N-CSR 1 d919060dncsr.htm BLACKROCK MUNIASSETS FUND, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-07642

Name of Fund: BlackRock MuniAssets Fund, Inc. (MUA)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 04/30/2015

Date of reporting period: 04/30/2015

Item 1 – Report to Stockholders

APRIL 30, 2015

ANNUAL REPORT |  |  |  |

BlackRock MuniAssets Fund, Inc. (MUA)

BlackRock MuniEnhanced Fund, Inc. (MEN)

BlackRock MuniHoldings Fund, Inc. (MHD)

BlackRock MuniHoldings Fund II, Inc. (MUH)

BlackRock MuniHoldings Quality Fund, Inc. (MUS)

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

BlackRock MuniVest Fund II, Inc. (MVT)

Not FDIC Insured • May Lose Value • No Bank Guarantee

Table of Contents |  |

|  | Page |
The Markets in Review |  |  | 3 |
Annual Report: |  |  |  |
Municipal Market Overview |  |  | 4 |
The Benefits and Risks of Leveraging |  |  | 5 |
Derivative Financial Instruments |  |  | 5 |
Fund Summaries |  |  | 6 |
Financial Statements: |  |  |  |
Schedules of Investments |  |  | 20 |
Statements of Assets and Liabilities |  |  | 63 |
Statements of Operations |  |  | 65 |
Statements of Changes in Net Assets |  |  | 67 |
Statements of Cash Flows |  |  | 71 |
Financial Highlights |  |  | 73 |
Notes to Financial Statements |  |  | 80 |
Report of Independent Registered Public Accounting Firm |  |  | 92 |
Automatic Dividend Reinvestment Plan |  |  | 93 |
Officers and Directors |  |  | 94 |
Additional Information |  |  | 97 |

2 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

The Markets in Review

Dear Shareholder,

Financial market performance was generally positive for the 6- and 12-month periods ended April 30, 2015, although volatility increased from the remarkably low levels seen in recent years. In 2014, as the U.S. Federal Reserve (the “Fed”) gradually reduced its bond buying program (which ultimately ended in October), U.S. interest rates surprisingly trended lower and stock prices forged ahead despite high valuations on the back of a multi-year bull market.

Around mid-year, however, geopolitical tensions intensified in Ukraine and the Middle East and oil prices became highly volatile, stoking worries about economic growth outside the United States. As the U.S. economy continued to post stronger data, investors grew concerned that the Fed would raise short-term rates sooner than previously anticipated. The U.S. dollar appreciated and global credit markets tightened, ultimately putting a strain on investor flows, and financial markets broadly weakened in the third quarter.

U.S. economic growth picked up considerably in the fourth quarter while the broader global economy showed signs of slowing. U.S. markets significantly outperformed international markets during this period even as the European Central Bank (“ECB”) and the Bank of Japan eased monetary policy, which drove further strengthening in the U.S. dollar. Oil prices plummeted due to a global supply-and-demand imbalance, sparking a selloff in energy-related assets and stress in emerging markets. Fixed income investors piled into U.S. Treasuries as their persistently low yields became attractive as compared to international sovereign debt.

Equity markets reversed in 2015, with U.S. stocks underperforming international markets. Investors had held high expectations for the U.S. economy, but after a harsh winter, first-quarter data disappointed and high valuations took their toll on U.S. stocks. The continued appreciation of the dollar was an additional headwind for exporters. Although U.S. economic momentum had broadly weakened, the labor market — a key determinant for the Fed’s decision on the future of interest rate policy — showed improvement, keeping investors on edge about when to expect the first rate hike.

In contrast, economic reports in Europe and Asia easily beat investors’ very low expectations, and accommodative policies from central banks in those regions helped international equities rebound. The ECB’s asset purchase program was the largest in scale and effect on the markets. Global sentiment improved with a ceasefire in Ukraine and an improving outlook for Greece’s continued membership in the eurozone. Emerging market stocks rebounded in April as oil prices appeared to stabilize.

At BlackRock, we believe investors need to think globally, extend their scope across a broad array of asset classes and be prepared to move freely as market conditions change over time. 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 April 30, 2015 |
|  | 6-month |  |  | 12-month |
U.S. large cap equities (S&P 500® Index) |  |  | 4.40 | % |  |  | 12.98 | %
U.S. small cap equities (Russell 2000® Index) |  |  | 4.65 |  |  |  | 9.71 |
International equities (MSCI Europe, Australasia, Far East Index) |  |  | 6.81 |  |  |  | 1.66 |
Emerging market equities (MSCI Emerging Markets Index) |  |  | 3.92 |  |  |  | 7.80 |
3-month Treasury bills (BofA Merrill Lynch 3-Month U.S. Treasury Bill Index) |  |  | 0.01 |  |  |  | 0.02 |
U.S. Treasury securities (BofA Merrill Lynch 10-Year U.S. Treasury Index) |  |  | 3.59 |  |  |  | 8.03 |
U.S. investment-grade bonds (Barclays U.S. Aggregate Bond Index) |  |  | 2.06 |  |  |  | 4.46 |
Tax-exempt municipal bonds (S&P Municipal Bond Index) |  |  | 1.27 |  |  |  | 4.86 |
U.S. high yield bonds (Barclays U.S. Corporate High Yield 2% Issuer Capped Index) |  |  | 1.52 |  |  |  | 2.59 |
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

|  | THIS PAGE NOT PART OF YOUR FUND REPORT |  |  |  | 3

Municipal Market Overview |  |

For the Reporting Period Ended April 30, 2015 |  |

Municipal Market Conditions

Municipal bonds generated strong performance throughout most of the period, due to a favorable supply-and-demand environment and declining interest rates. (Bond prices rise as rates fall.) Interest rates moved lower in 2014 even as the Fed scaled back its open-market bond purchases. This surprising development, coupled with reassurance from the Fed that short-term rates would remain low for a considerable amount of time, resulted in strong demand for fixed income investments in 2014, with municipal bonds being one of the stronger performing sectors for the year. This trend continued into the beginning of 2015 until rate volatility ultimately increased in February as a result of uneven U.S. economic data and widening central bank divergence, i.e., rate cuts outside the United States while the Fed poised for normalizing U.S. rates. During the 12 months ended April 30, 2015, municipal bonds garnered net inflows of approximately $34 billion (based on data from the Investment Company Institute).

For the same 12-month period, total new issuance remained relatively strong from a historical perspective at $387 billion (considerably higher than the $302 billion issued in the prior 12-month period). A noteworthy portion (roughly 60%) of new supply during this period was attributable to refinancing activity as issuers took advantage of low interest rates and a flatter yield curve to reduce their borrowing costs.

S&P Municipal Bond Index
Total Returns as of April 30, 2015
6 months: 1.27%
12 months: 4.86%

A Closer Look at Yields

From April 30, 2014 to April 30, 2015, yields on AAA-rated 30-year municipal bonds decreased by 44 basis points (“bps”) from 3.49% to 3.05%, while 10-year rates decreased 18 bps from 2.30% to 2.12% and 5-year rates increased 7 bps from 1.23% to 1.30% (as measured by Thomson Municipal Market Data). Overall, the municipal yield curve remained relatively steep over the 12-month period even as the spread between 2- and 30-year maturities flattened by 62 bps and the spread between 2- and 10-year maturities flattened by 36 bps.

During the same time period, U.S. Treasury rates fell by 71 bps on 30-year bonds, 60 bps on 10-year bonds and 24 bps in 5-year issues. Accordingly, tax-exempt municipal bonds underperformed Treasuries across the yield curve, most notably in the intermediate portion of the curve as a result of increased supply. Municipals largely moved in line with Treasuries in the very short end of the curve as expectations around future Fed policy changes pressured short-term prices in a similar fashion. In absolute terms, positive performance of muni bonds on the long end of the curve was driven largely by a supply/demand imbalance within the municipal market as investors sought income and incremental yield in an environment where opportunities had become scarce. More broadly, municipal bonds benefited from the greater appeal of tax-exempt investing in light of the higher tax rates implemented in 2014. The asset class is known for its lower relative volatility and preservation of principal with an emphasis on income as tax rates rise. We believe that the municipal market continues to be an attractive avenue for investors seeking yield in the low-rate environment.

Financial Conditions of Municipal Issuers

Following an extended period of nation-wide austerity and de-leveraging as states sought to balance their budgets, solid revenue growth exceeding pre-recession levels coupled with the elimination of more than 625,000 jobs in recent years have put state and local governments in a better financial position. Many local municipalities, however, continue to face increased health care and pension costs passed down from the state level. BlackRock maintains the view that municipal bond defaults will remain minimal and in the periphery while the overall market is fundamentally sound. We continue to advocate careful credit research and believe that a thoughtful approach to structure and security selection remain imperative amid uncertainty in a modestly improving economic environment.

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.

Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

4 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

The Benefits and Risks of Leveraging |  |

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

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

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

However, in order to benefit Common Shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed the Fund’s return on assets purchased with leverage proceeds, income to shareholders is lower than if the Fund had not used leverage. Furthermore, the value of the Fund’s portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the value of the Fund’s obligations under its leverage arrangement generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Fund’s 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.

Leverage also generally causes greater changes in the Funds’ NAVs, market prices and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the net asset value and market price of a Fund’s Common Shares than if the Fund were not leveraged. In addition, the 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 the Fund’s ability to invest in certain types of securities or use certain types of hedging strategies. The Fund incurs expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce income to the Common Shares. Moreover, to the extent the calculation of the Funds’ investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Funds’ investment advisor will be higher than if the Fund did not use leverage.

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

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

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

Derivative Financial Instruments |  |

The Funds may invest in various derivative financial instruments. Derivative financial instruments are used to obtain exposure to a security, index and/or market without owning or taking physical custody of securities 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. Derivative financial instruments also 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 derivative financial instrument. The Funds’ ability to use a derivative financial instrument successfully depends on the investment advisor’s ability to predict pertinent market movements accurately, which cannot be assured. The use of derivative financial 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 are discussed in detail in the Notes to Financial Statements.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 5

Fund Summary as of April 30, 2015 |  | BlackRock MuniAssets Fund, Inc.

Fund Overview |  |

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

Performance |  |

Ÿ |  | For the 12-month period ended April 30, 2015, the Fund returned 17.02% based on market price and 10.11% based on NAV. For the same period, the closed-end Lipper High Yield Municipal Debt Funds category posted an average return of 11.01% based on market price and 9.85% based on NAV. All returns reflect reinvestment of dividends and/or distributions. The Fund moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on price and performance based on NAV.

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

Ÿ |  | Municipal bonds generated positive performance during the 12-month period, as the combination of falling U.S. Treasury yields and strengthening municipal finances fueled healthy investor demand. (Bond prices rise when rates fall.) The yield curve flattened during the period, with longer-term bonds generally outperforming shorter-term issues. Higher-rated bonds, while delivering positive absolute performance, lagged the return of lower-rated issues.

Ÿ |  | Income in the form of coupon payments made up a meaningful portion of the Fund’s total return for the period. In addition, the Fund’s use of leverage provided both incremental return and income in an environment of declining interest rates. The Fund’s positioning with respect to duration (sensitivity to interest rate movements) also helped performance. The Fund’s positioning along the yield curve, which favored longer-dated bonds, was an additional positive as longer-dated bonds generally delivered higher returns than those with shorter maturities.

Ÿ |  | Fund holdings in non-investment grade and unrated securities contributed both in terms of price appreciation and incremental income. BBB-rated bonds, which represents the Fund’s largest concentration, also contributed significantly as persistent demand from yield-seeking investors fueled outperformance for this credit tier. Exposures to the health care, transportation and utilities sectors were among the top contributors to performance.

Ÿ |  | The Fund’s holding in New Jersey Economic Development Authority, which financed an energy facility for a casino in Atlantic City, New Jersey, experienced a substantial decline in value in the wake of the casino operator’s bankruptcy filing in June, 2014. In addition, the Fund’s investment in Central Falls Rhode Island Detention Facility Corporation suffered a substantial decline after the issuer filed for receivership and defaulted on its principal and interest payments.

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.

Fund Information |  |

Symbol on New York Stock Exchange (“NYSE”) |  | MUA
Initial Offering Date |  | June 25, 1993
Yield on Closing Market Price as of April 30, 2015 ($14.22)1 |  | 5.27%
Tax Equivalent Yield 2 |  | 9.31%
Current Monthly Distribution per Common Share 3 |  | $0.0625
Current Annualized Distribution per Common Share 3 |  | $0.7500
Economic Leverage as of April 30, 2015 4 |  | 11%

| 1 |  | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

| 2 |  | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.

| 3 |  | The distribution rate is not constant and is subject to change.

| 4 |  | Represents TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to TOB Trusts, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 5.

6 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

|  | BlackRock MuniAssets Fund, Inc.

Market Price and Net Asset Value Per Share Summary |  |  |  |  |  |  |  |  |  |

|  | 4/30/15 |  |  | 4/30/14 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 14.22 |  |  | $ | 12.85 |  |  |  | 10.66 | % |  | $ | 14.33 |  |  | $ | 12.61 |
Net Asset Value |  | $ | 14.12 |  |  | $ | 13.56 |  |  |  | 4.13 | % |  | $ | 14.38 |  |  | $ | 13.56 |

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

Overview of the Fund’s Total Investments*

Sector Allocation |  | 4/30/15 |  |  | 4/30/14 |
Health |  |  | 26 | % |  |  | 23 | %
Transportation |  |  | 19 |  |  |  | 20 |
County/City/Special District/School District |  |  | 16 |  |  |  | 16 |
Tobacco |  |  | 10 |  |  |  | 5 |
Utilities |  |  | 9 |  |  |  | 14 |
Corporate |  |  | 8 |  |  |  | 12 |
Education |  |  | 8 |  |  |  | 6 |
State |  |  | 3 |  |  |  | 4 |
Housing |  |  | 1 |  |  |  | — |

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

Credit Quality Allocation1 |  | 4/30/15 |  |  | 4/30/14 |
AA/Aa |  |  | 18 | % |  |  | 21 | %
A |  |  | 7 |  |  |  | 9 |
BBB/Baa |  |  | 27 |  |  |  | 27 |
BB/Ba |  |  | 9 |  |  |  | 7 |
B |  |  | 8 |  |  |  | 9 |
CCC/Caa |  |  | 1 |  |  |  | — |
N/R 2 |  |  | 30 |  |  |  | 27 |

| 1 |  | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s (“S&P”) or Moody’s Investors Service (“Moody’s”) if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

| 2 |  | The investment advisor 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 advisor has deemed certain of these unrated securities as investment grade quality. As of April 30, 2015 and April 30, 2014, the market value of unrated securities deemed by the investment advisor to be investment grade represents 5% and 4%, respectively, of the Fund’s total investments.

Call/Maturity Schedule3 |
Calendar Year Ended December 31, |  |  |  |
2015 |  |  | 9 | %
2016 |  |  | 2 |
2017 |  |  | 6 |
2018 |  |  | 8 |
2019 |  |  | 6 |

| 3 |  | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

| * |  | Excludes short-term securities.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 7

Fund Summary as of April 30, 2015 |  | BlackRock MuniEnhanced Fund, Inc.

Fund Overview |  |

BlackRock MuniEnhanced Fund, Inc.’s (MEN) (the “Fund”) investment objective is to provide shareholders with as high a level of current income exempt from 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 federal income taxes (except that the interest may be subject to the federal alternative minimum tax). Under normal market conditions, the Fund invests primarily in long-term municipal bonds rated investment grade quality at the time of investment and invests primarily in long-term municipal bonds with maturities of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

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

Performance |  |

Ÿ |  | For the 12-month period ended April 30, 2015, the Fund returned 10.33% based on market price and 9.49% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.00% based on market price and 9.96% based on NAV. All returns reflect reinvestment of dividends and/or distributions. The Fund’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV.

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

Ÿ |  | Municipal bonds generated positive performance during the 12-month period, as the combination of falling U.S. Treasury yields and strengthening municipal finances fueled healthy investor demand. (Bond prices rise when rates fall.) During the first-half of the reporting period, yields fell and the yield curve flattened considerably (with longer-term bonds outperforming shorter-term debt). During the second half of the period, yields rose very modestly while the yield curve continued to flatten marginally.

Ÿ |  | Income in the form of coupon payments made up a meaningful portion of the Fund’s total return for the period. The Fund’s duration exposure contributed positively to performance, as yields fell during the period. (Duration is a measure of interest rate sensitivity). In addition, its exposure to the long end of the yield curve aided performance at a time in which the yield curve flattened. The Fund also benefitted from its exposure to the outperforming transportation and school district sectors. In addition, the Fund’s use of leverage provided both incremental return and income at a time of declining interest rates.

Ÿ |  | The Fund’s exposure to Chicago general obligation bonds detracted from performance, as did its positions in certain New Jersey credits. The yield spreads on these securities rose significantly due to concerns about pension funding and the resulting downgrades to the issuers’ credit ratings.

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.

Fund Information |  |

Symbol on NYSE |  | MEN
Initial Offering Date |  | March 2, 1989
Yield on Closing Market Price as of April 30, 2015 ($11.67)1 |  | 6.22%
Tax Equivalent Yield 2 |  | 10.99%
Current Monthly Distribution per Common Share 3 |  | $0.0605
Current Annualized Distribution per Common Share 3 |  | $0.7260
Economic Leverage as of April 30, 2015 4 |  | 38%

| 1 |  | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

| 2 |  | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.

| 3 |  | The distribution rate is not constant and is subject to change.

| 4 |  | Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 5.

8 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

|  | BlackRock MuniEnhanced Fund, Inc.

Market Price and Net Asset Value Per Share Summary |  |  |  |  |  |  |  |  |  |

|  | 4/30/15 |  |  | 4/30/14 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 11.67 |  |  | $ | 11.27 |  |  |  | 3.55 | % |  | $ | 12.13 |  |  | $ | 10.86 |
Net Asset Value |  | $ | 12.27 |  |  | $ | 11.94 |  |  |  | 2.76 | % |  | $ | 12.72 |  |  | $ | 11.94 |

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

Overview of the Fund’s Total Investments*

Sector Allocation |  | 4/30/15 |  |  | 4/30/14 |
County/City/Special District/School District |  |  | 27 | % |  |  | 24 | %
Transportation |  |  | 20 |  |  |  | 19 |
Utilities |  |  | 16 |  |  |  | 15 |
State |  |  | 15 |  |  |  | 22 |
Education |  |  | 10 |  |  |  | 8 |
Health |  |  | 9 |  |  |  | 8 |
Corporate |  |  | 2 |  |  |  | 2 |
Housing |  |  | 1 |  |  |  | 2 |

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

Credit Quality Allocation1 |  | 4/30/15 |  |  | 4/30/14 |
AAA/Aaa |  |  | 11 | % |  |  | 13 | %
AA/Aa |  |  | 58 |  |  |  | 58 |
A |  |  | 25 |  |  |  | 25 |
BBB/Baa |  |  | 6 |  |  |  | 4 |
N/R |  |  | — | 2 |  |  | — |

| 1 |  | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

| 2 |  | Representing less than 1% of the Fund’s total investments.

Call/Maturity Schedule3 |  |  |
Calendar Year Ended December 31, |  |  |  |
2015 |  |  | 7 | %
2016 |  |  | 3 |
2017 |  |  | 11 |
2018 |  |  | 11 |
2019 |  |  | 16 |

| 3 |  | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

| * |  | Excludes short-term securities.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 9

Fund Summary as of April 30, 2015 |  | BlackRock MuniHoldings Fund, Inc.

Fund Overview

BlackRock MuniHoldings Fund, Inc.’s (MHD) (the “Fund”) investment objective is to provide shareholders with current income exempt from federal income taxes. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Fund invests, under normal market conditions, at least 75% of its assets in municipal bonds rated investment grade 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.

Performance

Ÿ |  | For the 12-month period ended April 30, 2015, the Fund returned 14.80% based on market price and 11.22% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.00% based on market price and 9.96% based on NAV. All returns reflect reinvestment of dividends and/or distributions. The Fund’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV.

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

Ÿ |  | Municipal bonds generated positive performance during the 12-month period, as the combination of falling U.S. Treasury yields and strengthening municipal finances fueled healthy investor demand. (Bond prices rise when rates fall.) The yield curve flattened during the period, with longer-term bonds generally outperforming shorter-term issues. Higher-rated bonds, while delivering positive absolute performance, lagged the return of lower-rated issues.

Ÿ |  | Income in the form of coupon payments made up a meaningful portion of the Fund’s total return for the period. In addition, the Fund’s use of leverage provided both incremental return and income in an environment of declining interest rates. The Fund’s positioning with respect to duration (sensitivity to interest rate movements) helped performance. The Fund’s positioning along the yield curve, which favored longer-dated bonds, also aided performance as longer-dated bonds generally delivered higher returns than those with shorter maturities.

Ÿ |  | Positions in lower-rated investment-grade bonds contributed to performance, as did the Fund’s exposure to the lower end of the credit spectrum (non-investment grade and unrated securities). Lower-rated bonds generated both attractive income and strong price appreciation during the period.

Ÿ |  | Exposures to the transportation, health care and utilities sectors were among the top contributors to performance.

Ÿ |  | There were no material detractors from the Fund’s performance during the period.

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.

Fund Information

Symbol on NYSE |  | MHD
Initial Offering Date |  | May 2, 1997
Yield on Closing Market Price as of April 30, 2015 ($17.25)1 |  | 6.16%
Tax Equivalent Yield 2 |  | 10.88%
Current Monthly Distribution per Common Share 3 |  | $0.0885
Current Annualized Distribution per Common Share 3 |  | $1.0620
Economic Leverage as of April 30, 2015 4 |  | 36%

| 1 |  | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

| 2 |  | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.

| 3 |  | The distribution rate is not constant and is subject to change.

| 4 |  | 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 accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 5.

10 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

|  | BlackRock MuniHoldings Fund, Inc.

Market Price and Net Asset Value Per Share Summary |  |  |  |  |  |  |  |  |  |

|  | 4/30/15 |  |  | 4/30/14 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 17.25 |  |  | $ | 16.01 |  |  |  | 7.75 | % |  | $ | 17.97 |  |  | $ | 15.67 |
Net Asset Value |  | $ | 17.59 |  |  | $ | 16.85 |  |  |  | 4.39 | % |  | $ | 18.24 |  |  | $ | 16.85 |

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

Overview of the Fund’s Total Investments*

Sector Allocation |  | 4/30/15 |  |  | 4/30/14 |
Transportation |  |  | 25 | % |  |  | 22 | %
Health |  |  | 18 |  |  |  | 19 |
County/City/Special District/School District |  |  | 12 |  |  |  | 13 |
State |  |  | 11 |  |  |  | 13 |
Utilities |  |  | 11 |  |  |  | 10 |
Education |  |  | 10 |  |  |  | 10 |
Corporate |  |  | 8 |  |  |  | 9 |
Tobacco |  |  | 4 |  |  |  | 3 |
Housing |  |  | 1 |  |  |  | 1 |

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

Credit Quality Allocation1 |  | 4/30/15 |  |  | 4/30/14 |
AAA/Aaa |  |  | 8 | % |  |  | 9 | %
AA/Aa |  |  | 44 |  |  |  | 39 |
A |  |  | 26 |  |  |  | 29 |
BBB/Baa |  |  | 11 |  |  |  | 11 |
BB/Ba |  |  | 4 |  |  |  | 3 |
B |  |  | 2 |  |  |  | 3 |
CCC/Caa |  |  | — | 2 |  |  | — |
N/R 3 |  |  | 5 |  |  |  | 6 |

| 1 |  | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

| 2 |  | Representing less than 1% of the Fund’s total investments.

| 3 |  | The investment advisor 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 advisor has deemed certain of these unrated securities as investment grade quality. As of April 30, 2015 and April 30, 2014, the market value of unrated securities deemed by the investment advisor to be investment grade each represents 1%, respectively, of the Fund’s total investments.

Call/Maturity Schedule4 |  |  |
Calendar Year Ended December 31, |  |  |  |
2015 |  |  | 5 | %
2016 |  |  | 3 |
2017 |  |  | 5 |
2018 |  |  | 6 |
2019 |  |  | 26 |

| 4 |  | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

| * |  | Excludes short-term securities.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 11

Fund Summary as of April 30, 2015 |  | BlackRock MuniHoldings Fund II, Inc.

Fund Overview |  |

BlackRock MuniHoldings Fund II, Inc.’s (MUH) (the “Fund”) investment objective is to provide shareholders with current income exempt from federal income taxes. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Fund invests, under normal market conditions, at least 75% of its assets in municipal bonds rated investment grade 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.

Performance |  |

Ÿ |  | For the 12-month period ended April 30, 2015, the Fund returned 9.71% based on market price and 10.64% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.00% based on market price and 9.96% based on NAV. All returns reflect reinvestment of dividends and/or distributions. The Fund’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV.

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

Ÿ |  | Municipal bonds generated positive performance during the 12-month period, as the combination of falling U.S. Treasury yields and strengthening municipal finances fueled healthy investor demand. (Bond prices rise when rates fall.) The yield curve flattened during the period, with longer-term bonds generally outperforming shorter-term issues. Higher-rated bonds, while delivering positive absolute performance, lagged the return of lower-rated issues.

Ÿ |  | Income in the form of coupon payments made up a meaningful portion of the Fund’s total return for the period. In addition, the Fund’s use of leverage provided both incremental return and income in an environment of declining interest rates. The Fund’s positioning with respect to duration (sensitivity to interest rate movements) helped performance. The Fund’s positioning along the yield curve, which favored longer-dated bonds, also aided performance as longer-dated bonds generally delivered higher returns than those with shorter maturities.

Ÿ |  | Positions in lower-rated investment-grade bonds contributed to performance, as did the Fund’s exposure to the lower end of the credit spectrum (non-investment grade and unrated securities). Lower-rated bonds generated both attractive income and strong price appreciation during the period.

Ÿ |  | Exposures to the transportation, health care and utilities sectors were among the top contributors to performance.

Ÿ |  | There were no material detractors from the Fund’s performance during the period.

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.

Fund Information |  |

Symbol on NYSE |  | MUH
Initial Offering Date |  | February 27, 1998
Yield on Closing Market Price as of April 30, 2015 ($15.28)1 |  | 6.09%
Tax Equivalent Yield 2 |  | 10.76%
Current Monthly Distribution per Common Share 3 |  | $0.0775
Current Annualized Distribution per Common Share 3 |  | $0.9300
Economic Leverage as of April 30, 2015 4 |  | 35%

| 1 |  | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

| 2 |  | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.

| 3 |  | The distribution rate is not constant and is subject to change.

| 4 |  | 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 accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 5.

12 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

|  | BlackRock MuniHoldings Fund II, Inc.

Market Price and Net Asset Value Per Share Summary |  |  |  |  |  |  |  |  |  |

|  | 4/30/15 |  |  | 4/30/14 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 15.28 |  |  | $ | 14.84 |  |  |  | 2.96 | % |  | $ | 16.31 |  |  | $ | 14.78 |
Net Asset Value |  | $ | 16.21 |  |  | $ | 15.61 |  |  |  | 3.84 | % |  | $ | 16.76 |  |  | $ | 15.61 |

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

Overview of the Fund’s Total Investments*

Sector Allocation |  | 4/30/15 |  |  | 4/30/14 |
Transportation |  |  | 23 | % |  |  | 19 | %
Health |  |  | 18 |  |  |  | 21 |
State |  |  | 14 |  |  |  | 14 |
County/City/Special District/School District |  |  | 13 |  |  |  | 15 |
Utilities |  |  | 11 |  |  |  | 10 |
Education |  |  | 9 |  |  |  | 10 |
Corporate |  |  | 7 |  |  |  | 7 |
Tobacco |  |  | 4 |  |  |  | 3 |
Housing |  |  | 1 |  |  |  | 1 |

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

Credit Quality Allocation1 |  | 4/30/15 |  |  | 4/30/14 |
AAA/Aaa |  |  | 7 | % |  |  | 9 | %
AA/Aa |  |  | 47 |  |  |  | 43 |
A |  |  | 23 |  |  |  | 26 |
BBB/Baa |  |  | 11 |  |  |  | 11 |
BB/Ba |  |  | 4 |  |  |  | 2 |
B |  |  | 2 |  |  |  | 3 |
N/R 2 |  |  | 6 |  |  |  | 6 |

| 1 |  | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

| 2 |  | The investment advisor 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 advisor has deemed certain of these unrated securities as investment grade quality. As of April 30, 2015 and April 30, 2014, the market value of unrated securities deemed by the investment advisor to be investment grade represents 5% and 6%, respectively, of the Fund’s total investments.

Call/Maturity Schedule3 |  |  |
Calendar Year Ended December 31, |  |  |  |
2015 |  |  | 5 | %
2016 |  |  | 3 |
2017 |  |  | 6 |
2018 |  |  | 7 |
2019 |  |  | 28 |

| 3 |  | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

| * |  | Excludes short-term securities.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 13

Fund Summary as of April 30, 2015 |  | BlackRock MuniHoldings Quality Fund, Inc.

Fund Overview

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

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

Performance |  |

Ÿ |  | For the 12-month period ended April 30, 2015, the Fund returned 9.91% based on market price and 9.20% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.00% based on market price and 9.96% based on NAV. All returns reflect reinvestment of dividends and/or distributions. The Fund’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV.

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

Ÿ |  | Municipal bonds generated positive performance during the 12-month period, as the combination of falling U.S. Treasury yields and strengthening municipal finances fueled healthy investor demand. (Bond prices rise when rates fall.) The yield curve flattened during the period, with longer-term bonds generally outperforming shorter-term issues. Higher-rated bonds, while delivering positive absolute performance, lagged the return of lower-rated issues.

Ÿ |  | In the environment of declining yields, the Fund’s duration exposure (sensitivity to interest rate movements) contributed positively to performance. Positions in longer-dated bonds in the transportation and utilities sectors were among the top contributors to performance.

Ÿ |  | Income in the form of coupon payments made up a meaningful portion of the Fund’s total return for the period. In addition, the Fund’s use of leverage provided both incremental return and income at a time of declining interest rates.

Ÿ |  | There were no material detractors from the Fund’s absolute performance during the period.

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.

Fund Information

Symbol on NYSE |  | MUS
Initial Offering Date |  | May 1, 1998
Yield on Closing Market Price as of April 30, 2015 ($13.32)1 |  | 6.08%
Tax Equivalent Yield 2 |  | 10.74%
Current Monthly Distribution per Common Share 3 |  | $0.0675
Current Annualized Distribution per Common Share 3 |  | $0.8100
Economic Leverage as of April 30, 2015 4 |  | 36%

| 1 |  | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

| 2 |  | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.

| 3 |  | The distribution rate is not constant and is subject to change.

| 4 |  | 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 accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 5.

14 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

|  | BlackRock MuniHoldings Quality Fund, Inc.

Market Price and Net Asset Value Per Share Summary |  |

|  | 4/30/15 |  |  | 4/30/14 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 13.32 |  |  | $ | 12.88 |  |  |  | 3.42 | % |  | $ | 13.97 |  |  | $ | 12.66 |
Net Asset Value |  | $ | 14.57 |  |  | $ | 14.18 |  |  |  | 2.75 | % |  | $ | 15.09 |  |  | $ | 14.18 |

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

Overview of the Fund’s Total Investments*

Sector Allocation |  | 4/30/15 |  |  | 4/30/14 |
Transportation |  |  | 34 | % |  |  | 33 | %
County/City/Special District/School District |  |  | 29 |  |  |  | 27 |
Utilities |  |  | 13 |  |  |  | 19 |
Health |  |  | 9 |  |  |  | 7 |
State |  |  | 8 |  |  |  | 9 |
Education |  |  | 3 |  |  |  | 2 |
Housing |  |  | 2 |  |  |  | 2 |
Tobacco |  |  | 1 |  |  |  | 1 |
Corporate |  |  | 1 |  |  |  | — |

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

Credit Quality Allocation1 |  | 4/30/15 |  |  | 4/30/14 |
AAA/Aaa |  |  | 5 | % |  |  | 6 | %
AA/Aa |  |  | 67 |  |  |  | 67 |
A |  |  | 25 |  |  |  | 25 |
BBB/Baa |  |  | 3 |  |  |  | 2 |

| 1 |  | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P’s or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Call/Maturity Schedule2 |  |  |
Calendar Year Ended December 31, |  |  |  |
2015 |  |  | 2 | %
2016 |  |  | 3 |
2017 |  |  | — |
2018 |  |  | 27 |
2019 |  |  | 14 |

| 2 |  | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

| * |  | Excludes short-term securities.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 15

Fund Summary as of April 30, 2015 |  | BlackRock Muni Intermediate Duration Fund, Inc.

Fund Overview |  |

BlackRock Muni Intermediate Duration Fund, Inc.’s (MUI) (the “Fund”) investment objective is to provide common shareholders with high current income exempt from federal income taxes. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). Under normal market conditions, the Fund invests at least 75% of its assets in municipal bonds rated investment grade and invests at least 80% of its assets in municipal bonds with a duration of three to ten years at the time of investment. The Fund 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.

Performance |  |

Ÿ |  | For the 12-month period ended April 30, 2015, the Fund returned 5.20% based on market price and 7.27% based on NAV. For the same period, the closed-end Lipper Intermediate Municipal Debt Funds category posted an average return of 6.81% based on market price and 7.02% based on NAV. All returns reflect reinvestment of dividends and/or distributions. The Fund’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV.

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

Ÿ |  | Municipal bonds generated positive performance during the 12-month period, as the combination of falling U.S. Treasury yields and strengthening municipal finances fueled healthy investor demand. (Bond prices rise when rates fall.) The yield curve flattened during the period, with longer-term bonds generally outperforming shorter-term issues. Higher-rated bonds, while delivering positive absolute performance, lagged the return of lower-rated issues.

Ÿ |  | In the environment of declining yields, the Fund’s holdings in longer-duration and longer-dated bonds tended to provide the strongest returns. (Duration is a measure of interest-rate sensitivity.) The Fund’s allocations to the tax-backed (states, local and school districts), transportation and health care sectors made positive contributions to performance.

Ÿ |  | At a time in which lower-rated debt outperformed, the Fund’s positions in higher-yielding and lower investment-grade credits generated the best returns. The Fund’s positions in high-quality pre-refunded bonds also made a positive contribution to performance.

Ÿ |  | Income in the form of coupon payments made up a meaningful portion of the Fund’s total return for the period. In addition, the Fund’s use of leverage provided both incremental return and income given the decline in prevailing yields.

Ÿ |  | There were no material detractors from the Fund’s performance during the period.

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.

Fund Information |  |

Symbol on NYSE |  | MUI
Initial Offering Date |  | August 1, 2003
Yield on Closing Market Price as of April 30, 2015 ($14.47)1 |  | 5.43%
Tax Equivalent Yield 2 |  | 9.59%
Current Monthly Distribution per Common Share 3 |  | $0.0655
Current Annualized Distribution per Common Share 3 |  | $0.7860
Economic Leverage as of April 30, 2015 4 |  | 36%

| 1 |  | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

| 2 |  | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.

| 3 |  | The distribution rate is not constant and is subject to change.

| 4 |  | 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 accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 5.

16 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

|  | BlackRock Muni Intermediate Duration Fund, Inc.

Market Price and Net Asset Value Per Share Summary |  |

|  | 4/30/15 |  |  | 4/30/14 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 14.47 |  |  | $ | 14.55 |  |  |  | (0.55 | )% |  | $ | 15.08 |  |  | $ | 13.93 |
Net Asset Value |  | $ | 15.86 |  |  | $ | 15.64 |  |  |  | 1.41 | % |  | $ | 16.45 |  |  | $ | 15.62 |

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

Overview of the Fund’s Total Investments*

Sector Allocation |  | 4/30/15 |  |  | 4/30/14 |
Transportation |  |  | 23 | % |  |  | 20 | %
County/City/Special District/School District |  |  | 19 |  |  |  | 24 |
State |  |  | 16 |  |  |  | 16 |
Utilities |  |  | 10 |  |  |  | 8 |
Corporate |  |  | 10 |  |  |  | 7 |
Education |  |  | 9 |  |  |  | 9 |
Health |  |  | 9 |  |  |  | 12 |
Housing |  |  | 2 |  |  |  | 2 |
Tobacco |  |  | 2 |  |  |  | 2 |

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

Credit Quality Allocation1 |  | 4/30/15 |  |  | 4/30/14 |
AAA/Aaa |  |  | 4 | % |  |  | 3 | %
AA/Aa |  |  | 50 |  |  |  | 48 |
A |  |  | 35 |  |  |  | 35 |
BBB/Baa |  |  | 7 |  |  |  | 8 |
BB/Ba |  |  | 1 |  |  |  | 1 |
B |  |  | 1 |  |  |  | 1 |
CCC/Caa |  |  | — | 2 |  |  | — |
N/R 3 |  |  | 2 |  |  |  | 4 |

| 1 |  | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P’s or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

| 2 |  | Representing less than 1% of the Fund’s total investments.

| 3 |  | The investment advisor 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 advisor has deemed certain of these unrated securities as investment grade quality. As of April 30, 2015 and April 30, 2014, the market value of unrated securities deemed by the investment advisor to be investment grade represents 1% and less than 1%, respectively, of the Fund’s total investments.

Call/Maturity Schedule4 |  |  |
Calendar Year Ended December 31, |  |  |  |
2015 |  |  | 5 | %
2016 |  |  | 3 |
2017 |  |  | 6 |
2018 |  |  | 7 |
2019 |  |  | 11 |

| 4 |  | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

| * |  | Excludes short-term securities.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 17

Fund Summary as of April 30, 2015 |  | BlackRock MuniVest Fund II, Inc.

Fund Overview

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 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 federal income taxes (except that the interest may be subject to the federal alternative minimum tax). The Fund invests, under normal market conditions, at least 75% of its assets in municipal bonds rated investment grade 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.

Performance

Ÿ |  | For the 12-month period ended April 30, 2015, the Fund returned 14.52% based on market price and 10.65% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 11.00% based on market price and 9.96% based on NAV. All returns reflect reinvestment of dividends and/or distributions. The Fund moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on price and performance based on NAV.

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

Ÿ |  | Municipal bonds generated positive performance during the 12-month period, as the combination of falling U.S. Treasury yields and strengthening municipal finances fueled healthy investor demand. (Bond prices rise when rates fall.) The yield curve flattened during the period, with longer-term bonds generally outperforming shorter-term issues. Higher-rated bonds, while delivering positive absolute performance, lagged the return of lower-rated issues.

Ÿ |  | Income in the form of coupon payments made up a meaningful portion of the Fund’s total return for the period. In addition, the Fund’s use of leverage provided both incremental return and income in an environment of declining interest rates. The Fund’s positioning with respect to duration (sensitivity to interest rate movements) helped performance. The Fund’s positioning along the yield curve, which favored longer-dated bonds, also aided performance as longer-dated bonds generally delivered higher returns than those with shorter maturities.

Ÿ |  | Positions in lower-rated investment-grade bonds contributed to performance, as did the Fund’s exposure to the lower end of the credit spectrum (non-investment grade and unrated securities). Lower-rated bonds generated both attractive income and strong price appreciation during the period.

Ÿ |  | Exposures to the transportation, health care and utilities sectors were among the top contributors to performance.

Ÿ |  | There were no material detractors from the Fund’s performance during the period.

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.

Fund Information

Symbol on NYSE |  | MVT
Initial Offering Date |  | March 29, 1993
Yield on Closing Market Price as of April 30, 2015 ($16.26)1 |  | 6.13%
Tax Equivalent Yield 2 |  | 10.83%
Current Monthly Distribution per Common Share 3 |  | $0.083
Current Annualized Distribution per Common Share 3 |  | $0.996
Economic Leverage as of April 30, 2015 4 |  | 38%

| 1 |  | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

| 2 |  | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.

| 3 |  | The distribution rate is not constant and is subject to change.

| 4 |  | 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 accrued liabilities. For a discussion of leveraging techniques used by the Fund, please see The Benefits and Risks of Leveraging on page 5.

18 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

|  | BlackRock MuniVest Fund II, Inc.

Market Price and Net Asset Value Per Share Summary |  |  |  |  |  |  |  |  |  |

|  | 4/30/15 |  |  | 4/30/14 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 16.26 |  |  | $ | 15.16 |  |  |  | 7.26 | % |  | $ | 16.65 |  |  | $ | 15.09 |
Net Asset Value |  | $ | 16.01 |  |  | $ | 15.45 |  |  |  | 3.62 | % |  | $ | 16.54 |  |  | $ | 15.45 |

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

Overview of the Fund’s Total Investments*

Sector Allocation |  | 4/30/15 |  |  | 4/30/14 |
Transportation |  |  | 24 | % |  |  | 21 | %
Health |  |  | 18 |  |  |  | 20 |
State |  |  | 13 |  |  |  | 15 |
Utilities |  |  | 13 |  |  |  | 12 |
County/City/Special District/School District |  |  | 12 |  |  |  | 11 |
Corporate |  |  | 8 |  |  |  | 8 |
Education |  |  | 6 |  |  |  | 8 |
Tobacco |  |  | 4 |  |  |  | 3 |
Housing |  |  | 2 |  |  |  | 2 |

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

Credit Quality Allocation1 |  | 4/30/15 |  |  | 4/30/14 |
AAA/Aaa |  |  | 8 | % |  |  | 8 | %
AA/Aa |  |  | 49 |  |  |  | 42 |
A |  |  | 21 |  |  |  | 28 |
BBB/Baa |  |  | 11 |  |  |  | 10 |
BB/Ba |  |  | 3 |  |  |  | 3 |
B |  |  | 2 |  |  |  | 3 |
CCC/Caa |  |  | — | 2 |  |  | — |
N/R 3 |  |  | 6 |  |  |  | 6 |

| 1 |  | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P or Moody’s if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

| 2 |  | Representing less than 1% of Fund’s total investments.

| 3 |  | The investment advisor 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 advisor has deemed certain of these unrated securities as investment grade quality. As of April 30, 2015 and April 30, 2014 the market value of unrated securities deemed by the investment advisor to be investment grade represents less than 1% and 1%, respectively, of the Fund’s total investments.

Call/Maturity Schedule4 |  |  |
Calendar Year Ended December 31, |  |  |  |
2015 |  |  | 4 | %
2016 |  |  | 3 |
2017 |  |  | 7 |
2018 |  |  | 12 |
2019 |  |  | 23 |

| 4 |  | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

| * |  | Excludes short-term securities.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 19

Schedule of Investments April 30, 2015 |  | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets)

Municipal Bonds |  | Par (000) |  |  | Value |
Alabama — 2.1% |
County of Jefferson Alabama, RB, Limited Obligation School, Series A: |  |  |  |  |  |  |  |
5.25%, 1/01/17 |  | $ | 895 |  |  | $ | 899,457 |
5.25%, 1/01/19 |  |  | 2,000 |  |  |  | 2,009,960 |
5.50%, 1/01/21 |  |  | 1,215 |  |  |  | 1,221,051 |
County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 6.00%, 10/01/42 |  |  | 3,745 |  |  |  | 4,203,950 |
State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/40 |  |  | 2,165 |  |  |  | 2,524,368 |
|  |  |  |  |  |  | 10,858,786 |
Alaska — 1.1% |
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A: |  |  |  |  |  |  |  |
4.63%, 6/01/23 |  |  | 1,305 |  |  |  | 1,305,183 |
5.00%, 6/01/32 |  |  | 1,500 |  |  |  | 1,308,165 |
5.00%, 6/01/46 |  |  | 4,000 |  |  |  | 3,141,480 |
|  |  |  |  |  |  | 5,754,828 |
Arizona — 1.1% |
City of Phoenix Arizona IDA, RB: |  |  |  |  |  |  |  |
Basis Schools, Inc. Projects, Series A, 5.00%, 7/01/35 (a) |  |  | 305 |  |  |  | 310,826 |
Basis Schools, Inc. Projects, Series A, 5.00%, 7/01/45 (a) |  |  | 855 |  |  |  | 857,650 |
Great Hearts Academies — Veritas Project, 6.30%, 7/01/42 |  |  | 500 |  |  |  | 532,900 |
Great Hearts Academies — Veritas Project, 6.40%, 7/01/47 |  |  | 425 |  |  |  | 454,342 |
Legacy Traditional Schools Project, Series A, 6.50%, 7/01/34 (a) |  |  | 570 |  |  |  | 645,217 |
Legacy Traditional Schools Project, Series A, 6.75%, 7/01/44 (a) |  |  | 1,000 |  |  |  | 1,144,390 |
City of Phoenix Arizona IDA, Refunding RB, Legacy Traditional School Projects (a): |  |  |  |  |  |  |  |
5.00%, 7/01/35 |  |  | 320 |  |  |  | 320,992 |
5.00%, 7/01/45 |  |  | 255 |  |  |  | 252,629 |
County of Maricopa Arizona IDA, RB, Arizona Charter School Project 1, Series A, 6.63%, 7/01/20 |  |  | 720 |  |  |  | 700,790 |
University Medical Center Corp., RB, 6.50%, 7/01/19 (b) |  |  | 500 |  |  |  | 602,915 |
|  |  |  |  |  |  | 5,822,651 |
California — 5.1% |
California Municipal Finance Authority, Urban Discovery Academy Project (a): |  |  |  |  |  |  |  |
5.50%, 8/01/34 |  |  | 315 |  |  |  | 327,710 |
6.00%, 8/01/44 |  |  | 665 |  |  |  | 697,146 |
6.13%, 8/01/49 |  |  | 580 |  |  |  | 608,751 |
Municipal Bonds |  | Par (000) |  |  | Value |
California (concluded) |
California School Finance Authority, RB: |  |  |  |  |  |  |  |
Alliance for College Ready Public School — 2023 Union LLC Project, Series A, 6.40%, 7/01/48 |  |  | 1,570 |  |  |  | 1,829,097 |
Value Schools, 6.65%, 7/01/33 |  |  | 435 |  |  |  | 487,043 |
Value Schools, 6.90%, 7/01/43 |  |  | 975 |  |  |  | 1,103,359 |
California Statewide Communities Development Authority, Refunding RB: |  |  |  |  |  |  |  |
American Baptist Homes of the West, 6.25%, 10/01/39 |  |  | 2,175 |  |  |  | 2,445,353 |
Loma Linda University Medical Center, 5.50%, 12/01/54 |  |  | 2,390 |  |  |  | 2,633,015 |
California Statewide Financing Authority, RB, Tobacco Settlement, Series B, 6.00%, 5/01/43 |  |  | 1,650 |  |  |  | 1,650,198 |
City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project: |  |  |  |  |  |  |  |
6.50%, 5/01/36 |  |  | 900 |  |  |  | 1,097,658 |
6.50%, 5/01/42 |  |  | 2,220 |  |  |  | 2,685,556 |
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/40 |  |  | 375 |  |  |  | 451,448 |
County of Riverside California Transportation Commission, RB, Senior Lien, Series A, 5.75%, 6/01/48 |  |  | 2,885 |  |  |  | 3,286,332 |
Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior, Series A-1, 5.75%, 6/01/47 |  |  | 5,020 |  |  |  | 4,335,222 |
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1, 4.75%, 6/01/25 |  |  | 2,000 |  |  |  | 2,000,040 |
|  |  |  |  |  |  | 25,637,928 |
Colorado — 1.7% |
Castle Oaks Metropolitan District No. 3, GO, 6.25%, 12/01/44 |  |  | 500 |  |  |  | 499,965 |
Foothills Metropolitan District, Special Assessment Bonds, 6.00%, 12/01/38 |  |  | 5,985 |  |  |  | 6,383,661 |
Regional Transportation District, RB, Denver Transit Partners Eagle P3 Project, 6.00%, 1/15/34 |  |  | 1,500 |  |  |  | 1,713,465 |
|  |  |  |  |  |  | 8,597,091 |
Connecticut — 1.0% |
Mohegan Tribal Finance Authority, RB, 7.00%, 2/01/45 |  |  | 755 |  |  |  | 736,464 |
Mohegan Tribe of Indians of Connecticut, RB, Series A, 6.75%, 2/01/45 (a) |  |  | 1,420 |  |  |  | 1,425,737 |
Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution, 6.25%, 1/01/31 |  |  | 2,755 |  |  |  | 2,754,890 |
|  |  |  |  |  |  | 4,917,091 |

Portfolio Abbreviations

AGC |  | Assured Guarantee Corp. |  | EDC |  | Economic Development Corp. |  | LRB |  | Lease Revenue Bonds
AGM |  | Assured Guaranty Municipal Corp. |  | ERB |  | Education Revenue Bonds |  | M/F |  | Multi-Family
AMBAC |  | American Municipal Bond Assurance Corp. |  | GARB |  | General Airport Revenue Bonds |  | MRB |  | Mortgage Revenue Bonds
AMT |  | Alternative Minimum Tax (subject to) |  | GO |  | General Obligation Bonds |  | NPFGC |  | National Public Finance Guarantee Corp.
ARB |  | Airport Revenue Bonds |  | HDA |  | Housing Development Authority |  | PSF-GTD |  | Public School Fund Guaranteed
BARB |  | Building Aid Revenue Bonds |  | HFA |  | Housing Finance Agency |  | Q-SBLF |  | Qualified School Bond Loan Fund
BHAC |  | Berkshire Hathaway Assurance Corp. |  | HRB |  | Housing Revenue Bonds |  | RB |  | Revenue Bonds
CAB |  | Capital Appreciation Bonds |  | IDA |  | Industrial Development Authority |  | S/F |  | Single-Family
COP |  | Certificates of Participation |  | IDB |  | Industrial Development Board |  | Syncora |  | Syncora Guarantee
EDA |  | Economic Development Authority |  | ISD |  | Independent School District |  |  |  |

See Notes to Financial Statements.

