.00%, 11/15/46 |  |  | 900 |  |  |  | 853,765 |
Michigan State Housing Development Authority, RB, S/F Housing |  |  |  |  |  |  |  |
Series B, 2.95%, 12/01/39 |  |  | 375 |  |  |  | 323,805 |
Series D, Sustainability Bonds, 5.10%, 12/01/37 |  |  | 1,560 |  |  |  | 1,700,347 |
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 |  |  | 1,705 |  |  |  | 1,719,454 |

S C H E D U L E O F I N V E S T M E N T S |  | 21

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock Investment Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Michigan (continued) |  |  |  |  |  |
State of Michigan Trunk Line Revenue, RB |  |  |  |  |  |  |  |
4.00%, 11/15/46 |  | $ | 1,400 |  |  | $ | 1,423,183 |
5.00%, 11/15/46 |  |  | 655 |  |  |  | 731,172 |
|  |  |  |  |  |  | 8,413,211 |
Minnesota — 2.7% |  |  |  |  |  |
City of Otsego Minnesota, Refunding RB, Series A, 5.00%, 09/01/44 |  |  | 700 |  |  |  | 644,872 |
City of Spring Lake Park Minnesota, RB, 5.00%, 06/15/39 |  |  | 1,760 |  |  |  | 1,680,153 |
Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB, Series A, 5.50%, 07/01/52 (b) |  |  | 305 |  |  |  | 292,097 |
Minneapolis-St Paul Metropolitan Airports Commission, Refunding RB, Sub Series D, AMT, 5.00%, 01/01/41 |  |  | 460 |  |  |  | 473,542 |
Minnesota Agricultural & Economic Development Board, RB, 5.25%, 01/01/54 (f) |  |  | 2,350 |  |  |  | 2,579,706 |
Minnesota Higher Education Facilities Authority, RB, Series A, Sustainability Bonds, 5.00%, 10/01/47 |  |  | 390 |  |  |  | 404,668 |
|  |  |  |  |  |  | 6,075,038 |
Missouri — 0.3% |  |  |  |  |  |
Kansas City Industrial Development Authority, ARB, Series B, AMT, 5.00%, 03/01/39 |  |  | 575 |  |  |  | 602,931 |
Nebraska — 0.3% |  |  |  |  |  |
Douglas County Hospital Authority No. 3, Refunding RB, 5.00%, 11/01/45 |  |  | 600 |  |  |  | 609,690 |
Nevada — 0.7% |  |  |  |  |  |
County of Clark Department of Aviation, Refunding RB, Series A-2, Sub Lien, 4.25%, 07/01/36 |  |  | 1,500 |  |  |  | 1,507,676 |
State of Nevada Department of Business & Industry, RB, Series A, 5.00%, 07/15/37 |  |  | 125 |  |  |  | 126,064 |
|  |  |  |  |  |  | 1,633,740 |
New Hampshire (b) — 0.3% |  |  |  |  |  |
New Hampshire Business Finance Authority, Refunding RB |  |  |  |  |  |  |  |
Series B, 4.63%, 11/01/42 |  |  | 505 |  |  |  | 428,710 |
Series C, AMT, 4.88%, 11/01/42 |  |  | 220 |  |  |  | 201,262 |
|  |  |  |  |  |  | 629,972 |
New Jersey — 5.2% |  |  |  |  |  |
Camden County Improvement Authority, RB, Sustainability Bonds, 6.00%, 06/15/62 |  |  | 165 |  |  |  | 179,151 |
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37 (g)(h) |  |  | 1,510 |  |  |  | 18,649 |
New Jersey Economic Development Authority, ARB, Series B, AMT, 5.63%, 11/15/30 |  |  | 990 |  |  |  | 997,645 |
New Jersey Economic Development Authority, RB |  |  |  |  |  |  |  |
Series DDD, 5.00%, 06/15/27 (e) |  |  | 160 |  |  |  | 172,277 |
AMT, (AGM), 5.13%, 07/01/42 |  |  | 300 |  |  |  | 300,187 |
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series B, AMT, 4.00%, 12/01/41 |  |  | 765 |  |  |  | 762,740 |
New Jersey Transportation Trust Fund Authority, RB |  |  |  |  |  |  |  |
Series AA, 5.00%, 06/15/38 |  |  | 290 |  |  |  | 292,171 |
Series AA, 4.00%, 06/15/40 |  |  | 820 |  |  |  | 832,306 |
Series AA, 5.00%, 06/15/45 |  |  | 1,990 |  |  |  | 2,055,497 |
Series AA, 5.00%, 06/15/46 |  |  | 600 |  |  |  | 608,665 |
Series AA, 4.00%, 06/15/50 |  |  | 1,440 |  |  |  | 1,378,353 |

Security |  | Par (000) |  |  | Value |
New Jersey (continued) |  |  |  |  |  |
New Jersey Transportation Trust Fund Authority, RB (continued) |  |  |  |  |  |  |  |
Series BB, 4.00%, 06/15/50 |  | $ | 1,200 |  |  | $ | 1,149,085 |
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35 (d) |  |  | 1,600 |  |  |  | 1,037,591 |
New Jersey Transportation Trust Fund Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 12/15/36 |  |  | 240 |  |  |  | 260,577 |
Series A, 5.00%, 06/15/37 |  |  | 480 |  |  |  | 554,499 |
Series A, 5.25%, 06/15/42 |  |  | 190 |  |  |  | 216,333 |
New Jersey Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |  |  | 630 |  |  |  | 627,842 |
Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/53 |  |  | 205 |  |  |  | 198,501 |
|  |  |  |  |  |  | 11,642,069 |
New York — 10.3% |  |  |  |  |  |
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 |  |  | 1,825 |  |  |  | 1,779,123 |
Metropolitan Transportation Authority, Refunding RB |  |  |  |  |  |  |  |
Series B, 5.00%, 11/15/29 |  |  | 765 |  |  |  | 810,496 |
Series C-1, 5.00%, 11/15/56 |  |  | 320 |  |  |  | 325,770 |
Series C-1, Sustainability Bonds, 4.75%, 11/15/45 |  |  | 1,700 |  |  |  | 1,754,111 |
Series C-1, Sustainability Bonds, 5.00%, 11/15/50 |  |  | 550 |  |  |  | 573,036 |
Series C-1, Sustainability Bonds, 5.25%, 11/15/55 |  |  | 810 |  |  |  | 853,500 |
New York City Housing Development Corp., RB, M/F Housing, Series E-1, Sustainability Bonds, 4.85%, 11/01/53 |  |  | 685 |  |  |  | 698,512 |
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F-1, Subordinate, 5.00%, 02/01/44 |  |  | 215 |  |  |  | 238,653 |
New York City Transitional Finance Authority, RB, Subordinate, 5.00%, 05/01/48 |  |  | 1,915 |  |  |  | 2,132,531 |
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41 (b) |  |  | 1,400 |  |  |  | 1,400,486 |
New York Counties Tobacco Trust VI, Refunding RB, Series C, 4.00%, 06/01/51 |  |  | 1,000 |  |  |  | 808,298 |
New York Liberty Development Corp., Refunding RB |  |  |  |  |  |  |  |
Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51 |  |  | 1,785 |  |  |  | 1,299,287 |
Series A, Sustainability Bonds, 3.00%, 11/15/51 |  |  | 920 |  |  |  | 687,588 |
New York Power Authority, Refunding RB, Series A, Sustainability Bonds, 4.00%, 11/15/55 |  |  | 205 |  |  |  | 197,439 |
New York Transportation Development Corp., ARB |  |  |  |  |  |  |  |
AMT, 5.00%, 12/01/36 |  |  | 400 |  |  |  | 430,847 |
AMT, 5.63%, 04/01/40 |  |  | 420 |  |  |  | 454,776 |
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35 |  |  | 945 |  |  |  | 986,558 |
Port Authority of New York & New Jersey, ARB |  |  |  |  |  |  |  |
AMT, 5.00%, 11/01/49 |  |  | 1,330 |  |  |  | 1,378,057 |
Series 221, AMT, 4.00%, 07/15/55 |  |  | 1,395 |  |  |  | 1,279,543 |
Port Authority of New York & New Jersey, Refunding ARB, Series 197, AMT, 5.00%, 11/15/35 |  |  | 220 |  |  |  | 229,122 |
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 4.13%, 05/15/53 |  |  | 2,105 |  |  |  | 2,116,483 |

22 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock Investment Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
New York (continued) |  |  |  |  |  |
Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/49 |  | $ | 1,645 |  |  | $ | 1,763,037 |
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51 |  |  | 1,160 |  |  |  | 1,169,196 |
|  |  |  |  |  |  | 23,366,449 |
North Carolina — 0.7% |  |  |  |  |  |
Greater Asheville Regional Airport Authority, ARB, AMT, (AGM), 5.25%, 07/01/48 |  |  | 1,220 |  |  |  | 1,310,226 |
University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49 |  |  | 145 |  |  |  | 162,527 |
|  |  |  |  |  |  | 1,472,753 |
Ohio — 1.3% |  |  |  |  |  |
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 |  |  | 3,145 |  |  |  | 2,962,464 |
Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48 |  |  | 20 |  |  |  | 20,042 |
|  |  |  |  |  |  | 2,982,506 |
Oklahoma — 0.2% |  |  |  |  |  |
Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |  |  | 60 |  |  |  | 59,895 |
Oklahoma Water Resources Board, RB, 4.00%, 04/01/48 |  |  | 315 |  |  |  | 308,570 |
|  |  |  |  |  |  | 368,465 |
Pennsylvania — 6.1% |  |  |  |  |  |
Allegheny County Airport Authority, ARB, Series A, AMT, 5.00%, 01/01/51 |  |  | 875 |  |  |  | 900,706 |
Mckeesport Area School District, Refunding GO, (FGIC, SAW), 0.00%, 10/01/31 (d)(i) |  |  | 500 |  |  |  | 392,635 |
Pennsylvania Economic Development Financing Authority, RB |  |  |  |  |  |  |  |
5.00%, 06/30/42 |  |  | 1,585 |  |  |  | 1,586,493 |
AMT, 5.50%, 06/30/41 |  |  | 810 |  |  |  | 892,591 |
AMT, 5.75%, 06/30/48 |  |  | 700 |  |  |  | 771,783 |
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 |  |  | 810 |  |  |  | 801,416 |
Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47 |  |  | 155 |  |  |  | 117,433 |
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 142-A, Sustainability Bonds, 5.00%, 10/01/50 |  |  | 370 |  |  |  | 381,274 |
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series A, 4.00%, 12/01/51 |  |  | 3,030 |  |  |  | 2,934,193 |
Pennsylvania Turnpike Commission, RB, Series C, 5.00%, 12/01/39 |  |  | 850 |  |  |  | 863,944 |
State Public School Building Authority, Refunding RB, Series A, (SAW), 5.00%, 06/01/34 |  |  | 3,825 |  |  |  | 4,072,016 |
|  |  |  |  |  |  | 13,714,484 |
Puerto Rico — 4.3% |  |  |  |  |  |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |  |  |  |  |  |  |  |
Series A-1, Restructured, 4.75%, 07/01/53 |  |  | 1,593 |  |  |  | 1,560,774 |
Series A-1, Restructured, 5.00%, 07/01/58 |  |  | 5,324 |  |  |  | 5,323,931 |

Security |  | Par (000) |  |  | Value |
Puerto Rico (continued) |  |  |  |  |  |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued) |  |  |  |  |  |  |  |
Series A-2, Restructured, 4.78%, 07/01/58 |  | $ | 1,459 |  |  | $ | 1,426,172 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (d) |  |  | 4,770 |  |  |  | 1,466,349 |
|  |  |  |  |  |  | 9,777,226 |
Rhode Island — 1.3% |  |  |  |  |  |
Rhode Island Health and Educational Building Corp., Refunding RB, Series A, (AGM), 3.75%, 05/15/32 |  |  | 1,845 |  |  |  | 1,891,402 |
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37 |  |  | 1,205 |  |  |  | 1,137,102 |
|  |  |  |  |  |  | 3,028,504 |
South Carolina — 2.4% |  |  |  |  |  |
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54 (a) |  |  | 520 |  |  |  | 556,975 |
South Carolina Jobs-Economic Development Authority, RB, 5.00%, 01/01/55 (b) |  |  | 755 |  |  |  | 659,941 |
South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49 |  |  | 2,110 |  |  |  | 1,907,273 |
South Carolina Public Service Authority, RB, Series A, 4.00%, 12/01/55 |  |  | 2,500 |  |  |  | 2,286,144 |
South Carolina State Housing Finance & Development Authority, Refunding RB, S/F Housing, Series A, 4.95%, 07/01/53 |  |  | 100 |  |  |  | 103,371 |
|  |  |  |  |  |  | 5,513,704 |
Tennessee — 2.2% |  |  |  |  |  |
Knox County Health Educational & Housing Facility Board, RB, Series A-1, (BAM), 5.50%, 07/01/59 |  |  | 135 |  |  |  | 146,964 |
Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/49 |  |  | 885 |  |  |  | 917,940 |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, 5.25%, 05/01/48 |  |  | 180 |  |  |  | 194,751 |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB |  |  |  |  |  |  |  |
5.00%, 10/01/45 |  |  | 1,000 |  |  |  | 1,006,917 |
5.25%, 10/01/58 |  |  | 725 |  |  |  | 741,632 |
Metropolitan Nashville Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/52 |  |  | 910 |  |  |  | 935,797 |
Tennergy Corp., RB, Series A, 5.50%, 10/01/53 (a) |  |  | 950 |  |  |  | 1,018,501 |
|  |  |  |  |  |  | 4,962,502 |
Texas — 14.6% |  |  |  |  |  |
Arlington Higher Education Finance Corp., RB (b) |  |  |  |  |  |  |  |
7.50%, 04/01/62 |  |  | 380 |  |  |  | 369,785 |
7.88%, 11/01/62 |  |  | 330 |  |  |  | 334,901 |
Central Texas Turnpike System, RB, Series C, 5.00%, 08/15/42 |  |  | 2,030 |  |  |  | 2,038,210 |
City of Austin Texas Airport System Revenue, ARB, AMT, 5.25%, 11/15/47 |  |  | 795 |  |  |  | 856,597 |
City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48 |  |  | 100 |  |  |  | 100,426 |
City of Houston Texas Airport System Revenue, Refunding RB |  |  |  |  |  |  |  |
Sub-Series A, AMT, 4.00%, 07/01/40 |  |  | 475 |  |  |  | 463,863 |
Sub-Series A, AMT, 4.00%, 07/01/48 |  |  | 400 |  |  |  | 370,646 |

S C H E D U L E O F I N V E S T M E N T S |  | 23

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock Investment Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Texas (continued) |  |  |  |  |  |
Harris County Cultural Education Facilities Finance Corp., Refunding RB, 4.00%, 10/01/47 |  | $ | 2,175 |  |  | $ | 2,087,191 |
Harris County-Houston Sports Authority, Refunding RB, Series A, Senior Lien, (AGM NPFGC), 0.00%, 11/15/38 (d) |  |  | 5,000 |  |  |  | 2,246,988 |
Humble Independent School District, GO, (PSF), 5.00%, 02/15/47 |  |  | 4,500 |  |  |  | 4,919,942 |
Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24 (d)(e) |  |  | 550 |  |  |  | 324,803 |
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27 (d)(e) |  |  | 16,780 |  |  |  | 8,742,254 |
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 |  |  | 825 |  |  |  | 827,251 |
Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/53 |  |  | 435 |  |  |  | 473,225 |
San Antonio Public Facilities Corp., Refunding RB, Convertible, 4.00%, 09/15/42 |  |  | 1,410 |  |  |  | 1,409,953 |
Spring Branch Independent School District, GO, (PSF), 4.00%, 02/01/48 |  |  | 405 |  |  |  | 405,034 |
Tarrant County Cultural Education Facilities Finance Corp., RB |  |  |  |  |  |  |  |
Series A, 4.00%, 07/01/53 |  |  | 465 |  |  |  | 417,166 |
Series A, 5.00%, 07/01/53 |  |  | 575 |  |  |  | 597,233 |
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA), 3.75%, 09/01/49 |  |  | 320 |  |  |  | 295,545 |
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32 |  |  | 1,315 |  |  |  | 1,401,211 |
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58 |  |  | 2,480 |  |  |  | 2,508,798 |
Texas Transportation Commission State Highway 249 System, RB, CAB (d) |  |  |  |  |  |  |  |
0.00%, 08/01/35 |  |  | 420 |  |  |  | 263,469 |
0.00%, 08/01/36 |  |  | 235 |  |  |  | 139,314 |
0.00%, 08/01/37 |  |  | 305 |  |  |  | 170,295 |
0.00%, 08/01/38 |  |  | 315 |  |  |  | 166,048 |
0.00%, 08/01/44 |  |  | 950 |  |  |  | 356,914 |
0.00%, 08/01/45 |  |  | 1,800 |  |  |  | 638,556 |
|  |  |  |  |  |  | 32,925,618 |
Utah — 0.6% |  |  |  |  |  |
City of Salt Lake City Utah Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/51 |  |  | 425 |  |  |  | 441,265 |
Utah Charter School Finance Authority, Refunding RB |  |  |  |  |  |  |  |
5.25%, 06/15/37 (b) |  |  | 205 |  |  |  | 181,798 |
(UT CSCE), 4.00%, 04/15/42 |  |  | 600 |  |  |  | 577,580 |
5.38%, 06/15/48 (b) |  |  | 260 |  |  |  | 209,350 |
|  |  |  |  |  |  | 1,409,993 |
Vermont — 0.1% |  |  |  |  |  |
Vermont Student Assistance Corp., RB, Series A, AMT, 4.25%, 06/15/32 |  |  | 290 |  |  |  | 290,752 |
Virginia — 0.9% |  |  |  |  |  |
Ballston Quarter Community Development Authority, TA, Series A, 5.38%, 03/01/36 (g)(h) |  |  | 735 |  |  |  | 589,101 |

Security |  | Par (000) |  |  | Value |
Virginia (continued) |  |  |  |  |  |
Roanoke Economic Development Authority, Refunding RB, 3.00%, 07/01/45 |  | $ | 460 |  |  | $ | 370,522 |
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 |  |  | 1,030 |  |  |  | 970,757 |
|  |  |  |  |  |  | 1,930,380 |
Washington — 1.1% |  |  |  |  |  |
Port of Seattle Washington, ARB, Series C, AMT, Intermediate Lien, 5.00%, 05/01/42 |  |  | 625 |  |  |  | 641,220 |
Port of Seattle Washington, Refunding ARB, Series C, AMT, Intermediate Lien, 5.00%, 08/01/46 |  |  | 1,815 |  |  |  | 1,885,668 |
|  |  |  |  |  |  | 2,526,888 |
Wisconsin — 1.0% |  |  |  |  |  |
Public Finance Authority, RB |  |  |  |  |  |  |  |
Class A, 6.00%, 06/15/52 |  |  | 125 |  |  |  | 112,789 |
Class A, 6.13%, 06/15/57 |  |  | 140 |  |  |  | 127,146 |
Series A, 5.00%, 06/01/36 (b) |  |  | 100 |  |  |  | 98,439 |
Series A, 5.00%, 10/15/50 (b) |  |  | 875 |  |  |  | 742,655 |
Series A, 5.00%, 06/01/51 (b) |  |  | 320 |  |  |  | 285,702 |
Series A, 5.00%, 06/01/61 (b) |  |  | 405 |  |  |  | 351,734 |
Public Finance Authority, Refunding RB, AMT, 4.00%, 08/01/35 |  |  | 435 |  |  |  | 387,756 |
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series A, Sustainability Bonds, 1.95%, 09/01/32 |  |  | 110 |  |  |  | 95,073 |
|  |  |  |  |  |  | 2,201,294 |
Total Municipal Bonds — 110.4% (Cost: $237,339,392) |  |  |  |  |  |  | 249,485,327 |
Municipal Bonds Transferred to Tender Option Bond Trusts (j) |
Alabama — 6.8% |  |  |  |  |  |
Black Belt Energy Gas District, RB |  |  |  |  |  |  |  |
Series C, 5.50%, 10/01/54 |  |  | 3,300 |  |  |  | 3,656,667 |
Series C-1, 5.25%, 02/01/53 (a) |  |  | 6,771 |  |  |  | 7,210,915 |
Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54 |  |  | 4,091 |  |  |  | 4,547,776 |
|  |  |  |  |  |  | 15,415,358 |
Arizona — 1.8% |  |  |  |  |  |
Salt River Project Agricultural Improvement & Power District, RB, Series B, 5.00%, 01/01/48 |  |  | 3,610 |  |  |  | 4,016,288 |
Colorado — 1.5% |  |  |  |  |  |
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53 |  |  | 3,200 |  |  |  | 3,482,830 |
District of Columbia — 2.6% |  |  |  |  |  |
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, 4.10%, 09/01/39 |  |  | 2,102 |  |  |  | 2,107,834 |
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/49 |  |  | 3,560 |  |  |  | 3,681,171 |
|  |  |  |  |  |  | 5,789,005 |
Georgia — 1.2% |  |  |  |  |  |
Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53 |  |  | 2,481 |  |  |  | 2,645,123 |

24 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock Investment Quality Municipal Trust, Inc. (BKN) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Illinois — 2.9% |  |  |  |  |  |  |  |
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/58 |  | $ | 4,302 |  |  | $ | 4,698,963 |
Illinois Finance Authority, Refunding RB, Series A, 5.00%, 08/15/51 |  |  | 1,711 |  |  |  | 1,826,274 |
|  |  |  |  |  |  | 6,525,237 |
Massachusetts — 2.2% |  |  |  |  |  |
Commonwealth of Massachusetts, GO, Series D, 5.00%, 10/01/52 |  |  | 2,440 |  |  |  | 2,673,824 |
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/51 |  |  | 2,151 |  |  |  | 2,230,169 |
|  |  |  |  |  |  | 4,903,993 |
Michigan — 0.9% |  |  |  |  |  |
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48 |  |  | 2,148 |  |  |  | 2,094,663 |
New York — 2.2% |  |  |  |  |  |
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38 |  |  | 1,506 |  |  |  | 1,483,647 |
New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/47 |  |  | 1,590 |  |  |  | 1,574,100 |
Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/51 |  |  | 1,740 |  |  |  | 1,866,580 |
|  |  |  |  |  |  | 4,924,327 |
Oregon — 0.9% |  |  |  |  |  |
Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48 |  |  | 1,830 |  |  |  | 2,027,407 |
South Carolina — 1.9% |  |  |  |  |  |
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54 |  |  | 3,981 |  |  |  | 4,295,274 |
Tennessee — 1.8% |  |  |  |  |  |
Tennessee Energy Acquisition Corp., RB, 5.00%, 05/01/52 (a) |  |  | 3,891 |  |  |  | 4,134,433 |
Texas — 5.0% |  |  |  |  |  |
City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, Subordinate Lien, (AGM), 5.25%, 07/01/48 |  |  | 1,280 |  |  |  | 1,377,119 |
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.50%, 02/01/50 |  |  | 1,410 |  |  |  | 1,600,443 |
Denton Independent School District, GO, (PSF), 5.00%, 08/15/48 |  |  | 3,120 |  |  |  | 3,433,980 |
Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51 |  |  | 2,251 |  |  |  | 2,404,934 |
Texas Water Development Board, RB, 4.80%, 10/15/52 |  |  | 2,470 |  |  |  | 2,618,289 |
|  |  |  |  |  |  | 11,434,765 |
Virginia — 1.2% |  |  |  |  |  |
Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57 |  |  | 2,840 |  |  |  | 2,741,062 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 32.9% (Cost: $71,328,055) |  |  |  |  |  |  | 74,429,765 |
Total Long-Term Investments — 143.3% (Cost: $308,667,447) |  |  |  |  |  |  | 323,915,092 |

Security |  | Shares |  |  | Value |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 1.9% |  |  |  |  |  |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (k)(l) |  |  | 4,287,496 |  |  | $ | 4,287,925 |
Total Short-Term Securities — 1.9% (Cost: $4,287,925) |  |  |  |  |  |  | 4,287,925 |
Total Investments — 145.2% (Cost: $312,955,372) |  |  |  |  |  |  | 328,203,017 |
Other Assets Less Liabilities — 0.3% |  |  |  | 777,840 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (15.5)% |  |  |  | (35,114,221 | )
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (30.0)% |  |  |  | (67,800,000 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 226,066,636 |

(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(d) | Zero-coupon bond.

(e) | 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.

(f) | When-issued security.

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

(h) | Non-income producing security.

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

(j) | 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.

(k) | Affiliate of the Fund.

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

S C H E D U L E O F I N V E S T M E N T S |  | 25

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock Investment Quality Municipal Trust, Inc. (BKN)

Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 07/31/23 |  |  | Purchases at Cost |  |  | Proceeds from Sale |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 01/31/24 |  |  | Shares Held at 01/31/24 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, MuniCash, Institutional Class |  | $ | 755,448 |  |  | $ | 3,532,621 | (a) |  | $ | — |  |  | $ | (117 | ) |  | $ | (27 | ) |  | $ | 4,287,925 |  |  |  | 4,287,496 |  |  | $ | 175,109 |  |  | $ | — |

| (a) | Represents net amount purchased (sold).

Derivative Financial Instruments Categorized by Risk Exposure
For the period ended January 31, 2024, 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 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (543,434 | ) |  | $ | — |  |  | $ | (543,434 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 32,220 |  |  | $ | — |  |  | $ | 32,220 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |  |  |  |
Average notional value of contracts — short |  | $ | 9,338,617 |

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 financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal Bonds |  | $ | — |  |  | $ | 249,485,327 |  |  | $ | — |  |  | $ | 249,485,327 |
Municipal Bonds Transferred to Tender Option Bond Trusts |  |  | — |  |  |  | 74,429,765 |  |  |  | — |  |  |  | 74,429,765 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 4,287,925 |  |  |  | — |  |  |  | — |  |  |  | 4,287,925 |
|  | $ | 4,287,925 |  |  | $ | 323,915,092 |  |  | $ | — |  |  | $ | 328,203,017 |

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 fair value hierarchy as follows:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  | $ | — |  |  | $ | (34,892,828 | ) |  | $ | — |  |  | $ | (34,892,828 | )
VMTP Shares at Liquidation Value |  |  | — |  |  |  | (67,800,000 | ) |  |  | — |  |  |  | (67,800,000 | )
|  | $ | — |  |  | $ | (102,692,828 | ) |  | $ | — |  |  | $ | (102,692,828 | )

See notes to financial statements.

26 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2024 |  | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds |  |  |  |  |  |  |  |
Alabama — 5.3% |  |  |  |  |  |
Alabama Corrections Institution Finance Authority, RB, 5.25%, 07/01/47 |  | $ | 870 |  |  | $ | 959,013 |
Black Belt Energy Gas District, RB (a) |  |  |  |  |  |  |  |
Series B, 5.25%, 12/01/53 |  |  | 5,455 |  |  |  | 5,888,836 |
Series C, 5.50%, 10/01/54 |  |  | 10,000 |  |  |  | 11,080,814 |
Series F, 5.50%, 11/01/53 |  |  | 795 |  |  |  | 845,853 |
Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54 (a) |  |  | 5,940 |  |  |  | 6,602,844 |
Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53 (a) |  |  | 1,345 |  |  |  | 1,446,749 |
|  |  |  |  |  |  | 26,824,109 |
Arizona — 4.7% |  |  |  |  |  |
City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47 |  |  | 3,335 |  |  |  | 3,799,762 |
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46 (b) |  |  | 3,400 |  |  |  | 3,265,847 |
Salt Verde Financial Corp., RB |  |  |  |  |  |  |  |
5.00%, 12/01/32 |  |  | 8,000 |  |  |  | 8,563,473 |
5.00%, 12/01/37 |  |  | 7,460 |  |  |  | 8,145,619 |
|  |  |  |  |  |  | 23,774,701 |
Arkansas — 1.1% |  |  |  |  |  |
Arkansas Development Finance Authority, RB |  |  |  |  |  |  |  |
Series A, AMT, 4.75%, 09/01/49 (b) |  |  | 4,665 |  |  |  | 4,596,845 |
AMT, Sustainability Bonds, 5.70%, 05/01/53 |  |  | 855 |  |  |  | 875,272 |
|  |  |  |  |  |  | 5,472,117 |
California — 5.5% |  |  |  |  |  |
California Enterprise Development Authority, RB, 8.00%, 11/15/62 (b) |  |  | 750 |  |  |  | 740,733 |
California Pollution Control Financing Authority, RB, AMT, 5.00%, 11/21/45 (b) |  |  | 2,970 |  |  |  | 2,975,346 |
City of Long Beach California Harbor Revenue, ARB, Series B, AMT, Sustainability Bonds, 5.00%, 05/15/43 |  |  | 2,000 |  |  |  | 2,067,963 |
City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.00%, 05/15/46 |  |  | 2,325 |  |  |  | 2,473,773 |
CSCDA Community Improvement Authority, RB, M/F Housing (b) |  |  |  |  |  |  |  |
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 |  |  | 1,155 |  |  |  | 744,434 |
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58 |  |  | 585 |  |  |  | 436,917 |
Sustainability Bonds, 4.00%, 12/01/56 |  |  | 330 |  |  |  | 229,901 |
Riverside County Transportation Commission, RB, CAB (c) |  |  |  |  |  |  |  |
Series B, Senior Lien, 0.00%, 06/01/41 |  |  | 5,000 |  |  |  | 2,386,383 |
Series B, Senior Lien, 0.00%, 06/01/42 |  |  | 6,000 |  |  |  | 2,704,287 |
Series B, Senior Lien, 0.00%, 06/01/43 |  |  | 5,000 |  |  |  | 2,132,693 |
San Marcos Unified School District, GO, CAB (c) |  |  |  |  |  |  |  |
Series B, Election 2010, 0.00%, 08/01/34 |  |  | 3,500 |  |  |  | 2,627,318 |
Series B, Election 2010, 0.00%, 08/01/36 |  |  | 4,000 |  |  |  | 2,725,403 |
Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48 |  |  | 5,550 |  |  |  | 5,714,993 |
|  |  |  |  |  |  | 27,960,144 |

Security |  | Par (000) |  |  | Value |
Colorado — 3.2% |  |  |  |  |  |
City & County of Denver Colorado Airport System Revenue, Refunding ARB |  |  |  |  |  |  |  |
Series A, AMT, 5.00%, 12/01/43 |  | $ | 10,000 |  |  | $ | 10,414,969 |
Series D, AMT, 5.75%, 11/15/45 |  |  | 835 |  |  |  | 943,836 |
Denver City & County School District No. 1, GO, (SAW), 4.00%, 12/01/45 |  |  | 5,000 |  |  |  | 5,023,550 |
|  |  |  |  |  |  | 16,382,355 |
Delaware — 0.6% |  |  |  |  |  |
Delaware River & Bay Authority, Refunding RB, 4.00%, 01/01/44 |  |  | 2,935 |  |  |  | 2,943,595 |
District of Columbia — 5.7% |  |  |  |  |  |
District of Columbia Income Tax Revenue, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 07/01/47 |  |  | 2,050 |  |  |  | 2,233,083 |
Series C, 4.00%, 05/01/45 |  |  | 2,480 |  |  |  | 2,468,906 |
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40 |  |  | 22,365 |  |  |  | 23,089,845 |
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48 |  |  | 1,000 |  |  |  | 1,075,690 |
|  |  |  |  |  |  | 28,867,524 |
Florida — 1.5% |  |  |  |  |  |
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/38 |  |  | 4,760 |  |  |  | 4,830,105 |
Florida Development Finance Corp., RB, Series A, 5.00%, 06/15/56 |  |  | 210 |  |  |  | 203,376 |
Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54 |  |  | 415 |  |  |  | 434,903 |
Stevens Plantation Community Development District, SAB, Series A, 7.10%, 05/01/35 (d)(e) |  |  | 3,159 |  |  |  | 2,116,314 |
|  |  |  |  |  |  | 7,584,698 |
Georgia — 1.9% |  |  |  |  |  |
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 06/01/53 (a) |  |  | 9,000 |  |  |  | 9,520,020 |
Illinois — 4.2% |  |  |  |  |  |
Chicago Board of Education, GO |  |  |  |  |  |  |  |
Series A, 5.00%, 12/01/42 |  |  | 1,065 |  |  |  | 1,065,397 |
Series C, 5.25%, 12/01/35 |  |  | 2,905 |  |  |  | 2,918,542 |
Series D, 5.00%, 12/01/46 |  |  | 3,805 |  |  |  | 3,807,931 |
Series H, 5.00%, 12/01/36 |  |  | 920 |  |  |  | 941,125 |
Chicago Board of Education, Refunding GO, Series G, 5.00%, 12/01/34 |  |  | 915 |  |  |  | 936,733 |
Chicago O’Hare International Airport, ARB, Series D, AMT, Senior Lien, 5.00%, 01/01/47 |  |  | 5,205 |  |  |  | 5,280,571 |
Cook County Community College District No. 508, GO, 5.50%, 12/01/38 |  |  | 1,525 |  |  |  | 1,530,738 |
Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/44 |  |  | 2,000 |  |  |  | 2,013,275 |
State of Illinois, GO, 5.00%, 02/01/39 |  |  | 2,990 |  |  |  | 2,996,345 |
|  |  |  |  |  |  | 21,490,657 |
Indiana — 2.2% |  |  |  |  |  |
City of Valparaiso Indiana, RB |  |  |  |  |  |  |  |
AMT, 6.75%, 01/01/34 |  |  | 1,525 |  |  |  | 1,527,443 |

S C H E D U L E O F I N V E S T M E N T S |  | 27

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Indiana (continued) |  |  |  |  |  |
City of Valparaiso Indiana, RB (continued) |  |  |  |  |  |  |  |
AMT, 7.00%, 01/01/44 |  | $ | 3,680 |  |  | $ | 3,684,888 |
Indiana Municipal Power Agency, Refunding RB, Series A, 5.00%, 01/01/42 |  |  | 5,570 |  |  |  | 5,710,186 |
|  |  |  |  |  |  | 10,922,517 |
Iowa — 0.7% |  |  |  |  |  |
University of Iowa Facilities Corp., RB |  |  |  |  |  |  |  |
5.00%, 06/01/47 |  |  | 1,890 |  |  |  | 2,105,009 |
5.00%, 06/01/48 |  |  | 1,190 |  |  |  | 1,320,662 |
|  |  |  |  |  |  | 3,425,671 |
Kentucky — 2.5% |  |  |  |  |  |
Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52 (a) |  |  | 9,000 |  |  |  | 8,973,811 |
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Convertible, 6.75%, 07/01/43 (f) |  |  | 2,325 |  |  |  | 2,728,440 |
Kentucky State Property & Building Commission, RB, Series A, 5.50%, 11/01/42 |  |  | 875 |  |  |  | 1,009,336 |
|  |  |  |  |  |  | 12,711,587 |
Louisiana — 0.2% |  |  |  |  |  |
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35 |  |  | 805 |  |  |  | 805,761 |
Massachusetts — 1.2% |  |  |  |  |  |
Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/47 |  |  | 1,815 |  |  |  | 1,890,811 |
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46 |  |  | 4,245 |  |  |  | 4,452,066 |
|  |  |  |  |  |  | 6,342,877 |
Michigan — 6.4% |  |  |  |  |  |
Lansing Community College, GO, 5.00%, 05/01/44 |  |  | 5,070 |  |  |  | 5,380,626 |
Michigan Finance Authority, RB, Series S, 5.00%, 11/01/44 |  |  | 5,000 |  |  |  | 5,040,153 |
Michigan Finance Authority, Refunding RB, Series MI1, 5.00%, 12/01/48 |  |  | 2,000 |  |  |  | 2,088,301 |
Michigan State Building Authority, Refunding RB |  |  |  |  |  |  |  |
Series I, 5.00%, 10/15/45 |  |  | 6,300 |  |  |  | 6,424,328 |
Series I, 5.00%, 10/15/46 |  |  | 1,000 |  |  |  | 1,030,896 |
Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47 |  |  | 10,000 |  |  |  | 10,198,662 |
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 |  |  | 2,120 |  |  |  | 2,137,972 |
|  |  |  |  |  |  | 32,300,938 |
Minnesota — 0.6% |  |  |  |  |  |
Duluth Economic Development Authority, Refunding RB, Series A, 5.25%, 02/15/58 |  |  | 2,940 |  |  |  | 2,997,091 |
New Hampshire (b) — 0.8% |  |  |  |  |  |
New Hampshire Business Finance Authority, Refunding RB |  |  |  |  |  |  |  |
Series B, 4.63%, 11/01/42 |  |  | 3,055 |  |  |  | 2,593,485 |
Series C, AMT, 4.88%, 11/01/42 |  |  | 1,585 |  |  |  | 1,449,998 |
|  |  |  |  |  |  | 4,043,483 |
New Jersey — 10.4% |  |  |  |  |  |
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37 (d)(e) |  |  | 3,680 |  |  |  | 45,448 |
New Jersey Economic Development Authority, ARB, Series B, AMT, 5.63%, 11/15/30 |  |  | 2,035 |  |  |  | 2,050,714 |
New Jersey Economic Development Authority, RB |  |  |  |  |  |  |  |
Class A, 5.25%, 11/01/47 |  |  | 3,415 |  |  |  | 3,765,090 |
Series EEE, 5.00%, 06/15/48 |  |  | 11,690 |  |  |  | 12,198,715 |

Security |  | Par (000) |  |  | Value |
New Jersey (continued) |  |  |  |  |  |
New Jersey Economic Development Authority, RB (continued) |  |  |  |  |  |  |  |
AMT, 5.38%, 01/01/43 |  | $ | 2,285 |  |  | $ | 2,287,022 |
New Jersey Economic Development Authority, Refunding SAB, 6.50%, 04/01/28 |  |  | 5,975 |  |  |  | 6,062,418 |
New Jersey Health Care Facilities Financing Authority, Refunding RB, 5.00%, 07/01/44 |  |  | 475 |  |  |  | 477,370 |
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series C, AMT, Subordinate, 5.00%, 12/01/52 |  |  | 2,485 |  |  |  | 2,514,987 |
New Jersey Transportation Trust Fund Authority, RB, Series S, 5.00%, 06/15/46 |  |  | 2,800 |  |  |  | 2,934,865 |
South Jersey Port Corp., ARB |  |  |  |  |  |  |  |
Series A, 5.00%, 01/01/49 |  |  | 2,000 |  |  |  | 2,073,829 |
Series B, AMT, 5.00%, 01/01/42 |  |  | 4,000 |  |  |  | 4,113,304 |
Tobacco Settlement Financing Corp., Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 06/01/46 |  |  | 3,075 |  |  |  | 3,132,535 |
Sub-Series B, 5.00%, 06/01/46 |  |  | 10,900 |  |  |  | 11,011,498 |
|  |  |  |  |  |  | 52,667,795 |
New York — 11.5% |  |  |  |  |  |
Metropolitan Transportation Authority, Refunding RB |  |  |  |  |  |  |  |
Series C-1, Sustainability Bonds, 4.75%, 11/15/45 |  |  | 3,210 |  |  |  | 3,312,173 |
Series C-1, Sustainability Bonds, 5.25%, 11/15/55 |  |  | 1,545 |  |  |  | 1,627,972 |
New York City Municipal Water Finance Authority, RB |  |  |  |  |  |  |  |
Series GG, 5.00%, 06/15/48 |  |  | 3,000 |  |  |  | 3,239,425 |
Series GG, 5.00%, 06/15/50 |  |  | 8,000 |  |  |  | 8,607,666 |
New York City Transitional Finance Authority Future Tax Secured Revenue, RB |  |  |  |  |  |  |  |
Series D-1, 5.25%, 11/01/48 |  |  | 5,000 |  |  |  | 5,624,562 |
Series A-1, Subordinate, 4.00%, 08/01/48 |  |  | 2,000 |  |  |  | 1,992,868 |
New York Counties Tobacco Trust II, RB, 5.75%, 06/01/43 |  |  | 810 |  |  |  | 811,544 |
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41 (b) |  |  | 3,200 |  |  |  | 3,201,111 |
New York Counties Tobacco Trust VI, Refunding RB, Series A-2B, 5.00%, 06/01/51 |  |  | 6,395 |  |  |  | 5,787,049 |
New York Liberty Development Corp., Refunding RB (b) |  |  |  |  |  |  |  |
Class 1, 5.00%, 11/15/44 |  |  | 6,230 |  |  |  | 6,222,212 |
Class 2, 5.38%, 11/15/40 |  |  | 1,655 |  |  |  | 1,657,068 |
New York State Dormitory Authority, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 03/15/44 |  |  | 1,610 |  |  |  | 1,694,094 |
Series B, 5.00%, 02/15/35 |  |  | 7,500 |  |  |  | 7,680,828 |
New York State Dormitory Authority, Refunding RB, Series E, 4.00%, 03/15/44 |  |  | 1,520 |  |  |  | 1,522,251 |
New York Transportation Development Corp., ARB |  |  |  |  |  |  |  |
AMT, 5.63%, 04/01/40 |  |  | 915 |  |  |  | 990,762 |
Series A, AMT, 5.00%, 07/01/46 |  |  | 1,165 |  |  |  | 1,165,392 |
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35 |  |  | 2,125 |  |  |  | 2,218,452 |
Port Authority of New York & New Jersey, Refunding RB, 4.00%, 09/01/39 |  |  | 1,110 |  |  |  | 1,132,872 |
|  |  |  |  |  |  | 58,488,301 |
Ohio — 1.7% |  |  |  |  |  |
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 |  |  | 4,880 |  |  |  | 4,596,765 |
Miami University/Oxford Ohio, Refunding RB, Series A, 4.00%, 09/01/45 |  |  | 2,670 |  |  |  | 2,676,787 |
University of Cincinnati, Refunding RB, Series A, 5.00%, 06/01/44 |  |  | 1,390 |  |  |  | 1,454,604 |
|  |  |  |  |  |  | 8,728,156 |

28 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Oklahoma — 0.3% |  |  |  |  |  |
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52 |  | $ | 1,735 |  |  | $ | 1,732,928 |
Pennsylvania — 2.1% |  |  |  |  |  |
Allegheny County Hospital Development Authority, Refunding RB, Series A, 5.00%, 04/01/47 |  |  | 5,000 |  |  |  | 5,101,197 |
Geisinger Authority, Refunding RB, Series A-1, 5.00%, 02/15/45 |  |  | 4,725 |  |  |  | 4,825,165 |
Montgomery County Higher Education and Health Authority, Refunding RB, 5.00%, 09/01/48 |  |  | 715 |  |  |  | 731,903 |
|  |  |  |  |  |  | 10,658,265 |
Puerto Rico — 5.2% |  |  |  |  |  |
Commonwealth of Puerto Rico, GO |  |  |  |  |  |  |  |
Series A-1, Restructured, 5.63%, 07/01/29 |  |  | 2,810 |  |  |  | 3,036,454 |
Series A-1, Restructured, 5.75%, 07/01/31 |  |  | 2,536 |  |  |  | 2,809,148 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |  |  |  |  |  |  |  |
Series A-1, Restructured, 4.75%, 07/01/53 |  |  | 4,044 |  |  |  | 3,962,190 |
Series A-1, Restructured, 5.00%, 07/01/58 |  |  | 10,387 |  |  |  | 10,386,866 |
Series A-2, Restructured, 4.78%, 07/01/58 |  |  | 3,325 |  |  |  | 3,250,187 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (c) |  |  | 10,165 |  |  |  | 3,124,829 |
|  |  |  |  |  |  | 26,569,674 |
Tennessee — 5.3% |  |  |  |  |  |
City of Memphis Tennessee Electric System Revenue, RB, Series A, 4.00%, 12/01/45 |  |  | 1,500 |  |  |  | 1,507,916 |
Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/45 |  |  | 2,545 |  |  |  | 2,661,638 |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB |  |  |  |  |  |  |  |
5.25%, 05/01/48 |  |  | 2,500 |  |  |  | 2,704,869 |
Series A, 5.00%, 07/01/46 |  |  | 6,590 |  |  |  | 6,632,027 |
Metropolitan Government Nashville & Davidson County Sports Authority, RB, Series B, Subordinate, (AGM), 5.25%, 07/01/48 |  |  | 2,900 |  |  |  | 3,212,291 |
Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53 (a) |  |  | 7,260 |  |  |  | 7,532,870 |
Tennessee Housing Development Agency, Refunding RB, S/F Housing, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 01/01/54 |  |  | 2,200 |  |  |  | 2,449,832 |
|  |  |  |  |  |  | 26,701,443 |
Texas — 16.1% |  |  |  |  |  |
Arlington Higher Education Finance Corp., RB (b) |  |  |  |  |  |  |  |
7.50%, 04/01/62 |  |  | 845 |  |  |  | 822,285 |
7.88%, 11/01/62 |  |  | 720 |  |  |  | 730,693 |
Arlington Independent School District, Refunding GO, (PSF), 4.00%, 02/15/48 |  |  | 6,000 |  |  |  | 5,991,813 |
City of Austin Texas Airport System Revenue, ARB |  |  |  |  |  |  |  |
Series B, AMT, 5.00%, 11/15/44 |  |  | 3,630 |  |  |  | 3,783,268 |
Series B, AMT, 5.00%, 11/15/48 |  |  | 2,850 |  |  |  | 2,941,508 |
City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB, 5.00%, 10/01/46 |  |  | 3,550 |  |  |  | 3,726,995 |
Dallas Fort Worth International Airport, Refunding ARB, Series B, 5.00%, 11/01/47 |  |  | 1,625 |  |  |  | 1,751,468 |
Dallas Independent School District, Refunding GO, (PSF), 5.00%, 02/15/49 (g) |  |  | 8,500 |  |  |  | 9,321,397 |
Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42 |  |  | 470 |  |  |  | 470,075 |

Security |  | Par (000) |  |  | Value |
Texas (continued) |  |  |  |  |  |
Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48 |  | $ | 4,900 |  |  | $ | 4,902,491 |
Harris County Municipal Utility District No. 534, GO |  |  |  |  |  |  |  |
(AGM), 5.00%, 09/01/47 |  |  | 1,750 |  |  |  | 1,840,845 |
(BAM), 5.00%, 09/01/47 |  |  | 1,100 |  |  |  | 1,157,103 |
Harris County-Houston Sports Authority, Refunding RB (c) |  |  |  |  |  |  |  |
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24 (h) |  |  | 6,000 |  |  |  | 2,726,102 |
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/37 |  |  | 10,120 |  |  |  | 4,517,617 |
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/35 |  |  | 5,000 |  |  |  | 2,861,726 |
Series A, Senior Lien, (AGM NPFGC), 0.00%, 11/15/38 |  |  | 12,580 |  |  |  | 5,653,422 |
Little Elm Independent School District, GO, (PSF), 5.00%, 08/15/46 |  |  | 3,170 |  |  |  | 3,330,642 |
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27 (c)(h) |  |  | 15,200 |  |  |  | 7,026,220 |
North Texas Tollway Authority, Refunding RB, Series B, 5.00%, 01/01/43 |  |  | 3,900 |  |  |  | 4,043,306 |
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA), 5.75%, 03/01/54 |  |  | 4,970 |  |  |  | 5,411,202 |
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58 |  |  | 2,310 |  |  |  | 2,336,824 |
Texas Water Development Board, RB, 4.00%, 10/15/44 |  |  | 2,500 |  |  |  | 2,512,883 |
Thrall Independent School District, GO, (PSF), 5.25%, 02/15/48 |  |  | 3,525 |  |  |  | 3,925,912 |
|  |  |  |  |  |  | 81,785,797 |
Utah — 0.3% |  |  |  |  |  |
County of Utah, RB, Series A, 4.00%, 05/15/43 |  |  | 1,500 |  |  |  | 1,494,475 |
Virginia — 1.0% |  |  |  |  |  |
Fairfax County Industrial Development Authority, |  |  |  |  |  |  |  |
Refunding RB, 4.00%, 05/15/42 |  |  | 4,950 |  |  |  | 4,952,605 |
Washington — 0.6% |  |  |  |  |  |
Washington Health Care Facilities Authority, RB, |  |  |  |  |  |  |  |
Series A, 5.00%, 08/15/45 |  |  | 3,000 |  |  |  | 3,025,831 |
Total Municipal Bonds — 102.8% (Cost: $502,986,597) |  |  |  |  |  |  | 521,175,115 |
Municipal Bonds Transferred to Tender Option Bond Trusts (i) |
California — 7.1% |  |  |  |  |  |
City of Los Angeles Department of Airports, ARB |  |  |  |  |  |  |  |
Series B, AMT, 5.00%, 05/15/46 |  |  | 8,800 |  |  |  | 8,957,143 |
Sub-Series A, AMT, 5.00%, 05/15/42 |  |  | 11,420 |  |  |  | 11,893,837 |
San Diego County Regional Airport Authority, ARB, AMT, 5.00%, 07/01/48 |  |  | 14,500 |  |  |  | 15,436,773 |
|  |  |  |  |  |  | 36,287,753 |
Colorado — 2.5% |  |  |  |  |  |
Denver City & County School District No. 1, GO, Series A, (SAW), 5.00%, 12/01/45 |  |  | 11,625 |  |  |  | 12,827,373 |
Illinois — 2.6% |  |  |  |  |  |
Illinois State Toll Highway Authority, RB, Series B, 5.00%, 01/01/41 |  |  | 13,000 |  |  |  | 13,490,639 |
Indiana — 2.5% |  |  |  |  |  |
Indianapolis Local Public Improvement Bond Bank, Refunding RB, Series A, 5.00%, 02/01/49 |  |  | 11,970 |  |  |  | 12,601,809 |

S C H E D U L E O F I N V E S T M E N T S |  | 29

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock Municipal Income Trust (BFK) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Massachusetts — 2.1% |  |  |  |  |  |
Commonwealth of Massachusetts, GO, Series D, 5.00%, 09/01/51 |  | $ | 10,000 |  |  | $ | 10,785,208 |
Michigan — 2.2% |  |  |  |  |  |
State of Michigan Trunk Line Revenue, RB, 5.00%, 11/15/46 |  |  | 10,000 |  |  |  | 11,162,938 |
Nevada — 4.1% |  |  |  |  |  |
County of Clark Nevada, GO, Series A, 5.00%, 05/01/48 |  |  | 19,650 |  |  |  | 20,663,858 |
New Jersey — 2.1% |  |  |  |  |  |
New Jersey Turnpike Authority, RB, Series A, 5.00%, 01/01/48 |  |  | 10,000 |  |  |  | 10,578,021 |
New York — 6.6% |  |  |  |  |  |
New York City Municipal Water Finance Authority, RB, Series DD1, 5.00%, 06/15/48 |  |  | 10,000 |  |  |  | 10,491,438 |
New York City Municipal Water Finance Authority, Refunding RB, Series DD, 5.25%, 06/15/46 |  |  | 10,000 |  |  |  | 11,397,681 |
New York State Urban Development Corp., Refunding RB, 5.00%, 03/15/47 |  |  | 10,535 |  |  |  | 11,389,560 |
|  |  |  |  |  |  | 33,278,679 |
Oregon — 2.8% |  |  |  |  |  |
Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48 |  |  | 12,705 |  |  |  | 14,075,520 |
South Carolina — 3.5% |  |  |  |  |  |
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54 |  |  | 16,400 |  |  |  | 17,566,123 |
Texas — 2.6% |  |  |  |  |  |
Texas Water Development Board, RB, Series A, 5.25%, 10/15/51 |  |  | 11,775 |  |  |  | 13,200,451 |
Washington — 4.4% |  |  |  |  |  |
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43 |  |  | 10,975 |  |  |  | 11,237,205 |
State of Washington, GO, Series C, 5.00%, 02/01/47 |  |  | 10,000 |  |  |  | 10,962,432 |
|  |  |  |  |  |  | 22,199,637 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 45.1% (Cost: $219,330,132) |  |  |  |  |  |  | 228,718,009 |
Total Long-Term Investments — 147.9% (Cost: $722,316,729) |  |  |  |  |  |  | 749,893,124 |

Security |  | Shares |  |  | Value |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 1.0% |  |  |  |  |  |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (j)(k) |  |  | 5,134,844 |  |  | $ | 5,135,357 |
Total Short-Term Securities — 1.0% (Cost: $5,135,317) |  |  |  |  |  |  | 5,135,357 |
Total Investments — 148.9% (Cost: $727,452,046) |  |  |  |  |  |  | 755,028,481 |
Other Assets Less Liabilities — 2.7% |  |  |  |  |  |  | 13,437,011 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (21.2)% |  |  |  | (107,267,468 | )
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (30.4)% |  |  |  | (154,100,000 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 507,098,024 |

(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) | Zero-coupon bond.

