N-CSRS 1 d799892dncsrs.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: 04/30/2020

Date of reporting period: 10/31/2019

Item 1 – Report to Stockholders

|  | OCTOBER 31, 2019

|  | 2019 Semi-Annual Report (Unaudited)

BlackRock MuniAssets Fund, Inc. (MUA)

BlackRock MuniEnhanced Fund, Inc. (MEN)

BlackRock MuniHoldings Fund, Inc. (MHD)

BlackRock MuniHoldings Fund II, Inc. (MUH)

BlackRock MuniHoldings Quality Fund, Inc. (MUS)

BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

BlackRock MuniVest Fund II, Inc. (MVT)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call Computershare at (800) 699-1236 to request that you continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC or its affiliates, or all funds held with your financial intermediary, as applicable.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

Investment performance in the 12 months ended October 31, 2019 was a tale of two markets. The first half of the reporting period was characterized by restrictive monetary policy, deteriorating economic growth, equity market volatility, and rising fear of an imminent recession. During the second half of the reporting period, stocks and bonds rebounded sharply, as influential central banks shifted toward accommodative monetary policy, which led to broad-based optimism that a near-term recession could be averted.

After the dust settled, equity and bond markets posted mixed returns while weathering significant volatility. U.S. large cap equities and U.S. bonds advanced, while equities at the high end of the risk spectrum — emerging markets and U.S. small cap — posted modest negative returns.

Fixed-income securities played an important role in diversified portfolios by delivering strong returns amid economic uncertainty, as interest rates declined (and bond prices rose). Long-term bonds, particularly long-term Treasuries, proved to be an effective ballast for diversified investors. Investment-grade and high-yield corporate bonds posted positive returns, as the credit fundamentals in corporate markets remained relatively solid.

In the U.S. equity market, volatility spiked in late 2018, as a wide variety of risks were brought to bear on markets, including rising interest rates, slowing global growth, and heightened trade tensions. Volatility also rose in emerging markets, as the appreciating U.S. dollar and higher interest rates in the U.S. disrupted economic growth abroad. Despite an economic slowdown in Europe and ongoing uncertainty about Brexit, European equities posted a modest positive return.

As equity performance faltered and global economic growth slowed, the U.S. Federal Reserve (the “Fed”) shifted away from policies designed to decrease inflation in favor of renewed efforts to stimulate economic activity. The Fed left interest rates unchanged in January 2019, then reduced interest rates three times thereafter, starting in July 2019. Similarly, the Fed took measures to support liquidity in short-term lending markets. Following in the Fed’s footsteps, the European Central Bank announced aggressive economic stimulus measures, including lower interest rates and the return of its bond purchasing program. The Bank of Japan signaled a continuation of accommodative monetary policy, while China committed to looser credit conditions and an increase in fiscal spending.

The outpouring of global economic stimulus led to a sharp rally in risk assets throughout the world despite the headwind of rising geopolitical and trade tensions. Hopes continued to remain high as the current economic expansion became the longest in U.S. history.

We continue to expect a slowing expansion with additional room to run. Despite a sharp slowdown in trade and manufacturing across the globe, U.S. consumers continued to spend at a relatively healthy pace, benefiting from the lowest unemployment rate in 50 years and rising wages. However, trade disputes and the resulting disruptions in global supply chains, as well as geopolitical tensions, particularly in the Middle East, continued to have a negative impact on global growth.

Overall, we favor reducing investment risk due to rising economic uncertainty. We believe U.S. equities remain relatively attractive, but we are shifting to a more cautious stance by emphasizing factors that seek lower-volatility and higher-quality stocks. In fixed income, government bonds continue to be important portfolio stabilizers, while emerging market bonds offer relatively attractive income opportunities.

In this environment, investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of October 31, 2019
|  | 6-month |  | 12-month
U.S. large cap equities (S&P 500® Index) |  | 4.16% |  | 14.33%
U.S. small cap equities (Russell 2000® Index) |  | (1.09) |  | 4.90
International equities (MSCI Europe, Australasia, Far East Index) |  | 3.35 |  | 11.04
Emerging market equities (MSCI Emerging Markets Index) |  | (1.67) |  | 11.86
3-month Treasury bills (ICE BofAML 3-Month U.S. Treasury Bill Index) |  | 1.21 |  | 2.40
U.S. Treasury securities (ICE BofAML 10-Year U.S. Treasury Index) |  | 8.17 |  | 15.85
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index) |  | 5.71 |  | 11.51
Tax-exempt municipal bonds (S&P Municipal Bond Index) |  | 3.52 |  | 9.07
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index) |  | 2.69 |  | 8.38
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

|  | Page |
The Markets in Review |  |  | 2 |
Semi-Annual Report: |  |  |  |
Municipal Market Overview |  |  | 4 |
The Benefits and Risks of Leveraging |  |  | 5 |
Derivative Financial Instruments |  |  | 5 |
Fund Summaries |  |  | 6 |
Financial Statements: |  |  |  |
Schedules of Investments |  |  | 20 |
Statements of Assets and Liabilities |  |  | 73 |
Statements of Operations |  |  | 75 |
Statements of Changes in Net Assets |  |  | 77 |
Statements of Cash Flows |  |  | 81 |
Financial Highlights |  |  | 83 |
Notes to Financial Statements |  |  | 90 |
Disclosure of Investment Advisory Agreements |  |  | 99 |
Director and Officer Information |  |  | 103 |
Additional Information |  |  | 104 |
Glossary of Terms Used in this Report |  |  | 107 |

|  |  | 3 |

Municipal Market Overview For the Reporting Period Ended October 31, 2019

Municipal Market Conditions

Municipal bonds posted strong total returns during the period, buoyed by rallying interest rates as the Fed turned more dovish late in 2018 on the back of slowing global growth and trade uncertainties, indicated a commitment to sustain the current economic expansion, and executed a mid-cycle adjustment consisting of three 0.25% rate cuts.

Outside of the favorable rate backdrop, municipal technicals remained supportive with strong demand outpacing modest supply. Broadly, investors favored the tax-exempt income, diversification, quality and value of municipal bonds, given that tax reform ultimately lowered the top individual tax rate just 2.6% while eliminating deductions. During the 12 months ended October 31, 2019, municipal bond funds experienced net inflows of approximately $70 billion (based on data from the Investment Company Institute), with 2019 on track to be the best year for municipal fund flows on record. For |  | S&P Municipal Bond Index
| Total Returns as of October 31, 2019
| 6 months: 3.52%
| 12 months: 9.07%

the same 12-month period, total new issuance was moderate from a historical perspective at $364 billion. Notably, taxable municipal issuance picked up late in 2019, as issuers advance refunded tax-exempt debt using taxable municipal bonds for cost savings, given the inability to do so in the tax-exempt market post-tax reform. However, the market ultimately remained in a favorable net negative supply environment in which reinvestment income (coupons, calls, and maturities) outstripped gross issuance and provided a technical tailwind.

A Closer Look at Yields

| From October 31, 2018 to October 31, 2019, yields on AAA-rated 30-year municipal bonds decreased by 132 basis points (“bps”) from 3.38% to 2.06%, while ten-year rates decreased by 124 bps from 2.73% to 1.49% and five-year rates decreased by 115 bps from 2.30% to 1.15% (as measured by Thomson Municipal Market Data). As a result, the municipal yield curve flattened over the 12-month period with the spread between two- and 30-year maturities flattening by 36 bps, led by 28 bps of flattening between two- and ten-year maturities.

During the same time period, tax-exempt municipal bonds underperformed duration matched U.S. Treasuries, most notably in the front and intermediate part of the curve. However, relative valuations remained stretched versus history. Given that the corporate tax rate was lowered much more than the individual rate, institutions now have less incentive to own tax-exempt municipal bonds, while individuals are more incentivized. In a more retail-driven market, lower municipal-to-Treasury ratios are likely sustainable as individuals are focused more on generating tax-free income and less concerned with relative valuations. The asset class is known for its lower relative volatility and preservation of principal with an emphasis on income as tax rates rise.