20 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

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

Municipal Bonds |  | Par (000) |  |  | Value |
Delaware — 0.2% |
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |  | $ | 1,000 |  |  | $ | 1,151,050 |
District of Columbia — 0.9% |
District of Columbia, RB, Methodist Home District of Columbia, Series A: |  |  |  |  |  |  |  |
7.38%, 1/01/30 |  |  | 1,665 |  |  |  | 1,666,515 |
7.50%, 1/01/39 |  |  | 1,615 |  |  |  | 1,616,147 |
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.50%, 5/15/33 |  |  | 1,055 |  |  |  | 1,331,927 |
|  |  |  |  |  |  | 4,614,589 |
Florida — 10.2% |
Boggy Creek Improvement District, Refunding RB, Special Assessment Bonds, 5.13%, 5/01/43 |  |  | 1,570 |  |  |  | 1,628,922 |
Capital Trust Agency, Inc., RB: |  |  |  |  |  |  |  |
1st Mortgage, Silver Creek St. Augustine Project, 8.25%, 1/01/44 |  |  | 515 |  |  |  | 549,000 |
1st Mortgage, Silver Creek St. Augustine Project, 8.25%, 1/01/49 |  |  | 1,105 |  |  |  | 1,177,223 |
Faulk Senior Services, 6.75%, 12/01/44 |  |  | 355 |  |  |  | 358,511 |
Faulk Senior Services, 6.75%, 12/01/49 |  |  | 670 |  |  |  | 669,229 |
County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 4.00%, 5/01/45 |  |  | 200 |  |  |  | 192,222 |
County of Collier Florida IDA, Refunding RB, Arlington of Naples Project, Series A, 8.13%, 5/15/44 (a) |  |  | 2,510 |  |  |  | 2,885,521 |
County of Miami-Dade IDA, RB, Series A: |  |  |  |  |  |  |  |
5.00%, 6/01/35 |  |  | 1,460 |  |  |  | 1,534,329 |
5.00%, 6/01/40 |  |  | 2,000 |  |  |  | 2,085,220 |
5.00%, 6/01/48 |  |  | 1,460 |  |  |  | 1,513,816 |
County of Palm Beach Florida Health Facilities Authority, RB, Acts Retirement Life Community, 5.50%, 11/15/33 |  |  | 3,500 |  |  |  | 3,844,225 |
Florida Development Finance Corp., RB, Renaissance Charter School, Series A: |  |  |  |  |  |  |  |
5.75%, 6/15/29 |  |  | 690 |  |  |  | 692,863 |
6.00%, 6/15/34 |  |  | 835 |  |  |  | 839,592 |
6.13%, 6/15/44 |  |  | 3,220 |  |  |  | 3,208,859 |
Greeneway Improvement District, RB, Special Assessment Bonds, 5.13%, 5/01/43 |  |  | 1,970 |  |  |  | 2,043,934 |
Harbor Bay Community Development District Florida, Special Assessment Bonds, Series A, 7.00%, 5/01/33 |  |  | 410 |  |  |  | 411,373 |
Jacksonville Economic Development Commission, RB, Gerdau Ameristeel U.S. Inc., AMT, 5.30%, 5/01/37 |  |  | 4,500 |  |  |  | 4,510,800 |
Jacksonville Economic Development Commission, Refunding RB, Florida Proton Therapy Institute, Series A, 6.00%, 9/01/17 |  |  | 720 |  |  |  | 788,508 |
Lakewood Ranch Stewardship District, Refunding, Special Assessment Bonds, Lakewood Center & New Sector Projects, 8.00%, 5/01/40 |  |  | 1,485 |  |  |  | 1,873,342 |
Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/40 |  |  | 4,550 |  |  |  | 5,975,879 |
Midtown Miami Community Development District, Refunding, Special Assessment Bonds: |  |  |  |  |  |  |  |
Series A, 5.00%, 5/01/37 |  |  | 845 |  |  |  | 891,720 |
Series B, 5.00%, 5/01/37 |  |  | 495 |  |  |  | 522,369 |
Palm Beach County Health Facilities Authority, Refunding RB, Series A, 7.25%, 6/01/34 |  |  | 500 |  |  |  | 568,370 |
Santa Rosa Bay Bridge Authority, RB, 6.25%, 7/01/28 (c)(d) |  |  | 4,539 |  |  |  | 1,974,567 |
Tampa Palms Open Space and Transportation Community Development District, RB, Capital Improvement, Richmond Place Project, 7.50%, 5/01/18 |  |  | 835 |  |  |  | 836,094 |
Municipal Bonds |  | Par (000) |  |  | Value |
Florida (concluded) |
Tolomato Community Development District (c)(d): |  |  |  |  |  |  |  |
Series 1, 6.65%, 5/01/40 |  |  | 50 |  |  |  | 51,228 |
Series 3, 6.65%, 5/01/40 |  |  | 710 |  |  |  | 7 |
Tolomato Community Development District, Refunding, Special Assessment Bonds: |  |  |  |  |  |  |  |
Convertible CAB, Series A2, 0.00%, 5/01/39 (e) |  |  | 250 |  |  |  | 183,143 |
Convertible CAB, Series A3, 0.00%, 5/01/40 (e) |  |  | 585 |  |  |  | 349,204 |
Convertible CAB, Series A4, 0.00%, 5/01/40 (e) |  |  | 305 |  |  |  | 134,786 |
0.00%, 5/01/40 (e) |  |  | 2,110 |  |  |  | 1,221,786 |
6.61%, 5/01/40 (c)(d) |  |  | 875 |  |  |  | 9 |
Series A1, 6.65%, 5/01/40 |  |  | 910 |  |  |  | 926,071 |
Village Community Development District No. 9, Special Assessment Bonds: |  |  |  |  |  |  |  |
6.75%, 5/01/31 |  |  | 1,660 |  |  |  | 2,056,209 |
7.00%, 5/01/41 |  |  | 2,735 |  |  |  | 3,404,473 |
5.50%, 5/01/42 |  |  | 1,260 |  |  |  | 1,455,905 |
|  |  |  |  |  |  | 51,359,309 |
Georgia — 2.0% |
City of Atlanta Georgia, Tax Allocation Bonds, Princeton Lakes Project, 5.50%, 1/01/31 |  |  | 1,035 |  |  |  | 1,042,493 |
County of Clayton Georgia, Tax Allocation Bonds, Ellenwood Project, 7.50%, 7/01/33 |  |  | 2,745 |  |  |  | 2,890,760 |
County of Clayton Georgia Development Authority, Refunding RB, Delta Air Lines, Inc. Project, Series A, 8.75%, 6/01/29 |  |  | 3,365 |  |  |  | 4,200,092 |
County of Gainesville & Hall Georgia Development Authority, Refunding RB, Acts Retirement Life Community, Series A-2: |  |  |  |  |  |  |  |
6.38%, 11/15/29 |  |  | 700 |  |  |  | 799,281 |
6.63%, 11/15/39 |  |  | 880 |  |  |  | 1,002,654 |
|  |  |  |  |  |  | 9,935,280 |
Guam — 1.3% |
Guam Government Waterworks Authority, RB, Water & Wastewater System: |  |  |  |  |  |  |  |
5.25%, 7/01/33 |  |  | 1,450 |  |  |  | 1,631,061 |
5.50%, 7/01/43 |  |  | 2,415 |  |  |  | 2,761,021 |
Territory of Guam, GO, Series A: |  |  |  |  |  |  |  |
6.00%, 11/15/19 |  |  | 615 |  |  |  | 677,404 |
7.00%, 11/15/39 |  |  | 1,115 |  |  |  | 1,338,636 |
|  |  |  |  |  |  | 6,408,122 |
Illinois — 4.2% |
City of Chicago Illinois Board of Education, GO, Series A, 5.25%, 12/01/41 |  |  | 3,450 |  |  |  | 3,339,428 |
Illinois Finance Authority, Refunding RB: |  |  |  |  |  |  |  |
CAB, Clare Water Tower, Series B, 0.00%, 5/15/50 (c)(d)(f) |  |  | 1,214 |  |  |  | 12 |
Clare Water Tower, Series A-7, 6.13%, 5/15/41 (c)(d) |  |  | 3,129 |  |  |  | 31 |
Friendship Village of Schaumburg, 7.25%, 2/15/45 |  |  | 4,000 |  |  |  | 4,299,600 |
Lutheran Home & Services Obligated Group, 5.63%, 5/15/42 |  |  | 2,395 |  |  |  | 2,523,156 |
Primary Health Care Centers Program, 6.60%, 7/01/24 |  |  | 1,175 |  |  |  | 1,182,626 |
Rogers Park Montessori School Project, Series 2014, 6.00%, 2/01/34 |  |  | 365 |  |  |  | 380,856 |
Rogers Park Montessori School Project, Series 2014, 6.13%, 2/01/45 |  |  | 860 |  |  |  | 887,210 |
Roosevelt University Project, 6.50%, 4/01/44 |  |  | 4,170 |  |  |  | 4,507,603 |

See Notes to Financial Statements.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 21

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

Municipal Bonds |  | Par (000) |  |  | Value |
Illinois (concluded) |
Railsplitter Tobacco Settlement Authority, RB: |  |  |  |  |  |  |  |
5.50%, 6/01/23 |  | $ | 180 |  |  | $ | 210,688 |
6.00%, 6/01/28 |  |  | 710 |  |  |  | 836,274 |
Village of Lincolnshire Illinois, Special Tax Bonds, Sedgebrook Project, 6.25%, 3/01/34 |  |  | 1,794 |  |  |  | 1,827,602 |
Village of Wheeling Illinois, Tax Allocation Bonds, North Milwaukee/Lake-Cook TIF Project, 6.00%, 1/01/25 |  |  | 1,345 |  |  |  | 1,345,551 |
|  |  |  |  |  |  | 21,340,637 |
Indiana — 1.1% |
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |  |  |  |  |  |  |  |
6.75%, 1/01/34 |  |  | 825 |  |  |  | 1,002,391 |
7.00%, 1/01/44 |  |  | 2,000 |  |  |  | 2,444,800 |
Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges East End Crossing Project, Series A, AMT: |  |  |  |  |  |  |  |
5.00%, 7/01/44 |  |  | 470 |  |  |  | 500,597 |
5.00%, 7/01/48 |  |  | 1,555 |  |  |  | 1,654,007 |
|  |  |  |  |  |  | 5,601,795 |
Iowa — 3.4% |
Iowa Finance Authority, Refunding RB: |  |  |  |  |  |  |  |
Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.50%, 12/01/22 |  |  | 4,090 |  |  |  | 4,364,725 |
Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.25%, 12/01/25 |  |  | 2,190 |  |  |  | 2,442,791 |
Sunrise Retirement Community Project, 5.50%, 9/01/37 |  |  | 1,355 |  |  |  | 1,372,832 |
Sunrise Retirement Community Project, 5.75%, 9/01/43 |  |  | 2,115 |  |  |  | 2,168,827 |
Iowa Tobacco Settlement Authority, Refunding RB: |  |  |  |  |  |  |  |
Asset-Backed, CAB, Series B, 5.60%, 6/01/34 |  |  | 1,200 |  |  |  | 1,143,192 |
Asset-Backed, Series C, 5.63%, 6/01/46 |  |  | 1,565 |  |  |  | 1,388,750 |
Series C, 5.38%, 6/01/38 |  |  | 4,900 |  |  |  | 4,314,303 |
|  |  |  |  |  |  | 17,195,420 |
Kentucky — 0.9% |
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing, 1st Tier, Series A, 5.75%, 7/01/49 |  |  | 4,000 |  |  |  | 4,534,520 |
Louisiana — 3.0% |
Juban Crossing Economic Development District, Refunding RB, General Infrastructure Project, Series C, 7.00%, 9/15/44 (a) |  |  | 1,055 |  |  |  | 1,072,228 |
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, 6.75%, 11/01/32 |  |  | 5,000 |  |  |  | 5,543,550 |
Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.75%, 5/01/41 |  |  | 1,855 |  |  |  | 2,083,833 |
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.25%, 5/15/35 |  |  | 5,570 |  |  |  | 6,314,765 |
|  |  |  |  |  |  | 15,014,376 |
Maine — 0.7% |
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 7/01/41 |  |  | 2,955 |  |  |  | 3,376,088 |
Maryland — 2.5% |
County of Frederick Maryland, RB, Jefferson Technology Park Project, Series B, 7.13%, 7/01/43 |  |  | 2,840 |  |  |  | 3,213,772 |
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35 |  |  | 3,615 |  |  |  | 3,893,933 |
Municipal Bonds |  | Par (000) |  |  | Value |
Maryland (concluded) |
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25 |  |  | 4,785 |  |  |  | 5,305,130 |
|  |  |  |  |  |  | 12,412,835 |
Massachusetts — 2.9% |
Massachusetts Development Finance Agency, RB: |  |  |  |  |  |  |  |
Boston Medical Center, Series D, 4.00%, 7/01/45 |  |  | 3,360 |  |  |  | 3,212,261 |
Boston Medical Center, Series D, 5.00%, 7/01/44 |  |  | 5,905 |  |  |  | 6,287,349 |
Foxborough Regional Charter School, Series A, 7.00%, 7/01/42 |  |  | 1,025 |  |  |  | 1,160,095 |
North Hill Communities Issue, Series A, 6.50%, 11/15/43 (a) |  |  | 2,020 |  |  |  | 2,193,397 |
Massachusetts Development Finance Agency, Refunding RB, Tufts Medical Center, Series I, 6.75%, 1/01/36 |  |  | 1,490 |  |  |  | 1,747,010 |
|  |  |  |  |  |  | 14,600,112 |
Michigan — 0.9% |
City of Detroit Michigan, GO, Financial Recovery (e)(g): |  |  |  |  |  |  |  |
Series B-1, 4.00%, 4/01/44 |  |  | 315 |  |  |  | 187,728 |
Series B-2, 4.00%, 4/01/44 |  |  | 100 |  |  |  | 61,343 |
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39 |  |  | 2,785 |  |  |  | 2,991,007 |
Michigan Finance Authority, RB, Detroit Water & Sewage Disposal System, Senior Lien, Series 2014 C-2, AMT, 5.00%, 7/01/44 |  |  | 415 |  |  |  | 428,595 |
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 7/01/44 |  |  | 920 |  |  |  | 968,594 |
|  |  |  |  |  |  | 4,637,267 |
Minnesota — 0.6% |
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series A, 6.75%, 11/15/32 |  |  | 1,785 |  |  |  | 2,092,627 |
Woodbury Housing & Redevelopment Authority, RB, St. Therese of Woodbury, 5.13%, 12/01/44 |  |  | 940 |  |  |  | 961,582 |
|  |  |  |  |  |  | 3,054,209 |
Missouri — 1.0% |
Kirkwood IDA Missouri, RB, Aberdeen Heights, Series A, 8.25%, 5/15/39 |  |  | 2,315 |  |  |  | 2,657,666 |
Lees Summit Industrial Development Authority, RB, John Knox Obligated Group, 5.25%, 8/15/39 |  |  | 2,235 |  |  |  | 2,292,663 |
|  |  |  |  |  |  | 4,950,329 |
New Jersey — 4.5% |
Casino Reinvestment Development Authority, Refunding RB, 5.25%, 11/01/39 |  |  | 1,065 |  |  |  | 1,130,434 |
New Jersey EDA, RB: |  |  |  |  |  |  |  |
AMT, ACR Energy Partners, Series A, 10.50%, 6/01/32 (a)(c)(d) |  |  | 1,940 |  |  |  | 562,600 |
Kapkowski Road Landfill Project, Series B, AMT, 6.50%, 4/01/31 |  |  | 2,250 |  |  |  | 2,730,960 |
Team Academy Charter School Project, 6.00%, 10/01/43 |  |  | 1,530 |  |  |  | 1,731,669 |
The Goethals Bridge Replacement Project, AMT, 5.38%, 1/01/43 |  |  | 2,155 |  |  |  | 2,383,301 |
New Jersey EDA, Refunding RB, Series A, 6.00%, 8/01/49 (a) |  |  | 500 |  |  |  | 515,520 |
New Jersey Health Care Facilities Financing Authority, Refunding RB: |  |  |  |  |  |  |  |
St. Barnabas Health Care System, 4.25%, 7/01/44 |  |  | 1,030 |  |  |  | 1,030,721 |

See Notes to Financial Statements.

22 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

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

Municipal Bonds |  | Par (000) |  |  | Value |
New Jersey (concluded) |
New Jersey Health Care Facilities Financing Authority, Refunding RB (concluded): |  |  |  |  |  |  |  |
St. Barnabas Health Care System, Series A, 5.63%, 7/01/37 |  | $ | 2,650 |  |  | $ | 3,010,241 |
St. Joseph’s Healthcare System, 6.63%, 7/01/38 |  |  | 4,090 |  |  |  | 4,555,851 |
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A: |  |  |  |  |  |  |  |
4.63%, 6/01/26 |  |  | 2,000 |  |  |  | 1,923,500 |
5.00%, 6/01/29 |  |  | 3,735 |  |  |  | 3,195,180 |
|  |  |  |  |  |  | 22,769,977 |
New Mexico — 0.6% |
New Mexico Hospital Equipment Loan Council, Refunding RB, Gerald Champion Regional Medical Center Project, 5.50%, 7/01/42 |  |  | 2,970 |  |  |  | 2,976,712 |
New York — 8.6% |
City of New York New York Industrial Development Agency, ARB, AMT: |  |  |  |  |  |  |  |
American Airlines, Inc., JFK International Airport, 8.00%, 8/01/28 (g) |  |  | 1,765 |  |  |  | 1,918,484 |
British Airways PLC Project, 7.63%, 12/01/32 |  |  | 4,130 |  |  |  | 4,155,606 |
City of New York New York Industrial Development Agency, RB, Special Needs Facilities Pooled Program, Series C-1: |  |  |  |  |  |  |  |
6.50%, 7/01/24 |  |  | 610 |  |  |  | 612,440 |
6.63%, 7/01/29 |  |  | 1,100 |  |  |  | 1,104,631 |
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 6/01/41 (a) |  |  | 5,400 |  |  |  | 5,491,368 |
County of Chautauqua New York Industrial Development Agency, RB, NRG Dunkirk Power Project, 5.88%, 4/01/42 |  |  | 3,695 |  |  |  | 4,181,521 |
County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility, 5.00%, 8/01/46 |  |  | 5,000 |  |  |  | 5,005,950 |
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44 |  |  | 1,452 |  |  |  | 1,607,066 |
Metropolitan Transportation Authority, RB, Series C, 6.50%, 11/15/28 |  |  | 2,000 |  |  |  | 2,373,400 |
New York Liberty Development Corp., Refunding RB: |  |  |  |  |  |  |  |
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49 |  |  | 1,270 |  |  |  | 1,447,546 |
3 World Trade Center Project, Class 1, 5.00%, 11/15/44 (a) |  |  | 6,670 |  |  |  | 6,947,272 |
3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (a) |  |  | 455 |  |  |  | 495,217 |
3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (a) |  |  | 1,080 |  |  |  | 1,184,684 |
3 World Trade Center Project, Class 3, 7.25%, 11/15/44 (a) |  |  | 1,565 |  |  |  | 1,892,461 |
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42 (a) |  |  | 1,335 |  |  |  | 1,383,447 |
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/36 |  |  | 1,340 |  |  |  | 1,576,188 |
Westchester Tobacco Asset Securitization, Refunding RB, 5.13%, 6/01/45 |  |  | 2,500 |  |  |  | 2,306,975 |
|  |  |  |  |  |  | 43,684,256 |
North Carolina — 1.5% |
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Series A: |  |  |  |  |  |  |  |
Deerfield Project, 6.13%, 11/01/38 |  |  | 4,565 |  |  |  | 5,048,799 |
Municipal Bonds |  | Par (000) |  |  | Value |
North Carolina (concluded) |
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Series A (concluded): |  |  |  |  |  |  |  |
Retirement Facilities Whitestone Project, 7.75%, 3/01/31 |  |  | 1,000 |  |  |  | 1,143,320 |
Retirement Facilities Whitestone Project, 7.75%, 3/01/41 |  |  | 1,420 |  |  |  | 1,605,452 |
|  |  |  |  |  |  | 7,797,571 |
North Dakota — 0.4% |
City of Williston North Dakota, RB, Eagle Crest Apartments LLC Project, 7.75%, 9/01/38 |  |  | 2,155 |  |  |  | 2,247,191 |
Ohio — 1.8% |
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed Bonds, Series A-2: |  |  |  |  |  |  |  |
5.75%, 6/01/34 |  |  | 6,745 |  |  |  | 5,475,389 |
6.00%, 6/01/42 |  |  | 3,040 |  |  |  | 2,535,785 |
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 6/30/53 |  |  | 845 |  |  |  | 886,853 |
|  |  |  |  |  |  | 8,898,027 |
Oklahoma — 0.3% |  |  |  |  |  |  |  |
Oklahoma Development Finance Authority, Refunding RB, Inverness Village Community, 6.00%, 1/01/32 |  |  | 1,305 |  |  |  | 1,374,361 |
Oregon — 0.7% |  |  |  |  |  |  |  |
Hospital Facilities Authority of Multnomah County Oregon, Refunding RB, Mirabella at South Waterfront: |  |  |  |  |  |  |  |
5.40%, 10/01/44 |  |  | 1,245 |  |  |  | 1,370,371 |
5.50%, 10/01/49 |  |  | 1,765 |  |  |  | 1,953,202 |
|  |  |  |  |  |  | 3,323,573 |
Pennsylvania — 4.4% |  |  |  |  |  |  |  |
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A, 5.00%, 5/01/42 |  |  | 4,170 |  |  |  | 4,414,654 |
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 7/01/36 |  |  | 2,000 |  |  |  | 2,137,460 |
County of Cumberland Pennsylvania Municipal Authority, Refunding RB, Diakon Lutheran, 6.38%, 1/01/39 |  |  | 6,165 |  |  |  | 6,814,791 |
County of Lancaster Pennsylvania Hospital Authority, Refunding RB, Brethren Village Project, Series A, 6.25%, 7/01/26 |  |  | 1,160 |  |  |  | 1,215,738 |
County of Lehigh Pennsylvania General Purpose Authority, Refunding RB, Bible Fellowship Church Homes, 5.13%, 7/01/32 |  |  | 1,800 |  |  |  | 1,869,012 |
County of Northampton Pennsylvania IDA, Route 33 Project, Tax Allocation Bonds, 7.00%, 7/01/32 |  |  | 2,110 |  |  |  | 2,302,917 |
Pennsylvania Economic Development Financing Authority, RB, Rapid Bridge Replacement Project, AMT: |  |  |  |  |  |  |  |
5.00%, 12/31/38 |  |  | 300 |  |  |  | 323,982 |
5.00%, 6/30/42 |  |  | 320 |  |  |  | 345,581 |
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypson Co., AMT, 5.50%, 11/01/44 |  |  | 2,710 |  |  |  | 2,782,818 |
|  |  |  |  |  |  | 22,206,953 |
Puerto Rico — 0.9% |  |  |  |  |  |  |  |
Commonwealth of Puerto Rico, GO, Refunding, Series A, 8.00%, 7/01/35 |  |  | 6,000 |  |  |  | 4,687,320 |

See Notes to Financial Statements.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 23

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

Municipal Bonds |  | Par (000) |  |  | Value |
Rhode Island — 1.0% |  |  |  |  |  |  |  |
Central Falls Detention Facility Corp., Refunding RB, 7.25%, 7/15/35 (c)(d) |  | $ | 4,190 |  |  | $ | 1,043,268 |
Tobacco Settlement Financing Corp., Refunding RB: |  |  |  |  |  |  |  |
Series A, 5.00%, 6/01/40 |  |  | 980 |  |  |  | 1,036,448 |
Series B, 4.50%, 6/01/45 |  |  | 2,805 |  |  |  | 2,750,471 |
|  |  |  |  |  |  | 4,830,187 |
Texas — 10.6% |  |  |  |  |  |  |  |
Brazos River Authority, Refunding RB, Texas Utility Co., Series A, AMT, 7.70%, 4/01/33 (c)(d) |  |  | 5,080 |  |  |  | 330,200 |
Central Texas Regional Mobility Authority, Refunding RB: |  |  |  |  |  |  |  |
CAB, 0.00%, 1/01/28 (f) |  |  | 1,000 |  |  |  | 581,880 |
CAB, 0.00%, 1/01/29 (f) |  |  | 2,000 |  |  |  | 1,109,120 |
CAB, 0.00%, 1/01/30 (f) |  |  | 1,170 |  |  |  | 619,655 |
CAB, 0.00%, 1/01/33 (f) |  |  | 3,690 |  |  |  | 1,663,526 |
CAB, 0.00%, 1/01/34 (f) |  |  | 4,000 |  |  |  | 1,692,640 |
Senior Lien, 6.25%, 1/01/46 |  |  | 2,210 |  |  |  | 2,573,655 |
City of Houston Texas Airport System, RB, Special Facilities, Continental Airlines, Inc., AMT, Series A, 6.63%, 7/15/38 |  |  | 2,890 |  |  |  | 3,369,682 |
City of Houston Texas Airport System, Refunding ARB, United Airlines, Inc. Terminal E Project, AMT, 5.00%, 7/01/29 |  |  | 910 |  |  |  | 965,019 |
Clifton Higher Education Finance Corp., ERB, Idea Public Schools: |  |  |  |  |  |  |  |
5.50%, 8/15/31 |  |  | 955 |  |  |  | 1,064,252 |
5.75%, 8/15/41 |  |  | 720 |  |  |  | 811,166 |
County of Bexar Texas Health Facilities Development Corp., RB, Army Retirement Residence Project, 6.20%, 7/01/45 |  |  | 5,040 |  |  |  | 5,724,029 |
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 1/01/48 |  |  | 475 |  |  |  | 547,932 |
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co. Project, Series A, 6.30%, 11/01/29 |  |  | 2,090 |  |  |  | 2,388,138 |
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Series A: |  |  |  |  |  |  |  |
CC Young Memorial Home, 8.00%, 2/15/38 |  |  | 1,745 |  |  |  | 1,987,712 |
Senior Living Center Project, 8.25%, 11/15/44 |  |  | 4,200 |  |  |  | 4,153,926 |
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Trinity Terrace Project: |  |  |  |  |  |  |  |
5.00%, 10/01/44 |  |  | 435 |  |  |  | 459,399 |
5.00%, 10/01/49 |  |  | 865 |  |  |  | 912,878 |
County of Travis Texas Health Facilities Development Corp., Refunding RB, 7.13%, 1/01/46 |  |  | 3,080 |  |  |  | 3,343,248 |
La Vernia Higher Education Finance Corp., RB, Kipp, Inc., Series A, 6.38%, 8/15/19 (b) |  |  | 860 |  |  |  | 1,034,116 |
Mesquite Health Facility Development Corp., Refunding RB, 5.13%, 2/15/42 |  |  | 810 |  |  |  | 822,255 |
New Hope Cultural Education Facilities Corp., RB, Stephenville LLC Tarleton State University Project: |  |  |  |  |  |  |  |
5.88%, 4/01/36 |  |  | 1,210 |  |  |  | 1,392,783 |
6.00%, 4/01/45 |  |  | 1,845 |  |  |  | 2,124,370 |
North Texas Education Finance Corp., ERB, Uplift Education, Series A, 5.25%, 12/01/47 |  |  | 1,600 |  |  |  | 1,754,240 |
North Texas Tollway Authority, Refunding RB, Series A: |  |  |  |  |  |  |  |
5.00%, 1/01/35 |  |  | 240 |  |  |  | 264,746 |
5.00%, 1/01/38 |  |  | 370 |  |  |  | 404,688 |
Red River Health Facilities Development Corp., 1st MRB, Project: |  |  |  |  |  |  |  |
Eden Home, Inc., 7.25%, 12/15/42 |  |  | 2,895 |  |  |  | 2,708,967 |
Wichita Falls Retirement Foundation, 5.13%, 1/01/41 |  |  | 900 |  |  |  | 922,527 |
Municipal Bonds |  | Par (000) |  |  | Value |
Texas (concluded) |  |  |  |  |  |  |  |
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |  |  |  |  |  |  |  |
LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40 |  |  | 3,775 |  |  |  | 4,557,784 |
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |  |  | 3,000 |  |  |  | 3,557,880 |
|  |  |  |  |  |  | 53,842,413 |
Utah — 0.6% |  |  |  |  |  |  |  |
State of Utah Charter School Finance Authority, Refunding RB, 6.75%, 10/15/43 |  |  | 2,950 |  |  |  | 3,123,991 |
Vermont — 0.2% |  |  |  |  |  |  |  |
Vermont EDA, Refunding, MRB, Wake Robin Corp. Project, 5.40%, 5/01/33 |  |  | 770 |  |  |  | 807,653 |
Virginia — 3.0% |  |  |  |  |  |  |  |
County of Fairfax Virginia EDA, Refunding RB, Goodwin House, Inc., 5.13%, 10/01/42 |  |  | 2,500 |  |  |  | 2,570,550 |
Lower Magnolia Green Community Development Authority, Special Assessment Bonds (a): |  |  |  |  |  |  |  |
5.00%, 3/01/35 |  |  | 510 |  |  |  | 510,357 |
5.00%, 3/01/45 |  |  | 520 |  |  |  | 512,824 |
Mosaic District Community Development Authority, Special Assessment, Series A: |  |  |  |  |  |  |  |
6.63%, 3/01/26 |  |  | 1,485 |  |  |  | 1,708,507 |
6.88%, 3/01/36 |  |  | 1,300 |  |  |  | 1,493,830 |
Virginia College Building Authority, Refunding RB, Marymount University Project, Series A: |  |  |  |  |  |  |  |
5.00%, 7/01/35 |  |  | 130 |  |  |  | 137,976 |
5.00%, 7/01/45 |  |  | 375 |  |  |  | 393,833 |
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 1/01/37 |  |  | 6,805 |  |  |  | 7,858,754 |
|  |  |  |  |  |  | 15,186,631 |
Washington — 0.6% |  |  |  |  |  |  |  |
County of King Washington Public Hospital District No. 4, GO, Refunding, Snoqualmie Valley Hospital, 7.00%, 12/01/40 |  |  | 1,455 |  |  |  | 1,598,550 |
Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A, 5.50%, 9/01/42 |  |  | 1,495 |  |  |  | 1,570,752 |
|  |  |  |  |  |  | 3,169,302 |
Wisconsin — 0.4% |  |  |  |  |  |  |  |
Public Finance Authority, RB, Rose Villa Project, Series A, 5.75%, 11/15/44 |  |  | 430 |  |  |  | 454,725 |
Wisconsin Health & Educational Facilities Authority, Refunding RB, St. Johns Communities, Inc., Series A: |  |  |  |  |  |  |  |
7.25%, 9/15/29 |  |  | 425 |  |  |  | 497,173 |
7.63%, 9/15/39 |  |  | 855 |  |  |  | 1,009,037 |
|  |  |  |  |  |  | 1,960,935 |
Total Municipal Bonds — 88.0% |  |  |  |  |  |  | 444,661,366 |
Municipal Bonds Transferred to Tender Option Bond Trusts (h) |
Colorado — 2.5% |
Colorado Health Facilities Authority, Refunding RB, Sisters of Leavenworth Health System, Series A, 5.00%, 1/01/40 |  |  | 11,475 |  |  |  | 12,779,707 |

See Notes to Financial Statements.

24 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

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

Municipal Bonds Transferred to Tender Option Bond Trusts (h) |  | Par (000) |  |  | Value |
Florida — 3.3% |
County of Miami-Dade Florida, Refunding RB, Miami International Airport, Series A, AMT (AGC), 5.25%, 10/01/33 |  | $ | 15,000 |  |  | $ | 16,588,800 |
Illinois — 3.0% |
City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series A (NPFGC), 5.00%, 1/01/33 (i) |  |  | 6,510 |  |  |  | 6,701,915 |
Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 8/15/41 |  |  | 7,180 |  |  |  | 8,546,785 |
|  |  |  |  |  |  | 15,248,700 |
New York — 11.7% |  |  |  |  |  |  |  |
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution: |  |  |  |  |  |  |  |
Fiscal 2013, Series CC, 5.00%, 6/15/47 |  |  | 14,181 |  |  |  | 15,790,033 |
Series HH, 5.00%, 6/15/31 (i) |  |  | 8,609 |  |  |  | 9,845,578 |
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (i) |  |  | 4,520 |  |  |  | 5,198,709 |
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 |  |  | 18,105 |  |  |  | 20,722,621 |
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (i) |  |  | 6,600 |  |  |  | 7,636,794 |
|  |  |  |  |  |  | 59,193,735 |
Municipal Bonds Transferred to Tender Option Bond Trusts (h) |  | Par (000) |  |  | Value |
Washington — 1.8% |  |  |  |  |  |  |  |
City of Bellingham Washington, RB, Water & Sewer, 5.00%, 8/01/40 |  |  | 7,966 |  |  |  | 8,741,727 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 22.3% |  |  |  | 112,552,669 |
Total Long-Term Investments (Cost — $526,023,352) — 110.3% |  |  |  | 557,214,035 |
Short-Term Securities |  | Shares |  |  |  |
FFI Institutional Tax-Exempt Fund, 0.02% (j)(k) |  |  | 961,095 |  |  |  | 961,095 |
Total Short-Term Securities (Cost — $961,095) — 0.2% |  |  |  | 961,095 |
Total Investments (Cost — $526,984,447) — 110.5% |  |  |  | 558,175,130 |
Other Assets Less Liabilities — 1.6% |  |  |  | 8,247,790 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (12.1%) |  |  |  | (61,081,994 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 505,340,926 |

Notes to Schedule of Investments

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

(b) |  | 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.

(c) |  | Non-income producing security.

(d) |  | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

(e) |  | Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.

(f) |  | Zero-coupon bond.

(g) |  | Variable rate security. Rate shown is as of report date.

(h) |  | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOB Trusts.

(i) |  | All or a portion of security is subject to a recourse agreement, which may require the Fund to pay the liquidity provider in the event there is a shortfall between the TOB Trust Certificates and proceeds received from the sale of the security contributed to the TOB Trust or in the event of a default on the security. In the case of a shortfall or default, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire from May 31, 2015 to November 15, 2019, is $16,357,042.

(j) |  | During the year ended April 30, 2015, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliate |  | Shares Held at April 30, 2014 |  |  | Net Activity |  |  | Shares Held at April 30, 2015 |  |  | Income |
FFI Institutional Tax-Exempt Fund |  |  | 259,703 |  |  |  | 701,392 |  |  |  | 961,095 |  |  | $ | 2,325 |

(k) |  | Represents the current yield as of report date.

Ÿ |  | As of April 30, 2015, financial futures contracts outstanding were as follows:

Contracts Short |  |  | Issue |  | Exchange |  | Expiration |  | Notional Value |  |  | Unrealized Depreciation |
| (197 | ) |  | 10-Year U.S. Treasury Note |  | Chicago Board of Trade |  | June 2015 |  | $ | 25,289,875 |  |  | $ | (354,299 | )

Ÿ |  | Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes. 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

See Notes to Financial Statements.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 25

Schedule of Investments (concluded) |  | BlackRock MuniAssets Fund, Inc. (MUA)

| entirety. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

| Ÿ |  | Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

| Ÿ |  | 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)

| Ÿ |  | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to Note 2 of the Notes to Financial Statements.

Ÿ |  | As of April 30, 2015, the following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments1 |  |  | — |  |  | $ | 557,214,035 |  |  | — |  | $ | 557,214,035 |
Short-Term Securities |  | $ | 961,095 |  |  |  | — |  |  | — |  |  | 961,095 |
Total |  | $ | 961,095 |  |  | $ | 557,214,035 |  |  | — |  | $ | 558,175,130 |
1 See above Schedule of Investments for values in each state or political subdivision. |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  | Total |
Derivative Financial Instruments2 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | (354,299 | ) |  |  | — |  |  | — |  | $ | (354,299 | )
2 Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of April 30, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows: |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash pledged for financial futures contracts |  | $ | 280,000 |  |  |  | — |  |  | — |  | $ | 280,000 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  |  | — |  |  | $ | (61,065,965 | ) |  | — |  |  | (61,065,965 | )
Total |  | $ | 280,000 |  |  | $ | (61,065,965 | ) |  | — |  | $ | (60,785,965 | )

During the year ended April 30, 2015, there were no transfers between levels.

See Notes to Financial Statements.

26 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Schedule of Investments April 30, 2015 |  | BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Municipal Bonds |  | Par (000) |  |  | Value |
Alabama — 1.4% |
County of Jefferson Alabama, RB, Limited Obligation School, Series A: |  |  |  |  |  |  |  |
5.50%, 1/01/22 |  | $ | 2,750 |  |  | $ | 2,763,695 |
4.75%, 1/01/25 |  |  | 2,200 |  |  |  | 2,210,956 |
|  |  |  |  |  |  | 4,974,651 |
Alaska — 0.8% |  |  |  |  |  |  |  |
Alaska Housing Finance Corp., RB, General Housing, Series B (NPFGC), 5.25%, 12/01/30 |  |  | 400 |  |  |  | 401,732 |
Alaska Industrial Development & Export Authority, RB, Providence Health Services, Series A, 5.50%, 10/01/41 |  |  | 990 |  |  |  | 1,132,896 |
Borough of Matanuska-Susitna Alaska, RB, Goose Creek Correctional Center (AGC), 6.00%, 9/01/19 (a) |  |  | 1,200 |  |  |  | 1,434,317 |
|  |  |  |  |  |  | 2,968,945 |
Arizona — 1.3% |  |  |  |  |  |  |  |
Greater Arizona Development Authority, RB, Series B (NPFGC), 5.00%, 8/01/35 |  |  | 1,300 |  |  |  | 1,312,051 |
State of Arizona, COP, Department of Administration, Series A (AGM): |  |  |  |  |  |  |  |
5.00%, 10/01/27 |  |  | 2,700 |  |  |  | 3,025,377 |
5.00%, 10/01/29 |  |  | 400 |  |  |  | 445,824 |
|  |  |  |  |  |  | 4,783,252 |
Arkansas — 0.1% |  |  |  |  |  |  |  |
County Pulaski Public Facilities Board, RB, 5.00%, 12/01/42 |  |  | 390 |  |  |  | 433,586 |
California — 19.4% |  |  |  |  |  |  |  |
Alameda Corridor Transportation Authority, Refunding RB, CAB, Subordinate Lien, Series A (AMBAC): |  |  |  |  |  |  |  |
5.40%, 10/01/24 |  |  | 10,185 |  |  |  | 11,163,778 |
5.45%, 10/01/25 |  |  | 3,700 |  |  |  | 4,059,973 |
Anaheim Public Financing Authority California, RB, Senior, Public Improvements Project, Series A (AGM), 6.00%, 9/01/24 |  |  | 5,000 |  |  |  | 5,998,300 |
Cabrillo Community College District, GO, CAB, Election of 2004, Series B (NPFGC), 0.00%, 8/01/37 (b) |  |  | 2,400 |  |  |  | 832,416 |
California Health Facilities Financing Authority, RB: |  |  |  |  |  |  |  |
St. Joseph Health System, Series A, 5.75%, 7/01/39 |  |  | 550 |  |  |  | 635,437 |
Sutter Health, Series B, 5.88%, 8/15/31 |  |  | 1,200 |  |  |  | 1,427,952 |
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 7/01/37 |  |  | 1,090 |  |  |  | 1,222,522 |
California State University, Refunding RB, Systemwide, Series A (AGM), 5.00%, 11/01/37 |  |  | 2,000 |  |  |  | 2,142,540 |
California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 4/01/42 |  |  | 1,480 |  |  |  | 1,635,444 |
City of Redding California, COP, Refunding, Series A (AGM), 5.00%, 6/01/30 |  |  | 1,420 |  |  |  | 1,562,809 |
City of San Jose California, Refunding ARB, Series A-1, AMT, 5.75%, 3/01/34 |  |  | 850 |  |  |  | 972,213 |
County of Orange California Sanitation District, COP, Series B (AGM), 5.00%, 2/01/17 (a) |  |  | 1,500 |  |  |  | 1,616,475 |
County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A, 6.00%, 3/01/36 |  |  | 2,175 |  |  |  | 2,638,384 |
Golden State Tobacco Securitization Corp., Refunding RB, Series A, 5.00%, 6/01/40 |  |  | 1,490 |  |  |  | 1,649,132 |
Municipal Bonds |  | Par (000) |  |  | Value |
California (concluded) |  |  |  |  |  |  |  |
Los Angeles Community College District California, GO, Election of 2001, Series A (AGM), 5.00%, 8/01/17 (a) |  |  | 1,300 |  |  |  | 1,423,110 |
Mount San Antonio Community College District, GO, Refunding, CAB, Election of 2008, Series A, 0.00%, 8/01/43 (c) |  |  | 2,500 |  |  |  | 1,693,150 |
Poway Unified School District, GO, Refunding, CAB, School Facilities Improvement, Election of 2008, Series B, 0.00%, 8/01/36 (b) |  |  | 3,750 |  |  |  | 1,521,450 |
Rio Hondo Community College District California, GO, CAB, Election of 2004, Series C, 0.00%, 8/01/38 (b) |  |  | 5,000 |  |  |  | 1,897,400 |
San Diego California Unified School District, GO (b): |  |  |  |  |  |  |  |
Election of 2008, Series C, 0.00%, 7/01/38 |  |  | 1,600 |  |  |  | 608,000 |
Election of 2008, Series G, 0.00%, 7/01/34 |  |  | 650 |  |  |  | 267,586 |
Election of 2008, Series G, 0.00%, 7/01/35 |  |  | 690 |  |  |  | 266,375 |
Election of 2008, Series G, 0.00%, 7/01/36 |  |  | 1,035 |  |  |  | 375,995 |
Election of 2008, Series G, 0.00%, 7/01/37 |  |  | 690 |  |  |  | 235,952 |
San Diego California Unified School District, GO, Refunding, CAB, Series R-1 (b): |  |  |  |  |  |  |  |
0.00%, 7/01/30 |  |  | 5,000 |  |  |  | 2,820,500 |
Election of 2008, 0.00%, 7/01/31 |  |  | 1,280 |  |  |  | 683,277 |
San Diego Community College District California, GO, CAB, Election of 2006 (b): |  |  |  |  |  |  |  |
0.00%, 8/01/31 |  |  | 2,145 |  |  |  | 1,025,525 |
0.00%, 8/01/32 |  |  | 2,680 |  |  |  | 1,197,451 |
San Marcos Unified School District, GO, Election of 2010, Series A: |  |  |  |  |  |  |  |
5.00%, 8/01/34 |  |  | 700 |  |  |  | 792,309 |
5.00%, 8/01/38 |  |  | 600 |  |  |  | 671,724 |
San Mateo County Community College District, GO, CAB, Election of 2001, Series C (NPFGC), 0.00%, 9/01/30 (b) |  |  | 12,740 |  |  |  | 7,573,675 |
State of California, GO, Refunding, Various Purpose, 5.00%, 10/01/41 |  |  | 1,000 |  |  |  | 1,120,310 |
State of California Public Works Board, LRB, Judicial Council Projects, Series A, 5.00%, 3/01/38 |  |  | 710 |  |  |  | 786,510 |
Walnut Valley Unified School District, GO, CAB, Election of 2007, Series B, 0.00%, 8/01/36 (b) |  |  | 5,500 |  |  |  | 2,208,800 |
West Basin Municipal Water District California, COP, Refunding, Series B (AGC), 5.00%, 8/01/30 |  |  | 5,035 |  |  |  | 5,547,462 |
|  |  |  |  |  |  | 70,273,936 |
Colorado — 1.5% |  |  |  |  |  |  |  |
Regional Transportation District, COP, Refunding, Series A, 5.38%, 6/01/31 |  |  | 2,000 |  |  |  | 2,293,560 |
Regional Transportation District, COP, Series A, 5.00%, 6/01/39 |  |  | 2,770 |  |  |  | 3,083,038 |
|  |  |  |  |  |  | 5,376,598 |
District of Columbia — 1.5% |  |  |  |  |  |  |  |
District of Columbia Ballpark Revenue, RB, Series B-1, National IBC (NPFGC), 5.00%, 2/01/31 |  |  | 5,480 |  |  |  | 5,619,521 |
Florida — 9.1% |  |  |  |  |  |  |  |
City of Lakeland Florida, RB, Regional Health, 5.00%, 11/15/40 |  |  | 1,600 |  |  |  | 1,728,480 |
County of Broward Florida Water & Sewer Utility, Refunding RB, Series A, 5.25%, 10/01/34 |  |  | 850 |  |  |  | 948,694 |
County of Collier Florida School Board, COP (AGM), 5.00%, 2/15/16 (a) |  |  | 3,000 |  |  |  | 3,112,800 |
County of Duval Florida School Board, COP, Master Lease Program (AGM), 5.00%, 7/01/33 |  |  | 2,625 |  |  |  | 2,816,257 |

See Notes to Financial Statements.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 27

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

Municipal Bonds |  | Par (000) |  |  | Value |
Florida (concluded) |  |  |  |  |  |  |  |
County of Highlands Florida Health Facilities Authority, RB, Adventist Health System/Sunbelt, Series B, 6.00%, 11/15/37 |  | $ | 1,450 |  |  | $ | 1,694,339 |
County of Hillsborough Florida Aviation Authority, RB, Series A, AMT (AGC), 5.38%, 10/01/33 |  |  | 4,050 |  |  |  | 4,489,951 |
County of Lee Florida, Refunding ARB, Series A, AMT: |  |  |  |  |  |  |  |
5.63%, 10/01/26 |  |  | 960 |  |  |  | 1,115,558 |
5.38%, 10/01/32 |  |  | 3,160 |  |  |  | 3,471,228 |
County of Miami-Dade Florida, GO, Building Better Communities Program, Series B-1, 5.75%, 7/01/33 |  |  | 1,400 |  |  |  | 1,584,184 |
County of Miami-Dade Florida, RB, Seaport: |  |  |  |  |  |  |  |
Series A, 6.00%, 10/01/38 |  |  | 2,025 |  |  |  | 2,443,851 |
Series B, AMT, 6.00%, 10/01/30 |  |  | 640 |  |  |  | 778,714 |
Series B, AMT, 6.25%, 10/01/38 |  |  | 415 |  |  |  | 509,828 |
Series B, AMT, 6.00%, 10/01/42 |  |  | 660 |  |  |  | 794,891 |
County of Miami-Dade Florida Aviation, Refunding ARB, AMT, 5.00%, 10/01/34 |  |  | 190 |  |  |  | 210,444 |
County of Palm Beach Florida Solid Waste Authority, Refunding RB, 5.00%, 10/01/31 |  |  | 2,000 |  |  |  | 2,285,820 |
County of Sarasota Florida Public Hospital District, RB, Sarasota Memorial Hospital Project, Series A, 5.63%, 7/01/39 |  |  | 275 |  |  |  | 306,853 |
Florida Ports Financing Commission, Refunding RB, State Transportation Trust Fund, Series B, AMT: |  |  |  |  |  |  |  |
5.13%, 6/01/27 |  |  | 2,000 |  |  |  | 2,313,820 |
5.38%, 10/01/29 |  |  | 1,050 |  |  |  | 1,221,875 |
South Florida Water Management District, COP (AGC), 5.00%, 10/01/22 |  |  | 1,000 |  |  |  | 1,065,660 |
|  |  |  |  |  |  | 32,893,247 |
Georgia — 3.6% |  |  |  |  |  |  |  |
County of Burke Georgia Development Authority, Refunding RB, Oglethorpe Power-Vogtle Project, Series C, 5.70%, 1/01/43 |  |  | 1,150 |  |  |  | 1,249,820 |
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A, 5.50%, 8/15/54 |  |  | 500 |  |  |  | 574,665 |
Municipal Electric Authority of Georgia, Refunding RB, Series EE (AMBAC), 7.00%, 1/01/25 |  |  | 7,475 |  |  |  | 10,216,905 |
Private Colleges & Universities Authority, RB, Savannah College of Art & Design: |  |  |  |  |  |  |  |
5.00%, 4/01/31 |  |  | 190 |  |  |  | 209,220 |
5.00%, 4/01/33 |  |  | 140 |  |  |  | 153,381 |
5.00%, 4/01/44 |  |  | 625 |  |  |  | 676,844 |
|  |  |  |  |  |  | 13,080,835 |
Illinois — 20.4% |  |  |  |  |  |  |  |
City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien: |  |  |  |  |  |  |  |
Series A, 5.75%, 1/01/39 |  |  | 5,110 |  |  |  | 5,823,356 |
Series B-2, AMT (Syncora), 6.00%, 1/01/29 (a) |  |  | 1,460 |  |  |  | 1,466,322 |
City of Chicago Illinois, GO, Refunding, Series A: |  |  |  |  |  |  |  |
5.25%, 1/01/33 |  |  | 2,700 |  |  |  | 2,709,126 |
5.00%, 1/01/34 |  |  | 5,750 |  |  |  | 5,586,470 |
City of Chicago Illinois, GO, Series A, 5.25%, 1/01/35 |  |  | 400 |  |  |  | 397,060 |
City of Chicago Illinois, Refunding RB, Sales Tax Receipts, Series A, 5.00%, 1/01/41 |  |  | 3,425 |  |  |  | 3,625,636 |
City of Chicago Illinois Park District, GO, Harbor Facilities Revenue, Series C, 5.25%, 1/01/40 |  |  | 550 |  |  |  | 590,013 |
Municipal Bonds |  | Par (000) |  |  | Value |
Illinois (concluded) |  |  |  |  |  |  |  |
City of Chicago Illinois Transit Authority, RB: |  |  |  |  |  |  |  |
5.25%, 12/01/49 |  |  | 900 |  |  |  | 1,014,858 |
Sales Tax Receipts, 5.25%, 12/01/36 |  |  | 595 |  |  |  | 658,338 |
County of Cook Illinois Forest Preserve District, GO, Refunding, Limited Tax Project, Series B, 5.00%, 12/15/37 |  |  | 285 |  |  |  | 312,873 |
Illinois Finance Authority, RB, Carle Foundation, Series A: |  |  |  |  |  |  |  |
5.75%, 8/15/34 |  |  | 650 |  |  |  | 760,695 |
6.00%, 8/15/41 |  |  | 1,000 |  |  |  | 1,178,950 |
Illinois Finance Authority, Refunding RB, Silver Cross Hospital And Medical Centers: |  |  |  |  |  |  |  |
4.13%, 8/15/37 |  |  | 700 |  |  |  | 665,154 |
5.00%, 8/15/44 |  |  | 700 |  |  |  | 753,032 |
Illinois HDA, RB, Liberty Arms Senior Apartments, M/F Housing, Series D, AMT (AMBAC), 4.88%, 7/01/47 |  |  | 2,125 |  |  |  | 2,126,148 |
Illinois Municipal Electric Agency, RB, Series A (NPFGC), 5.25%, 2/01/17 (a) |  |  | 1,000 |  |  |  | 1,079,810 |
Illinois Sports Facilities Authority, RB, State Tax Supported (AMBAC), 5.50%, 6/15/30 |  |  | 12,490 |  |  |  | 12,687,342 |
Kane McHenry Cook & De Kalb Counties Unit School District No. 300, GO, Refunding, 5.25%, 1/01/33 |  |  | 9,145 |  |  |  | 10,403,992 |
Metropolitan Pier & Exposition Authority, RB, CAB, McCormick Place Explosion Project, Series A (NPFGC) (b): |  |  |  |  |  |  |  |
0.00%, 12/15/26 |  |  | 5,000 |  |  |  | 3,262,700 |
0.00%, 12/15/33 |  |  | 9,950 |  |  |  | 4,391,532 |
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project, Series B: |  |  |  |  |  |  |  |
4.25%, 6/15/42 |  |  | 1,070 |  |  |  | 1,072,910 |
CAB (AGM), 0.00%, 6/15/44 (b) |  |  | 3,450 |  |  |  | 876,576 |
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 6/01/28 |  |  | 675 |  |  |  | 795,049 |
Regional Transportation Authority, RB, Series A (AMBAC), 7.20%, 11/01/20 |  |  | 6,455 |  |  |  | 7,507,681 |
State of Illinois, GO: |  |  |  |  |  |  |  |
5.25%, 2/01/33 |  |  | 830 |  |  |  | 884,456 |
5.50%, 7/01/33 |  |  | 820 |  |  |  | 905,551 |
5.25%, 2/01/34 |  |  | 830 |  |  |  | 882,597 |
5.50%, 7/01/38 |  |  | 445 |  |  |  | 489,473 |
University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 4/01/39 |  |  | 905 |  |  |  | 1,003,093 |
|  |  |  |  |  |  | 73,910,793 |
Indiana — 1.5% |
Indiana Finance Authority, RB, Series A: |  |  |  |  |  |  |  |
CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |  |  | 1,100 |  |  |  | 1,260,336 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/40 |  |  | 890 |  |  |  | 951,775 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44 |  |  | 515 |  |  |  | 548,527 |
Indianapolis Local Public Improvement Bond Bank, Refunding RB, Waterworks Project, Series A (AGC): |  |  |  |  |  |  |  |
5.25%, 1/01/29 |  |  | 600 |  |  |  | 675,216 |
5.50%, 1/01/38 |  |  | 1,825 |  |  |  | 2,071,338 |
|  |  |  |  |  |  | 5,507,192 |
Iowa — 3.5% |
Iowa Finance Authority, RB, Iowa Health Care Facilities, Series A (AGC), 5.63%, 8/15/37 |  |  | 5,725 |  |  |  | 6,519,286 |

See Notes to Financial Statements.

28 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

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

Municipal Bonds |  | Par (000) |  |  | Value |
Iowa (concluded) |
Iowa Student Loan Liquidity Corp., RB, Senior Series A-2, AMT: |  |  |  |  |  |  |  |
5.60%, 12/01/26 |  | $ | 2,725 |  |  | $ | 2,948,123 |
5.70%, 12/01/27 |  |  | 1,235 |  |  |  | 1,328,329 |
5.80%, 12/01/29 |  |  | 835 |  |  |  | 897,024 |
5.85%, 12/01/30 |  |  | 870 |  |  |  | 935,337 |
|  |  |  |  |  |  | 12,628,099 |
Louisiana — 1.2% |
Louisiana Public Facilities Authority, Refunding RB, Christus Health, Series B (AGC), 6.50%, 7/01/30 |  |  | 1,250 |  |  |  | 1,437,013 |
New Orleans Aviation Board, RB, Series B, AMT, 5.00%, 1/01/40 |  |  | 2,795 |  |  |  | 3,047,612 |
|  |  |  |  |  |  | 4,484,625 |
Massachusetts — 1.5% |
Massachusetts HFA, Refunding RB, Series C, AMT, 5.35%, 12/01/42 |  |  | 1,150 |  |  |  | 1,193,769 |
Massachusetts School Building Authority, RB, Dedicated Sales Tax, Senior Series A, 5.00%, 5/15/43 |  |  | 1,280 |  |  |  | 1,438,349 |
Massachusetts Water Resources Authority, Refunding RB, General, Series A (NPFGC), 5.00%, 8/01/34 |  |  | 2,530 |  |  |  | 2,735,942 |
|  |  |  |  |  |  | 5,368,060 |
Michigan — 2.3% |
City of Detroit Michigan Sewage Disposal System, Refunding RB, 2nd Lien, Series E (BHAC), 5.75%, 7/01/31 |  |  | 2,500 |  |  |  | 2,768,575 |
City of Detroit Michigan Water Supply System, RB, 2nd Lien, Series B (AGM), 6.25%, 7/01/36 |  |  | 400 |  |  |  | 438,564 |
City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 7/01/41 |  |  | 1,700 |  |  |  | 1,985,889 |
State of Michigan Building Authority, Refunding RB, Facilities Program: |  |  |  |  |  |  |  |
Series I-A, 5.38%, 10/15/36 |  |  | 145 |  |  |  | 167,842 |
Series I-A, 5.38%, 10/15/41 |  |  | 700 |  |  |  | 808,472 |
Series II-A (AGM), 5.25%, 10/15/36 |  |  | 900 |  |  |  | 1,005,759 |
State of Michigan HDA, RB, S/F Housing, Series C, AMT, 5.50%, 12/01/28 |  |  | 790 |  |  |  | 835,607 |
Western Michigan University, Refunding RB (AGM), 5.00%, 11/15/39 |  |  | 380 |  |  |  | 420,876 |
|  |  |  |  |  |  | 8,431,584 |
Minnesota — 0.8% |
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC), 6.50%, 11/15/38 |  |  | 2,500 |  |  |  | 2,905,725 |
Nebraska — 1.8% |  |  |  |  |  |  |  |
Central Plains Nebraska Energy Project, RB, Gas Project No. 3: |  |  |  |  |  |  |  |
5.00%, 9/01/32 |  |  | 5,000 |  |  |  | 5,546,150 |
5.25%, 9/01/37 |  |  | 750 |  |  |  | 838,868 |
|  |  |  |  |  |  | 6,385,018 |
Nevada — 1.6% |  |  |  |  |  |  |  |
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/34 |  |  | 850 |  |  |  | 980,067 |
County of Clark Nevada, ARB, Las Vegas-McCarran International Airport, Series A: |  |  |  |  |  |  |  |
5.25%, 7/01/42 |  |  | 500 |  |  |  | 560,120 |
(AGM), 5.25%, 7/01/39 |  |  | 3,800 |  |  |  | 4,275,570 |
Municipal Bonds |  | Par (000) |  |  | Value |
Nevada (concluded) |  |  |  |  |  |  |  |
County of Clark Nevada, RB, Southwest Gas Corp. Project, Series A, AMT (NPFGC), 4.75%, 9/01/36 |  |  | 75 |  |  |  | 75,736 |
|  |  |  |  |  |  | 5,891,493 |
New Jersey — 10.2% |  |  |  |  |  |  |  |
New Jersey EDA, RB: |  |  |  |  |  |  |  |
Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, 7/01/31 |  |  | 3,125 |  |  |  | 3,182,500 |
Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, 7/01/33 |  |  | 7,800 |  |  |  | 7,943,520 |
Private Activity Bond, The Goethals Bridge Replacement Project, AMT: |  |  |  |  |  |  |  |
5.13%, 1/01/34 |  |  | 685 |  |  |  | 754,390 |
5.38%, 1/01/43 |  |  | 895 |  |  |  | 989,816 |
School Facilities Construction (AGC), 6.00%, 12/15/18 (a) |  |  | 1,975 |  |  |  | 2,314,068 |
School Facilities Construction (AGC), 6.00%, 12/15/34 |  |  | 25 |  |  |  | 28,788 |
School Facilities Construction, Series UU, 5.00%, 6/15/34 |  |  | 570 |  |  |  | 602,028 |
School Facilities Construction, Series UU, 5.00%, 6/15/40 |  |  | 1,420 |  |  |  | 1,477,979 |
New Jersey Educational Facilities Authority, RB, Higher Educational Capital Improvement Fund, Series A, 5.00%, 9/01/26 |  |  | 795 |  |  |  | 873,943 |
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series 1, AMT: |  |  |  |  |  |  |  |
5.50%, 12/01/26 |  |  | 600 |  |  |  | 664,164 |
5.75%, 12/01/27 |  |  | 3,870 |  |  |  | 4,304,911 |
New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing, Series 2, AMT, 4.35%, 11/01/33 |  |  | 1,230 |  |  |  | 1,256,064 |
New Jersey Transportation Trust Fund Authority, RB: |  |  |  |  |  |  |  |
Transportation Program, Series AA, 5.25%, 6/15/33 |  |  | 1,460 |  |  |  | 1,562,463 |
Transportation Program, Series AA, 5.00%, 6/15/38 |  |  | 1,760 |  |  |  | 1,835,891 |
Transportation Program, Series AA, 5.50%, 6/15/39 |  |  | 1,150 |  |  |  | 1,251,959 |
Transportation System, CAB, Series A, 0.00%, 12/15/29 (b) |  |  | 4,360 |  |  |  | 2,181,875 |
Transportation System, Series A, 5.50%, 6/15/41 |  |  | 2,000 |  |  |  | 2,191,000 |
Transportation System, Series B, 5.00%, 6/15/42 |  |  | 3,500 |  |  |  | 3,615,290 |
|  |  |  |  |  |  | 37,030,649 |
New York — 5.4% |  |  |  |  |  |  |  |
City of New York New York Municipal Water Finance Authority, Refunding RB, Second General Resolution, Fiscal 2012, Series BB, 5.25%, 6/15/44 |  |  | 1,425 |  |  |  | 1,615,380 |
City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-4, 5.50%, 1/15/33 |  |  | 1,600 |  |  |  | 1,832,928 |
City of New York New York Transitional Finance Authority, RB, Fiscal 2009, Series S-4, 5.50%, 1/15/34 |  |  | 2,750 |  |  |  | 3,150,345 |
City of New York New York Transitional Finance Authority, Refunding RB, Future Tax Secured, Series B, 5.00%, 11/01/32 |  |  | 1,480 |  |  |  | 1,713,056 |
County of Erie New York Industrial Development Agency, RB, City School District of Buffalo, Series A (AGM), 5.75%, 5/01/28 |  |  | 1,500 |  |  |  | 1,638,390 |

See Notes to Financial Statements.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 29

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

Municipal Bonds |  | Par (000) |  |  | Value |
New York (concluded) |  |  |  |  |  |  |  |
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012, Series A, 5.75%, 2/15/47 |  | $ | 700 |  |  | $ | 805,175 |
Metropolitan Transportation Authority, RB, Series C, 6.50%, 11/15/28 |  |  | 4,000 |  |  |  | 4,746,800 |
State of New York Dormitory Authority, ERB, Series B, 5.75%, 3/15/36 |  |  | 1,200 |  |  |  | 1,386,660 |
State of New York HFA, RB, M/F Housing, Series B, AMT, 5.30%, 11/01/37 |  |  | 2,500 |  |  |  | 2,568,275 |
|  |  |  |  |  |  | 19,457,009 |
Ohio — 1.2% |  |  |  |  |  |  |  |
County of Lucas Ohio, Refunding RB, Promedica Healthcare, Series A, 6.50%, 11/15/37 |  |  | 530 |  |  |  | 660,094 |
State of Ohio Turnpike Commission, RB, CAB, Junior Lien, Infrastructure Projects, Series A-2, 0.00%, 2/15/37 (b) |  |  | 10,000 |  |  |  | 3,873,500 |
|  |  |  |  |  |  | 4,533,594 |
Pennsylvania — 5.0% |  |  |  |  |  |  |  |
Commonwealth Financing Authority, RB, Series B, 5.00%, 6/01/42 |  |  | 1,600 |  |  |  | 1,737,904 |
Pennsylvania Economic Development Financing Authority, RB, AMT: |  |  |  |  |  |  |  |
Pennsylvania Bridges Finco LP, 5.00%, 12/31/34 (d) |  |  | 7,290 |  |  |  | 7,927,292 |
Rapid Bridge Replacement Project, 5.00%, 12/31/38 |  |  | 1,305 |  |  |  | 1,409,321 |
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Thomas Jefferson University, Series A, 5.25%, 9/01/50 |  |  | 4,125 |  |  |  | 4,568,974 |
Pennsylvania Turnpike Commission, RB: |  |  |  |  |  |  |  |
Series A, 5.00%, 12/01/38 |  |  | 620 |  |  |  | 691,424 |
Series C, 5.50%, 12/01/33 |  |  | 555 |  |  |  | 653,806 |
Subordinate, Special Motor License Fund, 6.00%, 12/01/36 |  |  | 575 |  |  |  | 679,955 |
Philadelphia School District, GO: |  |  |  |  |  |  |  |
Series E, 6.00%, 9/01/18 (a) |  |  | 5 |  |  |  | 5,810 |
Series E, 6.00%, 9/01/38 |  |  | 395 |  |  |  | 447,555 |
|  |  |  |  |  |  | 18,122,041 |
South Carolina — 6.9% |  |  |  |  |  |  |  |
Charleston Educational Excellence Finance Corp., RB (AGC) (a): |  |  |  |  |  |  |  |
5.25%, 12/01/15 |  |  | 3,120 |  |  |  | 3,211,510 |
5.25%, 12/01/15 |  |  | 2,765 |  |  |  | 2,846,097 |
5.25%, 12/01/15 |  |  | 1,010 |  |  |  | 1,039,623 |
South Carolina Jobs EDA, Refunding RB, Palmetto Health, Series A (AGM), 6.50%, 8/01/39 |  |  | 115 |  |  |  | 139,319 |
South Carolina State Public Service Authority, Refunding RB, Series A: |  |  |  |  |  |  |  |
5.50%, 1/01/19 (a) |  |  | 80 |  |  |  | 92,342 |
5.50%, 1/01/38 |  |  | 920 |  |  |  | 1,038,579 |
South Carolina Transportation Infrastructure Bank, RB, Series A, 5.25%, 10/01/40 |  |  | 3,000 |  |  |  | 3,378,900 |
State of South Carolina Public Service Authority, RB, Santee Cooper: |  |  |  |  |  |  |  |
Series A, 5.50%, 12/01/54 |  |  | 8,725 |  |  |  | 9,956,185 |
Series E, 5.50%, 12/01/53 |  |  | 745 |  |  |  | 848,272 |
State of South Carolina Public Service Authority, Refunding RB, Santee Cooper, Series B, 5.00%, 12/01/38 |  |  | 2,080 |  |  |  | 2,302,955 |
|  |  |  |  |  |  | 24,853,782 |
Tennessee — 1.9% |
Memphis Center City Revenue Finance Corp., RB, Pyramid & Pinch District, Series B (AGM), 5.25%, 11/01/30 |  |  | 865 |  |  |  | 1,008,702 |
Municipal Bonds |  | Par (000) |  |  | Value |
Tennessee (concluded) |
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Vanderbilt University, Series B, 5.50%, 10/01/29 |  |  | 5,000 |  |  |  | 5,813,650 |
|  |  |  |  |  |  | 6,822,352 |
Texas — 14.0% |  |  |  |  |  |  |  |
Central Texas Turnpike System, Refunding RB, 2nd Tier, Series C, 5.00%, 8/15/34 |  |  | 1,465 |  |  |  | 1,606,270 |
City of Houston Texas Utility System, Refunding RB, Combined 1st Lien, Series A (AGC): |  |  |  |  |  |  |  |
6.00%, 11/15/35 |  |  | 2,100 |  |  |  | 2,487,765 |
5.38%, 11/15/38 |  |  | 1,350 |  |  |  | 1,535,287 |
City of San Antonio Texas Public Service Board, RB, Junior Lien, 5.00%, 2/01/38 |  |  | 575 |  |  |  | 639,693 |
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A, 0.00%, 9/15/36 (b) |  |  | 2,130 |  |  |  | 821,818 |
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Cook Children’s Medical Center, 5.25%, 12/01/39 |  |  | 750 |  |  |  | 861,578 |
Dallas-Fort Worth International Airport, ARB, Joint Improvement, AMT: |  |  |  |  |  |  |  |
Series D, 5.00%, 11/01/38 |  |  | 1,975 |  |  |  | 2,121,012 |
Series D, 5.00%, 11/01/42 |  |  | 1,500 |  |  |  | 1,601,070 |
Series H, 5.00%, 11/01/32 |  |  | 3,000 |  |  |  | 3,272,430 |
Dallas-Fort Worth International Airport, Refunding ARB, Series F, 5.25%, 11/01/33 |  |  | 975 |  |  |  | 1,122,761 |
Leander Independent School District, GO, CAB, Refunding, Series D, 0.00%, 8/15/38 (b) |  |  | 3,420 |  |  |  | 1,235,236 |
Mansfield Texas ISD, GO, School Building (PSF-GTD), 5.00%, 2/15/17 (a) |  |  | 1,725 |  |  |  | 1,857,704 |
North Texas Tollway Authority, RB, Series B, 0.00%, 9/01/43 (b) |  |  | 9,000 |  |  |  | 2,007,900 |
North Texas Tollway Authority, Refunding RB, 1st Tier System: |  |  |  |  |  |  |  |
Series A, 6.00%, 1/01/28 |  |  | 2,795 |  |  |  | 3,244,520 |
Series A (NPFGC), 5.75%, 1/01/40 |  |  | 1,600 |  |  |  | 1,771,920 |
Series K-2 (AGC), 6.00%, 1/01/38 |  |  | 4,015 |  |  |  | 4,588,021 |
Series K-1 (AGC), 5.75%, 1/01/38 |  |  | 3,800 |  |  |  | 4,305,970 |
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing and Expansion Project, CAB (b): |  |  |  |  |  |  |  |
0.00%, 9/15/35 |  |  | 4,990 |  |  |  | 1,972,148 |
0.00%, 9/15/36 |  |  | 11,525 |  |  |  | 4,295,828 |
0.00%, 9/15/37 |  |  | 8,245 |  |  |  | 2,890,285 |
Texas Municipal Gas Acquisition & Supply Corp. III, RB: |  |  |  |  |  |  |  |
5.00%, 12/15/31 |  |  | 1,190 |  |  |  | 1,303,502 |
5.00%, 12/15/32 |  |  | 1,000 |  |  |  | 1,091,190 |
Texas Transportation Commission, Refunding RB, Central Texas Turnpike System, 1st Tier, Series A, 5.00%, 8/15/41 |  |  | 3,750 |  |  |  | 4,106,512 |
|  |  |  |  |  |  | 50,740,420 |
Washington — 0.8% |
Central Puget Sound Regional Transit Authority, RB, Series A, 5.00%, 11/01/36 |  |  | 1,600 |  |  |  | 1,737,456 |
Washington Health Care Facilities Authority, RB, Providence Health & Services, Series A: |  |  |  |  |  |  |  |
5.00%, 10/01/39 |  |  | 525 |  |  |  | 575,951 |
5.25%, 10/01/39 |  |  | 625 |  |  |  | 696,119 |
|  |  |  |  |  |  | 3,009,526 |

See Notes to Financial Statements.