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

(e) | Non-income producing security.

(f) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(g) | When-issued security.

(h) | 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.

(i) | 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.

(j) | Affiliate of the Fund.

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

Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 07/31/23 |  |  | Purchases at Cost |  |  | Proceeds from Sale |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 01/31/24 |  |  | Shares Held at 01/31/24 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, MuniCash, Institutional Class |  | $ | 24,056,456 |  |  | $ | — |  |  | $ | (18,922,198 | ) (a) |  | $ | 1,070 |  |  | $ | 29 |  |  | $ | 5,135,357 |  |  |  | 5,134,844 |  |  | $ | 353,787 |  |  | $ | — |

| (a) | Represents net amount purchased (sold).

30 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock Municipal Income Trust (BFK)

Derivative Financial Instruments Categorized by Risk Exposure
For the period ended January 31, 2024, 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 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 747,107 |  |  | $ | — |  |  | $ | 747,107 |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (321,145 | ) |  | $ | — |  |  | $ | (321,145 | )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |  |  |  |
Average notional value of contracts — short |  | $ | 18,587,321 |

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 financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal Bonds |  | $ | — |  |  | $ | 521,175,115 |  |  | $ | — |  |  | $ | 521,175,115 |
Municipal Bonds Transferred to Tender Option Bond Trusts |  |  | — |  |  |  | 228,718,009 |  |  |  | — |  |  |  | 228,718,009 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 5,135,357 |  |  |  | — |  |  |  | — |  |  |  | 5,135,357 |
|  | $ | 5,135,357 |  |  | $ | 749,893,124 |  |  | $ | — |  |  | $ | 755,028,481 |

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 fair value hierarchy as follows:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  | $ | — |  |  | $ | (106,689,984 | ) |  | $ | — |  |  | $ | (106,689,984 | )
VMTP Shares at Liquidation Value |  |  | — |  |  |  | (154,100,000 | ) |  |  | — |  |  |  | (154,100,000 | )
|  | $ | — |  |  | $ | (260,789,984 | ) |  | $ | — |  |  | $ | (260,789,984 | )

See notes to financial statements.

S C H E D U L E O F I N V E S T M E N T S |  | 31

Schedule of Investments (unaudited) January 31, 2024 |  | BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds |  |  |  |  |  |  |  |
Alabama — 2.8% |  |  |  |  |  |
Black Belt Energy Gas District, RB, 4.00%, 10/01/52 (a) |  | $ | 2,925 |  |  | $ | 2,920,570 |
County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53 |  |  | 4,580 |  |  |  | 5,024,018 |
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46 |  |  | 1,170 |  |  |  | 1,235,432 |
Southeast Energy Authority A Cooperative District, RB (a) |  |  |  |  |  |  |  |
Series A, 4.00%, 11/01/51 |  |  | 5,290 |  |  |  | 5,277,479 |
Series A-1, 5.50%, 01/01/53 |  |  | 1,960 |  |  |  | 2,108,274 |
|  |  |  |  |  |  | 16,565,773 |
Arizona — 2.9% |  |  |  |  |  |
Arizona Industrial Development Authority, RB (b) |  |  |  |  |  |  |  |
4.38%, 07/01/39 |  |  | 225 |  |  |  | 200,356 |
Series A, 5.00%, 07/01/49 |  |  | 210 |  |  |  | 190,313 |
Series A, 5.00%, 07/01/54 |  |  | 165 |  |  |  | 146,879 |
Arizona Industrial Development Authority, Refunding RB, Series A, 5.38%, 07/01/50 (b) |  |  | 1,185 |  |  |  | 1,154,772 |
City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47 |  |  | 1,740 |  |  |  | 1,982,485 |
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 |  |  | 500 |  |  |  | 390,311 |
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46 (b) |  |  | 1,825 |  |  |  | 1,752,991 |
Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/49 (b) |  |  | 350 |  |  |  | 315,896 |
Maricopa County Industrial Development Authority, RB, 6.38%, 07/01/58 (b) |  |  | 620 |  |  |  | 629,597 |
Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38 |  |  | 820 |  |  |  | 829,839 |
Maricopa County Pollution Control Corp., Refunding RB, Series B, 3.60%, 04/01/40 |  |  | 1,250 |  |  |  | 1,096,094 |
Salt Verde Financial Corp., RB |  |  |  |  |  |  |  |
5.00%, 12/01/32 |  |  | 5,635 |  |  |  | 6,031,896 |
5.00%, 12/01/37 |  |  | 2,000 |  |  |  | 2,183,812 |
|  |  |  |  |  |  | 16,905,241 |
Arkansas — 0.7% |  |  |  |  |  |
Arkansas Development Finance Authority, RB |  |  |  |  |  |  |  |
Series A, AMT, 4.50%, 09/01/49 (b) |  |  | 1,920 |  |  |  | 1,863,111 |
Series A, AMT, 4.75%, 09/01/49 (b) |  |  | 1,175 |  |  |  | 1,157,833 |
AMT, Sustainability Bonds, 5.70%, 05/01/53 |  |  | 975 |  |  |  | 998,117 |
|  |  |  |  |  |  | 4,019,061 |
California — 4.8% |  |  |  |  |  |
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/36 |  |  | 350 |  |  |  | 350,001 |
California Educational Facilities Authority, RB, Series U-7, 5.00%, 06/01/46 |  |  | 2,315 |  |  |  | 2,872,230 |
California Enterprise Development Authority, RB, 8.00%, 11/15/62 (b) |  |  | 855 |  |  |  | 844,435 |
California Health Facilities Financing Authority, Refunding RB, Sustainability Bonds, 5.00%, 08/01/55 |  |  | 1,500 |  |  |  | 1,514,934 |
California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47 |  |  | 780 |  |  |  | 700,131 |
California Municipal Finance Authority, RB, S/F Housing |  |  |  |  |  |  |  |
Series A, 5.25%, 08/15/39 |  |  | 205 |  |  |  | 205,711 |
Series A, 5.25%, 08/15/49 |  |  | 510 |  |  |  | 512,165 |

Security |  | Par (000) |  |  | Value |
California (continued) |  |  |  |  |  |
California Pollution Control Financing Authority, RB, AMT, 5.00%, 11/21/45 (b) |  | $ | 2,130 |  |  | $ | 2,133,834 |
California School Finance Authority, Refunding RB, Series A, 5.00%, 07/01/51 (b) |  |  | 1,700 |  |  |  | 1,696,777 |
City of Los Angeles Department of Airports, ARB, AMT, Sustainability Bonds, 5.25%, 05/15/47 |  |  | 4,265 |  |  |  | 4,575,778 |
City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.00%, 05/15/46 |  |  | 1,265 |  |  |  | 1,345,945 |
CSCDA Community Improvement Authority, RB, M/F Housing (b) |  |  |  |  |  |  |  |
4.00%, 10/01/56 |  |  | 245 |  |  |  | 200,201 |
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 |  |  | 1,290 |  |  |  | 831,446 |
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58 |  |  | 655 |  |  |  | 489,198 |
Sustainability Bonds, 4.00%, 12/01/56 |  |  | 355 |  |  |  | 247,318 |
Series A, Sustainability Bonds, 4.00%, 06/01/58 |  |  | 780 |  |  |  | 564,457 |
Indio Finance Authority, Refunding RB, Series A, (BAM), 4.50%, 11/01/52 |  |  | 2,405 |  |  |  | 2,459,683 |
Riverside County Transportation Commission, Refunding RB, Class B1, Senior Lien, 4.00%, 06/01/46 |  |  | 2,255 |  |  |  | 2,217,935 |
San Marcos Unified School District, GO, CAB (c) |  |  |  |  |  |  |  |
Series B, Election 2010, 0.00%, 08/01/33 |  |  | 3,000 |  |  |  | 2,338,736 |
Series B, Election 2010, 0.00%, 08/01/43 |  |  | 2,500 |  |  |  | 1,209,021 |
Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/40 |  |  | 830 |  |  |  | 838,135 |
|  |  |  |  |  |  | 28,148,071 |
Colorado — 1.4% |  |  |  |  |  |
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47 (b) |  |  | 250 |  |  |  | 227,027 |
City & County of Denver Colorado Airport System Revenue, Refunding ARB |  |  |  |  |  |  |  |
Series A, AMT, 4.13%, 11/15/53 |  |  | 1,290 |  |  |  | 1,203,679 |
Series D, AMT, 5.75%, 11/15/45 |  |  | 1,315 |  |  |  | 1,486,401 |
City & County of Denver Colorado Pledged Excise Tax Revenue, RB, CAB, Series A-2, 0.00%, 08/01/38 (c) |  |  | 1,835 |  |  |  | 972,251 |
Colorado Educational & Cultural Facilities Authority, RB, 5.00%, 03/01/50 (b) |  |  | 320 |  |  |  | 323,486 |
Colorado Health Facilities Authority, RB 5.25%, 11/01/39 |  |  | 595 |  |  |  | 644,779 |
5.50%, 11/01/47 |  |  | 370 |  |  |  | 401,736 |
5.25%, 11/01/52 |  |  | 920 |  |  |  | 979,932 |
Colorado Health Facilities Authority, Refunding RB, Series A, 5.00%, 08/01/44 |  |  | 495 |  |  |  | 514,262 |
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40 |  |  | 1,325 |  |  |  | 1,330,427 |
|  |  |  |  |  |  | 8,083,980 |
District of Columbia — 5.4% |  |  |  |  |  |
District of Columbia Income Tax Revenue, RB, Series A, 5.25%, 05/01/48 |  |  | 2,590 |  |  |  | 2,903,151 |
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40 |  |  | 11,165 |  |  |  | 11,526,856 |
District of Columbia, Refunding RB, 5.00%, 10/01/48 |  |  | 2,525 |  |  |  | 2,571,317 |
District of Columbia, TA, 5.13%, 06/01/41 |  |  | 540 |  |  |  | 541,068 |
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48 |  |  | 5,280 |  |  |  | 5,679,642 |

32 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
District of Columbia (continued) |  |  |  |  |  |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49 |  | $ | 5,985 |  |  | $ | 5,510,510 |
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB |  |  |  |  |  |  |  |
Series A, Sustainability Bonds, 4.00%, 07/15/46 |  |  | 1,310 |  |  |  | 1,300,151 |
Series A, Sustainability Bonds, 4.13%, 07/15/47 |  |  | 1,285 |  |  |  | 1,289,852 |
|  |  |  |  |  |  | 31,322,547 |
Florida — 4.9% |  |  |  |  |  |
Brevard County Health Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/47 |  |  | 2,460 |  |  |  | 2,617,658 |
Capital Trust Agency, Inc., RB (b) |  |  |  |  |  |  |  |
Series A, 5.00%, 06/01/45 |  |  | 190 |  |  |  | 164,318 |
Series A, 5.50%, 06/01/57 |  |  | 100 |  |  |  | 87,906 |
Celebration Pointe Community Development District No. 1, SAB |  |  |  |  |  |  |  |
5.00%, 05/01/32 |  |  | 200 |  |  |  | 200,518 |
5.00%, 05/01/48 |  |  | 530 |  |  |  | 494,791 |
City of Fort Lauderdale Florida Water & Sewer Revenue, RB, Series B, 5.50%, 09/01/48 |  |  | 2,920 |  |  |  | 3,390,325 |
City of Tampa Florida, RB, CAB, Series A, 0.00%, 09/01/45 (c) |  |  | 6,275 |  |  |  | 2,272,587 |
County of Lee Florida Airport Revenue, ARB, Series B, AMT, 5.00%, 10/01/46 |  |  | 2,230 |  |  |  | 2,328,848 |
County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52 |  |  | 1,455 |  |  |  | 1,545,433 |
County of Pasco Florida, RB |  |  |  |  |  |  |  |
(AGM), 5.00%, 09/01/48 |  |  | 5,330 |  |  |  | 5,730,939 |
(AGM), 5.75%, 09/01/54 |  |  | 955 |  |  |  | 1,077,089 |
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45 |  |  | 5,675 |  |  |  | 5,040,994 |
Florida Development Finance Corp., RB |  |  |  |  |  |  |  |
6.50%, 06/30/57 (b) |  |  | 750 |  |  |  | 719,660 |
Series A, 5.00%, 06/15/56 |  |  | 115 |  |  |  | 111,373 |
AMT, 5.00%, 05/01/29 (b) |  |  | 180 |  |  |  | 173,514 |
Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50 (b) |  |  | 105 |  |  |  | 90,241 |
Lakewood Ranch Stewardship District, SAB |  |  |  |  |  |  |  |
5.25%, 05/01/37 |  |  | 180 |  |  |  | 180,941 |
5.38%, 05/01/47 |  |  | 185 |  |  |  | 182,664 |
6.30%, 05/01/54 |  |  | 480 |  |  |  | 503,021 |
Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40 |  |  | 15 |  |  |  | 15,016 |
Osceola Chain Lakes Community Development District, SAB |  |  |  |  |  |  |  |
4.00%, 05/01/40 |  |  | 270 |  |  |  | 235,369 |
4.00%, 05/01/50 |  |  | 260 |  |  |  | 204,487 |
Stevens Plantation Community Development District, SAB, Series A, 7.10%, 05/01/35 (d)(e) |  |  | 1,670 |  |  |  | 1,118,935 |
|  |  |  |  |  |  | 28,486,627 |
Georgia — 3.5% |  |  |  |  |  |
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62 (b) |  |  | 435 |  |  |  | 394,303 |
Main Street Natural Gas, Inc., RB |  |  |  |  |  |  |  |
Series A, 5.00%, 05/15/38 |  |  | 325 |  |  |  | 343,640 |
Series A, 5.00%, 05/15/49 |  |  | 7,195 |  |  |  | 7,826,074 |
Series B, 5.00%, 12/01/52 (a) |  |  | 5,000 |  |  |  | 5,249,000 |
Municipal Electric Authority of Georgia, RB 4.00%, 01/01/49 |  |  | 1,200 |  |  |  | 1,077,603 |

Security |  | Par (000) |  |  | Value |
Georgia (continued) |  |  |  |  |  |
Municipal Electric Authority of Georgia, RB (continued) |  |  |  |  |  |  |  |
4.00%, 01/01/59 |  | $ | 3,525 |  |  | $ | 3,230,668 |
Series A, 5.00%, 07/01/52 |  |  | 1,870 |  |  |  | 1,927,152 |
Municipal Electric Authority of Georgia, Refunding RB, 4.00%, 01/01/51 |  |  | 520 |  |  |  | 456,967 |
|  |  |  |  |  |  | 20,505,407 |
Hawaii — 0.2% |  |  |  |  |  |
State of Hawaii Airports System Revenue, COP |  |  |  |  |  |  |  |
AMT, 5.25%, 08/01/25 |  |  | 250 |  |  |  | 250,192 |
AMT, 5.25%, 08/01/26 |  |  | 810 |  |  |  | 810,629 |
|  |  |  |  |  |  | 1,060,821 |
Idaho — 0.6% |  |  |  |  |  |
Idaho Housing & Finance Association, RB, (GTD), 5.50%, 05/01/52 |  |  | 1,250 |  |  |  | 1,324,568 |
Idaho Housing & Finance Association, Refunding RB |  |  |  |  |  |  |  |
(GTD), 4.00%, 05/01/42 |  |  | 1,400 |  |  |  | 1,336,533 |
(GTD), 4.00%, 05/01/52 |  |  | 1,095 |  |  |  | 965,789 |
|  |  |  |  |  |  | 3,626,890 |
Illinois — 11.0% |  |  |  |  |  |
Chicago Board of Education, GO |  |  |  |  |  |  |  |
Series A, 5.00%, 12/01/34 |  |  | 1,035 |  |  |  | 1,089,600 |
Series A, 5.00%, 12/01/40 |  |  | 535 |  |  |  | 549,391 |
Series A, 5.00%, 12/01/47 |  |  | 100 |  |  |  | 102,240 |
Series C, 5.25%, 12/01/35 |  |  | 2,790 |  |  |  | 2,803,006 |
Series D, 5.00%, 12/01/46 |  |  | 3,605 |  |  |  | 3,607,779 |
Series H, 5.00%, 12/01/36 |  |  | 495 |  |  |  | 506,366 |
Chicago Board of Education, Refunding GO |  |  |  |  |  |  |  |
Series D, 5.00%, 12/01/27 |  |  | 1,600 |  |  |  | 1,657,859 |
Series D, 5.00%, 12/01/31 |  |  | 150 |  |  |  | 155,322 |
Series G, 5.00%, 12/01/34 |  |  | 710 |  |  |  | 726,864 |
Chicago Midway International Airport, Refunding ARB, Series A, AMT, 2nd Lien, 5.00%, 01/01/41 |  |  | 1,010 |  |  |  | 1,010,582 |
Chicago O’Hare International Airport, ARB, Class A, AMT, Senior Lien, 5.50%, 01/01/55 |  |  | 2,565 |  |  |  | 2,758,292 |
Chicago Transit Authority Sales Tax Receipts Fund, RB, 2nd Lien, 5.00%, 12/01/46 |  |  | 1,385 |  |  |  | 1,399,088 |
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, Senior Lien, 4.00%, 12/01/49 |  |  | 2,210 |  |  |  | 1,995,760 |
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/48 |  |  | 2,665 |  |  |  | 2,936,325 |
City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/48 |  |  | 5,125 |  |  |  | 5,643,155 |
Cook County Community College District No. 508, GO |  |  |  |  |  |  |  |
5.50%, 12/01/38 |  |  | 2,670 |  |  |  | 2,680,047 |
5.25%, 12/01/43 |  |  | 3,850 |  |  |  | 3,862,361 |
Illinois Finance Authority, RB, Series A, 5.00%, 02/15/37 |  |  | 480 |  |  |  | 483,263 |
Illinois Finance Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 4.00%, 07/15/47 |  |  | 3,920 |  |  |  | 3,787,139 |
Series C, 4.00%, 02/15/41 |  |  | 1,405 |  |  |  | 1,373,646 |
Series C, 5.00%, 02/15/41 |  |  | 1,600 |  |  |  | 1,644,967 |
Illinois Housing Development Authority, RB, S/F Housing |  |  |  |  |  |  |  |
Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 10/01/52 |  |  | 3,495 |  |  |  | 3,765,125 |
Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 04/01/54 |  |  | 1,875 |  |  |  | 2,057,879 |

S C H E D U L E O F I N V E S T M E N T S |  | 33

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Illinois (continued) |  |  |  |  |  |
Metropolitan Pier & Exposition Authority, RB |  |  |  |  |  |  |  |
5.00%, 06/15/57 |  | $ | 2,745 |  |  | $ | 2,800,201 |
Series A, 5.50%, 06/15/53 |  |  | 280 |  |  |  | 285,802 |
Metropolitan Pier & Exposition Authority, RB, CAB, (BAM-TCRS), 0.00%, 12/15/56 (c) |  |  | 2,165 |  |  |  | 449,113 |
Metropolitan Pier & Exposition Authority, Refunding RB |  |  |  |  |  |  |  |
4.00%, 06/15/50 |  |  | 1,680 |  |  |  | 1,549,569 |
Series B, (AGM), 0.00%, 06/15/44 (c) |  |  | 8,680 |  |  |  | 3,548,788 |
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54 (c) |  |  | 3,020 |  |  |  | 663,371 |
State of Illinois, GO |  |  |  |  |  |  |  |
5.25%, 02/01/31 |  |  | 730 |  |  |  | 731,199 |
5.25%, 02/01/32 |  |  | 2,500 |  |  |  | 2,504,170 |
5.00%, 02/01/39 |  |  | 1,640 |  |  |  | 1,643,480 |
Series B, 5.25%, 05/01/43 |  |  | 1,115 |  |  |  | 1,222,127 |
Series D, 5.00%, 11/01/28 |  |  | 505 |  |  |  | 538,864 |
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27 |  |  | 180 |  |  |  | 192,102 |
University of Illinois, RB, Series A, 5.00%, 04/01/44 |  |  | 1,360 |  |  |  | 1,361,241 |
|  |  |  |  |  |  | 64,086,083 |
Indiana — 1.0% |  |  |  |  |  |
City of Valparaiso Indiana, RB |  |  |  |  |  |  |  |
AMT, 6.75%, 01/01/34 |  |  | 1,090 |  |  |  | 1,091,746 |
AMT, 7.00%, 01/01/44 |  |  | 4,625 |  |  |  | 4,631,143 |
|  |  |  |  |  |  | 5,722,889 |
Iowa — 0.5% |  |  |  |  |  |
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46 (f) |  |  | 2,735 |  |  |  | 2,539,366 |
Iowa Student Loan Liquidity Corp., Refunding RB, Series B, AMT, 3.00%, 12/01/39 |  |  | 225 |  |  |  | 219,937 |
|  |  |  |  |  |  | 2,759,303 |
Kansas — 0.1% |  |  |  |  |  |
City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43 |  |  | 400 |  |  |  | 373,904 |
Kentucky — 2.4% |  |  |  |  |  |
Kentucky Economic Development Finance Authority, Refunding RB, Series A, 5.00%, 08/01/44 |  |  | 1,115 |  |  |  | 1,154,656 |
Kentucky Economic Development Finance Authority, Refunding RB, CAB, Series B, (NPFGC), 0.00%, 10/01/24 (c) |  |  | 5,000 |  |  |  | 4,891,686 |
Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52 (a) |  |  | 6,085 |  |  |  | 6,067,294 |
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Convertible, 6.75%, 07/01/43 (g) |  |  | 1,655 |  |  |  | 1,942,180 |
|  |  |  |  |  |  | 14,055,816 |
Louisiana — 1.1% |  |  |  |  |  |
Lafayette Parish School Board Sale Tax Revenue, RB, 4.00%, 04/01/48 |  |  | 555 |  |  |  | 554,500 |
Lake Charles Harbor & Terminal District, ARB, Series B, AMT, (AGM), 5.50%, 01/01/29 |  |  | 1,000 |  |  |  | 1,001,595 |
Louisiana Public Facilities Authority, RB, 5.25%, 10/01/53 |  |  | 2,705 |  |  |  | 2,869,112 |

Security |  | Par (000) |  |  | Value |
Louisiana (continued) |  |  |  |  |  |
New Orleans Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/48 |  | $ | 995 |  |  | $ | 1,007,001 |
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35 |  |  | 780 |  |  |  | 780,738 |
|  |  |  |  |  |  | 6,212,946 |
Maryland — 0.3% |  |  |  |  |  |
City of Baltimore Maryland, Refunding RB, Series A, 4.50%, 09/01/33 |  |  | 135 |  |  |  | 129,949 |
Maryland Economic Development Corp., RB, Class B, AMT, Sustainability Bonds, 5.25%, 06/30/47 |  |  | 1,550 |  |  |  | 1,594,557 |
|  |  |  |  |  |  | 1,724,506 |
Massachusetts — 2.0% |  |  |  |  |  |
Commonwealth of Massachusetts, GO |  |  |  |  |  |  |  |
Series C, 5.00%, 10/01/47 |  |  | 1,810 |  |  |  | 1,989,884 |
Series C, 5.00%, 10/01/52 |  |  | 1,875 |  |  |  | 2,035,348 |
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47 |  |  | 4,555 |  |  |  | 4,583,752 |
Massachusetts Development Finance Agency, Refunding RB |  |  |  |  |  |  |  |
5.00%, 01/01/41 |  |  | 525 |  |  |  | 526,271 |
5.00%, 01/01/45 |  |  | 375 |  |  |  | 375,844 |
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47 |  |  | 645 |  |  |  | 628,426 |
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46 |  |  | 1,220 |  |  |  | 1,279,510 |
|  |  |  |  |  |  | 11,419,035 |
Michigan — 3.1% |  |  |  |  |  |
City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36 |  |  | 5 |  |  |  | 5,014 |
City of Lansing Michigan, Refunding GO, Series B, (AGM), 5.00%, 06/01/48 |  |  | 3,450 |  |  |  | 3,729,233 |
Grand Traverse County Hospital Finance Authority, RB, Series A, 5.00%, 07/01/44 |  |  | 1,110 |  |  |  | 1,152,272 |
Lansing Board of Water & Light, Refunding RB, Series A, 5.25%, 07/01/54 |  |  | 5,195 |  |  |  | 5,804,485 |
Michigan Finance Authority, RB, 4.00%, 02/15/50 |  |  | 5,250 |  |  |  | 4,963,654 |
Michigan State Building Authority, Refunding RB, Series I, 4.00%, 10/15/52 |  |  | 555 |  |  |  | 529,720 |
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 |  |  | 1,680 |  |  |  | 1,694,242 |
|  |  |  |  |  |  | 17,878,620 |
Minnesota — 2.2% |  |  |  |  |  |
Duluth Economic Development Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 4.25%, 02/15/48 |  |  | 5,685 |  |  |  | 5,294,855 |
Series A, 5.25%, 02/15/53 |  |  | 615 |  |  |  | 627,656 |
Series A, 5.25%, 02/15/58 |  |  | 3,050 |  |  |  | 3,109,227 |
Minnesota Higher Education Facilities Authority, RB, Series A, Sustainability Bonds, 5.00%, 10/01/47 |  |  | 1,495 |  |  |  | 1,551,226 |
Minnesota Housing Finance Agency, RB, S/F Housing, Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, 01/01/53 |  |  | 2,115 |  |  |  | 2,267,251 |
|  |  |  |  |  |  | 12,850,215 |
Mississippi — 0.2% |  |  |  |  |  |
Mississippi Development Bank, RB, (AGM), 6.88%, 12/01/40 |  |  | 1,190 |  |  |  | 1,192,558 |

34 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Missouri — 1.5% |  |  |  |  |  |
Health & Educational Facilities Authority of the State of Missouri, Refunding RB |  |  |  |  |  |  |  |
Series A, 4.00%, 07/01/46 |  | $ | 1,830 |  |  | $ | 1,798,613 |
Series C, 4.00%, 11/15/49 |  |  | 3,455 |  |  |  | 3,305,139 |
Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54 |  |  | 3,435 |  |  |  | 3,488,029 |
St Louis County Industrial Development Authority, Refunding RB, 5.00%, 09/01/37 |  |  | 500 |  |  |  | 485,230 |
|  |  |  |  |  |  | 9,077,011 |
New Hampshire (b) — 0.6% |  |  |  |  |  |
New Hampshire Business Finance Authority, Refunding RB |  |  |  |  |  |  |  |
Series B, 4.63%, 11/01/42 |  |  | 2,350 |  |  |  | 1,994,989 |
Series C, AMT, 4.88%, 11/01/42 |  |  | 1,260 |  |  |  | 1,152,680 |
Series B, AMT, Sustainability Bonds, 3.75%, 07/01/45 (a) |  |  | 270 |  |  |  | 211,768 |
|  |  |  |  |  |  | 3,359,437 |
New Jersey — 11.5% |  |  |  |  |  |
Casino Reinvestment Development Authority, Inc., Refunding RB |  |  |  |  |  |  |  |
5.25%, 11/01/39 |  |  | 2,390 |  |  |  | 2,410,416 |
5.25%, 11/01/44 |  |  | 2,250 |  |  |  | 2,262,593 |
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37 (d)(e) |  |  | 645 |  |  |  | 7,966 |
New Jersey Economic Development Authority, RB |  |  |  |  |  |  |  |
5.00%, 12/15/28 (h) |  |  | 1,375 |  |  |  | 1,531,408 |
5.00%, 06/15/43 |  |  | 2,335 |  |  |  | 2,471,424 |
Series EEE, 5.00%, 06/15/48 |  |  | 6,405 |  |  |  | 6,683,727 |
AMT, (AGM), 5.00%, 01/01/31 |  |  | 530 |  |  |  | 530,324 |
AMT, 5.38%, 01/01/43 |  |  | 1,500 |  |  |  | 1,501,328 |
New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47 |  |  | 1,570 |  |  |  | 1,572,811 |
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26 (h) |  |  | 775 |  |  |  | 835,474 |
New Jersey Economic Development Authority, Refunding SAB |  |  |  |  |  |  |  |
6.50%, 04/01/28 |  |  | 5,584 |  |  |  | 5,664,572 |
5.75%, 04/01/31 |  |  | 705 |  |  |  | 653,870 |
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51 |  |  | 4,980 |  |  |  | 4,830,320 |
New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50 |  |  | 1,810 |  |  |  | 1,620,292 |
New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49 |  |  | 665 |  |  |  | 522,033 |
New Jersey Transportation Trust Fund Authority, RB |  |  |  |  |  |  |  |
Series AA, 5.00%, 06/15/45 |  |  | 415 |  |  |  | 421,386 |
Series AA, 4.00%, 06/15/50 |  |  | 1,730 |  |  |  | 1,655,938 |
Series BB, 5.00%, 06/15/46 |  |  | 3,465 |  |  |  | 3,780,377 |
Series S, 5.25%, 06/15/43 |  |  | 1,145 |  |  |  | 1,229,090 |
Series S, 5.00%, 06/15/46 |  |  | 4,980 |  |  |  | 5,219,866 |
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 4.25%, 06/15/40 |  |  | 7,330 |  |  |  | 7,696,256 |
New Jersey Turnpike Authority, RB, Series B, 5.00%, 01/01/46 |  |  | 5,385 |  |  |  | 5,936,714 |
Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/48 |  |  | 655 |  |  |  | 642,312 |
Tobacco Settlement Financing Corp., Refunding RB Series A, 5.00%, 06/01/46 |  |  | 275 |  |  |  | 280,145 |

Security |  | Par (000) |  |  | Value |
New Jersey (continued) |  |  |  |  |  |
Tobacco Settlement Financing Corp., Refunding RB (continued) |  |  |  |  |  |  |  |
Series A, 5.25%, 06/01/46 |  | $ | 4,140 |  |  | $ | 4,270,781 |
Sub-Series B, 5.00%, 06/01/46 |  |  | 2,955 |  |  |  | 2,985,227 |
|  |  |  |  |  |  | 67,216,650 |
New Mexico — 0.0% |  |  |  |  |  |
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44 |  |  | 100 |  |  |  | 84,684 |
New York — 15.6% |  |  |  |  |  |
Buffalo & Erie County Industrial Land Development Corp., Refunding RB, Series A, 5.00%, 06/01/35 |  |  | 500 |  |  |  | 512,581 |
City of New York, GO |  |  |  |  |  |  |  |
Series A-1, 4.00%, 09/01/46 |  |  | 1,550 |  |  |  | 1,578,907 |
Series B, 5.25%, 10/01/39 |  |  | 1,030 |  |  |  | 1,192,481 |
Series B, 5.25%, 10/01/40 |  |  | 790 |  |  |  | 910,330 |
Metropolitan Transportation Authority, RB |  |  |  |  |  |  |  |
Series B, 5.25%, 11/15/39 |  |  | 910 |  |  |  | 912,058 |
Series C, 4.00%, 11/15/33 |  |  | 90 |  |  |  | 90,038 |
Metropolitan Transportation Authority, Refunding RB |  |  |  |  |  |  |  |
Series C-1, Sustainability Bonds, 5.00%, 11/15/25 |  |  | 100 |  |  |  | 103,253 |
Series C-1, Sustainability Bonds, 5.00%, 11/15/26 |  |  | 65 |  |  |  | 68,586 |
Series C-1, Sustainability Bonds, 4.75%, 11/15/45 |  |  | 6,795 |  |  |  | 7,011,283 |
Series C-1, Sustainability Bonds, 5.00%, 11/15/50 |  |  | 575 |  |  |  | 599,083 |
Monroe County Industrial Development Corp., Refunding RB, Series A, 4.00%, 07/01/50 |  |  | 1,760 |  |  |  | 1,760,961 |
New York City Municipal Water Finance Authority, RB, Series AA-1, 5.25%, 06/15/52 |  |  | 1,080 |  |  |  | 1,211,226 |
New York City Municipal Water Finance Authority, Refunding RB |  |  |  |  |  |  |  |
Series BB-1, 4.00%, 06/15/45 |  |  | 810 |  |  |  | 812,229 |
Series DD, 4.13%, 06/15/46 |  |  | 7,250 |  |  |  | 7,443,266 |
Series DD, 4.13%, 06/15/47 |  |  | 3,430 |  |  |  | 3,484,642 |
New York City Transitional Finance Authority Future Tax Secured Revenue, RB |  |  |  |  |  |  |  |
Series A-1, Subordinate, 4.00%, 08/01/48 |  |  | 2,240 |  |  |  | 2,232,012 |
Series B-1, Subordinate, 4.00%, 08/01/48 |  |  | 2,500 |  |  |  | 2,456,932 |
Series F-1, Subordinate, 5.00%, 02/01/47 |  |  | 3,260 |  |  |  | 3,579,584 |
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41 (b) |  |  | 3,200 |  |  |  | 3,201,111 |
New York Liberty Development Corp., Refunding RB |  |  |  |  |  |  |  |
Class 1, 5.00%, 11/15/44 (b) |  |  | 4,910 |  |  |  | 4,903,862 |
Class 2, 5.38%, 11/15/40 (b) |  |  | 1,175 |  |  |  | 1,176,468 |
Series A, Sustainability Bonds, 3.00%, 11/15/51 |  |  | 2,040 |  |  |  | 1,524,651 |
Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51 |  |  | 1,270 |  |  |  | 924,422 |
New York State Dormitory Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 4.00%, 03/15/44 |  |  | 1,200 |  |  |  | 1,211,728 |
Series A, 4.00%, 03/15/47 |  |  | 3,830 |  |  |  | 3,791,700 |
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/49 |  |  | 4,625 |  |  |  | 4,562,885 |
New York State Urban Development Corp., Refunding RB |  |  |  |  |  |  |  |
4.00%, 03/15/45 |  |  | 6,575 |  |  |  | 6,655,838 |
4.00%, 03/15/49 |  |  | 2,205 |  |  |  | 2,161,515 |
New York Transportation Development Corp., ARB |  |  |  |  |  |  |  |
AMT, 5.63%, 04/01/40 |  |  | 1,050 |  |  |  | 1,136,940 |
AMT, 5.00%, 12/01/40 |  |  | 2,250 |  |  |  | 2,368,256 |
Series A, AMT, 5.00%, 07/01/46 |  |  | 1,600 |  |  |  | 1,600,538 |
New York Transportation Development Corp., RB |  |  |  |  |  |  |  |
AMT, 5.00%, 10/01/35 |  |  | 1,910 |  |  |  | 1,993,997 |

S C H E D U L E O F I N V E S T M E N T S |  | 35

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
New York (continued) |  |  |  |  |  |
New York Transportation Development Corp., RB (continued) |  |  |  |  |  |  |  |
AMT, 4.00%, 10/31/46 |  | $ | 425 |  |  | $ | 385,050 |
Port Authority of New York & New Jersey, ARB, Series 218, AMT, 4.00%, 11/01/47 |  |  | 380 |  |  |  | 364,283 |
Port Authority of New York & New Jersey, Refunding ARB, Series 223, AMT, 4.00%, 07/15/41 |  |  | 1,150 |  |  |  | 1,134,251 |
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB |  |  |  |  |  |  |  |
Series A, 4.00%, 05/15/48 |  |  | 6,855 |  |  |  | 6,823,070 |
Series A, 5.25%, 05/15/52 |  |  | 900 |  |  |  | 1,002,011 |
Triborough Bridge & Tunnel Authority, Refunding RB, Series C, 5.00%, 05/15/47 |  |  | 6,930 |  |  |  | 7,577,801 |
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42 |  |  | 190 |  |  |  | 189,972 |
|  |  |  |  |  |  | 90,649,801 |
North Carolina — 0.4% |  |  |  |  |  |
North Carolina Housing Finance Agency, RB, S/F Housing, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, 07/01/53 |  |  | 2,290 |  |  |  | 2,454,582 |
North Dakota — 0.2% |  |  |  |  |  |
County of Cass North Dakota, Refunding RB, Series B, 5.25%, 02/15/58 |  |  | 1,035 |  |  |  | 1,067,208 |
Ohio — 1.6% |  |  |  |  |  |
Buckeye Tobacco Settlement Financing Authority, Refunding RB Series A-2, Class 1, 4.00%, 06/01/48 |  |  | 915 |  |  |  | 829,263 |
Series B-2, Class 2, 5.00%, 06/01/55 |  |  | 5,320 |  |  |  | 5,011,227 |
County of Franklin Ohio, RB, Series A, 5.00%, 12/01/47 |  |  | 435 |  |  |  | 450,785 |
County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49 |  |  | 590 |  |  |  | 660,315 |
County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50 |  |  | 2,415 |  |  |  | 2,277,169 |
|  |  |  |  |  |  | 9,228,759 |
Oklahoma — 0.5% |  |  |  |  |  |
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52 |  |  | 1,640 |  |  |  | 1,638,041 |
Oklahoma Water Resources Board, RB, 4.00%, 04/01/48 |  |  | 240 |  |  |  | 235,101 |
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45 |  |  | 1,435 |  |  |  | 1,387,810 |
|  |  |  |  |  |  | 3,260,952 |
Oregon — 0.1% |  |  |  |  |  |
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38 (c) |  |  | 1,445 |  |  |  | 753,903 |
Pennsylvania — 3.8% |  |  |  |  |  |
Allegheny County Airport Authority, ARB, Series A, AMT, (AGM), 5.50%, 01/01/48 |  |  | 535 |  |  |  | 584,719 |
Montgomery County Higher Education and Health Authority, Refunding RB, 5.00%, 09/01/48 |  |  | 385 |  |  |  | 394,102 |
Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45 |  |  | 205 |  |  |  | 208,020 |
Pennsylvania Economic Development Financing Authority, RB 5.00%, 06/30/42 |  |  | 3,680 |  |  |  | 3,683,467 |
AMT, 5.75%, 06/30/48 |  |  | 1,405 |  |  |  | 1,549,078 |

Security |  | Par (000) |  |  | Value |
Pennsylvania (continued) |  |  |  |  |  |
Pennsylvania Economic Development Financing Authority, RB (continued) |  |  |  |  |  |  |  |
AMT, 5.25%, 06/30/53 |  | $ | 2,330 |  |  | $ | 2,502,644 |
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 |  |  | 480 |  |  |  | 474,913 |
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44 |  |  | 3,695 |  |  |  | 3,681,738 |
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series B, 4.00%, 12/01/53 |  |  | 2,990 |  |  |  | 2,807,221 |
Pennsylvania Turnpike Commission, RB Sub-Series B-1, 5.25%, 06/01/47 |  |  | 2,500 |  |  |  | 2,601,705 |
Series A, Subordinate, 4.00%, 12/01/46 |  |  | 2,065 |  |  |  | 2,000,852 |
Pennsylvania Turnpike Commission, Refunding RB, Series C, 4.00%, 12/01/51 |  |  | 1,050 |  |  |  | 1,033,620 |
Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52 |  |  | 440 |  |  |  | 460,619 |
|  |  |  |  |  |  | 21,982,698 |
Puerto Rico — 4.5% |  |  |  |  |  |
Commonwealth of Puerto Rico, GO, Series A-1, Restructured, 5.75%, 07/01/31 |  |  | 1,596 |  |  |  | 1,768,208 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |  |  |  |  |  |  |  |
Series A-1, Restructured, 4.75%, 07/01/53 |  |  | 5,908 |  |  |  | 5,788,481 |
Series A-1, Restructured, 5.00%, 07/01/58 |  |  | 11,913 |  |  |  | 11,912,846 |
Series A-2, Restructured, 4.78%, 07/01/58 |  |  | 3,256 |  |  |  | 3,182,740 |
Series B-2, Restructured, 4.78%, 07/01/58 |  |  | 159 |  |  |  | 154,348 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (c) |  |  | 12,023 |  |  |  | 3,695,998 |
|  |  |  |  |  |  | 26,502,621 |
Rhode Island — 0.0% |  |  |  |  |  |
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37 |  |  | 250 |  |  |  | 235,913 |
South Carolina — 1.4% |  |  |  |  |  |
South Carolina Jobs-Economic Development Authority, RB, 5.00%, 01/01/55 (b) |  |  | 335 |  |  |  | 292,822 |
South Carolina Jobs-Economic Development Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 05/01/43 |  |  | 2,430 |  |  |  | 2,491,604 |
Series A, 5.00%, 05/01/48 |  |  | 3,395 |  |  |  | 3,459,593 |
South Carolina Public Service Authority, Refunding RB, Series B, 5.00%, 12/01/51 |  |  | 1,785 |  |  |  | 1,870,180 |
|  |  |  |  |  |  | 8,114,199 |
Tennessee — 1.0% |  |  |  |  |  |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 10/01/49 |  |  | 445 |  |  |  | 386,897 |
Metropolitan Nashville Airport Authority, ARB |  |  |  |  |  |  |  |
Series B, AMT, 5.25%, 07/01/35 |  |  | 950 |  |  |  | 1,054,638 |
Series B, AMT, 5.50%, 07/01/36 |  |  | 795 |  |  |  | 892,790 |
Tennergy Corp., RB, Series A, 5.50%, 10/01/53 (a) |  |  | 3,130 |  |  |  | 3,355,693 |
|  |  |  |  |  |  | 5,690,018 |
Texas — 14.6% |  |  |  |  |  |
Arlington Higher Education Finance Corp., RB (b) |  |  |  |  |  |  |  |
7.50%, 04/01/62 |  |  | 965 |  |  |  | 939,059 |
7.88%, 11/01/62 |  |  | 815 |  |  |  | 827,104 |

36 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Texas (continued) |  |  |  |  |  |
City of Austin Texas Airport System Revenue, ARB, Series B, AMT, 5.00%, 11/15/44 |  | $ | 1,980 |  |  | $ | 2,063,601 |
City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48 |  |  | 425 |  |  |  | 426,810 |
City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, 1st Lien, Subordinate, (AGM), 5.25%, 07/01/48 |  |  | 5,180 |  |  |  | 5,573,027 |
City of Houston Texas Airport System Revenue, Refunding RB, AMT, 5.00%, 07/01/29 |  |  | 595 |  |  |  | 594,256 |
City of Houston Texas, Refunding GO, Series A, 5.25%, 03/01/42 |  |  | 470 |  |  |  | 538,052 |
Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/43 |  |  | 230 |  |  |  | 230,471 |
County of Harris Texas, Refunding GO, Series A, 4.25%, 09/15/48 |  |  | 890 |  |  |  | 902,976 |
Crowley Independent School District, GO, (PSF), 5.00%, 02/01/48 |  |  | 3,455 |  |  |  | 3,795,833 |
Cypress-Fairbanks Independent School District, GO, (PSF), 4.00%, 02/15/48 |  |  | 1,415 |  |  |  | 1,406,400 |
Denton Independent School District, GO, (PSF), 5.00%, 08/15/48 |  |  | 2,975 |  |  |  | 3,274,388 |
Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48 |  |  | 670 |  |  |  | 670,341 |
Harris County-Houston Sports Authority, Refunding RB (c) |  |  |  |  |  |  |  |
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24 (h) |  |  | 2,300 |  |  |  | 1,109,621 |
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/36 |  |  | 13,075 |  |  |  | 6,198,799 |
Series A, Senior Lien, (AGM NPFGC), 0.00%, 11/15/38 |  |  | 4,750 |  |  |  | 2,134,639 |
Hutto Independent School District, GO, (PSF), 5.00%, 08/01/48 |  |  | 200 |  |  |  | 220,387 |
Klein Independent School District, GO, (PSF), 4.00%, 08/01/47 |  |  | 5,185 |  |  |  | 5,160,931 |
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27 (c)(h) |  |  | 10,540 |  |  |  | 5,781,736 |
New Caney Independent School District, Refunding GO, (PSF), 5.00%, 02/15/48 |  |  | 11,750 |  |  |  | 12,968,583 |
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50 (b) |  |  | 180 |  |  |  | 161,826 |
North Texas Tollway Authority, RB, Series B, 0.00%, 09/01/31 (c)(h) |  |  | 640 |  |  |  | 325,886 |
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 |  |  | 2,610 |  |  |  | 2,617,121 |
Port Authority of Houston of Harris County Texas, ARB 4.00%, 10/01/46 |  |  | 2,110 |  |  |  | 2,069,787 |
1st Lien, 5.00%, 10/01/48 |  |  | 1,470 |  |  |  | 1,615,267 |
Tarrant County Cultural Education Facilities Finance Corp., RB 5.00%, 11/15/51 |  |  | 1,280 |  |  |  | 1,367,762 |
Series A, 4.00%, 07/01/53 |  |  | 1,435 |  |  |  | 1,287,382 |
Series A, 5.00%, 07/01/53 |  |  | 880 |  |  |  | 914,026 |
Series B, 5.00%, 07/01/48 |  |  | 4,955 |  |  |  | 5,098,884 |
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 |  |  | 95 |  |  |  | 83,880 |
Texas Department of Housing & Community Affairs, RB, S/F Housing |  |  |  |  |  |  |  |
Series A, (GNMA), 3.75%, 09/01/49 |  |  | 1,240 |  |  |  | 1,145,237 |
Series C, (GNMA), 5.00%, 09/01/48 |  |  | 3,650 |  |  |  | 3,796,000 |
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58 |  |  | 3,110 |  |  |  | 3,146,114 |

Security |  | Par (000) |  |  | Value |
Texas (continued) |  |  |  |  |  |
Texas Transportation Commission State Highway 249 System, RB, CAB (c) 0.00%, 08/01/40 |  | $ | 500 |  |  | $ | 236,094 |
0.00%, 08/01/41 |  |  | 2,000 |  |  |  | 892,970 |
0.00%, 08/01/42 |  |  | 2,345 |  |  |  | 988,402 |
Texas Water Development Board, RB 4.45%, 10/15/36 |  |  | 675 |  |  |  | 748,292 |
4.00%, 10/15/45 |  |  | 1,810 |  |  |  | 1,811,615 |
Waller Consolidated Independent School District, GO, Series A, (PSF), 4.00%, 02/15/48 |  |  | 1,710 |  |  |  | 1,709,449 |
|  |  |  |  |  |  | 84,833,008 |
Utah — 1.2% |  |  |  |  |  |
City of Salt Lake City Utah Airport Revenue, ARB Series A, AMT, 5.00%, 07/01/48 |  |  | 955 |  |  |  | 979,050 |
Series A, AMT, 5.25%, 07/01/48 |  |  | 5,235 |  |  |  | 5,602,945 |
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/39 (b) |  |  | 100 |  |  |  | 95,463 |
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/40 (b) |  |  | 135 |  |  |  | 131,483 |
|  |  |  |  |  |  | 6,808,941 |
Vermont — 0.0% |  |  |  |  |  |
Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36 |  |  | 200 |  |  |  | 196,682 |
Virginia — 1.4% |  |  |  |  |  |
Ballston Quarter Community Development Authority, TA (d)(e) |  |  |  |  |  |  |  |
Series A, 5.00%, 03/01/26 |  |  | 290 |  |  |  | 282,174 |
Series A, 5.13%, 03/01/31 |  |  | 755 |  |  |  | 647,213 |
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 |  |  | 1,010 |  |  |  | 951,908 |
Virginia Housing Development Authority, RB, M/F Housing, Series G, 5.05%, 11/01/47 |  |  | 1,825 |  |  |  | 1,897,603 |
Virginia Small Business Financing Authority, Refunding RB, 4.00%, 12/01/49 |  |  | 4,585 |  |  |  | 4,422,213 |
|  |  |  |  |  |  | 8,201,111 |
Washington — 0.6% |  |  |  |  |  |
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43 |  |  | 1,615 |  |  |  | 1,653,585 |
Washington State Housing Finance Commission, Refunding RB, 5.00%, 01/01/43 (b) |  |  | 2,165 |  |  |  | 1,813,050 |
|  |  |  |  |  |  | 3,466,635 |
West Virginia — 0.7% |  |  |  |  |  |
City of Martinsburg West Verginia, RB, M/F Housing, Series A-1, 4.63%, 12/01/43 |  |  | 570 |  |  |  | 494,410 |
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48 |  |  | 3,525 |  |  |  | 3,421,113 |
|  |  |  |  |  |  | 3,915,523 |
Wisconsin — 1.9% |  |  |  |  |  |
Public Finance Authority, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 07/01/55 (b) |  |  | 120 |  |  |  | 99,689 |
Series A-1, 4.50%, 01/01/35 (b) |  |  | 205 |  |  |  | 183,698 |
AMT, 4.00%, 09/30/51 |  |  | 5,615 |  |  |  | 4,585,366 |
AMT, 4.00%, 03/31/56 |  |  | 1,835 |  |  |  | 1,446,330 |
Public Finance Authority, Refunding RB, 5.00%, 09/01/49 (b) |  |  | 120 |  |  |  | 96,969 |
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/51 |  |  | 3,280 |  |  |  | 3,103,963 |

S C H E D U L E O F I N V E S T M E N T S |  | 37

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Wisconsin (continued) |  |  |  |  |  |
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.85%, 09/01/43 |  | $ | 720 |  |  | $ | 757,929 |
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.70%, 07/01/47 |  |  | 660 |  |  |  | 667,727 |
|  |  |  |  |  |  | 10,941,671 |
Total Municipal Bonds — 114.2% (Cost: $652,366,057) |  |  |  |  |  |  | 665,042,300 |
Municipal Bonds Transferred to Tender Option Bond Trusts (i) |
Alabama (a) — 3.5% |  |  |  |  |  |
Black Belt Energy Gas District, RB |  |  |  |  |  |  |  |
Series B, 5.25%, 12/01/53 |  |  | 12,500 |  |  |  | 13,494,125 |
Series C-1, 5.25%, 02/01/53 |  |  | 6,702 |  |  |  | 7,137,333 |
|  |  |  |  |  |  | 20,631,458 |
California — 1.9% |  |  |  |  |  |
California Community Choice Financing Authority, RB, Sustainability Bonds, 5.00%, 02/01/54 |  |  | 10,000 |  |  |  | 10,732,016 |
Colorado — 1.4% |  |  |  |  |  |
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53 |  |  | 7,685 |  |  |  | 8,364,370 |
District of Columbia — 0.4% |  |  |  |  |  |
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, 4.10%, 09/01/39 |  |  | 2,361 |  |  |  | 2,367,629 |
Florida — 1.3% |  |  |  |  |  |
City of Melbourne Florida Water & Sewer Revenue, RB, 5.00%, 11/15/50 |  |  | 6,910 |  |  |  | 7,586,502 |
Iowa — 0.2% |  |  |  |  |  |
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46 |  |  | 1,370 |  |  |  | 1,370,000 |
Michigan — 2.3% |  |  |  |  |  |
Michigan State Building Authority, RB, M/F Housing, Series A, 5.00%, 10/01/48 |  |  | 12,964 |  |  |  | 13,559,978 |
Nebraska — 0.9% |  |  |  |  |  |
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53 (a) |  |  | 5,240 |  |  |  | 5,482,582 |
New York — 5.7% |  |  |  |  |  |
New York City Housing Development Corp., RB, M/F Housing, Series E-1, Sustainability Bonds, 4.70%, 11/01/48 |  |  | 5,540 |  |  |  | 5,627,794 |
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38 |  |  | 4,810 |  |  |  | 4,736,901 |
New York City Transitional Finance Authority, RB, 5.25%, 05/01/48 |  |  | 9,510 |  |  |  | 10,796,414 |
New York State Dormitory Authority, Refunding RB, Series E, 5.00%, 03/15/46 |  |  | 8,820 |  |  |  | 9,275,908 |
Port Authority of New York & New Jersey, RB, Series 221, AMT, 4.00%, 07/15/55 |  |  | 2,820 |  |  |  | 2,586,604 |
|  |  |  |  |  |  | 33,023,621 |
Oregon — 2.2% |  |  |  |  |  |
Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48 |  |  | 11,628 |  |  |  | 12,882,433 |

Security |  | Par (000) |  |  | Value |
Pennsylvania — 3.5% |  |  |  |  |  |
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 143A, Sustainability Bonds, 6.25%, 10/01/53 |  | $ | 11,111 |  |  | $ | 12,231,067 |
Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/47 |  |  | 7,107 |  |  |  | 7,945,685 |
|  |  |  |  |  |  | 20,176,752 |
South Carolina — 0.9% |  |  |  |  |  |
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54 |  |  | 4,842 |  |  |  | 5,224,475 |
Wisconsin — 1.0% |  |  |  |  |  |
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing, Series A, 4.10%, 11/01/43 |  |  | 2,658 |  |  |  | 5,786,869 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 25.2% (Cost: $142,339,621) |  |  |  |  |  |  | 147,188,685 |
Total Long-Term Investments — 139.4% (Cost: $794,705,678) |  |  |  |  |  |  | 812,230,985 |
|  | Shares |  |  |  |
Short-Term Securities |  |  |  |  |
Money Market Funds — 1.8% |  |  |  |  |  |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (j)(k) |  |  | 10,122,667 |  |  |  | 10,123,679 |
Total Short-Term Securities — 1.8% (Cost: $10,121,826) |  |  |  |  |  |  | 10,123,679 |
Total Investments — 141.2% (Cost: $804,827,504) |  |  |  |  |  |  | 822,354,664 |
Other Assets Less Liabilities — 2.0% |  |  |  |  | 11,775,033 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (13.3)% |  |  |  | (77,523,843 | )
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (29.9)% |  |  |  | (174,100,000 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 582,505,854 |

(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) | Zero-coupon bond.