Financial Conditions of Municipal Issuers

Most states and locals are on solid footing as tax receipts are increasing steadily and spending levels are rebounding from post-recession lows. Rising healthcare expenditures and legacy pension costs are plaguing a handful of high-profile credits. Essential service revenue bonds continue to benefit from deleveraging. Several private-public partnerships and off-balance sheet projects have made headlines for cost-overruns that are calling into question their value-add. More caution is warranted in the non-profit sectors, especially less-selective private education credits that are dealing with competitive pressures and are burdened with outsized debt. Merger and acquisition activity remained elevated in the hospital sector, providing opportunities to generate performance. Additionally, high yield remains an important driver of performance. BlackRock maintains the view that municipal bond defaults will remain minimal and the overall market is fundamentally sound. However, we continue to advocate careful credit research and believe that a thoughtful approach to structure and security selection remains imperative amid uncertainty in a modestly improving economic environment.

The opinions expressed are those of BlackRock as of October 31, 2019 and are subject to change at any time due to changes in market or economic conditions. The comments should not be construed as a recommendation of any individual holdings or market sectors. Investing involves risk including loss of principal. Bond values fluctuate in price so the value of your investment can go down depending on market conditions. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to Alternative Minimum Tax (“AMT”). Capital gains distributions, if any, are taxable.

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

4 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

The Benefits and Risks of Leveraging

The Funds may utilize leverage to seek to enhance the distribution rate on, and net asset value (“NAV”) of, their common shares (“Common Shares”). However, there is no guarantee that these objectives can be achieved in all interest rate environments.

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

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

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

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

To obtain leverage, each Fund has issued Variable Rate Demand Preferred Shares (“VRDP Shares”) 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 a Fund’s obligations under the TOB Trust (including accrued interest), then the TOB Trust is not considered a senior security and is not subject to the foregoing limitations and requirements imposed by the 1940 Act.

Derivative Financial Instruments

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

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

Fund Summary as of October 31, 2019 |  | BlackRock MuniAssets Fund, Inc.

Investment Objective

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

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

Fund Information

Symbol on New York Stock Exchange (“NYSE”) |  | MUA
Initial Offering Date |  | June 25, 1993
Yield on Closing Market Price as of October 31, 2019 ($15.49)(a) |  | 4.07%
Tax Equivalent Yield(b) |  | 6.88%
Current Monthly Distribution per Common Share(c) |  | $0.0525
Current Annualized Distribution per Common Share(c) |  | $0.6300
Leverage as of October 31, 2019(d) |  | 12%

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

| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |

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

| (d) | Represents TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments on page 5. |

Performance

Returns for the six months ended October 31, 2019 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
MUA(a)(b) |  |  | 5.65 | % |  |  | 3.91 | %
Lipper High Yield Municipal Debt Funds(c) |  |  | 6.01 |  |  |  | 5.00 |

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

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not indicative of future results.

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

The Fund performed well for the period, with price appreciation augmenting the contribution from income. The Fund’s holdings in longer-dated securities with maturities of 20 years and above generated the strongest returns. Allocations to unrated securities and bonds rated below investment grade added value at a time in which lower-quality bonds outperformed. At the sector level, the Fund’s positions in tobacco, tax-backed and health care issues made the largest contributions to performance.

The Fund actively sought to manage interest rate risk using U.S. Treasury futures. Since U.S. Treasury yields fell, as price rose, this strategy detracted from the Fund’s results.

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.

6 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary as of October 31, 2019 (continued) |  | BlackRock MuniAssets Fund, Inc.

Market Price and Net Asset Value Per Share Summary

|  | 10/31/19 |  |  | 04/30/19 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 15.49 |  |  | $ | 14.98 |  |  |  | 3.40 | % |  | $ | 16.05 |  |  | $ | 14.82 |
Net Asset Value |  |  | 14.38 |  |  |  | 14.14 |  |  |  | 1.70 |  |  |  | 14.51 |  |  |  | 14.14 |

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

Overview of the Fund’s Total Investments*

SECTOR ALLOCATION

Sector |  | 10/31/19 |  |  | 04/30/19 |
County/City/Special District/School District |  |  | 18 | % |  |  | 18 | %
Transportation |  |  | 18 |  |  |  | 18 |
Tobacco |  |  | 14 |  |  |  | 15 |
Utilities |  |  | 14 |  |  |  | 13 |
Health |  |  | 14 |  |  |  | 17 |
Education |  |  | 9 |  |  |  | 8 |
State |  |  | 6 |  |  |  | 3 |
Corporate |  |  | 4 |  |  |  | 4 |
Housing |  |  | 3 |  |  |  | 4 |

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

CALL/MATURITY SCHEDULE (c)

Calendar Year Ended December 31, |  |  |  |
2019 |  |  | 13 | %
2020 |  |  | 8 |
2021 |  |  | 20 |
2022 |  |  | 7 |
2023 |  |  | 12 |

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

| * | Excludes short-term securities. |

CREDIT QUALITY ALLOCATION (a)

Credit Rating |  | 10/31/19 |  |  | 04/30/19 |
AA/Aa |  |  | 18 | % |  |  | 19 | %
A |  |  | 9 |  |  |  | 10 |
BBB/Baa |  |  | 16 |  |  |  | 19 |
BB/Ba |  |  | 11 |  |  |  | 8 |
B/B |  |  | 10 |  |  |  | — |
B |  |  | — |  |  |  | 11 |
CCC |  |  | 1 |  |  |  | — |
CC |  |  | 3 |  |  |  | 3 |
N/R(b) |  |  | 32 |  |  |  | 30 |

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

| (b) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2019 and April 30, 2019, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 2% and 1%, respectively, of the Fund’s total investments. |

FUND SUMMARY |  |  | 7 |

Fund Summary as of October 31, 2019 |  | BlackRock MuniEnhanced Fund, Inc.

Investment Objective

BlackRock MuniEnhanced Fund, Inc.’s (MEN) (the “Fund”) investment objective is to provide shareholders with as high a level of current income exempt from U.S. federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). Under normal market conditions, the Fund invests primarily in long-term municipal bonds that are rated investment grade quality or, if unrated, are deemed to be of comparable quality by the investment adviser at the time of investment and invests primarily in long-term municipal bonds with maturities of more than ten years at the time of investment. Effective July 31, 2019, the Fund may invest up to 20% of its managed assets in securities that are rated below investment grade, or are considered by BlackRock to be of comparable quality, at the time of purchase. The Fund may invest directly in such securities or synthetically through the use of derivatives.

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

Fund Information

Symbol on NYSE |  | MEN
Initial Offering Date |  | March 2, 1989
Yield on Closing Market Price as of October 31, 2019 ($11.16)(a) |  | 4.19%
Tax Equivalent Yield(b) |  | 7.08%
Current Monthly Distribution per Common Share(c) |  | $0.0390
Current Annualized Distribution per Common Share(c) |  | $0.4680
Leverage as of October 31, 2019(d) |  | 40%

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

| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |

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

| (d) | Represents VRDP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VRDP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments on page 5. |

Performance

Returns for the six months ended October 31, 2019 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
MEN(a)(b) |  |  | 6.49 | % |  |  | 5.32 | %
Lipper General & Insured Municipal Debt Funds (Leveraged)(c) |  |  | 6.79 |  |  |  | 5.04 |

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

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not indicative of future results.

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

The Fund performed well for the period, with price appreciation augmenting the contribution from income. The Fund’s use of leverage aided results by amplifying the effect of both income and rising bond prices.

The positive market conditions contributed to robust, steady inflows into the municipal bond market and prompted investors to reach for yield. In this environment, the Fund benefited from its allocations to the long end of the yield curve, lower-rated issues, and low-coupon structures. At the sector level, the Fund’s positions in transportation and health care issues — both of which benefited from investors’ search for yield — made the largest contributions.

The Fund actively sought to manage interest rate risk using U.S. Treasury futures. Since U.S. Treasury yields fell, as price rose, this strategy detracted from the Fund’s results.

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

8 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary as of October 31, 2019 (continued) |  | BlackRock MuniEnhanced Fund, Inc.