30 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

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

Municipal Bonds |  | Par (000) |  |  | Value |
Wisconsin — 0.4% |
State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33 |  | $ | 1,375 |  |  | $ | 1,529,193 |
Total Municipal Bonds — 119.1% |  |  |  | 432,015,726 |
Municipal Bonds Transferred to Tender Option Bond Trusts (e) |  |  |  |  |  |
Arizona — 0.8% |  |  |  |  |  |  |  |
City of Phoenix Arizona Civic Improvement Corp., Refunding RB, Water System, Junior Lien, Series A, 5.00%, 7/01/34 |  |  | 1,200 |  |  |  | 1,346,112 |
Salt River Project Agricultural Improvement & Power District, RB, Electric System, Series A, 5.00%, 1/01/38 |  |  | 1,500 |  |  |  | 1,631,085 |
|  |  |  |  |  |  | 2,977,197 |
California — 2.0% |
County of San Diego California Water Authority, COP, Refunding, Series A (AGM), 5.00%, 5/01/33 |  |  | 2,810 |  |  |  | 3,088,752 |
Los Angeles Community College District California, GO, Election of 2001, Series A (AGM), 5.00%, 8/01/17 (a) |  |  | 2,500 |  |  |  | 2,736,750 |
San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33 |  |  | 404 |  |  |  | 465,787 |
University of California, RB, Series O, 5.75%, 5/15/19 (a) |  |  | 840 |  |  |  | 996,399 |
|  |  |  |  |  |  | 7,287,688 |
Colorado — 2.4% |
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A: |  |  |  |  |  |  |  |
5.50%, 7/01/34 (f) |  |  | 900 |  |  |  | 1,025,284 |
5.00%, 2/01/41 |  |  | 7,001 |  |  |  | 7,498,806 |
|  |  |  |  |  |  | 8,524,090 |
District of Columbia — 1.7% |  |  |  |  |  |  |  |
District of Columbia, RB, Series A, 5.50%, 12/01/30 (f) |  |  | 1,005 |  |  |  | 1,174,078 |
District of Columbia Water & Sewer Authority, Refunding RB, Series A, 6.00%, 10/01/18 (a)(f) |  |  | 1,780 |  |  |  | 2,074,182 |
Metropolitan Washington Airports Authority, Refunding ARB, Series A, AMT, 5.00%, 10/01/30 |  |  | 2,530 |  |  |  | 2,819,735 |
|  |  |  |  |  |  | 6,067,995 |
Florida — 11.3% |  |  |  |  |  |  |  |
City of Tallahassee Florida, RB, Energy System (NPFGC): |  |  |  |  |  |  |  |
5.00%, 10/01/32 (f) |  |  | 4,000 |  |  |  | 4,321,440 |
5.00%, 10/01/37 |  |  | 7,500 |  |  |  | 8,102,700 |
County of Miami-Dade Florida, Refunding RB, Transit System Sales Surtax, 5.00%, 7/01/42 |  |  | 4,480 |  |  |  | 4,968,544 |
County of Miami-Dade Florida School Board, COP, Refunding, Series B (AGC), 5.00%, 5/01/33 |  |  | 10,000 |  |  |  | 10,890,600 |
County of Miami-Dade Florida Water & Sewer System (AGM), 5.00%, 10/01/39 |  |  | 4,621 |  |  |  | 5,227,386 |
County of Orange Florida School Board, COP, Series A: |  |  |  |  |  |  |  |
(NPFGC), 5.00%, 8/01/16 (a) |  |  | 2,000 |  |  |  | 2,116,080 |
(AGC), 5.50%, 8/01/34 |  |  | 3,544 |  |  |  | 3,974,630 |
Municipal Bonds Transferred to Tender Option Bond Trusts (e) |  | Par (000) |  |  | Value |
Florida (concluded) |  |  |  |  |  |  |  |
State of Florida Board of Education, GO, Series D, 5.00%, 6/01/37 (f) |  |  | 1,349 |  |  |  | 1,466,174 |
|  |  |  |  |  |  | 41,067,554 |
Illinois — 3.2% |  |  |  |  |  |  |  |
City of Chicago Illinois, RB, Motor Fuel Tax Project, Series A (AGC), 5.00%, 1/01/38 |  |  | 2,000 |  |  |  | 2,138,100 |
Metropolitan Pier & Exposition Authority, RB, McCormick Place Expansion Project, Series A, 5.00%, 6/15/42 |  |  | 260 |  |  |  | 275,854 |
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34 (f) |  |  | 4,399 |  |  |  | 4,917,128 |
State of Illinois Toll Highway Authority, RB: |  |  |  |  |  |  |  |
Senior Priority, Series B, 5.50%, 1/01/33 |  |  | 1,880 |  |  |  | 2,061,677 |
Series A, 5.00%, 1/01/38 |  |  | 2,138 |  |  |  | 2,349,292 |
|  |  |  |  |  |  | 11,742,051 |
Louisiana — 1.6% |  |  |  |  |  |  |  |
State of Louisiana Gas & Fuels, RB, Series A (AGM), 5.00%, 5/01/16 (a) |  |  | 5,400 |  |  |  | 5,651,532 |
Michigan — 2.3% |  |  |  |  |  |  |  |
Michigan Finance Authority, RB, Hospital, Trinity Health Credit Group, 5.00%, 12/01/39 |  |  | 7,550 |  |  |  | 8,374,687 |
Nevada — 3.2% |  |  |  |  |  |  |  |
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/39 (f) |  |  | 3,778 |  |  |  | 4,346,834 |
County of Clark Nevada Water Reclamation District, GO, Series B: |  |  |  |  |  |  |  |
Limited Tax, 5.75%, 7/01/34 |  |  | 1,829 |  |  |  | 2,138,902 |
5.50%, 7/01/29 |  |  | 4,499 |  |  |  | 5,222,359 |
|  |  |  |  |  |  | 11,708,095 |
New Jersey — 0.5% |  |  |  |  |  |  |  |
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 6/15/36 (f) |  |  | 1,840 |  |  |  | 1,939,656 |
New York — 4.9% |  |  |  |  |  |  |  |
City of New York New York Municipal Water Finance Authority, RB, Water & Sewer System, Fiscal 2009, Series A, 5.75%, 6/15/40 |  |  | 1,260 |  |  |  | 1,435,453 |
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Fiscal 2013, Series CC, 5.00%, 6/15/47 |  |  | 5,680 |  |  |  | 6,324,921 |
City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution, Fiscal 2014, Series DD, 5.00%, 6/15/35 |  |  | 1,665 |  |  |  | 1,894,837 |
Metropolitan Transportation Authority New York, RB, Sub-Series D-1, 5.25%, 11/15/44 |  |  | 3,470 |  |  |  | 3,977,141 |
Port Authority of New York & New Jersey, Refunding RB, Construction, 143rd Series, AMT, 5.00%, 10/01/30 |  |  | 2,500 |  |  |  | 2,573,925 |
Triborough Bridge & Tunnel Authority, RB, General, Series A-2, 5.25%, 11/15/34 (f) |  |  | 1,300 |  |  |  | 1,469,767 |
|  |  |  |  |  |  | 17,676,044 |
Ohio — 0.2% |  |  |  |  |  |  |  |
State of Ohio, RB, Cleveland Clinic Health Obligated Group, Series B, 5.50%, 1/01/34 |  |  | 580 |  |  |  | 652,558 |
South Carolina — 0.4% |  |  |  |  |  |  |  |
State of South Carolina Public Service Authority, Refunding RB, Santee Cooper, Series A, 5.50%, 1/01/38 (f) |  |  | 1,275 |  |  |  | 1,439,335 |

See Notes to Financial Statements.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 31

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

Municipal Bonds Transferred to Tender Option Bond Trusts (e) |  | Par (000) |  |  | Value |
Texas — 1.1% |  |  |  |  |  |  |  |
Clear Creek ISD Texas, GO, Refunding, School Building (PSF-GTD), 5.00%, 2/15/33 |  | $ | 2,200 |  |  | $ | 2,347,906 |
North East Texas ISD, GO, School Building, Series A (PSF-GTD), 5.00%, 8/01/17 (a)(f) |  |  | 1,600 |  |  |  | 1,742,864 |
|  |  |  |  |  |  | 4,090,770 |
Utah — 1.6% |  |  |  |  |  |  |  |
Utah Transit Authority, RB, Series A (AGM), 5.00%, 6/15/18 (a) |  |  | 5,000 |  |  |  | 5,615,100 |
Virginia — 0.1% |  |  |  |  |  |  |  |
County of Fairfax Virginia IDA, Refunding RB, Health Care, Inova Health System, Series A, 5.50%, 5/15/35 |  |  | 350 |  |  |  | 394,888 |
Washington — 2.1% |  |  |  |  |  |  |  |
Central Puget Sound Regional Transit Authority, RB, Series A (AGM), 5.00%, 11/01/32 |  |  | 4,004 |  |  |  | 4,354,471 |
Washington Health Care Facilities Authority, Refunding RB, Seattle Children’s Hospital, 5.00%, 10/01/38 |  |  | 2,880 |  |  |  | 3,342,211 |
|  |  |  |  |  |  | 7,696,682 |
Wisconsin — 1.0% |  |  |  |  |  |  |  |
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group: |  |  |  |  |  |  |  |
Series A, 5.00%, 4/01/42 |  |  | 1,980 |  |  |  | 2,171,189 |
Municipal Bonds Transferred to Tender Option Bond Trusts (e) |  | Par (000) |  |  | Value |
Wisconsin (concluded) |  |  |  |  |  |  |  |
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group (concluded): |  |  |  |  |  |  |  |
Series C, 5.25%, 4/01/39 (f) |  |  | 1,430 |  |  |  | 1,562,007 |
|  |  |  |  |  |  | 3,733,196 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 40.4% |  |  |  | 146,639,118 |
Total Long-Term Investments (Cost — $526,294,866) — 159.5% |  |  |  | 578,654,844 |
Short-Term Securities |  | Shares |  |  |  |
FFI Institutional Tax-Exempt Fund, 0.02% (g)(h) |  |  | 1,577,185 |  |  |  | 1,577,185 |
Total Short-Term Securities (Cost — $1,577,185) — 0.5% |  |  |  | 1,577,185 |
Total Investments (Cost — $527,872,051) — 160.0% |  |  |  | 580,232,029 |
Other Assets Less Liabilities — 0.3% |  |  |  | 1,082,115 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (21.0%) |  |  |  | (76,111,580 | )
VRDP Shares, at Liquidation Value — (39.3%) |  |  |  | (142,500,000 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 362,702,564 |

Notes to Schedule of Investments

(a) |  | U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

(b) |  | Zero-coupon bond.

(c) |  | Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.

(d) |  | When-issued security. Unsettled when-issued transactions were as follows:

Counterparty |  | Value |  |  | Unrealized Depreciation |
Citigroup Global Markets, Inc. |  | $ | 6,307,036 |  |  | $ | (28,169 | )

(e) |  | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOB Trusts.

(f) |  | All or a portion of security is subject to a recourse agreement, which may require the Fund to pay the liquidity provider in the event there is a shortfall between the TOB Trust Certificates and proceeds received from the sale of the security contributed to the TOB Trust or in the event of a default on the security. In the case of a shortfall or default, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire from February 1, 2016 to December 1, 2029, is $14,901,727.

(g) |  | During the year ended April 30, 2015, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliate |  | Shares Held at April 30, 2014 |  |  | Net Activity |  |  | Shares Held at April 30, 2015 |  |  | Income |
FFI Institutional Tax-Exempt Fund |  |  | 3,108,476 |  |  |  | (1,531,291 | ) |  |  | 1,577,185 |  |  | $ | 2,056 |

(h) |  | Represents the current yield as of report date.

Ÿ |  | As of April 30, 2015, financial futures contracts outstanding were as follows:

Contracts Short |  |  | Issue |  | Exchange |  | Expiration |  | Notional Value |  |  | Unrealized Depreciation |
| (75 | ) |  | 5-Year U.S. Treasury Note |  | Chicago Board of Trade |  | June 2015 |  | $ | 9,009,961 |  |  | $ | (81,554 | )
| (259 | ) |  | 10-Year U.S. Treasury Note |  | Chicago Board of Trade |  | June 2015 |  |  | 33,249,125 |  |  |  | (292,718 | )
| Total |  |  |  |  |  |  |  |  |  |  |  |  | $ | (374,272 | )

Ÿ |  | Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes. 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

See Notes to Financial Statements.

32 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Schedule of Investments (concluded) |  | BlackRock MuniEnhanced Fund, Inc. (MEN)

| 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. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

| Ÿ |  | Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

| Ÿ |  | 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)

| Ÿ |  | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to Note 2 of the Notes to Financial Statements.

As of April 30, 2015, the following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments1 |  |  | — |  |  | $ | 578,654,844 |  |  |  | — |  |  | $ | 578,654,844 |
Short-Term Securities |  | $ | 1,577,185 |  |  |  | — |  |  |  | — |  |  |  | 1,577,185 |
Total |  | $ | 1,577,185 |  |  | $ | 578,654,844 |  |  |  | — |  |  | $ | 580,232,029 |
1 See above Schedule of Investments for values in each state or political subdivision. |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Derivative Financial Instruments2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | (374,272 | ) |  |  | — |  |  |  | — |  |  | $ | (374,272 | )
2 Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of April 30, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows: |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash pledged for financial futures contracts |  | $ | 439,000 |  |  |  | — |  |  |  | — |  |  | $ | 439,000 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  |  | — |  |  | $ | (76,093,825 | ) |  |  | — |  |  |  | (76,093,825 | )
VRDP Shares |  |  | — |  |  |  | (142,500,000 | ) |  |  | — |  |  |  | (142,500,000 | )
Total |  | $ | 439,000 |  |  | $ | (218,593,825 | ) |  |  | — |  |  | $ | (218,154,825 | )

During the year ended April 30, 2015, there were no transfers between levels.

See Notes to Financial Statements.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 33

Schedule of Investments April 30, 2015 |  | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Municipal Bonds |  | Par (000) |  |  | Value |
Alabama — 3.8% |
County of Jefferson Alabama, RB, Limited Obligation School, Series A, 5.00%, 1/01/24 |  | $ | 4,550 |  |  | $ | 4,572,659 |
County of Jefferson Alabama Sewer, Refunding RB: |  |  |  |  |  |  |  |
Senior Lien, Series A (AGM), 5.00%, 10/01/44 |  |  | 570 |  |  |  | 619,174 |
Senior Lien, Series A (AGM), 5.25%, 10/01/48 |  |  | 1,090 |  |  |  | 1,198,869 |
Sub-Lien, Series D, 6.00%, 10/01/42 |  |  | 1,000 |  |  |  | 1,122,550 |
Sub-Lien, Series D, 7.00%, 10/01/51 |  |  | 1,545 |  |  |  | 1,850,385 |
|  |  |  |  |  |  | 9,363,637 |
Alaska — 0.5% |
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 5.00%, 6/01/46 |  |  | 1,660 |  |  |  | 1,303,714 |
Arizona — 2.6% |
County of Maricopa Arizona IDA, RB, Arizona Charter Schools Project, Series A, 6.75%, 7/01/29 |  |  | 1,715 |  |  |  | 1,613,626 |
Salt Verde Financial Corp., RB, Senior: |  |  |  |  |  |  |  |
5.00%, 12/01/32 |  |  | 2,000 |  |  |  | 2,269,820 |
5.00%, 12/01/37 |  |  | 2,360 |  |  |  | 2,678,341 |
|  |  |  |  |  |  | 6,561,787 |
California — 12.4% |
California Health Facilities Financing Authority, RB: |  |  |  |  |  |  |  |
St. Joseph Health System, Series A, 5.75%, 7/01/39 |  |  | 1,530 |  |  |  | 1,767,670 |
Sutter Health, Series B, 6.00%, 8/15/42 |  |  | 2,200 |  |  |  | 2,627,966 |
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 7/01/33 |  |  | 875 |  |  |  | 990,762 |
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A: |  |  |  |  |  |  |  |
5.25%, 8/15/39 |  |  | 105 |  |  |  | 114,584 |
5.25%, 8/15/49 |  |  | 265 |  |  |  | 288,649 |
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45 (a) |  |  | 1,025 |  |  |  | 1,105,842 |
California Statewide Communities Development Authority, RB, John Muir Health, Series A, 5.13%, 7/01/39 |  |  | 1,510 |  |  |  | 1,669,758 |
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A, 5.25%, 5/15/39 |  |  | 555 |  |  |  | 628,254 |
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/38 |  |  | 255 |  |  |  | 307,813 |
Montebello Unified School District, GO, CAB (NPFGC), 0.00%, 8/01/22 (b) |  |  | 2,405 |  |  |  | 1,984,606 |
San Diego Unified School District California, GO, CAB, Election of 2008, Series A, 0.00%, 7/01/29 (b) |  |  | 3,475 |  |  |  | 2,096,016 |
Sequoia Union High School District, GO, Refunding, Election of 2004, Series B (AGM), 5.50%, 7/01/16 (c) |  |  | 3,490 |  |  |  | 3,702,122 |
State of California, GO, Various Purposes, 6.50%, 4/01/33 |  |  | 8,370 |  |  |  | 9,978,212 |
State of California Public Works Board, LRB, Various Capital Projects: |  |  |  |  |  |  |  |
Series I, 5.00%, 11/01/38 |  |  | 550 |  |  |  | 613,646 |
Sub-Series I-1, 6.38%, 11/01/34 |  |  | 820 |  |  |  | 997,481 |
Municipal Bonds |  | Par (000) |  |  | Value |
California (concluded) |
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1, 4.75%, 6/01/25 |  | $ | 2,040 |  |  | $ | 2,040,041 |
|  |  |  |  |  |  | 30,913,422 |
Colorado — 2.2% |
Colorado Educational & Cultural Facilities Authority, RB, Charter School, Colorado Springs, 5.50%, 7/01/40 |  |  | 1,455 |  |  |  | 1,555,933 |
Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project, 5.00%, 12/01/42 |  |  | 115 |  |  |  | 121,885 |
Regional Transportation District, COP, Refunding, Series A, 5.38%, 6/01/31 |  |  | 710 |  |  |  | 814,214 |
Regional Transportation District, RB, Denver Transit Partners Eagle P3 Project, 6.00%, 1/15/34 |  |  | 1,425 |  |  |  | 1,627,792 |
University of Colorado, RB, Series A, 5.38%, 6/01/19 (c) |  |  | 1,250 |  |  |  | 1,454,037 |
|  |  |  |  |  |  | 5,573,861 |
Connecticut — 1.1% |
Connecticut State Health & Educational Facility Authority, Refunding RB, Wesleyan University, Series G, 5.00%, 7/01/35 |  |  | 2,515 |  |  |  | 2,862,548 |
Delaware — 1.4% |
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |  |  | 790 |  |  |  | 909,330 |
Delaware State EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 |  |  | 2,430 |  |  |  | 2,647,436 |
|  |  |  |  |  |  | 3,556,766 |
District of Columbia — 3.7% |
District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 6/01/41 |  |  | 1,520 |  |  |  | 1,615,729 |
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road: |  |  |  |  |  |  |  |
1st Senior Lien, Series A, 5.00%, 10/01/39 |  |  | 505 |  |  |  | 550,849 |
1st Senior Lien, Series A, 5.25%, 10/01/44 |  |  | 1,470 |  |  |  | 1,643,607 |
CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/35 (b) |  |  | 13,485 |  |  |  | 5,360,827 |
|  |  |  |  |  |  | 9,171,012 |
Florida — 5.0% |
City of Clearwater Florida Water & Sewer Revenue, RB, Series A, 5.25%, 12/01/39 |  |  | 2,375 |  |  |  | 2,686,624 |
County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 5/01/45 |  |  | 610 |  |  |  | 667,255 |
County of Broward Florida Water & Sewer Utility, Refunding RB, Series A, 5.25%, 10/01/34 |  |  | 750 |  |  |  | 837,082 |
County of Miami-Dade Florida, RB, CAB, Series A (NPFGC), 0.00%, 10/01/37 (b) |  |  | 910 |  |  |  | 276,676 |
County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A-1, 5.38%, 10/01/41 |  |  | 2,620 |  |  |  | 2,976,530 |
Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/40 |  |  | 2,095 |  |  |  | 2,751,531 |
Palm Coast Park Community Development District, Special Assessment Bonds, 5.70%, 5/01/37 |  |  | 605 |  |  |  | 508,460 |
Village Community Development District No. 10, Special Assessment Bonds, 5.13%, 5/01/43 |  |  | 1,505 |  |  |  | 1,683,869 |
|  |  |  |  |  |  | 12,388,027 |

See Notes to Financial Statements.

34 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

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

Municipal Bonds |  | Par (000) |  |  | Value |
Georgia — 1.5% |
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A, 5.50%, 8/15/54 |  | $ | 370 |  |  | $ | 425,252 |
DeKalb Private Hospital Authority, Refunding RB, Children’s Healthcare, 5.25%, 11/15/39 |  |  | 585 |  |  |  | 671,808 |
Metropolitan Atlanta Rapid Transit Authority, RB, Sales Tax, 3rd Indenture, Series A, 5.00%, 7/01/39 |  |  | 2,410 |  |  |  | 2,710,648 |
|  |  |  |  |  |  | 3,807,708 |
Hawaii — 0.4% |
State of Hawaii Harbor System, RB, Series A, 5.25%, 7/01/30 |  |  | 945 |  |  |  | 1,074,446 |
Illinois — 17.3% |
City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien: |  |  |  |  |  |  |  |
Series A, 5.75%, 1/01/39 |  |  | 2,000 |  |  |  | 2,279,200 |
Series C, 6.50%, 1/01/41 |  |  | 4,055 |  |  |  | 4,909,632 |
City of Chicago Illinois, GO, Refunding, Series A: |  |  |  |  |  |  |  |
5.00%, 1/01/35 |  |  | 2,000 |  |  |  | 1,924,740 |
Project, 5.25%, 1/01/32 |  |  | 2,195 |  |  |  | 2,210,036 |
Project, 5.00%, 1/01/34 |  |  | 2,230 |  |  |  | 2,166,579 |
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38 |  |  | 570 |  |  |  | 618,957 |
City of Chicago Illinois, Special Assessment Bonds, Lake Shore East, 6.75%, 12/01/32 |  |  | 900 |  |  |  | 903,870 |
City of Chicago Illinois Board of Education, GO, Series A, 5.25%, 12/01/41 |  |  | 3,210 |  |  |  | 3,107,120 |
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |  |  | 730 |  |  |  | 805,898 |
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42 |  |  | 1,000 |  |  |  | 1,082,450 |
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38 |  |  | 560 |  |  |  | 639,744 |
Illinois Finance Authority, Refunding RB, Central Dupage Health, Series B, 5.50%, 11/01/39 |  |  | 1,115 |  |  |  | 1,286,398 |
Illinois State Toll Highway Authority, RB, Senior: |  |  |  |  |  |  |  |
Series A, 5.00%, 1/01/38 |  |  | 1,610 |  |  |  | 1,785,989 |
Series C, 5.00%, 1/01/36 |  |  | 1,870 |  |  |  | 2,093,446 |
Series C, 5.00%, 1/01/37 |  |  | 2,000 |  |  |  | 2,233,760 |
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project: |  |  |  |  |  |  |  |
CAB, Series B (AGM), 0.00%, 6/15/47 (b) |  |  | 13,220 |  |  |  | 2,862,394 |
Series B (AGM), 5.00%, 6/15/50 |  |  | 3,070 |  |  |  | 3,205,725 |
Series B-2, 5.00%, 6/15/50 |  |  | 1,740 |  |  |  | 1,799,456 |
Railsplitter Tobacco Settlement Authority, RB: |  |  |  |  |  |  |  |
5.50%, 6/01/23 |  |  | 315 |  |  |  | 368,704 |
6.00%, 6/01/28 |  |  | 800 |  |  |  | 942,280 |
State of Illinois, GO: |  |  |  |  |  |  |  |
5.00%, 2/01/39 |  |  | 1,100 |  |  |  | 1,137,741 |
Series A, 5.00%, 4/01/38 |  |  | 2,625 |  |  |  | 2,709,761 |
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34 |  |  | 440 |  |  |  | 491,863 |
University of Illinois, RB, Auxiliary Facilities System, Series A: |  |  |  |  |  |  |  |
5.00%, 4/01/39 |  |  | 580 |  |  |  | 642,866 |
5.00%, 4/01/44 |  |  | 705 |  |  |  | 780,280 |
|  |  |  |  |  |  | 42,988,889 |
Indiana — 4.2% |
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |  |  |  |  |  |  |  |
6.75%, 1/01/34 |  |  | 560 |  |  |  | 680,411 |
7.00%, 1/01/44 |  |  | 1,355 |  |  |  | 1,656,352 |
Municipal Bonds |  | Par (000) |  |  | Value |
Indiana (concluded) |
Indiana Finance Authority, RB, Series A: |  |  |  |  |  |  |  |
CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |  | $ | 2,275 |  |  | $ | 2,606,604 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44 |  |  | 310 |  |  |  | 330,181 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48 |  |  | 1,030 |  |  |  | 1,095,580 |
Sisters of St. Francis Health Services, 5.25%, 11/01/39 |  |  | 585 |  |  |  | 653,902 |
Indiana Finance Authority, Refunding RB, Parkview Health System, Series A, 5.75%, 5/01/31 |  |  | 1,300 |  |  |  | 1,475,903 |
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39 |  |  | 775 |  |  |  | 891,250 |
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40 |  |  | 880 |  |  |  | 972,215 |
|  |  |  |  |  |  | 10,362,398 |
Iowa — 2.2% |
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project: |  |  |  |  |  |  |  |
5.00%, 12/01/19 |  |  | 665 |  |  |  | 718,313 |
5.50%, 12/01/22 |  |  | 1,630 |  |  |  | 1,739,487 |
5.25%, 12/01/25 |  |  | 320 |  |  |  | 356,938 |
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22 |  |  | 960 |  |  |  | 1,023,725 |
Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 6/01/46 |  |  | 1,730 |  |  |  | 1,535,167 |
|  |  |  |  |  |  | 5,373,630 |
Kansas — 0.7% |
Kansas Development Finance Authority, Refunding RB, Adventist Health, Series C, 5.75%, 11/15/38 |  |  | 1,520 |  |  |  | 1,752,697 |
Kentucky — 0.6% |
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45 |  |  | 705 |  |  |  | 777,847 |
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 7/01/23 (d) |  |  | 865 |  |  |  | 599,722 |
|  |  |  |  |  |  | 1,377,569 |
Louisiana — 3.5% |
East Baton Rouge Sewerage Commission, RB, Series A, 5.25%, 2/01/19 (c) |  |  | 570 |  |  |  | 653,619 |
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, 6.75%, 11/01/32 |  |  | 3,500 |  |  |  | 3,880,485 |
New Orleans Aviation Board, RB, Passenger Facility Charge, Series A, 5.25%, 1/01/41 |  |  | 430 |  |  |  | 456,423 |
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |  |  |  |  |  |  |  |
5.50%, 5/15/30 |  |  | 700 |  |  |  | 796,397 |
5.25%, 5/15/31 |  |  | 600 |  |  |  | 674,082 |
5.25%, 5/15/32 |  |  | 765 |  |  |  | 873,515 |
5.25%, 5/15/33 |  |  | 830 |  |  |  | 927,625 |
5.25%, 5/15/35 |  |  | 350 |  |  |  | 396,799 |
|  |  |  |  |  |  | 8,658,945 |
Maine — 0.1% |
Maine Health & Higher Educational Facilities Authority, RB, Series A, 5.00%, 7/01/39 |  |  | 210 |  |  |  | 228,953 |

See Notes to Financial Statements.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 35

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

Municipal Bonds |  | Par (000) |  |  | Value |
Maryland — 1.2% |
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35 |  | $ | 300 |  |  | $ | 323,148 |
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25 |  |  | 820 |  |  |  | 909,134 |
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 1/01/41 |  |  | 1,520 |  |  |  | 1,703,297 |
|  |  |  |  |  |  | 2,935,579 |
Massachusetts — 2.5% |
Massachusetts Development Finance Agency, Refunding RB: |  |  |  |  |  |  |  |
Boston University, Series P, 5.45%, 5/15/59 |  |  | 1,165 |  |  |  | 1,370,879 |
Covanta Energy Project, Series C, AMT, 5.25%, 11/01/42 (a) |  |  | 1,575 |  |  |  | 1,626,565 |
Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare System, Series J1, 5.00%, 7/01/39 |  |  | 255 |  |  |  | 286,049 |
Massachusetts HFA, RB, M/F Housing, Series A, AMT, 5.25%, 12/01/48 |  |  | 2,900 |  |  |  | 2,901,392 |
|  |  |  |  |  |  | 6,184,885 |
Michigan — 3.0% |
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39 |  |  | 3,085 |  |  |  | 3,313,197 |
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.50%, 5/15/36 |  |  | 955 |  |  |  | 1,071,147 |
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 7/01/44 |  |  | 630 |  |  |  | 663,277 |
State of Michigan Hospital Finance Authority, Refunding RB, Henry Ford Health, 5.75%, 11/15/39 |  |  | 2,105 |  |  |  | 2,368,083 |
|  |  |  |  |  |  | 7,415,704 |
Minnesota — 1.0% |
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series A, 6.75%, 11/15/32 |  |  | 2,135 |  |  |  | 2,502,946 |
Mississippi — 0.3% |  |  |  |  |  |  |  |
University of Southern Mississippi, RB, Campus Facilities Improvements Project, 5.38%, 9/01/36 |  |  | 675 |  |  |  | 764,444 |
Missouri — 0.2% |  |  |  |  |  |  |  |
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44 |  |  | 175 |  |  |  | 194,432 |
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 5/01/43 |  |  | 175 |  |  |  | 191,447 |
|  |  |  |  |  |  | 385,879 |
Nebraska — 0.6% |
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.25%, 9/01/37 |  |  | 575 |  |  |  | 643,132 |
County of Hall Nebraska School District No. 2, GO, Grand Island Public Schools, 5.00%, 12/15/39 |  |  | 685 |  |  |  | 774,899 |
|  |  |  |  |  |  | 1,418,031 |
New Hampshire — 1.4% |
New Hampshire Health & Education Facilities Authority, Refunding RB, Dartmouth-Hitchcock, 6.00%, 8/01/38 |  |  | 3,035 |  |  |  | 3,526,124 |
Municipal Bonds |  | Par (000) |  |  | Value |
New Jersey — 5.8% |
Casino Reinvestment Development Authority, Refunding RB: |  |  |  |  |  |  |  |
5.25%, 11/01/39 |  | $ | 735 |  |  | $ | 780,158 |
5.25%, 11/01/44 |  |  | 575 |  |  |  | 613,548 |
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT: |  |  |  |  |  |  |  |
5.13%, 9/15/23 |  |  | 1,410 |  |  |  | 1,551,437 |
5.25%, 9/15/29 |  |  | 1,365 |  |  |  | 1,495,480 |
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 4/01/31 |  |  | 1,550 |  |  |  | 1,806,122 |
New Jersey State Turnpike Authority, RB, Series A, 5.00%, 1/01/43 |  |  | 1,925 |  |  |  | 2,114,285 |
New Jersey Transportation Trust Fund Authority, RB: |  |  |  |  |  |  |  |
Transportation Program, Series AA, 5.00%, 6/15/44 |  |  | 2,505 |  |  |  | 2,603,472 |
Transportation System, Series A, 5.50%, 6/15/41 |  |  | 1,575 |  |  |  | 1,725,413 |
Transportation System, Series B, 5.25%, 6/15/36 |  |  | 1,705 |  |  |  | 1,796,951 |
|  |  |  |  |  |  | 14,486,866 |
New York — 9.7% |
City of New York New York Industrial Development Agency, ARB, British Airways PLC Project, AMT, 7.63%, 12/01/32 |  |  | 1,500 |  |  |  | 1,509,300 |
City of New York New York Transitional Finance Authority, RB, Future Tax Secured Bonds, Fiscal 2012, Sub-Series E-1, 5.00%, 2/01/42 |  |  | 1,560 |  |  |  | 1,755,452 |
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 6/01/41 (a) |  |  | 1,300 |  |  |  | 1,321,996 |
County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility, 5.00%, 8/01/46 |  |  | 3,800 |  |  |  | 3,804,522 |
City of New York New York Transitional Finance Authority, RB, Future Tax Secured Revenue, Fiscal 2015, Series B, Sub-Series B-1, 5.00%, 8/01/39 |  |  | 1,090 |  |  |  | 1,232,027 |
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44 |  |  | 264 |  |  |  | 291,913 |
Long Island Power Authority, Refunding RB, Electric System, Series A, 5.75%, 4/01/39 |  |  | 1,450 |  |  |  | 1,641,255 |
Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/38 |  |  | 1,715 |  |  |  | 1,970,243 |
Metropolitan Transportation Authority, Refunding RB, Dedicated Tax Fund, Series B, 5.00%, 11/15/34 |  |  | 1,740 |  |  |  | 1,983,304 |
New York Liberty Development Corp., Refunding RB: |  |  |  |  |  |  |  |
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49 |  |  | 850 |  |  |  | 968,830 |
3 World Trade Center Project, Class 1, 5.00%, 11/15/44 (a) |  |  | 2,930 |  |  |  | 3,051,800 |
3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (a) |  |  | 245 |  |  |  | 266,656 |
3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (a) |  |  | 605 |  |  |  | 663,643 |
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8: |  |  |  |  |  |  |  |
6.00%, 12/01/36 |  |  | 900 |  |  |  | 1,058,634 |
6.00%, 12/01/42 |  |  | 875 |  |  |  | 1,029,228 |
Westchester Tobacco Asset Securitization, Refunding RB, 5.13%, 6/01/45 |  |  | 1,700 |  |  |  | 1,568,743 |
|  |  |  |  |  |  | 24,117,546 |

See Notes to Financial Statements.

36 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

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

Municipal Bonds |  | Par (000) |  |  | Value |
North Carolina — 0.6% |
North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 6/01/42 |  | $ | 970 |  |  | $ | 1,087,302 |
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 3/01/41 |  |  | 415 |  |  |  | 469,199 |
|  |  |  |  |  |  | 1,556,501 |
Ohio — 0.5% |
County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 7/01/40 |  |  | 470 |  |  |  | 518,142 |
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 6/30/53 |  |  | 580 |  |  |  | 608,727 |
|  |  |  |  |  |  | 1,126,869 |
Oklahoma — 0.3% |
County of Epworth Oklahoma Finance Authority, Refunding RB, Epworth Villa Project, Series A, 5.13%, 4/01/42 |  |  | 975 |  |  |  | 838,568 |
Pennsylvania — 2.5% |  |  |  |  |  |  |  |
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 7/01/42 |  |  | 885 |  |  |  | 938,082 |
Pennsylvania Economic Development Financing Authority, RB: |  |  |  |  |  |  |  |
American Water Co. Project, 6.20%, 4/01/39 |  |  | 2,520 |  |  |  | 2,909,063 |
Rapid Bridge Replacement Project, 5.00%, 12/31/38 |  |  | 425 |  |  |  | 458,975 |
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypson Co., AMT, 5.50%, 11/01/44 |  |  | 1,105 |  |  |  | 1,134,691 |
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44 |  |  | 795 |  |  |  | 885,900 |
|  |  |  |  |  |  | 6,326,711 |
Rhode Island — 0.7% |
Tobacco Settlement Financing Corp., Refunding RB, Series B, 4.50%, 6/01/45 |  |  | 1,900 |  |  |  | 1,863,064 |
South Carolina — 2.3% |
South Carolina State Ports Authority, RB, 5.25%, 7/01/40 |  |  | 2,285 |  |  |  | 2,537,744 |
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54 |  |  | 2,790 |  |  |  | 3,183,697 |
|  |  |  |  |  |  | 5,721,441 |
Tennessee — 2.0% |
City of Chattanooga Tennessee Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45 |  |  | 980 |  |  |  | 1,081,263 |
County of Hardeman Tennessee Correctional Facilities Corp., RB, 7.75%, 8/01/17 |  |  | 1,460 |  |  |  | 1,459,840 |
County of Shelby Tennessee Health Educational & Housing Facilities Board, Refunding RB, St. Jude’s Childrens Research Hospital, 5.00%, 7/01/31 |  |  | 2,250 |  |  |  | 2,354,085 |
|  |  |  |  |  |  | 4,895,188 |
Texas — 8.3% |
Central Texas Regional Mobility Authority, Refunding RB: |  |  |  |  |  |  |  |
Senior Lien, 6.25%, 1/01/46 |  |  | 1,480 |  |  |  | 1,723,534 |
Sub-Lien, 5.00%, 1/01/33 |  |  | 250 |  |  |  | 271,603 |
Municipal Bonds |  | Par (000) |  |  | Value |
Texas (concluded) |
City of Austin Texas Airport System, ARB, Revenue, AMT, 5.00%, 11/15/39 |  | $ | 440 |  |  | $ | 484,141 |
City of Austin Texas Electric Utility Revenue, Refunding RB, Series A, 5.00%, 11/15/37 |  |  | 1,500 |  |  |  | 1,674,300 |
City of Dallas Texas Waterworks & Sewer System, Refunding RB, 5.00%, 10/01/35 |  |  | 1,050 |  |  |  | 1,205,767 |
City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39 |  |  | 1,070 |  |  |  | 1,198,625 |
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 1/01/48 |  |  | 325 |  |  |  | 374,900 |
County of Harris Texas Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.25%, 12/01/18 (c) |  |  | 1,910 |  |  |  | 2,318,740 |
La Vernia Higher Education Finance Corp., RB, Kipp, Inc., Series A, 6.38%, 8/15/19 (c) |  |  | 450 |  |  |  | 541,107 |
North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 0.00%, 9/01/37 (b) |  |  | 1,400 |  |  |  | 498,274 |
North Texas Tollway Authority, Refunding RB: |  |  |  |  |  |  |  |
2nd Tier System, Series F, 6.13%, 1/01/16 (c) |  |  | 4,190 |  |  |  | 4,352,488 |
Series A, 5.00%, 1/01/35 |  |  | 830 |  |  |  | 915,581 |
Series A, 5.00%, 1/01/38 |  |  | 660 |  |  |  | 721,875 |
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |  |  |  |  |  |  |  |
LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40 |  |  | 2,000 |  |  |  | 2,414,720 |
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |  |  | 1,700 |  |  |  | 2,016,132 |
|  |  |  |  |  |  | 20,711,787 |
Vermont — 0.2% |
Vermont Educational & Health Buildings Financing Agency, RB, Developmental & Mental Health, Series A, 6.00%, 6/15/17 |  |  | 375 |  |  |  | 379,819 |
Virginia — 2.8% |
County of Fairfax Virginia EDA, Refunding RB, Goodwin House, Inc., 5.13%, 10/01/42 |  |  | 1,000 |  |  |  | 1,028,220 |
County of Hanover Virginia EDA, Refunding RB, Covenant Woods, Series A: |  |  |  |  |  |  |  |
5.00%, 7/01/42 |  |  | 625 |  |  |  | 642,000 |
Residential Care Facility, 5.00%, 7/01/47 |  |  | 970 |  |  |  | 994,376 |
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT: |  |  |  |  |  |  |  |
5.25%, 1/01/32 |  |  | 550 |  |  |  | 603,405 |
6.00%, 1/01/37 |  |  | 3,180 |  |  |  | 3,672,423 |
|  |  |  |  |  |  | 6,940,424 |
Washington — 0.8% |
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45 |  |  | 1,625 |  |  |  | 1,885,569 |
Wisconsin — 3.1% |  |  |  |  |  |  |  |
State of Wisconsin, Refunding RB, Series A, 6.00%, 5/01/36 |  |  | 4,980 |  |  |  | 5,827,795 |
State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33 |  |  | 1,710 |  |  |  | 1,901,760 |
|  |  |  |  |  |  | 7,729,555 |
Wyoming — 0.1% |
Wyoming Municipal Power Agency, Inc., RB, Series A, 5.00%, 1/01/42 |  |  | 210 |  |  |  | 223,824 |
Total Municipal Bonds — 113.1% |  |  |  | 281,257,333 |

See Notes to Financial Statements.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 37

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

Municipal Bonds Transferred to Tender Option Bond Trusts (e) |  | Par (000) |  |  | Value |
California — 7.9% |  |  |  |  |  |  |  |
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/19 (c) |  | $ | 2,270 |  |  | $ | 2,669,084 |
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (f) |  |  | 1,845 |  |  |  | 2,066,400 |
City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/39 |  |  | 6,600 |  |  |  | 7,479,450 |
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A, 5.00%, 5/15/40 |  |  | 4,122 |  |  |  | 4,681,925 |
Los Angeles Community College District California, GO, Election of 2001, Series A (AGM), 5.00%, 8/01/17 (c) |  |  | 1,620 |  |  |  | 1,773,414 |
San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33 |  |  | 748 |  |  |  | 862,568 |
|  |  |  |  |  |  | 19,532,841 |
Colorado — 2.5% |  |  |  |  |  |  |  |
Colorado Health Facilities Authority, RB, Catholic Health (AGM): |  |  |  |  |  |  |  |
Series C-3, 5.10%, 10/01/41 |  |  | 2,580 |  |  |  | 2,742,592 |
Series C-7, 5.00%, 9/01/36 |  |  | 1,650 |  |  |  | 1,754,825 |
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A, 5.50%, 7/01/34 (f) |  |  | 1,490 |  |  |  | 1,697,415 |
|  |  |  |  |  |  | 6,194,832 |
Connecticut — 2.8% |  |  |  |  |  |  |  |
Connecticut State Health & Educational Facility Authority, RB, Yale University: |  |  |  |  |  |  |  |
Series T-1, 4.70%, 7/01/29 |  |  | 3,179 |  |  |  | 3,416,077 |
Series X-3, 4.85%, 7/01/37 |  |  | 3,262 |  |  |  | 3,500,691 |
|  |  |  |  |  |  | 6,916,768 |
Florida — 1.8% |  |  |  |  |  |  |  |
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/34 |  |  | 3,939 |  |  |  | 4,495,642 |
Georgia — 1.0% |  |  |  |  |  |  |  |
Private Colleges & Universities Authority, Refunding RB, Emory University, Series C, 5.00%, 9/01/38 |  |  | 2,259 |  |  |  | 2,499,550 |
Massachusetts — 2.0% |  |  |  |  |  |  |  |
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41 |  |  | 4,502 |  |  |  | 5,034,681 |
New Hampshire — 0.7% |  |  |  |  |  |  |  |
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39 (f) |  |  | 1,409 |  |  |  | 1,600,087 |
New York — 6.5% |  |  |  |  |  |  |  |
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series FF-2, 5.50%, 6/15/40 |  |  | 1,110 |  |  |  | 1,276,104 |
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (f) |  |  | 1,110 |  |  |  | 1,276,674 |
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 |  |  | 7,440 |  |  |  | 8,515,675 |
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (f) |  |  | 4,460 |  |  |  | 5,160,622 |
|  |  |  |  |  |  | 16,229,075 |
Municipal Bonds Transferred to Tender Option Bond Trusts (e) |  | Par (000) |  |  | Value |
North Carolina — 0.5% |  |  |  |  |  |  |  |
North Carolina Capital Facilities Finance Agency, Refunding RB, Wake Forest University, 5.00%, 1/01/38 |  | $ | 1,080 |  |  | $ | 1,201,349 |
Ohio — 4.4% |  |  |  |  |  |  |  |
State of Ohio, Refunding RB, Cleveland Clinic Health System Obligated Group, Series A, 5.50%, 1/01/39 |  |  | 9,644 |  |  |  | 10,831,682 |
Texas — 4.8% |  |  |  |  |  |  |  |
City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43 |  |  | 1,720 |  |  |  | 1,907,325 |
County of Harris Texas, RB, Senior Lien, Toll Road, Series A, 5.00%, 8/15/38 (f) |  |  | 4,624 |  |  |  | 5,170,481 |
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41 |  |  | 2,350 |  |  |  | 2,608,664 |
University of Texas, Refunding RB, Financing System, Series B, 5.00%, 8/15/43 |  |  | 2,040 |  |  |  | 2,328,765 |
|  |  |  |  |  |  | 12,015,235 |
Utah — 1.1% |  |  |  |  |  |  |  |
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41 |  |  | 2,518 |  |  |  | 2,765,563 |
Virginia — 2.6% |  |  |  |  |  |  |  |
University of Virginia, Refunding RB, General, 5.00%, 6/01/40 |  |  | 3,749 |  |  |  | 4,147,730 |
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40 |  |  | 2,095 |  |  |  | 2,340,417 |
|  |  |  |  |  |  | 6,488,147 |
Washington — 0.8% |  |  |  |  |  |  |  |
Central Puget Sound Regional Transit Authority, RB, Series A (AGM), 5.00%, 11/01/32 |  |  | 1,860 |  |  |  | 2,022,301 |
Wisconsin — 1.7% |  |  |  |  |  |  |  |
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group, Series C, 5.25%, 4/01/39 (f) |  |  | 3,959 |  |  |  | 4,325,559 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 41.1% |  |  |  |  |  |  | 102,153,312 |
Total Long-Term Investments (Cost — $346,121,595) — 154.2% |  |  |  |  |  |  | 383,410,645 |
Short-Term Securities |  | Shares |  |  |  |
FFI Institutional Tax-Exempt Fund, 0.02% (g)(h) |  |  | 1,340,347 |  |  |  | 1,340,347 |
Total Short-Term Securities (Cost — $1,340,347) — 0.5% |  |  |  |  |  |  | 1,340,347 |
Total Investments (Cost — $347,461,942) — 154.7% |  |  |  | 384,750,992 |
Other Assets Less Liabilities — 1.8% |  |  |  | 4,388,864 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (22.8%) |  |  |  | (56,794,134 | )
VMTP Shares, at Liquidation Value — (33.7%) |  |  |  | (83,700,000 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 248,645,722 |

See Notes to Financial Statements.

38 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Schedule of Investments (continued) |  | BlackRock MuniHoldings Fund, Inc. (MHD)

Notes to Schedule of Investments

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

(b) |  | Zero-coupon bond.

(c) |  | U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

(d) |  | Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.

(e) |  | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOB Trusts.

(f) |  | All or a portion of security is subject to a recourse agreement, which may require the Fund to pay the liquidity provider in the event there is a shortfall between the TOB Trust Certificates and proceeds received from the sale of the security contributed to the TOB Trust or in the event of a default on the security. In the case of a shortfall or default, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire from October 1, 2016 to February 15, 2031, is $11,665,091.

(g) |  | During the year ended April 30, 2015, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliate |  | Shares Held at April 30, 2014 |  |  | Net Activity |  |  | Shares Held at April 30, 2015 |  |  | Income |
FFI Institutional Tax-Exempt Fund |  |  | 804,766 |  |  |  | 535,581 |  |  |  | 1,340,347 |  |  | $ | 1,766 |

(h) |  | Represents the current yield as of report date.

Ÿ |  | As of April 30, 2015, financial futures contracts outstanding were as follows:

Contracts Short |  |  | Issue |  | Exchange |  | Expiration |  | Notional Value |  |  | Unrealized Depreciation |
| (133 | ) |  | 10-Year U.S. Treasury Note |  | Chicago Board of Trade |  | June 2015 |  | $ | 17,073,875 |  |  | $ | (226,222 | )

Ÿ |  | Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes. 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. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

| Ÿ |  | Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

| Ÿ |  | 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)

| Ÿ |  | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to Note 2 of the Notes to Financial Statements.

As of April 30, 2015, the following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments1 |  |  | — |  |  | $ | 383,410,645 |  |  | — |  | $ | 383,410,645 |
Short-Term Securities |  | $ | 1,340,347 |  |  |  | — |  |  | — |  |  | 1,340,347 |
Total |  | $ | 1,340,347 |  |  | $ | 383,410,645 |  |  | — |  | $ | 384,750,992 |
1 See above Schedule of Investments for values in each state or political subdivision. |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  | Total |
Derivative Financial Instruments2 |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | (226,222 | ) |  |  | — |  |  | — |  | $ | (226,222 | )
2 Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |

See Notes to Financial Statements.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 39

Schedule of Investments (concluded) |  | BlackRock MuniHoldings Fund, Inc. (MHD)

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of April 30, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash pledged for financial futures contracts |  | $ | 189,000 |  |  |  | — |  |  | — |  | $ | 189,000 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  |  | — |  |  | $ | (56,783,700 | ) |  | — |  |  | (56,783,700 | )
VMTP Shares |  |  | — |  |  |  | (83,700,000 | ) |  | — |  |  | (83,700,000 | )
Total |  | $ | 189,000 |  |  | $ | (140,483,700 | ) |  | — |  | $ | (140,294,700 | )

During the year ended April 30, 2015, there were no transfers between levels.