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

(e) | Non-income producing security.

(f) | When-issued security.

(g) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(h) | 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.

(i) | 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.

(j) | Affiliate of the Fund.

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

38 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock Municipal Income Trust II (BLE)

Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 07/31/23 |  |  | Purchases at Cost |  |  | Proceeds from Sale |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 01/31/24 |  |  | Shares Held at 01/31/24 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, MuniCash, Institutional Class |  | $ | 37,886,667 |  |  | $ | — |  |  | $ | (27,763,789 | ) (a) |  | $ | 2,337 |  |  | $ | (1,536 | ) |  | $ | 10,123,679 |  |  |  | 10,122,667 |  |  | $ | 570,839 |  |  | $ | — |

| (a) | Represents net amount purchased (sold). |

Derivative Financial Instruments Categorized by Risk Exposure
For the period ended January 31, 2024, 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 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,460,561 |  |  | $ | — |  |  | $ | 2,460,561 |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (592,079 | ) |  | $ | — |  |  | $ | (592,079 | )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |  |  |  |
Average notional value of contracts — short |  | $ | — | (a)

| (a) | Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period. |

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 financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal Bonds |  | $ | — |  |  | $ | 665,042,300 |  |  | $ | — |  |  | $ | 665,042,300 |
Municipal Bonds Transferred to Tender Option Bond Trusts |  |  | — |  |  |  | 147,188,685 |  |  |  | — |  |  |  | 147,188,685 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 10,123,679 |  |  |  | — |  |  |  | — |  |  |  | 10,123,679 |
|  | $ | 10,123,679 |  |  | $ | 812,230,985 |  |  | $ | — |  |  | $ | 822,354,664 |

S C H E D U L E O F I N V E S T M E N T S |  | 39

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock Municipal Income Trust II (BLE)

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 fair value hierarchy as follows:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  | $ | — |  |  | $ | (77,008,589 | ) |  | $ | — |  |  | $ | (77,008,589 | )
VMTP Shares at Liquidation Value |  |  | — |  |  |  | (174,100,000 | ) |  |  | — |  |  |  | (174,100,000 | )
|  | $ | — |  |  | $ | (251,108,589 | ) |  | $ | — |  |  | $ | (251,108,589 | )

See notes to financial statements.

40 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2024 |  | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds |  |  |  |  |  |  |  |
Alabama — 4.2% |  |  |  |  |  |
Black Belt Energy Gas District, RB (a) |  |  |  |  |  |  |  |
Series A, 5.25%, 01/01/54 |  | $ | 2,450 |  |  | $ | 2,638,313 |
Series F, 5.50%, 11/01/53 |  |  | 1,115 |  |  |  | 1,186,322 |
Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51 (a) |  |  | 9,590 |  |  |  | 9,602,371 |
County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53 |  |  | 4,715 |  |  |  | 5,172,106 |
Southeast Energy Authority A Cooperative District, RB (a) |  |  |  |  |  |  |  |
Series A-1, 5.50%, 01/01/53 |  |  | 1,890 |  |  |  | 2,032,979 |
Series B, 5.00%, 01/01/54 |  |  | 4,595 |  |  |  | 4,868,724 |
Series B-1, 5.00%, 05/01/53 |  |  | 4,510 |  |  |  | 4,687,898 |
|  |  |  |  |  |  | 30,188,713 |
Arizona — 2.8% |  |  |  |  |  |
Arizona Industrial Development Authority, RB |  |  |  |  |  |  |  |
4.38%, 07/01/39 (b) |  |  | 575 |  |  |  | 512,021 |
Series A, (BAM), 4.00%, 06/01/44 |  |  | 425 |  |  |  | 408,787 |
Series A, 5.00%, 07/01/49 (b) |  |  | 550 |  |  |  | 498,437 |
Series A, 5.00%, 07/01/54 (b) |  |  | 425 |  |  |  | 378,325 |
Arizona Industrial Development Authority, Refunding RB (b) |  |  |  |  |  |  |  |
Series A, 5.50%, 07/01/52 |  |  | 130 |  |  |  | 123,790 |
Series G, 5.00%, 07/01/47 |  |  | 435 |  |  |  | 407,678 |
City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47 |  |  | 2,425 |  |  |  | 2,762,946 |
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 |  |  | 640 |  |  |  | 499,598 |
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46 (b) |  |  | 2,120 |  |  |  | 2,036,352 |
Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/34 (b) |  |  | 400 |  |  |  | 400,083 |
Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/49 (b) |  |  | 300 |  |  |  | 274,283 |
Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38 |  |  | 775 |  |  |  | 784,299 |
Maricopa County Pollution Control Corp., Refunding RB, Series B, 3.60%, 04/01/40 |  |  | 1,400 |  |  |  | 1,227,626 |
Salt Verde Financial Corp., RB |  |  |  |  |  |  |  |
5.00%, 12/01/32 |  |  | 3,500 |  |  |  | 3,746,519 |
5.00%, 12/01/37 |  |  | 5,235 |  |  |  | 5,716,128 |
|  |  |  |  |  |  | 19,776,872 |
Arkansas — 1.5% |  |  |  |  |  |
Arkansas Development Finance Authority, RB |  |  |  |  |  |  |  |
Series A, AMT, 4.50%, 09/01/49 (b) |  |  | 380 |  |  |  | 368,741 |
Series A, AMT, 4.75%, 09/01/49 (b) |  |  | 4,235 |  |  |  | 4,173,127 |
AMT, Sustainability Bonds, 5.70%, 05/01/53 |  |  | 1,170 |  |  |  | 1,197,741 |
City of Benton Arkansas Sales & Use Tax, RB, (AGM), 4.00%, 06/01/39 |  |  | 505 |  |  |  | 505,346 |
City of Fort Smith Arkansas Water & Sewer Revenue, Refunding RB, Subordinate, 4.00%, 10/01/40 |  |  | 840 |  |  |  | 828,268 |
City of Springdale Arkansas Sales & Use Tax Revenue, RB, Series B, (BAM), 4.13%, 08/01/47 |  |  | 3,085 |  |  |  | 3,062,271 |
Pulaski County Public Facilities Board, RB, 5.00%, 12/01/42 |  |  | 465 |  |  |  | 469,210 |
|  |  |  |  |  |  | 10,604,704 |
California — 6.5% |  |  |  |  |  |
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/47 |  |  | 3,170 |  |  |  | 3,180,864 |

Security |  | Par (000) |  |  | Value |
California (continued) |  |  |  |  |  |
California Enterprise Development Authority, RB, 8.00%, 11/15/62 (b) |  | $ | 1,025 |  |  | $ | 1,012,335 |
California Health Facilities Financing Authority, Refunding RB, Series A, 4.00%, 08/15/48 |  |  | 3,675 |  |  |  | 3,654,289 |
California Municipal Finance Authority, ARB, AMT, Senior Lien, 5.00%, 12/31/43 |  |  | 800 |  |  |  | 813,456 |
California Municipal Finance Authority, RB, S/F Housing |  |  |  |  |  |  |  |
Series A, 5.25%, 08/15/39 |  |  | 185 |  |  |  | 185,642 |
Series A, 5.25%, 08/15/49 |  |  | 460 |  |  |  | 461,953 |
California Pollution Control Financing Authority, RB, AMT, 5.00%, 11/21/45 (b) |  |  | 1,755 |  |  |  | 1,758,159 |
California Statewide Communities Development Authority, Refunding RB, 4.00%, 03/01/42 |  |  | 1,000 |  |  |  | 964,358 |
Carlsbad Unified School District, GO, Series B, 6.00%, 05/01/34 (a) |  |  | 1,000 |  |  |  | 1,006,264 |
City of Los Angeles Department of Airports, ARB, Series A, AMT, 4.00%, 05/15/42 |  |  | 3,700 |  |  |  | 3,695,404 |
City of Los Angeles Department of Airports, Refunding ARB |  |  |  |  |  |  |  |
AMT, 5.00%, 05/15/46 |  |  | 830 |  |  |  | 883,110 |
Series D, AMT, Subordinate, 4.00%, 05/15/51 |  |  | 1,755 |  |  |  | 1,644,778 |
CSCDA Community Improvement Authority, RB, M/F Housing (b) |  |  |  |  |  |  |  |
4.00%, 10/01/56 |  |  | 305 |  |  |  | 249,229 |
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 |  |  | 1,595 |  |  |  | 1,028,028 |
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58 |  |  | 845 |  |  |  | 631,103 |
Sustainability Bonds, 4.00%, 12/01/56 |  |  | 440 |  |  |  | 306,535 |
Series A, Sustainability Bonds, 4.00%, 06/01/58 |  |  | 970 |  |  |  | 701,953 |
Hartnell Community College District, GO, Series D, 7.00%, 08/01/34 (a) |  |  | 1,650 |  |  |  | 1,915,670 |
Norwalk-La Mirada Unified School District, Refunding GO, Series E, Election 2002, (AGC), 0.00%, 08/01/38 (c) |  |  | 8,000 |  |  |  | 4,415,784 |
Palomar Community College District, GO |  |  |  |  |  |  |  |
Series B, Convertible, 6.20%, 08/01/39 (a) |  |  | 2,605 |  |  |  | 3,063,715 |
Series B, Election 2006, 0.00%, 08/01/30 (c) |  |  | 1,500 |  |  |  | 1,277,279 |
San Diego Community College District, GO, Election 2002, 6.00%, 08/01/27 (a)(d) |  |  | 2,800 |  |  |  | 3,136,642 |
San Diego County Regional Airport Authority, ARB |  |  |  |  |  |  |  |
Series B, AMT, 5.00%, 07/01/47 |  |  | 1,515 |  |  |  | 1,558,987 |
Series B, AMT, Subordinate, 5.00%, 07/01/56 |  |  | 2,150 |  |  |  | 2,232,879 |
San Diego Unified School District, GO (c)(e) |  |  |  |  |  |  |  |
Class A, 0.00%, 07/01/29 |  |  | 5,315 |  |  |  | 4,506,955 |
Series A, 0.00%, 07/01/29 |  |  | 685 |  |  |  | 580,859 |
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, Series A, AMT, 5.25%, 05/01/33 |  |  | 850 |  |  |  | 850,325 |
Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/40 |  |  | 920 |  |  |  | 929,017 |
|  |  |  |  |  |  | 46,645,572 |
Colorado — 3.0% |  |  |  |  |  |
Board of Governors of Colorado State University System, Refunding RB, Series C, 4.00%, 03/01/47 |  |  | 5,650 |  |  |  | 5,515,906 |
City & County of Denver Colorado Airport System Revenue, ARB |  |  |  |  |  |  |  |
Series A, AMT, 5.50%, 11/15/28 |  |  | 1,000 |  |  |  | 1,000,613 |
Series A, AMT, 5.50%, 11/15/30 |  |  | 340 |  |  |  | 340,211 |
Series A, AMT, 5.50%, 11/15/31 |  |  | 405 |  |  |  | 405,279 |

S C H E D U L E O F I N V E S T M E N T S |  | 41

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Colorado (continued) |  |  |  |  |  |
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series D, AMT, 5.75%, 11/15/45 |  | $ | 1,160 |  |  | $ | 1,311,198 |
City & County of Denver Colorado Pledged Excise Tax Revenue, RB, CAB (c) |  |  |  |  |  |  |  |
Series A-2, 0.00%, 08/01/37 |  |  | 1,490 |  |  |  | 823,933 |
Series A-2, 0.00%, 08/01/38 |  |  | 915 |  |  |  | 484,801 |
Colorado Educational & Cultural Facilities Authority, RB |  |  |  |  |  |  |  |
5.50%, 07/01/40 |  |  | 2,510 |  |  |  | 2,513,978 |
5.00%, 03/01/50 (b) |  |  | 360 |  |  |  | 363,922 |
Colorado Health Facilities Authority, RB |  |  |  |  |  |  |  |
5.50%, 11/01/47 |  |  | 480 |  |  |  | 521,171 |
5.25%, 11/01/52 |  |  | 1,000 |  |  |  | 1,065,143 |
Colorado Health Facilities Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 08/01/44 |  |  | 2,420 |  |  |  | 2,514,173 |
Series A, 4.00%, 11/15/46 |  |  | 1,610 |  |  |  | 1,556,139 |
Series A, 4.00%, 08/01/49 |  |  | 1,950 |  |  |  | 1,811,766 |
Series A, 4.00%, 11/15/50 |  |  | 1,480 |  |  |  | 1,393,175 |
|  |  |  |  |  |  | 21,621,408 |
Connecticut — 0.1% |  |  |  |  |  |
Connecticut State Health & Educational Facilities Authority, RB |  |  |  |  |  |  |  |
5.25%, 07/15/48 |  |  | 390 |  |  |  | 422,173 |
4.25%, 07/15/53 |  |  | 525 |  |  |  | 512,229 |
|  |  |  |  |  |  | 934,402 |
Delaware — 0.5% |  |  |  |  |  |
County of Kent Delaware, RB |  |  |  |  |  |  |  |
5.00%, 07/01/53 |  |  | 775 |  |  |  | 732,383 |
Series A, 5.00%, 07/01/40 |  |  | 330 |  |  |  | 330,430 |
Delaware State Health Facilities Authority, RB, 5.00%, 06/01/48 |  |  | 2,180 |  |  |  | 2,183,165 |
|  |  |  |  |  |  | 3,245,978 |
District of Columbia — 3.9% |  |  |  |  |  |
District of Columbia Income Tax Revenue, RB, Series A, 5.25%, 05/01/48 |  |  | 3,490 |  |  |  | 3,911,968 |
District of Columbia, Refunding RB, 5.00%, 10/01/48 |  |  | 1,695 |  |  |  | 1,726,092 |
District of Columbia, TA, 5.13%, 06/01/41 |  |  | 1,195 |  |  |  | 1,197,363 |
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB |  |  |  |  |  |  |  |
Series A, AMT, 4.00%, 10/01/39 |  |  | 1,060 |  |  |  | 1,061,018 |
Series A, AMT, 5.25%, 10/01/48 |  |  | 1,395 |  |  |  | 1,500,587 |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB |  |  |  |  |  |  |  |
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/34 (c) |  |  | 10,170 |  |  |  | 7,067,168 |
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/35 (c) |  |  | 13,485 |  |  |  | 8,905,808 |
Series B, Subordinate, 4.00%, 10/01/49 |  |  | 2,000 |  |  |  | 1,841,440 |
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, Sustainability Bonds, 4.00%, 07/15/46 |  |  | 875 |  |  |  | 868,421 |
|  |  |  |  |  |  | 28,079,865 |
Florida — 4.8% |  |  |  |  |  |
Broward County Florida Water & Sewer Utility |  |  |  |  |  |  |  |
Revenue, RB, Series A, 4.00%, 10/01/45 |  |  | 585 |  |  |  | 588,453 |
Capital Trust Agency, Inc., RB (b) |  |  |  |  |  |  |  |
5.00%, 01/01/55 |  |  | 305 |  |  |  | 232,044 |
Series A, 5.00%, 06/01/45 |  |  | 480 |  |  |  | 415,119 |

Security |  | Par (000) |  |  | Value |
Florida (continued) |  |  |  |  |  |
Capital Trust Agency, Inc., RB (b) (continued) |  |  |  |  |  |  |  |
Series A, 5.50%, 06/01/57 |  | $ | 170 |  |  | $ | 149,440 |
City of Gainesville Florida Utilities System Revenue, Refunding RB, Series A, 5.00%, 10/01/47 |  |  | 4,115 |  |  |  | 4,310,327 |
City of South Miami Health Facilities Authority, Inc., Refunding RB, 5.00%, 08/15/42 |  |  | 1,290 |  |  |  | 1,320,259 |
City of Tampa Florida, RB, Series A, 4.00%, 11/15/46 . |  |  | 1,930 |  |  |  | 1,830,322 |
City of Tampa Florida, RB, CAB (c) |  |  |  |  |  |  |  |
Series A, 0.00%, 09/01/49 |  |  | 285 |  |  |  | 81,653 |
Series A, 0.00%, 09/01/53 |  |  | 160 |  |  |  | 36,936 |
County of Broward Florida Airport System Revenue, ARB |  |  |  |  |  |  |  |
Series A, AMT, 5.00%, 10/01/45 |  |  | 2,845 |  |  |  | 2,859,528 |
Series A, AMT, 5.00%, 10/01/49 |  |  | 1,000 |  |  |  | 1,015,286 |
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/44 |  |  | 3,525 |  |  |  | 3,661,711 |
County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series A, AMT, 5.00%, 10/01/28 |  |  | 2,650 |  |  |  | 2,674,922 |
County of Miami-Dade Seaport Department, Refunding RB, Series A-1, AMT, (AGM), 4.00%, 10/01/45 |  |  | 2,180 |  |  |  | 2,018,903 |
County of Osceola Florida Transportation Revenue, Refunding RB, CAB (c) |  |  |  |  |  |  |  |
Series A-2, 0.00%, 10/01/46 |  |  | 885 |  |  |  | 270,110 |
Series A-2, 0.00%, 10/01/47 |  |  | 1,040 |  |  |  | 298,672 |
Series A-2, 0.00%, 10/01/49 |  |  | 355 |  |  |  | 90,429 |
County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54 |  |  | 500 |  |  |  | 563,921 |
Cypress Bluff Community Development District, SAB, Series A, 3.80%, 05/01/50 (b) |  |  | 430 |  |  |  | 318,880 |
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45 |  |  | 1,765 |  |  |  | 1,567,816 |
Esplanade Lake Club Community Development District, SAB, Series A-1, 4.13%, 11/01/50 |  |  | 615 |  |  |  | 492,425 |
Florida Development Finance Corp., RB |  |  |  |  |  |  |  |
6.50%, 06/30/57 (b) |  |  | 925 |  |  |  | 887,581 |
Series A, 5.00%, 06/15/56 |  |  | 75 |  |  |  | 72,634 |
AMT, 5.00%, 05/01/29 (b) |  |  | 270 |  |  |  | 260,271 |
Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50 (b) |  |  | 270 |  |  |  | 232,049 |
Hillsborough County Aviation Authority, ARB, AMT, 5.00%, 10/01/48 |  |  | 1,730 |  |  |  | 1,758,948 |
Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54 |  |  | 575 |  |  |  | 602,577 |
Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40 |  |  | 20 |  |  |  | 20,022 |
Orange County Health Facilities Authority, RB, 5.00%, 10/01/53 |  |  | 1,075 |  |  |  | 1,147,468 |
Palm Beach County Health Facilities Authority, Refunding RB, 4.00%, 08/15/49 |  |  | 1,185 |  |  |  | 1,091,773 |
Southern Groves Community Development District No. 5, Refunding SAB, 4.00%, 05/01/43 |  |  | 220 |  |  |  | 185,360 |
Stevens Plantation Community Development District, SAB, Series A, 7.10%, 05/01/35 (f)(g) |  |  | 800 |  |  |  | 536,091 |
Trout Creek Community Development District, SAB |  |  |  |  |  |  |  |
4.00%, 05/01/40 |  |  | 630 |  |  |  | 542,348 |
4.00%, 05/01/51 |  |  | 1,050 |  |  |  | 799,929 |

42 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Florida (continued) |  |  |  |  |  |
Village Community Development District No. 15, SAB, 5.25%, 05/01/54 (b) |  | $ | 600 |  |  | $ | 594,637 |
Westside Community Development District, SAB, 4.00%, 05/01/50 |  |  | 815 |  |  |  | 641,644 |
|  |  |  |  |  |  | 34,170,488 |
Georgia — 3.9% |  |  |  |  |  |
City of Atlanta Georgia Department of Aviation, Refunding ARB, Series B, AMT, 5.00%, 07/01/52 |  |  | 1,520 |  |  |  | 1,604,379 |
Cobb County Kennestone Hospital Authority, RB, 4.00%, 04/01/52 |  |  | 3,165 |  |  |  | 2,987,658 |
Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48 |  |  | 2,615 |  |  |  | 2,495,934 |
Development Authority for Fulton County, RB, 5.00%, 06/15/56 |  |  | 7,240 |  |  |  | 7,870,821 |
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62 (b) |  |  | 535 |  |  |  | 484,947 |
Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51 |  |  | 1,460 |  |  |  | 1,372,855 |
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 06/01/53 (a) |  |  | 7,815 |  |  |  | 8,266,551 |
Municipal Electric Authority of Georgia, RB |  |  |  |  |  |  |  |
4.00%, 01/01/49 |  |  | 1,135 |  |  |  | 1,019,233 |
4.00%, 01/01/59 |  |  | 1,335 |  |  |  | 1,223,530 |
Series A, 5.00%, 01/01/59 |  |  | 480 |  |  |  | 487,286 |
|  |  |  |  |  |  | 27,813,194 |
Hawaii — 0.1% |  |  |  |  |  |
State of Hawaii Airports System Revenue, COP |  |  |  |  |  |  |  |
AMT, 5.25%, 08/01/25 |  |  | 425 |  |  |  | 425,326 |
AMT, 5.25%, 08/01/26 |  |  | 460 |  |  |  | 460,358 |
|  |  |  |  |  |  | 885,684 |
Idaho — 0.3% |  |  |  |  |  |
Power County Industrial Development Corp., RB, AMT, 6.45%, 08/01/32 |  |  | 2,000 |  |  |  | 2,003,089 |
Illinois — 8.8% |  |  |  |  |  |
Chicago Board of Education, GO |  |  |  |  |  |  |  |
Series A, 5.00%, 12/01/34 |  |  | 1,760 |  |  |  | 1,852,847 |
Series A, 5.00%, 12/01/40 |  |  | 1,410 |  |  |  | 1,447,929 |
Series A, 5.00%, 12/01/42 |  |  | 1,480 |  |  |  | 1,480,552 |
Series C, 5.25%, 12/01/35 |  |  | 2,655 |  |  |  | 2,667,377 |
Series D, 5.00%, 12/01/46 |  |  | 3,480 |  |  |  | 3,482,682 |
Series H, 5.00%, 12/01/36 |  |  | 585 |  |  |  | 598,432 |
Chicago Board of Education, Refunding GO |  |  |  |  |  |  |  |
Series C, 5.00%, 12/01/27 |  |  | 500 |  |  |  | 518,081 |
Series C, 5.00%, 12/01/34 |  |  | 475 |  |  |  | 485,727 |
Series G, 5.00%, 12/01/34 |  |  | 315 |  |  |  | 322,482 |
Chicago Midway International Airport, Refunding ARB |  |  |  |  |  |  |  |
Series B, 5.00%, 01/01/46 |  |  | 1,670 |  |  |  | 1,702,514 |
Series A, AMT, 2nd Lien, 5.00%, 01/01/41 |  |  | 1,620 |  |  |  | 1,620,933 |
Chicago O’Hare International Airport, Refunding ARB |  |  |  |  |  |  |  |
Series A, AMT, Senior Lien, 4.38%, 01/01/53 |  |  | 1,390 |  |  |  | 1,327,886 |
Series B, Senior Lien, 5.00%, 01/01/53 |  |  | 1,040 |  |  |  | 1,079,331 |
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/58 |  |  | 885 |  |  |  | 966,587 |
City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/53 |  |  | 1,445 |  |  |  | 1,572,565 |
Cook County Community College District No. 508, GO |  |  |  |  |  |  |  |
5.50%, 12/01/38 |  |  | 3,075 |  |  |  | 3,086,571 |
5.25%, 12/01/43 |  |  | 2,935 |  |  |  | 2,944,424 |

Security |  | Par (000) |  |  | Value |
Illinois (continued) |  |  |  |  |  |
Illinois Finance Authority, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 02/15/37 |  | $ | 820 |  |  | $ | 825,575 |
Series A, 5.00%, 02/15/50 |  |  | 130 |  |  |  | 121,601 |
Illinois Finance Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 4.00%, 07/15/47 |  |  | 1,485 |  |  |  | 1,434,669 |
Series C, 4.00%, 02/15/41 |  |  | 1,945 |  |  |  | 1,901,595 |
Series C, 5.00%, 02/15/41 |  |  | 555 |  |  |  | 570,598 |
Illinois State Toll Highway Authority, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 01/01/40 |  |  | 5,625 |  |  |  | 5,761,773 |
Series B, 5.00%, 01/01/40 |  |  | 2,250 |  |  |  | 2,315,200 |
Metropolitan Pier & Exposition Authority, RB, 5.00%, 06/15/57 |  |  | 2,370 |  |  |  | 2,417,660 |
Metropolitan Pier & Exposition Authority, Refunding RB (c) |  |  |  |  |  |  |  |
Series B, (AGM), 0.00%, 06/15/44 |  |  | 3,765 |  |  |  | 1,539,307 |
Series B, (AGM), 0.00%, 06/15/47 |  |  | 22,775 |  |  |  | 7,887,352 |
State of Illinois, GO |  |  |  |  |  |  |  |
5.25%, 02/01/31 |  |  | 1,485 |  |  |  | 1,487,439 |
5.25%, 02/01/32 |  |  | 2,365 |  |  |  | 2,368,944 |
5.00%, 02/01/39 |  |  | 1,910 |  |  |  | 1,914,053 |
5.50%, 05/01/39 |  |  | 795 |  |  |  | 880,719 |
Series B, 5.25%, 05/01/41 |  |  | 1,770 |  |  |  | 1,949,809 |
Series D, 5.00%, 11/01/28 |  |  | 900 |  |  |  | 960,351 |
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27 |  |  | 90 |  |  |  | 96,051 |
University of Illinois, RB, Series A, 5.00%, 04/01/44 |  |  | 1,225 |  |  |  | 1,226,117 |
|  |  |  |  |  |  | 62,815,733 |
Indiana — 1.2% |  |  |  |  |  |
City of Valparaiso Indiana, RB |  |  |  |  |  |  |  |
AMT, 6.75%, 01/01/34 |  |  | 975 |  |  |  | 976,562 |
AMT, 7.00%, 01/01/44 |  |  | 2,355 |  |  |  | 2,358,128 |
Indianapolis Local Public Improvement Bond Bank, RB |  |  |  |  |  |  |  |
5.25%, 02/01/48 |  |  | 665 |  |  |  | 747,323 |
(BAM), 5.00%, 03/01/53 |  |  | 3,950 |  |  |  | 4,147,497 |
|  |  |  |  |  |  | 8,229,510 |
Iowa — 0.2% |  |  |  |  |  |
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46 (h) |  |  | 1,450 |  |  |  | 1,346,282 |
Iowa Student Loan Liquidity Corp., Refunding RB, Series B, AMT, 3.00%, 12/01/39 |  |  | 175 |  |  |  | 171,062 |
|  |  |  |  |  |  | 1,517,344 |
Kansas — 0.1% |  |  |  |  |  |
Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52 |  |  | 705 |  |  |  | 643,966 |
Kentucky — 1.4% |  |  |  |  |  |
County of Boyle Kentucky, Refunding RB, 5.00%, 06/01/37 |  |  | 2,500 |  |  |  | 2,607,198 |
Fayette County School District Finance Corp., RB |  |  |  |  |  |  |  |
(NGFGC), 5.00%, 06/01/44 |  |  | 860 |  |  |  | 933,058 |
(BAM-TCRS), 5.00%, 06/01/46 |  |  | 760 |  |  |  | 818,650 |
(BAM-TCRS), 5.00%, 06/01/47 |  |  | 1,155 |  |  |  | 1,240,506 |
Kentucky Economic Development Finance Authority, Refunding RB, Series A, 5.00%, 08/01/44 |  |  | 735 |  |  |  | 761,141 |
Kentucky Public Transportation Infrastructure Authority, RB, CAB (a) Convertible, 6.75%, 07/01/43 |  |  | 1,770 |  |  |  | 2,077,135 |

S C H E D U L E O F I N V E S T M E N T S |  | 43

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Kentucky (continued) |  |  |  |  |  |
Kentucky Public Transportation Infrastructure Authority, RB, CAB (a) (continued) |  |  |  |  |  |  |  |
Series C, Convertible, 6.45%, 07/01/34 |  | $ | 500 |  |  | $ | 601,641 |
Series C, Convertible, 6.60%, 07/01/39 |  |  | 830 |  |  |  | 977,713 |
|  |  |  |  |  |  | 10,017,042 |
Louisiana — 1.7% |  |  |  |  |  |
Lafayette Parish School Board Sale Tax Revenue, |  |  |  |  |  |  |  |
RB, 4.00%, 04/01/53 |  |  | 995 |  |  |  | 990,107 |
Lake Charles Harbor & Terminal District, ARB, Series B, AMT, (AGM), 5.50%, 01/01/29 |  |  | 1,500 |  |  |  | 1,502,393 |
Louisiana Public Facilities Authority, RB |  |  |  |  |  |  |  |
5.25%, 10/01/48 |  |  | 1,330 |  |  |  | 1,410,333 |
5.25%, 10/01/53 |  |  | 2,810 |  |  |  | 2,980,483 |
Louisiana Public Facilities Authority, Refunding RB, 5.00%, 05/15/47 |  |  | 1,635 |  |  |  | 1,663,786 |
Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48 |  |  | 2,990 |  |  |  | 3,205,142 |
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35 |  |  | 495 |  |  |  | 495,468 |
|  |  |  |  |  |  | 12,247,712 |
Maryland — 0.8% |  |  |  |  |  |
Anne Arundel County Consolidated Special Taxing District, ST |  |  |  |  |  |  |  |
5.13%, 07/01/36 |  |  | 170 |  |  |  | 170,407 |
5.25%, 07/01/44 |  |  | 170 |  |  |  | 170,261 |
Howard County Housing Commission, RB, M/F Housing, 5.00%, 12/01/42 |  |  | 1,430 |  |  |  | 1,477,636 |
Maryland Health & Higher Educational Facilities Authority, RB |  |  |  |  |  |  |  |
Series B, 4.00%, 04/15/50 |  |  | 1,645 |  |  |  | 1,533,105 |
Series C, 5.00%, 05/15/45 |  |  | 2,125 |  |  |  | 2,156,021 |
|  |  |  |  |  |  | 5,507,430 |
Massachusetts — 2.7% |  |  |  |  |  |
Commonwealth of Massachusetts, GO |  |  |  |  |  |  |  |
Series C, 5.00%, 10/01/47 |  |  | 1,195 |  |  |  | 1,313,763 |
Series C, 5.00%, 10/01/52 |  |  | 1,240 |  |  |  | 1,346,044 |
Massachusetts Development Finance Agency, RB |  |  |  |  |  |  |  |
5.00%, 01/01/48 |  |  | 1,115 |  |  |  | 1,124,077 |
5.00%, 10/01/48 |  |  | 830 |  |  |  | 800,578 |
Series A, 5.25%, 01/01/42 |  |  | 1,110 |  |  |  | 1,129,151 |
Series A, 5.00%, 01/01/47 |  |  | 5,005 |  |  |  | 5,036,592 |
Massachusetts Development Finance Agency, Refunding RB |  |  |  |  |  |  |  |
4.00%, 07/01/39 |  |  | 1,140 |  |  |  | 1,040,185 |
5.00%, 04/15/40 |  |  | 400 |  |  |  | 401,706 |
Series A, 5.00%, 10/01/35 |  |  | 500 |  |  |  | 505,620 |
Series A, 5.00%, 10/01/43 |  |  | 750 |  |  |  | 751,242 |
Series P, 5.45%, 05/15/59 |  |  | 2,010 |  |  |  | 2,239,765 |
Massachusetts Educational Financing Authority, RB, Series B, AMT, 2.63%, 07/01/36 |  |  | 25 |  |  |  | 24,797 |
Massachusetts Educational Financing Authority, Refunding RB, Series B, AMT, 3.63%, 07/01/34 |  |  | 30 |  |  |  | 30,908 |
Massachusetts Housing Finance Agency, RB, M/F Housing, Series A, 3.80%, 12/01/43 |  |  | 160 |  |  |  | 144,215 |
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46 |  |  | 3,100 |  |  |  | 3,251,214 |
|  |  |  |  |  |  | 19,139,857 |

Security |  | Par (000) |  |  | Value |
Michigan — 5.9% |  |  |  |  |  |
City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36 |  | $ | 5 |  |  | $ | 5,014 |
City of Lansing Michigan, Refunding GO, Series B, (AGM), 4.13%, 06/01/48 |  |  | 1,360 |  |  |  | 1,328,987 |
Eastern Michigan University, RB, Series A, 4.00%, 03/01/28 (d) |  |  | 45 |  |  |  | 47,525 |
Great Lakes Water Authority Sewage Disposal System Revenue, RB |  |  |  |  |  |  |  |
Series B, 2nd Lien, 5.25%, 07/01/47 |  |  | 1,490 |  |  |  | 1,632,605 |
Series B, 2nd Lien, 5.50%, 07/01/52 |  |  | 3,525 |  |  |  | 3,887,979 |
Series A, Senior Lien, 5.25%, 07/01/52 |  |  | 3,525 |  |  |  | 3,879,538 |
Great Lakes Water Authority Water Supply System Revenue, RB |  |  |  |  |  |  |  |
Series A, Senior Lien, 5.25%, 07/01/52 |  |  | 3,525 |  |  |  | 3,879,538 |
Series B, Senior Lien, 5.50%, 07/01/52 |  |  | 3,525 |  |  |  | 3,894,175 |
Michigan Finance Authority, RB |  |  |  |  |  |  |  |
4.00%, 02/15/47 |  |  | 4,815 |  |  |  | 4,611,030 |
4.00%, 02/15/50 |  |  | 3,140 |  |  |  | 2,968,738 |
4.00%, 02/15/44 |  |  | 3,785 |  |  |  | 3,649,406 |
Michigan Finance Authority, Refunding RB |  |  |  |  |  |  |  |
4.00%, 11/15/46 |  |  | 570 |  |  |  | 540,718 |
Series A, 4.00%, 12/01/49 |  |  | 4,100 |  |  |  | 3,937,866 |
Michigan State Building Authority, Refunding RB, Series I, 4.00%, 10/15/52 |  |  | 710 |  |  |  | 677,660 |
Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47 |  |  | 215 |  |  |  | 225,904 |
Michigan State Housing Development Authority, RB, M/F Housing, Series A, AMT, 3.80%, 10/01/38 |  |  | 1,690 |  |  |  | 1,635,848 |
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 |  |  | 1,795 |  |  |  | 1,810,217 |
State of Michigan Trunk Line Revenue, RB |  |  |  |  |  |  |  |
4.00%, 11/15/46 |  |  | 905 |  |  |  | 919,986 |
5.00%, 11/15/46 |  |  | 1,980 |  |  |  | 2,210,262 |
|  |  |  |  |  |  | 41,742,996 |
Minnesota — 1.1% |  |  |  |  |  |
City of Otsego Minnesota, Refunding RB, Series A, 5.00%, 09/01/44 |  |  | 425 |  |  |  | 391,529 |
City of Spring Lake Park Minnesota, RB, 5.00%, 06/15/39 |  |  | 1,080 |  |  |  | 1,031,003 |
Duluth Economic Development Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 4.25%, 02/15/48 |  |  | 3,800 |  |  |  | 3,539,217 |
Series A, 5.25%, 02/15/53 |  |  | 415 |  |  |  | 423,540 |
Series A, 5.25%, 02/15/58 |  |  | 1,605 |  |  |  | 1,636,167 |
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Refunding RB, Series A, 4.00%, 11/15/43 |  |  | 575 |  |  |  | 503,307 |
Minneapolis-St Paul Metropolitan Airports Commission, Refunding RB, Sub Series D, AMT, 5.00%, 01/01/41 |  |  | 290 |  |  |  | 298,537 |
|  |  |  |  |  |  | 7,823,300 |
Mississippi — 0.5% |  |  |  |  |  |
Mississippi Development Bank, RB, (AGM), 6.88%, 12/01/40 |  |  | 3,595 |  |  |  | 3,602,727 |

44 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Missouri — 0.8% |  |  |  |  |  |
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, Series A, 4.00%, 02/15/49 |  | $ | 1,910 |  |  | $ | 1,806,010 |
Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54 |  |  | 3,530 |  |  |  | 3,584,495 |
|  |  |  |  |  |  | 5,390,505 |
Montana — 0.0% |  |  |  |  |  |
Montana Board of Housing, RB, S/F Housing |  |  |  |  |  |  |  |
Series B-2, 3.50%, 12/01/42 |  |  | 60 |  |  |  | 60,333 |
Series B-2, 3.60%, 12/01/47 |  |  | 100 |  |  |  | 88,300 |
|  |  |  |  |  |  | 148,633 |
Nebraska — 0.1% |  |  |  |  |  |
Douglas County Hospital Authority No. 3, Refunding RB, 5.00%, 11/01/45 |  |  | 400 |  |  |  | 406,460 |
Nevada — 0.7% |  |  |  |  |  |
Carson City Nevada, Refunding RB, 5.00%, 09/01/42 |  |  | 650 |  |  |  | 659,236 |
County of Clark Department of Aviation, Refunding RB, Series A-2, Sub Lien, 4.25%, 07/01/36 |  |  | 1,000 |  |  |  | 1,005,117 |
Las Vegas Valley Water District, GO, Series A, 4.00%, 06/01/51 |  |  | 2,690 |  |  |  | 2,612,981 |
Tahoe-Douglas Visitors Authority, RB |  |  |  |  |  |  |  |
5.00%, 07/01/40 |  |  | 595 |  |  |  | 617,698 |
5.00%, 07/01/45 |  |  | 420 |  |  |  | 430,002 |
|  |  |  |  |  |  | 5,325,034 |
New Hampshire — 0.5% |  |  |  |  |  |
New Hampshire Business Finance Authority, Refunding RB (b) |  |  |  |  |  |  |  |
Series B, 4.63%, 11/01/42 |  |  | 2,095 |  |  |  | 1,778,511 |
Series C, AMT, 4.88%, 11/01/42 |  |  | 1,140 |  |  |  | 1,042,901 |
Series B, AMT, Sustainability Bonds, 3.75%, 07/01/45 (a) |  |  | 395 |  |  |  | 309,809 |
New Hampshire Housing Finance Authority, RB, M/F Housing, Series 1, 4.00%, 07/01/52 |  |  | 800 |  |  |  | 699,049 |
|  |  |  |  |  |  | 3,830,270 |
New Jersey — 7.7% |  |  |  |  |  |
Casino Reinvestment Development Authority, Inc., Refunding RB |  |  |  |  |  |  |  |
5.25%, 11/01/39 |  |  | 1,265 |  |  |  | 1,275,806 |
5.25%, 11/01/44 |  |  | 1,885 |  |  |  | 1,895,550 |
New Jersey Economic Development Authority, ARB, Series B, AMT, 5.63%, 11/15/30 |  |  | 660 |  |  |  | 665,096 |
New Jersey Economic Development Authority, RB |  |  |  |  |  |  |  |
5.00%, 12/15/28 (d) |  |  | 60 |  |  |  | 66,825 |
5.00%, 06/15/36 |  |  | 460 |  |  |  | 508,456 |
5.00%, 06/15/43 |  |  | 100 |  |  |  | 105,843 |
Class A, 5.25%, 11/01/47 |  |  | 4,795 |  |  |  | 5,286,562 |
Series A, 5.00%, 06/15/47 |  |  | 2,500 |  |  |  | 2,592,223 |
Series B, 4.50%, 06/15/40 |  |  | 1,270 |  |  |  | 1,323,472 |
Series EEE, 5.00%, 06/15/48 |  |  | 4,275 |  |  |  | 4,461,036 |
Series LLL, 5.00%, 06/15/34 |  |  | 365 |  |  |  | 406,431 |
Series UU, 5.00%, 06/15/24 (d) |  |  | 80 |  |  |  | 80,547 |
Series UU, 5.00%, 06/15/40 |  |  | 345 |  |  |  | 347,162 |
AMT, (AGM), 5.00%, 01/01/31 |  |  | 790 |  |  |  | 790,482 |
AMT, (AGM), 5.13%, 07/01/42 |  |  | 200 |  |  |  | 200,125 |
AMT, 5.38%, 01/01/43 |  |  | 3,000 |  |  |  | 3,002,655 |
New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47 |  |  | 1,060 |  |  |  | 1,061,898 |
New Jersey Economic Development Authority, Refunding SAB |  |  |  |  |  |  |  |
6.50%, 04/01/28 |  |  | 3,735 |  |  |  | 3,789,011 |

Security |  | Par (000) |  |  | Value |
New Jersey (continued) |  |  |  |  |  |
New Jersey Economic Development Authority, Refunding SAB (continued) |  |  |  |  |  |  |  |
5.75%, 04/01/31 |  | $ | 2,675 |  |  | $ | 2,480,998 |
New Jersey Higher Education Student Assistance Authority, Refunding RB |  |  |  |  |  |  |  |
Series B, AMT, 4.00%, 12/01/41 |  |  | 3,390 |  |  |  | 3,379,985 |
Series C, AMT, Subordinate, 5.00%, 12/01/52 |  |  | 3,425 |  |  |  | 3,466,331 |
New Jersey Housing & Mortgage Finance Agency, Refunding RB, Series A, AMT, 3.80%, 10/01/32 |  |  | 1,100 |  |  |  | 1,051,554 |
New Jersey Transportation Trust Fund Authority, RB |  |  |  |  |  |  |  |
5.00%, 06/15/48 |  |  | 4,075 |  |  |  | 4,374,576 |
Series AA, 4.13%, 06/15/39 |  |  | 1,040 |  |  |  | 1,055,651 |
Series AA, 5.00%, 06/15/45 |  |  | 900 |  |  |  | 913,848 |
Series AA, 5.00%, 06/15/46 |  |  | 400 |  |  |  | 405,777 |
Series S, 5.25%, 06/15/43 |  |  | 2,810 |  |  |  | 3,016,369 |
Series S, 5.00%, 06/15/46 |  |  | 2,070 |  |  |  | 2,169,703 |
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35 (c) |  |  | 1,000 |  |  |  | 648,494 |
New Jersey Transportation Trust Fund Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 06/15/37 |  |  | 1,440 |  |  |  | 1,663,498 |
Series A, 5.25%, 06/15/42 |  |  | 575 |  |  |  | 654,692 |
Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/53 |  |  | 645 |  |  |  | 624,553 |
Tobacco Settlement Financing Corp., Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 06/01/46 |  |  | 650 |  |  |  | 662,162 |
Series A, 5.25%, 06/01/46 |  |  | 715 |  |  |  | 737,587 |
|  |  |  |  |  |  | 55,164,958 |
New Mexico — 0.0% |  |  |  |  |  |
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44 |  |  | 200 |  |  |  | 169,369 |
New York — 11.9% |  |  |  |  |  |
City of New York, GO |  |  |  |  |  |  |  |
Series A, 5.00%, 08/01/46 |  |  | 2,265 |  |  |  | 2,524,956 |
Series A, 5.00%, 08/01/48 |  |  | 4,750 |  |  |  | 5,265,498 |
Series A-1, 4.00%, 09/01/46 |  |  | 2,175 |  |  |  | 2,215,563 |
Series C, 5.00%, 08/01/43 |  |  | 805 |  |  |  | 878,490 |
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 |  |  | 3,585 |  |  |  | 3,494,881 |
Metropolitan Transportation Authority, Refunding RB |  |  |  |  |  |  |  |
Series C-1, 5.00%, 11/15/56 |  |  | 2,670 |  |  |  | 2,718,142 |
Series C-1, 5.25%, 11/15/56 |  |  | 10 |  |  |  | 10,253 |
Series C-1, Sustainability Bonds, 4.75%, 11/15/45 |  |  | 1,950 |  |  |  | 2,012,068 |
Series C-1, Sustainability Bonds, 5.00%, 11/15/50 |  |  | 370 |  |  |  | 385,497 |
Series C-1, Sustainability Bonds, 5.25%, 11/15/55 |  |  | 1,040 |  |  |  | 1,095,852 |
New York City Housing Development Corp., RB, M/F Housing, Series E-1, Sustainability Bonds, 4.85%, 11/01/53 |  |  | 2,165 |  |  |  | 2,207,706 |
New York City Municipal Water Finance Authority, Refunding RB, Series BB-1, 4.00%, 06/15/45 |  |  | 855 |  |  |  | 857,352 |
New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, Subordinate, (SAW), 4.00%, 07/15/42 |  |  | 1,015 |  |  |  | 1,015,066 |
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F-1, Subordinate, 4.00%, 02/01/51 |  |  | 6,500 |  |  |  | 6,562,161 |
New York Counties Tobacco Trust IV, Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 06/01/38 |  |  | 1,385 |  |  |  | 1,375,407 |
Series A, 6.25%, 06/01/41 (b) |  |  | 3,000 |  |  |  | 3,001,042 |
New York Counties Tobacco Trust VI, Refunding RB |  |  |  |  |  |  |  |
Series A-2B, 5.00%, 06/01/45 |  |  | 255 |  |  |  | 236,560 |
Series A-2B, 5.00%, 06/01/51 |  |  | 245 |  |  |  | 221,709 |

S C H E D U L E O F I N V E S T M E N T S |  | 45

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
New York (continued) |  |  |  |  |  |
New York Liberty Development Corp., Refunding RB |  |  |  |  |  |  |  |
Class 1, 5.00%, 11/15/44 (b) |  | $ | 3,920 |  |  | $ | 3,915,100 |
Class 2, 5.38%, 11/15/40 (b) |  |  | 1,450 |  |  |  | 1,451,812 |
Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51 |  |  | 4,565 |  |  |  | 3,322,825 |
Series A, Sustainability Bonds, 3.00%, 11/15/51 |  |  | 2,825 |  |  |  | 2,111,342 |
New York Power Authority, RB, Sustainability Bonds, (AGM), 5.13%, 11/15/58 |  |  | 1,305 |  |  |  | 1,428,789 |
New York Power Authority, Refunding RB, Series A, Sustainability Bonds, 4.00%, 11/15/55 |  |  | 1,160 |  |  |  | 1,117,215 |
New York State Dormitory Authority, RB, Series A, 4.00%, 03/15/47 |  |  | 545 |  |  |  | 533,180 |
New York State Urban Development Corp., RB |  |  |  |  |  |  |  |
Series A, 4.00%, 03/15/45 |  |  | 3,000 |  |  |  | 3,002,382 |
Series A, 4.00%, 03/15/49 |  |  | 1,600 |  |  |  | 1,578,511 |
New York State Urban Development Corp., Refunding RB |  |  |  |  |  |  |  |
4.00%, 03/15/49 |  |  | 1,850 |  |  |  | 1,813,516 |
Series A, 4.00%, 03/15/44 |  |  | 7,275 |  |  |  | 7,287,153 |
New York Transportation Development Corp., ARB, AMT, 5.63%, 04/01/40 |  |  | 1,265 |  |  |  | 1,369,742 |
New York Transportation Development Corp., RB |  |  |  |  |  |  |  |
AMT, 5.00%, 10/01/35 |  |  | 1,910 |  |  |  | 1,993,997 |
AMT, Sustainability Bonds, 6.00%, 06/30/54 |  |  | 3,880 |  |  |  | 4,267,258 |
Port Authority of New York & New Jersey, Refunding ARB |  |  |  |  |  |  |  |
Series 198, 5.25%, 11/15/56 |  |  | 715 |  |  |  | 740,267 |
AMT, 5.00%, 01/15/47 |  |  | 4,860 |  |  |  | 5,175,000 |
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 4.13%, 05/15/53 |  |  | 6,415 |  |  |  | 6,449,993 |
TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41 |  |  | 535 |  |  |  | 539,471 |
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42 |  |  | 290 |  |  |  | 289,957 |
|  |  |  |  |  |  | 84,465,713 |
North Carolina — 0.6% |  |  |  |  |  |
Greater Asheville Regional Airport Authority, ARB, AMT, (AGM), 5.25%, 07/01/48 |  |  | 3,755 |  |  |  | 4,032,704 |
University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49 |  |  | 460 |  |  |  | 515,604 |
|  |  |  |  |  |  | 4,548,308 |
Ohio — 2.0% |  |  |  |  |  |
Buckeye Tobacco Settlement Financing Authority, Refunding RB |  |  |  |  |  |  |  |
Series A-2, Class 1, 4.00%, 06/01/48 |  |  | 610 |  |  |  | 552,842 |
Series B-2, Class 2, 5.00%, 06/01/55 |  |  | 9,165 |  |  |  | 8,633,063 |
County of Franklin Ohio, RB |  |  |  |  |  |  |  |
Series A, 4.00%, 12/01/44 |  |  | 365 |  |  |  | 358,625 |
Series A, 5.00%, 12/01/47 |  |  | 290 |  |  |  | 300,523 |
County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49 |  |  | 550 |  |  |  | 615,548 |
County of Hamilton Ohio, Refunding RB |  |  |  |  |  |  |  |
4.00%, 08/15/50 |  |  | 1,085 |  |  |  | 1,023,076 |
Series A, 3.75%, 08/15/50 |  |  | 755 |  |  |  | 677,826 |