Market Price and Net Asset Value Per Share Summary

|  | 10/31/19 |  |  | 04/30/19 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 11.16 |  |  | $ | 10.71 |  |  |  | 4.20 | % |  | $ | 11.55 |  |  | $ | 10.70 |
Net Asset Value |  |  | 12.12 |  |  |  | 11.76 |  |  |  | 3.06 |  |  |  | 12.35 |  |  |  | 11.76 |

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

Overview of the Fund’s Total Investments*

SECTOR ALLOCATION

Sector |  | 10/31/19 |  |  | 04/30/19 |
Transportation |  |  | 26 | % |  |  | 24 | %
Health |  |  | 16 |  |  |  | 16 |
State |  |  | 16 |  |  |  | 15 |
County/City/Special District/School District |  |  | 15 |  |  |  | 15 |
Utilities |  |  | 10 |  |  |  | 11 |
Housing |  |  | 7 |  |  |  | 6 |
Education |  |  | 6 |  |  |  | 7 |
Tobacco |  |  | 3 |  |  |  | 2 |
Corporate |  |  | 1 |  |  |  | 4 |

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

CALL/MATURITY SCHEDULE (c)

Calendar Year Ended December 31, |  |  |  |
2019 |  |  | 1 | %
2020 |  |  | 3 |
2021 |  |  | 12 |
2022 |  |  | 8 |
2023 |  |  | 7 |

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

| * | Excludes short-term securities. |

CREDIT QUALITY ALLOCATION (a)

Credit Rating |  | 10/31/19 |  |  | 04/30/19 |
AAA/Aaa |  |  | 6 | % |  |  | 6 | %
AA/Aa |  |  | 45 |  |  |  | 46 |
A |  |  | 28 |  |  |  | 28 |
BBB/Baa |  |  | 11 |  |  |  | 14 |
BB/Ba |  |  | 1 |  |  |  | 2 |
B/B |  |  | 1 |  |  |  | — |
N/R(b) |  |  | 8 |  |  |  | 4 |

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

| (b) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2019 and April 30, 2019, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1%, of the Fund’s total investments. |

FUND SUMMARY |  |  | 9 |

Fund Summary as of October 31, 2019 |  | BlackRock MuniHoldings Fund, Inc.

Investment Objective

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

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

Fund Information

Symbol on NYSE |  | MHD
Initial Offering Date |  | May 2, 1997
Yield on Closing Market Price as of October 31, 2019 ($16.26)(a) |  | 4.69%
Tax Equivalent Yield(b) |  | 7.92%
Current Monthly Distribution per Common Share(c) |  | $0.0635
Current Annualized Distribution per Common Share(c) |  | $0.7620
Leverage as of October 31, 2019(d) |  | 35%

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

| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |

| (c) | The monthly distribution per Common Share, declared on December 6, 2019, was decreased to $0.0605 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. A portion of the distribution may be deemed a return of capital or net realized gain. |

| (d) | Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments on page 5. |

Performance

Returns for the six months ended October 31, 2019 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
MHD(a)(b) |  |  | 4.54 | % |  |  | 4.65 | %
Lipper General & Insured Municipal Debt Funds (Leveraged)(c) |  |  | 6.79 |  |  |  | 5.04 |

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

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not indicative of future results.

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

The Fund performed well for the period, with price appreciation augmenting the contribution from income. The Fund’s holdings in longer-dated securities with maturities of 20 years and above generated the strongest returns. Allocations to bonds rated at the lower end of the investment grade spectrum (A and BBB) added value at a time in which lower-quality bonds outperformed. At the sector level, the Fund’s positions in tax-backed, transportation and health care issues made the largest contributions to performance.

The Fund actively sought to manage interest rate risk using U.S. Treasury futures. Since U.S. Treasury yields fell, as price rose, this strategy detracted from the Fund’s results.

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

10 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary as of October 31, 2019 (continued) |  | BlackRock MuniHoldings Fund, Inc.

Market Price and Net Asset Value Per Share Summary

|  | 10/31/19 |  |  | 04/30/19 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 16.26 |  |  | $ | 15.92 |  |  |  | 2.14 | % |  | $ | 17.82 |  |  | $ | 15.80 |
Net Asset Value |  |  | 16.93 |  |  |  | 16.56 |  |  |  | 2.23 |  |  |  | 17.22 |  |  |  | 16.56 |

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

Overview of the Fund’s Total Investments*

SECTOR ALLOCATION

Sector |  | 10/31/19 |  |  | 04/30/19 |
Transportation |  |  | 26 | % |  |  | 25 | %
Utilities |  |  | 18 |  |  |  | 14 |
Health |  |  | 14 |  |  |  | 16 |
County/City/Special District/School District |  |  | 13 |  |  |  | 13 |
State |  |  | 10 |  |  |  | 10 |
Tobacco |  |  | 8 |  |  |  | 7 |
Education |  |  | 7 |  |  |  | 8 |
Corporate |  |  | 4 |  |  |  | 6 |
Housing |  |  | — |  |  |  | 1 |

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

CALL/MATURITY SCHEDULE (c)

Calendar Year Ended December 31, |  |  |  |
2019 |  |  | 9 | %
2020 |  |  | 11 |
2021 |  |  | 12 |
2022 |  |  | 11 |
2023 |  |  | 6 |

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

| * | Excludes short-term securities. |

CREDIT QUALITY ALLOCATION (a)

Credit Rating |  | 10/31/19 |  |  | 04/30/19 |
AAA/Aaa |  |  | 4 | % |  |  | 4 | %
AA/Aa |  |  | 36 |  |  |  | 39 |
A |  |  | 22 |  |  |  | 22 |
BBB/Baa |  |  | 16 |  |  |  | 15 |
BB/Ba |  |  | 6 |  |  |  | 3 |
B/B |  |  | 4 |  |  |  | 5 |
CC |  |  | 1 |  |  |  | — |
N/R(b) |  |  | 11 |  |  |  | 12 |

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

| (b) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2019 and April 30, 2019, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 2% and 1%, respectively, of the Fund’s total investments. |

FUND SUMMARY |  |  | 11 |

Fund Summary as of October 31, 2019 |  | BlackRock MuniHoldings Fund II, Inc.

Investment Objective

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

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

Fund Information

Symbol on NYSE |  | MUH
Initial Offering Date |  | February 27, 1998
Yield on Closing Market Price as of October 31, 2019 ($14.72)(a) |  | 4.61%
Tax Equivalent Yield(b) |  | 7.79%
Current Monthly Distribution per Common Share(c) |  | $0.0565
Current Annualized Distribution per Common Share(c) |  | $0.6780
Leverage as of October 31, 2019(d) |  | 39%

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

| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |

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

| (d) | Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments on page 5. |

Performance

Returns for the six months ended October 31, 2019 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
MUH(a)(b) |  |  | 0.09 | % |  |  | 5.20 | %
Lipper General & Insured Municipal Debt Funds (Leveraged)(c) |  |  | 6.79 |  |  |  | 5.04 |

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

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not indicative of future results.

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

The Fund performed well for the period, with price appreciation augmenting the contribution from income. The Fund’s use of leverage aided results by amplifying the effect of both income and rising bond prices.

The positive market conditions contributed to robust, steady inflows into the municipal bond market and prompted investors to reach for yield. In this environment, the Fund benefited from its allocations to the long end of the yield curve, lower-rated issues, and low-coupon structures. At the sector level, the Fund’s positions in tobacco and health care issues — both of which benefited from investors’ search for yield — made the largest contributions to performance.

The Fund actively sought to manage interest rate risk using U.S. Treasury futures. Since U.S. Treasury yields fell, as price rose, this strategy detracted from the Fund’s results.

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

12 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary as of October 31, 2019 (continued) |  | BlackRock MuniHoldings Fund II, Inc.