See Notes to Financial Statements.

40 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Schedule of Investments April 30, 2015 |  | BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets)

Municipal Bonds |  | Par (000) |  |  | Value |
Alabama — 3.0% |
County of Jefferson Alabama, RB, Limited Obligation School, Series A, 5.00%, 1/01/24 |  | $ | 3,450 |  |  | $ | 3,467,181 |
County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 6.00%, 10/01/42 |  |  | 1,875 |  |  |  | 2,104,781 |
|  |  |  |  |  |  | 5,571,962 |
Alaska — 0.7% |
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 5.00%, 6/01/46 |  |  | 1,660 |  |  |  | 1,303,714 |
California — 16.6% |
Benicia Unified School District, GO, CAB, Series A (NPFGC), 0.00%, 8/01/20 (a) |  |  | 2,000 |  |  |  | 1,806,180 |
California Health Facilities Financing Authority, RB: |  |  |  |  |  |  |  |
St. Joseph Health System, Series A, 5.75%, 7/01/39 |  |  | 1,110 |  |  |  | 1,282,427 |
Sutter Health, Series B, 6.00%, 8/15/42 |  |  | 1,585 |  |  |  | 1,893,330 |
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 7/01/33 |  |  | 445 |  |  |  | 503,874 |
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A: |  |  |  |  |  |  |  |
5.25%, 8/15/39 |  |  | 80 |  |  |  | 87,302 |
5.25%, 8/15/49 |  |  | 195 |  |  |  | 212,402 |
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45 (b) |  |  | 730 |  |  |  | 787,575 |
California Statewide Communities Development Authority, RB, John Muir Health, Series A, 5.13%, 7/01/39 |  |  | 1,090 |  |  |  | 1,205,322 |
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A, 5.25%, 5/15/39 |  |  | 400 |  |  |  | 452,796 |
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/38 |  |  | 185 |  |  |  | 223,315 |
San Diego Unified School District California, GO, CAB, Election of 2008, Series A, 0.00%, 7/01/29 (a) |  |  | 2,525 |  |  |  | 1,523,004 |
San Marino Unified School District, GO, Series A (NPFGC) (a): |  |  |  |  |  |  |  |
0.00%, 7/01/18 |  |  | 1,945 |  |  |  | 1,857,942 |
0.00%, 7/01/19 |  |  | 2,070 |  |  |  | 1,937,727 |
Sequoia Union High School District, GO, Refunding, Election of 2004, Series B, 5.50%, 7/01/16 (c) |  |  | 3,520 |  |  |  | 3,733,946 |
State of California, GO, Various Purposes: |  |  |  |  |  |  |  |
6.00%, 3/01/33 |  |  | 1,265 |  |  |  | 1,517,127 |
6.50%, 4/01/33 |  |  | 7,325 |  |  |  | 8,732,426 |
State of California Public Works Board, LRB, Various Capital Projects: |  |  |  |  |  |  |  |
Series I, 5.00%, 11/01/38 |  |  | 405 |  |  |  | 451,867 |
Sub-Series I-1, 6.38%, 11/01/34 |  |  | 600 |  |  |  | 729,864 |
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1, 4.75%, 6/01/25 |  |  | 1,520 |  |  |  | 1,520,030 |
|  |  |  |  |  |  | 30,458,456 |
Colorado — 1.5% |  |  |  |  |  |  |  |
Colorado Educational & Cultural Facilities Authority, RB, Charter School, Colorado Springs, 5.50%, 7/01/40 |  |  | 1,055 |  |  |  | 1,128,185 |
Regional Transportation District, COP, Refunding, Series A, 5.38%, 6/01/31 |  |  | 510 |  |  |  | 584,858 |
University of Colorado, RB, Series A, 5.38%, 6/01/19 (c) |  |  | 920 |  |  |  | 1,070,172 |
|  |  |  |  |  |  | 2,783,215 |
Municipal Bonds |  | Par (000) |  |  | Value |
Delaware — 1.6% |  |  |  |  |  |  |  |
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |  |  | 570 |  |  |  | 656,099 |
Delaware State EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 |  |  | 2,050 |  |  |  | 2,233,434 |
|  |  |  |  |  |  | 2,889,533 |
District of Columbia — 3.1% |  |  |  |  |  |  |  |
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road: |  |  |  |  |  |  |  |
1st Senior Lien, Series A, 5.00%, 10/01/39 |  |  | 255 |  |  |  | 278,151 |
1st Senior Lien, Series A, 5.25%, 10/01/44 |  |  | 1,000 |  |  |  | 1,118,100 |
CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/34 (a) |  |  | 10,170 |  |  |  | 4,318,284 |
|  |  |  |  |  |  | 5,714,535 |
Florida — 4.6% |  |  |  |  |  |  |  |
Ballantrae Community Development District, Special Assessment Bonds, 6.00%, 5/01/35 |  |  | 1,395 |  |  |  | 1,395,223 |
City of Clearwater Florida Water & Sewer Revenue, RB, Series A, 5.25%, 12/01/39 |  |  | 1,725 |  |  |  | 1,951,337 |
County of Broward Florida Water & Sewer Utility, Refunding RB, Series A, 5.25%, 10/01/34 |  |  | 545 |  |  |  | 608,280 |
County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 5/01/45 |  |  | 445 |  |  |  | 486,768 |
County of Miami-Dade Florida, RB, CAB, Series A (NPFGC), 0.00%, 10/01/37 (a) |  |  | 695 |  |  |  | 211,308 |
Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/40 |  |  | 1,525 |  |  |  | 2,002,904 |
Palm Coast Park Community Development District, Special Assessment Bonds, 5.70%, 5/01/37 |  |  | 460 |  |  |  | 386,598 |
Village Community Development District No. 10, Special Assessment Bonds, 5.13%, 5/01/43 |  |  | 1,220 |  |  |  | 1,364,997 |
|  |  |  |  |  |  | 8,407,415 |
Georgia — 0.9% |  |  |  |  |  |  |  |
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A, 5.50%, 8/15/54 |  |  | 270 |  |  |  | 310,319 |
DeKalb Private Hospital Authority, Refunding RB, Children’s Healthcare, 5.25%, 11/15/39 |  |  | 420 |  |  |  | 482,324 |
Metropolitan Atlanta Rapid Transit Authority, RB, Sales Tax, 3rd Indenture, Series A, 5.00%, 7/01/39 |  |  | 740 |  |  |  | 832,315 |
|  |  |  |  |  |  | 1,624,958 |
Hawaii — 0.4% |  |  |  |  |  |  |  |
State of Hawaii Harbor System, RB, Series A, 5.25%, 7/01/30 |  |  | 680 |  |  |  | 773,146 |
Idaho — 1.1% |  |  |  |  |  |  |  |
County of Power Idaho Industrial Development Corp., RB, FMC Corp. Project, AMT, 6.45%, 8/01/32 |  |  | 2,000 |  |  |  | 2,003,940 |
Illinois — 18.4% |  |  |  |  |  |  |  |
City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien: |  |  |  |  |  |  |  |
Series A, 5.75%, 1/01/39 |  |  | 2,500 |  |  |  | 2,849,000 |
Series C, 6.50%, 1/01/41 |  |  | 2,935 |  |  |  | 3,553,581 |
City of Chicago Illinois, GO, Project, Series A, 5.00%, 1/01/34 |  |  | 1,615 |  |  |  | 1,569,069 |
City of Chicago Illinois, GO, Refunding, Project, Series A, 5.25%, 1/01/32 |  |  | 2,290 |  |  |  | 2,305,686 |
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38 |  |  | 410 |  |  |  | 445,215 |
City of Chicago Illinois, Special Assessment Bonds, Lake Shore East, 6.75%, 12/01/32 |  |  | 600 |  |  |  | 602,580 |
City of Chicago Illinois Board of Education, GO, Series A, 5.25%, 12/01/41 |  |  | 1,350 |  |  |  | 1,306,732 |

See Notes to Financial Statements.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 41

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

Municipal Bonds |  | Par (000) |  |  | Value |
Illinois (concluded) |  |  |  |  |  |  |  |
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |  | $ | 530 |  |  | $ | 585,104 |
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42 |  |  | 3,645 |  |  |  | 3,945,530 |
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38 |  |  | 410 |  |  |  | 468,384 |
Illinois Finance Authority, Refunding RB, Central Dupage Health, Series B, 5.50%, 11/01/39 |  |  | 800 |  |  |  | 922,976 |
Illinois State Toll Highway Authority, RB: |  |  |  |  |  |  |  |
Senior, Series C, 5.00%, 1/01/36 |  |  | 1,355 |  |  |  | 1,516,909 |
Senior, Series C, 5.00%, 1/01/37 |  |  | 1,450 |  |  |  | 1,619,476 |
Series A, 5.00%, 1/01/38 |  |  | 1,165 |  |  |  | 1,292,346 |
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project: |  |  |  |  |  |  |  |
CAB, Series B (AGM), 0.00%, 6/15/47 (a) |  |  | 9,555 |  |  |  | 2,068,849 |
Series B (AGM), 5.00%, 6/15/50 |  |  | 2,230 |  |  |  | 2,328,588 |
Series B-2, 5.00%, 6/15/50 |  |  | 1,260 |  |  |  | 1,303,054 |
Railsplitter Tobacco Settlement Authority, RB: |  |  |  |  |  |  |  |
5.50%, 6/01/23 |  |  | 230 |  |  |  | 269,213 |
6.00%, 6/01/28 |  |  | 500 |  |  |  | 588,925 |
State of Illinois, GO: |  |  |  |  |  |  |  |
5.00%, 2/01/39 |  |  | 810 |  |  |  | 837,791 |
Series A, 5.00%, 4/01/38 |  |  | 1,920 |  |  |  | 1,981,997 |
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34 |  |  | 315 |  |  |  | 352,129 |
University of Illinois, RB, Auxiliary Facilities System, Series A: |  |  |  |  |  |  |  |
5.00%, 4/01/39 |  |  | 425 |  |  |  | 471,066 |
5.00%, 4/01/44 |  |  | 520 |  |  |  | 575,526 |
|  |  |  |  |  |  | 33,759,726 |
Indiana — 4.6% |  |  |  |  |  |  |  |
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |  |  |  |  |  |  |  |
6.75%, 1/01/34 |  |  | 415 |  |  |  | 504,233 |
7.00%, 1/01/44 |  |  | 1,000 |  |  |  | 1,222,400 |
Indiana Finance Authority, RB, Series A: |  |  |  |  |  |  |  |
CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |  |  | 1,660 |  |  |  | 1,901,961 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44 |  |  | 225 |  |  |  | 239,647 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48 |  |  | 740 |  |  |  | 787,116 |
Sisters of St. Francis Health Services, 5.25%, 11/01/39 |  |  | 420 |  |  |  | 469,468 |
Indiana Finance Authority, Refunding RB, Parkview Health System, Series A, 5.75%, 5/01/31 |  |  | 1,660 |  |  |  | 1,884,615 |
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39 |  |  | 565 |  |  |  | 649,750 |
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40 |  |  | 640 |  |  |  | 707,066 |
|  |  |  |  |  |  | 8,366,256 |
Iowa — 2.2% |  |  |  |  |  |  |  |
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project: |  |  |  |  |  |  |  |
5.00%, 12/01/19 |  |  | 485 |  |  |  | 523,882 |
5.50%, 12/01/22 |  |  | 1,175 |  |  |  | 1,253,925 |
5.25%, 12/01/25 |  |  | 230 |  |  |  | 256,549 |
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22 |  |  | 850 |  |  |  | 906,423 |
Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 6/01/46 |  |  | 1,270 |  |  |  | 1,126,973 |
|  |  |  |  |  |  | 4,067,752 |
Municipal Bonds |  | Par (000) |  |  | Value |
Kansas — 0.7% |  |  |  |  |  |  |  |
Kansas Development Finance Authority, Refunding RB, Adventist Health, Series C, 5.75%, 11/15/38 |  |  | 1,105 |  |  |  | 1,274,164 |
Kentucky — 0.6% |  |  |  |  |  |  |  |
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45 |  |  | 520 |  |  |  | 573,732 |
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 7/01/43 (d) |  |  | 635 |  |  |  | 440,258 |
|  |  |  |  |  |  | 1,013,990 |
Louisiana — 3.4% |  |  |  |  |  |  |  |
East Baton Rouge Sewerage Commission, RB, Series A, 5.25%, 2/01/19 (c) |  |  | 420 |  |  |  | 481,614 |
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, 6.75%, 11/01/32 |  |  | 2,500 |  |  |  | 2,771,775 |
New Orleans Aviation Board, RB, Passenger Facility Charge, Series A, 5.25%, 1/01/41 |  |  | 310 |  |  |  | 329,050 |
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |  |  |  |  |  |  |  |
5.50%, 5/15/30 |  |  | 510 |  |  |  | 580,232 |
5.25%, 5/15/31 |  |  | 435 |  |  |  | 488,709 |
5.25%, 5/15/32 |  |  | 555 |  |  |  | 633,727 |
5.25%, 5/15/33 |  |  | 600 |  |  |  | 670,572 |
5.25%, 5/15/35 |  |  | 255 |  |  |  | 289,096 |
|  |  |  |  |  |  | 6,244,775 |
Maine — 0.1% |  |  |  |  |  |  |  |
Maine Health & Higher Educational Facilities Authority, RB, Series A, 5.00%, 7/01/39 |  |  | 150 |  |  |  | 163,538 |
Maryland — 1.2% |  |  |  |  |  |  |  |
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35 |  |  | 220 |  |  |  | 236,975 |
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25 |  |  | 605 |  |  |  | 670,764 |
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 1/01/41 |  |  | 1,095 |  |  |  | 1,227,046 |
|  |  |  |  |  |  | 2,134,785 |
Massachusetts — 3.1% |  |  |  |  |  |  |  |
Massachusetts Development Finance Agency, Refunding RB: |  |  |  |  |  |  |  |
Boston University, Series P, 5.45%, 5/15/59 |  |  | 845 |  |  |  | 994,328 |
Covanta Energy Project, Series C, AMT, 5.25%, 11/01/42 (b) |  |  | 1,155 |  |  |  | 1,192,815 |
Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare System, Series J1, 5.00%, 7/01/39 |  |  | 360 |  |  |  | 403,834 |
Massachusetts HFA, RB, M/F Housing, Series A, AMT, 5.25%, 12/01/48 |  |  | 2,100 |  |  |  | 2,101,008 |
Massachusetts HFA, Refunding RB, Series F, AMT, 5.70%, 6/01/40 |  |  | 970 |  |  |  | 1,023,214 |
|  |  |  |  |  |  | 5,715,199 |
Michigan — 2.9% |  |  |  |  |  |  |  |
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39 |  |  | 2,235 |  |  |  | 2,400,323 |
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.50%, 5/15/36 |  |  | 690 |  |  |  | 773,918 |
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 7/01/44 |  |  | 455 |  |  |  | 479,033 |

See Notes to Financial Statements.

42 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

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

Municipal Bonds |  | Par (000) |  |  | Value |
Michigan (concluded) |  |  |  |  |  |  |  |
State of Michigan Hospital Finance Authority, Refunding RB, Henry Ford Health, 5.75%, 11/15/39 |  | $ | 1,520 |  |  | $ | 1,709,969 |
|  |  |  |  |  |  | 5,363,243 |
Minnesota — 1.0% |  |  |  |  |  |  |  |
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series A, 6.75%, 11/15/32 |  |  | 1,540 |  |  |  | 1,805,404 |
Missouri — 0.2% |  |  |  |  |  |  |  |
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44 |  |  | 125 |  |  |  | 138,880 |
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 5/01/43 |  |  | 130 |  |  |  | 142,217 |
|  |  |  |  |  |  | 281,097 |
New Hampshire — 1.0% |  |  |  |  |  |  |  |
New Hampshire Health & Education Facilities Authority, Refunding RB, Dartmouth-Hitchcock, 6.00%, 8/01/38 |  |  | 1,530 |  |  |  | 1,777,585 |
New Jersey — 4.8% |  |  |  |  |  |  |  |
Casino Reinvestment Development Authority, Refunding RB: |  |  |  |  |  |  |  |
5.25%, 11/01/39 |  |  | 530 |  |  |  | 562,563 |
5.25%, 11/01/44 |  |  | 415 |  |  |  | 442,822 |
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT: |  |  |  |  |  |  |  |
5.13%, 9/15/23 |  |  | 1,040 |  |  |  | 1,144,322 |
5.25%, 9/15/29 |  |  | 990 |  |  |  | 1,084,634 |
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 4/01/31 |  |  | 1,125 |  |  |  | 1,310,895 |
New Jersey Transportation Trust Fund Authority, RB: |  |  |  |  |  |  |  |
Transportation Program, Series AA, 5.00%, 6/15/44 |  |  | 1,810 |  |  |  | 1,881,151 |
Transportation System, Series A, 5.50%, 6/15/41 |  |  | 1,025 |  |  |  | 1,122,887 |
Transportation System, Series B, 5.25%, 6/15/36 |  |  | 1,235 |  |  |  | 1,301,604 |
|  |  |  |  |  |  | 8,850,878 |
New York — 8.1% |  |  |  |  |  |  |  |
City of New York New York Transitional Finance Authority, RB, Future Tax Secured Bonds, Fiscal 2012, Sub-Series E-1, 5.00%, 2/01/42 |  |  | 740 |  |  |  | 832,715 |
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 6/01/41 (b) |  |  | 1,000 |  |  |  | 1,016,920 |
County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility, 5.00%, 8/01/46 |  |  | 2,800 |  |  |  | 2,803,332 |
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44 |  |  | 292 |  |  |  | 323,558 |
Long Island Power Authority, Refunding RB, Electric System, Series A, 5.75%, 4/01/39 |  |  | 1,050 |  |  |  | 1,188,495 |
Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/38 |  |  | 1,255 |  |  |  | 1,441,782 |
Metropolitan Transportation Authority, Refunding RB, Dedicated Tax Fund, Series B, 5.00%, 11/15/34 |  |  | 1,270 |  |  |  | 1,447,584 |
New York Liberty Development Corp., Refunding RB: |  |  |  |  |  |  |  |
2nd Priority, Bank of America Tower at 1 Bryant Park Project, Class 3, 6.38%, 7/15/49 |  |  | 615 |  |  |  | 700,977 |
3 World Trade Center Project, Class 1, 5.00%, 11/15/44 (b) |  |  | 1,650 |  |  |  | 1,718,590 |
Municipal Bonds |  | Par (000) |  |  | Value |
New York (concluded) |  |  |  |  |  |  |  |
New York Liberty Development Corp., Refunding RB (concluded): |  |  |  |  |  |  |  |
3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (b) |  |  | 175 |  |  |  | 190,468 |
3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (b) |  |  | 440 |  |  |  | 482,649 |
Port Authority of New York & New Jersey, JFK International Air Terminal LLC Project, ARB, Special Project, Series 8: |  |  |  |  |  |  |  |
6.00%, 12/01/36 |  |  | 650 |  |  |  | 764,569 |
6.00%, 12/01/42 |  |  | 630 |  |  |  | 741,044 |
Westchester Tobacco Asset Securitization, Refunding RB, 5.13%, 6/01/45 |  |  | 1,200 |  |  |  | 1,107,348 |
|  |  |  |  |  |  | 14,760,031 |
North Carolina — 0.6% |  |  |  |  |  |  |  |
North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 6/01/42 |  |  | 705 |  |  |  | 790,256 |
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 3/01/41 |  |  | 305 |  |  |  | 344,833 |
|  |  |  |  |  |  | 1,135,089 |
Ohio — 0.4% |  |  |  |  |  |  |  |
County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 7/01/40 |  |  | 350 |  |  |  | 385,850 |
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 6/30/53 |  |  | 420 |  |  |  | 440,803 |
|  |  |  |  |  |  | 826,653 |
Pennsylvania — 2.5% |  |  |  |  |  |  |  |
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 7/01/42 |  |  | 645 |  |  |  | 683,687 |
Pennsylvania Economic Development Financing Authority, RB: |  |  |  |  |  |  |  |
American Water Co. Project, 6.20%, 4/01/39 |  |  | 1,830 |  |  |  | 2,112,534 |
AMT, Rapid Bridge Replacement Project, 5.00%, 12/31/38 |  |  | 310 |  |  |  | 334,781 |
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypson Co., AMT, 5.50%, 11/01/44 |  |  | 800 |  |  |  | 821,496 |
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44 |  |  | 585 |  |  |  | 651,889 |
|  |  |  |  |  |  | 4,604,387 |
Rhode Island — 0.7% |  |  |  |  |  |  |  |
Tobacco Settlement Financing Corp., Refunding RB, Series B, 4.50%, 6/01/45 |  |  | 1,375 |  |  |  | 1,348,270 |
South Carolina — 2.3% |  |  |  |  |  |  |  |
South Carolina State Ports Authority, RB, 5.25%, 7/01/40 |  |  | 1,650 |  |  |  | 1,832,507 |
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54 |  |  | 2,040 |  |  |  | 2,327,864 |
|  |  |  |  |  |  | 4,160,371 |
Tennessee — 2.5% |  |  |  |  |  |  |  |
City of Chattanooga Tennessee Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45 |  |  | 720 |  |  |  | 794,398 |
County of Hardeman Tennessee Correctional Facilities Corp., RB, Series B, 7.38%, 8/01/17 |  |  | 1,225 |  |  |  | 1,227,952 |

See Notes to Financial Statements.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 43

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

Municipal Bonds |  | Par (000) |  |  | Value |
Tennessee (concluded) |  |  |  |  |  |  |  |
County of Shelby Tennessee Health Educational & Housing Facilities Board, Refunding RB, St. Jude’s Childrens Research Hospital, 5.00%, 7/01/31 |  | $ | 2,500 |  |  | $ | 2,615,650 |
|  |  |  |  |  |  | 4,638,000 |
Texas — 7.5% |  |  |  |  |  |  |  |
Central Texas Regional Mobility Authority, Refunding RB: |  |  |  |  |  |  |  |
Senior Lien, 6.25%, 1/01/46 |  |  | 1,070 |  |  |  | 1,246,068 |
Sub-Lien, 5.00%, 1/01/33 |  |  | 180 |  |  |  | 195,554 |
City of Austin Texas Airport System, ARB, Revenue, AMT, 5.00%, 11/15/39 |  |  | 320 |  |  |  | 352,102 |
City of Houston Texas Airport System, Refunding ARB, Senior Lien, Series A, 5.50%, 7/01/39 |  |  | 535 |  |  |  | 599,312 |
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 1/01/48 |  |  | 240 |  |  |  | 276,850 |
County of Harris Texas Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.25%, 12/01/18 (c) |  |  | 1,380 |  |  |  | 1,675,320 |
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A (a): |  |  |  |  |  |  |  |
0.00%, 9/15/40 |  |  | 2,525 |  |  |  | 785,629 |
0.00%, 9/15/41 |  |  | 1,395 |  |  |  | 410,897 |
La Vernia Higher Education Finance Corp., RB, Kipp, Inc., Series A, 6.38%, 8/15/19 (c) |  |  | 320 |  |  |  | 384,787 |
New Hope Cultural Education Facilities Corp., RB, Collegiate Housing Stephenville III, LLC., 5.00%, 4/01/35 |  |  | 145 |  |  |  | 155,788 |
North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 0.00%, 9/01/37 (a) |  |  | 1,015 |  |  |  | 361,249 |
North Texas Tollway Authority, Refunding RB: |  |  |  |  |  |  |  |
2nd Tier System, Series F, 6.13%, 1/01/16 |  |  | 3,020 |  |  |  | 3,137,116 |
Series A, 5.00%, 1/01/35 |  |  | 600 |  |  |  | 661,866 |
Series A, 5.00%, 1/01/38 |  |  | 480 |  |  |  | 525,000 |
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |  |  |  |  |  |  |  |
LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40 |  |  | 1,165 |  |  |  | 1,406,574 |
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |  |  | 1,300 |  |  |  | 1,541,748 |
|  |  |  |  |  |  | 13,715,860 |
Vermont — 0.0% |  |  |  |  |  |  |  |
Vermont Educational & Health Buildings Financing Agency, RB, Development & Mental Health, 6.50%, 6/15/32 |  |  | 80 |  |  |  | 80,934 |
Virginia — 3.1% |  |  |  |  |  |  |  |
County of Fairfax Virginia EDA, Refunding RB, Goodwin House, Inc., 5.13%, 10/01/42 |  |  | 2,500 |  |  |  | 2,570,550 |
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT: |  |  |  |  |  |  |  |
5.25%, 1/01/32 |  |  | 400 |  |  |  | 438,840 |
6.00%, 1/01/37 |  |  | 2,325 |  |  |  | 2,685,026 |
|  |  |  |  |  |  | 5,694,416 |
Washington — 0.8% |  |  |  |  |  |  |  |
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45 |  |  | 1,195 |  |  |  | 1,386,618 |
Wisconsin — 3.1% |  |  |  |  |  |  |  |
State of Wisconsin, Refunding RB, Series A, 6.00%, 5/01/36 |  |  | 3,620 |  |  |  | 4,236,269 |
Municipal Bonds |  | Par (000) |  |  | Value |
Wisconsin (concluded) |  |  |  |  |  |  |  |
State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33 |  |  | 1,235 |  |  |  | 1,373,493 |
|  |  |  |  |  |  | 5,609,762 |
Total Municipal Bonds — 109.3% |  |  |  |  |  |  | 200,309,657 |
Municipal Bonds Transferred to Tender Option Bond Trusts (e) |  |  |  |  |  |
California — 7.7% |  |  |  |  |  |  |  |
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/19 (c) |  |  | 1,640 |  |  |  | 1,928,325 |
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (f) |  |  | 1,335 |  |  |  | 1,495,200 |
City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/39 |  |  | 4,770 |  |  |  | 5,405,602 |
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A, 5.00%, 5/15/40 |  |  | 2,968 |  |  |  | 3,370,986 |
Los Angeles Community College District California, GO, Election of 2001, Series A (AGM), 5.00%, 8/01/17 (c) |  |  | 1,170 |  |  |  | 1,280,799 |
San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33 |  |  | 553 |  |  |  | 638,301 |
|  |  |  |  |  |  | 14,119,213 |
Colorado — 2.4% |  |  |  |  |  |  |  |
Colorado Health Facilities Authority, RB, Catholic Health (AGM): |  |  |  |  |  |  |  |
Series C-3, 5.10%, 10/01/41 |  |  | 1,870 |  |  |  | 1,987,848 |
Series C-7, 5.00%, 9/01/36 |  |  | 1,200 |  |  |  | 1,276,236 |
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A, 5.50%, 7/01/34 (f) |  |  | 1,080 |  |  |  | 1,230,341 |
|  |  |  |  |  |  | 4,494,425 |
Connecticut — 2.7% |  |  |  |  |  |  |  |
Connecticut State Health & Educational Facility Authority, RB, Yale University: |  |  |  |  |  |  |  |
Series T-1, 4.70%, 7/01/29 |  |  | 2,299 |  |  |  | 2,470,747 |
Series X-3, 4.85%, 7/01/37 |  |  | 2,362 |  |  |  | 2,534,243 |
|  |  |  |  |  |  | 5,004,990 |
Florida — 1.8% |  |  |  |  |  |  |  |
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/34 |  |  | 2,840 |  |  |  | 3,240,514 |
Georgia — 1.0% |  |  |  |  |  |  |  |
Private Colleges & Universities Authority, Refunding RB, Emory University, Series C, 5.00%, 9/01/38 |  |  | 1,649 |  |  |  | 1,824,892 |
Massachusetts — 2.0% |  |  |  |  |  |  |  |
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41 |  |  | 3,211 |  |  |  | 3,591,406 |
New Hampshire — 0.6% |  |  |  |  |  |  |  |
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39 (f) |  |  | 1,019 |  |  |  | 1,157,510 |
New York — 8.5% |  |  |  |  |  |  |  |
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series FF-2, 5.50%, 6/15/40 |  |  | 810 |  |  |  | 931,211 |

See Notes to Financial Statements.

44 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

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

Municipal Bonds Transferred to Tender Option Bond Trusts (e) |  | Par (000) |  |  | Value |
New York (concluded) |  |  |  |  |  |  |  |
City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.25%, 1/15/39 |  | $ | 3,299 |  |  | $ | 3,691,569 |
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (f) |  |  | 810 |  |  |  | 931,627 |
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 |  |  | 5,400 |  |  |  | 6,180,732 |
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (f) |  |  | 3,250 |  |  |  | 3,760,542 |
|  |  |  |  |  |  | 15,495,681 |
North Carolina — 0.5% |  |  |  |  |  |  |  |
North Carolina Capital Facilities Finance Agency, Refunding RB, Wake Forest University, 5.00%, 1/01/38 |  |  | 800 |  |  |  | 889,888 |
Ohio — 4.3% |  |  |  |  |  |  |  |
State of Ohio, Refunding RB, Cleveland Clinic Health System Obligated Group, Series A, 5.50%, 1/01/39 |  |  | 6,974 |  |  |  | 7,833,176 |
Texas — 5.0% |  |  |  |  |  |  |  |
City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43 |  |  | 1,260 |  |  |  | 1,397,227 |
County of Harris Texas, RB, Senior Lien, Toll Road, Series A, 5.00%, 8/15/38 (f) |  |  | 3,363 |  |  |  | 3,760,350 |
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41 |  |  | 1,710 |  |  |  | 1,898,220 |
University of Texas, Refunding RB, Financing System, Series B, 5.00%, 8/15/43 |  |  | 1,800 |  |  |  | 2,054,792 |
|  |  |  |  |  |  | 9,110,589 |
Utah — 0.8% |  |  |  |  |  |  |  |
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41 |  |  | 1,394 |  |  |  | 1,530,937 |
Municipal Bonds Transferred to Tender Option Bond Trusts (e) |  | Par (000) |  |  | Value |
Virginia — 2.6% |  |  |  |  |  |  |  |
University of Virginia, Refunding RB, General, 5.00%, 6/01/40 |  |  | 2,729 |  |  |  | 3,019,547 |
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40 |  |  | 1,553 |  |  |  | 1,734,936 |
|  |  |  |  |  |  | 4,754,483 |
Washington — 0.8% |  |  |  |  |  |  |  |
Central Puget Sound Regional Transit Authority, RB, Series A (AGM), 5.00%, 11/01/32 |  |  | 1,365 |  |  |  | 1,484,108 |
Wisconsin — 1.7% |  |  |  |  |  |  |  |
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group, Series C, 5.25%, 4/01/39 (f) |  |  | 2,859 |  |  |  | 3,124,015 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 42.4% |  |  |  |  |  |  | 77,655,827 |
Total Long-Term Investments (Cost — $250,374,330) — 151.7% |  |  |  |  |  |  | 277,965,484 |
Short-Term Securities — 0.4% |  | Shares |  |  |  |
FFI Institutional Tax-Exempt Fund, 0.02% (g)(h) |  |  | 681,480 |  |  |  | 681,480 |
Total Short-Term Securities (Cost — $681,480) — 0.4% |  |  |  |  |  |  | 681,480 |
Total Investments (Cost — $251,055,810) — 152.1% |  |  |  | 278,646,964 |
Other Assets Less Liabilities — 1.7% |  |  |  | 3,143,954 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (23.8%) |  |  |  | (43,576,649 | )
VMTP Shares, at Liquidation Value — (30.0%) |  |  |  |  |  |  | (55,000,000 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 183,214,269 |

Notes to Schedule of Investments

(a) |  | Zero-coupon bond.

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

(c) |  | U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

(d) |  | Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.

(e) |  | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOB Trusts.

(f) |  | All or a portion of security is subject to a recourse agreement, which may require the Fund to pay the liquidity provider in the event there is a shortfall between the TOB Trust Certificates and proceeds received from the sale of the security contributed to the TOB Trust or in the event of a default on the security. In the case of a shortfall or default, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire from October 1, 2016 to February 15, 2031, is $8,457,544.

(g) |  | During the year ended April 30, 2015, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliate |  | Shares Held at April 30, 2014 |  |  | Net Activity |  |  | Shares Held at April 30, 2015 |  |  | Income |
FFI Institutional Tax-Exempt Fund |  |  | 944,029 |  |  |  | (262,549 | ) |  |  | 681,480 |  |  | $ | 855 |

(h) |  | Represents the current yield as of report date.

Ÿ |  | As of April 30, 2015, financial futures contracts outstanding were as follows:

Contracts Short |  |  | Issue |  | Exchange |  | Expiration |  | Notional Value |  |  | Unrealized Depreciation |
| (92 | ) |  | 10-Year U.S. Treasury Note |  | Chicago Board of Trade |  | June 2015 |  | $ | 11,810,500 |  |  | $ | (158,235 | )

Ÿ |  | Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes. The hierarchy gives the highest priority to unadjusted quoted prices in

See Notes to Financial Statements.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 45

Schedule of Investments (concluded) |  | BlackRock MuniHoldings Fund II, Inc. (MUH)

| 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. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

| Ÿ |  | Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

| Ÿ |  | 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)

| Ÿ |  | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to Note 2 of the Notes to Financial Statements.

As of April 30, 2015, the following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments1 |  |  | — |  |  | $ | 277,965,484 |  |  | — |  | $ | 277,965,484 |
Short-Term Securities |  | $ | 681,480 |  |  |  | — |  |  | — |  |  | 681,480 |
Total |  | $ | 681,480 |  |  | $ | 277,965,484 |  |  | — |  | $ | 278,646,964 |
1 See above Schedule of Investments for values in each state or political subdivision. |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  | Total |
Derivative Financial Instruments2 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | (158,235 | ) |  |  | — |  |  | — |  | $ | (158,235 | )
2 Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of April 30, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash pledged for financial futures contracts |  | $ | 131,000 |  |  |  | — |  |  | — |  | $ | 131,000 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdraft |  |  | — |  |  | $ | (36,043 | ) |  | — |  |  | (36,043 | )
TOB Trust Certificates |  |  | — |  |  |  | (43,568,059 | ) |  | — |  |  | (43,568,059 | )
VMTP Shares |  |  | — |  |  |  | (55,000,000 | ) |  | — |  |  | (55,000,000 | )
Total |  | $ | 131,000 |  |  | $ | (98,604,102 | ) |  | — |  | $ | (98,473,102 | )

During the year ended April 30, 2015, there were no transfers between levels.

See Notes to Financial Statements.

46 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Schedule of Investments April 30, 2015 |  | BlackRock MuniHoldings Quality Fund, Inc. (MUS) (Percentages shown are based on Net Assets)

Municipal Bonds |  | Par (000) |  |  | Value |
Alabama — 1.8% |
City of Birmingham Alabama Special Care Facilities Financing Authority, RB, Children’s Hospital (AGC), 6.00%, 6/01/39 |  | $ | 2,330 |  |  | $ | 2,695,880 |
City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A, 5.38%, 12/01/35 |  |  | 565 |  |  |  | 639,371 |
|  |  |  |  |  |  | 3,335,251 |
California — 27.5% |
California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/38 |  |  | 2,895 |  |  |  | 3,252,677 |
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 8/15/42 |  |  | 1,730 |  |  |  | 2,066,537 |
Central Unified School District, GO, Election of 2008, Series A (AGC), 5.63%, 8/01/33 |  |  | 1,325 |  |  |  | 1,511,414 |
City & County of San Francisco California Airports Commission, Refunding ARB, 2nd Series A, AMT: |  |  |  |  |  |  |  |
5.50%, 5/01/28 |  |  | 1,085 |  |  |  | 1,280,387 |
5.25%, 5/01/33 |  |  | 850 |  |  |  | 965,107 |
City of San Jose California, Refunding ARB, Series A-1, AMT: |  |  |  |  |  |  |  |
5.50%, 3/01/30 |  |  | 2,400 |  |  |  | 2,710,704 |
5.75%, 3/01/34 |  |  | 2,180 |  |  |  | 2,493,440 |
City of Sunnyvale California, Refunding RB, 5.25%, 4/01/40 |  |  | 1,605 |  |  |  | 1,820,824 |
County of Sacramento California, ARB, Senior Series A (AGC), 5.50%, 7/01/41 |  |  | 2,100 |  |  |  | 2,355,213 |
County of Ventura California Community College District, GO, Election of 2002, Series C, 5.50%, 8/01/18 (a) |  |  | 1,850 |  |  |  | 2,120,322 |
Kern Community College District, GO, Safety, Repair & Improvement, Election of 2002, Series C, 5.50%, 11/01/33 |  |  | 1,420 |  |  |  | 1,680,002 |
Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 8/01/39 |  |  | 1,000 |  |  |  | 1,165,060 |
Los Angeles Department of Water & Power, RB, Power System, Sub-Series A-1, 5.25%, 7/01/38 |  |  | 1,575 |  |  |  | 1,753,243 |
Oceanside Unified School District, GO, Series A (AGC), 5.25%, 8/01/33 |  |  | 1,825 |  |  |  | 2,017,173 |
Redondo Beach Unified School District, GO, Election of 2008, Series E, 5.50%, 8/01/34 |  |  | 1,335 |  |  |  | 1,554,754 |
San Pablo Joint Powers Financing Authority, Refunding, Tax Allocation Bonds, CAB (NPFGC) (b): |  |  |  |  |  |  |  |
0.00%, 12/01/24 |  |  | 2,635 |  |  |  | 1,577,127 |
0.00%, 12/01/25 |  |  | 2,355 |  |  |  | 1,334,767 |
0.00%, 12/01/26 |  |  | 2,355 |  |  |  | 1,255,003 |
Sequoia Union High School District, GO, Refunding, Election of 2004, Series B (AGM), 5.50%, 7/01/16 (a) |  |  | 3,150 |  |  |  | 3,341,457 |
State of California, GO, Various Purpose, 5.00%, 4/01/43 |  |  | 4,500 |  |  |  | 5,035,860 |
State of California Public Works Board, LRB: |  |  |  |  |  |  |  |
Department of Corrections & Rehabilitation, Series F, 5.25%, 9/01/33 |  |  | 725 |  |  |  | 848,576 |
Various Capital Projects, Series I, 5.50%, 11/01/30 |  |  | 1,500 |  |  |  | 1,803,300 |
Various Capital Projects, Series I, 5.50%, 11/01/31 |  |  | 2,465 |  |  |  | 2,949,003 |
Township of Washington California Health Care District, GO, Election of 2004, Series B, 5.50%, 8/01/40 |  |  | 540 |  |  |  | 640,667 |
Municipal Bonds |  | Par (000) |  |  | Value |
California (concluded) |
University of California, Refunding RB, The Regents of Medical Center, Series J, 5.25%, 5/15/38 |  | $ | 4,070 |  |  | $ | 4,682,291 |
|  |  |  |  |  |  | 52,214,908 |
Colorado — 2.2% |
City & County of Denver Colorado Airport System, ARB, Series A, AMT: |  |  |  |  |  |  |  |
5.50%, 11/15/28 |  |  | 1,000 |  |  |  | 1,165,520 |
5.50%, 11/15/30 |  |  | 340 |  |  |  | 393,084 |
5.50%, 11/15/31 |  |  | 405 |  |  |  | 466,289 |
Colorado Health Facilities Authority, RB, Hospital, NCMC, Inc. Project, Series B (AGM), 6.00%, 5/15/26 |  |  | 1,900 |  |  |  | 2,152,681 |
|  |  |  |  |  |  | 4,177,574 |
District of Columbia — 1.2% |
District of Columbia Water & Sewer Authority, Refunding RB, Series A, 5.50%, 10/01/39 |  |  | 2,000 |  |  |  | 2,257,260 |
Florida — 14.4% |
City of Jacksonville Florida, Refunding RB, Series A, 5.25%, 10/01/33 |  |  | 400 |  |  |  | 461,048 |
City of St. Petersburg Florida Public Utility Revenue, Refunding RB (NPFGC), 5.00%, 10/01/15 (a) |  |  | 2,795 |  |  |  | 2,851,096 |
County of Hillsborough Florida Aviation Authority, Refunding ARB, Tampa International Airport, Series A, AMT, 5.50%, 10/01/29 |  |  | 1,735 |  |  |  | 1,998,390 |
County of Lee Florida, Refunding ARB, Series A, AMT, 5.38%, 10/01/32 |  |  | 1,500 |  |  |  | 1,647,735 |
County of Miami-Dade Florida Aviation, Refunding ARB, Series A, AMT, 5.00%, 10/01/31 |  |  | 2,900 |  |  |  | 3,220,595 |
County of Miami-Dade Florida, RB, Seaport Department: |  |  |  |  |  |  |  |
Series A, 5.38%, 10/01/33 |  |  | 1,015 |  |  |  | 1,147,579 |
Series A, 6.00%, 10/01/38 |  |  | 1,000 |  |  |  | 1,206,840 |
Series B, AMT, 6.25%, 10/01/38 |  |  | 460 |  |  |  | 565,110 |
Series B, AMT, 6.00%, 10/01/42 |  |  | 615 |  |  |  | 740,694 |
County of Orange Florida School Board, COP, Series A (AGC), 5.50%, 8/01/34 |  |  | 4,645 |  |  |  | 5,209,553 |
County of Osceola Florida, RB, Sales Tax, Series A: |  |  |  |  |  |  |  |
5.00%, 10/01/40 |  |  | 685 |  |  |  | 765,597 |
5.00%, 10/01/44 |  |  | 1,575 |  |  |  | 1,749,195 |
Reedy Creek Improvement District, GO, Series A, 5.25%, 6/01/32 |  |  | 1,040 |  |  |  | 1,194,804 |
Tohopekaliga Water Authority, Refunding RB, Series A, 5.25%, 10/01/36 |  |  | 3,995 |  |  |  | 4,584,063 |
|  |  |  |  |  |  | 27,342,299 |
Hawaii — 0.5% |
State of Hawaii, Department of Transportation, COP, AMT: |  |  |  |  |  |  |  |
5.25%, 8/01/25 |  |  | 425 |  |  |  | 492,860 |
5.25%, 8/01/26 |  |  | 460 |  |  |  | 529,101 |
|  |  |  |  |  |  | 1,021,961 |
Illinois — 17.8% |
City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien: |  |  |  |  |  |  |  |
Series A, 5.75%, 1/01/39 |  |  | 1,145 |  |  |  | 1,304,842 |
Series C, 6.50%, 1/01/41 |  |  | 5,225 |  |  |  | 6,326,221 |
City of Chicago Illinois, GO, Refunding, Series A, 5.25%, 1/01/33 |  |  | 850 |  |  |  | 852,873 |
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38 |  |  | 1,000 |  |  |  | 1,085,890 |
City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, 5.00%, 1/01/41 |  |  | 565 |  |  |  | 611,177 |

See Notes to Financial Statements.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 47

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

Municipal Bonds |  | Par (000) |  |  | Value |
Illinois (concluded) |
City of Chicago Illinois Transit Authority, RB: |  |  |  |  |  |  |  |
Federal Transit Administration, Section 5309, Series A (AGC), 6.00%, 6/01/26 |  | $ | 2,000 |  |  | $ | 2,302,460 |
Sales Tax Receipts, 5.25%, 12/01/36 |  |  | 1,000 |  |  |  | 1,106,450 |
Sales Tax Receipts, 5.25%, 12/01/40 |  |  | 1,790 |  |  |  | 1,976,106 |
Sales Tax Receipts, 5.00%, 12/01/44 |  |  | 2,455 |  |  |  | 2,739,927 |
City of Chicago Illinois Wastewater Transmission, RB, 2nd Lien, 5.00%, 1/01/42 |  |  | 2,050 |  |  |  | 2,163,939 |
County of Cook Illinois Community College District No. 508, GO, City College of Chicago: |  |  |  |  |  |  |  |
5.50%, 12/01/38 |  |  | 1,250 |  |  |  | 1,428,000 |
5.25%, 12/01/43 |  |  | 4,165 |  |  |  | 4,649,015 |
Railsplitter Tobacco Settlement Authority, RB: |  |  |  |  |  |  |  |
5.50%, 6/01/23 |  |  | 1,405 |  |  |  | 1,644,539 |
6.00%, 6/01/28 |  |  | 400 |  |  |  | 471,140 |
State of Illinois, GO: |  |  |  |  |  |  |  |
5.25%, 2/01/31 |  |  | 875 |  |  |  | 939,006 |
5.25%, 2/01/32 |  |  | 1,355 |  |  |  | 1,446,964 |
5.50%, 7/01/33 |  |  | 2,000 |  |  |  | 2,208,660 |
5.50%, 7/01/38 |  |  | 425 |  |  |  | 467,475 |
|  |  |  |  |  |  | 33,724,684 |
Indiana — 3.8% |
Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges, Series A, AMT, 5.00%, 7/01/40 |  |  | 565 |  |  |  | 604,217 |
Indianapolis Local Public Improvement Bond Bank, RB, Series F, 5.25%, 2/01/36 |  |  | 3,055 |  |  |  | 3,398,504 |
Indianapolis Local Public Improvement Bond Bank, Refunding RB, Waterworks Project, Series A (AGC), 5.50%, 1/01/38 |  |  | 2,780 |  |  |  | 3,155,244 |
|  |  |  |  |  |  | 7,157,965 |
Louisiana — 3.5% |
City of New Orleans Louisiana Aviation Board, RB, Series B, AMT, 5.00%, 1/01/45 |  |  | 1,580 |  |  |  | 1,720,130 |
Lake Charles Harbor & Terminal District, RB, Series B, AMT, 5.50%, 1/01/29 |  |  | 1,500 |  |  |  | 1,695,045 |
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Louisiana Community and Technical Colleges Act 360 Project, 5.00%, 10/01/37 |  |  | 1,615 |  |  |  | 1,821,736 |
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 5/15/29 |  |  | 1,215 |  |  |  | 1,344,422 |
|  |  |  |  |  |  | 6,581,333 |
Massachusetts — 3.5% |
Massachusetts Educational Financing Authority, RB, Education Loan, Issue I, AMT, 5.00%, 1/01/26 |  |  | 1,300 |  |  |  | 1,447,446 |
Massachusetts HFA, Refunding RB, Series C, AMT, 5.35%, 12/01/42 |  |  | 1,500 |  |  |  | 1,557,090 |
Massachusetts School Building Authority, RB, Dedicated Sales Tax, Series A (AGM), 5.00%, 8/15/15 (a) |  |  | 3,600 |  |  |  | 3,650,616 |
|  |  |  |  |  |  | 6,655,152 |
Michigan — 1.2% |
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18 (a) |  |  | 1,910 |  |  |  | 2,360,531 |
Minnesota — 0.8% |
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC), 6.50%, 11/15/38 |  |  | 1,325 |  |  |  | 1,540,034 |
Municipal Bonds |  | Par (000) |  |  | Value |
Mississippi — 2.4% |
Mississippi Development Bank, RB, Special Obligation, Jackson Water & Sewer System Project (AGM), 6.88%, 12/01/40 |  | $ | 2,595 |  |  | $ | 3,348,251 |
Mississippi State University Educational Building Corp., Refunding RB, Mississippi State University Improvement Project, 5.25%, 8/01/38 |  |  | 1,000 |  |  |  | 1,138,270 |
|  |  |  |  |  |  | 4,486,521 |
Nevada — 3.8% |
County of Clark Nevada, ARB, Las Vegas-McCarran International Airport, Series A (AGM), 5.25%, 7/01/39 |  |  | 1,410 |  |  |  | 1,586,461 |
County of Clark Nevada, GO, Limited Tax, 5.00%, 6/01/38 |  |  | 3,500 |  |  |  | 3,837,575 |
County of Clark Nevada Water Reclamation District, GO, Series A, 5.25%, 7/01/34 |  |  | 1,500 |  |  |  | 1,703,385 |
|  |  |  |  |  |  | 7,127,421 |
New Jersey — 8.0% |
New Jersey EDA, RB, The Goethals Bridge Replacement Project, AMT: |  |  |  |  |  |  |  |
5.38%, 1/01/43 |  |  | 3,000 |  |  |  | 3,317,820 |
(AGM) 5.00%, 1/01/31 |  |  | 790 |  |  |  | 878,851 |
New Jersey Health Care Facilities Financing Authority, RB, Virtua Health, Series A (AGC), 5.50%, 7/01/38 |  |  | 2,100 |  |  |  | 2,341,731 |
New Jersey Transportation Trust Fund Authority, RB: |  |  |  |  |  |  |  |
Transportation Program, Series AA, 5.50%, 6/15/39 |  |  | 1,890 |  |  |  | 2,057,568 |
Transportation System, Series A, 5.50%, 6/15/41 |  |  | 1,780 |  |  |  | 1,949,990 |
Transportation System, Series A (AGC), 5.63%, 12/15/28 |  |  | 3,170 |  |  |  | 3,650,255 |
Transportation System, Series B, 5.25%, 6/15/36 |  |  | 1,000 |  |  |  | 1,053,930 |
|  |  |  |  |  |  | 15,250,145 |
New York — 5.6% |
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series EE: |  |  |  |  |  |  |  |
5.38%, 6/15/43 |  |  | 1,305 |  |  |  | 1,535,541 |
Fiscal 2009, 5.25%, 6/15/40 |  |  | 3,410 |  |  |  | 3,870,998 |
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012, Series A, 5.75%, 2/15/47 |  |  | 2,510 |  |  |  | 2,887,128 |
Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 166th Series, 5.25%, 7/15/36 |  |  | 2,000 |  |  |  | 2,255,640 |
|  |  |  |  |  |  | 10,549,307 |
Ohio — 1.2% |
State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 2/15/31 |  |  | 2,000 |  |  |  | 2,307,500 |
Pennsylvania — 1.6% |
Pennsylvania Economic Development Financing Authority, RB, PA Bridges Finco LP: |  |  |  |  |  |  |  |
5.00%, 12/31/34 |  |  | 1,170 |  |  |  | 1,272,282 |
5.00%, 12/31/38 |  |  | 510 |  |  |  | 550,769 |
Township of Bristol Pennsylvania School District, GO, 5.25%, 6/01/37 |  |  | 1,000 |  |  |  | 1,140,420 |
|  |  |  |  |  |  | 2,963,471 |
South Carolina — 3.6% |
County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38 |  |  | 2,180 |  |  |  | 2,523,633 |

See Notes to Financial Statements.

48 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

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

Municipal Bonds |  | Par (000) |  |  | Value |
South Carolina (concluded) |
County of Charleston South Carolina Airport District, ARB, Series A, AMT: |  |  |  |  |  |  |  |
5.50%, 7/01/38 |  | $ | 1,000 |  |  | $ | 1,128,860 |
6.00%, 7/01/38 |  |  | 1,695 |  |  |  | 1,975,404 |
5.50%, 7/01/41 |  |  | 1,000 |  |  |  | 1,129,620 |
|  |  |  |  |  |  | 6,757,517 |
Texas — 23.3% |
Austin Community College District Public Facility Corp., RB, Educational Facilities Project, Round Rock Campus, 5.25%, 8/01/33 |  |  | 2,500 |  |  |  | 2,779,975 |
City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 3/01/37 |  |  | 1,360 |  |  |  | 1,551,828 |
City of Houston Texas Utility System, Refunding RB, Combined 1st Lien, Series A (AGC), 6.00%, 11/15/35 |  |  | 4,000 |  |  |  | 4,738,600 |
Dallas Area Rapid Transit, Refunding RB, Senior Lien, 5.25%, 12/01/38 |  |  | 2,600 |  |  |  | 2,908,256 |
Dallas-Fort Worth International Airport, ARB, Joint Improvement, AMT: |  |  |  |  |  |  |  |
Series A, 5.00%, 11/01/38 |  |  | 2,965 |  |  |  | 3,165,286 |
Series H, 5.00%, 11/01/37 |  |  | 2,200 |  |  |  | 2,369,224 |
Lower Colorado River Authority, Refunding RB, 5.50%, 5/15/33 |  |  | 1,240 |  |  |  | 1,448,444 |
North Texas Tollway Authority, RB, Special Projects, Series A, 5.50%, 9/01/41 |  |  | 4,250 |  |  |  | 4,989,287 |
North Texas Tollway Authority, Refunding RB, 1st Tier System: |  |  |  |  |  |  |  |
Series A (NPFGC), 5.63%, 1/01/33 |  |  | 6,585 |  |  |  | 7,236,586 |
Series A (NPFGC), 5.75%, 1/01/40 |  |  | 4,885 |  |  |  | 5,409,893 |
Series B (NPFGC), 5.75%, 1/01/40 |  |  | 6,275 |  |  |  | 6,949,249 |
Red River Education Financing Corp., RB, Texas Christian University Project, 5.25%, 3/15/38 |  |  | 620 |  |  |  | 708,765 |
|  |  |  |  |  |  | 44,255,393 |
Virginia — 1.1% |
City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 1/01/43 |  |  | 570 |  |  |  | 631,514 |
Virginia Public School Authority, RB, Fluvanna County School Financing, 6.50%, 12/01/18 (a) |  |  | 1,300 |  |  |  | 1,547,585 |
|  |  |  |  |  |  | 2,179,099 |
Washington — 1.5% |  |  |  |  |  |  |  |
City of Seattle Washington Municipal Light & Power, Refunding RB, Series A, 5.25%, 2/01/36 |  |  | 1,375 |  |  |  | 1,558,260 |
State of Washington, GO, Various Purposes, Series B, 5.25%, 2/01/36 |  |  | 1,075 |  |  |  | 1,241,647 |
|  |  |  |  |  |  | 2,799,907 |
Total Municipal Bonds — 130.3% |  |  |  |  |  |  | 247,045,233 |
Municipal Bonds Transferred to Tender Option Bond Trusts (c) |
Colorado — 3.1% |  |  |  |  |  |  |  |
Colorado Health Facilities Authority, RB, Catholic Health, Series C-3 (AGM), 5.10%, 10/01/41 |  |  | 5,610 |  |  |  | 5,963,542 |
District of Columbia — 0.6% |  |  |  |  |  |  |  |
District of Columbia Water & Sewer Authority, Refunding RB, Series A, 6.00%, 10/01/18 (a)(d) |  |  | 1,039 |  |  |  | 1,211,882 |
Florida — 4.7% |  |  |  |  |  |  |  |
County of Lee Florida Housing Finance Authority, RB, S/F Housing, Multi-County Program, Series A-2, AMT (Ginnie Mae), 6.00%, 9/01/40 |  |  | 304 |  |  |  | 310,091 |
Municipal Bonds Transferred to Tender Option Bond Trusts (c) |  | Par (000) |  |  | Value |
Florida (concluded) |  |  |  |  |  |  |  |
County of Miami-Dade Florida, GO, Building Better Communities Program, Series B-1, 6.00%, 7/01/38 |  | $ | 7,500 |  |  | $ | 8,577,150 |
|  |  |  |  |  |  | 8,887,241 |
Illinois — 1.5% |  |  |  |  |  |  |  |
City of Chicago Illinois, Refunding RB, Waterworks, 2nd Lien (AGM), 5.25%, 11/01/33 |  |  | 2,508 |  |  |  | 2,748,018 |
Kentucky — 0.8% |  |  |  |  |  |  |  |
Kentucky State Property & Building Commission, Refunding RB, Project No. 93 (AGC), 5.25%, 2/01/27 |  |  | 1,406 |  |  |  | 1,601,402 |
Nevada — 5.3% |  |  |  |  |  |  |  |
County of Clark Nevada Water Reclamation District, GO: |  |  |  |  |  |  |  |
Limited Tax, 6.00%, 7/01/38 |  |  | 5,000 |  |  |  | 5,721,450 |
Series B, 5.50%, 7/01/29 |  |  | 3,749 |  |  |  | 4,351,966 |
|  |  |  |  |  |  | 10,073,416 |
New Jersey — 1.3% |  |  |  |  |  |  |  |
New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series CC, 5.25%, 10/01/29 |  |  | 2,291 |  |  |  | 2,426,692 |
New York — 5.2% |  |  |  |  |  |  |  |
City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.25%, 1/15/39 |  |  | 1,400 |  |  |  | 1,566,120 |
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 |  |  | 4,530 |  |  |  | 5,184,948 |
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (d) |  |  | 2,660 |  |  |  | 3,077,859 |
|  |  |  |  |  |  | 9,828,927 |
Utah — 0.6% |  |  |  |  |  |  |  |
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41 |  |  | 1,004 |  |  |  | 1,102,933 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 23.1% |  |  |  | 43,844,053 |
Total Long-Term Investments (Cost — $263,809,651) — 153.4% |  |  |  | 290,889,286 |
Short-Term Securities |  | Shares |  |  |  |
FFI Institutional Tax-Exempt Fund, 0.02% (e)(f) |  |  | 3,776,544 |  |  |  | 3,776,544 |
Total Short-Term Securities (Cost — $3,776,544) — 2.0% |  |  |  |  |  |  | 3,776,544 |
Total Investments (Cost — $267,586,195) — 155.4% |  |  |  | 294,665,830 |
Other Assets Less Liabilities — 2.1% |  |  |  | 3,870,274 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (11.6%) |  |  |  | (21,942,336 | )
VMTP Shares, at Liquidation Value — (45.9%) |  |  |  | (87,000,000 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 189,593,768 |

See Notes to Financial Statements.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 49

Schedule of Investments (concluded) |  | BlackRock MuniHoldings Quality Fund, Inc. (MUS)

Notes to Schedule of Investments

(a) |  | U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

(b) |  | Zero-coupon bond.