Security |  | Par (000) |  |  | Value |
Ohio (continued) |  |  |  |  |  |
Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48 |  | $ | 50 |  |  | $ | 50,105 |
State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50 |  |  | 2,250 |  |  |  | 2,107,843 |
|  |  |  |  |  |  | 14,319,451 |
Oklahoma — 0.4% |  |  |  |  |  |
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52 |  |  | 1,080 |  |  |  | 1,078,710 |
Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |  |  | 640 |  |  |  | 638,886 |
Oklahoma Water Resources Board, RB, 4.00%, 04/01/48 |  |  | 950 |  |  |  | 930,607 |
|  |  |  |  |  |  | 2,648,203 |
Oregon — 0.1% |  |  |  |  |  |
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38 (c) |  |  | 510 |  |  |  | 266,083 |
State of Oregon Housing & Community Services Department, RB, S/F Housing, Series C, 3.95%, 07/01/43 |  |  | 110 |  |  |  | 101,031 |
|  |  |  |  |  |  | 367,114 |
Pennsylvania — 5.5% |  |  |  |  |  |
Allegheny County Airport Authority, ARB, Series A, AMT, (AGM-CR), 4.00%, 01/01/56 |  |  | 1,670 |  |  |  | 1,569,059 |
Commonwealth of Pennsylvania, GO, Series 1, 4.00%, 03/01/38 |  |  | 3,650 |  |  |  | 3,745,505 |
Lancaster Industrial Development Authority, RB, 5.00%, 12/01/44 |  |  | 780 |  |  |  | 781,325 |
Montgomery County Higher Education and Health Authority, Refunding RB |  |  |  |  |  |  |  |
4.00%, 09/01/51 |  |  | 1,430 |  |  |  | 1,316,989 |
5.00%, 09/01/48 |  |  | 980 |  |  |  | 1,003,168 |
Series A, 4.00%, 09/01/49 |  |  | 1,380 |  |  |  | 1,268,439 |
Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45 |  |  | 605 |  |  |  | 613,914 |
Northampton County General Purpose Authority, Refunding RB, 4.00%, 11/01/38 |  |  | 2,595 |  |  |  | 2,625,087 |
Pennsylvania Economic Development Financing Authority, RB |  |  |  |  |  |  |  |
5.00%, 06/30/42 |  |  | 390 |  |  |  | 390,367 |
Series A-1, 4.00%, 04/15/50 |  |  | 470 |  |  |  | 437,411 |
AMT, 5.50%, 06/30/40 |  |  | 2,000 |  |  |  | 2,193,962 |
AMT, 5.75%, 06/30/48 |  |  | 3,150 |  |  |  | 3,473,022 |
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 |  |  | 1,905 |  |  |  | 1,884,811 |
Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47 |  |  | 100 |  |  |  | 75,763 |
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 142-A, Sustainability Bonds, 5.00%, 10/01/50 |  |  | 1,130 |  |  |  | 1,164,432 |
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB |  |  |  |  |  |  |  |
Series A, 4.00%, 12/01/51 |  |  | 9,445 |  |  |  | 9,146,355 |
Series B, 4.00%, 12/01/53 |  |  | 1,435 |  |  |  | 1,347,278 |
Pennsylvania Turnpike Commission, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 12/01/44 |  |  | 1,380 |  |  |  | 1,396,121 |
Sub-Series B-1, 5.25%, 06/01/47 |  |  | 1,170 |  |  |  | 1,217,598 |

46 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Pennsylvania (continued) |  |  |  |  |  |
Pennsylvania Turnpike Commission, RB (continued) |  |  |  |  |  |  |  |
Series A, Subordinate, 4.00%, 12/01/50 |  | $ | 1,075 |  |  | $ | 1,021,407 |
Series A, Subordinate, (BAM-TCRS), 4.00%, 12/01/50 |  |  | 535 |  |  |  | 520,300 |
Series B, Subordinate, 4.00%, 12/01/51 |  |  | 610 |  |  |  | 576,932 |
Pennsylvania Turnpike Commission, Refunding RB, Series C, 4.00%, 12/01/51 |  |  | 1,555 |  |  |  | 1,530,742 |
|  |  |  |  |  |  | 39,299,987 |
Puerto Rico — 5.2% |  |  |  |  |  |
Commonwealth of Puerto Rico, GO |  |  |  |  |  |  |  |
Series A-1, Restructured, 5.63%, 07/01/29 |  |  | 3,910 |  |  |  | 4,225,901 |
Series A-1, Restructured, 5.75%, 07/01/31 |  |  | 3,524 |  |  |  | 3,903,054 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |  |  |  |  |  |  |  |
Series A-1, Restructured, 4.75%, 07/01/53 |  |  | 9,243 |  |  |  | 9,056,013 |
Series A-1, Restructured, 5.00%, 07/01/58 |  |  | 11,123 |  |  |  | 11,122,857 |
Series A-2, Restructured, 4.78%, 07/01/58 |  |  | 2,097 |  |  |  | 2,049,817 |
Series B-2, Restructured, 4.78%, 07/01/58 |  |  | 412 |  |  |  | 399,945 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (c) |  |  | 19,562 |  |  |  | 6,013,567 |
|  |  |  |  |  |  | 36,771,154 |
Rhode Island — 0.6% |  |  |  |  |  |
Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47 |  |  | 1,975 |  |  |  | 1,925,502 |
Rhode Island Health and Educational Building Corp., Refunding RB, Series A, (AGM), 3.75%, 05/15/32 |  |  | 1,155 |  |  |  | 1,184,048 |
Rhode Island Housing & Mortgage Finance Corp., RB, M/F Housing, Series 3-B, 4.13%, 10/01/49 |  |  | 295 |  |  |  | 269,608 |
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37 |  |  | 735 |  |  |  | 693,586 |
|  |  |  |  |  |  | 4,072,744 |
South Carolina — 1.5% |  |  |  |  |  |
County of Berkeley South Carolina, SAB |  |  |  |  |  |  |  |
4.25%, 11/01/40 |  |  | 315 |  |  |  | 281,231 |
4.38%, 11/01/49 |  |  | 470 |  |  |  | 389,411 |
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54 (a) |  |  | 1,575 |  |  |  | 1,686,990 |
South Carolina Jobs-Economic Development Authority, RB, 5.00%, 01/01/55 (b) |  |  | 845 |  |  |  | 738,610 |
South Carolina Jobs-Economic Development Authority, Refunding RB |  |  |  |  |  |  |  |
4.00%, 12/01/44 |  |  | 2,015 |  |  |  | 1,924,351 |
Series A, 5.00%, 05/01/43 |  |  | 1,680 |  |  |  | 1,722,591 |
Series A, 4.25%, 05/01/48 |  |  | 1,445 |  |  |  | 1,369,253 |
South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49 |  |  | 1,745 |  |  |  | 1,577,342 |
South Carolina Public Service Authority, RB, Series E, 5.00%, 12/01/48 |  |  | 440 |  |  |  | 440,152 |
South Carolina Public Service Authority, Refunding RB, Series A, 5.00%, 12/01/36 |  |  | 175 |  |  |  | 180,948 |
South Carolina State Housing Finance & Development Authority, Refunding RB, S/F Housing, Series A, 4.95%, 07/01/53 |  |  | 210 |  |  |  | 217,080 |
|  |  |  |  |  |  | 10,527,959 |
South Dakota — 0.1% |  |  |  |  |  |
City of Rapid City South Dakota Sales Tax Revenue, RB, 4.00%, 12/01/26 (d) |  |  | 740 |  |  |  | 766,810 |

Security |  | Par (000) |  |  | Value |
Tennessee — 2.7% |  |  |  |  |  |
Knox County Health Educational & Housing Facility Board, RB, Series A-1, (BAM), 5.50%, 07/01/59 |  | $ | 430 |  |  | $ | 468,107 |
Memphis-Shelby County Airport Authority, ARB |  |  |  |  |  |  |  |
Series A, AMT, 5.00%, 07/01/45 |  |  | 3,515 |  |  |  | 3,676,094 |
Series A, AMT, 5.00%, 07/01/49 |  |  | 11,275 |  |  |  | 11,694,662 |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, 5.25%, 05/01/48 |  |  | 555 |  |  |  | 600,481 |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB |  |  |  |  |  |  |  |
5.25%, 10/01/58 |  |  | 2,280 |  |  |  | 2,332,303 |
Series A, 4.00%, 10/01/49 |  |  | 230 |  |  |  | 199,969 |
|  |  |  |  |  |  | 18,971,616 |
Texas — 8.2% |  |  |  |  |  |
Arlington Higher Education Finance Corp., RB (b) |  |  |  |  |  |  |  |
7.50%, 04/01/62 |  |  | 1,165 |  |  |  | 1,133,683 |
7.88%, 11/01/62 |  |  | 1,005 |  |  |  | 1,019,926 |
City of Austin Texas Airport System Revenue, ARB |  |  |  |  |  |  |  |
AMT, 5.25%, 11/15/47 |  |  | 2,500 |  |  |  | 2,693,701 |
Series B, AMT, 5.00%, 11/15/44 |  |  | 1,290 |  |  |  | 1,344,467 |
City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48 |  |  | 275 |  |  |  | 276,171 |
City of Houston Texas Airport System Revenue, Refunding RB |  |  |  |  |  |  |  |
Sub-Series A, AMT, 4.00%, 07/01/40 |  |  | 1,525 |  |  |  | 1,489,246 |
Sub-Series A, AMT, 4.00%, 07/01/46 |  |  | 1,390 |  |  |  | 1,312,670 |
Sub-Series A, AMT, 4.00%, 07/01/48 |  |  | 3,420 |  |  |  | 3,169,023 |
Dallas Fort Worth International Airport, Refunding RB, Series B, 4.00%, 11/01/45 |  |  | 5,000 |  |  |  | 4,907,758 |
Gunter Independent School District, GO, (PSF), 4.00%, 02/15/53 |  |  | 470 |  |  |  | 451,052 |
Harris County Cultural Education Facilities Finance Corp., Refunding RB, 4.00%, 10/01/47 |  |  | 655 |  |  |  | 628,556 |
Harris County Flood Control District, Refunding GO, Series A, Sustainability Bonds, 4.00%, 09/15/48 |  |  | 1,340 |  |  |  | 1,317,252 |
Harris County-Houston Sports Authority, Refunding RB, Series G, Senior Lien, (NPFGC), 0.00%, 11/15/41 (c) |  |  | 10,690 |  |  |  | 3,760,934 |
Hutto Independent School District, GO, (PSF), 5.00%, 08/01/48 |  |  | 155 |  |  |  | 170,800 |
Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24 (c)(d) |  |  | 370 |  |  |  | 218,504 |
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27 (c)(d) |  |  | 14,680 |  |  |  | 7,417,970 |
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50 (b) |  |  | 455 |  |  |  | 409,061 |
North Texas Tollway Authority, RB, Series B, 0.00%, 09/01/31 (c)(d) |  |  | 2,415 |  |  |  | 1,229,712 |
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 |  |  | 2,835 |  |  |  | 2,842,734 |
Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/53 |  |  | 1,375 |  |  |  | 1,495,825 |
San Antonio Public Facilities Corp., Refunding RB, Convertible, 4.00%, 09/15/42 |  |  | 5,150 |  |  |  | 5,149,830 |
Spring Branch Independent School District, GO, (PSF), 4.00%, 02/01/48 |  |  | 1,275 |  |  |  | 1,275,108 |
Tarrant County Cultural Education Facilities Finance Corp., RB |  |  |  |  |  |  |  |
Series A, 4.00%, 07/01/53 |  |  | 6,695 |  |  |  | 6,006,286 |
Series A, 5.00%, 07/01/53 |  |  | 2,080 |  |  |  | 2,160,425 |

S C H E D U L E O F I N V E S T M E N T S |  | 47

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Texas (continued) |  |  |  |  |  |
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 |  | $ | 255 |  |  | $ | 225,152 |
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA), 3.75%, 09/01/49 |  |  | 850 |  |  |  | 785,042 |
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58 |  |  | 2,080 |  |  |  | 2,104,153 |
Texas Transportation Commission State Highway 249 System, RB, CAB (c) |  |  |  |  |  |  |  |
0.00%, 08/01/35 |  |  | 270 |  |  |  | 169,373 |
0.00%, 08/01/36 |  |  | 145 |  |  |  | 85,960 |
0.00%, 08/01/37 |  |  | 195 |  |  |  | 108,877 |
0.00%, 08/01/38 |  |  | 200 |  |  |  | 105,427 |
0.00%, 08/01/39 |  |  | 1,000 |  |  |  | 499,120 |
0.00%, 08/01/43 |  |  | 795 |  |  |  | 316,888 |
0.00%, 08/01/44 |  |  | 605 |  |  |  | 227,298 |
0.00%, 08/01/45 |  |  | 1,135 |  |  |  | 402,645 |
Texas Water Development Board, RB, 4.00%, 10/15/45 |  |  | 1,195 |  |  |  | 1,196,066 |
|  |  |  |  |  |  | 58,106,695 |
Utah — 0.6% |  |  |  |  |  |
City of Salt Lake City Utah Airport Revenue, ARB |  |  |  |  |  |  |  |
Series A, AMT, 5.00%, 07/01/48 |  |  | 1,565 |  |  |  | 1,604,412 |
Series A, AMT, 5.00%, 07/01/51 |  |  | 1,340 |  |  |  | 1,391,284 |
Utah Charter School Finance Authority, RB |  |  |  |  |  |  |  |
(UT CSCE), 5.00%, 10/15/48 |  |  | 360 |  |  |  | 367,479 |
Series A, 5.00%, 06/15/39 (b) |  |  | 200 |  |  |  | 190,927 |
Utah Charter School Finance Authority, Refunding RB |  |  |  |  |  |  |  |
5.00%, 06/15/40 (b) |  |  | 150 |  |  |  | 146,092 |
(UT CSCE), 4.00%, 04/15/42 |  |  | 400 |  |  |  | 385,053 |
5.00%, 06/15/55 (b) |  |  | 385 |  |  |  | 352,365 |
|  |  |  |  |  |  | 4,437,612 |
Vermont — 0.0% |  |  |  |  |  |
Vermont Student Assistance Corp., RB, Series A, AMT, 4.13%, 06/15/30 |  |  | 285 |  |  |  | 285,868 |
Virginia — 1.3% |  |  |  |  |  |
Ballston Quarter Community Development Authority, TA, Series A, 5.38%, 03/01/36 (f)(g) |  |  | 465 |  |  |  | 372,697 |
Fairfax County Industrial Development Authority, Refunding RB, 4.00%, 05/15/42 |  |  | 4,870 |  |  |  | 4,872,563 |
Roanoke Economic Development Authority, Refunding RB, 3.00%, 07/01/45 |  |  | 1,385 |  |  |  | 1,115,592 |
Virginia Beach Development Authority, Refunding RB |  |  |  |  |  |  |  |
5.00%, 09/01/40 |  |  | 520 |  |  |  | 476,920 |
4.00%, 09/01/48 |  |  | 375 |  |  |  | 274,698 |
Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/52 |  |  | 2,330 |  |  |  | 2,336,281 |
|  |  |  |  |  |  | 9,448,751 |
Washington — 1.9% |  |  |  |  |  |
Port of Seattle Washington, ARB |  |  |  |  |  |  |  |
Series A, AMT, 5.00%, 05/01/43 |  |  | 1,470 |  |  |  | 1,505,121 |
Series C, AMT, Intermediate Lien, 5.00%, 05/01/42 |  |  | 2,565 |  |  |  | 2,631,567 |
Port of Seattle Washington, Refunding ARB, Series C, AMT, Intermediate Lien, 5.00%, 08/01/46 |  |  | 5,645 |  |  |  | 5,864,790 |

Security |  | Par (000) |  |  | Value |
Washington (continued) |  |  |  |  |  |
Washington State Convention Center Public Facilities District, RB, Class B, Sustainability Bonds, 3.00%, 07/01/58 |  | $ | 3,715 |  |  | $ | 2,596,595 |
Washington State Housing Finance Commission, Refunding RB (b) |  |  |  |  |  |  |  |
5.00%, 01/01/38 |  |  | 600 |  |  |  | 526,414 |
5.00%, 01/01/43 |  |  | 900 |  |  |  | 753,693 |
|  |  |  |  |  |  | 13,878,180 |
West Virginia — 0.6% |  |  |  |  |  |
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48 |  |  | 1,510 |  |  |  | 1,465,498 |
West Virginia Hospital Finance Authority, RB, Series A, 4.00%, 06/01/51 |  |  | 2,910 |  |  |  | 2,708,792 |
|  |  |  |  |  |  | 4,174,290 |
Wisconsin — 0.7% |  |  |  |  |  |
Public Finance Authority, RB |  |  |  |  |  |  |  |
Class A, 6.00%, 06/15/52 |  |  | 385 |  |  |  | 347,389 |
Class A, 6.13%, 06/15/57 |  |  | 435 |  |  |  | 395,060 |
Series A, 5.00%, 10/15/40 (b) |  |  | 425 |  |  |  | 387,467 |
Series A, 5.00%, 10/15/50 (b) |  |  | 540 |  |  |  | 458,324 |
Series A, 5.00%, 07/01/55 (b) |  |  | 300 |  |  |  | 249,222 |
Series A, 5.00%, 10/15/55 (b) |  |  | 560 |  |  |  | 465,151 |
Series A-1, 4.50%, 01/01/35 (b) |  |  | 220 |  |  |  | 197,139 |
Public Finance Authority, Refunding RB |  |  |  |  |  |  |  |
5.00%, 09/01/49 (b) |  |  | 305 |  |  |  | 246,462 |
AMT, 4.00%, 08/01/35 |  |  | 280 |  |  |  | 249,590 |
Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 04/01/44 |  |  | 2,005 |  |  |  | 2,130,142 |
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing, Series A, 4.45%, 05/01/57 |  |  | 90 |  |  |  | 89,096 |
|  |  |  |  |  |  | 5,215,042 |
Total Municipal Bonds — 109.7% (Cost: $760,189,292) |  |  |  |  |  |  | 781,998,312 |
Municipal Bonds Transferred to Tender Option Bond Trusts (i) |
Alabama — 5.7% |  |  |  |  |  |
Black Belt Energy Gas District, RB |  |  |  |  |  |  |  |
Series C, 5.50%, 10/01/54 |  |  | 10,400 |  |  |  | 11,524,044 |
Series C-1, 5.25%, 02/01/53 |  |  | 14,173 |  |  |  | 15,093,920 |
Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54 |  |  | 12,454 |  |  |  | 13,843,475 |
|  |  |  |  |  |  | 40,461,439 |
Arizona — 1.8% |  |  |  |  |  |
Salt River Project Agricultural Improvement & Power District, RB, Series B, 5.00%, 01/01/48 |  |  | 11,390 |  |  |  | 12,671,889 |
Colorado — 1.5% |  |  |  |  |  |
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53 |  |  | 10,090 |  |  |  | 10,981,798 |

48 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
District of Columbia — 1.8% |  |  |  |  |  |
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, 4.10%, 09/01/39 |  | $ | 1,300 |  |  | $ | 1,303,684 |
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/49 |  |  | 11,190 |  |  |  | 11,570,872 |
|  |  |  |  |  |  | 12,874,556 |
Florida — 1.5% |  |  |  |  |  |
City of Fort Lauderdale Florida Water & Sewer Revenue, RB, 5.50%, 09/01/53 |  |  | 9,064 |  |  |  | 10,390,775 |
Georgia — 1.4% |  |  |  |  |  |
Main Street Natural Gas, Inc., RB, Series C, 5.00%, 09/01/53 |  |  | 9,240 |  |  |  | 9,810,570 |
Iowa — 0.1% |  |  |  |  |  |
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46 |  |  | 725 |  |  |  | 725,000 |
Massachusetts — 1.2% |  |  |  |  |  |
Commonwealth of Massachusetts, GO, Series D, 5.00%, 10/01/52 |  |  | 7,710 |  |  |  | 8,448,847 |
Michigan — 0.3% |  |  |  |  |  |
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48 |  |  | 2,338 |  |  |  | 2,279,772 |
New York — 3.7% |  |  |  |  |  |
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38 |  |  | 2,710 |  |  |  | 2,668,940 |
New York City Municipal Water Finance Authority, RB, Series AA-1, 5.25%, 06/15/52 |  |  | 10,990 |  |  |  | 12,325,351 |
New York City Transitional Finance Authority, RB, 5.25%, 05/01/48 |  |  | 10,070 |  |  |  | 11,432,165 |
|  |  |  |  | 26,426,456 |
Oklahoma — 1.3% |  |  |  |  |  |
Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53 |  |  | 8,123 |  |  |  | 9,070,510 |
Oregon — 0.9% |  |  |  |  |  |
Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48 |  |  | 5,620 |  |  |  | 6,226,245 |
Pennsylvania — 1.3% |  |  |  |  |  |
Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/52 |  |  | 8,294 |  |  |  | 9,153,431 |
South Carolina — 1.9% |  |  |  |  |  |
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54 |  |  | 12,603 |  |  |  | 13,598,105 |
Tennessee — 1.7% |  |  |  |  |  |
Tennessee Energy Acquisition Corp., RB, 5.00%, 05/01/52 |  |  | 11,643 |  |  |  | 12,371,414 |
Texas — 4.9% |  |  |  |  |  |
City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, Subordinate Lien, (AGM), 5.25%, 07/01/48 |  |  | 6,450 |  |  |  | 6,939,386 |
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.50%, 02/01/50 |  |  | 4,400 |  |  |  | 4,994,292 |

Security |  | Par (000) |  |  | Value |
Texas (continued) |  |  |  |  |  |
Denton Independent School District, GO, (PSF), 5.00%, 08/15/48 |  | $ | 9,840 |  |  | $ | 10,830,245 |
Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51 |  |  | 4,041 |  |  |  | 4,318,193 |
Texas Water Development Board, RB, 4.80%, 10/15/52 |  |  | 7,790 |  |  |  | 8,257,679 |
|  |  |  |  |  |  | 35,339,795 |
Wisconsin — 0.4% |  |  |  |  |  |
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing, Series A, 4.10%, 11/01/43 |  |  | 3,020 |  |  |  | 2,922,465 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 31.4% (Cost: $213,074,613) |  |  |  | 223,753,067 |
Total Long-Term Investments — 141.1% (Cost: $973,263,905) |  |  |  |  |  |  | 1,005,751,379 |
|  | Shares |  |  |  |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 2.3% |  |  |  |  |  |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (j)(k) |  |  | 16,324,782 |  |  |  | 16,326,415 |
Total Short-Term Securities — 2.3% (Cost: $16,326,415) |  |  |  | 16,326,415 |
Total Investments — 143.4% (Cost: $989,590,320) |  |  |  | 1,022,077,794 |
Other Assets Less Liabilities — 1.2% |  |  |  | 8,699,474 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (14.6)% |  |  |  | (103,835,478 | )
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (30.0)% |  |  |  | (214,000,000 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 712,941,790 |

(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) | Zero-coupon bond.

(d) | 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.

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

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

(g) | Non-income producing security.

(h) | When-issued security.

(i) | 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.

(j) | Affiliate of the Fund.

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

S C H E D U L E O F I N V E S T M E N T S |  | 49

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniHoldings Fund, Inc. (MHD)

Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 07/31/23 |  |  | Purchases at Cost |  |  | Proceeds from Sale |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 01/31/24 |  |  | Shares Held at 01/31/24 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, MuniCash, Institutional Class. |  | $ | 38,863,368 |  |  | $ | — |  |  | $ | (22,537,486 | ) (a) |  | $ | 3,103 |  |  | $ | (2,570 | ) |  | $ | 16,326,415 |  |  |  | 16,324,782 |  |  | $ | 567,805 |  |  | $ | — |

| (a) | Represents net amount purchased (sold).

Derivative Financial Instruments Categorized by Risk Exposure
For the period ended January 31, 2024, 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 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,772,521 | ) |  | $ | — |  |  | $ | (1,772,521 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 99,877 |  |  | $ | — |  |  | $ | 99,877 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |  |  |  |
Average notional value of contracts — short |  | $ | 27,853,992 |

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 financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal Bonds |  | $ | — |  |  | $ | 781,998,312 |  |  | $ | — |  |  | $ | 781,998,312 |
Municipal Bonds Transferred to Tender Option Bond Trusts |  |  | — |  |  |  | 223,753,067 |  |  |  | — |  |  |  | 223,753,067 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 16,326,415 |  |  |  | — |  |  |  | — |  |  |  | 16,326,415 |
|  | $ | 16,326,415 |  |  | $ | 1,005,751,379 |  |  | $ | — |  |  | $ | 1,022,077,794 |

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 fair value hierarchy as follows:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  | $ | — |  |  | $ | (103,207,179 | ) |  | $ | — |  |  | $ | (103,207,179 | )
VMTP Shares at Liquidation Value |  |  | — |  |  |  | (214,000,000 | ) |  |  | — |  |  |  | (214,000,000 | )
|  | $ | — |  |  | $ | (317,207,179 | ) |  | $ | — |  |  | $ | (317,207,179 | )

See notes to financial statements.

50 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2024 |  | BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds |  |  |  |  |  |  |  |
Alabama — 3.8% |  |  |  |  |  |
Black Belt Energy Gas District, RB (a) |  |  |  |  |  |  |  |
Series A, 5.25%, 01/01/54 |  | $ | 4,765 |  |  | $ | 5,131,250 |
Series F, 5.50%, 11/01/53 |  |  | 1,590 |  |  |  | 1,691,705 |
County of Jefferson Alabama Sewer Revenue, Refunding RB |  |  |  |  |  |  |  |
5.00%, 10/01/26 |  |  | 290 |  |  |  | 304,024 |
5.25%, 10/01/49 |  |  | 1,060 |  |  |  | 1,148,515 |
Southeast Energy Authority A Cooperative District, RB, Series A-2, 6.01%, 01/01/53 (a) |  |  | 9,645 |  |  |  | 9,811,748 |
Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44 (b) |  |  | 1,610 |  |  |  | 1,554,942 |
|  |  |  |  |  |  | 19,642,184 |
Arizona — 2.1% |  |  |  |  |  |
Arizona Health Facilities Authority, RB, 4.80%, 01/01/46 (a) |  |  | 1,685 |  |  |  | 1,672,763 |
Arizona Industrial Development Authority, RB, Series A, (BAM), 4.00%, 06/01/44 |  |  | 1,435 |  |  |  | 1,380,256 |
Arizona Industrial Development Authority, Refunding RB (b) |  |  |  |  |  |  |  |
Series A, 5.38%, 07/01/50 |  |  | 2,500 |  |  |  | 2,436,225 |
Series G, 5.00%, 07/01/47 |  |  | 715 |  |  |  | 670,092 |
Chandler Industrial Development Authority, RB, AMT, 4.10%, 12/01/37 (a) |  |  | 895 |  |  |  | 899,932 |
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 |  |  | 1,030 |  |  |  | 804,041 |
Industrial Development Authority of the City of Phoenix Arizona, Refunding RB, 5.00%, 07/01/45 (b) |  |  | 700 |  |  |  | 675,003 |
Salt Verde Financial Corp., RB, 5.00%, 12/01/37 |  |  | 1,805 |  |  |  | 1,970,890 |
|  |  |  |  |  |  | 10,509,202 |
Arkansas — 0.8% |  |  |  |  |  |
Arkansas Development Finance Authority, RB Series A, AMT, 4.75%, 09/01/49 (b) |  |  | 3,550 |  |  |  | 3,498,135 |
AMT, Sustainability Bonds, 5.70%, 05/01/53 |  |  | 810 |  |  |  | 829,205 |
|  |  |  |  |  |  | 4,327,340 |
California — 4.8% |  |  |  |  |  |
Bay Area Toll Authority, Refunding RB, Series C, 5.00%, 04/01/56 |  |  | 2,000 |  |  |  | 1,966,661 |
California Community Choice Financing Authority, RB |  |  |  |  |  |  |  |
Sustainability Bonds, 5.23%, 02/01/54 (a) |  |  | 3,045 |  |  |  | 3,041,384 |
Series B-2, Sustainability Bonds, 5.00%, 02/01/52 |  |  | 3,500 |  |  |  | 3,109,966 |
California Enterprise Development Authority, RB, 8.00%, 11/15/62 (b) |  |  | 715 |  |  |  | 706,165 |
California Health Facilities Financing Authority, Refunding RB, Series A, 3.00%, 08/15/51 |  |  | 5,395 |  |  |  | 4,190,142 |
California Municipal Finance Authority, ARB, AMT, Senior Lien, 5.00%, 12/31/43 |  |  | 2,800 |  |  |  | 2,847,096 |
CSCDA Community Improvement Authority, RB, M/F Housing (b) |  |  |  |  |  |  |  |
4.00%, 10/01/56 |  |  | 205 |  |  |  | 167,515 |
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 |  |  | 1,080 |  |  |  | 696,095 |
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58 |  |  | 535 |  |  |  | 399,574 |
Sustainability Bonds, 4.00%, 12/01/56 |  |  | 315 |  |  |  | 219,451 |
Series A, Sustainability Bonds, 4.00%, 06/01/58 |  |  | 665 |  |  |  | 481,236 |

Security |  | Par (000) |  |  | Value |
California (continued) |  |  |  |  |  |
Poway Unified School District, Refunding GO, Series B, 0.00%, 08/01/46 (c) |  | $ | 10,000 |  |  | $ | 3,784,702 |
San Diego County Regional Airport Authority, ARB, Series B, AMT, 4.00%, 07/01/51 |  |  | 2,880 |  |  |  | 2,736,333 |
|  |  |  |  |  |  | 24,346,320 |
Colorado — 2.2% |  |  |  |  |  |
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47 (b) |  |  | 1,025 |  |  |  | 930,809 |
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.00%, 12/01/48 |  |  | 3,300 |  |  |  | 3,412,932 |
Colorado Health Facilities Authority, RB, 5.50%, 11/01/47 |  |  | 395 |  |  |  | 428,880 |
Colorado Health Facilities Authority, Refunding RB, Series A, 5.00%, 08/01/44 |  |  | 3,840 |  |  |  | 3,989,431 |
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40 |  |  | 2,000 |  |  |  | 2,008,191 |
E-470 Public Highway Authority, Refunding RB, Series B, 3.96%, 09/01/39 (a) |  |  | 510 |  |  |  | 508,584 |
|  |  |  |  |  |  | 11,278,827 |
Connecticut — 0.7% |  |  |  |  |  |
State of Connecticut Special Tax Revenue, RB, Series A, 5.25%, 07/01/42 |  |  | 3,275 |  |  |  | 3,741,033 |
Delaware — 0.5% |  |  |  |  |  |
Delaware State Health Facilities Authority, RB, 5.00%, 06/01/48 |  |  | 2,670 |  |  |  | 2,673,877 |
District of Columbia — 1.6% |  |  |  |  |  |
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48 |  |  | 910 |  |  |  | 978,878 |
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, 5.25%, 07/15/53 |  |  | 6,630 |  |  |  | 7,301,856 |
|  |  |  |  |  |  | 8,280,734 |
Florida — 8.5% |  |  |  |  |  |
Celebration Pointe Community Development District No. 1, SAB |  |  |  |  |  |  |  |
5.00%, 05/01/32 |  |  | 790 |  |  |  | 792,044 |
5.00%, 05/01/48 |  |  | 2,160 |  |  |  | 2,016,506 |
City of Fort Lauderdale Florida Water & Sewer Revenue, RB, 5.50%, 09/01/53 |  |  | 3,370 |  |  |  | 3,863,444 |
County of Broward Florida Tourist Development Tax Revenue, Refunding RB, Convertible, 4.00%, 09/01/51 |  |  | 3,300 |  |  |  | 3,109,926 |
County of Miami-Dade Seaport Department, Refunding RB |  |  |  |  |  |  |  |
Series A-2, (AGM), 4.00%, 10/01/49 |  |  | 3,300 |  |  |  | 3,216,975 |
Series A, AMT, 5.00%, 10/01/38 |  |  | 1,800 |  |  |  | 1,920,634 |
Series A-1, AMT, (AGM), 4.00%, 10/01/45 |  |  | 6,400 |  |  |  | 5,927,054 |
Florida Development Finance Corp., RB, 6.50%, 06/30/57 (b) |  |  | 645 |  |  |  | 618,908 |
Greater Orlando Aviation Authority, ARB, Series A, AMT, 4.00%, 10/01/52 |  |  | 5,000 |  |  |  | 4,646,233 |
Lakewood Ranch Stewardship District, SAB |  |  |  |  |  |  |  |
4.63%, 05/01/27 |  |  | 205 |  |  |  | 205,541 |
5.25%, 05/01/37 |  |  | 470 |  |  |  | 472,457 |
5.38%, 05/01/47 |  |  | 770 |  |  |  | 760,279 |
6.30%, 05/01/54 |  |  | 410 |  |  |  | 429,663 |

S C H E D U L E O F I N V E S T M E N T S |  | 51

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Florida (continued) |  |  |  |  |  |
Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/45 |  | $ | 4,625 |  |  | $ | 4,636,518 |
Miami-Dade County Expressway Authority, Refunding RB, Series A, (AGM), 5.00%, 07/01/35 |  |  | 8,900 |  |  |  | 8,914,853 |
Palm Beach County Health Facilities Authority, RB, Series B, 4.00%, 11/15/41 |  |  | 300 |  |  |  | 272,376 |
Sarasota County Health Facilities Authority, RB, 5.00%, 05/15/48 |  |  | 605 |  |  |  | 541,528 |
University of Florida Department of Housing & Residence Education Hsg Sys Rev, RB, Series A, (BAM-TCRS), 3.00%, 07/01/51 |  |  | 1,000 |  |  |  | 788,504 |
|  |  |  |  |  |  | 43,133,443 |
Georgia — 2.5% |  |  |  |  |  |
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62 (b) |  |  | 375 |  |  |  | 339,916 |
Main Street Natural Gas, Inc., RB |  |  |  |  |  |  |  |
Series A, 5.00%, 05/15/49 |  |  | 1,855 |  |  |  | 2,017,702 |
Series A, 5.00%, 06/01/53 (a) |  |  | 4,130 |  |  |  | 4,368,632 |
Main Street Natural Gas, Inc., Refunding RB, Series E-2, 5.26%, 12/01/53 (a) |  |  | 5,565 |  |  |  | 5,834,176 |
|  |  |  |  |  |  | 12,560,426 |
Illinois — 7.9% |  |  |  |  |  |
Chicago Board of Education, GO |  |  |  |  |  |  |  |
Series C, 5.25%, 12/01/35 |  |  | 2,785 |  |  |  | 2,797,983 |
Series D, 5.00%, 12/01/46 |  |  | 3,570 |  |  |  | 3,572,750 |
Series H, 5.00%, 12/01/36 |  |  | 865 |  |  |  | 884,862 |
Chicago Board of Education, Refunding GO, Series G, 5.00%, 12/01/34 |  |  | 865 |  |  |  | 885,546 |
City of Chicago Illinois Wastewater Transmission Revenue, Refunding RB, Series C, 2nd Lien, 5.00%, 01/01/39 |  |  | 1,000 |  |  |  | 1,017,397 |
Cook County Community College District No. 508, GO, 5.25%, 12/01/31 |  |  | 5,000 |  |  |  | 5,016,054 |
Illinois Finance Authority, Refunding RB, Series C, 4.00%, 02/15/41 |  |  | 1,500 |  |  |  | 1,466,526 |
Illinois Housing Development Authority, RB, S/F Housing, Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.85%, 10/01/42 |  |  | 985 |  |  |  | 1,017,106 |
Illinois State Toll Highway Authority, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 01/01/40 |  |  | 8,710 |  |  |  | 8,921,786 |
Series A, 5.00%, 01/01/45 |  |  | 1,000 |  |  |  | 1,083,537 |
Series A, 4.00%, 01/01/46 |  |  | 1,500 |  |  |  | 1,464,989 |
Metropolitan Pier & Exposition Authority, RB, CAB, (BAM-TCRS), 0.00%, 12/15/56 (c) |  |  | 8,755 |  |  |  | 1,816,160 |
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, (BAM-TCRS), 0.00%, 12/15/54 (c) |  |  | 12,215 |  |  |  | 2,813,120 |
State of Illinois, GO, Series D, 5.00%, 11/01/27 |  |  | 6,965 |  |  |  | 7,440,405 |
|  |  |  |  |  |  | 40,198,221 |
Indiana — 0.4% |  |  |  |  |  |
City of Valparaiso Indiana, RB, AMT, 6.75%, 01/01/34 |  |  | 2,250 |  |  |  | 2,253,604 |
Kansas — 0.3% |  |  |  |  |  |
City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43 |  |  | 1,530 |  |  |  | 1,430,182 |
Maryland — 3.8% |  |  |  |  |  |
City of Baltimore Maryland, Refunding RB, Series A, 4.50%, 09/01/33 |  |  | 545 |  |  |  | 524,610 |

Security |  | Par (000) |  |  | Value |
Maryland (continued) |  |  |  |  |  |
Howard County Housing Commission, RB, M/F Housing, 5.00%, 12/01/42 |  | $ | 4,935 |  |  | $ | 5,099,394 |
Maryland Community Development Administration, Refunding RB, S/F Housing, Series C, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.50%, 09/01/49 |  |  | 2,155 |  |  |  | 2,141,938 |
Maryland Economic Development Corp., RB, Class B, AMT, Sustainability Bonds, 5.00%, 12/31/40 |  |  | 1,500 |  |  |  | 1,540,726 |
Maryland Health & Higher Educational Facilities Authority, Refunding RB, 5.00%, 07/01/40 |  |  | 6,350 |  |  |  | 6,399,717 |
Maryland Stadium Authority, RB, Series A, (NGFGC), 5.00%, 05/01/47 |  |  | 3,630 |  |  |  | 3,786,896 |
|  |  |  |  |  |  | 19,493,281 |
Massachusetts — 1.6% |  |  |  |  |  |
Commonwealth of Massachusetts, GO |  |  |  |  |  |  |  |
Series B, 3.00%, 04/01/49 |  |  | 2,680 |  |  |  | 2,068,438 |
Series D, 4.00%, 02/01/43 |  |  | 3,135 |  |  |  | 3,137,010 |
Massachusetts Development Finance Agency, RB |  |  |  |  |  |  |  |
Series A, 5.25%, 01/01/42 |  |  | 1,895 |  |  |  | 1,927,695 |
Series A, 5.00%, 01/01/47 |  |  | 845 |  |  |  | 850,334 |
|  |  |  |  |  |  | 7,983,477 |
Michigan — 1.5% |  |  |  |  |  |
Michigan Finance Authority, RB, 4.00%, 02/15/44 |  |  | 5,000 |  |  |  | 4,820,880 |
Michigan Finance Authority, Refunding RB, 4.00%, 09/01/46 |  |  | 1,200 |  |  |  | 1,103,435 |
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 |  |  | 1,775 |  |  |  | 1,790,048 |
|  |  |  |  |  |  | 7,714,363 |
Minnesota — 1.3% |  |  |  |  |  |
City of Cologne Minnesota, RB, Series A, 5.00%, 07/01/45 |  |  | 1,500 |  |  |  | 1,281,381 |
Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB, Series A, 5.50%, 07/01/52 (b) |  |  | 695 |  |  |  | 665,598 |
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Refunding RB, Series A, 4.00%, 11/15/43 |  |  | 1,940 |  |  |  | 1,698,114 |
Minnesota Housing Finance Agency, RB, S/F Housing, Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.10%, 07/01/42 |  |  | 2,945 |  |  |  | 3,146,045 |
|  |  |  |  |  |  | 6,791,138 |
Mississippi — 1.6% |  |  |  |  |  |
Mississippi Development Bank, Refunding RB, Series A, (AGM), 4.00%, 03/01/41 |  |  | 3,000 |  |  |  | 2,961,400 |
State of Mississippi Gaming Tax Revenue, RB, Series A, 4.00%, 10/15/38 |  |  | 5,535 |  |  |  | 5,234,313 |
|  |  |  |  |  |  | 8,195,713 |
Missouri — 1.8% |  |  |  |  |  |
Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53 |  |  | 10,000 |  |  |  | 9,349,362 |
Montana — 0.1% |  |  |  |  |  |
Montana Board of Housing, RB, S/F Housing, Series B-2, 3.60%, 12/01/47 |  |  | 310 |  |  |  | 273,729 |
Nevada — 3.0% |  |  |  |  |  |
Carson City Nevada, Refunding RB, 5.00%, 09/01/42 |  |  | 2,250 |  |  |  | 2,281,971 |

52 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Nevada (continued) |  |  |  |  |  |
City of Reno Nevada, Refunding RB, Series A-1, (AGM), 4.00%, 06/01/43 |  | $ | 5,230 |  |  | $ | 5,159,599 |
Las Vegas Valley Water District, GO, Series A, 4.00%, 06/01/51 |  |  | 7,875 |  |  |  | 7,649,526 |
|  |  |  |  |  |  | 15,091,096 |
New Jersey — 8.1% |  |  |  |  |  |
Casino Reinvestment Development Authority, Inc., Refunding RB, 5.25%, 11/01/44 |  |  | 1,400 |  |  |  | 1,407,836 |
New Jersey Economic Development Authority, ARB, Series A, AMT, 5.63%, 11/15/30 |  |  | 1,530 |  |  |  | 1,537,198 |
New Jersey Economic Development Authority, RB |  |  |  |  |  |  |  |
Series UU, 5.00%, 06/15/40 |  |  | 2,755 |  |  |  | 2,772,265 |
AMT, 5.13%, 01/01/34 |  |  | 1,050 |  |  |  | 1,050,713 |
AMT, 5.38%, 01/01/43 |  |  | 10,000 |  |  |  | 10,008,851 |
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51 |  |  | 2,500 |  |  |  | 2,424,859 |
New Jersey Higher Education Student Assistance Authority, Refunding RB |  |  |  |  |  |  |  |
Series B, AMT, 4.00%, 12/01/41 |  |  | 2,305 |  |  |  | 2,298,190 |
Series C, AMT, Subordinate, 5.00%, 12/01/52 |  |  | 2,615 |  |  |  | 2,646,556 |
New Jersey Housing & Mortgage Finance Agency, Refunding RB, Series A, AMT, 3.80%, 10/01/32 |  |  | 3,755 |  |  |  | 3,589,622 |
New Jersey Transportation Trust Fund Authority, RB |  |  |  |  |  |  |  |
Class BB, 4.00%, 06/15/50 |  |  | 1,000 |  |  |  | 954,721 |
Series AA, 5.25%, 06/15/41 |  |  | 780 |  |  |  | 794,690 |
Series AA, 5.00%, 06/15/44 |  |  | 4,450 |  |  |  | 4,486,906 |
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/38 (c) |  |  | 7,260 |  |  |  | 4,005,108 |
Tobacco Settlement Financing Corp., Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 06/01/46 |  |  | 3,000 |  |  |  | 3,056,132 |
Sub-Series B, 5.00%, 06/01/46 |  |  | 515 |  |  |  | 520,268 |
|  |  |  |  |  |  | 41,553,915 |
New York — 11.3% |  |  |  |  |  |
Build NYC Resource Corp., Refunding RB, AMT, 5.00%, 01/01/35 (b) |  |  | 2,145 |  |  |  | 2,161,771 |
City of New York, GO |  |  |  |  |  |  |  |
Series C, 4.00%, 08/01/37 |  |  | 4,000 |  |  |  | 4,151,280 |
Series F-1, 4.00%, 08/01/41 |  |  | 3,355 |  |  |  | 3,449,310 |
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 |  |  | 4,435 |  |  |  | 4,323,514 |
New York Counties Tobacco Trust IV, Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 06/01/38 |  |  | 3,595 |  |  |  | 3,570,100 |
Series A, 6.25%, 06/01/41 (b) |  |  | 3,200 |  |  |  | 3,201,111 |
New York Liberty Development Corp., Refunding RB |  |  |  |  |  |  |  |
Class 2, 5.38%, 11/15/40 (b) |  |  | 1,145 |  |  |  | 1,146,431 |
Series 1, 4.00%, 02/15/43 |  |  | 4,250 |  |  |  | 4,224,289 |
Series A, Sustainability Bonds, 3.00%, 11/15/51 |  |  | 415 |  |  |  | 310,162 |
New York State Dormitory Authority, Refunding RB |  |  |  |  |  |  |  |
4.00%, 03/15/49 |  |  | 5,000 |  |  |  | 4,941,364 |
Series A, 4.00%, 03/15/41 |  |  | 3,750 |  |  |  | 3,829,352 |
New York State Thruway Authority, RB, Series 2, Sustainability Bonds, 4.13%, 03/15/56 |  |  | 3,325 |  |  |  | 3,331,364 |
New York Transportation Development Corp., ARB, AMT, 5.63%, 04/01/40 |  |  | 905 |  |  |  | 979,934 |
New York Transportation Development Corp., RB |  |  |  |  |  |  |  |
AMT, 5.00%, 10/01/35 |  |  | 1,975 |  |  |  | 2,061,855 |
AMT, 4.00%, 04/30/53 |  |  | 1,175 |  |  |  | 978,316 |

Security |  | Par (000) |  |  | Value |
New York (continued) |  |  |  |  |  |
New York Transportation Development Corp., RB (continued) |  |  |  |  |  |  |  |
AMT, Sustainability Bonds, 5.38%, 06/30/60 |  | $ | 9,950 |  |  | $ | 10,399,425 |
TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41 |  |  | 1,785 |  |  |  | 1,799,918 |
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51 |  |  | 2,740 |  |  |  | 2,761,721 |
|  |  |  |  |  |  | 57,621,217 |
North Carolina — 2.0% |  |  |  |  |  |
University of North Carolina at Chapel Hill, Refunding RB, Series A, 4.26%, 12/01/41 (a) |  |  | 9,935 |  |  |  | 9,987,291 |
North Dakota — 0.4% |  |  |  |  |  |
City of Grand Forks North Dakota, RB |  |  |  |  |  |  |  |
Series A, (AGM), 5.00%, 12/01/53 |  |  | 1,125 |  |  |  | 1,183,618 |
Series B, (AGM), 5.00%, 12/01/48 |  |  | 640 |  |  |  | 677,488 |
|  |  |  |  |  |  | 1,861,106 |
Ohio — 3.1% |  |  |  |  |  |
Allen County Port Authority, Refunding RB, Series A, 4.00%, 12/01/40 |  |  | 950 |  |  |  | 825,795 |
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 |  |  | 5,870 |  |  |  | 5,529,305 |
County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49 |  |  | 525 |  |  |  | 587,569 |
Ohio Higher Educational Facility Commission, Refunding RB, Series B, 4.78%, 12/01/42 |  |  | 4,665 |  |  |  | 4,584,722 |
State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50 |  |  | 4,420 |  |  |  | 4,140,741 |
|  |  |  |  |  |  | 15,668,132 |
Oklahoma — 2.4% |  |  |  |  |  |
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52 |  |  | 1,625 |  |  |  | 1,623,059 |
Oklahoma Turnpike Authority, RB |  |  |  |  |  |  |  |
5.50%, 01/01/53 |  |  | 4,070 |  |  |  | 4,544,383 |
Series A, 4.00%, 01/01/48 |  |  | 6,000 |  |  |  | 5,989,554 |
|  |  |  |  |  |  | 12,156,996 |
Oregon — 0.4% |  |  |  |  |  |
Port of Portland Oregon Airport Revenue, ARB, Series 24B, AMT, 5.00%, 07/01/42 |  |  | 2,000 |  |  |  | 2,038,337 |
Pennsylvania — 15.2% |  |  |  |  |  |
Allegheny County Airport Authority, ARB, Series A, AMT, (AGM), 5.50%, 01/01/53 |  |  | 1,330 |  |  |  | 1,442,970 |
Allentown Neighborhood Improvement Zone Development Authority, RB, 5.00%, 05/01/42 (b) |  |  | 4,270 |  |  |  | 4,307,448 |
City of Philadelphia Pennsylvania Water & Wastewater Revenue, Refunding RB |  |  |  |  |  |  |  |
Series B, (AGM), 4.50%, 09/01/48 |  |  | 2,785 |  |  |  | 2,876,700 |
Series B, (AGM), 5.50%, 09/01/53 |  |  | 5,565 |  |  |  | 6,227,286 |
Commonwealth of Pennsylvania, GO, Series 1, 4.00%, 03/01/38 |  |  | 7,250 |  |  |  | 7,439,702 |
Geisinger Authority, Refunding RB |  |  |  |  |  |  |  |
4.00%, 02/15/47 |  |  | 5,670 |  |  |  | 5,505,240 |
Series A, 4.00%, 04/01/50 |  |  | 5,000 |  |  |  | 4,782,540 |

S C H E D U L E O F I N V E S T M E N T S |  | 53

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Pennsylvania (continued) |  |  |  |  |  |
Hospitals & Higher Education Facilities Authority of Philadelphia, Refunding RB, (AGM), 4.00%, 07/01/40 |  | $ | 2,360 |  |  | $ | 2,344,894 |
Lancaster Industrial Development Authority, RB, 5.00%, 12/01/44 |  |  | 1,000 |  |  |  | 1,001,698 |
Montgomery County Higher Education and Health Authority, Refunding RB, 4.00%, 09/01/51 |  |  | 4,000 |  |  |  | 3,683,886 |
Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45 |  |  | 1,095 |  |  |  | 1,111,133 |
Montgomery County Industrial Development Authority, Refunding RB, 5.25%, 01/01/40 |  |  | 4,170 |  |  |  | 3,733,145 |
Northampton County General Purpose Authority, Refunding RB, 4.00%, 11/01/38 |  |  | 1,855 |  |  |  | 1,876,507 |
Pennsylvania Economic Development Financing Authority, RB |  |  |  |  |  |  |  |
5.00%, 06/30/42 |  |  | 2,565 |  |  |  | 2,567,416 |
AMT, 5.50%, 06/30/43 |  |  | 985 |  |  |  | 1,086,646 |
Pennsylvania Housing Finance Agency, RB, S/F Housing |  |  |  |  |  |  |  |
Series 125B, AMT, 3.65%, 10/01/42 |  |  | 7,000 |  |  |  | 6,232,164 |
Series 143A, Sustainability Bonds, 5.38%, 10/01/46 |  |  | 8,050 |  |  |  | 8,553,242 |
Pennsylvania Turnpike Commission, RB |  |  |  |  |  |  |  |
Series A-1, 5.00%, 12/01/41 |  |  | 440 |  |  |  | 455,369 |
Sub-Series B-1, 5.25%, 06/01/47 |  |  | 5,680 |  |  |  | 5,911,075 |
Series A, Subordinate, 5.00%, 12/01/37 |  |  | 940 |  |  |  | 1,024,021 |
Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52 |  |  | 2,440 |  |  |  | 2,554,340 |
Pittsburgh School District, GO, (SAW), 3.00%, 09/01/41 |  |  | 2,315 |  |  |  | 1,898,119 |
School District of Philadelphia, GO, Series A, (SAW), 5.50%, 09/01/48 |  |  | 710 |  |  |  | 788,414 |
|  |  |  |  |  |  | 77,403,955 |
Puerto Rico — 4.7% |  |  |  |  |  |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |  |  |  |  |  |  |  |
Series A-1, Restructured, 4.75%, 07/01/53 |  |  | 3,376 |  |  |  | 3,307,703 |
Series A-1, Restructured, 5.00%, 07/01/58 |  |  | 10,292 |  |  |  | 10,291,867 |
Series A-2, Restructured, 4.78%, 07/01/58 |  |  | 3,133 |  |  |  | 3,062,507 |
Series A-2, Restructured, 4.33%, 07/01/40 |  |  | 4,240 |  |  |  | 4,209,260 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (c) |  |  | 10,130 |  |  |  | 3,114,070 |
|  |  |  |  |  |  | 23,985,407 |
South Carolina — 1.3% |  |  |  |  |  |
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54 (a) |  |  | 3,905 |  |  |  | 4,182,665 |
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/43 |  |  | 2,190 |  |  |  | 2,245,520 |
|  |  |  |  |  |  | 6,428,185 |
Tennessee — 0.4% |  |  |  |  |  |
Metropolitan Government Nashville & Davidson County Sports Authority, RB, Series A, Senior Lien, (AGM), 5.25%, 07/01/48 |  |  | 2,010 |  |  |  | 2,228,644 |
Texas — 9.0% |  |  |  |  |  |
Arlington Higher Education Finance Corp., RB (b) |  |  |  |  |  |  |  |
7.50%, 04/01/62 |  |  | 790 |  |  |  | 768,763 |
7.88%, 11/01/62 |  |  | 685 |  |  |  | 695,173 |