Market Price and Net Asset Value Per Share Summary

|  | 10/31/19 |  |  | 04/30/19 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 14.72 |  |  | $ | 15.05 |  |  |  | (2.19 | )% |  | $ | 15.64 |  |  | $ | 14.44 |
Net Asset Value |  |  | 15.75 |  |  |  | 15.32 |  |  |  | 2.81 |  |  |  | 16.06 |  |  |  | 15.32 |

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

Overview of the Fund’s Total Investments*

SECTOR ALLOCATION

Sector |  | 10/31/19 |  |  | 04/30/19 |
Transportation |  |  | 24 | % |  |  | 22 | %
Health |  |  | 15 |  |  |  | 17 |
County/City/Special District/School District |  |  | 15 |  |  |  | 16 |
Utilities |  |  | 12 |  |  |  | 12 |
State |  |  | 11 |  |  |  | 11 |
Housing |  |  | 7 |  |  |  | 7 |
Tobacco |  |  | 6 |  |  |  | 6 |
Corporate |  |  | 5 |  |  |  | 5 |
Education |  |  | 5 |  |  |  | 4 |

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

CALL/MATURITY SCHEDULE (c)

Calendar Year Ended December 31, |  |  |  |
2019 |  |  | 6 | %
2020 |  |  | 10 |
2021 |  |  | 11 |
2022 |  |  | 7 |
2023 |  |  | 6 |

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

| * | Excludes short-term securities. |

CREDIT QUALITY ALLOCATION (a)

Credit Rating |  | 10/31/19 |  |  | 04/30/19 |
AAA/Aaa |  |  | 3 | % |  |  | 4 | %
AA/Aa |  |  | 40 |  |  |  | 41 |
A |  |  | 21 |  |  |  | 22 |
BBB/Baa |  |  | 15 |  |  |  | 15 |
BB/Ba |  |  | 5 |  |  |  | 2 |
B/B |  |  | 3 |  |  |  | 4 |
CC |  |  | 1 |  |  |  | 1 |
N/R(b) |  |  | 12 |  |  |  | 11 |

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

| (b) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2019 and April 30, 2019, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 2% of the Fund’s total investments. |

FUND SUMMARY |  |  | 13 |

Fund Summary as of October 31, 2019 |  | BlackRock MuniHoldings Quality Fund, Inc.

Investment Objective

BlackRock MuniHoldings Quality Fund, Inc.’s (MUS) (the “Fund”) investment objective is to provide shareholders with current income exempt from U.S. federal income taxes. The Fund seeks to achieve its investment objective by investing primarily in long-term, investment grade municipal obligations exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). Under normal market conditions, the Fund invests at least 80% of its assets in investment grade municipal obligations, and obligations deemed to be of comparable quality by the investment adviser at the time of investment, with remaining maturities of one year or more at the time of investment. Effective July 31, 2019, the Fund may invest up to 20% of its managed assets in securities that are rated below investment grade, or are considered by BlackRock to be of comparable quality, at the time of purchase. The Fund may invest directly in such securities or synthetically through the use of derivatives.

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

Fund Information

Symbol on NYSE |  | MUS
Initial Offering Date |  | May 1, 1998
Yield on Closing Market Price as of October 31, 2019 ($12.55)(a) |  | 4.25%
Tax Equivalent Yield(b) |  | 7.18%
Current Monthly Distribution per Common Share(c) |  | $0.0445
Current Annualized Distribution per Common Share(c) |  | $0.5340
Leverage as of October 31, 2019(d) |  | 39%

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

| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |

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

| (d) | Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments on page 5. |

Performance

Returns for the six months ended October 31, 2019 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
MUS(a)(b) |  |  | 6.73 | % |  |  | 4.79 | %
Lipper General & Insured Municipal Debt Funds (Leveraged)(c) |  |  | 6.79 |  |  |  | 5.04 |

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

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not indicative of future results.

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

The Fund performed well for the period, with price appreciation augmenting the contribution from income. The Fund’s holdings in longer-dated securities, which outperformed both short- and intermediate-term issues, generated the strongest returns.

The Fund’s investment guidelines were recently updated to allow for a weighting of up to 20% in high yield bonds to align it more closely with its peer offerings. The investment adviser therefore added positions in high yield issues over the course of the period, which enhanced both income and total return.

All sectors of the Fund generated positive returns, but the transportation and tax-backed sectors made the largest contributions to absolute performance given their higher weightings in the portfolio.

The Fund actively sought to manage interest rate risk using U.S. Treasury futures. Since U.S. Treasury yields fell, as price rose, this strategy detracted from the Fund’s results.

Reinvestment risk continued to be a headwind for the Fund, as the proceeds from bonds that matured or were called needed to be reinvested at lower prevailing yields compared to bonds that were issued when yields were higher.

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

14 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary as of October 31, 2019 (continued) |  | BlackRock MuniHoldings Quality Fund, Inc.

Market Price and Net Asset Value Per Share Summary

|  | 10/31/19 |  |  | 04/30/19 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 12.55 |  |  | $ | 12.01 |  |  |  | 4.50 | % |  | $ | 12.93 |  |  | $ | 11.99 |
Net Asset Value |  |  | 13.86 |  |  |  | 13.51 |  |  |  | 2.59 |  |  |  | 14.12 |  |  |  | 13.51 |

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

Overview of the Fund’s Total Investments*

SECTOR ALLOCATION

Sector |  | 10/31/19 |  |  | 04/30/19 |
Transportation |  |  | 35 | % |  |  | 34 | %
County/City/Special District/School District |  |  | 16 |  |  |  | 20 |
State |  |  | 16 |  |  |  | 13 |
Health |  |  | 11 |  |  |  | 8 |
Utilities |  |  | 10 |  |  |  | 11 |
Education |  |  | 8 |  |  |  | 9 |
Tobacco |  |  | 2 |  |  |  | 2 |
Housing |  |  | 2 |  |  |  | 2 |
Corporate |  |  | — |  |  |  | 1 |

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

CALL/MATURITY SCHEDULE (c)

Calendar Year Ended December 31, |  |  |  |
2019 |  |  | 1 | %
2020 |  |  | 4 |
2021 |  |  | 17 |
2022 |  |  | 2 |
2023 |  |  | 17 |

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

| * | Excludes short-term securities. |

CREDIT QUALITY ALLOCATION (a)

Credit Rating |  | 10/31/19 |  |  | 04/30/19 |
AAA/Aaa |  |  | 3 | % |  |  | 3 | %
AA/Aa |  |  | 44 |  |  |  | 48 |
A |  |  | 33 |  |  |  | 32 |
BBB/Baa |  |  | 13 |  |  |  | 11 |
N/R(b) |  |  | 7 |  |  |  | 6 |

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

| (b) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2019 and April 30, 2019, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 2% of the Fund’s total investments. |

FUND SUMMARY |  |  | 15 |

Fund Summary as of October 31, 2019 |  | BlackRock Muni Intermediate Duration Fund, Inc.

Investment Objective

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

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

Fund Information

Symbol on NYSE |  | MUI
Initial Offering Date |  | August 1, 2003
Yield on Closing Market Price as of October 31, 2019 ($14.19)(a) |  | 3.76%
Tax Equivalent Yield(b) |  | 6.35%
Current Monthly Distribution per Common Share(c) |  | $0.0445
Current Annualized Distribution per Common Share(c) |  | $0.5340
Leverage as of October 31, 2019(d) |  | 39%

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

| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |

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

| (d) | Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments on page 5. |

Performance

Returns for the six months ended October 31, 2019 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
MUI(a)(b) |  |  | 4.39 | % |  |  | 4.67 | %
Lipper Intermediate Municipal Debt Funds(c) |  |  | 4.89 |  |  |  | 3.12 |

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

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not indicative of future results.

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

The Fund performed well for the period, with price appreciation augmenting the contribution from income. The Fund’s use of leverage, which enhanced portfolio income and amplified the impact of rising prices, aided results. The Fund’s holdings on the longer end of the intermediate range also contributed given the outperformance for longer-term debt relative to shorter maturities. Allocations to bonds rated at the lower end of the investment grade spectrum (AA, A and BBB) added value, as well. At the sector level, the Fund’s positions in state tax-backed and transportation issues made the largest contributions.

The Fund actively sought to manage interest rate risk using U.S. Treasury futures. Since U.S. Treasury yields fell, as price rose, this strategy detracted from the Fund’s results.

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

16 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary as of October 31, 2019 (continued) |  | BlackRock Muni Intermediate Duration Fund, Inc.