(c) |  | 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 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOB Trusts.

(d) |  | All or a portion of security is subject to a recourse agreement, which may require the Fund to pay the liquidity provider in the event there is a shortfall between the TOB Trust Certificates and proceeds received from the sale of the security contributed to the TOB Trust or in the event of a default on the security. In the case of a shortfall or default, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire from October 1, 2016 to November 15, 2019, is $2,225,646.

(e) |  | During the year ended April 30, 2015, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliate |  | Shares Held at April 30, 2014 |  |  | Net Activity |  |  | Shares Held at April 30, 2015 |  |  | Income |
FFI Institutional Tax-Exempt Fund |  |  | 4,947,879 |  |  |  | (1,171,335 | ) |  |  | 3,776,544 |  |  | $ | 1,226 |

(f) |  | Represents the current yield as of report date.

Ÿ |  | As of April 30, 2015, financial futures contracts outstanding were as follows:

Contracts Short |  |  | Issue |  | Exchange |  | Expiration |  | Notional Value |  |  | Unrealized Depreciation |
| (129 | ) |  | 10-Year U.S. Treasury Note |  | Chicago Board of Trade |  | June 2015 |  | $ | 16,560,375 |  |  | $ | (145,794 | )

Ÿ |  | Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes. 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. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

| Ÿ |  | Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

| Ÿ |  | 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)

| Ÿ |  | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to Note 2 of the Notes to Financial Statements.

As of April 30, 2015, the following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments1 |  |  | — |  |  | $ | 290,889,286 |  |  | — |  | $ | 290,889,286 |
Short-Term Securities |  | $ | 3,776,544 |  |  |  | — |  |  | — |  |  | 3,776,544 |
Total |  | $ | 3,776,544 |  |  | $ | 290,889,286 |  |  | — |  | $ | 294,665,830 |
1 See above Schedule of Investments for values in each state or political subdivision. |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  | Total |
Derivative Financial Instruments 2 |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | (145,794 | ) |  |  | — |  |  | — |  | $ | (145,794 | )
2 Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of April 30, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows: |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash pledged for financial futures contracts |  | $ | 183,000 |  |  |  | — |  |  | — |  | $ | 183,000 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  |  | — |  |  | $ | (21,936,718 | ) |  | — |  |  | (21,936,718 | )
VMTP Shares |  |  | — |  |  |  | (87,000,000 | ) |  | — |  |  | (87,000,000 | )
Total |  | $ | 183,000 |  |  | $ | (108,936,718 | ) |  | — |  | $ | (108,753,718 | )

During the year ended April 30, 2015, there were no transfers between levels.

See Notes to Financial Statements.

50 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Schedule of Investments April 30, 2015 |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI) (Percentages shown are based on Net Assets)

Municipal Bonds |  | Par (000) |  |  | Value |
Alabama — 2.9% |  |  |  |  |  |  |  |
City of Birmingham Alabama Special Care Facilities Financing Authority, RB, Children’s Hospital (AGC), 6.00%, 6/01/34 |  | $ | 4,615 |  |  | $ | 5,349,523 |
County of Jefferson Alabama, RB, Limited Obligation School, Series A: |  |  |  |  |  |  |  |
5.50%, 1/01/21 |  |  | 5,500 |  |  |  | 5,527,390 |
5.25%, 1/01/23 |  |  | 6,500 |  |  |  | 6,532,370 |
|  |  |  |  |  |  | 17,409,283 |
Arizona — 4.9% |  |  |  |  |  |  |  |
Arizona Board of Regents, University of Arizona, RB, 5.00%, 8/01/28 |  |  | 2,000 |  |  |  | 2,288,100 |
Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital, Series A, 5.00%, 2/01/30 |  |  | 2,685 |  |  |  | 2,918,488 |
City of Phoenix Arizona IDA, RB, Facility, Legacy Traditional Schools Project, Series A, 5.75%, 7/01/24 (a) |  |  | 750 |  |  |  | 822,705 |
City of Tucson Arizona, COP (AGC): |  |  |  |  |  |  |  |
4.25%, 7/01/21 |  |  | 1,870 |  |  |  | 2,040,245 |
4.25%, 7/01/22 |  |  | 1,895 |  |  |  | 2,050,902 |
City of Tucson Arizona, COP, Refunding (AGC), 4.00%, 7/01/20 |  |  | 2,325 |  |  |  | 2,584,888 |
County of Maricopa Arizona IDA, RB, Arizona Charter School Project 1, Series A, 6.63%, 7/01/20 |  |  | 570 |  |  |  | 554,792 |
County of Pima Arizona IDA, RB, Arizona Charter Schools Project, Series K, 6.38%, 7/01/31 |  |  | 895 |  |  |  | 897,703 |
County of Pinal Arizona Electric District No. 3, Refunding RB, 5.00%, 7/01/25 |  |  | 1,600 |  |  |  | 1,804,416 |
Glendale Union School District No. 205, GO, Series C: |  |  |  |  |  |  |  |
5.00%, 7/01/24 |  |  | 1,945 |  |  |  | 2,310,932 |
5.00%, 7/01/27 |  |  | 500 |  |  |  | 576,855 |
Phoenix-Mesa Gateway Airport Authority, RB, Mesa Project, AMT: |  |  |  |  |  |  |  |
5.00%, 7/01/27 |  |  | 700 |  |  |  | 790,895 |
5.00%, 7/01/32 |  |  | 1,925 |  |  |  | 2,115,556 |
Salt River Project Agricultural Improvement & Power District, RB, Series A, 5.00%, 1/01/25 |  |  | 4,000 |  |  |  | 4,425,960 |
Scottsdale IDA, Refunding RB, Scottsdale Healthcare, Series C (AGM), 5.00%, 9/01/35 |  |  | 2,050 |  |  |  | 2,270,949 |
State of Arizona, COP, Department of Administration, Series A (AGM), 4.25%, 10/01/23 |  |  | 1,000 |  |  |  | 1,080,390 |
|  |  |  |  |  |  | 29,533,776 |
Arkansas — 2.2% |  |  |  |  |  |  |  |
Arkansas State University, RB, 5.00%, 12/01/33 |  |  | 480 |  |  |  | 544,018 |
City of Benton, RB: |  |  |  |  |  |  |  |
5.00%, 6/01/28 |  |  | 600 |  |  |  | 691,668 |
5.00%, 6/01/29 |  |  | 1,055 |  |  |  | 1,209,948 |
University of Arkansas, Refunding RB: |  |  |  |  |  |  |  |
5.00%, 3/01/31 |  |  | 2,315 |  |  |  | 2,698,179 |
5.00%, 3/01/33 |  |  | 5,845 |  |  |  | 6,753,254 |
5.00%, 3/01/34 |  |  | 1,270 |  |  |  | 1,461,554 |
|  |  |  |  |  |  | 13,358,621 |
California — 3.5% |  |  |  |  |  |  |  |
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 8/15/22 |  |  | 2,135 |  |  |  | 2,501,900 |
California Pollution Control Financing Authority, RB, Mandatory Put Bonds, Republic Services, Inc. Project, Series B, AMT, 5.25%, 6/01/23 (b) |  |  | 605 |  |  |  | 653,987 |
California Pollution Control Financing Authority, Refunding RB, Pacific Gas, Series C, AMT (NPFGC), 4.75%, 12/01/23 |  |  | 5,000 |  |  |  | 5,298,800 |
Municipal Bonds |  | Par (000) |  |  | Value |
California (concluded) |  |  |  |  |  |  |  |
City of San Jose California, Refunding ARB, Series A-1, AMT, 5.00%, 3/01/25 |  |  | 2,000 |  |  |  | 2,238,220 |
State of California, GO: |  |  |  |  |  |  |  |
5.50%, 4/01/28 |  |  | 15 |  |  |  | 15,065 |
5.00%, 11/01/32 |  |  | 2,000 |  |  |  | 2,185,280 |
Various Purposes, 5.75%, 4/01/31 |  |  | 7,000 |  |  |  | 8,134,000 |
|  |  |  |  |  |  | 21,027,252 |
Colorado — 0.9% |  |  |  |  |  |  |  |
Denver Urban Renewal Authority, Refunding, Tax Allocation Bond, Stapleton, Senior-Series A-1, 5.00%, 12/01/23 |  |  | 2,500 |  |  |  | 2,921,700 |
University of Northern Colorado, Refunding RB, Series A, 5.00%, 6/01/31 |  |  | 2,000 |  |  |  | 2,317,740 |
|  |  |  |  |  |  | 5,239,440 |
Connecticut — 2.3% |  |  |  |  |  |  |  |
Connecticut State Development Authority, RB, Learjet, Inc. Project, AMT, 7.95%, 4/01/26 |  |  | 1,160 |  |  |  | 1,192,248 |
Connecticut State Health & Educational Facility Authority, Refunding RB, Lawrence & Memorial Hospital, Series F, 5.00%, 7/01/31 |  |  | 4,530 |  |  |  | 4,956,500 |
State of Connecticut, GO, Series B, 5.00%, 4/15/31 |  |  | 6,990 |  |  |  | 7,965,524 |
|  |  |  |  |  |  | 14,114,272 |
Florida — 5.9% |  |  |  |  |  |  |  |
County of Broward Florida School Board, COP, Refunding, Series A (AGM), 5.00%, 7/01/24 |  |  | 10,000 |  |  |  | 11,408,600 |
County of Highlands Health Facilities Authority, Refunding RB, Adventis Health, Series G, 5.13%, 11/15/16 (c) |  |  | 35 |  |  |  | 37,442 |
County of Lee Florida, Refunding ARB, Series A, AMT: |  |  |  |  |  |  |  |
5.50%, 10/01/23 |  |  | 1,000 |  |  |  | 1,175,520 |
(AGM), 5.00%, 10/01/27 |  |  | 1,635 |  |  |  | 1,824,873 |
County of Miami-Dade Florida, RB, AMT, Series B: |  |  |  |  |  |  |  |
6.00%, 10/01/28 |  |  | 3,470 |  |  |  | 4,237,911 |
6.00%, 10/01/29 |  |  | 3,480 |  |  |  | 4,248,697 |
County of Miami-Dade Florida Transit System Sales Surtax Revenue, Refunding RB, 5.00%, 7/01/32 |  |  | 1,500 |  |  |  | 1,697,340 |
County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series C (BHAC), 5.00%, 10/01/23 |  |  | 8,000 |  |  |  | 8,949,200 |
Midtown Miami Community Development District, Refunding, Special Assessment Bonds, Series A, 4.25%, 5/01/24 |  |  | 1,835 |  |  |  | 1,953,009 |
Sterling Hill Community Development District, Refunding RB, Special Assessment Bonds, Series B, 5.50%, 11/01/10 (d)(e) |  |  | 155 |  |  |  | 92,998 |
|  |  |  |  |  |  | 35,625,590 |
Georgia — 3.1% |  |  |  |  |  |  |  |
City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, 5.00%, 11/01/32 |  |  | 10,000 |  |  |  | 11,567,500 |
Fulton County Development Authority, Refunding RB, Robert Woodruff, Series B, 5.25%, 3/15/24 |  |  | 3,000 |  |  |  | 3,356,220 |
Medical Center Hospital Authority, Refunding RB, Columbus Regional Healthcare (AGM): |  |  |  |  |  |  |  |
4.00%, 8/01/23 |  |  | 1,500 |  |  |  | 1,590,135 |
4.13%, 8/01/24 |  |  | 2,000 |  |  |  | 2,117,840 |
|  |  |  |  |  |  | 18,631,695 |
Guam — 0.4% |  |  |  |  |  |  |  |
Territory of Guam, RB, Section 30, Series A, 5.38%, 12/01/24 |  |  | 2,100 |  |  |  | 2,325,183 |

See Notes to Financial Statements.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 51

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

Municipal Bonds |  | Par (000) |  |  | Value |
Hawaii — 0.9% |  |  |  |  |  |  |  |
State of Hawaii Airports System, Refunding ARB, Series A, 5.25%, 7/01/29 |  | $ | 5,000 |  |  | $ | 5,747,800 |
Illinois — 16.3% |  |  |  |  |  |  |  |
City of Chicago Illinois, Refunding RB, GO, Series A, 5.25%, 1/01/30 |  |  | 1,000 |  |  |  | 1,009,630 |
City of Chicago Illinois Midway International Airport, Refunding ARB, 2nd Lien, Series A, AMT, 5.50%, 1/01/32 |  |  | 1,500 |  |  |  | 1,707,750 |
City of Chicago Illinois Midway International Airport, Refunding RB, AMT, Series A, 5.00%, 1/01/32 |  |  | 5,000 |  |  |  | 5,478,050 |
City of Chicago Illinois O’Hare International Airport, Refunding GARB, AMT: |  |  |  |  |  |  |  |
Senior Lien, Series A, 5.00%, 1/01/23 |  |  | 13,000 |  |  |  | 15,107,170 |
Series C, 5.25%, 1/01/28 |  |  | 1,350 |  |  |  | 1,537,812 |
Series C, 5.25%, 1/01/29 |  |  | 3,020 |  |  |  | 3,418,217 |
City of Chicago Illinois Transit Authority, RB, 5.25%, 12/01/31 |  |  | 3,700 |  |  |  | 4,126,166 |
Madison-Macoupin Etc. Counties Community College District No. 536, GO, Refunding, Lewis & Clark Community College: |  |  |  |  |  |  |  |
5.00%, 5/01/30 |  |  | 475 |  |  |  | 527,630 |
5.00%, 5/01/31 |  |  | 500 |  |  |  | 554,295 |
5.00%, 5/01/32 |  |  | 500 |  |  |  | 559,280 |
McHenry County Conservation District, GO, 5.13%, 2/01/17 (c) |  |  | 12,695 |  |  |  | 13,699,175 |
Railsplitter Tobacco Settlement Authority, RB: |  |  |  |  |  |  |  |
5.50%, 6/01/23 |  |  | 3,500 |  |  |  | 4,096,715 |
6.25%, 6/01/24 |  |  | 12,750 |  |  |  | 13,561,155 |
State of Illinois, GO: |  |  |  |  |  |  |  |
5.25%, 2/01/30 |  |  | 5,000 |  |  |  | 5,392,300 |
5.00%, 5/01/30 |  |  | 10,000 |  |  |  | 10,617,700 |
State of Illinois Toll Highway Authority, RB, Series A, 5.00%, 1/01/34 |  |  | 9,140 |  |  |  | 10,237,440 |
Village of Hodgkins Illinois, RB, MBM Project, AMT, 5.90%, 11/01/17 |  |  | 6,000 |  |  |  | 6,010,440 |
Village of Wheeling Illinois, Tax Allocation Bonds, North Milwaukee/Lake-Cook TIF Project, 6.00%, 1/01/25 |  |  | 1,290 |  |  |  | 1,290,529 |
|  |  |  |  |  |  | 98,931,454 |
Indiana — 4.1% |  |  |  |  |  |  |  |
City of Whiting Indiana, RB, BP Products North America, Inc. Project, 5.25%, 1/01/21 |  |  | 4,800 |  |  |  | 5,576,160 |
County of Jasper Indiana, Refunding RB, Northern Indiana Public Service Co., Series C (NPFGC), 5.85%, 4/01/19 |  |  | 2,000 |  |  |  | 2,275,260 |
Indiana Finance Authority, RB, Wastewater, 1st Lien, Series A, 5.25%, 10/01/31 |  |  | 10,000 |  |  |  | 11,546,100 |
Indiana Finance Authority, Refunding RB, US Steel Corp. Project, 6.00%, 12/01/19 |  |  | 5,000 |  |  |  | 5,575,650 |
|  |  |  |  |  |  | 24,973,170 |
Iowa — 1.0% |  |  |  |  |  |  |  |
Iowa Higher Education Loan Authority, RB, Private College Facility: |  |  |  |  |  |  |  |
5.25%, 4/01/23 |  |  | 695 |  |  |  | 796,053 |
5.25%, 4/01/24 |  |  | 730 |  |  |  | 844,048 |
5.25%, 4/01/25 |  |  | 520 |  |  |  | 596,606 |
5.25%, 4/01/26 |  |  | 360 |  |  |  | 409,853 |
Iowa Higher Education Loan Authority, Refunding RB, Private College Facility: |  |  |  |  |  |  |  |
5.00%, 9/01/22 |  |  | 2,315 |  |  |  | 2,386,950 |
Upper Iowa University Project, 5.00%, 9/01/20 |  |  | 1,000 |  |  |  | 1,068,870 |
|  |  |  |  |  |  | 6,102,380 |
Municipal Bonds |  | Par (000) |  |  | Value |
Kansas — 1.4% |  |  |  |  |  |  |  |
Kansas Development Finance Authority, Refunding RB, Adventist Health System/Sunbelt Obligated Group, Series C, 5.00%, 11/15/23 |  | $ | 1,500 |  |  | $ | 1,705,305 |
Seward County Unified School District No. 480 Liberal, GO, Refunding, 5.00%, 9/01/33 |  |  | 6,000 |  |  |  | 6,684,360 |
|  |  |  |  |  |  | 8,389,665 |
Kentucky — 1.5% |  |  |  |  |  |  |  |
State of Kentucky Property & Building Commission, Refunding RB, Project No. 93 (AGC), 5.25%, 2/01/24 |  |  | 8,000 |  |  |  | 9,135,120 |
Louisiana — 6.3% |  |  |  |  |  |  |  |
City of Bossier City Louisiana Utilities, Refunding RB, 5.00%, 10/01/32 |  |  | 2,000 |  |  |  | 2,285,480 |
City of New Orleans Louisiana Aviation Board, Refunding GARB, Restructuring, Series A-2 (AGC), 6.00%, 1/01/23 |  |  | 850 |  |  |  | 977,823 |
Jefferson Parish Hospital Service District No. 1, Refunding RB, West Jefferson Medical Center, Series A (AGM), 5.50%, 1/01/26 |  |  | 3,000 |  |  |  | 3,466,020 |
Louisiana Local Government Environmental Facilities & Community Development Authority, Refunding RB, 5.00%, 11/01/32 |  |  | 7,000 |  |  |  | 7,969,010 |
Louisiana Local Government Environmental Facilities & Community Development Authority, Refunding RB, BRCC Facilities Corp. Project: |  |  |  |  |  |  |  |
5.00%, 12/01/27 |  |  | 3,445 |  |  |  | 3,876,727 |
5.00%, 12/01/28 |  |  | 3,715 |  |  |  | 4,154,559 |
Louisiana Public Facilities Authority, Refunding RB, Entergy Gulf States Louisiana LLC Project, Series A, 5.00%, 9/01/28 |  |  | 2,000 |  |  |  | 2,029,960 |
New Orleans Aviation Board, RB, Series A: |  |  |  |  |  |  |  |
5.00%, 1/01/31 |  |  | 855 |  |  |  | 968,399 |
5.00%, 1/01/32 |  |  | 1,000 |  |  |  | 1,128,230 |
5.00%, 1/01/33 |  |  | 1,000 |  |  |  | 1,125,600 |
State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, 4.00%, 5/01/34 |  |  | 5,750 |  |  |  | 5,992,535 |
Terrebonne Levee & Conservation District, RB, Sales Tax, 5.00%, 7/01/28 |  |  | 3,660 |  |  |  | 4,092,502 |
|  |  |  |  |  |  | 38,066,845 |
Maine — 0.3% |  |  |  |  |  |  |  |
Portland Housing Development Corp., Refunding RB, Senior Living, Retirement Facilities, Series A, 6.00%, 2/01/34 |  |  | 1,965 |  |  |  | 1,987,106 |
Maryland — 0.8% |  |  |  |  |  |  |  |
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.13%, 6/01/20 |  |  | 1,750 |  |  |  | 1,928,938 |
Maryland Health & Higher Educational Facilities Authority, RB, Johns Hopkins Health System, Series B, 5.00%, 7/01/33 |  |  | 1,140 |  |  |  | 1,276,686 |
Maryland Health & Higher Educational Facilities Authority, Refunding RB, 5.00%, 7/01/33 |  |  | 1,500 |  |  |  | 1,663,935 |
|  |  |  |  |  |  | 4,869,559 |
Massachusetts — 1.2% |  |  |  |  |  |  |  |
Massachusetts Health & Educational Facilities Authority, Refunding RB, Winchester Hospital, 5.00%, 7/01/25 |  |  | 1,060 |  |  |  | 1,185,822 |
Massachusetts School Building Authority, RB, Dedicated Sales Tax, Series A (AGM), 5.00%, 8/15/15 (c) |  |  | 5,870 |  |  |  | 5,952,532 |
|  |  |  |  |  |  | 7,138,354 |
Michigan — 2.7% |  |  |  |  |  |  |  |
Manistee Area Public Schools, GO, Refunding (Q-SBLF), 5.00%, 5/01/25 |  |  | 1,000 |  |  |  | 1,134,580 |

See Notes to Financial Statements.

52 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

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

Municipal Bonds |  | Par (000) |  |  | Value |
Michigan (concluded) |  |  |  |  |  |  |  |
Michigan Finance Authority, Refunding RB, Senior Lien, Detroit Water and Sewer, Series C-3, 5.00%, 7/01/31 |  | $ | 4,000 |  |  | $ | 4,457,000 |
Michigan State Building Authority, Refunding RB, Facilities Program, Series II-A, 5.00%, 10/15/24 |  |  | 2,500 |  |  |  | 2,892,775 |
Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, 5.25%, 11/15/24 |  |  | 4,900 |  |  |  | 5,561,990 |
State of Michigan Trunk Line Revenue, RB, 5.00%, 11/15/31 |  |  | 2,000 |  |  |  | 2,271,540 |
|  |  |  |  |  |  | 16,317,885 |
Minnesota — 1.5% |  |  |  |  |  |  |  |
City of St. Cloud Minnesota, Refunding RB, Centracare Health System, Series A, 4.25%, 5/01/21 |  |  | 2,300 |  |  |  | 2,555,300 |
St. Cloud Minnesota Independent School District No. 742, GO, Series A, 3.00%, 2/01/31 |  |  | 350 |  |  |  | 338,429 |
University of Minnesota, RB, Biomedical Science Research Facilities Funding Program: |  |  |  |  |  |  |  |
Series B, 5.00%, 8/01/36 |  |  | 1,000 |  |  |  | 1,125,960 |
Series C, 5.00%, 8/01/27 |  |  | 1,390 |  |  |  | 1,624,021 |
Series C, 5.00%, 8/01/28 |  |  | 740 |  |  |  | 855,943 |
Series C, 5.00%, 8/01/29 |  |  | 1,555 |  |  |  | 1,789,385 |
Series C, 5.00%, 8/01/30 |  |  | 835 |  |  |  | 956,250 |
|  |  |  |  |  |  | 9,245,288 |
Mississippi — 0.7% |  |  |  |  |  |  |  |
Mississippi Business Finance Corp., Refunding RB, System Energy Resource, Inc. Project, 5.88%, 4/01/22 |  |  | 4,190 |  |  |  | 4,215,140 |
Missouri — 1.9% |  |  |  |  |  |  |  |
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, Series A, 5.00%, 6/01/30 |  |  | 2,000 |  |  |  | 2,283,540 |
Missouri Joint Municipal Electric Utility Commission Power, RB, Prairie State Project, Series A (BHAC), 5.00%, 1/01/17 (c) |  |  | 5,000 |  |  |  | 5,364,850 |
Missouri State Environmental Improvement & Energy Resource Authority, Refunding RB, Revolving Funds Program, Series A, 5.00%, 1/01/25 |  |  | 3,150 |  |  |  | 3,741,539 |
|  |  |  |  |  |  | 11,389,929 |
Montana — 0.3% |  |  |  |  |  |  |  |
Montana State Board of Regents, RB, 5.00%, 11/15/30 |  |  | 1,000 |  |  |  | 1,157,860 |
Yellowstone County School District No. 2 Billings, GO, 5.00%, 6/15/30 |  |  | 715 |  |  |  | 840,869 |
|  |  |  |  |  |  | 1,998,729 |
Nebraska — 0.9% |  |  |  |  |  |  |  |
Lancaster County Hospital Authority No. 1, Refunding RB, Immanuel Obligation Group, 5.50%, 1/01/30 |  |  | 1,000 |  |  |  | 1,104,460 |
Nebraska Public Power District, Refunding RB: |  |  |  |  |  |  |  |
Series A, 5.00%, 1/01/30 |  |  | 1,000 |  |  |  | 1,127,120 |
Series A, 5.00%, 1/01/32 |  |  | 2,000 |  |  |  | 2,234,960 |
Series A-1, 3.00%, 1/01/33 |  |  | 900 |  |  |  | 857,295 |
|  |  |  |  |  |  | 5,323,835 |
Nevada — 1.6% |  |  |  |  |  |  |  |
Clark County Department of Aviation, Refunding RB, 5.00%, 7/01/33 |  |  | 5,000 |  |  |  | 5,629,650 |
Municipal Bonds |  | Par (000) |  |  | Value |
Nevada (concluded) |  |  |  |  |  |  |  |
County of Humboldt Nevada, Refunding RB, Idaho Power Co. Project, 5.15%, 12/01/24 |  | $ | 3,800 |  |  | $ | 4,275,798 |
|  |  |  |  |  |  | 9,905,448 |
New Jersey — 19.2% |  |  |  |  |  |  |  |
County of Essex New Jersey Improvement Authority, LRB, Newark Project, Series A (AGM), 5.00%, 11/01/20 |  |  | 2,000 |  |  |  | 2,215,560 |
Garden State Preservation Trust, RB, Election of 2005, Series A (AGM), 5.80%, 11/01/15 (c) |  |  | 5,050 |  |  |  | 5,192,461 |
New Jersey EDA, RB, AMT: |  |  |  |  |  |  |  |
5.50%, 1/01/26 |  |  | 1,500 |  |  |  | 1,757,460 |
5.50%, 1/01/27 |  |  | 1,000 |  |  |  | 1,159,340 |
Continental Airlines, Inc. Project, 5.13%, 9/15/23 |  |  | 6,040 |  |  |  | 6,645,872 |
New Jersey EDA, Refunding RB: |  |  |  |  |  |  |  |
New Jersey American Water Co., Series E, AMT, 4.70%, 12/01/25 |  |  | 3,000 |  |  |  | 3,237,450 |
School Facilities Construction, Series AA, 4.25%, 12/15/24 |  |  | 3,850 |  |  |  | 3,965,154 |
School Facilities Construction, Series EE, 5.00%, 9/01/23 |  |  | 3,465 |  |  |  | 3,770,093 |
New Jersey Educational Facilities Authority, RB, Higher Education Facilities Trust Fund, 5.00%, 6/15/28 |  |  | 10,000 |  |  |  | 10,780,100 |
New Jersey Health Care Facilities Financing Authority, Refunding RB, Hackensack University Medical, Series B (AGM), 4.00%, 1/01/24 |  |  | 635 |  |  |  | 679,901 |
New Jersey Higher Education Student Assistance Authority, Refunding RB: |  |  |  |  |  |  |  |
Series 1, AMT, 5.50%, 12/01/26 |  |  | 1,665 |  |  |  | 1,843,055 |
Series 1, AMT, 5.00%, 12/01/27 |  |  | 2,585 |  |  |  | 2,585,284 |
Student Loan, Series 1A, 4.75%, 12/01/21 |  |  | 1,930 |  |  |  | 2,062,359 |
New Jersey State Turnpike Authority, Refunding RB, Series B, 5.00%, 1/01/29 |  |  | 10,000 |  |  |  | 11,309,500 |
New Jersey Transportation Trust Fund Authority, RB: |  |  |  |  |  |  |  |
5.25%, 6/15/32 |  |  | 12,500 |  |  |  | 13,519,500 |
Series B, 5.25%, 6/15/26 |  |  | 3,500 |  |  |  | 3,814,020 |
Transportation Program, Series AA, 5.25%, 6/15/31 |  |  | 12,000 |  |  |  | 12,893,400 |
Transportation System, Series A, 5.25%, 6/15/24 |  |  | 3,185 |  |  |  | 3,521,177 |
Transportation System, Series B, 5.50%, 6/15/31 |  |  | 13,970 |  |  |  | 15,481,554 |
Newark Housing Authority, RB, Series A: |  |  |  |  |  |  |  |
5.00%, 12/01/23 |  |  | 1,230 |  |  |  | 1,433,085 |
5.00%, 12/01/25 |  |  | 1,345 |  |  |  | 1,546,885 |
South Jersey Port Corp., RB, Marine Terminal, Series O-1 (AGC), 4.63%, 1/01/23 |  |  | 1,375 |  |  |  | 1,484,821 |
State of New Jersey, GO, 5.00%, 6/01/28 |  |  | 5,000 |  |  |  | 5,719,100 |
|  |  |  |  |  |  | 116,617,131 |
New Mexico — 0.9% |  |  |  |  |  |  |  |
Albuquerque Bernalillo County Water Utility Authority, Refunding RB, 4.00%, 7/01/33 |  |  | 5,510 |  |  |  | 5,734,257 |
New York — 19.1% |  |  |  |  |  |  |  |
City of New York New York, GO: |  |  |  |  |  |  |  |
Series D1, 5.13%, 12/01/26 |  |  | 4,615 |  |  |  | 5,123,573 |
Sub-Series B-1, 5.25%, 9/01/22 |  |  | 8,250 |  |  |  | 9,358,800 |
Sub-Series I-1, 5.50%, 4/01/21 |  |  | 5,000 |  |  |  | 5,802,200 |
City of New York New York, GO, Refunding, Fiscal 2013, Series E: |  |  |  |  |  |  |  |
5.00%, 8/01/24 |  |  | 4,000 |  |  |  | 4,579,520 |
5.00%, 8/01/30 |  |  | 6,230 |  |  |  | 7,090,550 |

See Notes to Financial Statements.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 53

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

Municipal Bonds |  | Par (000) |  |  | Value |
New York (concluded) |  |  |  |  |  |  |  |
County of Essex New York Industrial Development Agency, Refunding RB, International Paper Co. Project, Series A, AMT, 5.20%, 12/01/23 |  | $ | 5,000 |  |  | $ | 5,090,300 |
County of Westchester New York Healthcare Corp., Refunding RB, Senior Lien, Remarketing, Series A: |  |  |  |  |  |  |  |
5.00%, 11/01/24 |  |  | 5,470 |  |  |  | 6,171,582 |
5.00%, 11/01/30 |  |  | 1,000 |  |  |  | 1,090,920 |
Long Island Power Authority, Refunding RB, Electric System, Series A, 5.50%, 4/01/24 |  |  | 1,000 |  |  |  | 1,120,760 |
Metropolitan Transportation Authority, RB: |  |  |  |  |  |  |  |
Series B, 5.25%, 11/15/33 |  |  | 4,405 |  |  |  | 5,109,051 |
Sub-Series B-1, 5.00%, 11/15/24 |  |  | 2,300 |  |  |  | 2,743,877 |
Sub-Series B-4, 5.00%, 11/15/24 |  |  | 1,500 |  |  |  | 1,789,485 |
Monroe County Industrial Development Corp., Refunding RB, Series A, 5.00%, 7/01/29 |  |  | 5,695 |  |  |  | 6,572,600 |
New York City Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.00%, 1/15/23 |  |  | 3,560 |  |  |  | 4,030,632 |
New York City Trust for Cultural Resources, Refunding RB, Carnegie Hall, Series A, 5.00%, 12/01/29 |  |  | 2,750 |  |  |  | 3,138,025 |
New York State Dormitory Authority, RB: |  |  |  |  |  |  |  |
Education, Series D, 5.00%, 9/15/16 (c) |  |  | 5 |  |  |  | 5,315 |
Fordham University, Series A, 5.25%, 7/01/25 |  |  | 900 |  |  |  | 1,051,308 |
Mount Sinai School of Medicine, Series A (NPFGC), 5.15%, 7/01/24 |  |  | 1,000 |  |  |  | 1,159,760 |
Municipal Health Facilities Lease, Sub-Series 2-4, 5.00%, 1/15/27 |  |  | 6,900 |  |  |  | 7,622,085 |
New York University Hospitals Center, Series A, 5.00%, 7/01/22 |  |  | 1,725 |  |  |  | 1,971,106 |
New York University Hospitals Center, Series A, 5.13%, 7/01/23 |  |  | 1,670 |  |  |  | 1,914,889 |
North Shore-Long Island Jewish Health System, Series A, 5.50%, 5/01/30 |  |  | 1,495 |  |  |  | 1,680,604 |
New York State Dormitory Authority, Refunding RB: |  |  |  |  |  |  |  |
North Shore-Long Island Jewish Obligated Group, Series E, 5.00%, 5/01/22 |  |  | 650 |  |  |  | 729,274 |
Series A, 4.00%, 7/01/32 |  |  | 1,345 |  |  |  | 1,395,074 |
Yeshiva University, 4.25%, 9/01/24 |  |  | 2,750 |  |  |  | 2,778,078 |
New York State Urban Development Corp., RB, Service Contract, Series B, 5.00%, 1/01/21 |  |  | 8,000 |  |  |  | 8,984,080 |
Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, 5.00%, 12/01/20 |  |  | 2,475 |  |  |  | 2,830,361 |
Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 152nd Series, AMT, 5.00%, 11/01/23 |  |  | 1,000 |  |  |  | 1,092,660 |
Port Authority of New York & New Jersey, Refunding RB: |  |  |  |  |  |  |  |
5.00%, 11/01/28 |  |  | 6,185 |  |  |  | 7,362,933 |
Consolidated, 153rd Series, 5.00%, 7/15/24 |  |  | 2,010 |  |  |  | 2,252,848 |
State of New York Dormitory Authority, RB, Mental Health Services (AGM): |  |  |  |  |  |  |  |
5.00%, 8/15/18 (c) |  |  | 30 |  |  |  | 33,910 |
5.00%, 8/15/18 (c) |  |  | 10 |  |  |  | 11,303 |
5.00%, 2/15/22 |  |  | 3,950 |  |  |  | 4,424,514 |
2nd Series, 5.00%, 8/15/18 (c) |  |  | 10 |  |  |  | 11,303 |
|  |  |  |  |  |  | 116,123,280 |
North Carolina — 0.4% |  |  |  |  |  |  |  |
County of Gaston North Carolina Industrial Facilities & Pollution Control Financing Authority, RB, Exempt Facilities, National Gypsum Co. Project, AMT, 5.75%, 8/01/35 |  |  | 1,105 |  |  |  | 1,105,984 |
Municipal Bonds |  | Par (000) |  |  | Value |
North Carolina (concluded) |  |  |  |  |  |  |  |
North Carolina Medical Care Commission, Refunding RB, WakeMed, Series A, 5.00%, 10/01/31 |  | $ | 1,500 |  |  | $ | 1,661,355 |
|  |  |  |  |  |  | 2,767,339 |
Ohio — 1.1% |  |  |  |  |  |  |  |
State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 2/15/31 |  |  | 6,000 |  |  |  | 6,922,500 |
Oregon — 1.7% |  |  |  |  |  |  |  |
Klamath County School District, GO: |  |  |  |  |  |  |  |
5.00%, 6/15/30 |  |  | 1,000 |  |  |  | 1,140,910 |
5.00%, 6/15/31 |  |  | 1,000 |  |  |  | 1,137,050 |
Oregon State Facilities Authority, Refunding RB, Series A: |  |  |  |  |  |  |  |
5.00%, 11/15/29 |  |  | 1,000 |  |  |  | 1,146,260 |
Reed College Project, 5.00%, 7/01/29 |  |  | 1,835 |  |  |  | 2,101,626 |
State of Oregon, GO, Series H, 5.00%, 5/01/36 |  |  | 2,000 |  |  |  | 2,276,680 |
Umatilla County School District No. 16R Pendleton, GO, Series A, 5.00%, 6/15/32 |  |  | 2,000 |  |  |  | 2,324,100 |
|  |  |  |  |  |  | 10,126,626 |
Pennsylvania — 6.6% |  |  |  |  |  |  |  |
City of Philadelphia Pennsylvania, ARB, Series A, AMT, 5.00%, 6/15/20 |  |  | 2,895 |  |  |  | 3,120,405 |
City of Pittsburgh Pennsylvania, GO, Refunding, Series B (AGM), 5.25%, 9/01/17 |  |  | 9,630 |  |  |  | 10,265,676 |
County of Allegheny Pennsylvania, GO, Refunding, Series C-68, 5.00%, 11/01/25 |  |  | 2,515 |  |  |  | 2,926,504 |
County of Allegheny Pennsylvania, GO, Series C-67: |  |  |  |  |  |  |  |
5.00%, 11/01/25 |  |  | 2,700 |  |  |  | 3,152,439 |
5.00%, 11/01/26 |  |  | 2,375 |  |  |  | 2,744,954 |
Delaware River JT Toll Bridge Commission, Refunding RB, 5.00%, 7/01/31 |  |  | 400 |  |  |  | 460,188 |
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 12/31/30 |  |  | 5,100 |  |  |  | 5,584,296 |
Pennsylvania Turnpike Commission, RB, Sub-Series B, 5.25%, 12/01/31 |  |  | 4,000 |  |  |  | 4,440,720 |
South Fork Municipal Authority, Refunding RB, Conemaugh Valley Memorial Hospital, Series A (AGC), 6.00%, 7/01/20 (c) |  |  | 6,225 |  |  |  | 7,621,952 |
|  |  |  |  |  |  | 40,317,134 |
Puerto Rico — 1.8% |  |  |  |  |  |  |  |
Puerto Rico Housing Finance Authority, Refunding RB, M/F Housing, Subordinate, Capital Fund Modernization, 5.13%, 12/01/27 |  |  | 10,000 |  |  |  | 10,706,600 |
Rhode Island — 2.0% |  |  |  |  |  |  |  |
Narragansett Bay Commission, Refunding RB, Series B, 5.00%, 9/01/32 |  |  | 4,150 |  |  |  | 4,817,652 |
Providence Redevelopment Agency, Refunding RB, Series A, 5.00%, 4/01/29 |  |  | 1,000 |  |  |  | 1,088,020 |
Rhode Island Clean Water Finance Agency, RB, 5.00%, 10/01/32 |  |  | 1,435 |  |  |  | 1,656,334 |
Rhode Island Health & Educational Building Corp., RB, City of Newport Issue Financing Program, Series C, 5.00%, 5/15/30 |  |  | 2,305 |  |  |  | 2,589,414 |
Rhode Island Health & Educational Building Corp., Refunding RB, 5.00%, 9/01/32 |  |  | 2,000 |  |  |  | 2,308,960 |
|  |  |  |  |  |  | 12,460,380 |
South Dakota — 0.2% |  |  |  |  |  |  |  |
South Dakota Health & Educational Facilities Authority, Refunding RB, Regional Health, 5.00%, 9/01/25 |  |  | 1,000 |  |  |  | 1,115,300 |

See Notes to Financial Statements.

54 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

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

Municipal Bonds |  | Par (000) |  |  | Value |
Tennessee — 1.3% |  |  |  |  |  |  |  |
County of Memphis-Shelby Tennessee Sports Authority, Inc., Refunding RB, Memphis Arena Project: |  |  |  |  |  |  |  |
Series A, 5.00%, 11/01/23 |  | $ | 2,695 |  |  | $ | 3,055,241 |
Series B, 5.00%, 11/01/22 |  |  | 1,000 |  |  |  | 1,136,450 |
Knox County Health Educational & Housing Facility Board Tennessee, Refunding RB, Eastowne Village Project, 4.00%, 6/01/31 (b) |  |  | 3,490 |  |  |  | 3,734,858 |
|  |  |  |  |  |  | 7,926,549 |
Texas — 8.0% |  |  |  |  |  |  |  |
City of Grapevine Texas, GO, 5.00%, 2/15/33 |  |  | 5,685 |  |  |  | 6,461,059 |
City of Houston Texas, Refunding ARB, Series A: |  |  |  |  |  |  |  |
Senior Lien, 5.25%, 7/01/29 |  |  | 4,055 |  |  |  | 4,495,333 |
Subordinate Lien, AMT, 5.00%, 7/01/25 |  |  | 1,500 |  |  |  | 1,698,915 |
Subordinate Lien, AMT, 5.00%, 7/01/32 |  |  | 1,010 |  |  |  | 1,109,980 |
Dallas-Fort Worth International Airport Facilities Improvement Corp., ARB, Series 2001-A-1, AMT, 6.15%, 1/01/16 |  |  | 4,000 |  |  |  | 4,018,960 |
Dallas/Fort Worth International Airport, Refunding RB, AMT: |  |  |  |  |  |  |  |
Series E, 5.00%, 11/01/26 |  |  | 2,185 |  |  |  | 2,494,920 |
Series E, 5.00%, 11/01/27 |  |  | 4,960 |  |  |  | 5,638,776 |
Series F, 5.00%, 11/01/31 |  |  | 6,345 |  |  |  | 7,041,047 |
Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project, AMT, 5.00%, 11/01/28 |  |  | 1,000 |  |  |  | 1,117,450 |
Red River Education Financing Corp., RB, 5.00%, 3/15/33 |  |  | 1,340 |  |  |  | 1,514,642 |
San Jacinto River Authority, RB, Special Project (AGM), 5.25%, 10/01/25 |  |  | 2,910 |  |  |  | 3,307,011 |
Socorro ISD, GO, Refunding, School Building (PSF-GTD), 5.00%, 8/15/32 |  |  | 2,500 |  |  |  | 2,868,700 |
Via Metropolitan Transit Authority, Refunding RB: |  |  |  |  |  |  |  |
5.25%, 8/01/28 |  |  | 1,585 |  |  |  | 1,802,827 |
5.25%, 8/01/29 |  |  | 1,720 |  |  |  | 1,943,256 |
5.25%, 8/01/33 |  |  | 3,000 |  |  |  | 3,345,990 |
|  |  |  |  |  |  | 48,858,866 |
U.S. Virgin Islands — 1.9% |  |  |  |  |  |  |  |
Virgin Islands Public Finance Authority, Refunding RB: |  |  |  |  |  |  |  |
Series A, 5.25%, 10/01/24 |  |  | 5,000 |  |  |  | 6,124,000 |
Series C, 5.00%, 10/01/30 |  |  | 5,000 |  |  |  | 5,512,850 |
|  |  |  |  |  |  | 11,636,850 |
Vermont — 1.0% |  |  |  |  |  |  |  |
University of Vermont & State Agricultural College, Refunding RB, 4.00%, 10/01/30 |  |  | 5,565 |  |  |  | 5,938,467 |
West Virginia — 1.0% |  |  |  |  |  |  |  |
West Virginia Hospital Finance Authority, Refunding RB, Charleston Area Medical Center, Inc., Series A, 5.13%, 9/01/23 |  |  | 4,000 |  |  |  | 4,427,040 |
West Virginia University, RB, West Virginia University Project, Series B, 5.00%, 10/01/30 |  |  | 1,500 |  |  |  | 1,694,505 |
|  |  |  |  |  |  | 6,121,545 |
Wisconsin — 2.5% |  |  |  |  |  |  |  |
Public Finance Authority, Refunding RB, AMT: |  |  |  |  |  |  |  |
National Gypsum Co., 5.25%, 4/01/30 |  |  | 2,410 |  |  |  | 2,456,778 |
Wisconsin Airport Facilities, Senior Obligated Group, Series B, 5.25%, 7/01/28 |  |  | 4,765 |  |  |  | 5,310,259 |
WPPI Energy, Refunding RB, Supply System, Series A: |  |  |  |  |  |  |  |
5.00%, 7/01/31 |  |  | 1,600 |  |  |  | 1,827,232 |
5.00%, 7/01/32 |  |  | 1,275 |  |  |  | 1,449,560 |
Municipal Bonds |  | Par (000) |  |  | Value |
Wisconsin (concluded) |  |  |  |  |  |  |  |
WPPI Energy, Refunding RB, Supply System, Series A (concluded): |  |  |  |  |  |  |  |
5.00%, 7/01/33 |  | $ | 3,500 |  |  | $ | 3,936,205 |
|  |  |  |  |  |  | 14,980,034 |
Total Municipal Bonds — 138.2% |  |  |  |  |  |  | 839,355,677 |
Municipal Bonds Transferred to Tender Option Bond Trusts (f) |
Illinois — 1.6% |  |  |  |  |  |  |  |
Du Page & Will Counties Community School District No. 204, GO, School Building, Series A (NPFGC), 5.25%, 12/30/22 |  |  | 8,650 |  |  |  | 9,473,809 |
Louisiana — 2.4% |  |  |  |  |  |  |  |
State of Louisiana, GO, Series A, 5.00%, 8/01/24 |  |  | 12,000 |  |  |  | 14,421,960 |
Massachusetts — 1.9% |
Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare, Series L, 5.00%, 7/01/31 |  |  | 10,175 |  |  |  | 11,521,132 |
Minnesota — 1.9% |
State of Minnesota, GO, State Various Purposes, Series A, 4.00%, 8/01/29 |  |  | 10,525 |  |  |  | 11,791,547 |
New York — 7.9% |
City of New York New York, GO, Refunding, Series E, 5.00%, 8/01/27 |  |  | 3,507 |  |  |  | 4,012,504 |
City of New York New York, GO, Series I, 5.00%, 3/01/32 |  |  | 7,009 |  |  |  | 8,008,270 |
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, Series A, 4.75%, 6/15/30 |  |  | 8,000 |  |  |  | 8,611,920 |
Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/25 |  |  | 4,001 |  |  |  | 4,673,228 |
New York State Urban Development Corp., RB, Personal Income Tax, Series A-1, 5.00%, 3/15/32 |  |  | 5,501 |  |  |  | 6,242,721 |
Port Authority of New York & New Jersey, ARB, Consolidated, 169th Series, 5.00%, 10/15/26 |  |  | 5,530 |  |  |  | 6,209,803 |
Port Authority of New York & New Jersey, RB, 178th Series, AMT, 5.00%, 12/01/32 |  |  | 4,009 |  |  |  | 4,457,809 |
Sales Tax Asset Receivable Corp., Refunding RB, Fiscal 2015, Series A, 5.00%, 10/15/31 |  |  | 5,010 |  |  |  | 5,943,163 |
|  |  |  |  |  |  | 48,159,418 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 15.7% |  |  |  | 95,367,866 |
Total Long-Term Investments (Cost — $876,512,408) — 153.9% |  |  |  | 934,723,543 |
Short-Term Securities |  | Shares |  |  |  |
FFI Institutional Tax-Exempt Fund, 0.02% (g)(h) |  |  | 1,356,943 |  |  |  | 1,356,943 |
Total Short-Term Securities (Cost — $1,356,943) — 0.2% |  |  |  | 1,356,943 |
Total Investments (Cost — $877,869,351) — 154.1% |  |  |  | 936,080,486 |
Other Assets Less Liabilities — 1.9% |  |  |  | 11,399,295 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (8.7%) |  |  |  | (52,939,472 | )
VMTP Shares, at Liquidation Value — (47.3%) |  |  |  | (287,100,000 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 607,440,309 |

See Notes to Financial Statements.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 55

Schedule of Investments (concluded) |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

Notes to Schedule of Investments

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

(b) |  | Variable rate security. Rate shown is as of report date.

(c) |  | U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

(d) |  | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

(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 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOB Trusts.

(g) |  | During the year ended April 30, 2015, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliate |  | Shares Held at April 30, 2014 |  |  | Net Activity |  |  | Shares Held at April 30, 2015 |  |  | Income |
FFI Institutional Tax-Exempt Fund |  |  | 25,184,531 |  |  |  | (23,827,588 | ) |  |  | 1,356,943 |  |  | $ | 4,098 |

(h) |  | Represents the current yield as of report date.

Ÿ |  | As of April 30, 2015, financial futures contracts outstanding were as follows:

Contracts Short |  |  | Issue |  | Exchange |  | Expiration |  | Notional Value |  |  | Unrealized Depreciation |
| (609 | ) |  | 10-Year U.S. Treasury Note |  | Chicago Board of Trade |  | June 2015 |  | $ | 78,180,375 |  |  | $ | (688,283 | )

Ÿ |  | Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes. 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. The categorization of a value determined for investment and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

| Ÿ |  | Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

| Ÿ |  | 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)

| Ÿ |  | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to Note 2 of the Notes to Financial Statements.

As of April 30, 2015, the following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments1 |  |  | — |  |  | $ | 934,723,543 |  |  | — |  | $ | 934,723,543 |
Short-Term Securities |  | $ | 1,356,943 |  |  |  | — |  |  | — |  |  | 1,356,943 |
Total |  | $ | 1,356,943 |  |  | $ | 934,723,543 |  |  | — |  | $ | 936,080,486 |
1 See above Schedule of Investments for values in each state or political subdivision. |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  | Total |
Derivative Financial Instruments2 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | (688,283 | ) |  |  | — |  |  | — |  | $ | (688,283 | )
2 Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of April 30, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash pledged for financial futures contracts |  | $ | 864,000 |  |  |  | — |  |  | — |  | $ | 864,000 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  |  | — |  |  | $ | (52,931,848 | ) |  | — |  |  | (52,931,848 | )
VMTP Shares |  |  | — |  |  |  | (287,100,000 | ) |  | — |  |  | (287,100,000 | )
Total |  | $ | 864,000 |  |  | $ | (340,031,848 | ) |  | — |  | $ | (339,167,848 | )

During the year ended April 30, 2015, there were no transfers between levels.

See Notes to Financial Statements.