Security |  | Par (000) |  |  | Value |
Texas (continued) |  |  |  |  |  |
Aubrey Independent School District, GO, (PSF), 4.00%, 02/15/52 |  | $ | 1,500 |  |  | $ | 1,470,467 |
City of Austin Texas Airport System Revenue, ARB, AMT, 5.00%, 11/15/52 |  |  | 1,550 |  |  |  | 1,612,438 |
City of Houston Texas Airport System Revenue, Refunding RB, AMT, 5.00%, 07/01/29 |  |  | 2,135 |  |  |  | 2,132,331 |
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, 4.00%, 02/01/42 |  |  | 5,000 |  |  |  | 5,028,414 |
Dallas Independent School District, Refunding GO, (PSF), 4.00%, 02/15/53 |  |  | 1,600 |  |  |  | 1,550,434 |
Del Valle Independent School District Texas, GO, (PSF), 4.00%, 06/15/47 |  |  | 2,795 |  |  |  | 2,770,287 |
Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48 |  |  | 1,695 |  |  |  | 1,695,862 |
Gunter Independent School District, GO, (PSF), 4.00%, 02/15/53 |  |  | 1,575 |  |  |  | 1,511,505 |
North Texas Tollway Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 01/01/38 |  |  | 5,000 |  |  |  | 5,079,195 |
Series A, 5.00%, 01/01/43 |  |  | 4,210 |  |  |  | 4,415,319 |
Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51 |  |  | 3,070 |  |  |  | 3,280,492 |
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB |  |  |  |  |  |  |  |
5.00%, 11/15/40 |  |  | 3,250 |  |  |  | 2,961,134 |
5.00%, 10/01/49 |  |  | 3,500 |  |  |  | 3,142,194 |
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32 |  |  | 5,740 |  |  |  | 6,116,314 |
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.50%, 12/31/58 |  |  | 1,315 |  |  |  | 1,415,938 |
|  |  |  |  |  |  | 45,646,260 |
Utah — 1.0% |  |  |  |  |  |
City of Salt Lake City Utah Airport Revenue, ARB |  |  |  |  |  |  |  |
Series A, AMT, 5.25%, 07/01/48 |  |  | 1,150 |  |  |  | 1,230,829 |
Series A, AMT, 5.50%, 07/01/53 |  |  | 1,325 |  |  |  | 1,445,957 |
County of Utah Utah, RB, Series B, 4.00%, 05/15/47 |  |  | 2,650 |  |  |  | 2,548,971 |
|  |  |  |  |  |  | 5,225,757 |
Virginia — 1.9% |  |  |  |  |  |
Ballston Quarter Community Development Authority, TA (d)(e) |  |  |  |  |  |  |  |
Series A, 5.38%, 03/01/36 |  |  | 405 |  |  |  | 324,607 |
Series A, 5.50%, 03/01/46 |  |  | 1,415 |  |  |  | 998,100 |
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 |  |  | 3,665 |  |  |  | 3,454,200 |
Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/52 |  |  | 4,975 |  |  |  | 4,988,411 |
|  |  |  |  |  |  | 9,765,318 |
Washington — 2.9% |  |  |  |  |  |
Central Puget Sound Regional Transit Authority, RB, Series 2015, Class 2A, Sustainability Bonds, 4.75%, 11/01/45 |  |  | 6,000 |  |  |  | 5,876,158 |
County of King Washington Sewer Revenue, Refunding RB, Series A, Junior Lien, 4.78%, 01/01/40 |  |  | 1,825 |  |  |  | 1,782,210 |
Port of Seattle Washington, ARB |  |  |  |  |  |  |  |
Series A, AMT, 5.00%, 05/01/43 |  |  | 1,295 |  |  |  | 1,325,939 |
Series C, AMT, Intermediate Lien, 5.00%, 05/01/42 |  |  | 1,450 |  |  |  | 1,487,631 |
Washington Health Care Facilities Authority, Refunding RB 4.00%, 09/01/50 |  |  | 2,000 |  |  |  | 1,843,997 |

54 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Washington (continued) |  |  |  |  |  |
Washington Health Care Facilities Authority, Refunding RB (continued) |  |  |  |  |  |  |  |
Series A, 5.00%, 08/01/44 |  | $ | 1,750 |  |  | $ | 1,814,646 |
Washington State Housing Finance Commission, Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 07/01/43 |  |  | 425 |  |  |  | 431,978 |
Series A, 5.00%, 07/01/48 |  |  | 400 |  |  |  | 400,922 |
|  |  |  |  |  |  | 14,963,481 |
West Virginia — 0.9% |  |  |  |  |  |
West Virginia Parkways Authority, RB, Senior Lien, 4.00%, 06/01/51 |  |  | 5,000 |  |  |  | 4,804,151 |
Wisconsin — 0.5% |  |  |  |  |  |
Public Finance Authority, RB (b) |  |  |  |  |  |  |  |
Series A, 5.00%, 06/01/36 |  |  | 200 |  |  |  | 196,879 |
Series A, 5.00%, 06/01/51 |  |  | 680 |  |  |  | 607,117 |
Series A, 5.00%, 06/01/61 |  |  | 870 |  |  |  | 755,578 |
Public Finance Authority, Refunding RB, Series B, AMT, 5.00%, 07/01/42 |  |  | 1,000 |  |  |  | 1,000,448 |
|  |  |  |  |  |  | 2,560,022 |
Wyoming — 0.4% |  |  |  |  |  |
University of Wyoming, RB, Series C, (AGM), 4.00%, 06/01/51 |  |  | 1,690 |  |  |  | 1,592,873 |
Wyoming Community Development Authority, Refunding RB, S/F Housing, Series 1, 4.40%, 12/01/43 |  |  | 500 |  |  |  | 492,081 |
|  |  |  |  |  |  | 2,084,954 |
Total Municipal Bonds — 116.7% (Cost: $588,932,137) |  |  |  |  |  |  | 595,250,680 |
Municipal Bonds Transferred to Tender Option Bond Trusts (f) |
Massachusetts — 4.3% |  |  |  |  |  |
Commonwealth of Massachusetts, GO, Series D, 5.00%, 10/01/51 |  |  | 19,995 |  |  |  | 21,866,985 |
New York — 8.8% |  |  |  |  |  |
New York Power Authority, RB, Sustainability Bonds, (AGM), 5.13%, 11/15/63 |  |  | 6,627 |  |  |  | 7,299,178 |
New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47 |  |  | 10,000 |  |  |  | 9,883,800 |
New York Transportation Development Corp., RB, AMT, Sustainability Bonds, (AGM), 5.13%, 06/30/60 |  |  | 10,000 |  |  |  | 10,317,434 |
Triborough Bridge & Tunnel Authority, RB, Series A, 4.50%, 05/15/63 |  |  | 16,736 |  |  |  | 17,023,684 |
|  |  |  |  |  |  | 44,524,096 |
Oregon — 0.1% |  |  |  |  |  |
State of Oregon Housing & Community Services Department, RB, M/F Housing, Series A, AMT, 4.95%, 07/01/30 |  |  | 600 |  |  |  | 600,009 |

Security |  | Par (000) |  |  | Value |
Pennsylvania — 2.2% |  |  |  |  |  |
Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/52 |  | $ | 10,005 |  |  | $ | 11,042,179 |
South Carolina — 4.2% |  |  |  |  |  |
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54 |  |  | 19,995 |  |  |  | 21,573,806 |
Texas — 6.4% |  |  |  |  |  |
Harris County Health Facilities Development Corp., Refunding RB, Series B, 5.75%, 07/01/27 |  |  | 16,860 |  |  |  | 17,808,496 |
North Fort Bend Water Authority, Refunding RB, Series A, 4.00%, 12/15/58 |  |  | 15,945 |  |  |  | 14,987,132 |
|  |  |  |  |  |  | 32,795,628 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 26.0% (Cost: $128,410,300) |  |  |  | 132,402,703 |
Total Long-Term Investments — 142.7% (Cost: $717,342,437) |  |  |  | 727,653,383 |
|  | Shares |  |  |  |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 2.1% |  |  |  |  |  |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (g)(h) |  |  | 10,693,984 |  |  |  | 10,695,053 |
Total Short-Term Securities — 2.1% (Cost: $10,695,053) |  |  |  | 10,695,053 |
Total Investments — 144.8% (Cost: $728,037,490) |  |  |  | 738,348,436 |
Other Assets Less Liabilities — 0.6% |  |  |  | 2,818,917 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (15.3)% |  |  |  | (77,749,839 | )
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (30.1)% |  |  |  | (153,600,000 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 509,817,514 |

(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) | Zero-coupon bond.

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

(e) | Non-income producing security.

(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) | Affiliate of the Fund.

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

S C H E D U L E O F I N V E S T M E N T S |  | 55

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniVest Fund, Inc. (MVF)

Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 07/31/23 |  |  | Purchases at Cost |  |  | Proceeds from Sale |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 01/31/24 |  |  | Shares Held at 01/31/24 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, MuniCash, Institutional Class. |  | $ | 91,513,818 |  |  | $ | — |  |  | $ | (80,822,662 | ) (a) |  | $ | 12,013 |  |  | $ | (8,116 | ) |  | $ | 10,695,053 |  |  |  | 10,693,984 |  |  | $ | 758,814 |  |  | $ | — |

| (a) | Represents net amount purchased (sold). |

Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal Bonds |  | $ | — |  |  | $ | 595,250,680 |  |  | $ | — |  |  | $ | 595,250,680 |
Municipal Bonds Transferred to Tender Option Bond Trusts |  |  | — |  |  |  | 132,402,703 |  |  |  | — |  |  |  | 132,402,703 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 10,695,053 |  |  |  | — |  |  |  | — |  |  |  | 10,695,053 |
|  | $ | 10,695,053 |  |  | $ | 727,653,383 |  |  | $ | — |  |  | $ | 738,348,436 |

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 fair value hierarchy as follows:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  | $ | — |  |  | $ | (77,373,088 | ) |  | $ | — |  |  | $ | (77,373,088 | )
VMTP Shares at Liquidation Value |  |  | — |  |  |  | (153,600,000 | ) |  |  | — |  |  |  | (153,600,000 | )
|  | $ | — |  |  | $ | (230,973,088 | ) |  | $ | — |  |  | $ | (230,973,088 | )

See notes to financial statements.

56 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) January 31, 2024 |  | BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds |  |  |  |  |  |  |  |
Alabama — 1.3% |  |  |  |  |  |
Black Belt Energy Gas District, RB, Series F, 5.50%, 11/01/53 (a) |  | $ | 405 |  |  | $ | 430,907 |
County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53 |  |  | 2,035 |  |  |  | 2,232,288 |
Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53 (a) |  |  | 685 |  |  |  | 736,820 |
|  |  |  |  |  |  | 3,400,015 |
Arizona — 2.1% |  |  |  |  |  |
City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47 |  |  | 760 |  |  |  | 865,913 |
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 |  |  | 450 |  |  |  | 351,280 |
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46 (b) |  |  | 1,685 |  |  |  | 1,618,515 |
Maricopa County Industrial Development Authority, RB, Series A, 4.00%, 01/01/44 |  |  | 2,675 |  |  |  | 2,627,346 |
|  |  |  |  |  |  | 5,463,054 |
Arkansas — 1.0% |  |  |  |  |  |
Arkansas Development Finance Authority, RB Series A, AMT, 4.75%, 09/01/49 (b) |  |  | 2,305 |  |  |  | 2,271,324 |
AMT, Sustainability Bonds, 5.70%, 05/01/53 |  |  | 435 |  |  |  | 445,314 |
|  |  |  |  |  |  | 2,716,638 |
California — 4.2% |  |  |  |  |  |
California Educational Facilities Authority, RB, Series U-7, 5.00%, 06/01/46 |  |  | 920 |  |  |  | 1,141,448 |
California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47 |  |  | 1,475 |  |  |  | 1,323,966 |
California Municipal Finance Authority, RB, S/F Housing |  |  |  |  |  |  |  |
Series A, 5.25%, 08/15/39 |  |  | 145 |  |  |  | 145,503 |
Series A, 5.25%, 08/15/49 |  |  | 370 |  |  |  | 371,571 |
California Pollution Control Financing Authority, RB, AMT, 5.00%, 11/21/45 (b) |  |  | 1,495 |  |  |  | 1,497,691 |
City of Los Angeles Department of Airports, ARB, Series A, AMT, 4.00%, 05/15/42 |  |  | 1,345 |  |  |  | 1,343,329 |
City of Los Angeles Department of Airports, Refunding ARB |  |  |  |  |  |  |  |
AMT, 5.00%, 05/15/46 |  |  | 1,155 |  |  |  | 1,228,907 |
Series D, AMT, Subordinate, 4.00%, 05/15/51 |  |  | 635 |  |  |  | 595,119 |
San Marcos Unified School District, GO, CAB, Series B, Election 2010, 0.00%, 08/01/42 (c) |  |  | 2,000 |  |  |  | 989,447 |
Val Verde Unified School District, GO, Series G, Election 2012, (AGM), 4.00%, 08/01/48 |  |  | 2,340 |  |  |  | 2,334,119 |
|  |  |  |  |  |  | 10,971,100 |
Colorado — 0.8% |  |  |  |  |  |
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series D, AMT, 5.75%, 11/15/45 |  |  | 425 |  |  |  | 480,396 |
Colorado Health Facilities Authority, RB |  |  |  |  |  |  |  |
5.50%, 11/01/47 |  |  | 175 |  |  |  | 190,010 |
5.25%, 11/01/52 |  |  | 360 |  |  |  | 383,452 |

Security |  | Par (000) |  |  | Value |
Colorado (continued) |  |  |  |  |  |
Colorado Health Facilities Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 08/01/44 |  | $ | 450 |  |  | $ | 467,511 |
Series A, 4.00%, 11/15/50 |  |  | 540 |  |  |  | 508,321 |
|  |  |  |  |  |  | 2,029,690 |
Delaware — 1.2% |  |  |  |  |  |
Delaware River & Bay Authority, Refunding RB, 4.00%, 01/01/44 |  |  | 1,500 |  |  |  | 1,504,393 |
Delaware State Health Facilities Authority, Refunding RB, 4.00%, 10/01/49 |  |  | 1,770 |  |  |  | 1,714,211 |
|  |  |  |  |  |  | 3,218,604 |
District of Columbia — 8.6% |  |  |  |  |  |
District of Columbia Income Tax Revenue, RB, Series A, 5.25%, 05/01/48 |  |  | 1,110 |  |  |  | 1,244,208 |
District of Columbia, Refunding RB, 5.00%, 10/01/48 |  |  | 2,315 |  |  |  | 2,357,465 |
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB |  |  |  |  |  |  |  |
Series A, AMT, 4.00%, 10/01/39 |  |  | 380 |  |  |  | 380,365 |
Series A, AMT, 5.25%, 10/01/48 |  |  | 2,355 |  |  |  | 2,533,249 |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB |  |  |  |  |  |  |  |
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/33 (c) |  |  | 6,590 |  |  |  | 4,782,532 |
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/34 (c) |  |  | 4,830 |  |  |  | 3,356,384 |
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/35 (c) |  |  | 6,515 |  |  |  | 4,302,658 |
Series B, Subordinate, 4.00%, 10/01/49 |  |  | 1,790 |  |  |  | 1,648,089 |
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB |  |  |  |  |  |  |  |
Series A, Sustainability Bonds, 4.00%, 07/15/46 |  |  | 1,205 |  |  |  | 1,195,940 |
Series A, Sustainability Bonds, 4.13%, 07/15/47 |  |  | 575 |  |  |  | 577,171 |
|  |  |  |  |  |  | 22,378,061 |
Florida — 6.9% |  |  |  |  |  |
Broward County Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/45 |  |  | 210 |  |  |  | 211,239 |
Celebration Pointe Community Development District No. 1, SAB |  |  |  |  |  |  |  |
5.00%, 05/01/32 |  |  | 415 |  |  |  | 416,074 |
5.00%, 05/01/48 |  |  | 1,120 |  |  |  | 1,045,596 |
City of Fort Lauderdale Florida Water & Sewer Revenue, RB, Series B, 5.50%, 09/01/48 |  |  | 1,280 |  |  |  | 1,486,170 |
County of Lee Florida Airport Revenue, ARB, Series B, AMT, 5.00%, 10/01/46 |  |  | 995 |  |  |  | 1,039,105 |
County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52 |  |  | 480 |  |  |  | 509,833 |
County of Pasco Florida, RB |  |  |  |  |  |  |  |
(AGM), 5.00%, 09/01/48 |  |  | 2,380 |  |  |  | 2,559,031 |
(AGM), 5.75%, 09/01/54 |  |  | 425 |  |  |  | 479,333 |
Florida Development Finance Corp., RB, Series A, 5.00%, 06/15/56 |  |  | 105 |  |  |  | 101,688 |
Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54 |  |  | 212 |  |  |  | 222,691 |
Orange County Health Facilities Authority, RB, 5.00%, 10/01/53 |  |  | 1,495 |  |  |  | 1,595,781 |

S C H E D U L E O F I N V E S T M E N T S |  | 57

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Florida (continued) |  |  |  |  |  |
Palm Beach County Health Facilities Authority, RB, 5.00%, 11/15/45 |  | $ | 3,150 |  |  | $ | 3,184,172 |
Tampa-Hillsborough County Expressway Authority, RB, 5.00%, 07/01/47 |  |  | 5,000 |  |  |  | 5,103,657 |
|  |  |  |  |  |  | 17,954,370 |
Georgia — 2.6% |  |  |  |  |  |
Cobb County Kennestone Hospital Authority, RB, 4.00%, 04/01/52 |  |  | 1,145 |  |  |  | 1,080,843 |
Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51 |  |  | 530 |  |  |  | 498,365 |
Main Street Natural Gas, Inc., RB |  |  |  |  |  |  |  |
Series A, 5.00%, 05/15/38 |  |  | 295 |  |  |  | 311,920 |
Series A, 5.00%, 05/15/49 |  |  | 985 |  |  |  | 1,071,394 |
Series A, 5.00%, 06/01/53 (a) |  |  | 2,185 |  |  |  | 2,311,249 |
Municipal Electric Authority of Georgia, RB, 4.00%, 01/01/49 |  |  | 1,560 |  |  |  | 1,400,884 |
|  |  |  |  |  |  | 6,674,655 |
Illinois — 9.6% |  |  |  |  |  |
Chicago Board of Education, GO |  |  |  |  |  |  |  |
Series A, 5.00%, 12/01/42 |  |  | 540 |  |  |  | 540,201 |
Series C, 5.25%, 12/01/35 |  |  | 1,465 |  |  |  | 1,471,830 |
Series D, 5.00%, 12/01/46 |  |  | 1,915 |  |  |  | 1,916,478 |
Series H, 5.00%, 12/01/36 |  |  | 450 |  |  |  | 460,333 |
Chicago Board of Education, Refunding GO, Series G, 5.00%, 12/01/34 |  |  | 450 |  |  |  | 460,689 |
Chicago Transit Authority Sales Tax Receipts Fund, RB, 2nd Lien, 5.00%, 12/01/46 |  |  | 615 |  |  |  | 621,256 |
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, 5.00%, 01/01/47 |  |  | 2,500 |  |  |  | 2,592,358 |
City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/48 |  |  | 1,655 |  |  |  | 1,822,326 |
Cook County Community College District No. 508, GO, 5.50%, 12/01/38 |  |  | 805 |  |  |  | 808,029 |
Illinois Finance Authority, RB, Series A, 5.00%, 02/15/50 |  |  | 130 |  |  |  | 121,601 |
Illinois Finance Authority, Refunding RB, Series C, 4.00%, 02/15/41 |  |  | 2,940 |  |  |  | 2,874,390 |
Illinois Housing Development Authority, RB, S/F Housing, Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 04/01/54 |  |  | 830 |  |  |  | 910,954 |
Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46 |  |  | 4,400 |  |  |  | 4,297,301 |
Metropolitan Pier & Exposition Authority, RB, 5.00%, 06/15/57 |  |  | 870 |  |  |  | 887,496 |
Metropolitan Pier & Exposition Authority, Refunding RB, Series B, (AGM), 0.00%, 06/15/44 (c) |  |  | 5,175 |  |  |  | 2,115,781 |
State of Illinois, GO |  |  |  |  |  |  |  |
5.00%, 02/01/39 |  |  | 1,540 |  |  |  | 1,543,268 |
Series B, 5.25%, 05/01/43 |  |  | 500 |  |  |  | 548,039 |
University of Illinois, RB, Series A, 5.00%, 04/01/44 |  |  | 985 |  |  |  | 985,898 |
|  |  |  |  |  |  | 24,978,228 |
Indiana — 1.0% |  |  |  |  |  |
City of Valparaiso Indiana, RB |  |  |  |  |  |  |  |
AMT, 6.75%, 01/01/34 |  |  | 790 |  |  |  | 791,265 |
AMT, 7.00%, 01/01/44 |  |  | 1,905 |  |  |  | 1,907,531 |
|  |  |  |  |  |  | 2,698,796 |

Security |  | Par (000) |  |  | Value |
Kansas — 0.1% |  |  |  |  |  |
Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52 |  | $ | 260 |  |  | $ | 237,491 |
Kentucky — 0.9% |  |  |  |  |  |
Kentucky Economic Development Finance Authority, Refunding RB, Series A, 5.00%, 08/01/44 |  |  | 1,010 |  |  |  | 1,045,922 |
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Convertible, 6.75%, 07/01/43 (d) |  |  | 1,200 |  |  |  | 1,408,227 |
|  |  |  |  |  |  | 2,454,149 |
Louisiana — 1.0% |  |  |  |  |  |
Louisiana Public Facilities Authority, RB, 5.25%, 10/01/53 |  |  | 1,200 |  |  |  | 1,272,804 |
Louisiana Public Facilities Authority, Refunding RB, Class A, 4.00%, 12/15/27 (e) |  |  | 60 |  |  |  | 63,165 |
New Orleans Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/48 |  |  | 915 |  |  |  | 926,035 |
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35 |  |  | 410 |  |  |  | 410,388 |
|  |  |  |  |  |  | 2,672,392 |
Maryland — 0.2% |  |  |  |  |  |
Maryland Health & Higher Educational Facilities Authority, RB, Series B, 4.00%, 04/15/50 |  |  | 595 |  |  |  | 554,527 |
Massachusetts — 2.2% |  |  |  |  |  |
Commonwealth of Massachusetts, GO |  |  |  |  |  |  |  |
Series C, 5.00%, 10/01/47 |  |  | 1,285 |  |  |  | 1,412,707 |
Series C, 5.00%, 10/01/52 |  |  | 1,335 |  |  |  | 1,449,168 |
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47 |  |  | 1,150 |  |  |  | 1,157,259 |
Massachusetts Development Finance Agency, Refunding RB (b) |  |  |  |  |  |  |  |
4.00%, 10/01/32 |  |  | 215 |  |  |  | 203,252 |
4.13%, 10/01/42 |  |  | 470 |  |  |  | 402,054 |
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46 |  |  | 1,110 |  |  |  | 1,164,144 |
|  |  |  |  |  |  | 5,788,584 |
Michigan — 6.3% |  |  |  |  |  |
City of Lansing Michigan, Refunding GO, Series B, (AGM), 5.00%, 06/01/48 |  |  | 1,550 |  |  |  | 1,675,452 |
Great Lakes Water Authority Sewage Disposal System Revenue, RB |  |  |  |  |  |  |  |
Series B, 2nd Lien, 5.25%, 07/01/47 |  |  | 545 |  |  |  | 597,161 |
Series B, 2nd Lien, 5.50%, 07/01/52 |  |  | 1,290 |  |  |  | 1,422,835 |
Series A, Senior Lien, 5.25%, 07/01/52 |  |  | 1,290 |  |  |  | 1,419,746 |
Great Lakes Water Authority Water Supply System Revenue, RB |  |  |  |  |  |  |  |
Series A, Senior Lien, 5.25%, 07/01/52 |  |  | 1,290 |  |  |  | 1,419,746 |
Series B, Senior Lien, 5.50%, 07/01/52 |  |  | 1,290 |  |  |  | 1,425,102 |
Lansing Board of Water & Light, Refunding RB, Series A, 5.25%, 07/01/54 |  |  | 2,305 |  |  |  | 2,575,426 |
Michigan Finance Authority, RB |  |  |  |  |  |  |  |
4.00%, 02/15/47 |  |  | 395 |  |  |  | 378,267 |
4.00%, 02/15/50 |  |  | 2,235 |  |  |  | 2,113,098 |
4.00%, 02/15/44 |  |  | 810 |  |  |  | 780,982 |
Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/49 |  |  | 1,480 |  |  |  | 1,421,474 |
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 |  |  | 1,070 |  |  |  | 1,079,071 |
|  |  |  |  |  |  | 16,308,360 |

58 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Minnesota — 1.5% |  |  |  |  |  |
Duluth Economic Development Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 4.25%, 02/15/48 |  | $ | 1,995 |  |  | $ | 1,858,089 |
Series A, 5.25%, 02/15/53 |  |  | 565 |  |  |  | 576,627 |
Series A, 5.25%, 02/15/58 |  |  | 1,480 |  |  |  | 1,508,740 |
|  |  |  |  |  |  | 3,943,456 |
Missouri — 2.5% |  |  |  |  |  |
Health & Educational Facilities Authority of the State of Missouri, Refunding RB |  |  |  |  |  |  |  |
Series A, 4.00%, 02/15/49 |  |  | 2,630 |  |  |  | 2,486,809 |
Series C, 5.00%, 11/15/42 |  |  | 2,570 |  |  |  | 2,662,669 |
Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54 |  |  | 1,280 |  |  |  | 1,299,760 |
|  |  |  |  |  |  | 6,449,238 |
New Hampshire (b) — 0.8% |  |  |  |  |  |
New Hampshire Business Finance Authority, Refunding RB |  |  |  |  |  |  |  |
Series B, 4.63%, 11/01/42 |  |  | 1,545 |  |  |  | 1,311,599 |
Series C, AMT, 4.88%, 11/01/42 |  |  | 805 |  |  |  | 736,434 |
|  |  |  |  |  |  | 2,048,033 |
New Jersey — 11.6% |  |  |  |  |  |
Casino Reinvestment Development Authority, Inc., Refunding RB |  |  |  |  |  |  |  |
5.25%, 11/01/39 |  |  | 1,675 |  |  |  | 1,689,309 |
5.25%, 11/01/44 |  |  | 1,525 |  |  |  | 1,533,535 |
New Jersey Economic Development Authority, RB |  |  |  |  |  |  |  |
Class A, 5.25%, 11/01/47 |  |  | 1,740 |  |  |  | 1,918,377 |
Series EEE, 5.00%, 06/15/48 |  |  | 5,845 |  |  |  | 6,099,358 |
New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47 |  |  | 1,425 |  |  |  | 1,427,551 |
New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31 |  |  | 2,240 |  |  |  | 2,077,546 |
New Jersey Higher Education Student Assistance Authority, Refunding RB |  |  |  |  |  |  |  |
Series B, AMT, 4.00%, 12/01/41 |  |  | 1,230 |  |  |  | 1,226,366 |
Series C, AMT, Subordinate, 5.00%, 12/01/52 |  |  | 1,245 |  |  |  | 1,260,024 |
New Jersey Transportation Trust Fund Authority, RB |  |  |  |  |  |  |  |
Series BB, 5.00%, 06/15/46 |  |  | 1,485 |  |  |  | 1,620,162 |
Series S, 5.00%, 06/15/46 |  |  | 1,225 |  |  |  | 1,284,003 |
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 4.25%, 06/15/40 |  |  | 3,225 |  |  |  | 3,386,143 |
Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/48 |  |  | 290 |  |  |  | 284,382 |
Tobacco Settlement Financing Corp., Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 06/01/46 |  |  | 255 |  |  |  | 259,771 |
Series A, 5.25%, 06/01/46 |  |  | 270 |  |  |  | 278,529 |
Sub-Series B, 5.00%, 06/01/46 |  |  | 5,660 |  |  |  | 5,717,897 |
|  |  |  |  |  |  | 30,062,953 |
New York — 16.2% |  |  |  |  |  |
City of New York, GO, Series A-1, 4.00%, 09/01/46 |  |  | 800 |  |  |  | 814,920 |
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45 |  |  | 1,960 |  |  |  | 1,910,730 |
Metropolitan Transportation Authority, Refunding RB |  |  |  |  |  |  |  |
Series C-1, Sustainability Bonds, 4.75%, 11/15/45 |  |  | 1,585 |  |  |  | 1,635,450 |
Series C-1, Sustainability Bonds, 5.00%, 11/15/50 |  |  | 515 |  |  |  | 536,570 |
Series C-1, Sustainability Bonds, 5.25%, 11/15/55 |  |  | 760 |  |  |  | 800,815 |
New York City Housing Development Corp., RB, M/F Housing, Sustainability Bonds, 4.80%, 02/01/53 |  |  | 5,000 |  |  |  | 5,055,199 |
New York City Municipal Water Finance Authority, Refunding RB Series BB-1, 4.00%, 06/15/45 |  |  | 740 |  |  |  | 742,036 |

Security |  | Par (000) |  |  | Value |
New York (continued) |  |  |  |  |  |
New York City Municipal Water Finance Authority, Refunding RB (continued) |  |  |  |  |  |  |  |
Series DD, 4.13%, 06/15/46 |  | $ | 4,410 |  |  | $ | 4,527,559 |
Series DD, 4.13%, 06/15/47 |  |  | 4,535 |  |  |  | 4,607,245 |
New York Counties Tobacco Trust IV, Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 06/01/38 |  |  | 1,875 |  |  |  | 1,862,013 |
Series A, 6.25%, 06/01/41 (b) |  |  | 1,800 |  |  |  | 1,800,625 |
New York Liberty Development Corp., Refunding RB 3.13%, 09/15/50 |  |  | 315 |  |  |  | 243,240 |
Class 1, 5.00%, 11/15/44 (b) |  |  | 2,260 |  |  |  | 2,257,175 |
Class 2, 5.38%, 11/15/40 (b) |  |  | 850 |  |  |  | 851,062 |
Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51 |  |  | 2,370 |  |  |  | 1,725,103 |
New York State Dormitory Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 4.00%, 03/15/44 |  |  | 1,080 |  |  |  | 1,090,555 |
Series A, 4.00%, 03/15/47 |  |  | 3,855 |  |  |  | 3,856,446 |
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/49 |  |  | 860 |  |  |  | 848,450 |
New York State Urban Development Corp., Refunding RB, 4.00%, 03/15/49 |  |  | 990 |  |  |  | 970,476 |
New York Transportation Development Corp., ARB, AMT, 5.63%, 04/01/40 |  |  | 470 |  |  |  | 508,916 |
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35 |  |  | 1,050 |  |  |  | 1,096,176 |
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB |  |  |  |  |  |  |  |
Series A, 4.00%, 05/15/48 |  |  | 3,055 |  |  |  | 3,040,770 |
Series A, 5.25%, 05/15/52 |  |  | 400 |  |  |  | 445,338 |
Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/56 |  |  | 825 |  |  |  | 880,865 |
|  |  |  |  |  |  | 42,107,734 |
Ohio — 1.7% |  |  |  |  |  |
Buckeye Tobacco Settlement Financing Authority, Refunding RB |  |  |  |  |  |  |  |
Series A-2, Class 1, 4.00%, 06/01/48 |  |  | 830 |  |  |  | 752,228 |
Series B-2, Class 2, 5.00%, 06/01/55 |  |  | 2,295 |  |  |  | 2,161,798 |
County of Franklin Ohio, RB, Series A, 5.00%, 12/01/47 |  |  | 400 |  |  |  | 414,515 |
County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49 |  |  | 530 |  |  |  | 593,164 |
County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50 |  |  | 590 |  |  |  | 556,327 |
|  |  |  |  |  |  | 4,478,032 |
Pennsylvania — 2.5% |  |  |  |  |  |
Allegheny County Airport Authority, ARB |  |  |  |  |  |  |  |
Series A, AMT, (AGM), 5.50%, 01/01/48 |  |  | 235 |  |  |  | 256,839 |
Series A, AMT, (AGM-CR), 4.00%, 01/01/56 |  |  | 605 |  |  |  | 568,432 |
Lancaster Industrial Development Authority, RB, 5.00%, 12/01/44 |  |  | 1,070 |  |  |  | 1,071,817 |
Montgomery County Higher Education and Health Authority, Refunding RB |  |  |  |  |  |  |  |
4.00%, 09/01/51 |  |  | 510 |  |  |  | 469,695 |
5.00%, 09/01/48 |  |  | 345 |  |  |  | 353,156 |
Pennsylvania Economic Development Financing Authority, RB, 5.00%, 06/30/42 |  |  | 850 |  |  |  | 850,801 |
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 |  |  | 1,035 |  |  |  | 1,024,031 |

S C H E D U L E O F I N V E S T M E N T S |  | 59

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Pennsylvania (continued) |  |  |  |  |  |
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series B, 4.00%, 12/01/53 |  | $ | 1,090 |  |  | $ | 1,023,368 |
Pennsylvania Turnpike Commission, Refunding RB, Series C, 4.00%, 12/01/51 |  |  | 950 |  |  |  | 935,180 |
|  |  |  |  |  |  | 6,553,319 |
Puerto Rico — 5.7% |  |  |  |  |  |
Commonwealth of Puerto Rico, GO |  |  |  |  |  |  |  |
Series A-1, Restructured, 5.63%, 07/01/29 |  |  | 1,435 |  |  |  | 1,550,597 |
Series A-1, Restructured, 5.75%, 07/01/31 |  |  | 1,295 |  |  |  | 1,434,385 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |  |  |  |  |  |  |  |
Series A-1, Restructured, 4.75%, 07/01/53 |  |  | 1,843 |  |  |  | 1,805,716 |
Series A-1, Restructured, 5.00%, 07/01/58 |  |  | 5,562 |  |  |  | 5,561,928 |
Series A-2, Restructured, 4.78%, 07/01/58 |  |  | 2,941 |  |  |  | 2,874,827 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (c) |  |  | 5,051 |  |  |  | 1,552,731 |
|  |  |  |  |  |  | 14,780,184 |
South Carolina — 2.0% |  |  |  |  |  |
South Carolina Jobs-Economic Development Authority, Refunding RB |  |  |  |  |  |  |  |
4.00%, 12/01/44 |  |  | 1,820 |  |  |  | 1,738,123 |
5.00%, 11/15/47 |  |  | 1,350 |  |  |  | 1,359,076 |
Series A, 5.00%, 05/01/48 |  |  | 1,505 |  |  |  | 1,533,634 |
South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49 |  |  | 650 |  |  |  | 587,549 |
|  |  |  |  |  |  | 5,218,382 |
Tennessee — 1.2% |  |  |  |  |  |
Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/45 |  |  | 1,275 |  |  |  | 1,333,434 |
Tennergy Corp., RB, Series A, 5.50%, 10/01/53 (a) |  |  | 1,640 |  |  |  | 1,758,255 |
|  |  |  |  |  |  | 3,091,689 |
Texas — 15.1% |  |  |  |  |  |
Arlington Higher Education Finance Corp., RB (b) |  |  |  |  |  |  |  |
7.50%, 04/01/62 |  |  | 435 |  |  |  | 423,305 |
7.88%, 11/01/62 |  |  | 370 |  |  |  | 375,495 |
City of Austin Texas Airport System Revenue, ARB, Series B, AMT, 5.00%, 11/15/44 |  |  | 1,795 |  |  |  | 1,870,790 |
City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48 |  |  | 190 |  |  |  | 190,809 |
City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, 1st Lien, Subordinate, (AGM), 5.25%, 07/01/48 |  |  | 4,065 |  |  |  | 4,373,427 |
City of Houston Texas Airport System Revenue, Refunding RB, AMT, 5.00%, 07/01/29 |  |  | 775 |  |  |  | 774,031 |
City of Houston Texas, Refunding GO, Series A, 5.25%, 03/01/42 |  |  | 210 |  |  |  | 240,406 |
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.25%, 02/01/46 |  |  | 4,500 |  |  |  | 5,084,525 |
Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/43 |  |  | 745 |  |  |  | 746,527 |
County of Harris Texas, Refunding GO, Series A, 4.25%, 09/15/48 |  |  | 390 |  |  |  | 395,686 |
Crowley Independent School District, GO, (PSF), 5.00%, 02/01/48 |  |  | 1,545 |  |  |  | 1,697,413 |
Denton Independent School District, GO, (PSF), 5.00%, 08/15/48 |  |  | 1,335 |  |  |  | 1,469,347 |
Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42 |  |  | 670 |  |  |  | 670,107 |

Security |  | Par (000) |  |  | Value |
Texas (continued) |  |  |  |  |  |
Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48 |  | $ | 140 |  |  | $ | 140,071 |
Hutto Independent School District, GO, (PSF), 5.00%, 08/01/48 |  |  | 90 |  |  |  | 99,174 |
Klein Independent School District, GO, (PSF), 4.00%, 08/01/47 |  |  | 2,315 |  |  |  | 2,304,254 |
New Caney Independent School District, Refunding GO, (PSF), 5.00%, 02/15/48 |  |  | 5,250 |  |  |  | 5,794,473 |
Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/48 |  |  | 645 |  |  |  | 708,740 |
Tarrant County Cultural Education Facilities Finance Corp., RB |  |  |  |  |  |  |  |
Series A, 4.00%, 07/01/53 |  |  | 620 |  |  |  | 556,221 |
Series A, 5.00%, 07/01/53 |  |  | 760 |  |  |  | 789,386 |
Series B, 5.00%, 07/01/48 |  |  | 4,545 |  |  |  | 4,676,979 |
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.00%, 10/01/49 |  |  | 1,000 |  |  |  | 897,770 |
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series C, (GNMA), 5.00%, 09/01/48 |  |  | 1,620 |  |  |  | 1,684,800 |
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58 |  |  | 1,140 |  |  |  | 1,153,238 |
Texas Water Development Board, RB, 4.00%, 10/15/45 |  |  | 1,285 |  |  |  | 1,286,146 |
Waller Consolidated Independent School District, GO, Series A, (PSF), 4.00%, 02/15/48 |  |  | 750 |  |  |  | 749,758 |
|  |  |  |  |  |  | 39,152,878 |
Utah — 2.1% |  |  |  |  |  |
City of Salt Lake City Utah Airport Revenue, ARB |  |  |  |  |  |  |  |
Series A, AMT, 5.00%, 07/01/46 |  |  | 1,950 |  |  |  | 2,041,863 |
Series A, AMT, 5.00%, 07/01/48 |  |  | 875 |  |  |  | 897,035 |
Series A, AMT, 5.25%, 07/01/48 |  |  | 2,330 |  |  |  | 2,493,766 |
|  |  |  |  |  |  | 5,432,664 |
Washington — 0.6% |  |  |  |  |  |
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43 |  |  | 1,465 |  |  |  | 1,500,001 |
Wisconsin — 0.1% |  |  |  |  |  |
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.85%, 09/01/43 |  |  | 320 |  |  |  | 336,858 |
Total Municipal Bonds — 113.6% (Cost: $286,639,166) |  |  |  |  |  |  | 295,654,135 |
Municipal Bonds Transferred to Tender Option Bond Trusts (f) |
Alabama — 8.3% |  |  |  |  |  |
Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54 |  |  | 10,000 |  |  |  | 11,115,900 |
Southeast Energy Authority A Cooperative District, RB, Series A, 5.25%, 01/01/54 |  |  | 10,000 |  |  |  | 10,640,200 |
|  |  |  |  |  |  | 21,756,100 |
Florida — 1.3% |  |  |  |  |  |
City of Melbourne Florida Water & Sewer Revenue, RB, 5.00%, 11/15/50 |  |  | 3,090 |  |  |  | 3,392,518 |
Michigan — 1.0% |  |  |  |  |  |
Michigan State Building Authority, RB, M/F Housing, Series A, 5.00%, 10/01/48 |  |  | 2,551 |  |  |  | 2,668,051 |

60 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
New York — 4.4% |  |  |  |  |  |  |  |
New York City Housing Development Corp., RB, M/F Housing, Series E-1, Sustainability Bonds, 4.70%, 11/01/48 |  | $ | 2,460 |  |  | $ | 2,498,984 |
New York City Transitional Finance Authority, RB, 5.25%, 05/01/48 |  |  | 4,240 |  |  |  | 4,813,543 |
New York State Dormitory Authority, Refunding RB, Series E, 5.00%, 03/15/46 |  |  | 3,940 |  |  |  | 4,143,659 |
|  |  |  |  |  |  | 11,456,186 |
Oregon — 3.1% |  |  |  |  |  |
Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48 |  |  | 7,232 |  |  |  | 8,012,042 |
Pennsylvania — 3.5% |  |  |  |  |  |
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 143A, Sustainability Bonds, 6.25%, 10/01/53 |  |  | 4,964 |  |  |  | 5,463,540 |
Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/47 |  |  | 3,178 |  |  |  | 3,553,766 |
|  |  |  |  |  |  | 9,017,306 |
South Carolina — 2.7% |  |  |  |  |  |
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54 |  |  | 6,463 |  |  |  | 6,973,163 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 24.3% (Cost: $60,786,256) |  |  |  | 63,275,366 |
Total Long-Term Investments — 137.9% (Cost: $347,425,422) |  |  |  | 358,929,501 |
|  | Shares |  |  |  |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 1.0% |  |  |  |  |  |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (g)(h) |  |  | 2,566,712 |  |  |  | 2,566,968 |
Total Short-Term Securities — 1.0% (Cost: $2,566,352) |  |  |  | 2,566,968 |
Total Investments — 138.9% (Cost: $349,991,774) |  |  |  | 361,496,469 |
Other Assets Less Liabilities — 3.2% |  |  |  | 8,229,673 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (12.2)% |  |  |  | (31,793,925 | )
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (29.9)% |  |  |  | (77,700,000 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 260,232,217 |

(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) | Zero-coupon bond.

(d) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(e) | 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.

(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) | Affiliate of the Fund.

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

S C H E D U L E O F I N V E S T M E N T S |  | 61

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniVest Fund II, Inc. (MVT)

Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 07/31/23 |  |  | Purchases at Cost |  |  | Proceeds from Sale |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 01/31/24 |  |  | Shares Held at 01/31/24 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, MuniCash, Institutional Class |  | $ | 17,478,788 |  |  | $ | — |  |  | $ | (14,911,680 | ) (a) |  | $ | (12 | ) |  | $ | (128 | ) |  | $ | 2,566,968 |  |  |  | 2,566,712 |  |  | $ | 281,007 |  |  | $ | — |

| (a) | Represents net amount purchased (sold). |

Derivative Financial Instruments Categorized by Risk Exposure
For the period ended January 31, 2024, 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 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,263,558 |  |  | $ | — |  |  | $ | 2,263,558 |
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (499,448 | ) |  | $ | — |  |  | $ | (499,448 | )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |  |  |  |
Average notional value of contracts — short |  | $ | — | (a)

| (a) | Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period. |

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 financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal Bonds |  | $ | — |  |  | $ | 295,654,135 |  |  | $ | — |  |  | $ | 295,654,135 |
Municipal Bonds Transferred to Tender Option Bond Trusts |  |  | — |  |  |  | 63,275,366 |  |  |  | — |  |  |  | 63,275,366 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 2,566,968 |  |  |  | — |  |  |  | — |  |  |  | 2,566,968 |
|  | $ | 2,566,968 |  |  | $ | 358,929,501 |  |  | $ | — |  |  | $ | 361,496,469 |

62 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniVest Fund II, Inc. (MVT)

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 fair value hierarchy as follows:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  | $ | — |  |  | $ | (31,622,503 | ) |  | $ | — |  |  | $ | (31,622,503 | )
VMTP Shares at Liquidation Value |  |  | — |  |  |  | (77,700,000 | ) |  |  | — |  |  |  | (77,700,000 | )
|  | $ | — |  |  | $ | (109,322,503 | ) |  | $ | — |  |  | $ | (109,322,503 | )

See notes to financial statements.