Market Price and Net Asset Value Per Share Summary

|  | 10/31/19 |  |  | 04/30/19 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 14.19 |  |  | $ | 13.85 |  |  |  | 2.45 | % |  | $ | 14.78 |  |  | $ | 13.80 |
Net Asset Value |  |  | 15.82 |  |  |  | 15.40 |  |  |  | 2.73 |  |  |  | 16.10 |  |  |  | 15.40 |

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

Overview of the Fund’s Total Investments*

SECTOR ALLOCATION

Sector |  | 10/31/19 |  |  | 04/30/19 |
Transportation |  |  | 28 | % |  |  | 30 | %
County/City/Special District/School District |  |  | 16 |  |  |  | 15 |
Education |  |  | 13 |  |  |  | 12 |
State |  |  | 13 |  |  |  | 12 |
Health |  |  | 11 |  |  |  | 13 |
Utilities |  |  | 11 |  |  |  | 10 |
Tobacco |  |  | 4 |  |  |  | 4 |
Corporate |  |  | 2 |  |  |  | 2 |
Housing |  |  | 2 |  |  |  | 2 |

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

CALL/MATURITY SCHEDULE (c)

Calendar Year Ended December 31, |  |  |  |
2019 |  |  | 3 | %
2020 |  |  | 7 |
2021 |  |  | 14 |
2022 |  |  | 5 |
2023 |  |  | 13 |

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

| * | Excludes short-term securities. |

CREDIT QUALITY ALLOCATION (a)

Credit Rating |  | 10/31/19 |  |  | 04/30/19 |
AAA/Aaa |  |  | 4 | % |  |  | 5 | %
AA/Aa |  |  | 31 |  |  |  | 33 |
A |  |  | 35 |  |  |  | 35 |
BBB/Baa |  |  | 14 |  |  |  | 17 |
BB/Ba |  |  | 5 |  |  |  | 2 |
B/B |  |  | 1 |  |  |  | — |
B |  |  | — |  |  |  | 2 |
N/R(b) |  |  | 10 |  |  |  | 6 |

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

| (b) | The investment adviser evaluates the credit quality of unrated Investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2019 and April 30, 2019, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% of the Fund’s total investments. |

FUND SUMMARY |  |  | 17 |

Fund Summary as of October 31, 2019 |  | BlackRock MuniVest Fund II, Inc.

Investment Objective

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

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

Fund Information

Symbol on NYSE |  | MVT
Initial Offering Date |  | March 29, 1993
Yield on Closing Market Price as of October 31, 2019 ($14.45)(a) |  | 4.61%
Tax Equivalent Yield(b) |  | 7.79%
Current Monthly Distribution per Common Share(c) |  | $0.0555
Current Annualized Distribution per Common Share(c) |  | $0.6660
Leverage as of October 31, 2019(d) |  | 36%

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

| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |

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

| (d) | Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments on page 5. |

Performance

Returns for the six months ended October 31, 2019 were as follows:

|  | Returns Based On |
|  | Market Price |  |  | NAV |
MVT(a)(b) |  |  | 3.46 | % |  |  | 4.72 | %
Lipper General & Insured Municipal Debt Funds (Leveraged)(c) |  |  | 6.79 |  |  |  | 5.04 |

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

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

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

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not indicative of future results.

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

The Fund performed well for the period, with price appreciation augmenting the contribution from income. The Fund’s holdings in longer-dated securities with maturities of 20 years and above generated the strongest returns. Allocations to bonds rated at the lower end of the investment grade spectrum (A and BBB) added value at a time in which lower-quality bonds outperformed. At the sector level, the Fund’s positions in tax-backed, transportation and health care issues made the largest contributions to performance.

The Fund actively sought to manage interest rate risk using U.S. Treasury futures. Since U.S. Treasury yields fell, as price rose, this strategy detracted from the Fund’s results.

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

18 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary as of October 31, 2019 (continued) |  | BlackRock MuniVest Fund II, Inc.

Market Price and Net Asset Value Per Share Summary

|  | 10/31/19 |  |  | 04/30/19 |  |  | Change |  |  | High |  |  | Low |
Market Price |  | $ | 14.45 |  |  | $ | 14.29 |  |  |  | 1.12 | % |  | $ | 15.71 |  |  | $ | 14.23 |
Net Asset Value |  |  | 15.22 |  |  |  | 14.87 |  |  |  | 2.35 |  |  |  | 15.48 |  |  |  | 14.87 |

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

Overview of the Fund’s Total Investments*

SECTOR ALLOCATION

Sector Allocation |  | 10/31/19 |  |  | 04/30/19 |
Transportation |  |  | 24 | % |  |  | 24 | %
Utilities |  |  | 17 |  |  |  | 14 |
Health |  |  | 17 |  |  |  | 18 |
County/City/Special District/School District |  |  | 13 |  |  |  | 13 |
State |  |  | 8 |  |  |  | 9 |
Tobacco |  |  | 8 |  |  |  | 7 |
Education |  |  | 7 |  |  |  | 8 |
Corporate |  |  | 6 |  |  |  | 6 |
Housing |  |  | — |  |  |  | 1 |

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

CALL/MATURITY SCHEDULE (c)

Calendar Year Ended December 31, |  |  |  |
2019 |  |  | 7 | %
2020 |  |  | 10 |
2021 |  |  | 11 |
2022 |  |  | 10 |
2023 |  |  | 7 |

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

| * | Excludes short-term securities. |

CREDIT QUALITY ALLOCATION (a)

Credit Rating |  | 10/31/19 |  |  | 04/30/19 |
AAA/Aaa |  |  | 5 | % |  |  | 4 | %
AA/Aa |  |  | 31 |  |  |  | 34 |
A |  |  | 24 |  |  |  | 25 |
BBB/Baa |  |  | 17 |  |  |  | 19 |
BB/Ba |  |  | 7 |  |  |  | 3 |
B/B |  |  | 4 |  |  |  | — |
B |  |  | — |  |  |  | 4 |
C |  |  | — |  |  |  | 1 |
N/R(b) |  |  | 12 |  |  |  | 10 |

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

| (b) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2019 and April 30, 2019, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% of the Fund’s total investments. |