56 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Schedule of Investments April 30, 2015 |  | BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets)

Municipal Bonds |  | Par (000) |  |  | Value |
Alabama — 1.9% |
County of Jefferson Alabama, RB, Limited Obligation School, Series A, 5.25%, 1/01/19 |  | $ | 1,490 |  |  | $ | 1,497,421 |
County of Jefferson Alabama Sewer, Refunding RB: |  |  |  |  |  |  |  |
Senior Lien, Series A (AGM), 5.00%, 10/01/44 |  |  | 805 |  |  |  | 874,448 |
Sub-Lien, Series D, 6.00%, 10/01/42 |  |  | 3,575 |  |  |  | 4,013,116 |
|  |  |  |  |  |  | 6,384,985 |
Alaska — 0.9% |
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A: |  |  |  |  |  |  |  |
4.63%, 6/01/23 |  |  | 1,265 |  |  |  | 1,265,177 |
5.00%, 6/01/46 |  |  | 2,250 |  |  |  | 1,767,083 |
|  |  |  |  |  |  | 3,032,260 |
Arizona — 0.2% |
County of Maricopa Arizona IDA, RB, Arizona Charter Schools Project, Series A, 6.75%, 7/01/29 |  |  | 860 |  |  |  | 809,165 |
California — 12.6% |
California Health Facilities Financing Authority, RB: |  |  |  |  |  |  |  |
St. Joseph Health System, Series A, 5.75%, 7/01/39 |  |  | 2,200 |  |  |  | 2,541,748 |
Sutter Health, Series B, 6.00%, 8/15/42 |  |  | 3,170 |  |  |  | 3,786,660 |
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 7/01/33 |  |  | 890 |  |  |  | 1,007,747 |
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A: |  |  |  |  |  |  |  |
5.25%, 8/15/39 |  |  | 145 |  |  |  | 158,236 |
5.25%, 8/15/49 |  |  | 370 |  |  |  | 403,019 |
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45 (a) |  |  | 1,495 |  |  |  | 1,612,911 |
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A: |  |  |  |  |  |  |  |
5.25%, 5/15/39 |  |  | 800 |  |  |  | 905,592 |
Senior, 5.00%, 5/15/40 |  |  | 5,930 |  |  |  | 6,735,057 |
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/40 |  |  | 360 |  |  |  | 433,390 |
San Marcos Unified School District, GO, CAB, Election of 2010, Series B, 0.00%, 8/01/42 (b) |  |  | 2,000 |  |  |  | 601,120 |
State of California, GO, Various Purposes: |  |  |  |  |  |  |  |
6.00%, 3/01/33 |  |  | 2,525 |  |  |  | 3,028,258 |
6.50%, 4/01/33 |  |  | 14,925 |  |  |  | 17,792,689 |
State of California Public Works Board, LRB, Various Capital Projects: |  |  |  |  |  |  |  |
Series I, 5.00%, 11/01/38 |  |  | 775 |  |  |  | 864,683 |
Sub-Series I-1, 6.38%, 11/01/34 |  |  | 1,185 |  |  |  | 1,441,481 |
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1, 4.75%, 6/01/25 |  |  | 965 |  |  |  | 965,019 |
|  |  |  |  |  |  | 42,277,610 |
Colorado — 0.4% |
Colorado Health Facilities Authority, RB, Catholic Health Initiatives, Series D, 6.25%, 10/01/33 |  |  | 1,060 |  |  |  | 1,213,456 |
Connecticut — 1.9% |
Connecticut State Health & Educational Facility Authority, RB, Ascension Health Senior Credit, Series A, 5.00%, 11/15/40 |  |  | 1,375 |  |  |  | 1,522,331 |
Connecticut State Health & Educational Facility Authority, Refunding RB, Wesleyan University, Series G, 5.00%, 7/01/35 |  |  | 3,385 |  |  |  | 3,852,773 |
Municipal Bonds |  | Par (000) |  |  | Value |
Connecticut (concluded) |
Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution, 6.25%, 1/01/31 |  |  | 950 |  |  |  | 949,962 |
|  |  |  |  |  |  | 6,325,066 |
Delaware — 1.7% |
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |  |  | 1,125 |  |  |  | 1,294,931 |
Delaware State EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 |  |  | 4,065 |  |  |  | 4,428,736 |
|  |  |  |  |  |  | 5,723,667 |
District of Columbia — 2.8% |
District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 7/01/43 |  |  | 240 |  |  |  | 279,149 |
Metropolitan Washington Airports Authority, Refunding RB: |  |  |  |  |  |  |  |
Dulles Toll Road, CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/33 (b) |  |  | 6,590 |  |  |  | 2,966,818 |
Dulles Toll Road, 1st Senior Lien, Series A, 5.25%, 10/01/44 |  |  | 1,500 |  |  |  | 1,677,150 |
Dulles Toll Road, CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/34 (b) |  |  | 4,830 |  |  |  | 2,050,866 |
Dulles Toll Road, CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/35 (b) |  |  | 6,515 |  |  |  | 2,589,973 |
|  |  |  |  |  |  | 9,563,956 |
Florida — 2.9% |
Collier County Health Facilities Authority, Refunding RB, Series A, 5.00%, 5/01/45 |  |  | 850 |  |  |  | 929,781 |
County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A-1, 5.38%, 10/01/41 |  |  | 1,165 |  |  |  | 1,323,533 |
Mid-Bay Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/40 |  |  | 3,015 |  |  |  | 3,959,841 |
Palm Coast Park Community Development District, Special Assessment Bonds, 5.70%, 5/01/37 |  |  | 1,110 |  |  |  | 932,877 |
Village Community Development District No. 10, Special Assessment Bonds, 5.13%, 5/01/43 |  |  | 2,395 |  |  |  | 2,679,646 |
|  |  |  |  |  |  | 9,825,678 |
Georgia — 2.5% |
City of Atlanta Georgia Water & Wastewater, Refunding RB, 5.00%, 11/01/40 |  |  | 850 |  |  |  | 959,888 |
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A, 5.50%, 8/15/54 |  |  | 515 |  |  |  | 591,905 |
DeKalb Private Hospital Authority, Refunding RB, Children’s Healthcare, 5.25%, 11/15/39 |  |  | 130 |  |  |  | 149,291 |
Metropolitan Atlanta Rapid Transit Authority, RB, Sales Tax, 3rd Indenture, Series A, 5.00%, 7/01/39 |  |  | 3,465 |  |  |  | 3,897,259 |
Municipal Electric Authority of Georgia, Refunding RB: |  |  |  |  |  |  |  |
Series W, 6.60%, 1/01/18 |  |  | 2,220 |  |  |  | 2,369,495 |
Series X, 6.50%, 1/01/20 |  |  | 450 |  |  |  | 503,248 |
|  |  |  |  |  |  | 8,471,086 |
Hawaii — 0.5% |
State of Hawaii Harbor System, RB, Series A, 5.25%, 7/01/30 |  |  | 1,355 |  |  |  | 1,540,608 |
Illinois — 23.3% |
City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series C, 6.50%, 1/01/41 |  |  | 5,865 |  |  |  | 7,101,107 |

See Notes to Financial Statements.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 57

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

Municipal Bonds |  | Par (000) |  |  | Value |
Illinois (concluded) |
City of Chicago Illinois, GO, Refunding, Project, Series A: |  |  |  |  |  |  |  |
5.25%, 1/01/32 |  | $ | 4,555 |  |  | $ | 4,586,202 |
5.00%, 1/01/34 |  |  | 3,200 |  |  |  | 3,108,992 |
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38 |  |  | 820 |  |  |  | 890,430 |
City of Chicago Illinois, Special Assessment Bonds, Lake Shore East, 6.75%, 12/01/32 |  |  | 800 |  |  |  | 803,440 |
City of Chicago Illinois Board of Education, GO, Series A, 5.25%, 12/01/41 |  |  | 4,455 |  |  |  | 4,312,217 |
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |  |  | 1,050 |  |  |  | 1,159,169 |
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien: |  |  |  |  |  |  |  |
Project, 5.00%, 11/01/42 |  |  | 3,280 |  |  |  | 3,550,436 |
(AGM), 5.25%, 11/01/33 |  |  | 1,325 |  |  |  | 1,451,670 |
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38 |  |  | 805 |  |  |  | 919,632 |
Illinois Finance Authority, RB: |  |  |  |  |  |  |  |
Advocate Health Care Network, Series D, 6.50%, 11/01/18 (c) |  |  | 5,000 |  |  |  | 5,928,300 |
Community Rehabilitation Providers Facilities, Series A, 6.50%, 7/01/22 |  |  | 275 |  |  |  | 275,388 |
Illinois Finance Authority, Refunding RB, Central Dupage Health, Series B, 5.50%, 11/01/39 |  |  | 1,610 |  |  |  | 1,857,489 |
Illinois State Toll Highway Authority, RB: |  |  |  |  |  |  |  |
Senior, Series C, 5.00%, 1/01/36 |  |  | 2,615 |  |  |  | 2,927,466 |
Senior, Series C, 5.00%, 1/01/37 |  |  | 2,800 |  |  |  | 3,127,264 |
Series A, 5.00%, 1/01/38 |  |  | 2,315 |  |  |  | 2,568,053 |
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project: |  |  |  |  |  |  |  |
Series B (AGM), 5.00%, 6/15/50 |  |  | 4,315 |  |  |  | 4,505,766 |
Series B-2, 5.00%, 6/15/50 |  |  | 2,500 |  |  |  | 2,585,425 |
Railsplitter Tobacco Settlement Authority, RB: |  |  |  |  |  |  |  |
5.50%, 6/01/23 |  |  | 440 |  |  |  | 515,016 |
6.00%, 6/01/28 |  |  | 1,140 |  |  |  | 1,342,749 |
Regional Transportation Authority, RB: |  |  |  |  |  |  |  |
Series A (AMBAC), 7.20%, 11/01/20 |  |  | 930 |  |  |  | 1,081,664 |
Series A (NPFGC), 6.70%, 11/01/21 |  |  | 5,310 |  |  |  | 6,190,239 |
Series C (NPFGC), 7.75%, 6/01/20 |  |  | 2,160 |  |  |  | 2,516,594 |
State of Illinois, GO: |  |  |  |  |  |  |  |
5.00%, 2/01/39 |  |  | 1,540 |  |  |  | 1,592,837 |
Series A, 5.00%, 4/01/35 |  |  | 3,000 |  |  |  | 3,117,120 |
Series A, 5.00%, 4/01/38 |  |  | 3,640 |  |  |  | 3,757,536 |
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34 |  |  | 630 |  |  |  | 704,258 |
University of Illinois, RB, Auxiliary Facilities System, Series A: |  |  |  |  |  |  |  |
5.00%, 4/01/39 |  |  | 810 |  |  |  | 897,796 |
5.00%, 4/01/44 |  |  | 985 |  |  |  | 1,090,178 |
Village of Hodgkins Illinois, RB, Metropolitan Biosolids Management LLC Project, AMT, 6.00%, 11/01/23 |  |  | 2,800 |  |  |  | 2,804,760 |
Village of Wheeling Illinois, Tax Allocation Bonds, North Milwaukee/Lake-Cook TIF Project, 6.00%, 1/01/25 |  |  | 1,250 |  |  |  | 1,250,513 |
|  |  |  |  |  |  | 78,519,706 |
Indiana — 4.3% |  |  |  |  |  |  |  |
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |  |  |  |  |  |  |  |
6.75%, 1/01/34 |  |  | 790 |  |  |  | 959,866 |
7.00%, 1/01/44 |  |  | 1,905 |  |  |  | 2,328,672 |
Indiana Finance Authority, RB, Series A: |  |  |  |  |  |  |  |
CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |  |  | 3,280 |  |  |  | 3,758,093 |
Municipal Bonds |  | Par (000) |  |  | Value |
Indiana (concluded) |  |  |  |  |  |  |  |
Indiana Finance Authority, RB, Series A (concluded): |  |  |  |  |  |  |  |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44 |  |  | 450 |  |  |  | 479,295 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48 |  |  | 1,430 |  |  |  | 1,521,048 |
Sisters of St. Francis Health Services, 5.25%, 11/01/39 |  |  | 840 |  |  |  | 938,935 |
Indiana Finance Authority, Refunding RB, Parkview Health System, Series A, 5.75%, 5/01/31 |  |  | 2,795 |  |  |  | 3,173,192 |
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40 |  |  | 1,270 |  |  |  | 1,403,083 |
|  |  |  |  |  |  | 14,562,184 |
Iowa — 2.6% |  |  |  |  |  |  |  |
Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project: |  |  |  |  |  |  |  |
5.00%, 12/01/19 |  |  | 960 |  |  |  | 1,036,963 |
5.50%, 12/01/22 |  |  | 2,340 |  |  |  | 2,497,178 |
5.25%, 12/01/25 |  |  | 460 |  |  |  | 513,098 |
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22 |  |  | 1,425 |  |  |  | 1,519,592 |
Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 6/01/46 |  |  | 3,785 |  |  |  | 3,358,733 |
|  |  |  |  |  |  | 8,925,564 |
Kentucky — 0.6% |  |  |  |  |  |  |  |
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45 |  |  | 995 |  |  |  | 1,097,813 |
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 7/01/43 (d) |  |  | 1,200 |  |  |  | 831,984 |
|  |  |  |  |  |  | 1,929,797 |
Louisiana — 2.8% |  |  |  |  |  |  |  |
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35 |  |  | 3,320 |  |  |  | 3,967,666 |
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |  |  |  |  |  |  |  |
5.50%, 5/15/30 |  |  | 1,020 |  |  |  | 1,160,464 |
5.25%, 5/15/31 |  |  | 870 |  |  |  | 977,419 |
5.25%, 5/15/32 |  |  | 1,110 |  |  |  | 1,267,453 |
5.25%, 5/15/33 |  |  | 1,205 |  |  |  | 1,346,732 |
5.25%, 5/15/35 |  |  | 505 |  |  |  | 572,524 |
|  |  |  |  |  |  | 9,292,258 |
Maryland — 1.3% |  |  |  |  |  |  |  |
Maryland Community Development Administration, Refunding, HRB, Residential, Series D, AMT, 4.90%, 9/01/42 |  |  | 1,500 |  |  |  | 1,516,440 |
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35 |  |  | 435 |  |  |  | 468,564 |
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25 |  |  | 1,160 |  |  |  | 1,286,092 |
Maryland Health & Higher Educational Facilities Authority, RB, University of Maryland Medical System, Series B (NPFGC), 7.00%, 7/01/22 |  |  | 840 |  |  |  | 1,009,445 |
|  |  |  |  |  |  | 4,280,541 |

See Notes to Financial Statements.

58 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

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

Municipal Bonds |  | Par (000) |  |  | Value |
Massachusetts — 3.3% |  |  |  |  |  |  |  |
Massachusetts Development Finance Agency, Refunding RB, Covanta Energy Project, Series C, AMT, 5.25%, 11/01/42 (a) |  | $ | 2,205 |  |  | $ | 2,277,192 |
Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare System, Series J1, 5.00%, 7/01/39 |  |  | 990 |  |  |  | 1,110,542 |
Massachusetts HFA, RB, AMT: |  |  |  |  |  |  |  |
M/F Housing, Series A, 5.20%, 12/01/37 |  |  | 2,830 |  |  |  | 2,872,846 |
S/F Housing, Series 130, 5.00%, 12/01/32 |  |  | 2,720 |  |  |  | 2,772,632 |
Massachusetts HFA, Refunding RB, Series F, AMT, 5.70%, 6/01/40 |  |  | 1,995 |  |  |  | 2,104,446 |
|  |  |  |  |  |  | 11,137,658 |
Michigan — 6.3% |  |  |  |  |  |  |  |
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39 |  |  | 4,425 |  |  |  | 4,752,317 |
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.50%, 5/15/36 |  |  | 1,380 |  |  |  | 1,547,836 |
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 7/01/44 |  |  | 880 |  |  |  | 926,482 |
Michigan State Hospital Finance Authority, Refunding RB, Series A: |  |  |  |  |  |  |  |
Henry Ford Health System, 5.25%, 11/15/46 |  |  | 5,080 |  |  |  | 5,315,559 |
McLaren Health Care, 5.75%, 5/15/18 (c) |  |  | 7,560 |  |  |  | 8,611,974 |
|  |  |  |  |  |  | 21,154,168 |
Mississippi — 1.5% |  |  |  |  |  |  |  |
County of Lowndes Mississippi, Refunding RB, Solid Waste Disposal & Pollution Control, Weyerhaeuser Co. Project, Series A, 6.80%, 4/01/22 |  |  | 3,000 |  |  |  | 3,776,880 |
University of Southern Mississippi, RB, Campus Facilities Improvements Project, 5.38%, 9/01/36 |  |  | 1,065 |  |  |  | 1,206,123 |
|  |  |  |  |  |  | 4,983,003 |
Missouri — 0.2% |  |  |  |  |  |  |  |
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44 |  |  | 255 |  |  |  | 283,315 |
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 5/01/43 |  |  | 245 |  |  |  | 268,025 |
|  |  |  |  |  |  | 551,340 |
Nebraska — 0.9% |  |  |  |  |  |  |  |
Central Plains Energy Project Nebraska, RB, Gas Project No. 3: |  |  |  |  |  |  |  |
5.00%, 9/01/42 |  |  | 1,445 |  |  |  | 1,573,374 |
5.25%, 9/01/37 |  |  | 825 |  |  |  | 922,754 |
County of Hall Nebraska School District No. 2, GO, Grand Island Public Schools, 5.00%, 12/15/39 |  |  | 410 |  |  |  | 463,808 |
|  |  |  |  |  |  | 2,959,936 |
New Jersey — 5.1% |  |  |  |  |  |  |  |
Casino Reinvestment Development Authority, Refunding RB: |  |  |  |  |  |  |  |
5.25%, 11/01/39 |  |  | 1,025 |  |  |  | 1,087,976 |
5.25%, 11/01/44 |  |  | 800 |  |  |  | 853,632 |
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 5.25%, 9/15/29 |  |  | 1,955 |  |  |  | 2,141,878 |
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 4/01/31 |  |  | 2,240 |  |  |  | 2,610,138 |
New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series AA, 6.38%, 10/01/28 |  |  | 420 |  |  |  | 436,380 |
Municipal Bonds |  | Par (000) |  |  | Value |
New Jersey (concluded) |  |  |  |  |  |  |  |
New Jersey State Turnpike Authority, RB, Series A, 5.00%, 1/01/43 |  |  | 1,985 |  |  |  | 2,180,185 |
New Jersey Transportation Trust Fund Authority, RB: |  |  |  |  |  |  |  |
Transportation Program, Series AA, 5.00%, 6/15/44 |  |  | 3,495 |  |  |  | 3,632,388 |
Transportation System, Series A, 5.50%, 6/15/41 |  |  | 1,635 |  |  |  | 1,791,143 |
Transportation System, Series B, 5.25%, 6/15/36 |  |  | 2,460 |  |  |  | 2,592,668 |
|  |  |  |  |  |  | 17,326,388 |
New York — 15.8% |  |  |  |  |  |  |  |
City of New York New York Industrial Development Agency, ARB, British Airways PLC Project, AMT, 7.63%, 12/01/32 |  |  | 1,920 |  |  |  | 1,931,904 |
City of New York New York Industrial Development Agency, RB, Special Needs Facilities Pooled Program, Series C-1, 6.50%, 7/01/17 |  |  | 500 |  |  |  | 500,250 |
City of New York New York Transitional Finance Authority, RB: |  |  |  |  |  |  |  |
Fiscal 2009, Series S-3, 5.25%, 1/15/39 |  |  | 6,700 |  |  |  | 7,496,563 |
Future Tax Secured Bonds, Fiscal 2012, Sub-Series E-1, 5.00%, 2/01/42 |  |  | 2,460 |  |  |  | 2,768,213 |
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 6/01/41 (a) |  |  | 1,800 |  |  |  | 1,830,456 |
Metropolitan Transportation Authority, RB, Series C, 6.50%, 11/15/28 |  |  | 9,405 |  |  |  | 11,160,913 |
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated, 5.25%, 12/15/43 |  |  | 10,735 |  |  |  | 12,287,066 |
New York Liberty Development Corp., Refunding RB: |  |  |  |  |  |  |  |
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49 |  |  | 1,220 |  |  |  | 1,390,556 |
3 World Trade Center Project, Class 1, 5.00%, 11/15/44 (a) |  |  | 4,520 |  |  |  | 4,707,896 |
3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (a) |  |  | 340 |  |  |  | 370,053 |
3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (a) |  |  | 850 |  |  |  | 932,391 |
New York State Dormitory Authority, Refunding RB, General Purpose, Series A, 5.00%, 6/15/31 |  |  | 1,790 |  |  |  | 2,063,960 |
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8: |  |  |  |  |  |  |  |
6.00%, 12/01/36 |  |  | 1,165 |  |  |  | 1,370,343 |
6.00%, 12/01/42 |  |  | 1,250 |  |  |  | 1,470,325 |
Westchester County Industrial Development Agency, RB, Special Needs Facilities Pooled Program, Series E-1, 6.50%, 7/01/17 |  |  | 700 |  |  |  | 700,763 |
Westchester Tobacco Asset Securitization, Refunding RB, 5.13%, 6/01/45 |  |  | 2,300 |  |  |  | 2,122,417 |
|  |  |  |  |  |  | 53,104,069 |
North Carolina — 1.8% |  |  |  |  |  |  |  |
County of Gaston North Carolina Industrial Facilities & Pollution Control Financing Authority, RB, Exempt Facilities, National Gypsum Co. Project, AMT, 5.75%, 8/01/35 |  |  | 1,675 |  |  |  | 1,676,491 |
North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 6/01/42 |  |  | 1,400 |  |  |  | 1,569,302 |
North Carolina Medical Care Commission, Refunding RB: |  |  |  |  |  |  |  |
1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 3/01/41 |  |  | 595 |  |  |  | 672,707 |

See Notes to Financial Statements.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 59

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

Municipal Bonds |  | Par (000) |  |  | Value |
North Carolina (concluded) |  |  |  |  |  |  |  |
North Carolina Medical Care Commission, Refunding RB (concluded): |  |  |  |  |  |  |  |
Carolina Village Project, 6.00%, 4/01/38 |  | $ | 2,000 |  |  | $ | 2,117,700 |
|  |  |  |  |  |  | 6,036,200 |
Ohio — 0.5% |  |  |  |  |  |  |  |
County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 7/01/40 |  |  | 660 |  |  |  | 727,604 |
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 6/30/53 |  |  | 810 |  |  |  | 850,119 |
|  |  |  |  |  |  | 1,577,723 |
Pennsylvania — 1.9% |  |  |  |  |  |  |  |
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 7/01/42 |  |  | 1,230 |  |  |  | 1,303,775 |
Pennsylvania Economic Development Financing Authority, RB: |  |  |  |  |  |  |  |
Aqua Pennsylvania, Inc. Project, Series B, 5.00%, 11/15/40 |  |  | 1,890 |  |  |  | 2,129,614 |
PA Bridges Finco LP, 5.00%, 12/31/38 |  |  | 590 |  |  |  | 637,165 |
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypson Co., AMT, 5.50%, 11/01/44 |  |  | 1,035 |  |  |  | 1,062,810 |
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44 |  |  | 1,105 |  |  |  | 1,231,346 |
|  |  |  |  |  |  | 6,364,710 |
Rhode Island — 0.8% |  |  |  |  |  |  |  |
Tobacco Settlement Financing Corp., Refunding RB, Series B, 4.50%, 6/01/45 |  |  | 2,645 |  |  |  | 2,593,581 |
South Carolina — 3.2% |  |  |  |  |  |  |  |
South Carolina State Ports Authority, RB, 5.25%, 7/01/40 |  |  | 3,280 |  |  |  | 3,642,801 |
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54 |  |  | 6,180 |  |  |  | 7,052,060 |
|  |  |  |  |  |  | 10,694,861 |
Tennessee — 0.3% |  |  |  |  |  |  |  |
City of Chattanooga Tennessee Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45 |  |  | 995 |  |  |  | 1,097,813 |
Texas — 7.6% |  |  |  |  |  |  |  |
Brazos River Authority, Refunding RB, Texas Utility Co., Series A, AMT, 7.70%, 4/01/33 (e)(f) |  |  | 1,500 |  |  |  | 97,500 |
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.25%, 1/01/46 |  |  | 2,140 |  |  |  | 2,492,137 |
City of Dallas Texas Waterworks & Sewer System, Refunding RB, 5.00%, 10/01/35 |  |  | 510 |  |  |  | 585,659 |
City of Houston Texas Airport System, Refunding ARB, United Airlines, Inc. Terminal E Project, AMT, 5.00%, 7/01/29 |  |  | 965 |  |  |  | 1,023,344 |
Clifton Higher Education Finance Corp., RB, Idea Public Schools, 6.00%, 8/15/43 |  |  | 745 |  |  |  | 892,227 |
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 1/01/48 |  |  | 455 |  |  |  | 524,861 |
County of Harris Texas Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.25%, 12/01/18 (c) |  |  | 2,000 |  |  |  | 2,428,000 |
Fort Bend County Industrial Development Corp., RB, NRG Energy Project, Series B, 4.75%, 11/01/42 |  |  | 1,475 |  |  |  | 1,543,469 |
Municipal Bonds |  | Par (000) |  |  | Value |
Texas (concluded) |  |  |  |  |  |  |  |
North Texas Tollway Authority, Refunding RB, Series A: |  |  |  |  |  |  |  |
5.00%, 1/01/35 |  |  | 1,150 |  |  |  | 1,268,576 |
5.00%, 1/01/38 |  |  | 925 |  |  |  | 1,011,719 |
1st Tier, 6.25%, 1/01/39 |  |  | 7,000 |  |  |  | 8,031,240 |
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |  |  |  |  |  |  |  |
LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40 |  |  | 2,000 |  |  |  | 2,414,720 |
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |  |  | 2,775 |  |  |  | 3,291,039 |
|  |  |  |  |  |  | 25,604,491 |
Utah — 0.9% |  |  |  |  |  |  |  |
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41 |  |  | 2,780 |  |  |  | 3,052,746 |
Virginia — 2.7% |  |  |  |  |  |  |  |
County of Fairfax Virginia EDA, Refunding RB, Goodwin House, Inc.: |  |  |  |  |  |  |  |
5.13%, 10/01/37 |  |  | 500 |  |  |  | 515,395 |
5.13%, 10/01/42 |  |  | 3,440 |  |  |  | 3,537,077 |
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT: |  |  |  |  |  |  |  |
5.25%, 1/01/32 |  |  | 1,615 |  |  |  | 1,771,816 |
6.00%, 1/01/37 |  |  | 2,915 |  |  |  | 3,366,388 |
|  |  |  |  |  |  | 9,190,676 |
Washington — 2.0% |  |  |  |  |  |  |  |
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45 |  |  | 2,290 |  |  |  | 2,657,202 |
Washington Health Care Facilities Authority, Refunding RB, Catholic Health Initiatives, Series D, 6.38%, 10/01/36 |  |  | 3,700 |  |  |  | 4,252,225 |
|  |  |  |  |  |  | 6,909,427 |
Wisconsin — 3.3% |  |  |  |  |  |  |  |
State of Wisconsin, Refunding RB, Series A, 6.00%, 5/01/36 |  |  | 7,100 |  |  |  | 8,308,704 |
State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33 |  |  | 2,465 |  |  |  | 2,741,425 |
|  |  |  |  |  |  | 11,050,129 |
Total Municipal Bonds — 121.3% |  |  |  |  |  |  | 408,066,506 |
Municipal Bonds Transferred to Tender Option Bond Trusts (g) |  |  |  |  |  |
California — 6.3% |  |  |  |  |  |  |  |
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/19 |  |  | 3,271 |  |  |  | 3,844,892 |
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (h) |  |  | 2,610 |  |  |  | 2,923,200 |
City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/39 |  |  | 9,480 |  |  |  | 10,743,210 |
Los Angeles Community College District California, GO, Election of 2001, Series A (AGM), 5.00%, 8/01/17 |  |  | 2,290 |  |  |  | 2,506,863 |

See Notes to Financial Statements.

60 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

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

Municipal Bonds Transferred to Tender Option Bond Trusts (g) |  | Par (000) |  |  | Value |
California (concluded) |  |  |  |  |  |  |  |
San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33 |  | $ | 1,077 |  |  | $ | 1,242,098 |
|  |  |  |  |  |  | 21,260,263 |
Colorado — 0.7% |  |  |  |  |  |  |  |
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A, 5.50%, 7/01/34 (h) |  |  | 2,129 |  |  |  | 2,426,507 |
Connecticut — 1.9% |  |  |  |  |  |  |  |
Connecticut State Health & Educational Facility Authority, RB, Yale University, Series Z-3, 5.05%, 7/01/42 |  |  | 6,000 |  |  |  | 6,478,380 |
Florida — 1.9% |  |  |  |  |  |  |  |
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/34 |  |  | 5,679 |  |  |  | 6,481,028 |
Illinois — 1.0% |  |  |  |  |  |  |  |
State of Illinois Toll Highway Authority, RB, Senior Priority, Series B, 5.50%, 1/01/33 |  |  | 2,999 |  |  |  | 3,289,909 |
Maryland — 0.7% |  |  |  |  |  |  |  |
State of Maryland Transportation Authority, RB, Transportation Facilities Project (AGM), 5.00%, 7/01/41 |  |  | 2,290 |  |  |  | 2,524,794 |
Massachusetts — 0.8% |  |  |  |  |  |  |  |
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41 |  |  | 2,266 |  |  |  | 2,534,123 |
New Hampshire — 0.7% |  |  |  |  |  |  |  |
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39 (h) |  |  | 2,009 |  |  |  | 2,280,975 |
New York — 5.4% |  |  |  |  |  |  |  |
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution: |  |  |  |  |  |  |  |
Series DD, 5.00%, 6/15/37 |  |  | 6,299 |  |  |  | 6,927,200 |
Series FF-2, 5.50%, 6/15/40 |  |  | 1,575 |  |  |  | 1,810,688 |
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (h) |  |  | 1,610 |  |  |  | 1,851,753 |
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (h) |  |  | 6,440 |  |  |  | 7,451,659 |
|  |  |  |  |  |  | 18,041,300 |
North Carolina — 2.0% |  |  |  |  |  |  |  |
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series A, 5.00%, 10/01/41 |  |  | 6,239 |  |  |  | 6,583,434 |
Ohio — 5.4% |  |  |  |  |  |  |  |
Ohio Higher Educational Facility Commission, RB, Cleveland Clinic Health, Series A, 5.25%, 1/01/33 |  |  | 2,400 |  |  |  | 2,605,632 |
Municipal Bonds Transferred to Tender Option Bond Trusts (g) |  | Par (000) |  |  | Value |
Ohio (concluded) |  |  |  |  |  |  |  |
State of Ohio, Refunding RB, Cleveland Clinic Health System Obligated Group, Series A, 5.50%, 1/01/39 |  |  | 13,843 |  |  |  | 15,548,433 |
|  |  |  |  |  |  | 18,154,065 |
South Carolina — 1.7% |  |  |  |  |  |  |  |
State of South Carolina Public Service Authority, Refunding RB, Santee Cooper, Series A, 5.50%, 1/01/38 (h) |  |  | 4,995 |  |  |  | 5,638,806 |
Texas — 3.0% |  |  |  |  |  |  |  |
City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43 |  |  | 2,520 |  |  |  | 2,794,453 |
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41 |  |  | 3,400 |  |  |  | 3,774,238 |
Texas Department of Housing & Community Affairs, RB, S/F Mortgage, Series B, AMT, 5.25%, 9/01/32 |  |  | 1,391 |  |  |  | 1,419,942 |
University of Texas, Refunding RB, Financing System, Series B, 5.00%, 8/15/43 |  |  | 1,830 |  |  |  | 2,089,039 |
|  |  |  |  |  |  | 10,077,672 |
Washington — 5.4% |  |  |  |  |  |  |  |
Central Puget Sound Regional Transit Authority, RB, Series A: |  |  |  |  |  |  |  |
5.00%, 11/01/34 |  |  | 5,000 |  |  |  | 5,431,475 |
5.00%, 11/01/36 |  |  | 4,000 |  |  |  | 4,345,180 |
(AGM), 5.00%, 11/01/32 |  |  | 7,693 |  |  |  | 8,366,455 |
|  |  |  |  |  |  | 18,143,110 |
Wisconsin — 0.8% |  |  |  |  |  |  |  |
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group, Series C, 5.25%, 4/01/39 (h) |  |  | 2,499 |  |  |  | 2,730,782 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 37.7% |  |  |  | 126,645,148 |
Total Long-Term Investments (Cost — $482,658,196) — 159.0% |  |  |  | 534,711,654 |
Short-Term Securities |  | Shares |  |  |  |
FFI Institutional Tax-Exempt Fund, 0.02% (i)(j) |  |  | 783,716 |  |  |  | 783,716 |
Total Short-Term Securities (Cost — $783,716) — 0.2% |  |  |  |  |  |  | 783,716 |
Total Investments (Cost — $483,441,912) — 159.2% |  |  |  | 535,495,370 |
Other Assets Less Liabilities — 2.2% |  |  |  | 7,277,855 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (19.8%) |  |  |  | (66,452,827 | )
VMTP Shares, at Liquidation Value — (41.6%) |  |  |  | (140,000,000 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 336,320,398 |

Notes to Schedule of Investments

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

(b) |  | Zero-coupon bond.

(c) |  | U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

(d) |  | Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.

See Notes to Financial Statements.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 61

Schedule of Investments (concluded) |  | BlackRock MuniVest Fund II, Inc. (MVT)

(e) |  | Non-income producing security.

(f) |  | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

(g) |  | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOB Trusts.

(h) |  | All or a portion of security is subject to a recourse agreement, which may require the Fund to pay the liquidity provider in the event there is a shortfall between the TOB Trust Certificates and proceeds received from the sale of the security contributed to the TOB Trust or in the event of a default on the security. In the case of a shortfall or default, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire from October 1, 2016 to November 15, 2019, is $13,391,269.

(i) |  | During the year ended April 30, 2015, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the 1940 Act were as follows:

Affiliate |  | Shares Held at April 30, 2014 |  |  | Net Activity |  |  | Shares Held at April 30, 2015 |  |  | Income |
FFI Institutional Tax-Exempt Fund |  |  | 1,726,061 |  |  |  | (942,345 | ) |  |  | 783,716 |  |  | $ | 2,175 |

(j) |  | Represents the current yield as of report date.

Ÿ |  | As of April 30, 2015, financial futures contracts outstanding were as follows:

Contracts Short |  |  | Issue |  | Exchange |  | Expiration |  | Notional Value |  |  | Unrealized Depreciation |
| (166 | ) |  | 10-Year U.S. Treasury Note |  | Chicago Board of Trade |  | June 2015 |  | $ | 21,310,250 |  |  | $ | (286,074 | )

Ÿ |  | Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes. 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. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

| Ÿ |  | Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

| Ÿ |  | 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)

| Ÿ |  | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to Note 2 of the Notes to Financial Statements.

As of April 30, 2015, the following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  | Total |
Assets: |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-Term Investments1 |  |  | — |  |  | $ | 534,711,654 |  |  | — |  | $ | 534,711,654 |
Short-Term Securities |  | $ | 783,716 |  |  |  | — |  |  | — |  |  | 783,716 |
Total |  | $ | 783,716 |  |  | $ | 534,711,654 |  |  | — |  | $ | 535,495,370 |
1 See above Schedule of Investments for values in each state or political subdivision. |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  | Total |
Derivative Financial Instruments2 |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | (286,074 | ) |  |  | — |  |  | — |  | $ | (286,074 | )
2 Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of April 30, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows: |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash pledged for financial futures contracts |  | $ | 236,000 |  |  |  | — |  |  | — |  | $ | 236,000 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  |  | — |  |  | $ | (66,439,492 | ) |  | — |  |  | (66,439,492 | )
VMTP Shares |  |  | — |  |  |  | (140,000,000 | ) |  | — |  |  | (140,000,000 | )
Total |  | $ | 236,000 |  |  | $ | (206,439,492 | ) |  | — |  | $ | (206,203,492 | )
During the year ended April 30, 2015, there were no transfers between levels. |

See Notes to Financial Statements.

62 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Statements of Assets and Liabilities |  |

April 30, 2015 |  | BlackRock MuniAssets Fund, Inc. (MUA) |  |  | BlackRock MuniEnhanced Fund, Inc. (MEN) |  |  | BlackRock MuniHoldings Fund, Inc. (MHD) |  |  | BlackRock MuniHoldings Fund II, Inc. (MUH) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments at value — unaffiliated1 |  | $ | 557,214,035 |  |  | $ | 578,654,844 |  |  | $ | 383,410,645 |  |  | $ | 277,965,484 |
Investments at value — affiliated2 |  |  | 961,095 |  |  |  | 1,577,185 |  |  |  | 1,340,347 |  |  |  | 681,480 |
Cash pledged for financial futures contracts |  |  | 280,000 |  |  |  | 439,000 |  |  |  | 189,000 |  |  |  | 131,000 |
Interest receivable |  |  | 9,685,571 |  |  |  | 7,550,960 |  |  |  | 5,653,861 |  |  |  | 4,029,712 |
Investments sold receivable |  |  | 873,662 |  |  |  | 1,255,986 |  |  |  | 35,000 |  |  |  | 75,000 |
Variation margin receivable on financial futures contracts |  |  | 27,704 |  |  |  | 44,041 |  |  |  | 18,704 |  |  |  | 12,938 |
Deferred offering costs |  |  | — |  |  |  | 212,791 |  |  |  | — |  |  |  | — |
Prepaid expenses |  |  | 16,725 |  |  |  | 80,677 |  |  |  | 29,139 |  |  |  | 27,627 |
Total assets |  |  | 569,058,792 |  |  |  | 589,815,484 |  |  |  | 390,676,696 |  |  |  | 282,923,241 |
Accrued Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income dividends payable — Common Shares |  |  | 2,237,478 |  |  |  | 1,788,707 |  |  |  | 1,250,790 |  |  |  | 875,767 |
Investments purchased payable |  |  | — |  |  |  | 6,335,205 |  |  |  | — |  |  |  | — |
Investment advisory fees payable |  |  | 257,439 |  |  |  | 241,053 |  |  |  | 177,261 |  |  |  | 128,294 |
Interest expense and fees payable |  |  | 16,029 |  |  |  | 17,755 |  |  |  | 10,434 |  |  |  | 8,590 |
Officer’s and Directors’ fees payable |  |  | 5,877 |  |  |  | 4,551 |  |  |  | 3,098 |  |  |  | 2,291 |
Bank overdraft |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 36,043 |
Other accrued expenses payable |  |  | 135,078 |  |  |  | 131,824 |  |  |  | 105,691 |  |  |  | 89,928 |
Total accrued liabilities |  |  | 2,651,901 |  |  |  | 8,519,095 |  |  |  | 1,547,274 |  |  |  | 1,140,913 |
Other Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  |  | 61,065,965 |  |  |  | 76,093,825 |  |  |  | 56,783,700 |  |  |  | 43,568,059 |
VRDP Shares, at liquidation value of $100,000 per share3,4 |  |  | — |  |  |  | 142,500,000 |  |  |  | — |  |  |  | — |
VMTP Shares, at liquidation value of $100,000 per share3,4 |  |  | — |  |  |  | — |  |  |  | 83,700,000 |  |  |  | 55,000,000 |
Total other liabilities |  |  | 61,065,965 |  |  |  | 218,593,825 |  |  |  | 140,483,700 |  |  |  | 98,568,059 |
Total liabilities |  |  | 63,717,866 |  |  |  | 227,112,920 |  |  |  | 142,030,974 |  |  |  | 99,708,972 |
Net Assets Applicable to Common Shareholders |  | $ | 505,340,926 |  |  | $ | 362,702,564 |  |  | $ | 248,645,722 |  |  | $ | 183,214,269 |
Net Assets Applicable to Common Shareholders Consist of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid-in capital5,6,7 |  | $ | 480,163,630 |  |  | $ | 316,086,151 |  |  | $ | 210,641,316 |  |  | $ | 155,395,939 |
Undistributed net investment income |  |  | 1,216,905 |  |  |  | 6,578,502 |  |  |  | 2,787,827 |  |  |  | 2,664,406 |
Accumulated net realized loss |  |  | (6,875,993 | ) |  |  | (11,947,795 | ) |  |  | (1,846,249 | ) |  |  | (2,278,995 | )
Net unrealized appreciation (depreciation) |  |  | 30,836,384 |  |  |  | 51,985,706 |  |  |  | 37,062,828 |  |  |  | 27,432,919 |
Net Assets Applicable to Common Shareholders |  | $ | 505,340,926 |  |  | $ | 362,702,564 |  |  | $ | 248,645,722 |  |  | $ | 183,214,269 |
Net asset value, per Common Share |  | $ | 14.12 |  |  | $ | 12.27 |  |  | $ | 17.59 |  |  | $ | 16.21 |
1 Investments at cost — unaffiliated |  | $ | 526,023,352 |  |  | $ | 526,294,866 |  |  | $ | 346,121,595 |  |  | $ | 250,374,330 |
2 Investments at cost — affiliated |  | $ | 961,095 |  |  | $ | 1,577,185 |  |  | $ | 1,340,347 |  |  | $ | 681,480 |
3 Preferred Shares outstanding, par value $0.10 per share |  |  | — |  |  |  | 1,425 |  |  |  | 837 |  |  |  | 550 |
4 Preferred Shares authorized, including Auction Market Rate Preferred Shares (“AMPS”) |  |  | — |  |  |  | 8,905 |  |  |  | 5,837 |  |  |  | 4,030 |
5 Par Value per Common Share |  | $ | 0.10 |  |  | $ | 0.10 |  |  | $ | 0.10 |  |  | $ | 0.10 |
6 Common Shares outstanding |  |  | 35,795,571 |  |  |  | 29,565,404 |  |  |  | 14,133,224 |  |  |  | 11,300,218 |
7 Common Shares authorized |  |  | 200,000,000 |  |  |  | 199,991,095 |  |  |  | 199,994,163 |  |  |  | 199,995,970 |

See Notes to Financial Statements. |  |  |  |
|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 63

Statements of Assets and Liabilities |  |

April 30, 2015 |  | BlackRock MuniHoldings Quality Fund, Inc. (MUS) |  |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI) |  |  | BlackRock MuniVest Fund II, Inc. (MVT) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Investments at value — unaffiliated1 |  | $ | 290,889,286 |  |  | $ | 934,723,543 |  |  | $ | 534,711,654 |
Investments at value — affiliated2 |  |  | 3,776,544 |  |  |  | 1,356,943 |  |  |  | 783,716 |
Cash pledged for financial futures contracts |  |  | 183,000 |  |  |  | 864,000 |  |  |  | 236,000 |
Interest receivable |  |  | 4,177,471 |  |  |  | 12,677,268 |  |  |  | 8,541,923 |
Investments sold receivable |  |  | 572,005 |  |  |  | 1,086,154 |  |  |  | 540,000 |
Variation margin receivable on financial futures contracts |  |  | 18,141 |  |  |  | 85,644 |  |  |  | 23,345 |
Deferred offering costs |  |  | — |  |  |  | 50,741 |  |  |  | — |
Prepaid expenses |  |  | 27,920 |  |  |  | 40,631 |  |  |  | 31,325 |
Total assets |  |  | 299,644,367 |  |  |  | 950,884,924 |  |  |  | 544,867,963 |
Accrued Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Income dividends payable — Common Shares |  |  | 878,156 |  |  |  | 2,508,405 |  |  |  | 1,743,943 |
Investment advisory fees payable |  |  | 133,429 |  |  |  | 431,381 |  |  |  | 224,522 |
Interest expense and fees payable |  |  | 5,618 |  |  |  | 7,624 |  |  |  | 13,335 |
Officer’s and Directors’ fees payable |  |  | 2,388 |  |  |  | 255,417 |  |  |  | 4,248 |
Other accrued expenses payable |  |  | 94,290 |  |  |  | 209,940 |  |  |  | 122,025 |
Total accrued liabilities |  |  | 1,113,881 |  |  |  | 3,412,767 |  |  |  | 2,108,073 |
Other Liabilities |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  |  | 21,936,718 |  |  |  | 52,931,848 |  |  |  | 66,439,492 |
VMTP Shares, at liquidation value of $100,000 per share3,4 |  |  | 87,000,000 |  |  |  | 287,100,000 |  |  |  | 140,000,000 |
Total other liabilities |  |  | 108,936,718 |  |  |  | 340,031,848 |  |  |  | 206,439,492 |
Total liabilities |  |  | 110,050,599 |  |  |  | 343,444,615 |  |  |  | 208,547,565 |
Net Assets Applicable to Common Shareholders |  | $ | 189,593,768 |  |  | $ | 607,440,309 |  |  | $ | 336,320,398 |
Net Assets Applicable to Common Shareholders Consist of |  |  |  |  |  |  |  |  |  |  |  |
Paid-in capital5,6,7 |  | $ | 175,117,812 |  |  | $ | 543,479,050 |  |  | $ | 287,577,034 |
Undistributed net investment income |  |  | 2,749,831 |  |  |  | 4,715,865 |  |  |  | 3,245,721 |
Undistributed net realized gain (accumulated net realized loss) |  |  | (15,207,716 | ) |  |  | 1,722,542 |  |  |  | (6,269,741 | )
Net unrealized appreciation (depreciation) |  |  | 26,933,841 |  |  |  | 57,522,852 |  |  |  | 51,767,384 |
Net Assets Applicable to Common Shareholders |  | $ | 189,593,768 |  |  | $ | 607,440,309 |  |  | $ | 336,320,398 |
Net asset value, per Common Share |  | $ | 14.57 |  |  | $ | 15.86 |  |  | $ | 16.01 |
1 Investments at cost — unaffiliated |  | $ | 263,809,651 |  |  | $ | 876,512,408 |  |  | $ | 482,658,196 |
2 Investments at cost — affiliated |  | $ | 3,776,544 |  |  | $ | 1,356,943 |  |  | $ | 783,716 |
3 Preferred Shares outstanding, par value $0.10 per share |  |  | 870 |  |  |  | 2,871 |  |  |  | 1,400 |
4 Preferred Shares authorized, including Auction Market Rate Preferred Shares (“AMPS”) |  |  | 6,230 |  |  |  | 15,671 |  |  |  | 8,400 |
5 Par Value per Common Share |  | $ | 0.10 |  |  | $ | 0.10 |  |  | $ | 0.10 |
6 Common Shares outstanding |  |  | 13,009,717 |  |  |  | 38,296,266 |  |  |  | 21,011,367 |
7 Common Shares authorized |  |  | 199,993,770 |  |  |  | 199,984,329 |  |  |  | 199,991,600 |

See Notes to Financial Statements. |  |  |  |
64 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Statements of Operations |  |

Year Ended April 30, 2015 |  | BlackRock MuniAssets Fund, Inc. (MUA) |  |  | BlackRock MuniEnhanced Fund, Inc. (MEN) |  |  | BlackRock MuniHoldings Fund, Inc. (MHD) |  |  | BlackRock MuniHoldings Fund II, Inc. (MUH) |
Investment Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest |  | $ | 30,384,579 |  |  | $ | 26,172,423 |  |  | $ | 18,260,014 |  |  | $ | 13,232,055 |
Interest — affiliated |  |  | 2,325 |  |  |  | 2,056 |  |  |  | 1,766 |  |  |  | 855 |
Total income |  |  | 30,386,904 |  |  |  | 26,174,479 |  |  |  | 18,261,780 |  |  |  | 13,232,910 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory |  |  | 3,141,875 |  |  |  | 2,905,511 |  |  |  | 2,139,697 |  |  |  | 1,552,131 |
Professional |  |  | 140,934 |  |  |  | 108,222 |  |  |  | 91,162 |  |  |  | 74,462 |
Accounting services |  |  | 83,390 |  |  |  | 84,328 |  |  |  | 58,913 |  |  |  | 46,053 |
Transfer agent |  |  | 59,871 |  |  |  | 45,925 |  |  |  | 26,666 |  |  |  | 23,709 |
Officer and Directors |  |  | 45,602 |  |  |  | 33,721 |  |  |  | 23,076 |  |  |  | 16,988 |
Custodian |  |  | 27,031 |  |  |  | 28,453 |  |  |  | 19,288 |  |  |  | 14,578 |
Printing |  |  | 13,617 |  |  |  | 13,663 |  |  |  | 11,444 |  |  |  | 10,285 |
Registration |  |  | 13,312 |  |  |  | 11,200 |  |  |  | 10,083 |  |  |  | 10,081 |
Rating agency |  |  | — |  |  |  | 33,435 |  |  |  | 33,435 |  |  |  | 33,435 |
Miscellaneous |  |  | 52,410 |  |  |  | 53,027 |  |  |  | 45,971 |  |  |  | 39,574 |
Total expenses excluding interest expense, fees and amortization of offering costs |  |  | 3,578,042 |  |  |  | 3,317,485 |  |  |  | 2,459,735 |  |  |  | 1,821,296 |
Interest expense, fees and amortization of offering costs1 |  |  | 536,788 |  |  |  | 1,905,897 |  |  |  | 1,275,183 |  |  |  | 886,053 |
Total expenses |  |  | 4,114,830 |  |  |  | 5,223,382 |  |  |  | 3,734,918 |  |  |  | 2,707,349 |
Less fees waived by the Manager |  |  | (1,272 | ) |  |  | (1,376 | ) |  |  | (1,264 | ) |  |  | (616 | )
Total expenses after fees waived |  |  | 4,113,558 |  |  |  | 5,222,006 |  |  |  | 3,733,654 |  |  |  | 2,706,733 |
Net investment income |  |  | 26,273,346 |  |  |  | 20,952,473 |  |  |  | 14,528,126 |  |  |  | 10,526,177 |
Realized and Unrealized Gain (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  | 8,214,302 |  |  |  | 1,537,825 |  |  |  | 2,581,977 |  |  |  | 1,846,961 |
Financial futures contracts |  |  | (2,378,110 | ) |  |  | (1,212,800 | ) |  |  | (1,232,637 | ) |  |  | (851,733 | )
|  |  | 5,836,192 |  |  |  | 325,025 |  |  |  | 1,349,340 |  |  |  | 995,228 |
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  | 15,117,533 |  |  |  | 10,305,800 |  |  |  | 9,807,414 |  |  |  | 6,422,325 |
Financial futures contracts |  |  | (242,824 | ) |  |  | (279,548 | ) |  |  | (142,981 | ) |  |  | (118,183 | )
|  |  | 14,874,709 |  |  |  | 10,026,252 |  |  |  | 9,664,433 |  |  |  | 6,304,142 |
Net realized and unrealized gain |  |  | 20,710,901 |  |  |  | 10,351,277 |  |  |  | 11,013,773 |  |  |  | 7,299,370 |
Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations |  | $ | 46,984,247 |  |  | $ | 31,303,750 |  |  | $ | 25,541,899 |  |  | $ | 17,825,547 |
1 Related to TOB Trusts and/or Preferred Shares. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

See Notes to Financial Statements. |  |  |  |
|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 65

Statements of Operations |  |

Year Ended April 30, 2015 |  | BlackRock MuniHoldings Quality Fund, Inc. (MUS) |  |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI) |  |  | BlackRock MuniVest Fund II, Inc. (MVT) |
Investment Income |  |  |  |  |  |  |  |  |  |  |  |
Interest |  | $ | 13,446,918 |  |  | $ | 38,821,459 |  |  | $ | 25,750,810 |
Interest — affiliated |  |  | 1,226 |  |  |  | 4,098 |  |  |  | 2,175 |
Total income |  |  | 13,448,144 |  |  |  | 38,825,557 |  |  |  | 25,752,985 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory |  |  | 1,651,398 |  |  |  | 5,283,037 |  |  |  | 2,712,510 |
Professional |  |  | 81,787 |  |  |  | 165,003 |  |  |  | 106,028 |
Accounting services |  |  | 48,376 |  |  |  | 122,299 |  |  |  | 80,596 |
Transfer agent |  |  | 24,797 |  |  |  | 51,309 |  |  |  | 34,965 |
Officer and Directors |  |  | 17,658 |  |  |  | 62,572 |  |  |  | 31,261 |
Custodian |  |  | 15,246 |  |  |  | 44,321 |  |  |  | 25,561 |
Printing |  |  | 10,626 |  |  |  | 18,580 |  |  |  | 13,168 |
Registration |  |  | 10,021 |  |  |  | 14,485 |  |  |  | 10,319 |
Rating agency |  |  | 33,435 |  |  |  | 33,435 |  |  |  | 33,435 |
Miscellaneous |  |  | 33,650 |  |  |  | 67,059 |  |  |  | 46,797 |
Total expenses excluding interest expense, fees and amortization of offering costs |  |  | 1,926,994 |  |  |  | 5,862,100 |  |  |  | 3,094,640 |
Interest expense, fees and amortization of offering costs1 |  |  | 1,102,628 |  |  |  | 3,461,467 |  |  |  | 1,948,208 |
Total expenses |  |  | 3,029,622 |  |  |  | 9,323,567 |  |  |  | 5,042,848 |
Less fees waived by the Manager |  |  | (41,597 | ) |  |  | (3,498 | ) |  |  | (1,601 | )
Total expenses after fees waived |  |  | 2,988,025 |  |  |  | 9,320,069 |  |  |  | 5,041,247 |
Net investment income |  |  | 10,460,119 |  |  |  | 29,505,488 |  |  |  | 20,711,738 |
Realized and Unrealized Gain (Loss) |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  | 1,048,585 |  |  |  | 8,018,203 |  |  |  | 3,950,928 |
Financial futures contracts |  |  | (825,060 | ) |  |  | (2,313,403 | ) |  |  | (1,581,010 | )
|  |  | 223,525 |  |  |  | 5,704,800 |  |  |  | 2,369,918 |
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  | 5,096,331 |  |  |  | 5,080,468 |  |  |  | 10,670,585 |
Financial futures contracts |  |  | (127,125 | ) |  |  | (605,819 | ) |  |  | (211,957 | )
|  |  | 4,969,206 |  |  |  | 4,474,649 |  |  |  | 10,458,628 |
Net realized and unrealized gain |  |  | 5,192,731 |  |  |  | 10,179,449 |  |  |  | 12,828,546 |
Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations |  | $ | 15,652,850 |  |  | $ | 39,684,937 |  |  | $ | 33,540,284 |
1 Related to TOB Trusts and/or Preferred Shares. |  |  |  |  |  |  |  |  |  |  |  |

See Notes to Financial Statements. |  |  |  |
66 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Statements of Changes in Net Assets |  |

|  | BlackRock MuniAssets Fund, Inc. (MUA) |
|  | Year Ended April 30, |
Increase (Decrease) in Net Assets: |  | 2015 |  |  | 2014 |
Operations |  |  |  |  |  |  |  |
Net investment income |  | $ | 26,273,346 |  |  | $ | 27,535,462 |
Net realized gain |  |  | 5,836,192 |  |  |  | 1,410,873 |
Net change in unrealized appreciation (depreciation) |  |  | 14,874,709 |  |  |  | (30,547,191 | )
Net increase (decrease) in net assets resulting from operations |  |  | 46,984,247 |  |  |  | (1,600,856 | )
Distributions to Shareholders From1 |  |  |  |  |  |  |  |
Net investment income |  |  | (27,131,929 | ) |  |  | (27,002,723 | )
Capital Share Transactions |  |  |  |  |  |  |  |
Reinvestment of distributions |  |  | 169,233 |  |  |  | — |
Net Assets |  |  |  |  |  |  |  |
Total increase (decrease) in net assets |  |  | 20,021,551 |  |  |  | (28,603,579 | )
Beginning of year |  |  | 485,319,375 |  |  |  | 513,922,954 |
End of year |  | $ | 505,340,926 |  |  | $ | 485,319,375 |
Undistributed net investment income, end of year |  | $ | 1,216,905 |  |  | $ | 2,315,804 |
|  | BlackRock MuniEnhanced Fund, Inc. (MEN) |
|  | Year Ended April 30, |
Increase (Decrease) in Net Assets Applicable to Common Shareholders: |  | 2015 |  |  | 2014 |
Operations |  |  |  |  |  |  |  |
Net investment income |  | $ | 20,952,473 |  |  | $ | 21,555,402 |
Net realized gain (loss) |  |  | 325,025 |  |  |  | (2,384,954 | )
Net change in unrealized appreciation (depreciation) |  |  | 10,026,252 |  |  |  | (18,410,123 | )
Net increase in net assets applicable to Common Shareholders resulting from operations |  |  | 31,303,750 |  |  |  | 760,325 |
Distributions to Common Shareholders From1 |  |  |  |  |  |  |  |
Net investment income |  |  | (21,479,266 | ) |  |  | (21,389,300 | )
Capital Share Transactions |  |  |  |  |  |  |  |
Reinvestment of common distributions |  |  | — |  |  |  | 248,371 |
Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |
Total increase (decrease) in net assets applicable to Common Shareholders |  |  | 9,824,484 |  |  |  | (20,380,604 | )
Beginning of year |  |  | 352,878,080 |  |  |  | 373,258,684 |
End of year |  | $ | 362,702,564 |  |  | $ | 352,878,080 |
Undistributed net investment income, end of year |  | $ | 6,578,502 |  |  | $ | 6,889,231 |
1 Distributions for annual periods determined in accordance with federal income tax regulations. |

See Notes to Financial Statements. |  |  |  |
|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 67

Statements of Changes in Net Assets |  |

|  | BlackRock MuniHoldings Fund, Inc. (MHD) |
|  | Year Ended April 30, |
Increase (Decrease) in Net Assets Applicable to Common Shareholders: |  | 2015 |  |  | 2014 |
Operations |  |  |  |  |  |  |  |
Net investment income |  | $ | 14,528,126 |  |  | $ | 14,709,802 |
Net realized gain (loss) |  |  | 1,349,340 |  |  |  | (2,609,949 | )
Net change in unrealized appreciation (depreciation) |  |  | 9,664,433 |  |  |  | (14,535,796 | )
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |  |  | 25,541,899 |  |  |  | (2,435,943 | )
Distributions to Common Shareholders From1 |  |  |  |  |  |  |  |
Net investment income |  |  | (15,009,484 | ) |  |  | (15,321,048 | )
Net realized gain |  |  | — |  |  |  | (209,037 | )
Decrease in net assets resulting from distributions to Common Shareholders |  |  | (15,009,484 | ) |  |  | (15,530,085 | )
Capital Share Transactions |  |  |  |  |  |  |  |
Reinvestment of common distributions |  |  | — |  |  |  | 168,146 |
Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |
Total increase (decrease) in net assets applicable to Common Shareholders |  |  | 10,532,415 |  |  |  | (17,797,882 | )
Beginning of year |  |  | 238,113,307 |  |  |  | 255,911,189 |
End of year |  | $ | 248,645,722 |  |  | $ | 238,113,307 |
Undistributed net investment income, end of year |  | $ | 2,787,827 |  |  | $ | 3,236,074 |
|  | BlackRock MuniHoldings Fund II, Inc. (MUH) |
|  | Year Ended April 30, |
Increase (Decrease) in Net Assets Applicable to Common Shareholders: |  | 2015 |  |  | 2014 |
Operations |  |  |  |  |  |  |  |
Net investment income |  | $ | 10,526,177 |  |  | $ | 10,782,371 |
Net realized gain (loss) |  |  | 995,228 |  |  |  | (2,361,531 | )
Net change in unrealized appreciation (depreciation) |  |  | 6,304,142 |  |  |  | (11,035,014 | )
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |  |  | 17,825,547 |  |  |  | (2,614,174 | )
Distributions to Common Shareholders From1 |  |  |  |  |  |  |  |
Net investment income |  |  | (11,006,412 | ) |  |  | (11,262,749 | )
Net realized gain |  |  | — |  |  |  | (1,093,587 | )
Decrease in net assets resulting from distributions to Common Shareholders |  |  | (11,006,412 | ) |  |  | (12,356,336 | )
Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |
Total increase (decrease) in net assets applicable to Common Shareholders |  |  | 6,819,135 |  |  |  | (14,970,510 | )
Beginning of year |  |  | 176,395,134 |  |  |  | 191,365,644 |
End of year |  | $ | 183,214,269 |  |  | $ | 176,395,134 |
Undistributed net investment income, end of year |  | $ | 2,664,406 |  |  | $ | 3,063,134 |
1 Distributions for annual periods determined in accordance with federal income tax regulations. |