S C H E D U L E O F I N V E S T M E N T S |  | 63

Schedule of Investments (unaudited) January 31, 2024 |  | BlackRock MuniYield Quality Fund II, Inc. (MQT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds |  |  |  |  |  |  |  |
Alabama — 4.1% |  |  |  |  |  |
Black Belt Energy Gas District, RB (a) |  |  |  |  |  |  |  |
4.00%, 10/01/52 |  | $ | 1,355 |  |  | $ | 1,352,948 |
Series A, 5.25%, 01/01/54 |  |  | 835 |  |  |  | 899,180 |
Series F, 5.50%, 11/01/53 |  |  | 810 |  |  |  | 861,812 |
County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53 |  |  | 1,740 |  |  |  | 1,908,688 |
Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54 (a) |  |  | 1,815 |  |  |  | 2,017,536 |
Homewood Educational Building Authority, Refunding RB, Series A, 5.00%, 12/01/47 |  |  | 655 |  |  |  | 661,749 |
Southeast Energy Authority A Cooperative District, RB (a) |  |  |  |  |  |  |  |
Series A-1, 5.50%, 01/01/53 |  |  | 740 |  |  |  | 795,981 |
Series B-1, 5.00%, 05/01/53 |  |  | 2,055 |  |  |  | 2,136,060 |
|  |  |  |  |  |  | 10,633,954 |
Arizona — 3.4% |  |  |  |  |  |
Arizona Industrial Development Authority, RB (b) |  |  |  |  |  |  |  |
5.00%, 07/01/54 |  |  | 545 |  |  |  | 478,725 |
Series A, 5.00%, 07/01/49 |  |  | 545 |  |  |  | 493,906 |
Series A, 5.00%, 07/01/54 |  |  | 420 |  |  |  | 373,874 |
City of Phoenix Civic Improvement Corp., ARB, Series B, AMT, Junior Lien, 5.00%, 07/01/44 |  |  | 1,745 |  |  |  | 1,825,014 |
City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47 |  |  | 910 |  |  |  | 1,036,817 |
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 |  |  | 305 |  |  |  | 238,090 |
Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/39 (b) |  |  | 500 |  |  |  | 477,320 |
Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/49 (b) |  |  | 1,025 |  |  |  | 937,133 |
Maricopa County Industrial Development Authority, Refunding RB |  |  |  |  |  |  |  |
5.00%, 07/01/54 (b) |  |  | 290 |  |  |  | 271,563 |
Series A, 5.00%, 09/01/37 |  |  | 575 |  |  |  | 607,757 |
Salt Verde Financial Corp., RB, 5.00%, 12/01/37 |  |  | 1,120 |  |  |  | 1,222,935 |
Sierra Vista Industrial Development Authority, RB, 5.75%, 06/15/53 (b) |  |  | 745 |  |  |  | 746,199 |
|  |  |  |  |  |  | 8,709,333 |
Arkansas — 0.6% |  |  |  |  |  |
Arkansas Development Finance Authority, RB Series A, AMT, 4.50%, 09/01/49 (b) |  |  | 1,275 |  |  |  | 1,237,222 |
AMT, Sustainability Bonds, 5.70%, 05/01/53 |  |  | 420 |  |  |  | 429,958 |
|  |  |  |  |  |  | 1,667,180 |
California — 5.4% |  |  |  |  |  |
California Community Housing Agency, RB, M/F Housing, 3.00%, 08/01/56 (b) |  |  | 120 |  |  |  | 84,400 |
California Enterprise Development Authority, RB, 8.00%, 11/15/62 (b) |  |  | 370 |  |  |  | 365,428 |
CSCDA Community Improvement Authority, RB, M/F Housing (b) |  |  |  |  |  |  |  |
4.00%, 10/01/56 |  |  | 155 |  |  |  | 126,658 |
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57 |  |  | 525 |  |  |  | 338,379 |
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58 |  |  | 755 |  |  |  | 563,885 |
Sustainability Bonds, 5.00%, 09/01/37 |  |  | 100 |  |  |  | 102,542 |
Sustainability Bonds, 4.00%, 12/01/56 |  |  | 200 |  |  |  | 139,334 |
Series A, Sustainability Bonds, 4.00%, 06/01/58 |  |  | 490 |  |  |  | 354,595 |

Security |  | Par (000) |  |  | Value |
California (continued) |  |  |  |  |  |
Mount San Antonio Community College District, Refunding GO, CAB, Series A, Convertible, Election 2013, 6.25%, 08/01/43 |  | $ | 5,000 |  |  | $ | 4,943,671 |
Norman Y Mineta San Jose International Airport SJC, Refunding RB, Series A, AMT, 5.00%, 03/01/41 |  |  | 765 |  |  |  | 788,301 |
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53 |  |  | 1,375 |  |  |  | 1,364,122 |
San Diego Unified School District, GO, Series C, Election 2008, 0.00%, 07/01/38 (c) |  |  | 1,400 |  |  |  | 836,515 |
San Diego Unified School District, Refunding GO, CAB, Series R-1, 0.00%, 07/01/31 (c) |  |  | 1,110 |  |  |  | 889,707 |
Yosemite Community College District, GO (c) |  |  |  |  |  |  |  |
Series D, Election 2004, 0.00%, 08/01/36 |  |  | 2,000 |  |  |  | 1,429,492 |
Series D, Election 2004, 0.00%, 08/01/37 |  |  | 2,790 |  |  |  | 1,698,706 |
|  |  |  |  |  |  | 14,025,735 |
Colorado — 1.7% |  |  |  |  |  |
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.00%, 11/15/47 |  |  | 240 |  |  |  | 253,206 |
City & County of Denver Colorado, COP, Series A, 4.00%, 06/01/48 |  |  | 695 |  |  |  | 664,166 |
Colorado Health Facilities Authority, RB, Series A, 4.00%, 11/15/46 |  |  | 945 |  |  |  | 902,031 |
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44 |  |  | 940 |  |  |  | 899,142 |
State of Colorado, COP, Series S, 4.00%, 03/15/40 |  |  | 1,635 |  |  |  | 1,674,887 |
|  |  |  |  |  |  | 4,393,432 |
Connecticut — 0.2% |  |  |  |  |  |
Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Series A-1, 3.80%, 11/15/39 |  |  | 55 |  |  |  | 52,784 |
Connecticut State Health & Educational Facilities Authority, RB |  |  |  |  |  |  |  |
5.25%, 07/15/48 |  |  | 145 |  |  |  | 156,962 |
4.25%, 07/15/53 |  |  | 190 |  |  |  | 185,378 |
|  |  |  |  |  |  | 395,124 |
District of Columbia — 0.3% |  |  |  |  |  |
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49 |  |  | 875 |  |  |  | 805,630 |
Florida — 9.2% |  |  |  |  |  |
Capital Trust Agency, Inc., RB (b) |  |  |  |  |  |  |  |
5.00%, 01/01/55 |  |  | 535 |  |  |  | 407,029 |
Series A, 5.00%, 06/01/55 |  |  | 480 |  |  |  | 391,751 |
Series A, 5.50%, 06/01/57 |  |  | 170 |  |  |  | 149,440 |
City of South Miami Health Facilities Authority, Inc., Refunding RB, 5.00%, 08/15/42 |  |  | 2,340 |  |  |  | 2,394,888 |
City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, Sustainability Bonds, 5.25%, 10/01/57 |  |  | 2,210 |  |  |  | 2,456,182 |
City of Tampa Florida, RB, CAB (c) |  |  |  |  |  |  |  |
Series A, 0.00%, 09/01/49 |  |  | 525 |  |  |  | 150,414 |
Series A, 0.00%, 09/01/53 |  |  | 295 |  |  |  | 68,101 |
County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 4.00%, 10/01/49 |  |  | 735 |  |  |  | 649,627 |
County of Broward Florida Port Facilities Revenue, ARB, AMT, 5.25%, 09/01/47 |  |  | 1,000 |  |  |  | 1,053,675 |
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/44 |  |  | 425 |  |  |  | 441,483 |

64 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniYield Quality Fund II, Inc. (MQT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Florida (continued) |  |  |  |  |  |
County of Miami-Dade Florida Aviation Revenue, Refunding RB, AMT, 5.00%, 10/01/34 |  | $ | 160 |  |  | $ | 161,522 |
County of Miami-Dade Florida Water & Sewer System Revenue, RB, 4.00%, 10/01/48 |  |  | 1,550 |  |  |  | 1,525,968 |
County of Miami-Dade Seaport Department, Refunding RB |  |  |  |  |  |  |  |
Series A, AMT, 5.00%, 10/01/41 |  |  | 360 |  |  |  | 382,177 |
Series A, AMT, 5.00%, 10/01/47 |  |  | 2,360 |  |  |  | 2,470,887 |
Series A-1, AMT, (AGM), 4.00%, 10/01/45 |  |  | 790 |  |  |  | 731,621 |
County of Osceola Florida Transportation Revenue, Refunding RB, CAB (c) |  |  |  |  |  |  |  |
Series A-2, 0.00%, 10/01/46 |  |  | 480 |  |  |  | 146,500 |
Series A-2, 0.00%, 10/01/47 |  |  | 775 |  |  |  | 222,568 |
County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54 |  |  | 180 |  |  |  | 203,012 |
Florida Development Finance Corp., RB (b) |  |  |  |  |  |  |  |
6.50%, 06/30/57 |  |  | 340 |  |  |  | 326,246 |
AMT, 5.00%, 05/01/29 |  |  | 480 |  |  |  | 462,704 |
Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50 (b) |  |  | 270 |  |  |  | 232,049 |
Greater Orlando Aviation Authority, ARB, Sub-Series A, AMT, 5.00%, 10/01/47 |  |  | 2,520 |  |  |  | 2,561,608 |
Hillsborough County Aviation Authority, ARB, AMT, 5.00%, 10/01/48 |  |  | 2,165 |  |  |  | 2,201,227 |
Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54 |  |  | 210 |  |  |  | 220,072 |
Lakewood Ranch Stewardship District, SAB, S/F Housing |  |  |  |  |  |  |  |
4.00%, 05/01/40 |  |  | 235 |  |  |  | 202,304 |
4.00%, 05/01/50 |  |  | 395 |  |  |  | 303,601 |
Orange County Health Facilities Authority, RB, 5.00%, 10/01/53 |  |  | 1,805 |  |  |  | 1,926,678 |
Orange County Housing Finance Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.75%, 09/01/47 |  |  | 120 |  |  |  | 115,033 |
Palm Beach County Health Facilities Authority, RB, |  |  |  |  |  |  |  |
Series B, 4.00%, 11/15/41 |  |  | 140 |  |  |  | 127,109 |
Seminole Improvement District, RB, 5.30%, 10/01/37 |  |  | 150 |  |  |  | 150,099 |
Storey Creek Community Development District, SAB, 4.13%, 12/15/49 |  |  | 500 |  |  |  | 403,006 |
Village Community Development District No. 14, SAB, 5.50%, 05/01/53 |  |  | 540 |  |  |  | 544,890 |
Village Community Development District No. 15, SAB, 5.25%, 05/01/54 (b) |  |  | 215 |  |  |  | 213,078 |
|  |  |  |  |  |  | 23,996,549 |
Georgia — 1.9% |  |  |  |  |  |
Development Authority for Fulton County, RB, 4.00%, 07/01/49 |  |  | 500 |  |  |  | 472,576 |
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62 (b) |  |  | 200 |  |  |  | 181,289 |
Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51 |  |  | 875 |  |  |  | 822,772 |
Main Street Natural Gas, Inc., RB |  |  |  |  |  |  |  |
Series A, 5.00%, 05/15/49 |  |  | 235 |  |  |  | 255,612 |
Series A, 5.00%, 06/01/53 (a) |  |  | 620 |  |  |  | 655,824 |
Municipal Electric Authority of Georgia, RB |  |  |  |  |  |  |  |
Class A, 5.50%, 07/01/63 |  |  | 345 |  |  |  | 362,284 |
Series A, 5.00%, 01/01/49 |  |  | 1,190 |  |  |  | 1,215,269 |
Series A, 5.00%, 01/01/59 |  |  | 880 |  |  |  | 893,358 |

Security |  | Par (000) |  |  | Value |
Georgia (continued) |  |  |  |  |  |
Private Colleges & Universities Authority, RB, 5.00%, 04/01/24 (d) |  | $ | 120 |  |  | $ | 120,364 |
|  |  |  |  |  |  | 4,979,348 |
Hawaii — 0.9% |  |  |  |  |  |
State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/43 |  |  | 2,315 |  |  |  | 2,402,062 |
Illinois — 10.7% |  |  |  |  |  |
Chicago Board of Education, GO |  |  |  |  |  |  |  |
Series A, 5.00%, 12/01/34 |  |  | 1,265 |  |  |  | 1,331,734 |
Series A, 5.00%, 12/01/40 |  |  | 1,195 |  |  |  | 1,227,145 |
Series A, 5.00%, 12/01/47 |  |  | 360 |  |  |  | 368,063 |
Chicago Board of Education, Refunding GO, Series A, 5.00%, 12/01/30 |  |  | 135 |  |  |  | 142,158 |
Chicago Midway International Airport, Refunding ARB, Series B, 5.00%, 01/01/46 |  |  | 1,770 |  |  |  | 1,804,461 |
Chicago O’Hare International Airport, Refunding ARB |  |  |  |  |  |  |  |
Series A, AMT, Senior Lien, 5.00%, 01/01/48 |  |  | 740 |  |  |  | 750,163 |
Series A, AMT, Senior Lien, 4.38%, 01/01/53 |  |  | 830 |  |  |  | 792,911 |
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57 |  |  | 705 |  |  |  | 720,552 |
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/53 |  |  | 1,550 |  |  |  | 1,699,061 |
City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/53 |  |  | 525 |  |  |  | 571,347 |
Illinois Finance Authority, RB, 5.00%, 10/01/48 |  |  | 475 |  |  |  | 517,445 |
Illinois Finance Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 11/15/45 |  |  | 1,110 |  |  |  | 1,117,997 |
Series C, 4.13%, 08/15/37 |  |  | 665 |  |  |  | 634,236 |
Series C, 5.00%, 08/15/44 |  |  | 305 |  |  |  | 306,448 |
Illinois Housing Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.13%, 10/01/38 |  |  | 120 |  |  |  | 116,954 |
Illinois State Toll Highway Authority, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 01/01/40 |  |  | 730 |  |  |  | 747,750 |
Series A, 4.00%, 01/01/46 |  |  | 930 |  |  |  | 908,293 |
Metropolitan Pier & Exposition Authority, RB |  |  |  |  |  |  |  |
5.00%, 06/15/57 |  |  | 670 |  |  |  | 683,473 |
Series A, (NPFGC), 0.00%, 12/15/36 (c) |  |  | 10,000 |  |  |  | 6,117,599 |
Metropolitan Pier & Exposition Authority, Refunding RB, Series B, (AGM), 0.00%, 06/15/44 (c) |  |  | 2,980 |  |  |  | 1,218,363 |
Regional Transportation Authority, RB, Series B, (NPFGC), 5.75%, 06/01/33 |  |  | 2,000 |  |  |  | 2,364,407 |
State of Illinois, GO |  |  |  |  |  |  |  |
5.25%, 02/01/32 |  |  | 870 |  |  |  | 871,451 |
5.25%, 02/01/34 |  |  | 600 |  |  |  | 600,691 |
Series B, 5.25%, 05/01/41 |  |  | 635 |  |  |  | 699,508 |
Series B, 5.50%, 05/01/47 |  |  | 540 |  |  |  | 591,852 |
Series C, 5.00%, 12/01/48 (e) |  |  | 850 |  |  |  | 905,933 |
|  |  |  |  |  |  | 27,809,995 |
Indiana — 0.7% |  |  |  |  |  |
Indianapolis Local Public Improvement Bond Bank, RB |  |  |  |  |  |  |  |
5.25%, 02/01/48 |  |  | 245 |  |  |  | 275,330 |
(BAM), 5.00%, 03/01/53 |  |  | 1,445 |  |  |  | 1,517,249 |
|  |  |  |  |  |  | 1,792,579 |

S C H E D U L E O F I N V E S T M E N T S |  | 65

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniYield Quality Fund II, Inc. (MQT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Kentucky — 1.6% |  |  |  |  |  |
City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52 (b) |  | $ | 150 |  |  | $ | 141,539 |
County of Boyle Kentucky, Refunding RB |  |  |  |  |  |  |  |
Series A, 4.25%, 06/01/46 |  |  | 200 |  |  |  | 197,758 |
Series A, 5.25%, 06/01/49 |  |  | 370 |  |  |  | 396,731 |
Fayette County School District Finance Corp., RB |  |  |  |  |  |  |  |
(NGFGC), 5.00%, 06/01/44 |  |  | 545 |  |  |  | 591,298 |
(BAM-TCRS), 5.00%, 06/01/46 |  |  | 480 |  |  |  | 517,042 |
Kentucky Public Energy Authority, Refunding RB, Series A-1, 5.25%, 04/01/54 (a) |  |  | 2,205 |  |  |  | 2,392,866 |
|  |  |  |  |  |  | 4,237,234 |
Louisiana — 3.3% |  |  |  |  |  |
Louisiana Public Facilities Authority, RB |  |  |  |  |  |  |  |
5.25%, 10/01/48 |  |  | 500 |  |  |  | 530,200 |
5.25%, 10/01/53 |  |  | 1,025 |  |  |  | 1,087,187 |
Louisiana Public Facilities Authority, Refunding RB, 5.00%, 05/15/42 |  |  | 2,400 |  |  |  | 2,472,877 |
Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48 |  |  | 1,095 |  |  |  | 1,173,790 |
New Orleans Aviation Board, ARB |  |  |  |  |  |  |  |
Series B, AMT, 5.00%, 01/01/45 |  |  | 2,380 |  |  |  | 2,392,029 |
Series B, AMT, 5.00%, 01/01/48 |  |  | 1,010 |  |  |  | 1,022,182 |
|  |  |  |  |  |  | 8,678,265 |
Maryland — 0.6% |  |  |  |  |  |
City of Baltimore Maryland, Refunding TA, Series A, Senior Lien, 3.63%, 06/01/46 (b) |  |  | 655 |  |  |  | 533,108 |
Maryland Economic Development Corp., RB 5.00%, 07/01/56 |  |  | 145 |  |  |  | 146,351 |
Class B, AMT, Sustainability Bonds, 5.25%, 06/30/55 |  |  | 800 |  |  |  | 815,751 |
|  |  |  |  |  |  | 1,495,210 |
Massachusetts — 1.2% |  |  |  |  |  |
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47 |  |  | 1,855 |  |  |  | 1,866,709 |
Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/47 |  |  | 815 |  |  |  | 835,021 |
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.45%, 12/01/42 |  |  | 335 |  |  |  | 322,096 |
|  |  |  |  |  |  | 3,023,826 |
Michigan — 5.6% |  |  |  |  |  |
City of Lansing Michigan, Refunding GO, Series B, (AGM), 4.13%, 06/01/48 |  |  | 880 |  |  |  | 859,933 |
Eastern Michigan University, RB, Series A, (AGM), 4.00%, 03/01/44 |  |  | 520 |  |  |  | 506,194 |
Michigan Finance Authority, RB |  |  |  |  |  |  |  |
4.00%, 02/15/50 |  |  | 1,885 |  |  |  | 1,782,188 |
Series A, 4.00%, 11/15/50 |  |  | 2,550 |  |  |  | 2,362,031 |
Michigan Finance Authority, Refunding RB |  |  |  |  |  |  |  |
4.00%, 11/15/46 |  |  | 1,050 |  |  |  | 996,060 |
Series A, 4.00%, 12/01/40 |  |  | 2,630 |  |  |  | 2,632,325 |
Michigan State Building Authority, Refunding RB, Series II, 4.00%, 10/15/47 |  |  | 535 |  |  |  | 529,057 |
Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47 |  |  | 1,300 |  |  |  | 1,365,932 |
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 2.55%, 10/01/51 |  |  | 645 |  |  |  | 435,792 |
Michigan State Housing Development Authority, RB, S/F Housing, Series B, 2.95%, 12/01/39 |  |  | 450 |  |  |  | 388,566 |

Security |  | Par (000) |  |  | Value |
Michigan (continued) |  |  |  |  |  |
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 |  | $ | 1,980 |  |  | $ | 1,996,785 |
State of Michigan Trunk Line Revenue, RB, 5.00%, 11/15/46 |  |  | 725 |  |  |  | 809,313 |
|  |  |  |  |  |  | 14,664,176 |
Minnesota — 0.2% |  |  |  |  |  |
Minnesota Higher Education Facilities Authority, RB, Series A, Sustainability Bonds, 5.00%, 10/01/47 |  |  | 445 |  |  |  | 461,736 |
Missouri — 0.5% |  |  |  |  |  |
Kansas City Industrial Development Authority, ARB |  |  |  |  |  |  |  |
AMT, 5.00%, 03/01/46 |  |  | 470 |  |  |  | 480,165 |
Series B, AMT, 5.00%, 03/01/39 |  |  | 670 |  |  |  | 702,545 |
|  |  |  |  |  |  | 1,182,710 |
Nebraska — 0.9% |  |  |  |  |  |
Central Plains Energy Project, Refunding RB, Series A, 5.00%, 09/01/37 |  |  | 1,150 |  |  |  | 1,273,809 |
Omaha Public Power District, Refunding RB, Series A, 4.00%, 02/01/42 |  |  | 1,140 |  |  |  | 1,155,873 |
|  |  |  |  |  |  | 2,429,682 |
Nevada — 1.1% |  |  |  |  |  |
County of Clark Nevada, RB, Subordinate, (AGM), 4.00%, 07/01/40 |  |  | 2,715 |  |  |  | 2,772,086 |
New Jersey — 5.8% |  |  |  |  |  |
Camden County Improvement Authority, RB, Sustainability Bonds, 6.00%, 06/15/62 |  |  | 180 |  |  |  | 195,437 |
Hudson County Improvement Authority, RB, 5.00%, 05/01/46 |  |  | 730 |  |  |  | 749,607 |
New Jersey Economic Development Authority, RB |  |  |  |  |  |  |  |
Series WW, 5.00%, 06/15/25 (d) |  |  | 180 |  |  |  | 185,076 |
Series WW, 5.25%, 06/15/25 (d) |  |  | 455 |  |  |  | 469,425 |
AMT, 5.13%, 01/01/34 |  |  | 610 |  |  |  | 610,414 |
AMT, 5.38%, 01/01/43 |  |  | 790 |  |  |  | 790,699 |
New Jersey Economic Development Authority, Refunding RB, Sub-Series A, 4.00%, 07/01/32 |  |  | 295 |  |  |  | 295,392 |
New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50 |  |  | 800 |  |  |  | 716,151 |
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series B, AMT, 4.00%, 12/01/41 |  |  | 875 |  |  |  | 872,415 |
New Jersey Transportation Trust Fund Authority, RB |  |  |  |  |  |  |  |
5.00%, 06/15/48 |  |  | 1,490 |  |  |  | 1,599,538 |
Series A, 0.00%, 12/15/29 (c) |  |  | 225 |  |  |  | 185,546 |
Series AA, 5.00%, 06/15/38 |  |  | 1,180 |  |  |  | 1,188,834 |
Series AA, 4.00%, 06/15/40 |  |  | 925 |  |  |  | 938,882 |
Series AA, 5.00%, 06/15/45 |  |  | 725 |  |  |  | 775,665 |
Series AA, 4.00%, 06/15/50 |  |  | 560 |  |  |  | 536,026 |
Series BB, 4.00%, 06/15/50 |  |  | 1,400 |  |  |  | 1,340,600 |
Series D, 5.00%, 06/15/32 |  |  | 525 |  |  |  | 533,870 |
New Jersey Transportation Trust Fund Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, 5.00%, 06/15/37 |  |  | 525 |  |  |  | 606,484 |
Series A, 5.25%, 06/15/42 |  |  | 210 |  |  |  | 239,105 |
New Jersey Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |  |  | 720 |  |  |  | 717,533 |
Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/53 |  |  | 240 |  |  |  | 232,392 |
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/35 |  |  | 1,220 |  |  |  | 1,288,411 |
|  |  |  |  |  |  | 15,067,502 |

66 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniYield Quality Fund II, Inc. (MQT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
New Mexico — 0.1% |  |  |  |  |  |
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44 |  | $ | 180 |  |  | $ | 152,432 |
New York — 9.7% |  |  |  |  |  |
City of New York, GO |  |  |  |  |  |  |  |
Series A-1, 5.00%, 08/01/47 |  |  | 260 |  |  |  | 282,957 |
Series B, 5.25%, 10/01/41 |  |  | 545 |  |  |  | 626,372 |
Metropolitan Transportation Authority, RB, Series D-2, Sustainability Bonds, 4.00%, 11/15/48 |  |  | 1,115 |  |  |  | 1,041,955 |
Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.00%, 11/15/56 |  |  | 1,330 |  |  |  | 1,353,981 |
New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, Subordinate, (SAW), 4.00%, 07/15/42 |  |  | 1,105 |  |  |  | 1,105,072 |
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F-1, Subordinate, 5.00%, 02/01/43 |  |  | 2,105 |  |  |  | 2,370,929 |
New York Liberty Development Corp., Refunding RB |  |  |  |  |  |  |  |
Class 1, 5.00%, 11/15/44 (b) |  |  | 775 |  |  |  | 774,031 |
Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51 |  |  | 2,045 |  |  |  | 1,488,538 |
Series A, Sustainability Bonds, 3.00%, 11/15/51 |  |  | 1,015 |  |  |  | 758,588 |
New York Power Authority, Refunding RB |  |  |  |  |  |  |  |
Series A, Sustainability Bonds, 4.00%, 11/15/55 |  |  | 230 |  |  |  | 221,517 |
Series A, Sustainability Bonds, 4.00%, 11/15/60 |  |  | 425 |  |  |  | 401,627 |
New York State Thruway Authority, RB, Series N, 4.00%, 01/01/46 |  |  | 720 |  |  |  | 720,670 |
New York State Urban Development Corp., Refunding RB, 4.00%, 03/15/46 |  |  | 660 |  |  |  | 654,313 |
New York Transportation Development Corp., ARB |  |  |  |  |  |  |  |
AMT, 5.00%, 12/01/36 |  |  | 450 |  |  |  | 484,703 |
AMT, 5.63%, 04/01/40 |  |  | 470 |  |  |  | 508,916 |
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35 |  |  | 1,050 |  |  |  | 1,096,176 |
Port Authority of New York & New Jersey, ARB AMT, 5.00%, 11/01/49 |  |  | 1,535 |  |  |  | 1,590,464 |
Series 221, AMT, 4.00%, 07/15/55 |  |  | 1,570 |  |  |  | 1,440,060 |
Port Authority of New York & New Jersey, Refunding ARB, Series 197, AMT, 5.00%, 11/15/35 |  |  | 250 |  |  |  | 260,366 |
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB |  |  |  |  |  |  |  |
Series A, 4.13%, 05/15/53 |  |  | 3,150 |  |  |  | 3,167,183 |
Series A, 4.50%, 05/15/63 |  |  | 1,000 |  |  |  | 1,017,150 |
Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/49 |  |  | 1,900 |  |  |  | 2,036,335 |
Triborough Bridge & Tunnel Authority, Refunding RB, Series A, 5.00%, 05/15/47 |  |  | 1,705 |  |  |  | 1,865,224 |
|  |  |  |  |  |  | 25,267,127 |
North Carolina — 0.1% |  |  |  |  |  |
University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49 |  |  | 165 |  |  |  | 184,945 |
Ohio — 1.9% |  |  |  |  |  |
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55 |  |  | 4,680 |  |  |  | 4,408,373 |

Security |  | Par (000) |  |  | Value |
Ohio (continued) |  |  |  |  |  |
County of Franklin Ohio, RB, 5.00%, 11/01/48 |  | $ | 450 |  |  | $ | 494,491 |
Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48 |  |  | 90 |  |  |  | 90,188 |
|  |  |  |  |  |  | 4,993,052 |
Oklahoma — 0.3% |  |  |  |  |  |
Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |  |  | 495 |  |  |  | 494,138 |
Oklahoma Water Resources Board, RB, 4.00%, 04/01/48 |  |  | 345 |  |  |  | 337,958 |
|  |  |  |  |  |  | 832,096 |
Oregon — 0.3% |  |  |  |  |  |
Clackamas Community College District, GO, Series A, 5.00%, 06/15/40 |  |  | 390 |  |  |  | 412,795 |
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38 (c) |  |  | 875 |  |  |  | 456,516 |
|  |  |  |  |  |  | 869,311 |
Pennsylvania — 7.3% |  |  |  |  |  |
Allegheny County Airport Authority, ARB, Series A, AMT, 5.00%, 01/01/51 |  |  | 1,010 |  |  |  | 1,039,672 |
Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46 |  |  | 200 |  |  |  | 156,244 |
Pennsylvania Economic Development Financing Authority, RB |  |  |  |  |  |  |  |
5.00%, 06/30/42 |  |  | 4,450 |  |  |  | 4,454,192 |
Series B, 4.00%, 03/15/40 |  |  | 3,000 |  |  |  | 3,012,460 |
AMT, 5.50%, 06/30/41 |  |  | 900 |  |  |  | 991,768 |
AMT, 5.75%, 06/30/48 |  |  | 780 |  |  |  | 859,986 |
Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47 |  |  | 180 |  |  |  | 136,374 |
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 5.00%, 09/01/45 |  |  | 3,150 |  |  |  | 3,158,626 |
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 142-A, Sustainability Bonds, 5.00%, 10/01/50 |  |  | 410 |  |  |  | 422,493 |
Pennsylvania Turnpike Commission, RB |  |  |  |  |  |  |  |
Series A, 5.00%, 12/01/38 |  |  | 550 |  |  |  | 559,000 |
Series A-1, 5.00%, 12/01/41 |  |  | 1,005 |  |  |  | 1,040,104 |
Series C, 5.00%, 12/01/39 |  |  | 900 |  |  |  | 914,764 |
Series A, Subordinate, 5.00%, 12/01/44 |  |  | 1,300 |  |  |  | 1,373,021 |
Pennsylvania Turnpike Commission, Refunding RB, Series A-1, 5.00%, 12/01/40 |  |  | 680 |  |  |  | 688,032 |
School District of Philadelphia, GO, Series A, (SAW), 5.50%, 09/01/48 |  |  | 265 |  |  |  | 294,267 |
|  |  |  |  |  |  | 19,101,003 |
Puerto Rico — 5.1% |  |  |  |  |  |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB |  |  |  |  |  |  |  |
Series A-1, Restructured, 4.75%, 07/01/53 |  |  | 6,611 |  |  |  | 6,477,259 |
Series A-1, Restructured, 5.00%, 07/01/58 |  |  | 2,833 |  |  |  | 2,832,963 |
Series A-2, Restructured, 4.78%, 07/01/58 |  |  | 276 |  |  |  | 269,790 |
Series A-2, Restructured, 4.33%, 07/01/40 |  |  | 1,324 |  |  |  | 1,314,401 |
Series B-1, Restructured, 4.75%, 07/01/53 |  |  | 309 |  |  |  | 301,255 |

S C H E D U L E O F I N V E S T M E N T S |  | 67

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniYield Quality Fund II, Inc. (MQT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Puerto Rico (continued) |  |  |  |  |  |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued) |  |  |  |  |  |  |  |
Series B-2, Restructured, 4.78%, 07/01/58 |  | $ | 411 |  |  | $ | 398,975 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (c) |  |  | 5,025 |  |  |  | 1,544,738 |
|  |  |  |  |  |  | 13,139,381 |
Rhode Island — 0.1% |  |  |  |  |  |
Rhode Island Turnpike & Bridge Authority, Refunding RB, Series A, 5.00%, 10/01/40 |  |  | 305 |  |  |  | 315,385 |
South Carolina — 3.1% |  |  |  |  |  |
County of Berkeley South Carolina, SAB |  |  |  |  |  |  |  |
4.25%, 11/01/40 |  |  | 315 |  |  |  | 281,231 |
4.38%, 11/01/49 |  |  | 465 |  |  |  | 385,269 |
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54 (a) |  |  | 1,650 |  |  |  | 1,767,323 |
South Carolina Jobs-Economic Development Authority, RB |  |  |  |  |  |  |  |
5.00%, 11/01/43 |  |  | 2,010 |  |  |  | 2,084,295 |
5.00%, 01/01/55 (b) |  |  | 855 |  |  |  | 747,350 |
7.50%, 08/15/62 (b) |  |  | 405 |  |  |  | 369,314 |
South Carolina Public Service Authority, RB, Series A, 4.00%, 12/01/55 |  |  | 550 |  |  |  | 502,952 |
South Carolina Public Service Authority, Refunding RB, 5.00%, 12/01/38 |  |  | 1,840 |  |  |  | 1,840,644 |
South Carolina State Housing Finance & Development Authority, Refunding RB, S/F Housing, Series A, 4.95%, 07/01/53 |  |  | 100 |  |  |  | 103,371 |
|  |  |  |  |  |  | 8,081,749 |
Tennessee — 1.7% |  |  |  |  |  |
Knox County Health Educational & Housing Facility Board, RB, Series A-1, (BAM), 5.50%, 07/01/59 |  |  | 160 |  |  |  | 174,179 |
Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/49 |  |  | 1,000 |  |  |  | 1,037,221 |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, 5.25%, 05/01/48 |  |  | 200 |  |  |  | 216,389 |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, 5.25%, 10/01/58 |  |  | 835 |  |  |  | 854,155 |
Metropolitan Nashville Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/52 |  |  | 1,020 |  |  |  | 1,048,916 |
Tennergy Corp., RB, Series A, 5.50%, 10/01/53 (a) |  |  | 1,040 |  |  |  | 1,114,991 |
|  |  |  |  |  |  | 4,445,851 |
Texas — 12.3% |  |  |  |  |  |
Arlington Higher Education Finance Corp., RB (b) |  |  |  |  |  |  |  |
7.50%, 04/01/62 |  |  | 420 |  |  |  | 408,710 |
7.88%, 11/01/62 |  |  | 370 |  |  |  | 375,495 |
Board of Regents of the University of Texas System, Refunding RB, Series B, 5.00%, 08/15/49 |  |  | 1,180 |  |  |  | 1,432,287 |
Central Texas Turnpike System, RB |  |  |  |  |  |  |  |
Series C, 5.00%, 08/15/37 |  |  | 1,240 |  |  |  | 1,245,706 |
Series C, 5.00%, 08/15/42 |  |  | 625 |  |  |  | 627,528 |
City of Austin Texas Airport System Revenue, ARB, AMT, 5.25%, 11/15/47 |  |  | 905 |  |  |  | 975,120 |
City of Corpus Christi Texas Utility System Revenue, Refunding RB, 4.00%, 07/15/48 |  |  | 500 |  |  |  | 495,038 |

Security |  | Par (000) |  |  | Value |
Texas (continued) |  |  |  |  |  |
City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48 |  | $ | 100 |  |  | $ | 100,426 |
City of Houston Texas Airport System Revenue, ARB, Series A, AMT, 6.63%, 07/15/38 |  |  | 405 |  |  |  | 405,526 |
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 |  |  | 230 |  |  |  | 229,832 |
City of Houston Texas Airport System Revenue, Refunding RB |  |  |  |  |  |  |  |
Series A, AMT, 5.00%, 07/01/27 |  |  | 225 |  |  |  | 225,146 |
Sub-Series A, AMT, 4.00%, 07/01/46 |  |  | 830 |  |  |  | 783,825 |
Sub-Series A, AMT, 4.00%, 07/01/48 |  |  | 2,510 |  |  |  | 2,325,803 |
County of Harris Texas Toll Road Revenue, Refunding RB, 1st Lien, 4.00%, 08/15/45 |  |  | 425 |  |  |  | 419,346 |
Dallas Fort Worth International Airport, Refunding RB, Series B, 4.00%, 11/01/45 |  |  | 1,080 |  |  |  | 1,060,076 |
Denton Independent School District, GO, (PSF), 5.00%, 08/15/48 |  |  | 665 |  |  |  | 731,922 |
Dickinson Independent School District, GO, (PSF), 4.13%, 02/15/48 |  |  | 350 |  |  |  | 352,393 |
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27 (c)(d) |  |  | 1,850 |  |  |  | 1,071,825 |
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50 (b) |  |  | 450 |  |  |  | 404,566 |
North Texas Tollway Authority, RB, Series C, Convertible, 6.75%, 09/01/31 (d) |  |  | 10,000 |  |  |  | 12,856,570 |
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 |  |  | 970 |  |  |  | 972,646 |
Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/53 |  |  | 500 |  |  |  | 543,936 |
Spring Branch Independent School District, GO, (PSF), 4.00%, 02/01/48 |  |  | 465 |  |  |  | 465,040 |
Tarrant County Cultural Education Facilities Finance Corp., RB |  |  |  |  |  |  |  |
Series A, 4.00%, 07/01/53 |  |  | 525 |  |  |  | 470,993 |
Series A, 5.00%, 07/01/53 |  |  | 645 |  |  |  | 669,940 |
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 |  |  | 260 |  |  |  | 229,567 |
Texas Department of Housing & Community Affairs, RB, S/F Housing |  |  |  |  |  |  |  |
Series A, (GNMA), 4.25%, 09/01/43 |  |  | 215 |  |  |  | 213,413 |
Series A, (GNMA), 3.75%, 09/01/49 |  |  | 365 |  |  |  | 337,106 |
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32 |  |  | 1,500 |  |  |  | 1,598,340 |
|  |  |  |  |  |  | 32,028,121 |
Utah — 3.2% |  |  |  |  |  |
City of Salt Lake City Utah Airport Revenue, ARB |  |  |  |  |  |  |  |
Series A, AMT, 5.00%, 07/01/47 |  |  | 3,485 |  |  |  | 3,557,574 |
Series A, AMT, 5.25%, 07/01/48 |  |  | 235 |  |  |  | 251,517 |
Series A, AMT, 5.00%, 07/01/51 |  |  | 1,450 |  |  |  | 1,505,494 |
County of Utah Utah, RB, Series B, 4.00%, 05/15/47 |  |  | 2,635 |  |  |  | 2,534,541 |
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/39 (b) |  |  | 185 |  |  |  | 176,607 |
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/40 (b) |  |  | 335 |  |  |  | 326,273 |
|  |  |  |  |  |  | 8,352,006 |

68 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniYield Quality Fund II, Inc. (MQT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Virginia — 0.5% |  |  |  |  |  |
Roanoke Economic Development Authority, Refunding RB, 3.00%, 07/01/45 |  | $ | 490 |  |  | $ | 394,686 |
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 |  |  | 965 |  |  |  | 909,496 |
|  |  |  |  |  |  | 1,304,182 |
Washington — 0.4% |  |  |  |  |  |
Port of Seattle Washington, ARB, Series C, AMT, Intermediate Lien, 5.00%, 05/01/42 |  |  | 720 |  |  |  | 738,686 |
Snohomish County Housing Authority, Refunding RB, 4.00%, 04/01/44 |  |  | 430 |  |  |  | 395,463 |
|  |  |  |  |  |  | 1,134,149 |
Wisconsin — 1.4% |  |  |  |  |  |
Public Finance Authority, RB |  |  |  |  |  |  |  |
5.00%, 10/15/56 (b) |  |  | 215 |  |  |  | 177,675 |
Class A, 5.00%, 06/15/51 (b) |  |  | 555 |  |  |  | 436,187 |
Class A, 6.00%, 06/15/52 |  |  | 140 |  |  |  | 126,323 |
Class A, 6.13%, 06/15/57 |  |  | 160 |  |  |  | 145,310 |
Series A, 5.00%, 07/01/40 (b) |  |  | 300 |  |  |  | 273,249 |
Public Finance Authority, Refunding RB, 5.00%, 09/01/39 (b) |  |  | 295 |  |  |  | 261,161 |
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing |  |  |  |  |  |  |  |
Series A, 4.15%, 11/01/48 |  |  | 1,700 |  |  |  | 1,615,902 |
Series A, 4.45%, 05/01/57 |  |  | 685 |  |  |  | 678,117 |
|  |  |  |  |  |  | 3,713,924 |
Total Municipal Bonds — 107.4% (Cost: $267,549,520) |  |  |  | 279,538,062 |
Municipal Bonds Transferred to Tender Option Bond Trusts (f) |
Alabama — 4.8% |  |  |  |  |  |
Black Belt Energy Gas District, RB |  |  |  |  |  |  |  |
Series C, 5.50%, 10/01/54 |  |  | 3,800 |  |  |  | 4,210,709 |
Series C-1, 5.25%, 02/01/53 (a) |  |  | 7,721 |  |  |  | 8,222,797 |
|  |  |  |  |  |  | 12,433,506 |
Colorado — 1.5% |  |  |  |  |  |
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53 |  |  | 3,680 |  |  |  | 4,005,254 |
District of Columbia — 0.4% |  |  |  |  |  |
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, 4.10%, 09/01/39 |  |  | 920 |  |  |  | 922,607 |
Florida — 5.0% |  |  |  |  |  |
City of Fort Lauderdale Florida Water & Sewer Revenue, RB, 5.50%, 09/01/53 |  |  | 3,341 |  |  |  | 3,830,595 |
City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, Sustainability Bonds, 5.25%, 10/01/57 |  |  | 2,150 |  |  |  | 2,389,499 |

Security |  | Par (000) |  |  | Value |
Florida (continued) |  |  |  |  |  |
County of Seminole Florida Sales Tax Revenue, Refunding RB, Series B, (NPFGC), 5.25%, 10/01/31 |  | $ | 4,200 |  |  | $ | 4,827,312 |
Miami-Dade County Expressway Authority, Refunding RB, Series A, (AGM), 5.00%, 07/01/35 |  |  | 2,100 |  |  |  | 2,103,505 |
|  |  |  |  |  |  | 13,150,911 |
Georgia — 1.2% |  |  |  |  |  |
Main Street Natural Gas, Inc., RB, Series C, 5.00%, 09/01/53 |  |  | 2,970 |  |  |  | 3,153,398 |
Illinois — 7.6% |  |  |  |  |  |
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/58 |  |  | 4,903 |  |  |  | 5,354,633 |
Illinois Finance Authority, Refunding RB, Series A, 5.00%, 08/15/51 |  |  | 1,951 |  |  |  | 2,082,593 |
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/38 |  |  | 1,858 |  |  |  | 1,863,345 |
Regional Transportation Authority, RB, (NPFGC), 6.50%, 07/01/26 |  |  | 10,000 |  |  |  | 10,492,890 |
|  |  |  |  |  |  | 19,793,461 |
New York — 6.8% |  |  |  |  |  |
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38 |  |  | 1,770 |  |  |  | 1,742,743 |
New York City Municipal Water Finance Authority, RB, Series AA-1, 5.25%, 06/15/52 |  |  | 4,010 |  |  |  | 4,497,239 |
New York City Transitional Finance Authority, RB, 5.25%, 05/01/48 |  |  | 3,680 |  |  |  | 4,177,792 |
New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/47 |  |  | 1,810 |  |  |  | 1,791,900 |
Port Authority of New York & New Jersey, Refunding ARB, 5.25%, 10/15/57 |  |  | 1,910 |  |  |  | 1,987,807 |
Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/51 |  |  | 1,990 |  |  |  | 2,134,767 |
Triborough Bridge & Tunnel Authority, Refunding RB, Series C, 4.13%, 05/15/52 |  |  | 1,500 |  |  |  | 1,504,255 |
|  |  |  |  |  |  | 17,836,503 |
Oklahoma — 1.3% |  |  |  |  |  |
Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53 |  |  | 3,001 |  |  |  | 3,351,174 |
Oregon — 0.9% |  |  |  |  |  |
Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48 |  |  | 2,020 |  |  |  | 2,237,903 |
Pennsylvania — 1.3% |  |  |  |  |  |
Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/52 |  |  | 3,031 |  |  |  | 3,345,585 |
South Carolina — 1.9% |  |  |  |  |  |
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54 |  |  | 4,591 |  |  |  | 4,953,595 |
Tennessee — 1.8% |  |  |  |  |  |
Tennessee Energy Acquisition Corp., RB, 5.00%, 05/01/52 (a) |  |  | 4,401 |  |  |  | 4,676,479 |

S C H E D U L E O F I N V E S T M E N T S |  | 69

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniYield Quality Fund II, Inc. (MQT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Texas — 2.3% |  |  |  |  |  |
City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, Subordinate Lien, (AGM), 5.25%, 07/01/48 |  | $ | 1,430 |  |  | $ | 1,538,500 |
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.50%, 02/01/50 |  |  | 1,610 |  |  |  | 1,827,457 |
Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51 |  |  | 2,541 |  |  |  | 2,714,903 |
|  |  |  |  |  |  | 6,080,860 |
Virginia — 1.2% |  |  |  |  |  |
Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57 |  |  | 3,280 |  |  |  | 3,165,733 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 38.0% (Cost: $94,012,690) |  |  |  | 99,106,969 |
Total Long-Term Investments — 145.4% (Cost: $361,562,210) |  |  |  | 378,645,031 |
|  | Shares |  |  |  |
Short-Term Securities |  |  |  |  |  |  |  |
Money Market Funds — 1.7% |  |  |  |  |  |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (g)(h) |  |  | 4,272,776 |  |  |  | 4,273,203 |
Total Short-Term Securities — 1.7% (Cost: $4,272,776) |  |  |  | 4,273,203 |
Total Investments — 147.1% (Cost: $365,834,986) |  |  |  |  |  |  | 382,918,234 |
Other Assets Less Liabilities — 1.8% |  |  |  |  |  |  | 4,623,973 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (18.7)% |  |  |  | (48,596,513 | )
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (30.2)% |  |  |  | (78,600,000 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 260,345,694 |

(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) | Zero-coupon bond.

(d) | 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.

(e) | When-issued security.

(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) | Affiliate of the Fund.

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

Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer |  | Value at 07/31/23 |  |  | Purchases at Cost |  |  | Proceeds from Sale |  |  | Net Realized Gain (Loss) |  |  | Change in Unrealized Appreciation (Depreciation) |  |  | Value at 01/31/24 |  |  | Shares Held at 01/31/24 |  |  | Income |  |  | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, MuniCash, Institutional Class |  | $ | 7,783,129 |  |  | $ | — |  |  | $ | (3,511,062 | ) (a) |  | $ | 709 |  |  | $ | 427 |  |  | $ | 4,273,203 |  |  |  | 4,272,776 |  |  | $ | 216,640 |  |  | $ | — |

| (a) | Represents net amount purchased (sold).

70 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) January 31, 2024 |  | BlackRock MuniYield Quality Fund II, Inc. (MQT)

Derivative Financial Instruments Categorized by Risk Exposure
For the period ended January 31, 2024, 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 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (618,076 | ) |  | $ | — |  |  | $ | (618,076 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 36,253 |  |  | $ | — |  |  | $ | 36,253 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |  |  |  |
Average notional value of contracts — short |  | $ | 10,096,688 |

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 financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal Bonds |  | $ | — |  |  | $ | 279,538,062 |  |  | $ | — |  |  | $ | 279,538,062 |
Municipal Bonds Transferred to Tender Option Bond Trusts |  |  | — |  |  |  | 99,106,969 |  |  |  | — |  |  |  | 99,106,969 |
Short-Term Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  |  | 4,273,203 |  |  |  | — |  |  |  | — |  |  |  | 4,273,203 |
|  | $ | 4,273,203 |  |  | $ | 378,645,031 |  |  | $ | — |  |  | $ | 382,918,234 |

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 fair value hierarchy as follows:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  | $ | — |  |  | $ | (48,218,616 | ) |  | $ | — |  |  | $ | (48,218,616 | )
VMTP Shares at Liquidation Value |  |  | — |  |  |  | (78,600,000 | ) |  |  | — |  |  |  | (78,600,000 | )
|  | $ | — |  |  | $ | (126,818,616 | ) |  | $ | — |  |  | $ | (126,818,616 | )

See notes to financial statements.

S C H E D U L E O F I N V E S T M E N T S |  | 71

Statements of Assets and Liabilities
(unaudited)
January 31, 2024

|  | BKN |  |  | BFK |  |  | BLE |  |  | MHD |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments, at value — unaffiliated (a) |  | $ | 323,915,092 |  |  | $ | 749,893,124 |  |  | $ | 812,230,985 |  |  | $ | 1,005,751,379 |
Investments, at value — affiliated (b) |  |  | 4,287,925 |  |  |  | 5,135,357 |  |  |  | 10,123,679 |  |  |  | 16,326,415 |
Cash |  |  | — |  |  |  | 8,030,330 |  |  |  | 4,647,034 |  |  |  | 4,728,052 |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments sold |  |  | 5,376,029 |  |  |  | 11,133,486 |  |  |  | 4,418,188 |  |  |  | 6,644,572 |
Dividends — affiliated |  |  | 4,137 |  |  |  | 5,446 |  |  |  | 27,952 |  |  |  | 42,894 |
Interest — unaffiliated |  |  | 2,821,330 |  |  |  | 7,653,930 |  |  |  | 8,262,729 |  |  |  | 9,972,015 |
Deferred offering costs |  |  | 86,677 |  |  |  | 202,929 |  |  |  | 117,733 |  |  |  | — |
Prepaid expenses |  |  | 7,151 |  |  |  | 8,942 |  |  |  | 9,296 |  |  |  | 10,174 |
Total assets |  |  | 336,498,341 |  |  |  | 782,063,544 |  |  |  | 839,837,596 |  |  |  | 1,043,475,501 |
ACCRUED LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdraft |  |  | 4,681 |  |  |  | — |  |  |  | — |  |  |  | — |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments purchased |  |  | 6,278,206 |  |  |  | 10,791,078 |  |  |  | 2,631,894 |  |  |  | 9,316,918 |
Accounting services fees |  |  | 19,775 |  |  |  | 22,274 |  |  |  | 18,290 |  |  |  | 38,581 |
Administration fees |  |  | 41,761 |  |  |  | — |  |  |  | — |  |  |  | — |
Custodian fees |  |  | 1,358 |  |  |  | 2,624 |  |  |  | 3,119 |  |  |  | 3,410 |
Income dividend distributions — Common Shares |  |  | 980,733 |  |  |  | 2,192,742 |  |  |  | 2,481,807 |  |  |  | 2,737,435 |
Interest expense and fees |  |  | 221,393 |  |  |  | 577,484 |  |  |  | 515,254 |  |  |  | 628,299 |
Investment advisory fees |  |  | 97,257 |  |  |  | 389,335 |  |  |  | 386,932 |  |  |  | 477,654 |
Directors’ and Officer’s fees |  |  | 30,895 |  |  |  | 133,323 |  |  |  | 75,590 |  |  |  | 40,382 |
Other accrued expenses |  |  | 6,456 |  |  |  | 6,467 |  |  |  | 64,313 |  |  |  | 8,448 |
Professional fees |  |  | 27,668 |  |  |  | 37,019 |  |  |  | 20,292 |  |  |  | 43,958 |
Reorganization costs |  |  | 15,937 |  |  |  | — |  |  |  | — |  |  |  | — |
Transfer agent fees |  |  | 12,757 |  |  |  | 23,190 |  |  |  | 25,662 |  |  |  | 31,447 |
Total accrued liabilities |  |  | 7,738,877 |  |  |  | 14,175,536 |  |  |  | 6,223,153 |  |  |  | 13,326,532 |
OTHER LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  |  | 34,892,828 |  |  |  | 106,689,984 |  |  |  | 77,008,589 |  |  |  | 103,207,179 |
VMTP Shares, at liquidation value of $100,000 per share, net of deferred offering costs (c)(d)(e) |  |  | 67,800,000 |  |  |  | 154,100,000 |  |  |  | 174,100,000 |  |  |  | 214,000,000 |
Total other liabilities |  |  | 102,692,828 |  |  |  | 260,789,984 |  |  |  | 251,108,589 |  |  |  | 317,207,179 |
Total liabilities |  |  | 110,431,705 |  |  |  | 274,965,520 |  |  |  | 257,331,742 |  |  |  | 330,533,711 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  | $ | 226,066,636 |  |  | $ | 507,098,024 |  |  | $ | 582,505,854 |  |  | $ | 712,941,790 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid-in capital (f)(g)(h) |  | $ | 238,847,201 |  |  | $ | 578,830,195 |  |  | $ | 654,110,246 |  |  | $ | 793,096,499 |
Accumulated loss |  |  | (12,780,565 | ) |  |  | (71,732,171 | ) |  |  | (71,604,392 | ) |  |  | (80,154,709 | )
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  | $ | 226,066,636 |  |  | $ | 507,098,024 |  |  | $ | 582,505,854 |  |  | $ | 712,941,790 |
Net asset value per Common Share |  | $ | 13.14 |  |  | $ | 11.56 |  |  | $ | 12.20 |  |  | $ | 13.67 |
(a) Investments, at cost — unaffiliated |  | $ | 308,667,447 |  |  | $ | 722,316,729 |  |  | $ | 794,705,678 |  |  | $ | 973,263,905 |
(b) Investments, at cost — affiliated |  | $ | 4,287,925 |  |  | $ | 5,135,317 |  |  | $ | 10,121,826 |  |  | $ | 16,326,415 |
(c) Preferred Shares outstanding |  |  | 678 |  |  |  | 1,541 |  |  |  | 1,741 |  |  |  | 2,140 |
(d) Preferred Shares authorized |  |  | 7,121 |  |  |  | Unlimited |  |  |  | Unlimited |  |  |  | 8,478 |
(e) Par value per Preferred Share |  | $ | 0.10 |  |  | $ | 0.001 |  |  | $ | 0.001 |  |  | $ | 0.10 |
(f) Common Shares outstanding |  |  | 17,205,846 |  |  |  | 43,854,836 |  |  |  | 47,727,056 |  |  |  | 52,141,616 |
(g) Common Shares authorized |  |  | 199,992,879 |  |  |  | Unlimited |  |  |  | Unlimited |  |  |  | 199,991,522 |
(h) Par value per Common Share |  | $ | 0.01 |  |  | $ | 0.001 |  |  | $ | 0.001 |  |  | $ | 0.10 |

See notes to financial statements.