FUND SUMMARY |  |  | 19 |

Schedule of Investments (unaudited) October 31, 2019 |  | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds — 89.3% |
Alabama — 1.1% |
County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 6.00%, 10/01/42 |  | $ | 3,745 |  |  | $ | 4,411,460 |
County of Tuscaloosa IDA, Refunding RB, Hunt Refining Project, Series A(a): |  |  |  |  |  |  |  |
4.50%, 05/01/32 |  |  | 380 |  |  |  | 416,666 |
5.25%, 05/01/44 |  |  | 485 |  |  |  | 552,789 |
Hoover Industrial Development Board, RB, U.S. Steel Corporation Project, AMT, 5.75%, 10/01/49 |  |  | 515 |  |  |  | 543,464 |
|  |  |  |  |  |  | 5,924,379 |
Alaska — 1.2% |
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A: |  |  |  |  |  |  |  |
4.63%, 06/01/23 |  |  | 180 |  |  |  | 180,218 |
5.00%, 06/01/32 |  |  | 1,500 |  |  |  | 1,500,390 |
5.00%, 06/01/46 |  |  | 4,290 |  |  |  | 4,300,725 |
|  |  |  |  |  |  | 5,981,333 |
Arizona — 2.9% |
Arizona IDA, RB, Series A(a): |  |  |  |  |  |  |  |
Doral Academy of Neveda — Fire Mesa & Red Rock Campus Projects, 5.00%, 07/15/39 |  |  | 520 |  |  |  | 579,509 |
Lone Mountain Campus Project, 5.00%, 12/15/39 |  |  | 250 |  |  |  | 277,692 |
Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A, 5.13%, 07/01/37(a) |  |  | 960 |  |  |  | 1,057,450 |
Arizona Industrial Development Authority, Refunding RB, Odyssey Preparatory Academy Project, Series A, 5.50%, 07/01/52(a) |  |  | 1,775 |  |  |  | 1,906,918 |
City of Phoenix Arizona IDA, RB: |  |  |  |  |  |  |  |
Great Hearts Academies — Veritas Projects, 6.30%, 07/01/21(b) |  |  | 500 |  |  |  | 541,995 |
Great Hearts Academies — Veritas Project, 6.40%, 07/01/21(b) |  |  | 425 |  |  |  | 461,393 |
Legacy Traditional Schools Projects, Series A, 6.50%, 07/01/34(a) |  |  | 570 |  |  |  | 645,491 |
Legacy Traditional Schools Projects, Series A, 6.75%, 07/01/44(a) |  |  | 1,000 |  |  |  | 1,121,840 |
City of Phoenix Arizona IDA, Refunding RB(a): |  |  |  |  |  |  |  |
Basis Schools, Inc. Projects, 5.00%, 07/01/35 |  |  | 305 |  |  |  | 331,840 |
Basis Schools, Inc. Projects, Series A, 5.00%, 07/01/35 |  |  | 260 |  |  |  | 282,880 |
Basis Schools, Inc. Projects, 5.00%, 07/01/45 |  |  | 855 |  |  |  | 909,660 |
Basis Schools, Inc. Projects, Series A, 5.00%, 07/01/46 |  |  | 290 |  |  |  | 306,820 |
Legacy Traditional School Projects, 5.00%, 07/01/35 |  |  | 320 |  |  |  | 341,622 |
Legacy Traditional School Projects, 5.00%, 07/01/45 |  |  | 255 |  |  |  | 268,015 |
County of La Paz IDA, RB, Imagine Schools Desert West Middle Project, 5.88%, 06/15/48(a) |  |  | 875 |  |  |  | 927,360 |
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37 |  |  | 1,650 |  |  |  | 2,212,980 |
State of Arizona IDA, RB, Academies of Math & Science Project, Series B, 5.13%, 07/01/47(a) |  |  | 665 |  |  |  | 704,614 |
State of Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A, 5.25%, 07/01/47(a) |  |  | 1,765 |  |  |  | 1,929,445 |
|  |  |  |  |  |  | 14,807,524 |
California — 5.8% |
California Municipal Finance Authority, RB, Urban Discovery Academy Project(a): |  |  |  |  |  |  |  |
5.50%, 08/01/34 |  |  | 315 |  |  |  | 335,566 |
6.00%, 08/01/44 |  |  | 665 |  |  |  | 716,238 |
6.13%, 08/01/49 |  |  | 580 |  |  |  | 626,232 |
California School Finance Authority, RB: |  |  |  |  |  |  |  |
Alliance for College Ready Public School — 2023 Union LLC Project, Series A, 6.40%, 07/01/48 |  |  | 1,570 |  |  |  | 1,779,234 |
Value Schools, 6.65%, 07/01/33 |  |  | 435 |  |  |  | 496,352 |
Value Schools, 6.90%, 07/01/43 |  |  | 975 |  |  |  | 1,103,934 |

Security |  | Par (000) |  |  | Value |
California (continued) |
California Statewide Communities Development Authority, RB, Loma Linda University Medical Center(a): |  |  |  |  |  |  |  |
5.25%, 12/01/38 |  | $ | 580 |  |  | $ | 690,444 |
Series A, 5.00%, 12/01/46 |  |  | 725 |  |  |  | 810,224 |
Series A, 5.25%, 12/01/56 |  |  | 620 |  |  |  | 705,355 |
California Statewide Financing Authority, RB, Asset-Backed, Tobacco Settlement, Series B, 6.00%, 05/01/43 |  |  | 1,650 |  |  |  | 1,651,287 |
City & County of San Francisco California Redevelopment Agency, Tax Allocation Bonds, Mission Bay South Redevelopment Project, Series D(a)(c): |  |  |  |  |  |  |  |
0.00%, 08/01/26 |  |  | 1,250 |  |  |  | 939,263 |
0.00%, 08/01/43 |  |  | 1,500 |  |  |  | 470,610 |
City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project: |  |  |  |  |  |  |  |
6.50%, 05/01/36 |  |  | 900 |  |  |  | 965,934 |
6.50%, 05/01/42 |  |  | 2,220 |  |  |  | 2,376,199 |
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/40 |  |  | 375 |  |  |  | 435,424 |
County of Los Angeles California Tobacco Securitization Agency, RB, Asset-Backed, Los Angeles County Securitization Corp.(d): |  |  |  |  |  |  |  |
5.70%, 06/01/46 |  |  | 3,600 |  |  |  | 3,639,528 |
5.60%, 06/01/36 |  |  | 1,285 |  |  |  | 1,298,608 |
County of Riverside California Transportation Commission, RB, Senior Lien, Series A, 5.75%, 06/01/48 |  |  | 2,885 |  |  |  | 3,241,038 |
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1: |  |  |  |  |  |  |  |
5.00%, 06/01/47 |  |  | 790 |  |  |  | 813,187 |
5.25%, 06/01/47 |  |  | 610 |  |  |  | 631,344 |
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1: |  |  |  |  |  |  |  |
4.75%, 06/01/25 |  |  | 535 |  |  |  | 535,594 |
5.00%, 06/01/37 |  |  | 5,580 |  |  |  | 5,582,399 |
|  |  |  |  |  |  | 29,843,994 |
Colorado — 1.6% |
9th Avenue Metropolitan District No. 2, GOL, 5.00%, 12/01/48 |  |  | 910 |  |  |  | 971,407 |
Arista Metropolitan District, GO, Refunding, Series A, 5.00%, 12/01/38 |  |  | 1,240 |  |  |  | 1,335,802 |
Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47(a) |  |  | 575 |  |  |  | 607,752 |
Copperleaf Metropolitan District No. 2, GO, Refunding, 5.75%, 12/01/45 |  |  | 720 |  |  |  | 754,884 |
North Holly Metropolitan District, GOL, Series A, 5.50%, 12/01/48 |  |  | 500 |  |  |  | 519,740 |
Palisade Metropolitan District No. 2, GO, Subordinate, 7.25%, 12/15/49 |  |  | 1,211 |  |  |  | 1,196,577 |
Prairie Farm Metropolitan District, GO, Series A, 5.25%, 12/01/48 |  |  | 760 |  |  |  | 805,106 |
Regional Transportation District, RB, Denver Transit Partners Eagle P3 Project, 6.00%, 01/15/34 |  |  | 1,500 |  |  |  | 1,526,280 |
Southlands Metropolitan District No. 1, GO, Refunding, Series A-1, 5.00%, 12/01/47 |  |  | 410 |  |  |  | 458,495 |
|  |  |  |  |  |  | 8,176,043 |
Connecticut — 0.9% |
Mohegan Tribal Finance Authority, RB, 7.00%, 02/01/45(a) |  |  | 1,400 |  |  |  | 1,436,890 |
Mohegan Tribe of Indians of Connecticut, RB, Series A, 6.75%, 02/01/45(a) |  |  | 970 |  |  |  | 1,049,579 |
Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution, Series C, 6.25%, 02/01/30(a) |  |  | 1,835 |  |  |  | 2,070,504 |
|  |  |  |  |  |  | 4,556,973 |