See Notes to Financial Statements. |  |  |  |
68 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Statements of Changes in Net Assets |  |

|  | BlackRock MuniHoldings Quality Fund, Inc. (MUS) |
|  | Year Ended April 30, |
Increase (Decrease) in Net Assets Applicable to Common Shareholders: |  | 2015 |  |  | 2014 |
Operations |  |  |  |  |  |  |  |
Net investment income |  | $ | 10,460,119 |  |  | $ | 10,619,445 |
Net realized gain (loss) |  |  | 223,525 |  |  |  | (8,031,093 | )
Net change in unrealized appreciation (depreciation) |  |  | 4,969,206 |  |  |  | (6,713,391 | )
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |  |  | 15,652,850 |  |  |  | (4,125,039 | )
Distributions to Common Shareholders From1 |  |  |  |  |  |  |  |
Net investment income |  |  | (10,537,871 | ) |  |  | (10,631,996 | )
Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |
Total increase (decrease) in net assets applicable to Common Shareholders |  |  | 5,114,979 |  |  |  | (14,757,035 | )
Beginning of year |  |  | 184,478,789 |  |  |  | 199,235,824 |
End of year |  | $ | 189,593,768 |  |  | $ | 184,478,789 |
Undistributed net investment income, end of year |  | $ | 2,749,831 |  |  | $ | 2,761,533 |
|  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI) |
|  | Year Ended April 30, |
Increase (Decrease) in Net Assets Applicable to Common Shareholders: |  | 2015 |  |  | 2014 |
Operations |  |  |  |  |  |  |  |
Net investment income |  | $ | 29,505,488 |  |  | $ | 30,731,598 |
Net realized gain (loss) |  |  | 5,704,800 |  |  |  | (1,509,254 | )
Net change in unrealized appreciation (depreciation) |  |  | 4,474,649 |  |  |  | (30,874,720 | )
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |  |  | 39,684,937 |  |  |  | (1,652,376 | )
Distributions to Common Shareholders From1 |  |  |  |  |  |  |  |
Net investment income |  |  | (31,311,027 | ) |  |  | (32,953,864 | )
Net realized gain |  |  | — |  |  |  | (1,979,760 | )
Decrease in net assets resulting from distributions to Common Shareholders |  |  | (31,311,027 | ) |  |  | (34,933,624 | )
Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |
Total increase (decrease) in net assets applicable to Common Shareholders |  |  | 8,373,910 |  |  |  | (36,586,000 | )
Beginning of year |  |  | 599,066,399 |  |  |  | 635,652,399 |
End of year |  | $ | 607,440,309 |  |  | $ | 599,066,399 |
Undistributed net investment income, end of year |  | $ | 4,715,865 |  |  | $ | 6,555,268 |
1 Distributions for annual periods determined in accordance with federal income tax regulations. |

See Notes to Financial Statements. |  |  |  |
|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 69

Statements of Changes in Net Assets |  |

|  | BlackRock MuniVest Fund II, Inc. (MVT) |
|  | Year Ended April 30, |
Increase (Decrease) in Net Assets Applicable to Common Shareholders: |  | 2015 |  |  | 2014 |
Operations |  |  |  |  |  |  |  |
Net investment income |  | $ | 20,711,738 |  |  | $ | 21,507,539 |
Net realized gain (loss) |  |  | 2,369,918 |  |  |  | (4,430,969 | )
Net change in unrealized appreciation (depreciation) |  |  | 10,458,628 |  |  |  | (20,404,052 | )
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |  |  | 33,540,284 |  |  |  | (3,327,482 | )
Distributions to Common Shareholders From1 |  |  |  |  |  |  |  |
Net investment income |  |  | (21,785,415 | ) |  |  | (22,639,477 | )
Capital Share Transactions |  |  |  |  |  |  |  |
Reinvestment of common distributions |  |  | 419,446 |  |  |  | 1,115,168 |
Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |
Total increase (decrease) in net assets applicable to Common Shareholders |  |  | 12,174,315 |  |  |  | (24,851,791 | )
Beginning of year |  |  | 324,146,083 |  |  |  | 348,997,874 |
End of year |  | $ | 336,320,398 |  |  | $ | 324,146,083 |
Undistributed net investment income, end of year |  | $ | 3,245,721 |  |  | $ | 4,256,666 |
1 Distributions for annual periods determined in accordance with federal income tax regulations. |  |  |  |  |  |  |  |

See Notes to Financial Statements. |  |  |  |
70 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Statements of Cash Flows |  |

Year Ended April 30, 2015 |  | BlackRock MuniAssets Fund, Inc. (MUA) |  |  | BlackRock MuniEnhanced Fund, Inc. (MEN) |  |  | BlackRock MuniHoldings Fund, Inc. (MHD) |  |  | BlackRock MuniHoldings Fund II, Inc. (MUH) |
Cash Provided by Operating Activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase in net assets resulting from operations |  | $ | 46,984,247 |  |  | $ | 31,303,750 |  |  | $ | 25,541,899 |  |  | $ | 17,825,547 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Increase) decrease in interest receivable |  |  | 31,266 |  |  |  | (4,819 | ) |  |  | (83,672 | ) |  |  | (121,154 | )
Increase in variation margin receivable on financial futures contracts |  |  | (27,704 | ) |  |  | (44,041 | ) |  |  | (18,704 | ) |  |  | (12,938 | )
Decrease in prepaid expenses |  |  | 1,223 |  |  |  | 628 |  |  |  | 576 |  |  |  | 461 |
(Increase) decrease in cash pledged for financial futures contracts |  |  | 403,000 |  |  |  | (145,000 | ) |  |  | 228,000 |  |  |  | 114,000 |
Increase in investment advisory fees payable |  |  | 7,678 |  |  |  | 8,685 |  |  |  | 5,695 |  |  |  | 2,516 |
Increase (decrease) in interest expense and fees payable |  |  | 1,585 |  |  |  | (7,920 | ) |  |  | (2,702 | ) |  |  | (2,487 | )
Increase in other accrued expenses payable |  |  | 32,969 |  |  |  | 24,887 |  |  |  | 11,506 |  |  |  | 8,548 |
Decrease in variation margin payable on financial futures contracts |  |  | (210,940 | ) |  |  | (94,923 | ) |  |  | (113,486 | ) |  |  | (75,517 | )
Increase in Officer’s and Directors’ fees payable |  |  | 747 |  |  |  | 868 |  |  |  | 680 |  |  |  | 483 |
Net realized gain on investments |  |  | (8,214,302 | ) |  |  | (1,537,825 | ) |  |  | (2,581,977 | ) |  |  | (1,846,961 | )
Net unrealized gain on investments |  |  | (15,117,533 | ) |  |  | (10,305,800 | ) |  |  | (9,807,414 | ) |  |  | (6,422,325 | )
Amortization of premium and accretion of discount on investments |  |  | (141,823 | ) |  |  | (872,297 | ) |  |  | 3,914 |  |  |  | (278,349 | )
Proceeds from sales of long-term investments |  |  | 147,973,431 |  |  |  | 67,987,063 |  |  |  | 46,417,922 |  |  |  | 36,211,448 |
Purchases of long-term investments |  |  | (133,982,214 | ) |  |  | (69,090,088 | ) |  |  | (40,640,256 | ) |  |  | (29,736,003 | )
Net proceeds from sales (purchases) of short-term securities |  |  | (701,392 | ) |  |  | 1,531,291 |  |  |  | (535,581 | ) |  |  | 262,549 |
Net cash provided by operating activities |  |  | 37,040,238 |  |  |  | 18,754,459 |  |  |  | 18,426,400 |  |  |  | 15,929,818 |
Cash Used for Financing Activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from TOB Trust Certificates |  |  | — |  |  |  | 3,714,827 |  |  |  | — |  |  |  | — |
Repayments of TOB Trust Certificates |  |  | (10,078,540 | ) |  |  | (999,989 | ) |  |  | (3,454,373 | ) |  |  | (4,928,979 | )
Cash dividends paid to Common Shareholders |  |  | (26,961,698 | ) |  |  | (21,479,266 | ) |  |  | (15,009,484 | ) |  |  | (11,068,563 | )
Increase (decrease) in bank overdraft |  |  | — |  |  |  | — |  |  |  | (1,197 | ) |  |  | 35,189 |
Amortization of deferred offering costs |  |  | — |  |  |  | 9,969 |  |  |  | 38,654 |  |  |  | 32,535 |
Net cash used for financing activities |  |  | (37,040,238 | ) |  |  | (18,754,459 | ) |  |  | (18,426,400 | ) |  |  | (15,929,818 | )
Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase in cash |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cash at beginning of year |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cash at end of year |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Supplemental Disclosure of Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash paid during the year for interest expense and fees |  | $ | 535,203 |  |  | $ | 1,903,848 |  |  | $ | 1,239,231 |  |  | $ | 856,005 |
Non-cash Financing Activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital shares issued in reinvestment of distributions paid to Common Shareholders |  | $ | 169,233 |  |  |  | — |  |  |  | — |  |  |  | — |

See Notes to Financial Statements. |  |  |  |
|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 71

Statements of Cash Flows |  |

Year Ended April 30, 2015 |  | BlackRock MuniHoldings Quality Fund, Inc. (MUS) |  |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI) |  |  | BlackRock MuniVest Fund II, Inc. (MVT) |
Cash Provided by Operating Activities |  |  |  |  |  |  |  |  |  |  |  |
Net increase in net assets resulting from operations |  | $ | 15,652,850 |  |  | $ | 39,684,937 |  |  | $ | 33,540,284 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
(Increase) decrease in interest receivable |  |  | 111,107 |  |  |  | (10,053 | ) |  |  | (25,665 | )
Increase in variation margin receivable on financial futures contracts |  |  | (18,141 | ) |  |  | (85,644 | ) |  |  | (23,345 | )
Decrease in prepaid expenses |  |  | 582 |  |  |  | 2,097 |  |  |  | 1,162 |
Decrease in cash pledged for financial futures contracts |  |  | 67,998 |  |  |  | 119,000 |  |  |  | 214,000 |
Increase in investment advisory fees payable |  |  | 6,262 |  |  |  | 3,490 |  |  |  | 7,714 |
Decrease in interest expense and fees payable |  |  | (3,338 | ) |  |  | (15,032 | ) |  |  | (3,469 | )
Increase in other accrued expenses payable |  |  | 7,539 |  |  |  | 46,408 |  |  |  | 13,759 |
Decrease in variation margin payable on financial futures contracts |  |  | (68,766 | ) |  |  | (303,754 | ) |  |  | (138,799 | )
Increase in Officer’s and Directors’ fees payable |  |  | 468 |  |  |  | 32,801 |  |  |  | 903 |
Net realized gain on investments |  |  | (1,048,585 | ) |  |  | (8,018,203 | ) |  |  | (3,950,928 | )
Net unrealized gain on investments |  |  | (5,096,331 | ) |  |  | (5,080,468 | ) |  |  | (10,670,585 | )
Amortization of premium and accretion of discount on investments |  |  | 676,087 |  |  |  | 4,102,732 |  |  |  | 431,290 |
Proceeds from sales of long-term investments |  |  | 34,662,346 |  |  |  | 183,129,326 |  |  |  | 56,924,990 |
Purchases of long-term investments |  |  | (32,372,492 | ) |  |  | (189,954,845 | ) |  |  | (55,861,739 | )
Net proceeds from sales of short-term securities |  |  | 1,171,335 |  |  |  | 23,827,588 |  |  |  | 1,242,345 |
Net cash provided by operating activities |  |  | 13,748,921 |  |  |  | 47,480,380 |  |  |  | 21,701,917 |
Cash Used for Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from TOB Trust Certificates |  |  | — |  |  |  | 3,340,000 |  |  |  | — |
Repayments of TOB Trust Certificates |  |  | (3,250,531 | ) |  |  | (19,478,284 | ) |  |  | (275,256 | )
Cash dividends paid to Common Shareholders |  |  | (10,537,871 | ) |  |  | (31,425,916 | ) |  |  | (21,479,228 | )
Decrease in bank overdraft |  |  | — |  |  |  | — |  |  |  | (603 | )
Amortization of deferred offering costs |  |  | 39,481 |  |  |  | 83,820 |  |  |  | 53,170 |
Net cash used for financing activities |  |  | (13,748,921 | ) |  |  | (47,480,380 | ) |  |  | (21,701,917 | )
Cash |  |  |  |  |  |  |  |  |  |  |  |
Net increase in cash |  |  | — |  |  |  | — |  |  |  | — |
Cash at beginning of year |  |  | — |  |  |  | — |  |  |  | — |
Cash at end of year |  |  | — |  |  |  | — |  |  |  | — |
Supplemental Disclosure of Cash Flow Information |  |  |  |  |  |  |  |  |  |  |  |
Cash paid during the year for interest expense and fees |  | $ | 1,066,485 |  |  | $ | 3,392,679 |  |  | $ | 1,898,507 |
Non-cash Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Capital shares issued in reinvestment of distributions paid to Common Shareholders |  |  | — |  |  |  | — |  |  | $ | 419,446 |

See Notes to Financial Statements. |  |  |  |
72 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Financial Highlights |  | BlackRock MuniAssets Fund, Inc. (MUA)

|  | Year Ended April 30, |
|  | 2015 |  |  | 2014 |  |  | 2013 |  |  | 2012 |  |  | 2011 |
Per Share Operating Performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net asset value, beginning of year |  | $ | 13.56 |  |  | $ | 14.36 |  |  | $ | 13.47 |  |  | $ | 12.14 |  |  | $ | 12.63 |
Net investment income1 |  |  | 0.73 |  |  |  | 0.77 |  |  |  | 0.77 |  |  |  | 0.76 |  |  |  | 0.73 |
Net realized and unrealized gain (loss) |  |  | 0.59 |  |  |  | (0.82 | ) |  |  | 0.90 |  |  |  | 1.32 |  |  |  | (0.46 | )
Net increase (decrease) from investment operations |  |  | 1.32 |  |  |  | (0.05 | ) |  |  | 1.67 |  |  |  | 2.08 |  |  |  | 0.27 |
Distributions from net investment income2 |  |  | (0.76 | ) |  |  | (0.75 | ) |  |  | (0.78 | ) |  |  | (0.75 | ) |  |  | (0.76 | )
Net asset value, end of year |  | $ | 14.12 |  |  | $ | 13.56 |  |  | $ | 14.36 |  |  | $ | 13.47 |  |  | $ | 12.14 |
Market price, end of year |  | $ | 14.22 |  |  | $ | 12.85 |  |  | $ | 13.96 |  |  | $ | 13.15 |  |  | $ | 11.27 |
Total Return3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 10.11% |  |  |  | 0.47% |  |  |  | 12.70% |  |  |  | 17.90% |  |  |  | 2.31% |
Based on market price |  |  | 17.02% |  |  |  | (2.06)% |  |  |  | 12.22% |  |  |  | 23.99% |  |  |  | (5.17)% |
Ratios to Average Net Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 0.82% |  |  |  | 0.82% |  |  |  | 0.83% |  |  |  | 0.77% |  |  |  | 0.78% |
Total expenses after fees waived and paid indirectly |  |  | 0.82% |  |  |  | 0.82% |  |  |  | 0.83% |  |  |  | 0.77% |  |  |  | 0.78% |
Total expenses after fees waived and paid indirectly and excluding interest expense and fees4 |  |  | 0.71% |  |  |  | 0.70% |  |  |  | 0.71% |  |  |  | 0.70% |  |  |  | 0.74% |
Net investment income |  |  | 5.24% |  |  |  | 5.84% |  |  |  | 5.52% |  |  |  | 6.00% |  |  |  | 6.07% |
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of year (000) |  | $ | 505,341 |  |  | $ | 485,319 |  |  | $ | 513,923 |  |  | $ | 481,598 |  |  | $ | 433,891 |
Borrowings outstanding, end of year (000) |  | $ | 61,066 |  |  | $ | 71,145 |  |  | $ | 76,451 |  |  | $ | 61,510 |  |  | $ | 23,111 |
Asset coverage, end of year per $1,000 of borrowings |  | $ | 9,275 |  |  | $ | 7,822 |  |  | $ | 7,722 |  |  | $ | 8,830 |  |  | $ | 19,774 |
Portfolio turnover rate |  |  | 22% |  |  |  | 19% |  |  |  | 19% |  |  |  | 28% |  |  |  | 24% |

| 1 |  | Based on average shares outstanding.

| 2 |  | Distributions for annual periods determined in accordance with federal income tax regulations.

| 3 |  | 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.

| 4 |  | Interest expense and fees relate to TOB Trusts. See Note 3 of the Notes to Financial Statements for details of municipal bonds transferred to TOB Trusts.

See Notes to Financial Statements. |  |  |  |
|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 73

Financial Highlights |  | BlackRock MuniEnhanced Fund, Inc. (MEN)

|  | Year Ended April 30, |
|  | 2015 |  |  | 2014 |  |  | 2013 |  |  | 2012 |  |  | 2011 |
Per Share Operating Performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net asset value, beginning of year |  | $ | 11.94 |  |  | $ | 12.63 |  |  | $ | 12.12 |  |  | $ | 10.30 |  |  | $ | 10.90 |
Net investment income1 |  |  | 0.71 |  |  |  | 0.73 |  |  |  | 0.71 |  |  |  | 0.69 |  |  |  | 0.73 |
Net realized and unrealized gain (loss) |  |  | 0.35 |  |  |  | (0.70 | ) |  |  | 0.50 |  |  |  | 1.82 |  |  |  | (0.62 | )
Distributions to AMPS Shareholders from net investment income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.00 | )2 |  |  | (0.03 | )
Net increase from investment operations |  |  | 1.06 |  |  |  | 0.03 |  |  |  | 1.21 |  |  |  | 2.51 |  |  |  | 0.08 |
Distributions to Common Shareholders from net investment income3 |  |  | (0.73 | ) |  |  | (0.72 | ) |  |  | (0.70 | ) |  |  | (0.69 | ) |  |  | (0.68 | )
Net asset value, end of year |  | $ | 12.27 |  |  | $ | 11.94 |  |  | $ | 12.63 |  |  | $ | 12.12 |  |  | $ | 10.30 |
Market price, end of year |  | $ | 11.67 |  |  | $ | 11.27 |  |  | $ | 12.65 |  |  | $ | 11.66 |  |  | $ | 9.99 |
Total Return Applicable to Common Shareholders4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 9.49% |  |  |  | 1.06% |  |  |  | 10.16% |  |  |  | 25.12% |  |  |  | 0.78% |
Based on market price |  |  | 10.33% |  |  |  | (4.76)% |  |  |  | 14.69% |  |  |  | 24.11% |  |  |  | (1.44)% |
Ratios to Average Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.44% |  |  |  | 1.50% |  |  |  | 1.49% |  |  |  | 1.70% | 5 |  |  | 1.24% | 5
Total expenses after fees waived |  |  | 1.43% |  |  |  | 1.50% |  |  |  | 1.49% |  |  |  | 1.70% | 5 |  |  | 1.24% | 5
Total expenses after fees waived and excluding interest expense, fees and amortization of offering costs6 |  |  | 0.91% |  |  |  | 0.92% |  |  |  | 0.96% | 7 |  |  | 1.35% | 5,7 |  |  | 1.09% | 5
Net investment income |  |  | 5.76% |  |  |  | 6.37% |  |  |  | 5.65% |  |  |  | 6.12% | 5 |  |  | 6.89% | 5
Distributions to AMPS Shareholders |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.03% |  |  |  | 0.29% |
Net investment income to Common Shareholders |  |  | 5.76% |  |  |  | 6.37% |  |  |  | 5.65% |  |  |  | 6.09% |  |  |  | 6.60% |
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of year (000) |  | $ | 362,703 |  |  | $ | 352,878 |  |  | $ | 373,259 |  |  | $ | 357,017 |  |  | $ | 303,264 |
AMPS outstanding at $25,000 liquidation preference, end of year (000) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 142,575 |
Asset coverage per AMPS at $25,000 liquidation preference, end of year |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 78,179 |
VRDP Shares outstanding at $100,000 liquidation value, end of year (000) |  | $ | 142,500 |  |  | $ | 142,500 |  |  | $ | 142,500 |  |  | $ | 142,500 |  |  |  | — |
Asset coverage per VRDP Shares at $100,000 liquidation value, end of year |  | $ | 354,528 |  |  | $ | 347,633 |  |  | $ | 361,936 |  |  | $ | 350,538 |  |  |  | — |
Borrowings outstanding, end of year (000) |  | $ | 76,094 |  |  | $ | 73,379 |  |  | $ | 81,244 |  |  | $ | 69,282 |  |  | $ | 61,583 |
Asset coverage, end of year per $1,000 of borrowings |  | $ | 5,767 |  |  | $ | 5,809 |  |  | $ | 5,594 |  |  | $ | 6,153 |  |  | $ | 5,924 |
Portfolio turnover rate |  |  | 12% |  |  |  | 16% |  |  |  | 12% |  |  |  | 22% |  |  |  | 9% |

| 1 |  | Based on average Common Shares outstanding.

| 2 |  | Amount is greater than $(0.005) per share.

| 3 |  | Distributions for annual periods determined in accordance with federal income tax regulations.

| 4 |  | 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.

| 5 |  | Does not reflect the effect of distributions to AMPS Shareholders.

| 6 |  | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 3 and Note 9 of the Notes to Financial Statements for details of municipal bonds transferred to TOB Trusts and VRDP Shares, respectively.

| 7 |  | For the years ended April 30, 2013 and April 30, 2012, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity, and remarketing fees were 0.91% and 0.98%, respectively.

See Notes to Financial Statements. |  |  |  |
74 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Financial Highlights |  | BlackRock MuniHoldings Fund, Inc. (MHD)

|  | Year Ended April 30, |
|  | 2015 |  |  | 2014 |  |  | 2013 |  |  | 2012 |  |  | 2011 |
Per Share Operating Performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net asset value, beginning of year |  | $ | 16.85 |  |  | $ | 18.12 |  |  | $ | 17.36 |  |  | $ | 14.67 |  |  | $ | 15.75 |
Net investment income1 |  |  | 1.03 |  |  |  | 1.04 |  |  |  | 1.07 |  |  |  | 1.12 |  |  |  | 1.14 |
Net realized and unrealized gain (loss) |  |  | 0.77 |  |  |  | (1.22 | ) |  |  | 1.01 |  |  |  | 2.67 |  |  |  | (1.01 | )
Distributions to VMTP Shareholders from net realized gain |  |  | — |  |  |  | — |  |  |  | (0.01 | ) |  |  | — |  |  |  | — |
Distributions to AMPS Shareholders from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.01 | ) |  |  | (0.03 | )
Net realized gain |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.00 | )2
Net increase (decrease) from investment operations |  |  | 1.80 |  |  |  | (0.18 | ) |  |  | 2.07 |  |  |  | 3.78 |  |  |  | 0.10 |
Distributions to Common Shareholders from:3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | (1.06 | ) |  |  | (1.08 | ) |  |  | (1.12 | ) |  |  | (1.09 | ) |  |  | (1.07 | )
Net realized gain |  |  | — |  |  |  | (0.01 | ) |  |  | (0.19 | ) |  |  | — |  |  |  | (0.11 | )
Total distributions to Common Shareholders |  |  | (1.06 | ) |  |  | (1.09 | ) |  |  | (1.31 | ) |  |  | (1.09 | ) |  |  | (1.18 | )
Net asset value, end of year |  | $ | 17.59 |  |  | $ | 16.85 |  |  | $ | 18.12 |  |  | $ | 17.36 |  |  | $ | 14.67 |
Market price, end of year |  | $ | 17.25 |  |  | $ | 16.01 |  |  | $ | 18.20 |  |  | $ | 18.08 |  |  | $ | 14.51 |
Total Return Applicable to Common Shareholders4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 11.22% |  |  |  | (0.15)% |  |  |  | 12.20% |  |  |  | 26.57% |  |  |  | 0.57% |
Based on market price |  |  | 14.80% |  |  |  | (5.55)% |  |  |  | 8.21% |  |  |  | 33.28% |  |  |  | (0.21)% |
Ratios to Average Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.50% |  |  |  | 1.64% |  |  |  | 1.60% |  |  |  | 1.41% | 5 |  |  | 1.28% | 5
Total expenses after fees waived and paid indirectly |  |  | 1.50% |  |  |  | 1.64% |  |  |  | 1.60% |  |  |  | 1.41% | 5 |  |  | 1.28% | 5
Total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering costs6 |  |  | 0.99% |  |  |  | 1.04% |  |  |  | 1.02% |  |  |  | 1.09% | 5,7 |  |  | 1.13% | 5
Net investment income |  |  | 5.86% |  |  |  | 6.48% |  |  |  | 5.92% |  |  |  | 6.95% | 5 |  |  | 7.41% | 5
Distributions to AMPS Shareholders |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.09% |  |  |  | 0.20% |
Net investment income to Common Shareholders |  |  | 5.86% |  |  |  | 6.48% |  |  |  | 5.92% |  |  |  | 6.86% |  |  |  | 7.21% |
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of year (000) |  | $ | 248,646 |  |  | $ | 238,113 |  |  | $ | 255,911 |  |  | $ | 243,989 |  |  | $ | 205,368 |
AMPS outstanding at $25,000 liquidation preference, end of year (000) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 83,700 |
Asset coverage per AMPS at $25,000 liquidation preference, end of year |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 86,342 |
VMTP Shares outstanding at $100,000 liquidation value, end of year (000) |  | $ | 83,700 |  |  | $ | 83,700 |  |  | $ | 83,700 |  |  | $ | 83,700 |  |  |  | — |
Asset coverage per VMTP Shares at $100,000 liquidation value, end of year |  | $ | 397,068 |  |  | $ | 384,484 |  |  | $ | 405,748 |  |  | $ | 391,505 |  |  |  | — |
Borrowings outstanding, end of year (000) |  | $ | 56,784 |  |  | $ | 60,238 |  |  | $ | 69,753 |  |  | $ | 61,758 |  |  | $ | 43,488 |
Asset coverage, end of year per $1,000 of borrowings |  | $ | 5,379 |  |  | $ | 4,953 |  |  | $ | 4,669 |  |  | $ | 4,951 |  |  | $ | 5,722 |
Portfolio turnover rate |  |  | 11% |  |  |  | 20% |  |  |  | 16% |  |  |  | 19% |  |  |  | 15% |

| 1 |  | Based on average Common Shares outstanding.

| 2 |  | Amount is greater than $(0.005) per share.

| 3 |  | Distributions for annual periods determined in accordance with federal income tax regulations.

| 4 |  | 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.

| 5 |  | Does not reflect the effect of distributions to AMPS Shareholders.

| 6 |  | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 3 and Note 9 of the Notes to Financial Statements for details of municipal bonds transferred to TOB Trusts and VMTP Shares, respectively.

| 7 |  | For the year ended April 30, 2012, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees was 1.05%.

See Notes to Financial Statements. |  |  |  |
|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 75

Financial Highlights |  | BlackRock MuniHoldings Fund II, Inc. (MUH)

|  | Year Ended April 30, |
|  | 2015 |  |  | 2014 |  |  | 2013 |  |  | 2012 |  |  | 2011 |
Per Share Operating Performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net asset value, beginning of year |  | $ | 15.61 |  |  | $ | 16.93 |  |  | $ | 16.23 |  |  | $ | 13.74 |  |  | $ | 14.65 |
Net investment income1 |  |  | 0.93 |  |  |  | 0.95 |  |  |  | 0.98 |  |  |  | 1.03 |  |  |  | 1.03 |
Net realized and unrealized gain (loss) |  |  | 0.64 |  |  |  | (1.17 | ) |  |  | 0.93 |  |  |  | 2.45 |  |  |  | (0.88 | )
Distributions to VMTP Shareholders from net realized gain |  |  | — |  |  |  | — |  |  |  | (0.01 | ) |  |  | — |  |  |  | — |
Distributions to AMPS Shareholders from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.01 | ) |  |  | (0.02 | )
Net realized gain |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.00 | )2
Net increase (decrease) from investment operations |  |  | 1.57 |  |  |  | (0.22 | ) |  |  | 1.90 |  |  |  | 3.47 |  |  |  | 0.13 |
Distributions to Common Shareholders from:3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | (0.97 | ) |  |  | (1.00 | ) |  |  | (1.04 | ) |  |  | (0.98 | ) |  |  | (0.97 | )
Net realized gain |  |  | — |  |  |  | (0.10 | ) |  |  | (0.16 | ) |  |  | — |  |  |  | (0.07 | )
Total distributions to Common Shareholders |  |  | (0.97 | ) |  |  | (1.10 | ) |  |  | (1.20 | ) |  |  | (0.98 | ) |  |  | (1.04 | )
Net asset value, end of year |  | $ | 16.21 |  |  | $ | 15.61 |  |  | $ | 16.93 |  |  | $ | 16.23 |  |  | $ | 13.74 |
Market price, end of year |  | $ | 15.28 |  |  | $ | 14.84 |  |  | $ | 16.75 |  |  | $ | 16.46 |  |  | $ | 13.35 |
Total Return Applicable to Common Shareholders4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 10.64% |  |  |  | (0.40 | )% |  |  | 11.99% |  |  |  | 26.08% |  |  |  | 0.92% |
Based on market price |  |  | 9.71% |  |  |  | (4.30 | )% |  |  | 9.25% |  |  |  | 31.60% |  |  |  | (2.14)% |
Ratios to Average Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.48% |  |  |  | 1.61% |  |  |  | 1.59% |  |  |  | 1.37% | 5 |  |  | 1.23% | 5
Total expenses after fees waived |  |  | 1.48% |  |  |  | 1.61% |  |  |  | 1.59% |  |  |  | 1.37% | 5 |  |  | 1.23% | 5
Total expenses after fees waived and excluding interest expense, fees and amortization of offering costs6 |  |  | 1.00% |  |  |  | 1.04% |  |  |  | 1.03% |  |  |  | 1.07% | 5,7 |  |  | 1.07% | 5
Net investment income |  |  | 5.76% |  |  |  | 6.36% |  |  |  | 5.81% |  |  |  | 6.81% | 5 |  |  | 7.18% | 5
Distributions to AMPS Shareholders |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.05% |  |  |  | 0.14% |
Net investment income to Common Shareholders |  |  | 5.76% |  |  |  | 6.36% |  |  |  | 5.81% |  |  |  | 6.76% |  |  |  | 7.04% |
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable Common Shareholders, end of year (000) |  | $ | 183,214 |  |  | $ | 176,395 |  |  | $ | 191,366 |  |  | $ | 182,624 |  |  | $ | 154,259 |
AMPS outstanding at $25,000 liquidation preference, end of year (000) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 55,050 |
Asset coverage per AMPS at $25,000 liquidation preference, end of year (000) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 95,056 |
VMTP Shares outstanding at $100,000 liquidation value, end of year (000) |  | $ | 55,000 |  |  | $ | 55,000 |  |  | $ | 55,000 |  |  | $ | 55,000 |  |  |  | — |
Asset coverage per VMTP Shares at $100,000 liquidation value, end of year |  | $ | 433,117 |  |  | $ | 420,718 |  |  | $ | 447,938 |  |  | $ | 432,044 |  |  |  | — |
Borrowings outstanding, end of year (000) |  | $ | 43,568 |  |  | $ | 48,497 |  |  | $ | 56,354 |  |  | $ | 48,273 |  |  | $ | 33,617 |
Asset coverage, end of year per $1,000 of borrowings |  | $ | 5,205 |  |  | $ | 4,637 |  |  | $ | 4,396 |  |  | $ | 4,783 |  |  | $ | 5,589 |
Portfolio turnover rate |  |  | 11% |  |  |  | 18% |  |  |  | 16% |  |  |  | 18% |  |  |  | 15% |

| 1 |  | Based on average Common Shares outstanding.

| 2 |  | Amount is greater than $(0.005) per share.

| 3 |  | Distributions for annual periods determined in accordance with federal income tax regulations.

| 4 |  | 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.

| 5 |  | Does not reflect the effect of distributions to AMPS Shareholders.

| 6 |  | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 3 and Note 9 of the Notes to Financial Statements for details of municipal bonds transferred to TOB Trusts and VMTP Shares, respectively.

| 7 |  | For the year ended April 30, 2012, the total expense ratio after fees waived and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees was 1.03%.

See Notes to Financial Statements. |  |  |  |
76 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Financial Highlights |  | BlackRock MuniHoldings Quality Fund, Inc. (MUS)

|  | Year Ended April 30, |
|  | 2015 |  |  | 2014 |  |  | 2013 |  |  | 2012 |  |  | 2011 |
Per Share Operating Performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net asset value, beginning of year |  | $ | 14.18 |  |  | $ | 15.31 |  |  | $ | 14.61 |  |  | $ | 12.48 |  |  | $ | 13.34 |
Net investment income1 |  |  | 0.80 |  |  |  | 0.82 |  |  |  | 0.83 |  |  |  | 0.89 |  |  |  | 0.91 |
Net realized and unrealized gain (loss) |  |  | 0.40 |  |  |  | (1.13 | ) |  |  | 0.76 |  |  |  | 2.14 |  |  |  | (0.85 | )
Distributions to AMPS Shareholders from net investment income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.01 | ) |  |  | (0.03 | )
Net increase (decrease) from investment operations |  |  | 1.20 |  |  |  | (0.31 | ) |  |  | 1.59 |  |  |  | 3.02 |  |  |  | 0.03 |
Distributions to Common Shareholders from net investment income2 |  |  | (0.81 | ) |  |  | (0.82 | ) |  |  | (0.89 | ) |  |  | (0.89 | ) |  |  | (0.89 | )
Net asset value, end of year |  | $ | 14.57 |  |  | $ | 14.18 |  |  | $ | 15.31 |  |  | $ | 14.61 |  |  | $ | 12.48 |
Market price, end of year |  | $ | 13.32 |  |  | $ | 12.88 |  |  | $ | 14.92 |  |  | $ | 14.52 |  |  | $ | 12.31 |
Total Return Applicable to Common Shareholders3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 9.20% |  |  |  | (1.07)% |  |  |  | 11.06% |  |  |  | 24.96% |  |  |  | 0.21% |
Based on market price |  |  | 9.91% |  |  |  | (7.78)% |  |  |  | 8.90% |  |  |  | 25.90% |  |  |  | (1.60)% |
Ratios to Average Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.59% |  |  |  | 1.75% |  |  |  | 1.80% |  |  |  | 1.49% | 4 |  |  | 1.34% | 4
Total expenses after fees waived |  |  | 1.57% |  |  |  | 1.67% |  |  |  | 1.72% |  |  |  | 1.41% | 4 |  |  | 1.25% | 4
Total expenses after fees waived and excluding interest expense, fees and amortization of offering costs5 |  |  | 0.99% |  |  |  | 0.99% |  |  |  | 1.00% |  |  |  | 1.06% | 4,6 |  |  | 1.10% | 4
Net investment income |  |  | 5.49% |  |  |  | 6.00% |  |  |  | 5.48% |  |  |  | 6.50% | 4 |  |  | 7.04% | 4
Distributions to AMPS Shareholders |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.08% |  |  |  | 0.21% |
Net investment income to Common Shareholders |  |  | 5.49% |  |  |  | 6.00% |  |  |  | 5.48% |  |  |  | 6.42% |  |  |  | 6.83% |
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of year (000) |  | $ | 189,594 |  |  | $ | 184,479 |  |  | $ | 199,236 |  |  | $ | 189,567 |  |  | $ | 161,720 |
AMPS outstanding at $25,000 liquidation preference, end of year (000) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 87,000 |
Asset coverage per AMPS at $25,000 liquidation preference, end of year |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 71,472 |
VMTP Shares outstanding at $100,000 liquidation value, end of year (000) |  | $ | 87,000 |  |  | $ | 87,000 |  |  | $ | 87,000 |  |  | $ | 87,000 |  |  |  | — |
Asset coverage per VMTP Shares at $100,000 liquidation value, end of year |  | $ | 317,924 |  |  | $ | 312,045 |  |  | $ | 329,007 |  |  | $ | 317,893 |  |  |  | — |
Borrowings outstanding, end of year (000) |  | $ | 21,937 |  |  | $ | 25,187 |  |  | $ | 48,934 |  |  | $ | 41,631 |  |  | $ | 31,665 |
Asset coverage, end of year per $1,000 of borrowings |  | $ | 9,643 |  |  | $ | 8,324 |  |  | $ | 5,072 |  |  | $ | 5,553 |  |  | $ | 6,107 |
Portfolio turnover rate |  |  | 11% |  |  |  | 46% |  |  |  | 34% |  |  |  | 30% |  |  |  | 28% |

| 1 |  | Based on average Common Shares outstanding.

| 2 |  | Distributions for annual periods determined in accordance with federal income tax regulations.

| 3 |  | 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.

| 4 |  | Does not reflect the effect of distributions to AMPS Shareholders.

| 5 |  | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 3 and Note 9 of the Notes to Financial Statements for details of municipal bonds transferred to TOB Trusts and VMTP Shares, respectively.

| 6 |  | For the year ended April 30, 2012, the total expense ratio after fees waived and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees was 1.01%.

See Notes to Financial Statements. |  |  |  |
|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 77

Financial Highlights |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

|  | Year Ended April 30, |
|  | 2015 |  |  | 2014 |  |  | 2013 |  |  | 2012 |  |  | 2011 |
Per Share Operating Performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net asset value, beginning of year |  | $ | 15.64 |  |  | $ | 16.60 |  |  | $ | 16.21 |  |  | $ | 14.45 |  |  | $ | 14.75 |
Net investment income1 |  |  | 0.77 |  |  |  | 0.80 |  |  |  | 0.82 |  |  |  | 0.86 |  |  |  | 0.95 |
Net realized and unrealized gain (loss) |  |  | 0.27 |  |  |  | (0.85 | ) |  |  | 0.58 |  |  |  | 1.76 |  |  |  | (0.31 | )
Distributions to VRDP Shareholders from net realized gain |  |  | — |  |  |  | — |  |  |  | (0.01 | ) |  |  | — |  |  |  | — |
Distributions to AMPS Shareholders from net investment income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.10 | )
Net increase (decrease) from investment operations |  |  | 1.04 |  |  |  | (0.05 | ) |  |  | 1.39 |  |  |  | 2.62 |  |  |  | 0.54 |
Distributions to Common Shareholders from:2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | (0.82 | ) |  |  | (0.86 | ) |  |  | (0.87 | ) |  |  | (0.86 | ) |  |  | (0.84 | )
Net realized gain |  |  | — |  |  |  | (0.05 | ) |  |  | (0.13 | ) |  |  | — |  |  |  | — |
Total distributions to Common Shareholders |  |  | (0.82 | ) |  |  | (0.91 | ) |  |  | (1.00 | ) |  |  | (0.86 | ) |  |  | (0.84 | )
Net asset value, end of year |  | $ | 15.86 |  |  | $ | 15.64 |  |  | $ | 16.60 |  |  | $ | 16.21 |  |  | $ | 14.45 |
Market price, end of year |  | $ | 14.47 |  |  | $ | 14.55 |  |  | $ | 16.12 |  |  | $ | 16.45 |  |  | $ | 13.65 |
Total Return Applicable to Common Shareholders3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 7.27% |  |  |  | 0.50% |  |  |  | 8.78% |  |  |  | 18.74% |  |  |  | 3.86% |
Based on market price |  |  | 5.20% |  |  |  | (3.73)% |  |  |  | 4.09% |  |  |  | 27.56% |  |  |  | 2.41% |
Ratios to Average Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.52% |  |  |  | 1.65% |  |  |  | 1.91% |  |  |  | 1.88% |  |  |  | 1.45% | 4
Total expenses after fees waived and paid indirectly |  |  | 1.52% |  |  |  | 1.65% |  |  |  | 1.91% |  |  |  | 1.88% |  |  |  | 1.43% | 4
Total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering costs5 |  |  | 0.96% |  |  |  | 1.00% |  |  |  | 1.35% | 6 |  |  | 1.65% | 6 |  |  | 1.30% | 4
Net investment income |  |  | 4.82% |  |  |  | 5.28% |  |  |  | 4.93% |  |  |  | 5.58% |  |  |  | 6.48% | 4
Distributions to AMPS Shareholders |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.70% |
Net Investment income to Common Shareholders |  |  | 4.82% |  |  |  | 5.28% |  |  |  | 4.93% |  |  |  | 5.58% |  |  |  | 5.78% |
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of year (000) |  | $ | 607,440 |  |  | $ | 599,066 |  |  | $ | 635,652 |  |  | $ | 617,437 |  |  | $ | 549,516 |
VRDP Shares outstanding at $100,000 liquidation value, end of year (000) |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 287,100 |  |  | $ | 287,100 |
Asset coverage per VRDP Shares at $100,000 liquidation value, end of year |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 315,060 |  |  | $ | 291,402 |
VMTP Shares outstanding at $100,000 liquidation value, end of year (000) |  | $ | 287,100 |  |  | $ | 287,100 |  |  | $ | 287,100 |  |  |  | — |  |  |  | — |
Asset coverage per VMTP Shares at $100,000 liquidation value, end of year |  | $ | 311,578 |  |  | $ | 308,661 |  |  | $ | 321,405 |  |  |  | — |  |  |  | — |
Borrowings outstanding, end of year (000) |  | $ | 52,932 |  |  | $ | 69,070 |  |  | $ | 105,939 |  |  | $ | 81,430 |  |  | $ | 66,609 |
Asset coverage, end of year per $1,000 of borrowings |  | $ | 12,476 |  |  | $ | 9,673 |  |  | $ | 7,000 |  |  | $ | 8,582 |  |  | $ | 9,250 |
Portfolio turnover rate |  |  | 18% |  |  |  | 22% |  |  |  | 16% |  |  |  | 27% |  |  |  | 21% |

| 1 |  | Based on average Common Shares outstanding.

| 2 |  | Distributions for annual periods determined in accordance with federal income tax regulations.

| 3 |  | 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.

| 4 |  | Does not reflect the effect of distributions to AMPS Shareholders.

| 5 |  | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares and/or VMTP Shares. See Note 3 and Note 9 of the Notes to Financial Statements for details of municipal bonds transferred to TOB Trusts, VRDP Shares and VMTP Shares, respectively.

| 6 |  | For the year ended April 30, 2013 and April 30, 2012, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees 0.98% and 0.99%, respectively.

See Notes to Financial Statements. |  |  |  |
78 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Financial Highlights |  | BlackRock MuniVest Fund II, Inc. (MVT)

|  | Year Ended April 30, |
|  | 2015 |  |  | 2014 |  |  | 2013 |  |  | 2012 |  |  | 2011 |
Per Share Operating Performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net asset value, beginning of year |  | $ | 15.45 |  |  | $ | 16.69 |  |  | $ | 15.91 |  |  | $ | 13.47 |  |  | $ | 14.41 |
Net investment income1 |  |  | 0.99 |  |  |  | 1.03 |  |  |  | 1.06 |  |  |  | 1.12 |  |  |  | 1.14 |
Net realized and unrealized gain (loss) |  |  | 0.61 |  |  |  | (1.19 | ) |  |  | 0.82 |  |  |  | 2.41 |  |  |  | (0.99 | )
Distributions to AMPS Shareholders from net investment income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.02 | ) |  |  | (0.04 | )
Net increase (decrease) from investment operations |  |  | 1.60 |  |  |  | (0.16 | ) |  |  | 1.88 |  |  |  | 3.51 |  |  |  | 0.11 |
Distributions to Common Shareholders from net investment income2 |  |  | (1.04 | ) |  |  | (1.08 | ) |  |  | (1.10 | ) |  |  | (1.07 | ) |  |  | (1.05 | )
Net asset value, end of year |  | $ | 16.01 |  |  | $ | 15.45 |  |  | $ | 16.69 |  |  | $ | 15.91 |  |  | $ | 13.47 |
Market price, end of year |  | $ | 16.26 |  |  | $ | 15.16 |  |  | $ | 17.31 |  |  | $ | 16.75 |  |  | $ | 13.72 |
Total Return Applicable to Common Shareholders3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 10.65% |  |  |  | (0.37)% |  |  |  | 11.95% |  |  |  | 26.86% |  |  |  | 0.73% |
Based on market price |  |  | 14.52% |  |  |  | (5.74)% |  |  |  | 10.28% |  |  |  | 31.13% |  |  |  | (1.04)% |
Ratios to Average Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 1.50% |  |  |  | 1.63% |  |  |  | 1.66% |  |  |  | 1.41% | 4 |  |  | 1.23% | 4
Total expenses after fees waived |  |  | 1.50% |  |  |  | 1.63% |  |  |  | 1.66% |  |  |  | 1.41% | 4 |  |  | 1.23% | 4
Total expenses after fees waived and excluding interest expense, fees and amortization of offering costs5 |  |  | 0.92% |  |  |  | 0.96% |  |  |  | 0.96% |  |  |  | 1.04% | 4,6 |  |  | 1.07% | 4
Net investment income |  |  | 6.17% |  |  |  | 6.93% |  |  |  | 6.43% |  |  |  | 7.57% | 4 |  |  | 8.14% | 4
Distributions to AMPS Shareholders |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.15% |  |  |  | 0.32% |
Net investment income to Common Shareholders |  |  | 6.17% |  |  |  | 6.93% |  |  |  | 6.43% |  |  |  | 7.42% |  |  |  | 7.82% |
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of year (000) |  | $ | 336,320 |  |  | $ | 324,146 |  |  | $ | 348,998 |  |  | $ | 330,941 |  |  | $ | 278,284 |
AMPS outstanding at $25,000 liquidation preference, end of year (000) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 140,000 |
Asset coverage per AMPS at $25,000 liquidation preference, end of year |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 74,698 |
VMTP Shares outstanding at $100,000 liquidation value, end of year (000) |  | $ | 140,000 |  |  | $ | 140,000 |  |  | $ | 140,000 |  |  | $ | 140,000 |  |  |  | — |
Asset coverage per VMTP Shares at $100,000 liquidation value, end of year |  | $ | 340,229 |  |  | $ | 331,533 |  |  | $ | 349,284 |  |  | $ | 336,386 |  |  |  | — |
Borrowings outstanding, end of year (000) |  | $ | 66,439 |  |  | $ | 66,715 |  |  | $ | 99,386 |  |  | $ | 88,540 |  |  | $ | 62,045 |
Asset coverage, end of year per $1,000 of borrowings |  | $ | 6,062 |  |  | $ | 5,859 |  |  | $ | 4,512 |  |  | $ | 4,738 |  |  | $ | 5,485 |
Portfolio turnover rate |  |  | 10% |  |  |  | 17% |  |  |  | 15% |  |  |  | 13% |  |  |  | 16% |

| 1 |  | Based on average Common Shares outstanding.

| 2 |  | Distributions for annual periods determined in accordance with federal income tax regulations.

| 3 |  | 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.

| 4 |  | Does not reflect the effect of distributions to AMPS Shareholders.

| 5 |  | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 3 and Note 9 of the Notes to Financial Statements for details of municipal bonds transferred to TOB Trusts and VMTP Shares, respectively.

| 6 |  | For the year ended April 30, 2012, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees was 0.99%.

See Notes to Financial Statements. |  |  |  |
|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 79

Notes to Financial Statements |  |

1. Organization:

The following are registered under the 1940 Act, as closed-end management investment companies and referred to herein collectively as the “Funds”:

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

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

2. Significant Accounting Policies:

The Funds’ 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 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. The following is a summary of significant accounting policies followed by the Funds:

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

Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments. Financial futures contracts traded on exchanges are valued at their last sale price. Investments in open-end registered investment companies are valued at NAV each business day.

In the event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Value Investments”). When determining the price for Fair Value Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant consistent with the principles of fair value measurement. The pricing of all Fair Value Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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

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

Distributions: Distributions from net investment income are declared monthly and paid monthly. Distributions of capital gains are recorded on the ex-dividend date. The character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Distributions to Preferred Shareholders are accrued and determined as described in Note 9.

80 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Notes to Financial Statements (continued) |  |

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

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

Recent Accounting Standard: In April 2015, the Financial Accounting Standards Board issued guidance to simplify the presentation of debt issuance costs in financial statements. Under the new guidance, a Fund is required to present such costs in the Statements of Assets and Liabilities as a direct deduction from the carrying value of the related debt liability rather than as an asset.

The standard is effective for financial statements with fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statements and disclosures.

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

The Funds have an arrangement with the custodian whereby fees may be reduced by credits earned on uninvested cash balances, which, if applicable, are shown as fees paid indirectly in the Statements of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.

3. Securities and Other Investments:

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

Forward Commitments and When-Issued Delayed Delivery Securities: 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, the Funds are 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, which is shown in the Schedules of Investments.

Municipal Bonds Transferred to TOB Trusts: The Funds leverage their assets through the use of TOB transactions. The Funds transfer municipal bonds into a special purpose trust (a “TOB Trust”). A TOB Trust typically 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 generally issued to the participating funds that contributed the municipal bonds to the TOB Trust.

Other funds managed by the investment advisor 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 Residual will be shared among the funds ratably in proportion to their participation in the TOB Trust.

The municipal bonds transferred to a TOB Trust typically are high grade municipal bonds. In certain cases, when municipal bonds transferred are lower grade municipal bonds, the TOB transaction includes 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 Residual holders, would be responsible for reimbursement of any payments of principal and interest made by the credit enhancement provider. The municipal bonds transferred to TOB Trusts with a credit enhancement are identified in the Schedules of Investments including the maximum potential amounts owed by the Funds.

The TOB Residuals held by a Fund generally 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. Thereafter, that Fund may withdraw a corresponding share of the municipal bonds from the TOB Trust.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 81

Notes to Financial Statements (continued) |  |

The TOB Trust may be collapsed without the consent of a Fund, upon the occurrence of tender option termination events (“TOTEs”) or mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs include the bankruptcy or default of the issuer of the municipal bonds held in the TOB Trust, a substantial downgrade in the credit quality of the issuer of the municipal bonds held in the TOB Trust, failure of any scheduled payment of principal or interest on the municipal bonds, and a judgment or ruling that interest on the municipal bond is subject to federal income taxation. MTEs may include, among other things, a failed remarketing of the TOB Trust Certificates, the inability of the TOB Trust to obtain renewal of the liquidity support agreement and a substantial decline in the market value of the municipal bonds held in the TOB Trust. Upon the occurrence of a TOTE or an MTE, the 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 (defined below). In the case of an MTE, after the payment of fees, the TOB Trust Certificate holders would be paid before the TOB Residual holders (i.e., the Funds). In contrast, in the case of a TOTE, after payment of fees, the TOB Trust Certificate holders and the TOB Residual holders would be paid pro rata in proportion to the respective face values of their certificates. During the year ended April 30, 2015, no TOB Trusts in which the Funds participated were terminated without the consent of the Funds.

TOB Trusts are typically 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, subject to the non-occurrence of TOTES (as described above). Depending on the structure of the TOB Trust, the Liquidity Provider may purchase the tendered TOB Trust Certificates. The Liquidity Provider is not obligated to advance such a loan. Any loans made by the Liquidity Provider will be secured by the purchased TOB Trust Certificates held by the TOB Trust. Tendered TOB Trust Certificates are supported by a remarketing agent. However, the remarketing agent is not anticipated to purchase tendered TOB Trust Certificates for its own account in the event of a failed remarketing, which may increase the likelihood that a TOB Trust will need to be collapsed and liquidated in order to purchase the tendered TOB Trust Certificates.

The Funds may invest in TOB Trusts on either a non-recourse or recourse basis. When a Fund invests in TOB Trusts on a non-recourse basis, and the Liquidity Provider is required to make a payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a portion of the municipal bonds held in the TOB Trust and then fund the balance, if any, of the amount owed under the liquidity facility over the liquidation proceeds (the “Liquidation Shortfall”). If a Fund invests in a TOB Trust on a recourse basis, the Fund will typically enter into a reimbursement agreement with the Liquidity Provider where the Fund is required to reimburse the Liquidity Provider the amount of any Liquidation Shortfall. As a result, a Fund investing in a recourse TOB Trust 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 the Funds at April 30, 2015, 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 the Funds.

Should short-term interest rates rise, the Funds’ investments in TOB transactions 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.

While the Funds’ investment policies and restrictions expressly permit investments in inverse floating rate securities, such as TOB Residuals, they generally do not allow the Funds to borrow money for purposes of making investments. The Funds’ management believes that the Funds’ restrictions on borrowings do not apply to the secured borrowings.

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. The Funds typically invest the cash received in additional municipal bonds. The municipal bonds deposited into a TOB Trust are presented in the Funds’ Schedules of Investments and the TOB Trust Certificates are shown in Other Liabilities in the Statements of Assets and Liabilities. Any loans by the TOB Trust to purchase tendered TOB Trust Certificates would be shown as Loan for TOB Trust Certificates.

The carrying amount of the Funds’ payable to the holder of the TOB Trust Certificates or the Liquidity Provider, as reported in the Statements of Assets and Liabilities as TOB Trust Certificates approximates its fair value.

Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by the Funds on an accrual basis. Interest expense incurred on the TOB 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 comply with the Volcker Rule, the non-recurring, legal and restructuring fees are recorded as interest expense, fees and amortization of deferred offering costs in the Statements of Operations. The TOB Trust Certificates have interest rates that generally 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. At April 30, 2015, the aggregate value of the underlying municipal bonds

82 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Notes to Financial Statements (continued) |  |

transferred to the TOB Trusts, the related liability for TOB Trust Certificates and the range of interest rates on the liability for TOB Trust Certificates were as follows:

|  | Underlying Municipal Bonds Transferred to TOB Trusts |  |  | Liability for TOB Trust Certificates |  |  | Range of Interest Rates |
MUA |  | $ | 112,552,669 |  |  | $ | 61,065,965 |  |  |  | 0.11% - 0.46% |
MEN |  | $ | 146,639,118 |  |  | $ | 76,093,825 |  |  |  | 0.11% - 0.39% |
MHD |  | $ | 102,153,312 |  |  | $ | 56,783,700 |  |  |  | 0.11% - 0.36% |
MUH |  | $ | 77,655,827 |  |  | $ | 43,568,059 |  |  |  | 0.11% - 0.36% |
MUS |  | $ | 43,844,053 |  |  | $ | 21,936,718 |  |  |  | 0.11% - 0.31% |
MUI |  | $ | 95,367,866 |  |  | $ | 52,931,848 |  |  |  | 0.11% - 0.38% |
MVT |  | $ | 126,645,148 |  |  | $ | 66,439,492 |  |  |  | 0.11% - 0.36% |

For the year ended April 30, 2015, the Funds’ average TOB Trust Certificates outstanding and the daily weighted average interest rate, including fees, were as follows:

|  | Average TOB Trust Certificates Outstanding |  |  | Daily Weighted Average Interest Rate |
MUA |  | $ | 70,178,070 |  |  |  | 0.75% |
MEN |  | $ | 74,720,978 |  |  |  | 0.63% |
MHD |  | $ | 57,259,980 |  |  |  | 0.62% |
MUH |  | $ | 44,246,684 |  |  |  | 0.62% |
MUS |  | $ | 22,845,205 |  |  |  | 0.67% |
MUI |  | $ | 60,872,049 |  |  |  | 0.60% |
MVT |  | $ | 66,567,922 |  |  |  | 0.61% |

4. 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 economically manage their exposure to certain risks such as interest rate risk. These contracts may be transacted on an exchange.

Financial Futures Contracts: The Funds invest in long and/or short positions in financial futures contracts and options on financial futures contracts to gain exposure to, or economically hedge against, changes in interest rates (interest rate risk). Financial futures contracts are agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the particular contract, financial futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date.

Upon entering into a financial futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Securities deposited as initial margin are designated on the Schedules of Investments and cash deposited, if any, is recorded on the Statements of Assets and Liabilities as cash pledged for financial futures contracts. 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 value of the contract. Such receipts or payments are known as variation margin. Variation margin is recorded by the Funds as unrealized appreciation (depreciation) and, if applicable, as a receivable or payable for variation margin in the Statements of Assets and Liabilities.