72 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities
(unaudited) (continued)
January 31, 2024

|  | MVF |  |  | MVT |  |  | MQT |
ASSETS |  |  |  |  |  |  |  |  |
Investments, at value — unaffiliated (a) |  | $ | 727,653,383 |  |  | $ | 358,929,501 |  |  | $ | 378,645,031 |
Investments, at value — affiliated (b) |  |  | 10,695,053 |  |  |  | 2,566,968 |  |  |  | 4,273,203 |
Cash |  |  | — |  |  |  | 3,819,973 |  |  |  | — |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |
Investments sold |  |  | — |  |  |  | 2,147,632 |  |  |  | 3,130,088 |
Dividends — affiliated |  |  | 39,134 |  |  |  | 13,082 |  |  |  | 16,118 |
Interest — unaffiliated |  |  | 6,791,789 |  |  |  | 3,530,476 |  |  |  | 3,712,027 |
Prepaid expenses |  |  | 8,293 |  |  |  | 7,536 |  |  |  | 7,546 |
Total assets |  |  | 745,187,652 |  |  |  | 371,015,168 |  |  |  | 389,784,013 |
ACCRUED LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
Bank overdraft |  |  | 4,590 |  |  |  | — |  |  |  | 4,681 |
Payables: |  |  |  |  |  |  |  |  |  |  |  |
Investments purchased |  |  | 1,625,416 |  |  |  | — |  |  |  | 908,517 |
Accounting services fees |  |  | 30,507 |  |  |  | 19,075 |  |  |  | 18,671 |
Custodian fees |  |  | 2,292 |  |  |  | 1,524 |  |  |  | 1,239 |
Income dividend distributions — Common Shares |  |  | 1,903,390 |  |  |  | 1,053,502 |  |  |  | 1,085,581 |
Interest expense and fees |  |  | 376,751 |  |  |  | 171,422 |  |  |  | 377,897 |
Investment advisory fees |  |  | 309,517 |  |  |  | 155,800 |  |  |  | 163,145 |
Directors’ and Officer’s fees |  |  | 84,490 |  |  |  | 1,004 |  |  |  | 1,040 |
Other accrued expenses |  |  | 4,729 |  |  |  | 7,437 |  |  |  | 7,588 |
Professional fees |  |  | 30,362 |  |  |  | 35,690 |  |  |  | 35,731 |
Transfer agent fees |  |  | 25,006 |  |  |  | 14,994 |  |  |  | 15,613 |
Total accrued liabilities |  |  | 4,397,050 |  |  |  | 1,460,448 |  |  |  | 2,619,703 |
OTHER LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  |  | 77,373,088 |  |  |  | 31,622,503 |  |  |  | 48,218,616 |
VMTP Shares, at liquidation value of $100,000 per share, net of deferred offering costs (c)(d)(e) |  |  | 153,600,000 |  |  |  | 77,700,000 |  |  |  | 78,600,000 |
Total other liabilities |  |  | 230,973,088 |  |  |  | 109,322,503 |  |  |  | 126,818,616 |
Total liabilities |  |  | 235,370,138 |  |  |  | 110,782,951 |  |  |  | 129,438,319 |
Commitments and contingent liabilities |  |  |  |  |  |  |  |  |  |  |  |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  | $ | 509,817,514 |  |  | $ | 260,232,217 |  |  | $ | 260,345,694 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF |  |  |  |  |  |  |  |  |  |  |  |
Paid-in capital (f)(g)(h) |  | $ | 565,828,309 |  |  | $ | 283,803,414 |  |  | $ | 275,059,393 |
Accumulated loss |  |  | (56,010,795 | ) |  |  | (23,571,197 | ) |  |  | (14,713,699 | )
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  | $ | 509,817,514 |  |  | $ | 260,232,217 |  |  | $ | 260,345,694 |
Net asset value per Common Share |  | $ | 8.04 |  |  | $ | 12.47 |  |  | $ | 11.75 |
(a) Investments, at cost — unaffiliated |  | $ | 717,342,437 |  |  | $ | 347,425,422 |  |  | $ | 361,562,210 |
(b) Investments, at cost — affiliated |  | $ | 10,695,053 |  |  | $ | 2,566,352 |  |  | $ | 4,272,776 |
(c) Preferred Shares outstanding |  |  | 1,536 |  |  |  | 777 |  |  |  | 786 |
(d) Preferred Shares authorized |  |  | 10,000,000 |  |  |  | 8,400 |  |  |  | 7,565 |
(e) Par value per Preferred Share |  | $ | 0.10 |  |  | $ | 0.10 |  |  | $ | 0.10 |
(f) Common Shares outstanding |  |  | 63,446,349 |  |  |  | 20,861,423 |  |  |  | 22,154,712 |
(g) Common Shares authorized |  |  | 150,000,000 |  |  |  | 199,991,600 |  |  |  | 199,992,435 |
(h) Par value per Common Share |  | $ | 0.10 |  |  | $ | 0.10 |  |  | $ | 0.10 |

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 73

Statements of Operations
(unaudited)
Six Months Ended January 31, 2024

|  | BKN |  |  | BFK |  |  | BLE |  |  | MHD |
INVESTMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  | $ | 175,109 |  |  | $ | 353,787 |  |  | $ | 570,839 |  |  | $ | 567,805 |
Interest — unaffiliated |  |  | 7,614,649 |  |  |  | 17,553,932 |  |  |  | 19,038,558 |  |  |  | 22,869,447 |
Total investment income |  |  | 7,789,758 |  |  |  | 17,907,719 |  |  |  | 19,609,397 |  |  |  | 23,437,252 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory |  |  | 590,087 |  |  |  | 2,291,951 |  |  |  | 2,350,023 |  |  |  | 2,830,763 |
Administration |  |  | 252,894 |  |  |  | — |  |  |  | — |  |  |  | — |
Reorganization |  |  | 58,228 |  |  |  | — |  |  |  | — |  |  |  | — |
Accounting services |  |  | 34,516 |  |  |  | 41,769 |  |  |  | 34,297 |  |  |  | 70,954 |
Professional |  |  | 27,204 |  |  |  | 42,613 |  |  |  | 46,244 |  |  |  | 39,248 |
Transfer agent |  |  | 18,576 |  |  |  | 20,438 |  |  |  | 24,673 |  |  |  | 26,458 |
Directors and Officer |  |  | 9,916 |  |  |  | 26,477 |  |  |  | 23,521 |  |  |  | 24,658 |
Registration |  |  | 5,689 |  |  |  | 7,520 |  |  |  | 7,682 |  |  |  | 9,003 |
Printing and postage |  |  | 5,008 |  |  |  | 10,607 |  |  |  | 9,915 |  |  |  | 4,744 |
Custodian |  |  | 2,786 |  |  |  | 5,150 |  |  |  | 5,588 |  |  |  | 6,395 |
Miscellaneous |  |  | 32,798 |  |  |  | 34,498 |  |  |  | 35,924 |  |  |  | 35,167 |
Total expenses excluding interest expense, fees and amortization of offering costs |  |  | 1,037,702 |  |  |  | 2,481,023 |  |  |  | 2,537,867 |  |  |  | 3,047,390 |
Interest expense, fees and amortization of offering costs (a) |  |  | 2,954,936 |  |  |  | 6,622,961 |  |  |  | 7,303,905 |  |  |  | 8,458,959 |
Total expenses |  |  | 3,992,638 |  |  |  | 9,103,984 |  |  |  | 9,841,772 |  |  |  | 11,506,349 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fees waived and/or reimbursed by the Manager |  |  | (4,736 | ) |  |  | (9,492 | ) |  |  | (15,707 | ) |  |  | (15,830 | )
Total expenses after fees waived and/or reimbursed |  |  | 3,987,902 |  |  |  | 9,094,492 |  |  |  | 9,826,065 |  |  |  | 11,490,519 |
Net investment income |  |  | 3,801,856 |  |  |  | 8,813,227 |  |  |  | 9,783,332 |  |  |  | 11,946,733 |
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | (7,499,819 | ) |  |  | (26,803,147 | ) |  |  | (15,865,482 | ) |  |  | (28,275,748 | )
Investments — affiliated |  |  | (117 | ) |  |  | 1,070 |  |  |  | 2,337 |  |  |  | 3,103 |
Futures contracts |  |  | (543,434 | ) |  |  | 747,107 |  |  |  | 2,460,561 |  |  |  | (1,772,521 | )
Payment by affiliate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,016 |
|  |  | (8,043,370 | ) |  |  | (26,054,970 | ) |  |  | (13,402,584 | ) |  |  | (30,035,150 | )
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 7,066,381 |  |  |  | 21,715,241 |  |  |  | 19,917,551 |  |  |  | 31,769,844 |
Investments — affiliated |  |  | (27 | ) |  |  | 29 |  |  |  | (1,536 | ) |  |  | (2,570 | )
Futures contracts |  |  | 32,220 |  |  |  | (321,145 | ) |  |  | (592,079 | ) |  |  | 99,877 |
|  |  | 7,098,574 |  |  |  | 21,394,125 |  |  |  | 19,323,936 |  |  |  | 31,867,151 |
Net realized and unrealized gain (loss) |  |  | (944,796 | ) |  |  | (4,660,845 | ) |  |  | 5,921,352 |  |  |  | 1,832,001 |
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS |  | $ | 2,857,060 |  |  | $ | 4,152,382 |  |  | $ | 15,704,684 |  |  | $ | 13,778,734 |

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

See notes to financial statements.

74 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations
(unaudited) (continued)
Six Months Ended January 31, 2024

|  | MVF |  |  | MVT |  |  | MQT |
INVESTMENT INCOME |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  | $ | 758,814 |  |  | $ | 281,007 |  |  | $ | 216,640 |
Interest — unaffiliated |  |  | 15,777,105 |  |  |  | 8,241,415 |  |  |  | 8,628,521 |
Total investment income |  |  | 16,535,919 |  |  |  | 8,522,422 |  |  |  | 8,845,161 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory |  |  | 1,835,373 |  |  |  | 941,121 |  |  |  | 960,684 |
Accounting services |  |  | 56,126 |  |  |  | 34,657 |  |  |  | 34,527 |
Professional |  |  | 38,756 |  |  |  | 32,425 |  |  |  | 30,522 |
Transfer agent |  |  | 25,131 |  |  |  | 15,339 |  |  |  | 17,350 |
Directors and Officer |  |  | 21,821 |  |  |  | 8,396 |  |  |  | 8,425 |
Registration |  |  | 11,262 |  |  |  | 4,185 |  |  |  | 4,150 |
Printing and postage |  |  | 5,914 |  |  |  | 6,788 |  |  |  | 6,495 |
Custodian |  |  | 4,167 |  |  |  | 2,714 |  |  |  | 3,077 |
Miscellaneous |  |  | 34,656 |  |  |  | 33,697 |  |  |  | 33,626 |
Total expenses excluding interest expense, fees and amortization of offering costs |  |  | 2,033,206 |  |  |  | 1,079,322 |  |  |  | 1,098,856 |
Interest expense, fees and amortization of offering costs (a) |  |  | 5,972,883 |  |  |  | 3,172,518 |  |  |  | 3,217,017 |
Total expenses |  |  | 8,006,089 |  |  |  | 4,251,840 |  |  |  | 4,315,873 |
Less: |  |  |  |  |  |  |  |  |  |  |  |
Fees waived and/or reimbursed by the Manager |  |  | (20,889 | ) |  |  | (7,771 | ) |  |  | (6,119 | )
Total expenses after fees waived and/or reimbursed |  |  | 7,985,200 |  |  |  | 4,244,069 |  |  |  | 4,309,754 |
Net investment income |  |  | 8,550,719 |  |  |  | 4,278,353 |  |  |  | 4,535,407 |
REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | (9,347,010 | ) |  |  | (7,950,836 | ) |  |  | (7,276,692 | )
Investments — affiliated |  |  | 12,013 |  |  |  | (12 | ) |  |  | 709 |
Futures contracts |  |  | — |  |  |  | 2,263,558 |  |  |  | (618,076 | )
|  |  | (9,334,997 | ) |  |  | (5,687,290 | ) |  |  | (7,894,059 | )
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 17,887,567 |  |  |  | 8,529,005 |  |  |  | 8,915,343 |
Investments — affiliated |  |  | (8,116 | ) |  |  | (128 | ) |  |  | 427 |
Futures contracts |  |  | — |  |  |  | (499,448 | ) |  |  | 36,253 |
|  |  | 17,879,451 |  |  |  | 8,029,429 |  |  |  | 8,952,023 |
Net realized and unrealized gain |  |  | 8,544,454 |  |  |  | 2,342,139 |  |  |  | 1,057,964 |
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS |  | $ | 17,095,173 |  |  | $ | 6,620,492 |  |  | $ | 5,593,371 |

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

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 75

Statements of Changes in Net Assets

|  | BKN |  |  | BFK |
|  | Six Months Ended |  |  |  |  |  | Six Months Ended |  |  |  |
|  | 01/31/24 |  |  | Year Ended |  |  | 01/31/24 |  |  | Year Ended |
|  | (unaudited) |  |  | 07/31/23 |  |  | (unaudited) |  |  | 07/31/23 |
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 3,801,856 |  |  | $ | 9,061,613 |  |  | $ | 8,813,227 |  |  | $ | 18,124,814 |
Net realized loss |  |  | (8,043,370 | ) |  |  | (13,703,375 | ) |  |  | (26,054,970 | ) |  |  | (51,126,908 | )
Net change in unrealized appreciation (depreciation) |  |  | 7,098,574 |  |  |  | 2,995,191 |  |  |  | 21,394,125 |  |  |  | 27,744,428 |
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |  |  | 2,857,060 |  |  |  | (1,646,571 | ) |  |  | 4,152,382 |  |  |  | (5,257,666 | )
DISTRIBUTIONS TO COMMON SHAREHOLDERS (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (4,705,808 | ) (b) |  |  | (8,709,946 | ) |  |  | (9,787,565 | ) (b) |  |  | (15,988,428 | )
Return of capital |  |  | — |  |  |  | (1,409,697 | ) |  |  | — |  |  |  | (3,249,626 | )
Decrease in net assets resulting from distributions to Common Shareholders |  |  | (4,705,808 | ) |  |  | (10,119,643 | ) |  |  | (9,787,565 | ) |  |  | (19,238,054 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from the issuance of common shares |  |  | — |  |  |  | 218,616 |  |  |  | — |  |  |  | — |
Reinvestment of common distributions |  |  | — |  |  |  | 147,431 |  |  |  | — |  |  |  | — |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | (2,461,995 | ) |  |  | (2,064,795 | ) |  |  | (5,545,723 | ) |  |  | (5,916,445 | )
Net decrease in net assets derived from capital share transactions |  |  | (2,461,995 | ) |  |  | (1,698,748 | ) |  |  | (5,545,723 | ) |  |  | (5,916,445 | )
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total decrease in net assets applicable to Common Shareholders |  |  | (4,310,743 | ) |  |  | (13,464,962 | ) |  |  | (11,180,906 | ) |  |  | (30,412,165 | )
Beginning of period |  |  | 230,377,379 |  |  |  | 243,842,341 |  |  |  | 518,278,930 |  |  |  | 548,691,095 |
End of period |  | $ | 226,066,636 |  |  | $ | 230,377,379 |  |  | $ | 507,098,024 |  |  | $ | 518,278,930 |

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

(b) |  | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

76 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets
(continued)

|  | BLE |  |  | MHD |
|  | Six Months Ended |  |  |  |  |  | Six Months Ended |  |  |  |
|  | 01/31/24 |  |  | Year Ended |  |  | 01/31/24 |  |  | Year Ended |
|  | (unaudited) |  |  | 07/31/23 |  |  | (unaudited) |  |  | 07/31/23 |
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 9,783,332 |  |  | $ | 21,598,450 |  |  | $ | 11,946,733 |  |  | $ | 25,308,154 |
Net realized loss |  |  | (13,402,584 | ) |  |  | (42,881,354 | ) |  |  | (30,035,150 | ) |  |  | (54,748,569 | )
Net change in unrealized appreciation (depreciation) |  |  | 19,323,936 |  |  |  | 18,338,457 |  |  |  | 31,867,151 |  |  |  | 17,096,751 |
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |  |  | 15,704,684 |  |  |  | (2,944,447 | ) |  |  | 13,778,734 |  |  |  | (12,343,664 | )
DISTRIBUTIONS TO COMMON SHAREHOLDERS (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (11,527,548 | ) (b) |  |  | (19,188,396 | ) |  |  | (12,956,991 | ) (b) |  |  | (26,398,031 | )
Return of capital |  |  | — |  |  |  | (3,788,120 | ) |  |  | — |  |  |  | (1,263,297 | )
Decrease in net assets resulting from distributions to Common Shareholders |  |  | (11,527,548 | ) |  |  | (22,976,516 | ) |  |  | (12,956,991 | ) |  |  | (27,661,328 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | (5,278,307 | ) |  |  | (6,114,272 | ) |  |  | (6,897,831 | ) |  |  | (6,750,046 | )
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total decrease in net assets applicable to Common Shareholders |  |  | (1,101,171 | ) |  |  | (32,035,235 | ) |  |  | (6,076,088 | ) |  |  | (46,755,038 | )
Beginning of period |  |  | 583,607,025 |  |  |  | 615,642,260 |  |  |  | 719,017,878 |  |  |  | 765,772,916 |
End of period |  | $ | 582,505,854 |  |  | $ | 583,607,025 |  |  | $ | 712,941,790 |  |  | $ | 719,017,878 |

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

(b) |  | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 77

Statements of Changes in Net Assets
(continued)

|  | MVF |  |  | MVT |
|  | Six Months Ended |  |  |  |  |  | Six Months Ended |  |  |  |
|  | 01/31/24 |  |  | Year Ended |  |  | 01/31/24 |  |  | Year Ended |
|  | (unaudited) |  |  | 07/31/23 |  |  | (unaudited) |  |  | 07/31/23 |
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 8,550,719 |  |  | $ | 16,997,519 |  |  | $ | 4,278,353 |  |  | $ | 8,892,992 |
Net realized loss |  |  | (9,334,997 | ) |  |  | (28,698,689 | ) |  |  | (5,687,290 | ) |  |  | (24,648,329 | )
Net change in unrealized appreciation (depreciation) |  |  | 17,879,451 |  |  |  | (1,042,423 | ) |  |  | 8,029,429 |  |  |  | 12,949,446 |
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |  |  | 17,095,173 |  |  |  | (12,743,593 | ) |  |  | 6,620,492 |  |  |  | (2,805,891 | )
DISTRIBUTIONS TO COMMON SHAREHOLDERS (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (9,169,592 | ) (b) |  |  | (16,465,493 | ) |  |  | (4,759,653 | ) (b) |  |  | (8,093,467 | )
Return of capital |  |  | — |  |  |  | (2,175,326 | ) |  |  | — |  |  |  | (1,423,236 | )
Decrease in net assets resulting from distributions to Common Shareholders |  |  | (9,169,592 | ) |  |  | (18,640,819 | ) |  |  | (4,759,653 | ) |  |  | (9,516,703 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | (3,869,138 | ) |  |  | (5,324,949 | ) |  |  | (2,399,715 | ) |  |  | (2,806,926 | )
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase (decrease) in net assets applicable to Common Shareholders |  |  | 4,056,443 |  |  |  | (36,709,361 | ) |  |  | (538,876 | ) |  |  | (15,129,520 | )
Beginning of period |  |  | 505,761,071 |  |  |  | 542,470,432 |  |  |  | 260,771,093 |  |  |  | 275,900,613 |
End of period |  | $ | 509,817,514 |  |  | $ | 505,761,071 |  |  | $ | 260,232,217 |  |  | $ | 260,771,093 |

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

(b) |  | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

78 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets
(continued)

|  | MQT |
|  | Six Months Ended |  |  |  |
|  | 01/31/24 |  |  | Year Ended |
|  | (unaudited) |  |  | 07/31/23 |
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |
Net investment income |  | $ | 4,535,407 |  |  | $ | 10,200,739 |
Net realized loss |  |  | (7,894,059 | ) |  |  | (15,305,002 | )
Net change in unrealized appreciation (depreciation) |  |  | 8,952,023 |  |  |  | 2,517,622 |
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |  |  | 5,593,371 |  |  |  | (2,586,641 | )
DISTRIBUTIONS TO COMMON SHAREHOLDERS (a) |  |  |  |  |  |  |  |
From net investment income |  |  | (5,296,901 | ) (b) |  |  | (10,203,174 | )
Return of capital |  |  | — |  |  |  | (708,109 | )
Decrease in net assets resulting from distributions to Common Shareholders |  |  | (5,296,901 | ) |  |  | (10,911,283 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |
Reinvestment of common distributions |  |  | — |  |  |  | 166,343 |
Redemption of shares resulting from share repurchase program (including transaction costs) |  |  | (2,265,141 | ) |  |  | (2,280,782 | )
Net decrease in net assets derived from capital share transactions |  |  | (2,265,141 | ) |  |  | (2,114,439 | )
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |
Total decrease in net assets applicable to Common Shareholders |  |  | (1,968,671 | ) |  |  | (15,612,363 | )
Beginning of period |  |  | 262,314,365 |  |  |  | 277,926,728 |
End of period |  | $ | 260,345,694 |  |  | $ | 262,314,365 |

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

(b) |  | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 79

Statements of Cash Flows (unaudited) Six Months Ended January 31, 2024 |  |

|  | BKN |  |  | BFK |  |  | BLE |  |  | MHD |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase in net assets resulting from operations |  | $ | 2,857,060 |  |  | $ | 4,152,382 |  |  | $ | 15,704,684 |  |  | $ | 13,778,734 |
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 |  |  | 131,949,484 |  |  |  | 617,293,871 |  |  |  | 252,932,658 |  |  |  | 419,531,699 |
Purchases of long-term investments |  |  | (94,917,934 | ) |  |  | (614,619,089 | ) |  |  | (189,442,614 | ) |  |  | (373,916,666 | )
Net proceeds from sales (purchases) of short-term securities |  |  | (3,532,621 | ) |  |  | 18,922,198 |  |  |  | 27,763,789 |  |  |  | 22,537,486 |
Amortization of premium and accretion of discount on investments and other fees |  |  | (924,499 | ) |  |  | (251,730 | ) |  |  | (1,464 | ) |  |  | (264,650 | )
Net realized loss on investments |  |  | 7,499,936 |  |  |  | 26,802,077 |  |  |  | 15,863,145 |  |  |  | 28,259,678 |
Net unrealized appreciation on investments |  |  | (7,066,354 | ) |  |  | (21,715,270 | ) |  |  | (19,916,015 | ) |  |  | (31,767,274 | )
(Increase) Decrease in Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  |  | 750 |  |  |  | 72,723 |  |  |  | 62,925 |  |  |  | 30,913 |
Interest — unaffiliated |  |  | 174,649 |  |  |  | (25,809 | ) |  |  | 1,051,640 |  |  |  | 552,003 |
Prepaid expenses |  |  | 12,727 |  |  |  | 7,225 |  |  |  | 55,773 |  |  |  | 71,568 |
Deferred offering costs |  |  | (817 | ) |  |  | (833 | ) |  |  | — |  |  |  | — |
Increase (Decrease) in Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payables |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounting services fees |  |  | (7,360 | ) |  |  | (13,390 | ) |  |  | (11,014 | ) |  |  | (21,325 | )
Administration fees |  |  | (4,509 | ) |  |  | — |  |  |  | — |  |  |  | — |
Custodian fees |  |  | (1,273 | ) |  |  | (2,579 | ) |  |  | (2,203 | ) |  |  | (3,207 | )
Interest expense and fees |  |  | 155,906 |  |  |  | 577,484 |  |  |  | 221,903 |  |  |  | 376,760 |
Investment advisory fees |  |  | (10,518 | ) |  |  | (10,476 | ) |  |  | (40,216 | ) |  |  | (31,136 | )
Directors’ and Officer’s fees |  |  | (12,984 | ) |  |  | (53,843 | ) |  |  | (23,081 | ) |  |  | (12,488 | )
Other accrued expenses |  |  | (5,321 | ) |  |  | 2,493 |  |  |  | (586 | ) |  |  | (6,463 | )
Professional fees |  |  | (29,703 | ) |  |  | (34,264 | ) |  |  | (25,673 | ) |  |  | (35,031 | )
Reorganization costs |  |  | 15,937 |  |  |  | — |  |  |  | — |  |  |  | — |
Transfer agent fees |  |  | (1,871 | ) |  |  | (1,459 | ) |  |  | (479 | ) |  |  | 918 |
Variation margin on futures contracts |  |  | (17,636 | ) |  |  | (37,513 | ) |  |  | (44,117 | ) |  |  | (56,383 | )
Net cash provided by operating activities |  |  | 36,133,049 |  |  |  | 31,064,198 |  |  |  | 104,149,055 |  |  |  | 79,025,136 |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid to Common Shareholders |  |  | (3,752,179 | ) |  |  | (7,641,687 | ) |  |  | (9,099,345 | ) |  |  | (10,303,865 | )
Repayments of TOB Trust Certificates |  |  | — |  |  |  | — |  |  |  | (12,245,790 | ) |  |  | (21,375,364 | )
Net payments on Common Shares redeemed |  |  | (2,520,275 | ) |  |  | (5,732,759 | ) |  |  | (5,434,797 | ) |  |  | (7,148,995 | )
Payments on redemption of VMTP Shares |  |  | (58,100,000 | ) |  |  | (116,700,000 | ) |  |  | (128,600,000 | ) |  |  | (133,800,000 | )
Proceeds from TOB Trust Certificates |  |  | 28,073,987 |  |  |  | 106,689,984 |  |  |  | 55,442,481 |  |  |  | 97,799,696 |
Decrease in bank overdraft |  |  | (43,582 | ) |  |  | (87,406 | ) |  |  | (77,570 | ) |  |  | (121,556 | )
Net cash used for financing activities |  |  | (36,342,049 | ) |  |  | (23,471,868 | ) |  |  | (100,015,021 | ) |  |  | (74,950,084 | )
CASH |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in restricted and unrestricted cash |  |  | (209,000 | ) |  |  | 7,592,330 |  |  |  | 4,134,034 |  |  |  | 4,075,052 |
Restricted and unrestricted cash at beginning of period |  |  | 209,000 |  |  |  | 438,000 |  |  |  | 513,000 |  |  |  | 653,000 |
Restricted and unrestricted cash at end of period |  | $ | — |  |  | $ | 8,030,330 |  |  | $ | 4,647,034 |  |  | $ | 4,728,052 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash paid during the period for interest expense |  | $ | 2,799,030 |  |  | $ | 6,045,477 |  |  | $ | 7,082,002 |  |  | $ | 8,082,199 |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | — |  |  | $ | 8,030,330 |  |  | $ | 4,647,034 |  |  | $ | 4,728,052 |

See notes to financial statements.

80 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Cash Flows (unaudited) (continued) Six Months Ended January 31, 2024 |  |

|  | MVF |  |  | MVT |  |  | MQT |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Net increase in net assets resulting from operations |  | $ | 17,095,173 |  |  | $ | 6,620,492 |  |  | $ | 5,593,371 |
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 |  |  | 200,745,417 |  |  |  | 136,243,692 |  |  |  | 124,637,693 |
Purchases of long-term investments |  |  | (245,450,894 | ) |  |  | (113,065,039 | ) |  |  | (115,252,149 | )
Net proceeds from sales of short-term securities |  |  | 85,871,812 |  |  |  | 14,911,680 |  |  |  | 3,511,062 |
Amortization of premium and accretion of discount on investments and other fees |  |  | 347,468 |  |  |  | 64,233 |  |  |  | (109,918 | )
Net realized loss on investments |  |  | 9,334,997 |  |  |  | 7,950,848 |  |  |  | 7,273,198 |
Net unrealized appreciation on investments |  |  | (17,879,451 | ) |  |  | (8,528,877 | ) |  |  | (8,915,770 | )
(Increase) Decrease in Assets |  |  |  |  |  |  |  |  |  |  |  |
Receivables |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  |  | 166,902 |  |  |  | 30,839 |  |  |  | 2,454 |
Interest — unaffiliated |  |  | (700,621 | ) |  |  | 303,803 |  |  |  | 65,709 |
Prepaid expenses |  |  | 4,283 |  |  |  | 12,405 |  |  |  | 12,376 |
Increase (Decrease) in Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Payables |  |  |  |  |  |  |  |  |  |  |  |
Accounting services fees |  |  | (16,893 | ) |  |  | (10,573 | ) |  |  | (10,298 | )
Custodian fees |  |  | (1,749 | ) |  |  | (1,527 | ) |  |  | (1,376 | )
Interest expense and fees |  |  | 193,798 |  |  |  | 139,647 |  |  |  | 174,721 |
Investment advisory fees |  |  | (12,625 | ) |  |  | (14,778 | ) |  |  | (6,066 | )
Directors’ and Officer’s fees |  |  | (26,891 | ) |  |  | (512 | ) |  |  | (501 | )
Other accrued expenses |  |  | (5,053 | ) |  |  | (535 | ) |  |  | (1,697 | )
Professional fees |  |  | (33,442 | ) |  |  | (34,722 | ) |  |  | (33,269 | )
Transfer agent fees |  |  | (348 | ) |  |  | (193 | ) |  |  | (2,124 | )
Variation margin on futures contracts |  |  | — |  |  |  | (41,637 | ) |  |  | (20,252 | )
Net cash provided by operating activities |  |  | 49,631,883 |  |  |  | 44,579,246 |  |  |  | 16,917,164 |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid to Common Shareholders |  |  | (7,344,821 | ) |  |  | (3,751,003 | ) |  |  | (4,261,589 | )
Repayments of TOB Trust Certificates |  |  | (3,625,000 | ) |  |  | (4,307,798 | ) |  |  | (980,000 | )
Net payments on Common Shares redeemed |  |  | (3,976,665 | ) |  |  | (2,472,176 | ) |  |  | (2,345,633 | )
Payments on redemption of VMTP Shares |  |  | (90,200,000 | ) |  |  | (62,300,000 | ) |  |  | (37,900,000 | )
Proceeds from TOB Trust Certificates |  |  | 55,568,335 |  |  |  | 31,622,503 |  |  |  | 28,370,666 |
Decrease in bank overdraft |  |  | (53,732 | ) |  |  | (34,799 | ) |  |  | (37,608 | )
Net cash used for financing activities |  |  | (49,631,883 | ) |  |  | (41,243,273 | ) |  |  | (17,154,164 | )
CASH |  |  |  |  |  |  |  |  |  |  |  |
Net increase (decrease) in restricted and unrestricted cash |  |  | — |  |  |  | 3,335,973 |  |  |  | (237,000 | )
Restricted and unrestricted cash at beginning of period |  |  | — |  |  |  | 484,000 |  |  |  | 237,000 |
Restricted and unrestricted cash at end of period |  | $ | — |  |  | $ | 3,819,973 |  |  | $ | — |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |  |  |  |  |  |  |  |  |
Cash paid during the period for interest expense |  | $ | 5,779,085 |  |  | $ | 3,032,871 |  |  | $ | 3,042,296 |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | — |  |  | $ | 3,819,973 |  |  | $ | — |

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S |  | 81

Financial Highlights
(For a share outstanding throughout each period)

|  |  |  |  | BKN |
|  | Six Months Ended 01/31/24 (unaudited) |  |  | Year Ended 07/31/23 |  |  | Period from 05/01/22 to 07/31/22 |  |  | Year Ended 04/30/22 |  |  | Year Ended 04/30/21 |  |  | Year Ended 04/30/20 |  |  | Year Ended 04/30/19 |
Net asset value, beginning of period |  |  |  |  |  | $ | 13.21 |  |  | $ | 13.86 |  |  | $ | 13.79 |  |  | $ | 16.71 |  |  | $ | 14.89 |  |  | $ | 15.75 |  |  | $ | 15.26 |
Net investment income (a) |  |  |  |  |  |  | 0.22 |  |  |  | 0.52 |  |  |  | 0.16 |  |  |  | 0.74 |  |  |  | 0.81 |  |  |  | 0.71 |  |  |  | 0.71 |
Net realized and unrealized gain (loss) |  |  |  |  |  |  | (0.02 | ) |  |  | (0.59 | ) |  |  | 0.11 |  |  |  | (2.84 | ) |  |  | 1.80 |  |  |  | (0.88 | ) |  |  | 0.46 |
Net increase (decrease) from investment operations |  |  |  |  |  |  | 0.20 |  |  |  | (0.07 | ) |  |  | 0.27 |  |  |  | (2.10 | ) |  |  | 2.61 |  |  |  | (0.17 | ) |  |  | 1.17 |
Distributions to Common Shareholders (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (0.27 | ) (c) |  |  | (0.50 | ) |  |  | (0.20 | ) |  |  | (0.82 | ) |  |  | (0.79 | ) |  |  | (0.69 | ) |  |  | (0.68 | )
From net realized gain |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.00 | ) (d)
Return of capital |  |  |  |  |  |  | — |  |  |  | (0.08 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total distributions to Common Shareholders |  |  |  |  |  |  | (0.27 | ) |  |  | (0.58 | ) |  |  | (0.20 | ) |  |  | (0.82 | ) |  |  | (0.79 | ) |  |  | (0.69 | ) |  |  | (0.68 | )
Net asset value, end of period |  |  |  |  |  | $ | 13.14 |  |  | $ | 13.21 |  |  | $ | 13.86 |  |  | $ | 13.79 |  |  | $ | 16.71 |  |  | $ | 14.89 |  |  | $ | 15.75 |
Market price, end of period |  |  |  |  |  | $ | 11.71 |  |  | $ | 11.75 |  |  | $ | 14.61 |  |  | $ | 15.14 |  |  | $ | 19.20 |  |  | $ | 14.75 |  |  | $ | 14.31 |
Total Return Applicable to Common Shareholders (e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | 1.93 | % (f) |  |  | (0.06 | )% |  |  | 1.98 | % (f) |  |  | (13.23 | )% |  |  | 17.68 | % |  |  | (1.16 | )% |  |  | 8.45 | %
Based on market price |  |  |  |  |  |  | 2.12 | % (f) |  |  | (15.67 | )% |  |  | (2.09 | )% (f) |  |  | (17.09 | )% |  |  | 36.51 | % |  |  | 7.77 | % |  |  | 10.81 | %
Ratios to Average Net Assets Applicable to Common Shareholders (g) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 3.62 | % (h)(i)(j) |  |  | 3.40 | % |  |  | 2.33 | % (h)(k) |  |  | 1.52 | % |  |  | 1.53 | % |  |  | 2.31 | % |  |  | 2.53 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 3.62 | % (h)(i)(j) |  |  | 3.40 | % |  |  | 2.32 | % (h)(k) |  |  | 1.52 | % |  |  | 1.53 | % |  |  | 2.31 | % |  |  | 2.53 | %
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (l) |  |  |  |  |  |  | 0.92 | % (h)(i)(j) |  |  | 0.93 | % |  |  | 0.99 | % (h)(k) |  |  | 0.92 | % |  |  | 0.93 | % |  |  | 0.93 | % |  |  | 0.94 | %
Net investment income to Common Shareholders |  |  |  |  |  |  | 3.47 | % (h) |  |  | 3.96 | % |  |  | 4.80 | % (h) |  |  | 4.56 | % |  |  | 4.93 | % |  |  | 4.39 | % |  |  | 4.64 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of period (000) |  |  |  |  |  | $ | 226,067 |  |  | $ | 230,377 |  |  | $ | 243,842 |  |  | $ | 237,646 |  |  | $ | 287,404 |  |  | $ | 255,884 |  |  | $ | 270,707 |
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |  |  |  |  |  | $ | 67,800 |  |  | $ | 125,900 |  |  | $ | 125,900 |  |  | $ | 125,900 |  |  | $ | 125,900 |  |  | $ | 125,900 |  |  | $ | 125,900 |
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |  |  |  |  |  | $ | 320,138 | (m) |  | $ | 273,583 | (m) |  | $ | 243,263 | (m) |  | $ | 288,757 | (n) |  | $ | 328,280 | (n) |  | $ | 303,244 | (n) |  | $ | 315,017 | (n)
TOB Trust Certificates, end of period (000) |  |  |  |  |  | $ | 34,893 |  |  | $ | 6,819 |  |  | $ | 44,306 |  |  | $ | 47,151 |  |  | $ | 54,214 |  |  | $ | 56,112 |  |  | $ | 51,999 |
Asset coverage per $1,000 of TOB Trust Certificates, end of period (o) |  |  |  |  |  | $ | 9,422 |  |  | $ | 53,248 |  |  | $ | 9,345 |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Portfolio turnover rate |  |  |  |  |  |  | 30 | % |  |  | 31 | % |  |  | 9 | % |  |  | 17 | % |  |  | 10 | % |  |  | 16 | % |  |  | 29 | %

(a) | Based on average Common Shares outstanding.

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

(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

(d) | Amount is greater than $(0.005) per share.

(e) | 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.

(f) | Not annualized.

(g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(h) | Annualized.

(i) | Reorganization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 3.65%, 3.64% and 0.94%, respectively.

(j) | Includes unannualized non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs would have been 3.59%, 3.59% and 0.89%, respectively.

(k) | Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 2.38%, 2.37% and 1.04%, respectively.

(l) | 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.

(m) | Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VMTP Shares, and by multiplying the results by 100,000.

(n) | Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000.

82 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights
(continued)
(For a share outstanding throughout each period)

(o) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 83

Financial Highlights
(continued)
(For a share outstanding throughout each period)

|  |  |  |  | BFK |
|  | Six Months Ended 01/31/24 (unaudited) |  |  | Year Ended 07/31/23 |  |  | Period from 05/01/22 to 07/31/22 |  |  | Year Ended 04/30/22 |  |  | Year Ended 04/30/21 |  |  | Year Ended 04/30/20 |  |  | Year Ended 04/30/19 |
Net asset value, beginning of period |  |  |  |  |  | $ | 11.66 |  |  | $ | 12.18 |  |  | $ | 12.15 |  |  | $ | 14.74 |  |  | $ | 12.91 |  |  | $ | 14.17 |  |  | $ | 13.98 |
Net investment income (a) |  |  |  |  |  |  | 0.20 |  |  |  | 0.40 |  |  |  | 0.13 |  |  |  | 0.61 |  |  |  | 0.69 |  |  |  | 0.67 |  |  |  | 0.68 |
Net realized and unrealized gain (loss) |  |  |  |  |  |  | (0.08 | ) |  |  | (0.49 | ) |  |  | 0.05 |  |  |  | (2.50 | ) |  |  | 1.83 |  |  |  | (1.28 | ) |  |  | 0.21 |
Net increase (decrease) from investment operations |  |  |  |  |  |  | 0.12 |  |  |  | (0.09 | ) |  |  | 0.18 |  |  |  | (1.89 | ) |  |  | 2.52 |  |  |  | (0.61 | ) |  |  | 0.89 |
Distributions to Common Shareholders (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (0.22 | ) (c) |  |  | (0.36 | ) |  |  | (0.14 | ) |  |  | (0.70 | ) |  |  | (0.69 | ) |  |  | (0.65 | ) |  |  | (0.70 | )
Return of capital |  |  |  |  |  |  | — |  |  |  | (0.07 | ) |  |  | (0.01 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total distributions to Common Shareholders |  |  |  |  |  |  | (0.22 | ) |  |  | (0.43 | ) |  |  | (0.15 | ) |  |  | (0.70 | ) |  |  | (0.69 | ) |  |  | (0.65 | ) |  |  | (0.70 | )
Net asset value, end of period |  |  |  |  |  | $ | 11.56 |  |  | $ | 11.66 |  |  | $ | 12.18 |  |  | $ | 12.15 |  |  | $ | 14.74 |  |  | $ | 12.91 |  |  | $ | 14.17 |
Market price, end of period |  |  |  |  |  | $ | 10.11 |  |  | $ | 10.11 |  |  | $ | 11.25 |  |  | $ | 11.69 |  |  | $ | 15.05 |  |  | $ | 12.14 |  |  | $ | 13.79 |
Total Return Applicable to Common Shareholders (d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | 1.43 | % (e) |  |  | (0.10 | )% |  |  | 1.56 | % (e) |  |  | (13.35 | )% |  |  | 19.81 | % |  |  | (4.51 | )% |  |  | 6.98 | %
Based on market price |  |  |  |  |  |  | 2.31 | % (e) |  |  | (6.22 | )% |  |  | (2.51 | )% (e) |  |  | (18.35 | )% |  |  | 30.10 | % |  |  | (7.74 | )% |  |  | 13.89 | %
Ratios to Average Net Assets Applicable to Common Shareholders (f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 3.68 | % (g) |  |  | 3.39 | % |  |  | 2.32 | % (g)(h) |  |  | 1.61 | % |  |  | 1.63 | % |  |  | 2.30 | % |  |  | 2.55 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 3.67 | % (g) |  |  | 3.39 | % |  |  | 2.32 | % (g)(h) |  |  | 1.61 | % |  |  | 1.63 | % |  |  | 2.30 | % |  |  | 2.55 | %
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (i) |  |  |  |  |  |  | 1.00 | % (g) |  |  | 1.03 | % |  |  | 1.06 | % (g)(h) |  |  | 1.03 | % |  |  | 1.05 | % |  |  | 1.02 | % |  |  | 1.04 | %
Net investment income to Common Shareholders |  |  |  |  |  |  | 3.56 | % (g) |  |  | 3.53 | % |  |  | 4.35 | % (g) |  |  | 4.26 | % |  |  | 4.84 | % |  |  | 4.68 | % |  |  | 4.87 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of period (000) |  |  |  |  |  | $ | 507,098 |  |  | $ | 518,279 |  |  | $ | 548,691 |  |  | $ | 547,214 |  |  | $ | 662,092 |  |  | $ | 578,807 |  |  | $ | 635,076 |
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |  |  |  |  |  | $ | 154,100 |  |  | $ | 270,800 |  |  | $ | 270,800 |  |  | $ | 270,800 |  |  | $ | 270,800 |  |  | $ | 270,800 |  |  | $ | 270,800 |
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |  |  |  |  |  | $ | 294,447 | (j) |  | $ | 291,388 | (j) |  | $ | 247,905 | (j) |  | $ | 302,073 | (k) |  | $ | 344,495 | (k) |  | $ | 313,740 | (k) |  | $ | 334,518 | (k)
TOB Trust Certificates, end of period (000) |  |  |  |  |  | $ | 106,690 |  |  | $ | — |  |  | $ | 100,175 |  |  | $ | 120,204 |  |  | $ | 139,150 |  |  | $ | 135,464 |  |  | $ | 119,624 |
Asset coverage per $1,000 of TOB Trust Certificates, end of period (l) |  |  |  |  |  | $ | 7,197 |  |  |  | N/A |  |  | $ | 9,181 |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Portfolio turnover rate |  |  |  |  |  |  | 80 | % |  |  | 62 | % |  |  | 4 | % |  |  | 15 | % |  |  | 13 | % |  |  | 17 | % |  |  | 19 | %

(a) | Based on average Common Shares outstanding.

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

(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

(d) | 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.

(e) | Not annualized.

(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) | Annualized.

(h) | Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 2.35%, 2.35% and 1.08%, respectively.

(i) | 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.

(j) | Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VMTP Shares, and by multiplying the results by 100,000.

(k) | Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000.

(l) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000.

See notes to financial statements.

84 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights
(continued)
(For a share outstanding throughout each period)

|  |  |  |  | BLE |
|  | Six Months Ended 01/31/24 (unaudited) |  |  | Year Ended 07/31/23 |  |  | Period from 09/01/21 to 07/31/22 |  |  | Year Ended 08/31/21 |  |  | Year Ended 08/31/20 |  |  | Year Ended 08/31/19 |  |  | Year Ended 08/31/18 |
Net asset value, beginning of period |  |  |  |  |  | $ | 12.09 |  |  | $ | 12.60 |  |  | $ | 15.18 |  |  | $ | 14.79 |  |  | $ | 15.16 |  |  | $ | 14.55 |  |  | $ | 15.17 |
Net investment income (a) |  |  |  |  |  |  | 0.20 |  |  |  | 0.44 |  |  |  | 0.57 |  |  |  | 0.69 |  |  |  | 0.73 |  |  |  | 0.71 |  |  |  | 0.76 |
Net realized and unrealized gain (loss) |  |  |  |  |  |  | 0.15 |  |  |  | (0.48 | ) |  |  | (2.52 | ) |  |  | 0.44 |  |  |  | (0.40 | ) |  |  | 0.60 |  |  |  | (0.60 | )
Net increase (decrease) from investment operations |  |  |  |  |  |  | 0.35 |  |  |  | (0.04 | ) |  |  | (1.95 | ) |  |  | 1.13 |  |  |  | 0.33 |  |  |  | 1.31 |  |  |  | 0.16 |
Distributions to Common Shareholders (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (0.24 | ) (c) |  |  | (0.39 | ) |  |  | (0.63 | ) |  |  | (0.74 | ) |  |  | (0.70 | ) |  |  | (0.70 | ) |  |  | (0.78 | )
Return of capital |  |  |  |  |  |  | — |  |  |  | (0.08 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total distributions to Common Shareholders |  |  |  |  |  |  | (0.24 | ) |  |  | (0.47 | ) |  |  | (0.63 | ) |  |  | (0.74 | ) |  |  | (0.70 | ) |  |  | (0.70 | ) |  |  | (0.78 | )
Net asset value, end of period |  |  |  |  |  | $ | 12.20 |  |  | $ | 12.09 |  |  | $ | 12.60 |  |  | $ | 15.18 |  |  | $ | 14.79 |  |  | $ | 15.16 |  |  | $ | 14.55 |
Market price, end of period |  |  |  |  |  | $ | 10.66 |  |  | $ | 10.45 |  |  | $ | 11.77 |  |  | $ | 16.10 |  |  | $ | 14.83 |  |  | $ | 15.48 |  |  | $ | 13.77 |
Total Return Applicable to Common Shareholders (d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | 3.32 | % (e) |  |  | 0.39 | % |  |  | (12.94 | )% (e) |  |  | 7.82 | % |  |  | 2.37 | % |  |  | 9.52 | % |  |  | 1.35 | %
Based on market price |  |  |  |  |  |  | 4.45 | % (e) |  |  | (7.11 | )% |  |  | (23.32 | )% (e) |  |  | 14.05 | % |  |  | 0.52 | % |  |  | 18.17 | % |  |  | (5.82 | )%
Ratios to Average Net Assets Applicable to Common Shareholders (f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 3.51 | % (g) |  |  | 3.43 | % |  |  | 1.74 | % (g) |  |  | 1.60 | % (h) |  |  | 2.03 | % (i) |  |  | 2.55 | % |  |  | 2.32 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 3.51 | % (g) |  |  | 3.43 | % |  |  | 1.74 | % (g) |  |  | 1.57 | % (h) |  |  | 2.00 | % (i) |  |  | 2.55 | % |  |  | 2.31 | %
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (j) |  |  |  |  |  |  | 0.90 | % (g) |  |  | 0.96 | % |  |  | 0.94 | % (g) |  |  | 1.00 | % (h) |  |  | 0.99 | % (i) |  |  | 0.98 | % |  |  | 0.98 | %
Net investment income to Common Shareholders |  |  |  |  |  |  | 3.49 | % (g) |  |  | 3.74 | % |  |  | 4.50 | % (g) |  |  | 4.54 | % |  |  | 4.96 | % |  |  | 4.86 | % |  |  | 5.12 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of period (000) |  |  |  |  |  | $ | 582,506 |  |  | $ | 583,607 |  |  | $ | 615,642 |  |  | $ | 738,513 |  |  | $ | 348,328 |  |  | $ | 356,649 |  |  | $ | 342,437 |
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |  |  |  |  |  | $ | 174,100 |  |  | $ | 302,700 |  |  | $ | 302,700 |  |  | $ | 302,700 |  |  | $ | 151,300 |  |  | $ | 151,300 |  |  | $ | 151,300 |
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |  |  |  |  |  | $ | 331,973 | (k) |  | $ | 273,428 | (k) |  | $ | 247,830 | (k) |  | $ | 343,975 | (l) |  | $ | 330,223 | (l) |  | $ | 335,723 | (l) |  | $ | 326,330 | (l)
TOB Trust Certificates, end of period (000) |  |  |  |  |  | $ | 77,009 |  |  | $ | 33,812 |  |  | $ | 113,752 |  |  | $ | 155,988 |  |  | $ | 73,763 |  |  | $ | 59,519 |  |  | $ | 67,497 |
Asset coverage per $1,000 of TOB Trust Certificates, end of period (m) . |  |  |  |  |  | $ | 10,825 |  |  | $ | 27,213 |  |  | $ | 9,073 |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Portfolio turnover rate |  |  |  |  |  |  | 22 | % |  |  | 37 | % |  |  | 27 | % |  |  | 15 | % |  |  | 19 | % |  |  | 18 | % |  |  | 7 | %

(a) | Based on average Common Shares outstanding.

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

(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

(d) | 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.

(e) | Not annualized.

(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) | Annualized.

(h) | Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs would have been 1.56%, 1.56% and 0.99%, respectively.

(i) | Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs would have been 2.00%, 2.00% and 0.98%, respectively.

(j) | 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.

(k) | Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VMTP Shares, and by multiplying the results by 100,000.

(l) | Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000.

(m) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 85

Financial Highlights
(continued)
(For a share outstanding throughout each period)

|  |  |  |  | MHD |
|  | Six Months Ended 01/31/24 (unaudited) |  |  | Year Ended 07/31/23 |  |  | Period from 05/01/22 to 07/31/22 |  |  | Year Ended 04/30/22 |  |  | Year Ended 04/30/21 |  |  | Year Ended 04/30/20 |  |  | Year Ended 04/30/19 |
Net asset value, beginning of period |  |  |  |  |  | $ | 13.62 |  |  | $ | 14.35 |  |  | $ | 14.27 |  |  | $ | 17.30 |  |  | $ | 15.18 |  |  | $ | 16.56 |  |  | $ | 16.41 |
Net investment income (a) |  |  |  |  |  |  | 0.23 |  |  |  | 0.48 |  |  |  | 0.16 |  |  |  | 0.72 |  |  |  | 0.78 |  |  |  | 0.74 |  |  |  | 0.81 |
Net realized and unrealized gain (loss) |  |  |  |  |  |  | 0.07 |  |  |  | (0.69 | ) |  |  | 0.10 |  |  |  | (3.02 | ) |  |  | 2.07 |  |  |  | (1.36 | ) |  |  | 0.22 |
Net increase (decrease) from investment operations |  |  |  |  |  |  | 0.30 |  |  |  | (0.21 | ) |  |  | 0.26 |  |  |  | (2.30 | ) |  |  | 2.85 |  |  |  | (0.62 | ) |  |  | 1.03 |
Distributions to Common Shareholders (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (0.25 | ) (c) |  |  | (0.50 | ) |  |  | (0.18 | ) |  |  | (0.73 | ) |  |  | (0.73 | ) |  |  | (0.76 | ) |  |  | (0.83 | )
From net realized gain |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.00 | ) (d) |  |  | — |  |  |  | — |  |  |  | (0.05 | )
Return of capital |  |  |  |  |  |  | — |  |  |  | (0.02 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total distributions to Common Shareholders |  |  |  |  |  |  | (0.25 | ) |  |  | (0.52 | ) |  |  | (0.18 | ) |  |  | (0.73 | ) |  |  | (0.73 | ) |  |  | (0.76 | ) |  |  | (0.88 | )
Net asset value, end of period |  |  |  |  |  | $ | 13.67 |  |  | $ | 13.62 |  |  | $ | 14.35 |  |  | $ | 14.27 |  |  | $ | 17.30 |  |  | $ | 15.18 |  |  | $ | 16.56 |
Market price, end of period |  |  |  |  |  | $ | 11.91 |  |  | $ | 11.84 |  |  | $ | 13.32 |  |  | $ | 12.87 |  |  | $ | 16.33 |  |  | $ | 13.91 |  |  | $ | 15.92 |
Total Return Applicable to Common Shareholders (e) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | 2.58 | % (f)(g) |  |  | (0.82 | )% |  |  | 1.93 | % (g) |  |  | (13.64 | )% |  |  | 19.31 | % |  |  | (4.02 | )% |  |  | 6.84 | %
Based on market price |  |  |  |  |  |  | 2.81 | % (g) |  |  | (7.12 | )% |  |  | 4.91 | % (g) |  |  | (17.48 | )% |  |  | 22.90 | % |  |  | (8.52 | )% |  |  | 12.51 | %
Ratios to Average Net Assets Applicable to Common Shareholders (h) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 3.34 | % (i) |  |  | 3.25 | % |  |  | 2.19 | % (i) |  |  | 1.52 | % |  |  | 1.56 | % (j) |  |  | 2.16 | % |  |  | 2.47 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 3.34 | % (i) |  |  | 3.24 | % |  |  | 2.18 | % (i) |  |  | 1.50 | % |  |  | 1.51 | % (j) |  |  | 2.15 | % |  |  | 2.47 | %
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (k) |  |  |  |  |  |  | 0.88 | % (i) |  |  | 0.94 | % |  |  | 0.96 | % (i) |  |  | 0.93 | % |  |  | 0.98 | % (j) |  |  | 0.97 | % |  |  | 1.00 | %
Net investment income to Common Shareholders |  |  |  |  |  |  | 3.47 | % (i) |  |  | 3.55 | % |  |  | 4.44 | % (i) |  |  | 4.30 | % |  |  | 4.59 | % |  |  | 4.40 | % |  |  | 4.98 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of period (000) |  |  |  |  |  | $ | 712,942 |  |  | $ | 719,018 |  |  | $ | 765,773 |  |  | $ | 761,147 |  |  | $ | 923,079 |  |  | $ | 215,764 |  |  | $ | 235,029 |
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |  |  |  |  |  | $ | 214,000 |  |  | $ | 347,800 |  |  | $ | 347,800 |  |  | $ | 347,800 |  |  | $ | 347,800 |  |  | $ | 83,700 |  |  | $ | 83,700 |
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |  |  |  |  |  | $ | 324,756 | (l) |  | $ | 291,952 | (l) |  | $ | 249,559 | (l) |  | $ | 318,846 | (m) |  | $ | 365,405 | (m) |  | $ | 357,782 | (m) |  | $ | 380,799 | (m)
TOB Trust Certificates, end of period (000) |  |  |  |  |  | $ | 103,207 |  |  | $ | 26,783 |  |  | $ | 164,222 |  |  | $ | 176,042 |  |  | $ | 213,104 |  |  | $ | 53,130 |  |  | $ | 52,674 |
Asset coverage per $1,000 of TOB Trust Certificates, end of period (n) |  |  |  |  |  | $ | 9,981 |  |  | $ | 40,832 |  |  | $ | 7,781 |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Portfolio turnover rate |  |  |  |  |  |  | 38 | % |  |  | 38 | % |  |  | 4 | % |  |  | 15 | % |  |  | 13 | % |  |  | 21 | % |  |  | 17 | %

(a) | Based on average Common Shares outstanding.