20 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Delaware — 0.8% |
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |  | $ | 1,000 |  |  | $ | 1,041,570 |
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 |  |  | 3,180 |  |  |  | 3,270,725 |
|  |  |  |  |  |  | 4,312,295 |
Florida — 8.8% |
Boggy Creek Improvement District, Refunding RB, Special Assessment Bonds, 5.13%, 05/01/43 |  |  | 1,420 |  |  |  | 1,469,643 |
Capital Region Community Development District, Refunding, Special Assessment, Capital Improvement Revenue Bond, Series A-1, 5.13%, 05/01/39 |  |  | 1,495 |  |  |  | 1,608,396 |
Capital Trust Agency, Inc., RB, Series A: |  |  |  |  |  |  |  |
1st Mortgage, Silver Creek St. Augustine Project, 8.25%, 01/01/44(e)(f) |  |  | 515 |  |  |  | 298,700 |
1st Mortgage, Silver Creek St. Augustine Project, 8.25%, 01/01/49(e)(f) |  |  | 1,105 |  |  |  | 640,900 |
Paragon Academy of Technology and Sunshine, 5.75%, 06/01/54(a) |  |  | 940 |  |  |  | 984,941 |
Silver Creek St. Augustine Project, 5.75%, 01/01/50(e)(f) |  |  | 655 |  |  |  | 641,900 |
County of Charlotte Florida IDA, RB, Town & Country Utilities Project, AMT(a): |  |  |  |  |  |  |  |
5.00%, 10/01/34 |  |  | 245 |  |  |  | 271,367 |
5.00%, 10/01/49 |  |  | 1,170 |  |  |  | 1,268,385 |
County of Collier Florida IDA, Refunding RB, Arlington of Naples Project, Series A, 8.13%, 05/15/44(a) |  |  | 630 |  |  |  | 633,377 |
County of Miami-Dade Florida IDA, RB, Doral Academy Project, 5.00%, 01/15/48 |  |  | 915 |  |  |  | 1,007,067 |
County of Palm Beach Florida Health Facilities Authority, Refunding RB, Series A, 7.25%, 06/01/34 |  |  | 500 |  |  |  | 560,975 |
Florida Development Finance Corp., RB: |  |  |  |  |  |  |  |
Renaissance Charter School, Series A, 5.75%, 06/15/29 |  |  | 690 |  |  |  | 758,110 |
Renaissance Charter School, Series A, 6.00%, 06/15/34 |  |  | 835 |  |  |  | 914,467 |
Renaissance Charter School, Series A, 6.13%, 06/15/44 |  |  | 3,180 |  |  |  | 3,439,933 |
Solid Waste Disposal Facility, Waste Pro USA, Inc. Project, AMT, 5.00%, 08/01/29(a)(g) |  |  | 1,550 |  |  |  | 1,608,838 |
Florida Higher Educational Facilities Financial Authority, RB, Jacksonville University Project, Series A-1, 5.00%, 06/01/48(a) |  |  | 1,115 |  |  |  | 1,227,258 |
Greeneway Improvement District, RB, Special Assessment Bonds, 5.13%, 05/01/43 |  |  | 1,750 |  |  |  | 1,819,388 |
Lakewood Ranch Stewardship District, Special Assessment Bonds: |  |  |  |  |  |  |  |
Lakewood Centre & NW Sector Projects, 4.95%, 05/01/29(a) |  |  | 395 |  |  |  | 435,191 |
Lakewood Centre & NW Sector Projects, 5.50%, 05/01/39(a) |  |  | 400 |  |  |  | 452,780 |
Lakewood Centre & NW Sector Projects, 5.65%, 05/01/48(a) |  |  | 665 |  |  |  | 744,973 |
Northeast Sector Project — Phase 1B, 5.30%, 05/01/39 |  |  | 645 |  |  |  | 719,923 |
Northeast Sector Project — Phase 1B, 4.75%, 05/01/29 |  |  | 565 |  |  |  | 615,076 |
Northeast Sector Project — Phase 1B, 5.45%, 05/01/48 |  |  | 1,150 |  |  |  | 1,270,371 |
Lakewood Ranch Stewardship District Special Assessment Bonds, Refunding, Lakewood Center & New Sector Projects, 8.00%, 05/01/40 |  |  | 1,485 |  |  |  | 1,618,368 |
Lakewood Ranch Stewardship District Special Assessment Bonds, Village of Lakewood Ranch Sector Projects: |  |  |  |  |  |  |  |
4.00%, 05/01/21 |  |  | 100 |  |  |  | 101,210 |
4.25%, 05/01/26 |  |  | 135 |  |  |  | 141,596 |
5.13%, 05/01/46 |  |  | 820 |  |  |  | 872,037 |
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21(b) |  |  | 4,550 |  |  |  | 5,062,467 |

Security |  | Par (000) |  |  | Value |
Florida (continued) |
Midtown Miami Community Development District, Refunding, Special Assessment Bonds: |  |  |  |  |  |  |  |
Series A, 5.00%, 05/01/37 |  | $ | 845 |  |  | $ | 889,337 |
Series B, 5.00%, 05/01/37 |  |  | 495 |  |  |  | 520,973 |
Santa Rosa Bay Bridge Authority, RB, 6.25%, 07/01/28(e)(f) |  |  | 3,650 |  |  |  | 2,904,842 |
Tolomato Community Development District, Refunding, Special Assessment Bonds(d): |  |  |  |  |  |  |  |
Convertible CAB, Series A4, 6.61%, 05/01/40 |  |  | 305 |  |  |  | 268,464 |
Series 2015-2, 6.61%, 05/01/40 |  |  | 805 |  |  |  | 583,561 |
Tolomato Community Development District(e)(f): |  |  |  |  |  |  |  |
Series 1, 6.61%, 05/01/40(d) |  |  | 1,305 |  |  |  | 1,156,334 |
Series 3, 6.61%, 05/01/40 |  |  | 875 |  |  |  | 9 |
Series 3, 6.65%, 05/01/40 |  |  | 710 |  |  |  | 7 |
Trout Creek Community Development District, Special Assessment Bonds: |  |  |  |  |  |  |  |
5.38%, 05/01/38 |  |  | 430 |  |  |  | 468,593 |
5.50%, 05/01/49 |  |  | 1,105 |  |  |  | 1,183,720 |
Village Community Development District No. 9, Special Assessment Bonds: |  |  |  |  |  |  |  |
6.75%, 05/01/31 |  |  | 1,435 |  |  |  | 1,527,715 |
7.00%, 05/01/41 |  |  | 2,360 |  |  |  | 2,506,745 |
5.50%, 05/01/42 |  |  | 1,135 |  |  |  | 1,209,388 |
West Villages Improvement District, Special Assessment Bonds: |  |  |  |  |  |  |  |
4.75%, 05/01/39 |  |  | 455 |  |  |  | 479,520 |
5.00%, 05/01/50 |  |  | 940 |  |  |  | 986,229 |
|  |  |  |  |  |  | 45,873,074 |
Georgia — 1.5% |
County of Clayton Georgia Development Authority, Refunding RB, Delta Air Lines, Inc. Project, Series A, 8.75%, 06/01/29 |  |  | 3,365 |  |  |  | 3,495,394 |
Main Street Natural Gas, Inc., RB, Series A: |  |  |  |  |  |  |  |
5.00%, 05/15/35 |  |  | 560 |  |  |  | 725,435 |
5.00%, 05/15/36 |  |  | 560 |  |  |  | 730,363 |
5.00%, 05/15/37 |  |  | 615 |  |  |  | 807,218 |
5.00%, 05/15/38 |  |  | 340 |  |  |  | 446,889 |
5.00%, 05/15/49 |  |  | 1,130 |  |  |  | 1,523,150 |
|  |  |  |  |  |  | 7,728,449 |
Guam — 0.0% |
Territory of Guam, GO, Series A, 6.00%, 11/15/19 |  |  | 140 |  |  |  | 140,200 |
Illinois — 5.9% |
Chicago Board of Education, GO, Series C: |  |  |  |  |  |  |  |
Dedicated Revenues, Series H, 5.00%, 12/01/46 |  |  | 720 |  |  |  | 811,814 |
Project, 5.25%, 12/01/35 |  |  | 1,655 |  |  |  | 1,825,515 |
Chicago Board of Education, GO, Refunding: |  |  |  |  |  |  |  |
Dedicated Revenues, Series D, 5.00%, 12/01/27 |  |  | 900 |  |  |  | 1,044,477 |
Dedicated Revenues, Series D, 5.00%, 12/01/31 |  |  | 1,000 |  |  |  | 1,148,660 |
Dedicated Revenues, Series G, 5.00%, 12/01/44 |  |  | 2,150 |  |  |  | 2,428,253 |
Series B, 4.00%, 12/01/35 |  |  | 745 |  |  |  | 756,607 |
5.00%, 12/01/25 |  |  | 725 |  |  |  | 823,745 |
Chicago Board of Education, GO: |  |  |  |  |  |  |  |
Series A, 5.00%, 12/01/42 |  |  | 1,020 |  |  |  | 1,074,131 |
Series D, 5.00%, 12/01/46 |  |  | 600 |  |  |  | 684,696 |
Series D, 5.00%, 12/01/46 |  |  | 1,555 |  |  |  | 1,661,766 |
City of Chicago Illinois, GO, Refunding, Series A, 6.00%, 01/01/38 |  |  | 1,260 |  |  |  | 1,494,688 |
Illinois Finance Authority, Refunding RB: |  |  |  |  |  |  |  |
Primary Health Care Centers Program, 6.60%, 07/01/24 |  |  | 670 |  |  |  | 672,097 |
Rogers Park Montessori School Project, Series 2014, 6.00%, 02/01/34 |  |  | 365 |  |  |  | 404,584 |
Rogers Park Montessori School Project, Series 2014, 6.13%, 02/01/45 |  |  | 860 |  |  |  | 941,623 |