When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The use of financial futures contracts involves the risk of an imperfect correlation in the movements in the price of financial futures contracts, interest rates and the underlying assets.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 83

Notes to Financial Statements (continued) |  |

The following is a summary of the Funds’ derivative financial instruments categorized by risk exposure:

Fair Values of Derivative Financial Instruments as of April 30, 2015 |
|  | Statements of Assets and Liabilities Location |  | Value |
|  |  | Derivative Liabilities |
|  |  | MUA |  |  | MEN |  |  | MHD |  |  | MUH |
Interest rate contracts |  | Net unrealized depreciation1 |  | $ | (354,299 | ) |  | $ | (374,272 | ) |  | $ | (226,222 | ) |  | $ | (158,235 | )
|  | Statements of Assets and Liabilities Location |  |  |  |  | Value |
|  |  |  |  |  | Derivative Liabilities |
|  |  |  |  |  | MUS |  |  | MUI |  |  | MVT |
Interest rate contracts |  | Net unrealized depreciation1 |  |  |  |  |  | $ | (145,794 | ) |  | $ | (688,283 | ) |  | $ | (286,074 | )

| 1 |  | Includes cumulative depreciation on financial futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

The Effect of Derivative Financial Instruments in the Statements of Operations Year Ended April 30, 2015 |
|  | Net Realized Loss From |  |  |  |  | Net Change in Unrealized Appreciation (Depreciation) on |
|  | MUA |  |  | MEN |  |  | MHD |  |  | MUH |  |  |  |  | MUA |  |  | MEN |  |  | MHD |  |  | MUH |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial futures contracts |  | $ | (2,378,110 | ) |  | $ | (1,212,800 | ) |  | $ | (1,232,637 | ) |  | $ | (851,733 | ) |  |  |  | $ | (242,824 | ) |  | $ | (279,548 | ) |  | $ | (142,981 | ) |  | $ | (118,183 | )
|  | MUS |  |  | MUI |  |  | MVT |  |  |  |  |  |  |  | MUS |  |  | MUI |  |  | MVT |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial futures contracts |  | $ | (825,060 | ) |  | $ | (2,313,403 | ) |  | $ | (1,581,010 | ) |  |  |  |  |  |  |  | $ | (127,125 | ) |  | $ | (605,819 | ) |  | $ | (211,957 | ) |  |  |  |

For the year ended April 30, 2015, the average quarterly balances of outstanding derivative financial instruments were as follows:

|  | MUA |  |  | MEN |  |  | MHD |  |  | MUH |  |  | MUS |  |  | MUI |  |  | MVT |
Financial futures contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Average notional value of contracts - short |  | $ | 48,336,883 |  |  | $ | 37,344,975 |  |  | $ | 26,119,438 |  |  | $ | 19,109,031 |  |  | $ | 22,680,039 |  |  | $ | 75,320,770 |  |  | $ | 34,460,516 |

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

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

5. Investment Advisory Agreement and Other Transactions with Affiliates:

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

Each Fund entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Manager”), the Funds’ investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager is responsible for the management of each Fund’s portfolio and provides the necessary personnel, facilities, equipment and certain other services to the operations of each Fund. For such services, each Fund pays the Manager a monthly fee based on a percentage of each Fund’s average daily net assets, at the following annual rates:

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

Average daily net assets are the average daily value of each Fund’s total assets minus its total accrued liabilities.

The Manager, for MUS, voluntarily agreed to waive its investment advisory fee on the proceeds of Preferred Shares and TOB Trusts that exceed 35% of total assets minus the sum of its accrued liabilities. This amount is included in fees waived by the Manager in the Statements of Operations. For the year ended April 30, 2015 the waiver was $40,591.

84 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Notes to Financial Statements (continued) |  |

The Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds. However, the Manager does not waive its investment advisory fees by the amount of investment advisory fees paid in connection with each Fund’s investments in other affiliated investment companies, if any. These amounts are included in fees waived by the Manager in the Statements of Operations. For the year ended April 30, 2015, the amounts waived were as follows:

|  | MUA |  |  | MEN |  |  | MHD |  |  | MUH |  |  | MUS |  |  | MUI |  |  | MVT |
Amounts waived |  | $ | 1,272 |  |  | $ | 1,376 |  |  | $ | 1,264 |  |  | $ | 616 |  |  | $ | 1,006 |  |  | $ | 3,498 |  |  | $ | 1,601 |

Prior to July 1, 2014, BlackRock Investment Management, LLC (“BIM”), an affiliate of the Manager, served as a sub-advisor to each of the Funds pursuant to sub-advisory agreements with the Manager, and received for its services a monthly fee from the Manager at an annual rate equal to a percentage of the investment advisory fees paid by each Fund to the Manager under the Investment Advisory Agreements. Effective July 1, 2014, the sub-advisory agreements between the Manager and BIM, with respect to each Fund, expired.

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

The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment advisor, common officers, or common trustees. For the year ended April 30, 2015, the purchase transactions with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act for MUA were $1,650,198.

6. Purchases and Sales:

For the year ended April 30, 2015, purchases and sales of investments excluding short-term securities, were as follows:

|  | MUA |  |  | MEN |  |  | MHD |  |  | MUH |  |  | MUS |  |  | MUI |  |  | MVT |
Purchases |  | $ | 123,424,290 |  |  | $ | 75,425,293 |  |  | $ | 40,640,256 |  |  | $ | 29,736,003 |  |  | $ | 32,372,492 |  |  | $ | 169,883,646 |  |  | $ | 55,861,739 |
Sales |  | $ | 141,690,498 |  |  | $ | 69,243,049 |  |  | $ | 43,202,652 |  |  | $ | 35,280,838 |  |  | $ | 35,234,351 |  |  | $ | 184,000,480 |  |  | $ | 57,444,990 |

7. Income Tax Information:

It is the Funds’ 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 their taxable income to their shareholders. Therefore, no federal income tax provision is required.

The Funds file U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Funds’ U.S. federal tax returns remains open for each of the four years ended April 30, 2015. The statutes of limitations on the Funds’ 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 April 30, 2015, inclusive of the open tax return years, and does not believe there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. As of April 30, 2015, the following permanent differences attributable to amortization methods on fixed income securities and non-deductible expenses were reclassified to the following accounts:

|  | MUA |  |  | MEN |  |  | MHD |  |  | MUH |  |  | MUS |  |  | MUI |  |  | MVT |
Paid-in capital |  |  | — |  |  | $ | (9,970 | ) |  | $ | (38,654 | ) |  | $ | (32,535 | ) |  | $ | (39,481 | ) |  | $ | (83,821 | ) |  | $ | (53,170 | )
Undistributed net investment income |  | $ | (240,316 | ) |  | $ | 216,064 |  |  | $ | 33,111 |  |  | $ | 81,507 |  |  | $ | 66,050 |  |  | $ | (33,864 | ) |  | $ | 62,732 |
Accumulated net realized gain (loss) |  | $ | 240,316 |  |  | $ | (206,094 | ) |  | $ | 5,543 |  |  | $ | (48,972 | ) |  | $ | (26,569 | ) |  | $ | 117,685 |  |  | $ | (9,562 | )

The tax character of distributions paid was as follows:

|  |  |  |  | MUA |  |  | MEN |  |  | MHD |  |  | MUH |  |  | MUS |  |  | MUI |  |  | MVT |
Tax-exempt income1 |  |  | 4/30/15 |  |  | $ | 26,838,857 |  |  | $ | 22,880,735 |  |  | $ | 15,882,185 |  |  | $ | 11,579,652 |  |  | $ | 11,444,657 |  |  | $ | 34,245,623 |  |  | $ | 22,951,698 |
|  |  | 4/30/14 |  |  |  | 26,837,760 |  |  |  | 22,842,187 |  |  |  | 16,193,850 |  |  |  | 11,813,581 |  |  |  | 11,552,557 |  |  |  | 35,584,757 |  |  |  | 24,120,086 |
Ordinary income2 |  |  | 4/30/15 |  |  |  | 293,072 |  |  |  | 13,467 |  |  |  | 25 |  |  |  | 237 |  |  |  | 348 |  |  |  | 64,307 |  |  |  | 312,815 |
|  |  | 4/30/14 |  |  |  | 164,963 |  |  |  | 105 |  |  |  | 227,602 |  |  |  | 548,988 |  |  |  | 10,387 |  |  |  | 628,513 |  |  |  | 17,371 |
Long-term capital gains |  |  | 4/30/14 |  |  |  | — |  |  |  | — |  |  |  | 9,111 |  |  |  | 604,877 |  |  |  | — |  |  |  | 1,878,099 |  |  |  | — |
Total |  |  | 4/30/15 |  |  | $ | 27,131,929 |  |  | $ | 22,894,202 |  |  | $ | 15,882,210 |  |  | $ | 11,579,889 |  |  | $ | 11,445,005 |  |  | $ | 34,309,930 |  |  | $ | 23,264,513 |
|  |  | 4/30/14 |  |  | $ | 27,002,723 |  |  | $ | 22,842,292 |  |  | $ | 16,430,563 |  |  | $ | 12,967,446 |  |  | $ | 11,562,944 |  |  | $ | 38,091,369 |  |  | $ | 24,137,457 |

| 1 |  | The Funds designate these amounts paid during the fiscal year ended April 30, 2015, as exempt-interest dividends.

| 2 |  | Ordinary income consists primarily of taxable income recognized from market discount and net short-term capital gains. Additionally, all ordinary income distributions are comprised of interest related dividends for non-U.S. residents and are eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 85

Notes to Financial Statements (continued) |  |

As of April 30, 2015, the tax components of accumulated net earnings were as follows:

|  | MUA |  |  | MEN |  |  | MHD |  |  | MUH |  |  | MUS |  |  | MUI |  |  | MVT |
Undistributed tax-exempt income |  | $ | 636,422 |  |  | $ | 5,443,816 |  |  | $ | 2,361,631 |  |  | $ | 1,949,617 |  |  | $ | 2,568,612 |  |  | $ | 3,398,754 |  |  | $ | 2,513,016 |
Undistributed ordinary income |  |  | 201,283 |  |  |  | — |  |  |  | 226,491 |  |  |  | 78,978 |  |  |  | — |  |  |  | 81,336 |  |  |  | 90,724 |
Undistributed long-term capital gains |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,594,019 |  |  |  | — |
Capital loss carryforwards |  |  | (7,135,190 | ) |  |  | (10,190,751 | ) |  |  | (1,091,220 | ) |  |  | (1,389,726 | ) |  |  | (14,851,290 | ) |  |  | — |  |  |  | (4,980,650 | )
Net unrealized gains3 |  |  | 31,474,781 |  |  |  | 51,363,348 |  |  |  | 36,507,504 |  |  |  | 27,179,461 |  |  |  | 26,758,634 |  |  |  | 55,887,150 |  |  |  | 51,120,274 |
Total |  | $ | 25,177,296 |  |  | $ | 46,616,413 |  |  | $ | 38,004,406 |  |  | $ | 27,818,330 |  |  | $ | 14,475,956 |  |  | $ | 63,961,259 |  |  | $ | 48,743,364 |

| 3 |  | The differences between book-basis and tax-basis net unrealized gains were attributable primarily to the tax deferral of losses on wash sales and straddles, amortization and accretion methods of premiums and discounts on fixed income securities, the accrual of income on securities in default, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the deferral of compensation to Directors and the treatment of residual interests in TOB Trusts.

As of April 30, 2015, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

Expires April 30, |  | MUA |  |  | MEN |  |  | MHD |  |  | MUH |  |  | MUS |  |  | MVT |
2016 |  | $ | 898,916 |  |  | $ | 2,450,150 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 2,741,816 |
2017 |  |  | 3,645,754 |  |  |  | 3,540,378 |  |  |  | — |  |  |  | — |  |  | $ | 494,294 |  |  |  | — |
2018 |  |  | 396,366 |  |  |  | 1,225,298 |  |  |  | — |  |  |  | — |  |  |  | 6,614,798 |  |  |  | — |
2019 |  |  | 2,194,154 |  |  |  | 732,655 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
No expiration date4 |  |  | — |  |  |  | 2,242,270 |  |  | $ | 1,091,220 |  |  | $ | 1,389,726 |  |  |  | 7,742,198 |  |  |  | 2,238,834 |
Total |  | $ | 7,135,190 |  |  | $ | 10,190,751 |  |  | $ | 1,091,220 |  |  | $ | 1,389,726 |  |  | $ | 14,851,290 |  |  | $ | 4,980,650 |

| 4 |  | Must be utilized prior to losses subject to expiration.

During the year ended April 30, 2015, the Funds listed below utilized the following amounts of their respective capital loss carryforward:

MUA |  | $ | 4,900,167 |
MUI |  | $ | 447,981 |

As of April 30, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

|  | MUA |  |  | MEN |  |  | MHD |  |  | MUH |  |  | MUS |  |  | MUI |  |  | MVT |
Tax cost |  | $ | 465,598,599 |  |  | $ | 452,697,831 |  |  | $ | 291,459,788 |  |  | $ | 207,899,444 |  |  | $ | 245,968,092 |  |  | $ | 827,011,676 |  |  | $ | 417,327,503 |
Gross unrealized appreciation |  | $ | 49,844,307 |  |  | $ | 53,458,583 |  |  | $ | 38,124,309 |  |  | $ | 27,964,242 |  |  | $ | 27,149,440 |  |  | $ | 59,667,072 |  |  | $ | 54,394,838 |
Gross unrealized depreciation |  |  | (18,333,741 | ) |  |  | (2,018,210 | ) |  |  | (1,616,805 | ) |  |  | (784,781 | ) |  |  | (388,420 | ) |  |  | (3,530,110 | ) |  |  | (2,666,463 | )
Net unrealized appreciation |  | $ | 31,510,566 |  |  | $ | 51,440,373 |  |  | $ | 36,507,504 |  |  | $ | 27,179,461 |  |  | $ | 26,761,020 |  |  | $ | 56,136,962 |  |  | $ | 51,728,375 |

8. Principal Risks:

The Funds invest a substantial amount of their assets in issuers located in a single state or limited number of states. Investment percentages in specific states or U.S. territories are presented in the Schedules of investments.

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

In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (issuer credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Funds; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate and price fluctuations. Similar to issuer credit risk, the Funds may be exposed to counterparty credit risk, or the risk that an entity with which the Funds have unsettled or open transactions may fail to or be unable to perform on its commitments. The Funds manage counterparty credit risk by entering into transactions only with counterparties that they believe 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 generally approximated by their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

As of April 30, 2015, MUA invested a significant portion of its assets in securities in the Health sector; MEN and MUS invested a significant portion of their assets in securities in the County/City/Special District/School District sector; and MEN, MHD, MUH, MUS, MUI and MVT invested a significant portion of their assets in securities in the Transportation sector. Changes in economic conditions affecting such sectors would have a greater impact on the Funds and could affect the value, income and/or liquidity of positions in such securities.

86 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Notes to Financial Statements (continued) |  |

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.

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

On December 10, 2013, regulators published final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”), which prohibit banking entities from engaging in proprietary trading of certain instruments and limit such entities’ investments in, and relationships with, “covered funds” as defined in the Volcker Rule. The Volcker Rule precludes banking entities and their affiliates from sponsoring TOB Trusts as such Trusts have been structured prior to the effective date of the Volcker Rule. Banking entities subject to the Volcker Rule are required to fully comply by July 21, 2015, with respect to investments in and relationships with TOB Trusts that were not in place prior to December 31, 2013, and by July 21, 2016, with respect to investments in and relationships with TOB Trusts that were in place prior to December 31, 2013. As a result, TOB Trusts may need to be restructured or unwound.

In response to the restrictions imposed by the Volcker Rule, market participants have developed a new structure for TOB Trusts designed to ensure that no banking entity is sponsoring the TOB Trust for purposes of the Volcker Rule. Specifically, a Fund will establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, certain responsibilities that previously belonged to the sponsor bank will be performed by, or on behalf of, the Funds. The Funds may utilize service providers in meeting these responsibilities. Service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and remarketing agents, would be acting at the direction of, and as agent of, the Funds as the TOB Residual holder. This structure remains untested. It is possible that regulators could take positions that could limit the market for such newly structured TOB Trust transactions or the Funds’ ability to hold TOB Residuals. Under the new TOB Trust structure, the Funds will have certain additional duties and responsibilities, which may give rise to certain additional risks including, but not limited to, compliance, securities law and operational risks.

The SEC and various federal banking and housing agencies recently adopted credit risk retention rules for securitizations (the “Risk Retention Rules”), which take effect in December 2016. 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.

There can be no assurance that the Funds can successfully enter into restructured TOB Trust transactions in order to refinance their existing TOB Residual holdings prior to the compliance date for the Volcker Rule, which may require that the Funds unwind existing TOB Trusts. There can be no assurance that alternative forms of leverage will be available to the Funds and any alternative forms of leverage may be more or less advantageous to the Funds than existing TOB leverage.

TOB Trust transactions constitute an important component of the municipal bond market. Accordingly, implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments could adversely affect the Funds. The ultimate impact of these rules on the TOB market and the overall municipal market is not yet certain.

9. Capital Share Transactions:

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

Common Shares

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

Year Ended April 30, |  | MUA |  |  | MEN |  |  | MHD |  |  | MVT |
2015 |  |  | 11,892 |  |  |  | — |  |  |  | — |  |  |  | 26,032 |
2014 |  |  | — |  |  |  | 20,577 |  |  |  | 9,784 |  |  |  | 75,746 |

Shares issued and outstanding remained constant for MUH, MUS and MUI for the year ended April 30, 2015 and the year ended April 30, 2014.

Preferred Shares

Each Fund’s Preferred Shares rank prior to the Fund’s Common Shares as to the payment of dividends by the Fund and distribution of assets upon dissolution or liquidation of the Fund. The 1940 Act prohibits the declaration of any dividend on the Fund’s Common Shares or the repurchase of the Fund’s

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 87

Notes to Financial Statements (continued) |  |

Common Shares if the Fund fails to maintain the asset coverage of at least 200% of the liquidation preference of the outstanding Preferred Shares. In addition, pursuant to the Preferred Shares’ governing instruments, the Fund is restricted from declaring and paying dividends on classes of shares ranking junior to or on parity with the 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 agencies rating the Preferred Shares.

The holders of Preferred Shares have voting rights equal to the holders of Common Shares (one vote per share) and will vote together with holders of Common Shares (one vote per share) as a single class. However, the holders of Preferred Shares, voting as a separate class, are also entitled to elect two Directors for each Fund. In addition, the 1940 Act requires that along with approval by shareholders that might otherwise be required, the approval of the holders of a majority of any outstanding Preferred Shares, voting separately as a class would be required to (a) adopt any plan of reorganization that would adversely affect the Preferred Shares, (b) change a Fund’s sub-classification as a closed-end investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.

VRDP Shares

MEN has issued Series W-7 VRDP Shares, $100,000 liquidation value per share, in a privately negotiated offering. The VRDP Shares were offered to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933, as amended, (the “Securities Act”) and include a liquidity feature, pursuant to a liquidity agreement, that allows the holders of VRDP Shares to have their shares purchased by the liquidity provider in the event of a failed remarketing. MEN is required to redeem the VRDP Shares owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Upon the occurrence of the first unsuccessful remarketing, if any, MEN is required to segregate liquid assets to fund the redemption. The VRDP Shares are subject to certain restrictions on transfer. MUI redeemed all its VRDP Shares on December 21, 2012.

As of the year ended April 30, 2015, the VRDP Shares outstanding were as follows:

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

MEN entered into a fee agreement with the liquidity provider that may require a per annum liquidity fee payable to the liquidity provider. These fees, if applicable, are shown as liquidity fees in the Statements of Operations.

The fee agreement between MEN and the liquidity provider was scheduled to expire on July 9, 2015 unless renewed or terminated in advance. On June 16, 2015, the fee agreement was extended to July 7, 2016.

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

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

Subject to certain conditions, the VRDP Shares may be redeemed, in whole or in part, at any time at the option of MEN. The redemption price per VRDP Share is equal to the liquidation value per share plus any outstanding unpaid dividends. In the event of an optional redemption of the VRDP Shares prior to the initial termination date of the fee agreement, MEN must pay the respective liquidity provider fees on such redeemed VRDP Shares for the remaining term of the fee agreement up to the initial termination date.

Dividends on the VRDP Shares are payable monthly at a variable rate set weekly by the remarketing agent. Such dividend rates are generally based upon a spread over a base rate and cannot exceed a maximum rate. In the event of a failed remarketing, the dividend rate of the VRDP Shares will be reset to a maximum rate. The maximum rate is determined based on, among other things, the long-term preferred share rating assigned to the VRDP Shares and the length of time that the VRDP Shares fail to be remarketed. At the date of issuance, the VRDP Shares were assigned a long-term rating of Aaa from Moody’s and AAA from Fitch. Subsequent to the issuance of the VRDP Shares, Moody’s completed a review of its methodology for rating securities issued by registered closed-end funds. As of April 30, 2015, the VRDP Shares were assigned a long-term rating of Aa1 from Moody’s under its new ratings methodology. The VRDP Shares continue to be assigned a long-term rating of AAA from Fitch.

For financial reporting purposes, the VRDP Shares are considered debt of the issuer; therefore, the liquidation value, which approximates fair value, of the VRDP Shares is recorded as a liability in the Statements of Assets and Liabilities. Unpaid dividends are included in interest expense and fees payable in the Statements of Assets and Liabilities, and the dividends accrued and paid on the VRDP Shares are included as a component of interest expense, fees

88 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Notes to Financial Statements (continued) |  |

and amortization of offering costs in the Statements of Operations. The VRDP Shares are treated as equity for tax purposes. Dividends paid to holders of the VRDP Shares are generally classified as tax-exempt income for tax-reporting purposes.

MEN may incur remarketing fees of 0.10% on the aggregate principal amount of all the VRDP Shares, which, if any, are included in remarketing fees on Preferred Shares in the Statements of Operations. During the year ended April 30, 2015, none of the VRDP Shares were tendered for remarketing.

For the year ended April 30, 2015, the average annualized dividend rate for MEN’s VRDP Shares was 0.99%.

On June 20, 2012, MEN commenced a three-year term ending June 24, 2015 (“special rate period”) with respect to its VRDP Shares. The implementation of the special rate period resulted in a mandatory tender of the VRDP Shares prior to the commencement of the special rate period. The mandatory tender event was not the result of a failed remarketing.

The liquidity and fee agreements remain in effect for the duration of the special rate period and the VRDP shares are still subject to mandatory redemption by the VRDP Funds on maturity date. The VRDP Shares will not be remarketed or subject to optional or mandatory tender events during such time. During the special rate period, MEN is required to maintain the same asset coverage, basic maintenance amount and leverage requirements for the VRDP Shares. MEN will not pay any liquidity and remarketing fees during the special rate period and instead will pay dividends monthly based on the sum of Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index and a percentage per annum based on the long-term ratings assigned to the VRDP Shares. The short-term ratings were withdrawn by Moody’s, Fitch and/or S&P. Short-term ratings may be re-assigned upon the termination of the special rate period when the VRDP Shares revert back to remarketable securities.

If MEN redeems the VRDP Shares on a date that is one year or more before the end of the special rate period and the VRDP Shares are rated above A1/A by Moody’s and Fitch respectively, then such redemption is subject to a redemption premium payable to the holder of the VRDP Shares based on the time remaining in the special rate period, subject to certain exceptions for redemptions that are required to maintain minimum asset coverage requirements. After June 24, 2015, the holder of the VRDP Shares and MEN may mutually agree to extend the special rate period. On June 16, 2015, the special rate period was extended to June 22, 2016. If the special rate period is not extended, the VRDP Shares will revert back to remarketable securities and will be remarketed and available for purchase by qualified institutional investors.

For the year ended April 30, 2015, VRDP Shares issued and outstanding of MEN remained constant.

VMTP Shares

MHD, MUH, MUS, MUI and MVT (collectively, the “VMTP Funds”), have issued Series W-7 VMTP Shares, $100,000 liquidation value per share, in a privately negotiated offering and sale of VMTP Shares exempt from registration under the Securities Act.

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

As of the year ended April 30, 2015, the VMTP Shares outstanding of each Fund were as follows:

|  | Issue Date |  |  | Shares Issued |  |  | Aggregate Principal |  |  | Term Date |
MHD |  |  | 12/16/11 |  |  |  | 837 |  |  | $ | 83,700,000 |  |  |  | 12/31/15 |
MUH |  |  | 12/16/11 |  |  |  | 550 |  |  | $ | 55,000,000 |  |  |  | 12/31/15 |
MUS |  |  | 12/16/11 |  |  |  | 870 |  |  | $ | 87,000,000 |  |  |  | 12/31/15 |
MUI |  |  | 12/07/12 |  |  |  | 2,871 |  |  | $ | 287,100,000 |  |  |  | 1/04/16 |
MVT |  |  | 12/16/11 |  |  |  | 1,400 |  |  | $ | 140,000,000 |  |  |  | 12/31/15 |

Each VMTP Fund is required to redeem its VMTP Shares on the term date, unless earlier redeemed or repurchased or unless extended. During the period, the term dates for MHD, MUH, MUS and MVT were extended until December 31, 2015. There is no assurance that the term of a Fund’s VMTP Shares will be extended further or that a Fund’s VMTP Shares will be replaced with any other preferred shares or other form of leverage upon the redemption or repurchase of the VMTP Shares. Six months prior to term date, each VMTP Fund is required to begin to segregate liquid assets with the Fund’s custodian to fund the redemption. In addition, each VMTP Fund is required to redeem certain of its outstanding VMTP Shares if it fails to maintain certain asset coverage, basic maintenance amount or leverage requirements.

Subject to certain conditions, a Fund’s VMTP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The redemption price per VMTP Share is equal to the liquidation value per share plus any outstanding unpaid dividends and applicable redemption premium. If the Fund redeems the VMTP Shares on a date that is one year or more prior to the term date and the VMTP Shares are rated above A1/A+ by Moody’s and Fitch, respectively, then such redemption is subject to a prescribed redemption premium (up to 3% of the liquidation preference) payable to the holder of the VMTP Shares based on the time remaining to the term date, subject to certain exceptions for redemptions that are required to maintain minimum asset coverage requirements. The

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 89

Notes to Financial Statements (continued) |  |

VMTP Shares are subject to certain restrictions on transfer, and a Fund may also be required to register the VMTP Shares for sale under the Securities Act under certain circumstances. In addition, amendments to the VMTP governing document generally require the consent of the holders of VMTP Shares.

Dividends on the VMTP Shares are declared daily and payable monthly at a variable rate set weekly at a fixed rate spread to the SIFMA Municipal Swap Index. The fixed spread is determined based on the long-term preferred share rating assigned to the VMTP Shares by Moody’s and Fitch. At the date of issuance, the VMTP Shares were assigned long-term ratings of Aaa from Moody’s and AAA from Fitch. Subsequent to the issuance of the VMTP Shares, Moody’s completed a review of its methodology for rating securities issued by registered closed-end funds. As of April 30, 2015, the VMTP Shares were assigned a long-term rating of Aa1 from Moody’s under its new rating methodology. The VMTP Shares continue to be assigned a long-term rating of AAA from Fitch. The dividend rate on the VMTP Shares is subject to a step-up spread if the Funds fail to comply with certain provisions, including, among other things, the timely payment of dividends, redemptions or gross-up payments, and maintaining certain asset coverage and leverage requirements.

For the year ended April 30, 2015, the average annualized dividend rates for the VMTP Shares were as follows:

|  | MHD |  |  | MUH |  |  | MUS |  |  | MUI |  |  | MVT |
Rate |  |  | 1.04% |  |  |  | 1.04% |  |  |  | 1.04% |  |  |  | 1.04% |  |  |  | 1.06% |

For financial reporting purposes, the VMTP Shares are considered debt of the issuer; therefore the liquidation value, which approximates fair value, of the VMTP Shares is recorded as a liability in the Statements of Assets and Liabilities. 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.

For the year ended April 30, 2015, VMTP Shares issued and outstanding of each VMTP Fund remained constant.

Offering Costs: The Funds, with the exception of MUA, incurred costs in connection with the issuance of VRDP Shares and/or VMTP Shares. For VRDP Shares, these costs were recorded as a deferred charge and will be amortized over the 30-year life of the VRDP Shares with the exception of upfront fees paid to the liquidity provider which were amortized over the life of the liquidity agreement. For VMTP Shares, these costs were recorded as a deferred charge and will be amortized over the 3-year 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.

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

10. 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 paid a net investment income dividend in the following amounts per share on June 1, 2015 to Shareholders of record on May 15, 2015:

|  | Common Dividend Per Share |
MUA |  | $ | 0.0625 |
MEN |  | $ | 0.0605 |
MHD |  | $ | 0.0885 |
MUH |  | $ | 0.0775 |
MUS |  | $ | 0.0675 |
MUI |  | $ | 0.0655 |
MVT |  | $ | 0.0830 |

Additionally, the Funds declared a net investment income dividend on June 1, 2015 payable to Common Shareholders of record on June 15, 2015 for the same amounts noted above.

The dividends declared on Preferred Shares for the period May 1, 2015 to May 31, 2015 were as follows:

|  | Preferred Shares |  |  | Series |  |  | Dividends Declared |
MEN |  |  | VRDP Shares |  |  |  | W-7 |  |  | $ | 127,859 |
MHD |  |  | VMTP Shares |  |  |  | W-7 |  |  | $ | 78,656 |
MUH |  |  | VMTP Shares |  |  |  | W-7 |  |  | $ | 51,685 |
MUS |  |  | VMTP Shares |  |  |  | W-7 |  |  | $ | 81,757 |
MUI |  |  | VMTP Shares |  |  |  | W-7 |  |  | $ | 269,795 |
MVT |  |  | VMTP Shares |  |  |  | W-7 |  |  | $ | 131,562 |

90 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Notes to Financial Statements (concluded) |  |

In order to comply with the Volcker Rule, certain TOB Trusts were restructured and the respective TOB Trusts are no longer sponsored by a banking entity. As of June 22, 2015, the following information relates to the restructured TOB Trusts:

|  | Underlying Municipal Bonds Transferred to restructured TOB Trusts |  |  | Liability for TOB Trust Certificates associated with the restructured TOB Trusts |
MEN |  | $ | 9,214,188 |  |  | $ | 4,765,000 |
MHD |  | $ | 1,907,325 |  |  | $ | 1,290,000 |
MUH |  | $ | 1,397,227 |  |  | $ | 945,000 |
MUI |  | $ | 33,337,695 |  |  | $ | 19,356,855 |
MVT |  | $ | 2,794,453 |  |  | $ | 1,890,000 |

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 91

Report of Independent Registered Public Accounting Firm

To the Shareholders and Boards of Directors of

BlackRock MuniAssets Fund, Inc.,

BlackRock MuniEnhanced Fund, Inc.,

BlackRock MuniHoldings Fund, Inc.,

BlackRock MuniHoldings Fund II, Inc.,

BlackRock MuniHoldings Quality Fund, Inc.,

BlackRock Muni Intermediate Duration Fund, Inc., and

BlackRock MuniVest Fund II, Inc.:

We have audited the accompanying statements of assets and liabilities of BlackRock MuniAssets Fund, Inc., BlackRock MuniEnhanced Fund, Inc., BlackRock MuniHoldings Fund, Inc., BlackRock MuniHoldings Fund II, Inc., BlackRock MuniHoldings Quality Fund, Inc., BlackRock Muni Intermediate Duration Fund, Inc., and BlackRock MuniVest Fund II, Inc. (collectively, the “Funds”), including the schedules of investments, as of April 30, 2015, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2015, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of BlackRock MuniAssets Fund, Inc., BlackRock MuniEnhanced Fund, Inc., BlackRock MuniHoldings Fund, Inc., BlackRock MuniHoldings Fund II, Inc., BlackRock MuniHoldings Quality Fund, Inc., BlackRock Muni Intermediate Duration Fund, Inc., and BlackRock MuniVest Fund II, Inc., as of April 30, 2015, the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Boston, Massachusetts

June 22, 2015

92 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Automatic Dividend Reinvestment Plan |  |

Pursuant to each Fund’s Dividend Reinvestment Plan (the “Reinvestment Plan”), Common Shareholders are automatically enrolled to have all distributions of dividends and capital gains reinvested by Computershare Trust Company, N.A. (the “Reinvestment Plan Agent”) in the respective Fund’s shares pursuant to the Reinvestment Plan. Shareholders who do not participate in the Reinvestment Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street name or other nominee name, then to the nominee) by the Reinvestment Plan Agent, which serves as agent for the shareholders in administering the Reinvestment Plan.

After MUA, MEN, MHD, MUH, MUS, MUI and MVT declare a dividend or determine to make a capital gain distribution, the Reinvestment Plan Agent will acquire shares for the participants’ accounts, depending upon the following circumstances, either (i) through receipt of unissued but authorized shares from the Funds (“newly issued shares”) or (ii) by purchase of outstanding shares on the open market or on the Fund’s primary exchange (“open-market purchases”). If, on the dividend payment date, the net asset value per share (“NAV”) is equal to or less than the market price per share plus estimated brokerage commissions (such condition often referred to as a “market premium”), the Reinvestment Plan Agent will invest the dividend amount in newly issued shares acquired on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the dividend payment date, the dollar amount of the dividend will be divided by 95% of the market price on the dividend payment date. If, on the dividend payment date, the NAV is greater than the market price per share plus estimated brokerage commissions (such condition often referred to as a “market discount”), the Reinvestment Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases. If the Reinvestment Plan Agent is unable to invest the full dividend amount in open-market purchases, or if the market discount shifts to a market premium during the purchase period, the Reinvestment Plan Agent will invest any un-invested portion in newly issued shares. Investments in newly issued shares made in this manner would be made pursuant to the same process described above and the date of issue for such newly issued shares will substitute for the dividend payment date.

Participation in the Reinvestment Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Reinvestment Plan Agent prior to the dividend record date. Additionally, the Reinvestment Plan Agent seeks to process notices received after the record date but prior to the payable date and such notices often will become effective by the payable date. Where late notices are not processed by the applicable payable date, such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.

The Reinvestment Plan Agent’s fees for the handling of the reinvestment of distributions will be paid by each Fund. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Reinvestment Plan Agent’s open market purchases in connection with the reinvestment of all distributions. The automatic reinvestment of all distributions will not relieve participants of any federal income tax that may be payable on such dividends or distributions.

Each Fund reserves the right to amend or terminate the Reinvestment Plan. There is no direct service charge to participants in the Reinvestment Plan; however, each Fund reserves the right to amend the Reinvestment Plan to include a service charge payable by the participants. Participants in MEN and MUI that request a sale of shares are subject to a $2.50 sales fee and a $0.15 per share fee. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. Participants in MUA, MHD, MUH, MUS and MVT that request a sale of shares are subject to a $0.02 per share sold brokerage commission. All correspondence concerning the Reinvestment Plan should be directed to Computershare Trust Company, N.A. through the internet at http://www.computershare.com/blackrock, or in writing to Computershare, P.O. Box 30170, College Station, TX 77842-3170, Telephone: (800) 699-1236. Overnight correspondence should be directed to the Reinvestment Plan Agent at Computershare, 211 Quality Circle, Suite 210, College Station, TX 77845.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 93

Officers and Directors |  |

Name, Address1 and Year of Birth |  | Position(s) Held with Funds |  | Length of Time Served as a Director3 |  | Principal Occupation(s) During Past Five Years |  | Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |  | Public Directorships
Independent Directors2 |  |  |  |  |  |
Richard E. Cavanagh 1946 |  | Chair of the Board and Director |  | Since 2007 |  | Trustee, Aircraft Finance Trust from 1999 to 2009; Director, The Guardian Life Insurance Company of America since 1998; Director, Arch Chemical (chemical and allied products) from 1999 to 2011; Trustee, Educational Testing Service from 1997 to 2009 and Chairman thereof from 2005 to 2009; Senior Advisor, The Fremont Group since 2008 and Director thereof since 1996; Faculty Member/Adjunct Lecturer, Harvard University since 2007; President and Chief Executive Officer, The Conference Board, Inc. (global business research organization) from 1995 to 2007. |  | 76 RICs consisting of 76 Portfolios |  | None
Karen P. Robards 1950 |  | Vice Chairperson of the Board, Chairperson of the Audit Committee and Director |  | Since 2007 |  | Partner of Robards & Company, LLC (financial advisory firm) since 1987; Co-founder and Director of the Cooke Center for Learning and Development (a not-for-profit organization) since 1987; Investment Banker at Morgan Stanley from 1976 to 1987. |  | 76 RICs consisting of 76 Portfolios |  | AtriCure, Inc. (medical devices); Greenhill & Co., Inc.; Care Investment Trust, Inc. (health care real estate investment trust) from 2007 to 2010
Michael J. Castellano 1946 |  | Director and Member of the Audit Committee |  | Since 2011 |  | Chief Financial Officer of Lazard Group LLC from 2001 to 2011; Chief Financial Officer of Lazard Ltd from 2004 to 2011; Director, Support Our Aging Religious (non-profit) from 2009 to June 2015; Director, National Advisory Board of Church Management at Villanova University since 2010; Trustee, Domestic Church Media Foundation since 2012; Director, CircleBlack Inc. (financial technology company). since 2015. |  | 76 RICs consisting of 76 Portfolios |  | None
Frank J. Fabozzi4 1948 |  | Director and Member of the Audit Committee |  | Since 2007 |  | Editor of and Consultant for The Journal of Portfolio Management since 2006; Professor of Finance, EDHEC Business School since 2011; Visiting Professor, Princeton University from 2013 to 2014; Professor in the Practice of Finance and Becton Fellow, Yale University School of Management from 2006 to 2011. |  | 109 RICs consisting of 235 Portfolios |  | None
Kathleen F. Feldstein 1941 |  | Director |  | Since 2007 |  | President of Economics Studies, Inc. (private economic consulting firm) since 1987; Chair, Board of Trustees, McLean Hospital from 2000 to 2008 and Trustee Emeritus thereof since 2008; Member of the Board of Partners Community Healthcare, Inc. from 2005 to 2009; Member of the Corporation of Partners HealthCare since 1995; Trustee, Museum of Fine Arts, Boston since 1992; Member of the Visiting Committee to the Harvard University Art Museum since 2003; Director, Catholic Charities of Boston since 2009. |  | 76 RICs consisting of 76 Portfolios |  | The McClatchy Company (publishing)
James T. Flynn 1939 |  | Director and Member of the Audit Committee |  | Since 2007 |  | Chief Financial Officer of JPMorgan & Co., Inc. from 1990 to 1995. |  | 76 RICs consisting of 76 Portfolios |  | None
Jerrold B. Harris 1942 |  | Director |  | Since 2007 |  | Trustee, Ursinus College from 2000 to 2012; Director, Waterfowl Chesapeake (conservation) since 2014; Director, Ducks Unlimited, Inc. (conservation) since 2013; Director, Troemner LLC (scientific equipment) since 2000; Director of Delta Waterfowl Foundation from 2010 to 2012; President and Chief Executive Officer, VWR Scientific Products Corporation from 1990 to 1999. |  | 76 RICs consisting of 76 Portfolios |  | BlackRock Capital Investment Corp. (business development company)
R. Glenn Hubbard 1958 |  | Director |  | Since 2007 |  | Dean, Columbia Business School since 2004; Faculty member, Columbia Business School since 1988. |  | 76 RICs consisting of 76 Portfolios |  | ADP (data and information services); Metropolitan Life Insurance Company (insurance)

94 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Officers and Directors (continued) |  |

Name, Address1 and Year of Birth |  | Position(s) Held with Funds |  | Length of Time Served as a Director3 |  | Principal Occupation(s) During Past Five Years |  | Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |  | Public Directorships
Independent Directors2 (concluded) |  |  |  |  |  |  |  |
W. Carl Kester 1951 |  | Director and Member of the Audit Committee |  | Since 2007 |  | George Fisher Baker Jr. Professor of Business Administration, Harvard Business School since 2008, Deputy Dean for Academic Affairs from 2006 to 2010, Chairman of the Finance Unit, from 2005 to 2006, Senior Associate Dean and Chairman of the MBA Program from 1999 to 2005; Member of the faculty of Harvard Business School since 1981. |  | 76 RICs consisting of 76 Portfolios |  | None
|  | 1 The address of each Director and Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, NY 10055.
|  | 2 Independent Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 74. The maximum age limitation may be waived as to any Director by action of a majority of the Directors upon finding of good cause thereof. The Board of Directors has unanimously approved further extending the mandatory retirement age for Mr. James T. Flynn until December 31, 2015, which the Board of Directors believes is in the best interest of shareholders.
|  | 3 Date shown is the earliest date a person has served for the Funds covered by this annual report. Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. As a result, although the chart shows certain Directors as joining the Funds’ board in 2007, those Directors first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: Richard E. Cavanagh, 1994; Frank J. Fabozzi, 1988; Kathleen F. Feldstein, 2005; James T. Flynn, 1996; Jerrold B. Harris, 1999; R. Glenn Hubbard, 2004; W. Carl Kester, 1995 and Karen P. Robards, 1998.
|  | 4 For purposes of this chart, “RICs” refers to investment companies registered under the 1940 Act and “Portfolios” refers to the investment programs of the BlackRock-advised funds. The Closed-End Complex is comprised of 76 RICs. Mr. Perlowski, Dr. Fabozzi and Ms. Novick are also board members of a complex of BlackRock registered open-end funds. Mr. Perlowski is also a board member of the BlackRock Equity-Bond Complex, and Ms. Novick and Dr. Fabozzi are also board members of the BlackRock Equity-Liquidity Complex.
Interested Directors5 |  |  |  |  |  |
Barbara G. Novick 1960 |  | Director |  | Since 2014 |  | Vice Chairman of BlackRock since 2006; Chair of BlackRock’s Government Relations Steering Committee since 2009; Head of the Global Client Group of BlackRock, Inc. from 1988 to 2008. |  | 109 RICs consisting of 235 Portfolios |  | None
John M. Perlowski 1964 |  | Director |  | Since 2014 |  | Managing Director of BlackRock since 2009; Head of BlackRock Global Fund Services since 2009; Managing Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, L.P. from 2003 to 2009; Treasurer of Goldman Sachs Mutual Funds from 2003 to 2009 and Senior Vice President thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009; Director of Family Resource Network (charitable foundation) since 2009. |  | 104 RICs consisting of 174 Portfolios |  | None
|  | 5 Mr. Perlowski and Ms. Novick are both “interested persons,” as defined in the 1940 Act, of the Funds based on their positions with BlackRock and its affiliate. Mr. Perlowski and Ms. Novick are also board members of a complex of BlackRock registered open-end funds. Mr. Perlowski is a board member of the BlackRock Equity-Bond Complex and Ms. Novick is a board member of the BlackRock Equity-Liquidity Complex. Interested Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. The maximum age limitation may be waived as to any Director by action of a majority of the Directors upon a finding of good cause thereof.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 95

Officers and Directors (concluded) |  |

Name, Address1 and Year of Birth |  | Position(s) Held with the Funds |  | Length of Time Served |  | Principal Occupation(s) During Past Five Years
Officers2 |  |  |  |  |  |
John M. Perlowski 1964 |  | President and Chief Executive Officer |  | Since 2011 |  | Managing Director of BlackRock since 2009; Head of BlackRock Global Fund Services since 2009; Managing Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, L.P. from 2003 to 2009; Treasurer of Goldman Sachs Mutual Funds from 2003 to 2009 and Senior Vice President thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009; Director of Family Resource Network (charitable foundation) since 2009.
Robert W. Crothers 1981 |  | Vice President |  | Since 2012 |  | Director of BlackRock since 2011; Vice President of BlackRock from 2008 to 2010.
Neal Andrews 1966 |  | Chief Financial Officer |  | Since 2007 |  | Managing Director of BlackRock since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006.
Jay Fife 1970 |  | Treasurer |  | Since 2007 |  | Managing Director of BlackRock since 2007; Director of BlackRock in 2006; Assistant Treasurer of the MLIM and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.
Charles Park 1967 |  | Chief Compliance Officer |  | Since 2014 |  | Anti-Money Laundering Compliance Officer for the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex since 2014; Principal of and Chief Compliance Officer for iShares® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012.
Janey Ahn 1975 |  | Secretary |  | Since 2012 |  | Director of BlackRock since 2009; Vice President of BlackRock from 2008 to 2009; Assistant Secretary of the Funds from 2008 to 2012.
|  | 1 The address of each Director and Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, NY 10055.
|  | 2 Officers of the Funds serve at the pleasure of the Board.

Effective December 31, 2014, Paul L. Audet and Henry Gabbay resigned as Directors of the Funds. Effective December 31, 2014, Barbara G. Novick and John M. Perlowski were appointed to serve as Directors of the Funds.

Investment Advisor BlackRock Advisors, LLC Wilmington, DE 19809 |  | Custodian State Street Bank and Trust Company Boston, MA 02110 |  | VRDP Tender and Paying Agent and VMTP Redemption and Paying Agent The Bank of New York Mellon New York, NY 10289 |  | Accounting Agent State Street Bank and Trust Company Boston, MA 02110 |  | Legal Counsel Skadden, Arps, Slate, Meagher & Flom LLP Boston, MA 02116
|  | Transfer Agent Computershare Trust Company, N.A. Canton, MA 02021 |  | VRDP Remarketing Agent Citigroup Global Markets Inc.3 New York, NY 10179 |  | Independent Registered Public Accounting Firm Deloitte & Touche LLP Boston, MA 02116 |  | Address of the Funds 100 Bellevue Parkway Wilmington, DE 19809
|  |  |  | VRDP Liquidity Provider Citibank, N.A.3 New York, NY 10179 |  |  |  |

| 3 |  | For MEN.

96 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

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. Each Fund filed with the SEC the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.

Dividend Policy

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

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 97

Additional Information (continued) |  |

General Information

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

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

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com. 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.

Electronic Delivery

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

To enroll in electronic delivery:

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

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Procedures

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

Availability of Proxy Voting Record

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

Availability of Fund Updates

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

98 |  | ANNUAL REPORT |  | APRIL 30, 2015 |  |

Additional Information (concluded) |  |

Shelf Offering Program

From time-to-time, each Fund may seek to raise additional equity capital through an equity shelf program (a “Shelf Offering”). In a Shelf Offering, the Fund 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 the Fund’s net asset value (“NAV”) per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow a Fund 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. The Funds have not filed a registration statement with respect to any Shelf Offerings. This report is not an offer to sell Fund Common Shares and is not a solicitation of an offer to buy Fund Common Shares. If the Fund files a registration statement with respect to any Shelf Offering, the prospectus contained therein will contain more complete information about the Fund and should be read carefully before investing.

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.

|  | ANNUAL REPORT |  | APRIL 30, 2015 |  | 99

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. Certain of the Funds have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares, and the risk that fluctuations in short-term interest rates may reduce the Common Shares’ yield. Statements and other information herein are as dated and are subject to change.

CEMUNI7-4/15-AR |  |

Item 2 – | Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. A copy of the code of ethics is available without charge at www.blackrock.com.

Item 3 – | Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Michael Castellano

Frank J. Fabozzi

James T. Flynn

W. Carl Kester

Karen P. Robards

The registrant’s board of directors has determined that W. Carl Kester and Karen P. Robards qualify as financial experts pursuant to Item 3(c)(4) of Form N-CSR.

Prof. Kester has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Prof. Kester has been involved in providing valuation and other financial consulting services to corporate clients since 1978. Prof. Kester’s financial consulting services present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements.

Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Ms. Robards has been President of Robards & Company, a financial advisory firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years where she was responsible for evaluating and assessing the performance of companies based on their financial results. Ms. Robards has over 30 years of experience analyzing financial statements. She also is a member of the audit committee of one publicly held company and a non-profit organization.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

2

Item 4 – | Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

|  | (a) Audit Fees |  | (b) Audit-Related Fees1 |  | (c) Tax Fees2 |  | (d) All Other Fees3
Entity Name |  | Current Fiscal Year End |  | Previous Fiscal Year End |  | Current Fiscal Year End |  | Previous Fiscal Year End |  | Current Fiscal Year End |  | Previous Fiscal Year End |  | Current Fiscal Year End |  | Previous Fiscal Year End
BlackRock MuniAssets Fund, Inc. |  | $30,463 |  | $30,463 |  | $0 |  | $0 |  | $12,444 |  | $12,200 |  | $0 |  | $0

The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (“Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Fund Service Providers”):

|  | Current Fiscal Year End |  | Previous Fiscal Year End
(b) Audit-Related Fees1 |  | $0 |  | $0
(c) Tax Fees2 |  | $0 |  | $0
(d) All Other Fees3 |  | $2,391,000 |  | $2,555,000

1 The nature of the services includes assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees.

2 The nature of the services includes tax compliance, tax advice and tax planning.

3 Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by D&T with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Fund Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g.,

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unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Fund Service Providers were:

|  | Entity Name |  | Current Fiscal Year End |  | Previous Fiscal Year End
| BlackRock MuniAssets Fund, Inc. |  | $12,444 |  | $12,200

Additionally, SSAE 16 Review (Formerly, SAS No. 70) fees for the current and previous fiscal years of $2,391,000 and $2,555,000, respectively, were billed by D&T to the Investment Adviser.

(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser, and the Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5 – | Audit Committee of Listed Registrants

| (a) | The following individuals are members of the registrant’s separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Michael Castellano

Frank J. Fabozzi

James T. Flynn

W. Carl Kester

Karen P. Robards

| (b) | Not Applicable

Item 6 – | Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.

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(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 – The board of directors has delegated the voting of proxies for the Fund’s portfolio securities to the Investment Adviser pursuant to the Investment Adviser’s proxy voting guidelines. Under these guidelines, the Investment Adviser will vote proxies related to Fund securities in the best interests of the Fund and its stockholders. From time to time, a vote may present a conflict between the interests of the Fund’s stockholders, on the one hand, and those of the Investment Adviser, or any affiliated person of the Fund or the Investment Adviser, on the other. In such event, provided that the Investment Adviser’s Equity Investment Policy Oversight Committee, or a sub-committee thereof (the “Oversight Committee”) is aware of the real or potential conflict or material non-routine matter and if the Oversight Committee does not reasonably believe it is able to follow its general voting guidelines (or if the particular proxy matter is not addressed in the guidelines) and vote impartially, the Oversight Committee may retain an independent fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the Investment Adviser’s clients. If the Investment Adviser determines not to retain an independent fiduciary, or does not desire to follow the advice of such independent fiduciary, the Oversight Committee shall determine how to vote the proxy after consulting with the Investment Adviser’s Portfolio Management Group and/or the Investment Adviser’s Legal and Compliance Department and concluding that the vote cast is in its client’s best interest notwithstanding the conflict. A copy of the Fund’s Proxy Voting Policy and Procedures are attached as Exhibit 99.PROXYPOL. Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, (i) at www.blackrock.com and (ii) on the SEC’s website at http://www.sec.gov.

Item 8 – | Portfolio Managers of Closed-End Management Investment Companies – as of April 30, 2015.

| (a)(1) | The registrant is managed by a team of investment professionals comprised of Theodore R. Jaeckel, Jr., CFA, Managing Director at BlackRock and Walter O’Connor, Managing Director at BlackRock. Each is a member of BlackRock’s municipal tax-exempt management group. Each is jointly responsible for the day-to-day management of the registrant’s portfolio, which includes setting the registrant’s overall investment strategy, overseeing the management of the registrant and/or selection of its investments. Messrs. Jaeckel and O’Connor have been members of the registrant’s portfolio management team since 2006 and 2006, respectively.

Portfolio Manager |  | Biography |  |
Theodore R. Jaeckel, Jr. |  | Managing Director of BlackRock since 2006; Managing Director of Merrill Lynch Investment Managers, L.P. (“MLIM”) from 2005 to 2006; Director of MLIM from 1997 to 2005. |  |
Walter O’Connor |  | Managing Director of BlackRock since 2006; Managing Director of MLIM from 2003 to 2006; Director of MLIM from 1998 to 2003. |  |

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(a)(2) As of April 30, 2015:

|  | (ii) Number of Other Accounts Managed and Assets by Account Type |  | (iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based
(i) Name of Portfolio Manager |  | Other Registered Investment Companies |  | Other Pooled Investment Vehicles |  | Other Accounts |  | Other Registered Investment Companies |  | Other Pooled Investment Vehicles |  | Other Accounts
Theodore R. Jaeckel, Jr. |  | 62 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
|  | $28.67 Billion |  | $0 |  | $0 |  | $0 |  | $0 |  | $0
Walter O’Connor |  | 58 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
|  | $22.18 Billion |  | $0 |  | $0 |  | $0 |  | $0 |  | $0

| (iv) | Potential Material Conflicts of Interest

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc., or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that a portfolio manager may be managing certain hedge fund and/or long only accounts, or may be part of a team managing certain hedge fund and/or long only accounts, subject to incentive fees. Such portfolio managers may therefore be entitled to receive a portion of any incentive fees earned on such accounts. Currently, the portfolio managers of this fund are not entitled to receive a portion of incentive fees of other accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

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(a)(3) As of April 30, 2015:

Portfolio Manager Compensation Overview

The discussion below describes the portfolio managers’ compensation as of April 30, 2015.

BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

Base compensation. Generally, portfolio managers receive base compensation based on their position with the firm.

Discretionary Incentive Compensation

Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the performance of the Funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are: a combination of market-based indices (e.g., Standard & Poor’s Municipal Bond Index), certain customized indices and certain fund industry peer groups.

Distribution of Discretionary Incentive Compensation. Discretionary incentive compensation is distributed to portfolio managers in a combination of cash and BlackRock, Inc. restricted stock units which vest ratably over a number of years. For some portfolio managers, discretionary incentive compensation is also distributed in deferred cash awards that notionally track the returns of select BlackRock investment products they manage and that vest ratably over a number of years. The BlackRock, Inc. restricted stock units, upon vesting, will be settled in BlackRock, Inc. common stock. Typically, the cash portion of the discretionary incentive compensation, when combined with base salary, represents more than 60% of total compensation for the portfolio managers. Paying a portion of discretionary incentive compensation in BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year “at risk” based on

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BlackRock’s ability to sustain and improve its performance over future periods. Providing a portion of discretionary incentive compensation in deferred cash awards that notionally track the BlackRock investment products they manage provides direct alignment with investment product results.

Long-Term Incentive Plan Awards — From time to time long-term incentive equity awards are granted to certain key employees to aid in retention, align their interests with long-term shareholder interests and motivate performance. Equity awards are generally granted in the form of BlackRock, Inc. restricted stock units that, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have unvested long-term incentive awards.

Deferred Compensation Program — A portion of the compensation paid to eligible United States-based BlackRock employees may be voluntarily deferred at their election for defined periods of time into an account that tracks the performance of certain of the firm’s investment products. Any portfolio manager who is either a managing director or director at BlackRock with compensation above a specified threshold is eligible to participate in the deferred compensation program.

Other compensation benefits. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($265,000 for 2015). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.

(a)(4) Beneficial Ownership of Securities – As of April 30, 2015.

Portfolio Manager |  | Dollar Range of Equity Securities of the Fund Beneficially Owned
Theodore R. Jaeckel, Jr. |  | $50,001-$100,000
Walter O’Connor |  | None

(b) Not Applicable

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Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.

Item 10 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – | Controls and Procedures

(a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – | Exhibits attached hereto

(a)(1) – Code of Ethics – See Item 2

(a)(2) – Certifications – Attached hereto

(a)(3) – Not Applicable

(b) – Certifications – Attached hereto

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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 MuniAssets Fund, Inc.
By: |  | /s/ John M. Perlowski
|  | John M. Perlowski
|  | Chief Executive Officer (principal executive officer) of
|  | BlackRock MuniAssets Fund, Inc.
Date: July 1, 2015

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 MuniAssets Fund, Inc.
Date: July 1, 2015
By: |  | /s/ Neal J. Andrews |  |
|  | Neal J. Andrews
|  | Chief Financial Officer (principal financial officer) of
|  | BlackRock MuniAssets Fund, Inc.
Date: July 1, 2015

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