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

(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

(d) | Amount is greater than $(0.005) per share.

(e) | 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.

(f) | Includes payment from an affiliate, which had no impact on the Fund’s total return.

(g) | Not annualized.

(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(i) | Annualized.

(j) | Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs, would have been 1.49%, 1.47% and 0.95%, respectively.

(k) | 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.

(l) | Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VMTP Shares, and by multiplying the results by 100,000.

(m) | Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000.

(n) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000.

See notes to financial statements.

86 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights
(continued)
(For a share outstanding throughout each period)

|  |  |  |  | MVF |
|  | Six Months Ended 01/31/24 (unaudited) |  |  | Year Ended 07/31/23 |  |  | Period from 09/01/21 to 07/31/22 |  |  | Year Ended 08/31/21 |  |  | Year Ended 08/31/20 |  |  | Year Ended 08/31/19 |  |  | Year Ended 08/31/18 |
Net asset value, beginning of period |  |  |  |  |  | $ | 7.90 |  |  | $ | 8.37 |  |  | $ | 10.08 |  |  | $ | 9.60 |  |  | $ | 9.83 |  |  | $ | 9.35 |  |  | $ | 9.75 |
Net investment income (a) |  |  |  |  |  |  | 0.13 |  |  |  | 0.26 |  |  |  | 0.35 |  |  |  | 0.41 |  |  |  | 0.43 |  |  |  | 0.44 |  |  |  | 0.51 |
Net realized and unrealized gain (loss) |  |  |  |  |  |  | 0.15 |  |  |  | (0.44 | ) |  |  | (1.69 | ) |  |  | 0.47 |  |  |  | (0.25 | ) |  |  | 0.50 |  |  |  | (0.39 | )
Net increase (decrease) from investment operations |  |  |  |  |  |  | 0.28 |  |  |  | (0.18 | ) |  |  | (1.34 | ) |  |  | 0.88 |  |  |  | 0.18 |  |  |  | 0.94 |  |  |  | 0.12 |
Distributions to Common Shareholders (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (0.14 | ) (c) |  |  | (0.26 | ) |  |  | (0.37 | ) |  |  | (0.40 | ) |  |  | (0.41 | ) |  |  | (0.46 | ) |  |  | (0.52 | )
Return of capital |  |  |  |  |  |  | — |  |  |  | (0.03 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total distributions to Common Shareholders |  |  |  |  |  |  | (0.14 | ) |  |  | (0.29 | ) |  |  | (0.37 | ) |  |  | (0.40 | ) |  |  | (0.41 | ) |  |  | (0.46 | ) |  |  | (0.52 | )
Net asset value, end of period |  |  |  |  |  | $ | 8.04 |  |  | $ | 7.90 |  |  | $ | 8.37 |  |  | $ | 10.08 |  |  | $ | 9.60 |  |  | $ | 9.83 |  |  | $ | 9.35 |
Market price, end of period |  |  |  |  |  | $ | 6.97 |  |  | $ | 6.83 |  |  | $ | 7.81 |  |  | $ | 9.80 |  |  | $ | 8.77 |  |  | $ | 9.49 |  |  | $ | 8.81 |
Total Return Applicable to Common Shareholders (d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | 3.98 | % (e) |  |  | (1.57 | )% |  |  | (13.30 | )% (e) |  |  | 9.62 | % |  |  | 2.30 | % |  |  | 10.76 | % |  |  | 1.52 | %
Based on market price |  |  |  |  |  |  | 4.26 | % (e) |  |  | (8.80 | )% |  |  | (16.79 | )% (e) |  |  | 16.66 | % |  |  | (3.19 | )% |  |  | 13.47 | % |  |  | (5.22 | )%
Ratios to Average Net Assets Applicable to Common Shareholders (f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 3.26 | % (g) |  |  | 3.07 | % |  |  | 1.58 | % (g) |  |  | 1.34 | % |  |  | 1.77 | % |  |  | 2.29 | % |  |  | 2.16 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 3.25 | % (g) |  |  | 3.06 | % |  |  | 1.58 | % (g) |  |  | 1.34 | % |  |  | 1.77 | % |  |  | 2.29 | % |  |  | 2.16 | %
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (h) |  |  |  |  |  |  | 0.82 | % (g) |  |  | 0.85 | % |  |  | 0.86 | % (g) |  |  | 0.84 | % |  |  | 0.85 | % |  |  | 0.87 | % |  |  | 0.89 | %
Net investment income to Common Shareholders |  |  |  |  |  |  | 3.48 | % (g) |  |  | 3.37 | % |  |  | 4.18 | % (g) |  |  | 4.17 | % |  |  | 4.48 | % |  |  | 4.74 | % |  |  | 5.35 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of period (000) |  |  |  |  |  | $ | 509,818 |  |  | $ | 505,761 |  |  | $ | 542,470 |  |  | $ | 653,755 |  |  | $ | 622,750 |  |  | $ | 637,636 |  |  | $ | 605,972 |
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |  |  |  |  |  | $ | 153,600 |  |  | $ | 243,800 |  |  | $ | 243,800 |  |  | $ | 243,800 |  |  | $ | 243,800 |  |  | $ | 243,800 |  |  | $ | 243,800 |
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |  |  |  |  |  | $ | 320,726 | (i) |  | $ | 287,855 | (i) |  | $ | 260,636 | (i) |  | $ | 368,152 | (j) |  | $ | 355,435 | (j) |  | $ | 361,541 | (j) |  | $ | 348,553 | (j)
TOB Trust Certificates, end of period (000) |  |  |  |  |  | $ | 77,373 |  |  | $ | 25,430 |  |  | $ | 93,902 |  |  | $ | 106,029 |  |  | $ | 97,266 |  |  | $ | 100,463 |  |  | $ | 112,817 |
Asset coverage per $1,000 of TOB Trust Certificates, end of period (k) |  |  |  |  |  | $ | 9,574 |  |  | $ | 30,475 |  |  | $ | 9,373 |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Portfolio turnover rate |  |  |  |  |  |  | 29 | % |  |  | 37 | % |  |  | 26 | % |  |  | 13 | % |  |  | 18 | % |  |  | 31 | % |  |  | 21 | %

(a) | Based on average Common Shares outstanding.

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

(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

(d) | 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.

(e) | Not annualized.

(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) | Annualized.

(h) | 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.

(i) | Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VMTP Shares, and by multiplying the results by 100,000.

(j) | Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000.

(k) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 87

Financial Highlights
(continued)
(For a share outstanding throughout each period)

|  |  |  |  | MVT |
|  | Six Months Ended 01/31/24 (unaudited) |  |  | Year Ended 07/31/23 |  |  | Period from 05/01/22 to 07/31/22 |  |  | Year Ended 04/30/22 |  |  | Year Ended 04/30/21 |  |  | Year Ended 04/30/20 |  |  | Year Ended 04/30/19 |
Net asset value, beginning of period |  |  |  |  |  | $ | 12.36 |  |  | $ | 12.91 |  |  | $ | 12.91 |  |  | $ | 15.60 |  |  | $ | 13.60 |  |  | $ | 14.87 |  |  | $ | 14.75 |
Net investment income (a) |  |  |  |  |  |  | 0.20 |  |  |  | 0.42 |  |  |  | 0.13 |  |  |  | 0.65 |  |  |  | 0.72 |  |  |  | 0.68 |  |  |  | 0.74 |
Net realized and unrealized gain (loss) |  |  |  |  |  |  | 0.14 |  |  |  | (0.52 | ) |  |  | 0.03 |  |  |  | (2.64 | ) |  |  | 1.97 |  |  |  | (1.27 | ) |  |  | 0.20 |
Net increase (decrease) from investment operations |  |  |  |  |  |  | 0.34 |  |  |  | (0.10 | ) |  |  | 0.16 |  |  |  | (1.99 | ) |  |  | 2.69 |  |  |  | (0.59 | ) |  |  | 0.94 |
Distributions to Common Shareholders (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (0.23 | ) (c) |  |  | (0.38 | ) |  |  | (0.16 | ) |  |  | (0.70 | ) |  |  | (0.69 | ) |  |  | (0.68 | ) |  |  | (0.76 | )
From net realized gain |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.06 | )
Return of capital |  |  |  |  |  |  | — |  |  |  | (0.07 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total distributions to Common Shareholders |  |  |  |  |  |  | (0.23 | ) |  |  | (0.45 | ) |  |  | (0.16 | ) |  |  | (0.70 | ) |  |  | (0.69 | ) |  |  | (0.68 | ) |  |  | (0.82 | )
Net asset value, end of period |  |  |  |  |  | $ | 12.47 |  |  | $ | 12.36 |  |  | $ | 12.91 |  |  | $ | 12.91 |  |  | $ | 15.60 |  |  | $ | 13.60 |  |  | $ | 14.87 |
Market price, end of period |  |  |  |  |  | $ | 10.73 |  |  | $ | 10.66 |  |  | $ | 12.04 |  |  | $ | 11.89 |  |  | $ | 15.15 |  |  | $ | 12.55 |  |  | $ | 14.29 |
Total Return Applicable to Common Shareholders (d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | 3.14 | % (e) |  |  | (0.14 | )% |  |  | 1.31 | % (e) |  |  | (13.19 | )% |  |  | 20.22 | % |  |  | (4.21 | )% |  |  | 6.83 | %
Based on market price |  |  |  |  |  |  | 2.90 | % (e) |  |  | (7.65 | )% |  |  | 2.58 | % (e) |  |  | (17.67 | )% |  |  | 26.52 | % |  |  | (8.02 | )% |  |  | 7.78 | %
Ratios to Average Net Assets Applicable to Common Shareholders (f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 3.39 | % (g) |  |  | 3.41 | % |  |  | 2.26 | % (g)(h) |  |  | 1.49 | % |  |  | 1.47 | % |  |  | 2.14 | % |  |  | 2.45 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 3.39 | % (g) |  |  | 3.40 | % |  |  | 2.26 | % (g)(h) |  |  | 1.49 | % |  |  | 1.47 | % |  |  | 2.13 | % |  |  | 2.45 | %
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (i) |  |  |  |  |  |  | 0.86 | % (g) |  |  | 0.92 | % |  |  | 0.96 | % (g)(h) |  |  | 0.90 | % |  |  | 0.90 | % |  |  | 0.89 | % |  |  | 0.91 | %
Net investment income to Common Shareholders |  |  |  |  |  |  | 3.41 | % (g) |  |  | 3.45 | % |  |  | 4.24 | % (g) |  |  | 4.28 | % |  |  | 4.75 | % |  |  | 4.51 | % |  |  | 5.09 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of period (000) |  |  |  |  |  | $ | 260,232 |  |  | $ | 260,771 |  |  | $ | 275,901 |  |  | $ | 275,829 |  |  | $ | 332,905 |  |  | $ | 290,223 |  |  | $ | 317,175 |
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |  |  |  |  |  | $ | 77,700 |  |  | $ | 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 |  |  |  |  |  | $ | 338,039 | (j) |  | $ | 280,704 | (j) |  | $ | 243,146 | (j) |  | $ | 297,021 | (k) |  | $ | 337,789 | (k) |  | $ | 307,302 | (k) |  | $ | 326,553 | (k)
TOB Trust Certificates, end of period (000) |  |  |  |  |  | $ | 31,623 |  |  | $ | 4,308 |  |  | $ | 52,740 |  |  | $ | 60,726 |  |  | $ | 57,997 |  |  | $ | 56,198 |  |  | $ | 47,982 |
Asset coverage per $1,000 of TOB Trust Certificates, end of period (l) |  |  |  |  |  | $ | 11,686 |  |  | $ | 94,029 |  |  | $ | 8,886 |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Portfolio turnover rate |  |  |  |  |  |  | 28 | % |  |  | 51 | % |  |  | 4 | % |  |  | 14 | % |  |  | 13 | % |  |  | 18 | % |  |  | 25 | %

(a) | Based on average Common Shares outstanding.

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

(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

(d) | 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.

(e) | Not annualized.

(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) | Annualized.

(h) | Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 2.31%, 2.31% and 1.01%, respectively.

(i) | 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.

(j) | Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VMTP Shares, and by multiplying the results by 100,000.

(k) | Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000.

(l) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000.

See notes to financial statements.

88 |  | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights
(continued)
(For a share outstanding throughout each period)

|  |  |  |  | MQT |
|  | Six Months Ended 01/31/24 (unaudited) |  |  | Year Ended 07/31/23 |  |  | Period from 05/01/22 to 07/31/22 |  |  | Year Ended 04/30/22 |  |  | Year Ended 04/30/21 |  |  | Year Ended 04/30/20 |  |  | Year Ended 04/30/19 |
Net asset value, beginning of period |  |  |  |  |  | $ | 11.71 |  |  | $ | 12.30 |  |  | $ | 12.17 |  |  | $ | 14.58 |  |  | $ | 13.02 |  |  | $ | 13.77 |  |  | $ | 13.37 |
Net investment income (a) |  |  |  |  |  |  | 0.20 |  |  |  | 0.45 |  |  |  | 0.14 |  |  |  | 0.62 |  |  |  | 0.65 |  |  |  | 0.57 |  |  |  | 0.60 |
Net realized and unrealized gain (loss) |  |  |  |  |  |  | 0.08 |  |  |  | (0.56 | ) |  |  | 0.15 |  |  |  | (2.38 | ) |  |  | 1.53 |  |  |  | (0.78 | ) |  |  | 0.39 |
Net increase (decrease) from investment operations |  |  |  |  |  |  | 0.28 |  |  |  | (0.11 | ) |  |  | 0.29 |  |  |  | (1.76 | ) |  |  | 2.18 |  |  |  | (0.21 | ) |  |  | 0.99 |
Distributions to Common Shareholders (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  |  |  |  |  | (0.24 | ) (c) |  |  | (0.45 | ) |  |  | (0.16 | ) |  |  | (0.65 | ) |  |  | (0.62 | ) |  |  | (0.54 | ) |  |  | (0.59 | )
Return of capital |  |  |  |  |  |  | — |  |  |  | (0.03 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total distributions to Common Shareholders |  |  |  |  |  |  | (0.24 | ) |  |  | (0.48 | ) |  |  | (0.16 | ) |  |  | (0.65 | ) |  |  | (0.62 | ) |  |  | (0.54 | ) |  |  | (0.59 | )
Net asset value, end of period |  |  |  |  |  | $ | 11.75 |  |  | $ | 11.71 |  |  | $ | 12.30 |  |  | $ | 12.17 |  |  | $ | 14.58 |  |  | $ | 13.02 |  |  | $ | 13.77 |
Market price, end of period |  |  |  |  |  | $ | 10.28 |  |  | $ | 10.17 |  |  | $ | 11.94 |  |  | $ | 11.08 |  |  | $ | 13.92 |  |  | $ | 11.99 |  |  | $ | 12.26 |
Total Return Applicable to Common Shareholders (d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  |  |  |  |  | 2.79 | % (e) |  |  | (0.25 | )% |  |  | 2.45 | % (e) |  |  | (12.49 | )% |  |  | 17.24 | % |  |  | (1.41 | )% |  |  | 8.21 | %
Based on market price |  |  |  |  |  |  | 3.55 | % (e) |  |  | (10.76 | )% |  |  | 9.24 | % (e) |  |  | (16.55 | )% |  |  | 21.55 | % |  |  | 1.97 | % |  |  | 7.52 | %
Ratios to Average Net Assets Applicable to Common Shareholders (f) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  |  |  |  |  | 3.43 | % (g) |  |  | 3.14 | % |  |  | 2.21 | % (g)(h) |  |  | 1.46 | % |  |  | 1.47 | % |  |  | 2.29 | % |  |  | 2.59 | %
Total expenses after fees waived and/or reimbursed |  |  |  |  |  |  | 3.43 | % (g) |  |  | 3.14 | % |  |  | 2.20 | % (g)(h) |  |  | 1.46 | % |  |  | 1.47 | % |  |  | 2.29 | % |  |  | 2.58 | %
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (i) |  |  |  |  |  |  | 0.87 | % (g) |  |  | 0.90 | % |  |  | 0.97 | % (g)(h) |  |  | 0.90 | % |  |  | 0.91 | % |  |  | 0.92 | % |  |  | 0.95 | %
Net investment income to Common Shareholders |  |  |  |  |  |  | 3.61 | % (g) |  |  | 3.91 | % |  |  | 4.66 | % (g) |  |  | 4.38 | % |  |  | 4.57 | % |  |  | 4.04 | % |  |  | 4.47 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of period (000) |  |  |  |  |  | $ | 260,346 |  |  | $ | 262,314 |  |  | $ | 277,927 |  |  | $ | 275,030 |  |  | $ | 328,873 |  |  | $ | 293,673 |  |  | $ | 310,611 |
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |  |  |  |  |  | $ | 78,600 |  |  | $ | 116,500 |  |  | $ | 116,500 |  |  | $ | 116,500 |  |  | $ | 116,500 |  |  | $ | 116,500 |  |  | $ | 116,500 |
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |  |  |  |  |  | $ | 305,289 | (j) |  | $ | 291,013 | (j) |  | $ | 247,340 | (j) |  | $ | 336,077 | (k) |  | $ | 382,294 | (k) |  | $ | 352,080 | (k) |  | $ | 366,619 | (k)
TOB Trust Certificates, end of period (000) |  |  |  |  |  | $ | 48,219 |  |  | $ | 20,828 |  |  | $ | 72,129 |  |  | $ | 76,171 |  |  | $ | 80,614 |  |  | $ | 82,178 |  |  | $ | 90,517 |
Asset coverage per $1,000 of TOB Trust Certificates, end of period (l) |  |  |  |  |  | $ | 8,029 |  |  | $ | 19,188 |  |  | $ | 6,468 |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | N/A |
Portfolio turnover rate |  |  |  |  |  |  | 30 | % |  |  | 41 | % |  |  | 8 | % |  |  | 16 | % |  |  | 8 | % |  |  | 19 | % |  |  | 22 | %

(a) | Based on average Common Shares outstanding.

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

(c) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

(d) | 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.

(e) | Not annualized.

(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) | Annualized.

(h) | Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 2.25%, 2.25% and 1.01%, respectively.

(i) | 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.

(j) | Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VMTP Shares, and by multiplying the results by 100,000.

(k) | Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares) from the Fund’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000.

(l) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not including VMTP Shares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S |  | 89

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 Investment Quality Municipal Trust, Inc. |  | BKN |  | Maryland |  | Diversified
BlackRock Municipal Income Trust |  | BFK |  | Delaware |  | Diversified
BlackRock Municipal Income Trust II |  | BLE |  | Delaware |  | Diversified
BlackRock MuniHoldings Fund, Inc. |  | MHD |  | Maryland |  | Diversified
BlackRock MuniVest Fund, Inc. |  | MVF |  | Maryland |  | Diversified
BlackRock MuniVest Fund II, Inc. |  | MVT |  | Maryland |  | Diversified
BlackRock MuniYield Quality Fund II, Inc. |  | MQT |  | Maryland |  | Diversified

The Boards of Directors and Boards of Trustees of the Funds are collectively referred to throughout this report as the “Board,” and the directors/trustees 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.
On October 30, 2023, the Boards of Directors/Trustees of BKN, BlackRock MuniYield Michigan Quality Fund, Inc. (MIY), BlackRock MuniYield Pennsylvania Quality Fund (MPA), and BlackRock Virgina Municipal Bond Trust (BHV) (collectively, the “Target Funds”) and the Board of Directors of BlackRock Muniyield Quality Fund III, Inc. (MYI) announced the withdrawal of merger proposals that were previously approved by the Boards of Directors/Trustees pursuant to which each of the Target Funds would have been merged into MYI, with MYI contnuing as the surviving fund. While the Board of Directors believe that the mergers would have benefited shareholders for the reasons discussed in the proxy statement, it was determined that the proxy solicitation process and associated costs would be more burdensome and expensive as a result of opposition from an activist shareholder, making the mergers no longer in the best interests of each Fund’s shareholders.
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 funds referred to as the BlackRock Fixed-Income 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 executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Bank Overdraft:
The Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization:
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.
Distributions:
Distributions from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The portion of distributions, if any, that exceeds a fund’s current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. 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 Board, the directors who are not “interested persons” of the Funds, as defined in the 1940 Act (“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 funds in the BlackRock Fixed-Income Complex 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 funds in the BlackRock Fixed-Income Complex.
The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Fund, as applicable. Deferred compensation liabilities, if any, are included in the Directors’ and Officer’s 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. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the

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Notes to Financial Statements
(unaudited) (continued)
BlackRock Fixed-Income Complex and reflected as Directors and Officer expense on the Statements of Operations. The Directors and Officer expense may be negative as a result of a decrease in value of the deferred accounts.
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.

3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies:
Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each Fund’s Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies:
The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

| • |  | Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

| • |  | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that 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 Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair Value Hierarchy:
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

| • |  | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that 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); and

| • |  | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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Notes to Financial Statements
(unaudited (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, When-Issued and Delayed Delivery Securities:
The 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. The Funds 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, the Funds 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, the Funds assume 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, the Funds’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Funds to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of Operations.
Municipal BondsTransferred toTOBTrusts:
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. MVF’s, MVT’s and MQT’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, 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 offering costs in the Statements of Operations. Amounts recorded within interest expense, fees and amortization of offering costs in the Statements of Operations are:

Fund Name |  | Interest Expense |  |  | Liquidity Fees |  |  | Other Expenses |  |  | Total |
BKN |  | $ | 310,564 |  |  | $ | 35,326 |  |  | $ | 13,715 |  |  | $ | 359,605 |
BFK |  |  | 841,518 |  |  |  | 98,045 |  |  |  | 36,240 |  |  |  | 975,803 |
BLE |  |  | 838,829 |  |  |  | 90,974 |  |  |  | 40,857 |  |  |  | 970,660 |
MHD |  |  | 894,494 |  |  |  | 101,880 |  |  |  | 45,732 |  |  |  | 1,042,106 |
MVF |  |  | 660,207 |  |  |  | 75,269 |  |  |  | 27,412 |  |  |  | 762,888 |
MVT |  |  | 224,570 |  |  |  | 25,992 |  |  |  | 10,396 |  |  |  | 260,958 |
MQT |  |  | 583,668 |  |  |  | 68,059 |  |  |  | 24,704 |  |  |  | 676,431 |

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Notes to Financial Statements
(unaudited (continued)
For the six months ended January 31, 2024, the following table is a summary of each Fund’s TOB Trusts:

Fund Name |  | 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 |
BKN |  | $ | 74,429,765 |  |  | $ | 34,892,828 |  |  |  | 4.55% —4.85 | % |  | $ | 18,687,721 |  |  |  | 3.83 | %
BFK |  |  | 228,718,009 |  |  |  | 106,689,984 |  |  |  | 4.55   —4.65 |  |  |  | 53,025,264 |  |  |  | 3.66 |
BLE |  |  | 147,188,685 |  |  |  | 77,008,589 |  |  |  | 4.57   —4.85 |  |  |  | 48,985,166 |  |  |  | 3.94 |
MHD |  |  | 223,753,067 |  |  |  | 103,207,179 |  |  |  | 4.55   —4.85 |  |  |  | 54,685,279 |  |  |  | 3.79 |
MVF |  |  | 132,402,703 |  |  |  | 77,373,088 |  |  |  | 4.55   —4.61 |  |  |  | 39,592,185 |  |  |  | 3.83 |
MVT |  |  | 63,275,366 |  |  |  | 31,622,503 |  |  |  | 4.57   —4.85 |  |  |  | 14,087,198 |  |  |  | 3.68 |
MQT |  |  | 99,106,969 |  |  |  | 48,218,616 |  |  |  | 4.57   —4.85 |  |  |  | 33,754,187 |  |  |  | 3.99 |

| (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 in the Schedules of Investments. |

| (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 January 31, 2024, 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 January 31, 2024. |

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) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded 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. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are 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 notional amount of the contract at the time it was opened and the notional amount 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 rates, foreign currency exchange rates or underlying assets.

6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory:
Each Fund entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative 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, BKN, BFK and BLE pays the Manager a monthly fee at an annual rate equal to the following percentages of the average weekly value of each Fund’s managed assets:

|  | BKN |  |  | BFK |  |  | BLE |
Investment advisory fees |  |  | 0.35 | % |  |  | 0.60 | % |  |  | 0.55 | %

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Notes to Financial Statements
(unaudited) (continued)
For such services, MHD, MVF, MVT and MQT pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets:

|  | MHD |  |  | MVF |  |  | MVT |  |  | MQT |
Investment advisory fees |  |  | 0.55 | % |  |  | 0.50 | % |  |  | 0.50 | % |  |  | 0.50 | %

For purposes of calculating these fees, “managed assets” are determined as total assets of the Fund (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).
For purposes of calculating this fee, “net assets” mean the total assets of the 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.
Distribution Fees:
BKN, BFK and BLE have entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of BKN, BFK and BLE common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”). Pursuant to the Distribution Agreement, BRIL will receive commissions with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of BKN’s, BFK’s and BLE’s common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the period ended January 31, 2024 amounted to $0, $0 and $0, respectively.
Administration:
BKN has an Administration Agreement with the Manager. The administration fee paid monthly to the Manager is computed at an annual rate of 0.15% of the Fund’s average weekly managed assets. For BKN, the Manager may reduce or discontinue this arrangement at any time without notice.
Expense Waivers and Reimbursements:
With respect to each Fund, the Manager contractually 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”) through June 30, 2025. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2024, the amounts waived were as follows:

Fund Name |  | Fees Waived and/or Reimbursed by the Manager |
BKN |  | $ | 4,736 |
BFK |  |  | 9,492 |
BLE |  |  | 15,707 |
MHD |  |  | 15,830 |
MVF |  |  | 20,889 |
MVT |  |  | 7,771 |
MQT |  |  | 6,119 |

The Manager has 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, 2025. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Funds’ Independent Directors, or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended January 31, 2024, there were no fees waived by the Manager pursuant to this arrangement.
Directors and Officers:
Certain directors and/or officers of the Funds are directors and/or officers 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 Directors and Officer in the Statements of Operations.
Other Transactions:
During the six months ended January 31, 2024, MHD recorded a reimbursement of $10,016 from an affiliate, which is included in payment by affiliate in the Statements of Operations, related to an operating event.

7. | PURCHASES AND SALES

For the six months ended January 31, 2024, purchases and sales of investments, excluding short-term securities, were as follows:

Fund Name |  | Purchases |  |  | Sales |
BKN |  | $ | 98,925,541 |  |  | $ | 136,473,649 |
BFK |  |  | 596,249,123 |  |  |  | 626,644,616 |
BLE |  |  | 177,529,211 |  |  |  | 257,340,796 |
MHD |  |  | 373,264,010 |  |  |  | 425,666,938 |
MVF |  |  | 242,216,953 |  |  |  | 200,745,417 |
MVT |  |  | 101,472,545 |  |  |  | 138,391,324 |
MQT |  |  | 112,776,419 |  |  |  | 127,539,120 |

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Notes to Financial Statements
(unaudited (continued)

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 a period of three years after they are filed. 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 January 31, 2024, 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 July 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

Fund Name |  |  | Non-Expiring Capital Loss Carryforwards |
BKN |  | $ | (19,151,936 | )
BFK |  |  | (72,136,539 | )
BLE |  |  | (73,139,451 | )
MHD |  |  | (80,338,658 | )
MVF |  |  | (55,735,208 | )
MVT |  |  | (28,282,519 | )
MQT |  |  | (22,803,903 | )

As of January 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

Fund Name |  | Tax Cost |  |  | Gross Unrealized Appreciation |  |  | Gross Unrealized Depreciation |  |  | Net Unrealized Appreciation (Depreciation) |
BKN |  | $ | 277,958,130 |  |  | $ | 19,701,257 |  |  | $ | (4,349,198 | ) |  | $ | 15,352,059 |
BFK |  |  | 620,386,020 |  |  |  | 33,999,746 |  |  |  | (6,047,269 | ) |  |  | 27,952,477 |
BLE |  |  | 727,894,787 |  |  |  | 26,965,094 |  |  |  | (9,513,807 | ) |  |  | 17,451,287 |
MHD |  |  | 887,592,507 |  |  |  | 43,231,581 |  |  |  | (11,953,473 | ) |  |  | 31,278,108 |
MVF |  |  | 651,119,020 |  |  |  | 18,369,022 |  |  |  | (8,512,694 | ) |  |  | 9,856,328 |
MVT |  |  | 318,477,627 |  |  |  | 13,947,239 |  |  |  | (2,550,900 | ) |  |  | 11,396,339 |
MQT |  |  | 317,949,716 |  |  |  | 20,613,725 |  |  |  | (3,863,823 | ) |  |  | 16,749,902 |

9. | PRINCIPAL RISKS

In the normal course of business, the 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) the general economy; (ii) the 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. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments.
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.
As short-term interest rates rise, the Funds’ investments in the 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 U.S. Securities and Exchange Commission (“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.

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Notes to Financial Statements
(unaudited) (continued)
Illiquidity Risk:
Each Fund may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Fund may not be able to readily dispose of such investments at prices that approximate those at which a Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, a Fund may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Fund’s NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.
Market Risk:
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.
Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.
Counterparty 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, including making timely interest and/or principal payments or otherwise honoring its obligations. 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.
Geographic/Asset Class Risk:
A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
The Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.
Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.
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 decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has raised the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.
The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

10. | CAPITAL SHARE TRANSACTIONS

BKN is authorized to issue 200 million shares, all of which were initially classified as Common Shares. BFK and BLE are authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. The par value for BKN’s Common Shares is $0.01. The par value of BFK and BLE Common Shares is $0.001. The par value for BKN’s Preferred Shares outstanding is $0.01. The par value for BKF and BLE Preferred Shares is $0.001. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

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Notes to Financial Statements
(unaudited) (continued)
MHD, MVT and MQT are each authorized to issue 200 million shares, all of which were initially classified as Common Shares. The par value for MHD, MVT and MQT Common Shares is $0.10. The par value for MHD, MVT and MQT Preferred Shares outstanding is $0.10. Each Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.
MVF is authorized to issue 160 million shares, 150 million of which were initially classified as Common Shares, par value $0.10 per share and 10 million of which were classified as Preferred Shares, par value $0.10 per share.
Common Shares
For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

Fund Name |  | Six Months Ended 01/31/24 |  |  | Year Ended 07/31/23
BKN |  |  | — |  |  | 10,958
MQT |  |  | — |  |  | 13,932

The Funds participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2022 through November 30, 2023, each Fund may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2022, subject to certain conditions. From December 1, 2023 through November 30, 2024, each Fund may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2023, subject to certain conditions. The Repurchase Program has an accretive effect as shares are purchased at a discount to the Fund’s NAV. There is no assurance that the Funds will purchase shares in any particular amounts.
The total cost of the shares repurchased is reflected in Funds’ Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs, were as follows:

|  | BKN
|  | Shares |  |  | Amounts
Six Months Ended January 31, 2024 |  |  | 233,302 |  |  | $2,461,995
Year Ended July 31, 2023 |  |  | 180,126 |  |  | 2,064,795

|  | BFK
|  | Shares |  |  | Amounts
Six Months Ended January 31, 2024 |  |  | 592,796 |  |  | $5,545,723
Year Ended July 31, 2023 |  |  | 593,445 |  |  | 5,916,445

|  | BLE
|  | Shares |  |  | Amounts
Six Months Ended January 31, 2024 |  |  | 545,996 |  |  | $5,278,307
Year Ended July 31, 2023 |  |  | 583,612 |  |  | 6,114,272

|  | MHD
|  | Shares |  |  | Amounts
Six Months Ended January 31, 2024 |  |  | 637,511 |  |  | $6,897,831
Year Ended July 31, 2023 |  |  | 577,661 |  |  | 6,750,046

|  | MVF |
|  | Shares |  | Amounts |
Six Months Ended January 31, 2024 |  | 604,049 |  | $ | 3,869,138 |
Year Ended July 31, 2023 |  | 785,973 |  |  | 5,324,949 |

|  | MVT |
|  | Shares |  | Amounts |
Six Months Ended January 31, 2024 |  | 244,533 |  | $ | 2,399,715 |
Year Ended July 31, 2023 |  | 263,847 |  |  | 2,806,926 |

|  | MQT
|  | Shares |  |  | Amounts
Six Months Ended January 31, 2024 |  |  | 239,935 |  |  | $2,265,141
Year Ended July 31, 2023 |  |  | 223,466 |  |  | 2,280,782

BKN, BFK and BLE have filed a prospectus with the SEC allowing it to issue an additional 5,000,000, 10,000,000 and 15,000,000 Common Shares, respectively, through an equity Shelf Offering. Under the Shelf Offering, BKN, BFK and BLE, subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above each Fund’s NAV per Common Share (calculated within 48 hours of pricing). As of period end, 4,634,875, 9,998,351 and 14,822,320 Common Shares, respectively, remain available for issuance under the Shelf Offering. For the period ended January 31, 2024, Common Shares issued and outstanding under the Shelf Offering remained constant. See Additional Information - Shelf Offering Program for additional information.

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Notes to Financial Statements
(unaudited) (continued)
Initial costs incurred by BKN, BFK and BLE in connection with their Shelf Offerings are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering period will be charged to expense.
Preferred Shares
A Fund’s Preferred Shares rank prior to its Common Shares as to the payment of dividends by the Fund and distribution of assets upon dissolution or liquidation of the Fund. The 1940 Act prohibits the declaration of any dividend on Common
Shares
or the repurchase of Common Shares if the 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 its Preferred Shares or repurchasing such shares if the 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.
Holders of Preferred Shares have voting rights equal to the voting rights of holders of Common Shares (one vote per share)
and
vote together with holders of Common Shares (one vote per share) as a single class on certain matters. Holders of Preferred Shares, voting as a separate class, are also entitled to (i) elect two members of the Board, (ii) elect the full Board if dividends on the Preferred Shares are not paid for a period of two years and (iii) 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.
VMTP Shares
Each Fund (for purposes of this section, each a “VMTP Fund”) has issued Series W-7 VMTP Shares, $100,000 liquidation preference per share, in one or more privately negotiated offerings to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The VMTP Shares are subject to certain restrictions on transfer, and a VMTP Fund may also be required to register its VMTP Shares for sale under the Securities Act under certain circumstances. As of period end, the VMTP Shares outstanding and assigned long-term ratings were as follows:

Fund Name |  | Issue Date (a) |  |  | Shares Issued |  |  | Aggregate Principal |  |  | Term Redemption Date |  |  | Moody’s Rating |  |  | Fitch Rating
BKN |  |  | 12/20/23 |  |  |  | 678 |  |  | $ | 67,800,000 |  |  |  | 07/02/25 |  |  |  | Aa1 |  |  | AA
BFK |  |  | 12/20/23 |  |  |  | 1,541 |  |  |  | 154,100,000 |  |  |  | 07/02/25 |  |  |  | Aa1 |  |  | AA
BLE |  |  | 12/20/23 |  |  |  | 1,741 |  |  |  | 174,100,000 |  |  |  | 07/02/25 |  |  |  | Aa1 |  |  | AA
MHD |  |  | 12/20/23 |  |  |  | 2,140 |  |  |  | 214,000,000 |  |  |  | 07/02/25 |  |  |  | Aa1 |  |  | AA
MVF |  |  | 12/20/23 |  |  |  | 1,536 |  |  |  | 153,600,000 |  |  |  | 07/02/25 |  |  |  | Aa1 |  |  | AA
MVT |  |  | 12/20/23 |  |  |  | 777 |  |  |  | 77,700,000 |  |  |  | 07/02/25 |  |  |  | Aa1 |  |  | AA
MQT |  |  | 12/20/23 |  |  |  | 786 |  |  |  | 78,600,000 |  |  |  | 07/02/25 |  |  |  | Aa1 |  |  | AA

| (a) | On December 20, 2023, each VMTP Fund issued VMTP Shares and used the proceeds of the issuance to redeem all of their respective outstanding VMTP Shares. The newly-issued VMTP Shares and the redeemed VMTP Shares have substantially similar terms. |

Redemption Terms:
A VMTP Fund is required to redeem its VMTP Shares on the term redemption date, unless earlier redeemed or repurchased or unless extended. There is no assurance that a term will be extended further or that any 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, a VMTP Fund is required to begin to segregate liquid assets with its custodian to fund the redemption. In addition, a 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, VMTP Shares may be redeemed, in whole or in part, at any time at the option of the VMTP Fund. With respect to each 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 each 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 1% 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.
Dividends:
Dividends on the VMTP Shares are declared daily and payable monthly at a variable rate set weekly at a fixed rate spread plus the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index or a percentage of the daily Secured Overnight Financing Rate, as set forth in the VMTP Shares governing instrument. 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.
The dividend rate on VMTP Shares is subject to a step-up spread if the VMTP Fund fails 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 January 31, 2024, the average annualized dividend rates for the VMTP Shares were as follows:

|  | BKN |  |  | BFK |  |  | BLE |  |  | MHD |  |  | MVF |  |  | MVT |  |  | MQT
Dividend rates |  |  | 5.18 | % |  |  | 5.15 | % |  |  | 5.15 | % |  |  | 5.12 | % |  |  | 5.10 | % |  |  | 5.18 | % |  | 5.08%

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Notes to Financial Statements
(unaudited) (continued)
For the six-months ended January 31, 2024, VMTP shares issued and outstanding decreased by the following amounts as a result of redemption of shares.

Fund Name |  | Shares Redeemed
BKN |  | 581
BFK |  | 1,167
BLE |  | 1,286
MHD |  | 1,338
MVF |  | 902
MVT |  | 623
MQT |  | 379

Offering Costs:
The Funds incurred costs in connection with the issuance of 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 VMTP Shares. Amortization of these costs is included in interest expense, fees and amortization of offering costs in the Statements of Operations.
Financial Reporting:
The VMTP Shares are considered debt of the issuer; therefore, the liquidation preference, which approximates fair value of the 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 VMTP Shares are included as a component of interest expense, fees and amortization of offering costs in the Statements of Operations. The VMTP Shares are treated as equity for tax purposes. Dividends paid to holders of the VMTP Shares are generally classified as tax-exempt income for tax-reporting purposes. Dividends and amortization of deferred offering costs on VMTP Shares are included in interest expense, fees and amortization of offering costs in the Statements of Operations:

Fund Name |  | Dividends Accrued |  |  | Deferred Offering Costs Amortization
BKN |  | $ | 2,595,306 |  |  | $      —
BFK |  |  | 5,647,136 |  |  | —
BLE |  |  | 6,333,233 |  |  | —
MHD |  |  | 7,402,955 |  |  | —
MVF |  |  | 5,209,995 |  |  | —
MVT |  |  | 2,911,546 |  |  | —
MQT |  |  | 2,540,572 |  |  | —

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:
The Funds declared and paid or will pay distributions to Common Shareholders as follows:

Fund Name |  | Declaration Date |  |  | Record Date |  |  | Payable/ Paid Date |  |  | Dividend Per Common Share
BKN |  |  | 11/14/23 |  |  |  | 01/12/24 |  |  |  | 02/01/24 |  |  | $  0.057000
|  |  | 11/14/23 |  |  |  | 02/15/24 |  |  |  | 03/01/24 |  |  | 0.057000
|  |  | 03/01/24 |  |  |  | 03/15/24 |  |  |  | 04/01/24 |  |  | 0.057000
BFK |  |  | 11/14/23 |  |  |  | 01/12/24 |  |  |  | 02/01/24 |  |  | 0.050000
|  |  | 11/14/23 |  |  |  | 02/15/24 |  |  |  | 03/01/24 |  |  | 0.050000
|  |  | 03/01/24 |  |  |  | 03/15/24 |  |  |  | 04/01/24 |  |  | 0.050000
BLE |  |  | 11/14/23 |  |  |  | 01/12/24 |  |  |  | 02/01/24 |  |  | 0.052000
|  |  | 11/14/23 |  |  |  | 02/15/24 |  |  |  | 03/01/24 |  |  | 0.052000
|  |  | 03/01/24 |  |  |  | 03/15/24 |  |  |  | 04/01/24 |  |  | 0.052000
MHD |  |  | 11/14/23 |  |  |  | 01/12/24 |  |  |  | 02/01/24 |  |  | 0.052500
|  |  | 11/14/23 |  |  |  | 02/15/24 |  |  |  | 03/01/24 |  |  | 0.052500
|  |  | 03/01/24 |  |  |  | 03/15/24 |  |  |  | 04/01/24 |  |  | 0.052500
MVF |  |  | 11/14/23 |  |  |  | 01/12/24 |  |  |  | 02/01/24 |  |  | 0.030000
|  |  | 11/14/23 |  |  |  | 02/15/24 |  |  |  | 03/01/24 |  |  | 0.030000
|  |  | 03/01/24 |  |  |  | 03/15/24 |  |  |  | 04/01/24 |  |  | 0.030000
MVT |  |  | 11/14/23 |  |  |  | 01/12/24 |  |  |  | 02/01/24 |  |  | 0.050500
|  |  | 11/14/23 |  |  |  | 02/15/24 |  |  |  | 03/01/24 |  |  | 0.050500
|  |  | 03/01/24 |  |  |  | 03/15/24 |  |  |  | 04/01/24 |  |  | 0.050500
MQT |  |  | 11/14/23 |  |  |  | 01/12/24 |  |  |  | 02/01/24 |  |  | 0.049000
|  |  | 11/14/23 |  |  |  | 02/15/24 |  |  |  | 03/01/24 |  |  | 0.049000
|  |  | 03/01/24 |  |  |  | 03/15/24 |  |  |  | 04/01/24 |  |  | 0.049000

N O T E S T O F I N A N C I A L S T A T E M E N T S |  | 99

Notes to Financial Statements
(unaudited) (continued)
The Funds declared and paid or will pay distributions to Preferred Shareholders as follows:

|  | Preferred Shares (a)
Fund Name |  | Shares |  |  | Series |  |  | Declared
BKN |  |  | VMTP |  |  |  | W-7 |  |  | $262,197
BFK |  |  | VMTP |  |  |  | W-7 |  |  | 595,938
BLE |  |  | VMTP |  |  |  | W-7 |  |  | 673,282
MHD |  |  | VMTP |  |  |  | W-7 |  |  | 827,584
MVF |  |  | VMTP |  |  |  | W-7 |  |  | 594,004
MVT |  |  | VMTP |  |  |  | W-7 |  |  | 300,482
MQT |  |  | VMTP |  |  |  | W-7 |  |  | 303,963

| (a) | Dividends declared for period February 1, 2024 to February 29, 2024. |

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Additional Information
Fund Certification
The 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.
Environmental, Social and Governance (“ESG”) Integration
Although the Funds do not seek to implement a specific sustainability objective, strategy or process unless otherwise disclosed, Fund management will consider ESG factors as part of the investment process for the Funds. Fund management views ESG integration as the practice of incorporating financially material ESG data or information into investment processes with the objective of enhancing risk-adjusted returns. These ESG considerations will vary depending on the Funds’ particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in the Funds’ investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. Certain of these considerations may affect the Funds’ exposure to certain companies or industries. While Fund management views ESG considerations as having the potential to contribute to the Funds’ long-term performance, there is no guarantee that such results will be achieved.
Dividend Policy
Each Fund’s dividend policy is to make regular monthly cash distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate). Each Fund intends to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In addition, in any monthly period, in order to maintain its declared distribution amount, each Fund may pay out more or less than the entire amount of net investment income earned in any particular month. In the event a Fund distributes more than its net investment income during any yearly period, such distributions may also come from sources other than net income, including a return of capital. The Funds’ current accumulated but undistributed net investment income, if any, is disclosed as accumulated earnings (loss) in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.
General Information
The Funds, other than BKN, BFK and BLE, 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.
BKN’s, BFK’s and BLE’s Statement of Additional Information includes additional information about the Board and is available, without charge upon request by calling (800) 882-0052.
The following information is a summary of certain changes since July 31, 2023. This information may not reflect all of the changes that have occurred since you purchased the relevant Fund.
Except if noted otherwise herein, there were no changes 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.
In accordance with Section 23(c) of the Investment Company Act of 1940, each Fund may from time to time purchase shares of its common stock in the open market or in private transactions.
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
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 and, for BKN, BFK and BLE only, prospectuses, by enrolling in the electronic delivery program. Electronic copies of shareholder reports and, for BKN, BFK and BLE only, prospectuses, 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 adviser. 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, including for BKN, BFK and BLE only, prospectuses, annual and semi-annual reports, Rule 30e-3 notices 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.

A D D I T I O N A L I N F O R M A T I O N |  | 101

Additional Information
(continued)
Availability of Quarterly Schedule of Investments
The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at
sec.gov
. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at
blackrock.com/fundreports
.
Availability of Proxy Voting Policies, Procedures and Voting Records
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and 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 without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at
blackrock.com
; and (3) on the SEC’s website at
sec.gov
.
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
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.
Shelf Offering Program
From time to time, BKN, BFK and BLE may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, BKN, BFK and BLE may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above BKN’s, BFK’s and BLE’s net asset value (“NAV”) per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow BKN, BFK and BLE to pursue additional investment opportunities without the need to sell existing portfolio investments, it could also entail risks – including that the issuance of additional Common Shares may limit the extent to which the Common Shares are able to trade at a premium to NAV in the secondary market.
BKN, BFK and BLE each filed a final prospectus with the SEC in connection with its Shelf Offering on June 6, 2022, March 17, 2022 and November 17, 2021, respectively. This report and the prospectuses of BKN, BFK and BLE are not offers to sell BKN, BFK and BLE Common Shares or solicitations of an offer to buy BKN, BFK and BLE Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectuses of BKN, BFK and BLE contain important information about BKN, BFK and BLE, including their investment objectives, risks, charges and expenses. Investors are urged to read the prospectuses of BKN, BFK and BLE carefully and in their entirety before investing. Copies of the final prospectuses for BKN, BFK and BLE can be obtained from BlackRock at
blackrock.com
.
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.
Fund and Service Providers

Investment Adviser |  | Transfer Agent
BlackRock Advisors, LLC |  | Computershare Trust Company, N.A.
Wilmington, DE 19809 |  | Canton, MA 02021
Accounting Agent and Custodian |  | VMTP Redemption and Paying Agent
State Street Bank and Trust Company |  | The Bank of New York Mellon
Boston, MA 02114 |  | New York, NY 10286

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Additional Information
(continued)
Fund and Service Providers (continued)

Independent Registered Public Accounting Firm |  | Address of the Funds
Deloitte & Touche LLP |  | 100 Bellevue Parkway
Boston, MA 02116 |  | Wilmington, DE 19809
Legal Counsel |  |
Willkie Farr & Gallagher LLP |  |
New York, NY 10019 |  |

A D D I T I O N A L I N F O R M A T I O N |  | 103

Glossary of Terms Used in this Report

Portfolio Abbreviation
AGC |  | Assured Guaranty Corp.
AGM |  | Assured Guaranty Municipal Corp.
AGM-CR |  | AGM Insured Custodial Receipt
AMT |  | Alternative Minimum Tax
ARB |  | Airport Revenue Bonds
BAM |  | Build America Mutual Assurance Co.
BAM-TCRS |  | Build America Mutual Assurance Co. - Transferable Custodial Receipts
CAB |  | Capital Appreciation Bonds
COP |  | Certificates of Participation
CR |  | Custodian Receipt
FGIC |  | Financial Guaranty Insurance Co.
FHLMC |  | Federal Home Loan Mortgage Corp.
FNMA |  | Federal National Mortgage Association
GNMA |  | Government National Mortgage Association
GO |  | General Obligation Bonds
GTD |  | GTD Guaranteed
M/F |  | Multi-Family
NPFGC |  | National Public Finance Guarantee Corp.
PSF |  | Permanent School Fund
RB |  | Revenue Bond
S/F |  | Single-Family
SAB |  | Special Assessment Bonds
SAN |  | State Aid Notes
SAW |  | State Aid Withholding
ST |  | Special Tax
TA |  | Tax Allocation
UT |  | Unlimited Tax

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Want to know more?
blackrock.com | 800-882-0052
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 NAV 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.
CEMUNI7-01/24-SAR

(b) Not Applicable

Item 2 – | Code of Ethics – Not Applicable to this semi-annual report

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 Registrant – 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(a) 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

Period |  | (a) Total Number of Shares Purchased1 |  | (b) Average Price Paid per Share |  | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs1 |  | (d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs1
August 1-31, 2023 |  | 125,140 |  | $10.0201 |  | 125,140 |  | 1,734,081
September 1-30, 2023 |  | 124,452 |  | $9.5488 |  | 124,452 |  | 1,609,629
October 1-31, 2023 |  | 138,661 |  | $8.9757 |  | 138,661 |  | 1,470,968
November 1-30, 2023 |  | 157,743 |  | $10.0369 |  | 157,743 |  | 1,313,225
December 1-31, 2023 |  | 0 |  | $— |  | 0 |  | 2,386,353
January 1-31, 2024 |  | 0 |  | $— |  | 0 |  | 2,386,353
Total: |  | 545,996 |  | 9.6523 |  | 545,996 |  | 2,386,353

| 1 | On September 8, 2022, the Fund announced a continuation of its open market share repurchase program. Commencing on December 1, 2022, the Fund may repurchase through November 30, 2023, up to 5% of its common shares outstanding as of the close of business on November 30, 2022, subject to certain conditions. On November 15, 2023, the Fund announced a further continuation of its open market share repurchase program. Commencing on December 1, 2023, the Fund may

2

| repurchase through November 30, 2024, up to 5% of its common shares outstanding as of the close of business on November 30, 2023, subject to certain conditions.

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 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 to this semi-annual report

Item 13 – | Recovery of Erroneously Awarded Compensation – Not Applicable

Item 14 – | Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Section 302 Certifications are attached

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

3

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 Municipal Income Trust II

|  | By: |  | /s/ John M. Perlowski
|  |  |  | John M. Perlowski
|  |  |  | Chief Executive Officer (principal executive officer) of
|  |  |  | BlackRock Municipal Income Trust II

Date: March 22, 2024

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 Municipal Income Trust II

Date: March 22, 2024

|  | By: |  | /s/ Trent Walker
|  |  |  | Trent Walker
|  |  |  | Chief Financial Officer (principal financial officer) of
|  |  |  | BlackRock Municipal Income Trust II

Date: March 22, 2024

4