SCHEDULES OF INVESTMENTS |  |  | 21 |

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Illinois (continued) |
Metropolitan Pier & Exposition Authority, RB, Series A, McCormick Place Expansion Project: |  |  |  |  |  |  |  |
Bonds, 0.00%, 12/15/56(c) |  | $ | 5,005 |  |  | $ | 1,187,086 |
5.50%, 06/15/53 |  |  | 2,370 |  |  |  | 2,652,931 |
Metropolitan Pier & Exposition Authority, Refunding RB, Series B(c): |  |  |  |  |  |  |  |
McCormick Place Expansion Project Bonds, 0.00%, 12/15/54 |  |  | 6,980 |  |  |  | 1,792,325 |
Mccormick Place Expansion Project, 0.00%, 12/15/51 |  |  | 12,685 |  |  |  | 3,697,043 |
Railsplitter Tobacco Settlement Authority, RB(b): |  |  |  |  |  |  |  |
5.50%, 06/01/21 |  |  | 180 |  |  |  | 191,878 |
6.00%, 06/01/21 |  |  | 710 |  |  |  | 762,199 |
State of Illinois, GO, Refunding, Series B, 5.00%, 10/01/29 |  |  | 1,975 |  |  |  | 2,270,776 |
State of Illinois, GO, Series A, 5.00%, 01/01/33 |  |  | 740 |  |  |  | 773,803 |
Village of Lincolnshire Illinois, Special Tax Bonds, Sedgebrook Project, 6.25%, 03/01/34 |  |  | 1,583 |  |  |  | 1,585,850 |
|  |  |  |  |  |  | 30,686,547 |
Indiana — 2.6% |
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |  |  |  |  |  |  |  |
6.75%, 01/01/34 |  |  | 825 |  |  |  | 956,728 |
7.00%, 01/01/44 |  |  | 2,000 |  |  |  | 2,273,820 |
City of Vincennes Indiana, Refunding RB, Southwest Indiana Regional Youth Village Project, 6.25%, 01/01/29(a) |  |  | 2,175 |  |  |  | 2,235,922 |
County of Allen Indiana, RB, StoryPoint Fort Wayne Project, Series A-1(a): |  |  |  |  |  |  |  |
6.63%, 01/15/34 |  |  | 290 |  |  |  | 321,926 |
6.75%, 01/15/43 |  |  | 525 |  |  |  | 577,290 |
6.88%, 01/15/52 |  |  | 2,450 |  |  |  | 2,692,354 |
Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges East End Crossing Project, Series A, AMT: |  |  |  |  |  |  |  |
5.00%, 07/01/44 |  |  | 470 |  |  |  | 509,743 |
5.00%, 07/01/48 |  |  | 1,555 |  |  |  | 1,680,846 |
Indiana Housing & Community Development Authority, RB, Lake Meadows Assisted Living Project, Series A, 5.00%, 01/01/39(a) |  |  | 900 |  |  |  | 920,574 |
Town of Chesterton Indiana, RB, StoryPoint Chesterton Project, Series A-1, 6.38%, 01/15/51(a) |  |  | 1,190 |  |  |  | 1,281,654 |
|  |  |  |  |  |  | 13,450,857 |
Iowa — 2.0% |
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project: |  |  |  |  |  |  |  |
Series B, 5.25%, 12/01/50(g) |  |  | 2,085 |  |  |  | 2,254,469 |
Midwestern Disaster Area, 5.25%, 12/01/25 |  |  | 2,190 |  |  |  | 2,348,096 |
Iowa Tobacco Settlement Authority, Refunding RB: |  |  |  |  |  |  |  |
Asset-Backed, CAB, Series B, 5.60%, 06/01/34(d) |  |  | 795 |  |  |  | 795,994 |
Series C, 5.38%, 06/01/38 |  |  | 4,900 |  |  |  | 4,900,147 |
|  |  |  |  |  |  | 10,298,706 |
Kansas — 0.2% |
City of Wichita Kansas, Refunding RB, Presbyterian Manors, Inc.: |  |  |  |  |  |  |  |
5.00%, 05/15/34 |  |  | 280 |  |  |  | 312,121 |
5.00%, 05/15/50 |  |  | 485 |  |  |  | 520,832 |
|  |  |  |  |  |  | 832,953 |
Kentucky — 0.9% |
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing, First Tier, Series A, 5.75%, 07/01/49 |  |  | 4,000 |  |  |  | 4,458,120 |
Louisiana — 2.2% |
Juban Crossing Economic Development District, Refunding RB, General Infrastructure Project, Series C, 7.00%, 09/15/44(a) |  |  | 2,430 |  |  |  | 2,457,921 |

Security |  | Par (000) |  |  | Value |
Louisiana (continued) |
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, S/F Housing, University of Louisiana Monroe Project, 5.00%, 07/01/54(a) |  | $ | 930 |  |  | $ | 1,007,423 |
Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.75%, 05/01/21(b) |  |  | 1,745 |  |  |  | 1,861,409 |
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.25%, 05/15/35 |  |  | 5,570 |  |  |  | 6,126,554 |
|  |  |  |  |  |  | 11,453,307 |
Maine — 0.6% |
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 6.75%, 07/01/41 |  |  | 2,955 |  |  |  | 3,149,882 |
Maryland — 1.2% |
County of Frederick Maryland, RB, Jefferson Technology Park Project, Series B, 7.13%, 07/01/43(a) |  |  | 2,825 |  |  |  | 2,895,540 |
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25 |  |  | 3,085 |  |  |  | 3,159,225 |
|  |  |  |  |  |  | 6,054,765 |
Massachusetts — 0.1% |
Massachusetts Development Finance Agency, Refunding RB, Tufts Medical Center, Series I, 6.75%, 01/01/21(b) |  |  | 595 |  |  |  | 633,259 |
Michigan — 1.4% |
City of Detroit Michigan, GO: |  |  |  |  |  |  |  |
5.00%, 04/01/34 |  |  | 285 |  |  |  | 317,219 |
5.00%, 04/01/35 |  |  | 285 |  |  |  | 316,031 |
5.00%, 04/01/36 |  |  | 200 |  |  |  | 220,956 |
5.00%, 04/01/37 |  |  | 320 |  |  |  | 352,147 |
5.00%, 04/01/38 |  |  | 145 |  |  |  | 158,901 |
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39 |  |  | 2,785 |  |  |  | 3,036,931 |
Michigan Finance Authority, RB, Detroit Water & Sewage Disposal System, Senior Lien, Series 2014 C-2, AMT, 5.00%, 07/01/44 |  |  | 415 |  |  |  | 445,494 |
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44 |  |  | 920 |  |  |  | 993,803 |
Michigan Strategic Fund, RB, I-75 Improvement Projects, AMT, 5.00%, 06/30/48 |  |  | 1,200 |  |  |  | 1,411,728 |
|  |  |  |  |  |  | 7,253,210 |
Minnesota — 0.1% |
St. Paul Housing & Redevelopment Authority, Refunding RB, Hmong College Prep Academy Project, Series A: |  |  |  |  |  |  |  |
5.75%, 09/01/46 |  |  | 195 |  |  |  | 214,246 |
6.00%, 09/01/51 |  |  | 290 |  |  |  | 321,796 |
|  |  |  |  |  |  | 536,042 |
Missouri — 0.8% |
City of St. Louis Missouri IDA, Refunding RB, BallPark Village Development Project, Series A: |  |  |  |  |  |  |  |
4.38%, 11/15/35 |  |  | 685 |  |  |  | 747,171 |
4.75%, 11/15/47 |  |  | 760 |  |  |  | 825,139 |
Kirkwood Missouri IDA, RB, Aberdeen Heights, Series A, 8.25%, 05/15/20(b) |  |  | 2,315 |  |  |  | 2,401,720 |
|  |  |  |  |  |  | 3,974,030 |
New Hampshire — 0.5% |
New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project(a): |  |  |  |  |  |  |  |
Series B, 4.63%, 11/01/42 |  |  | 1,015 |  |  |  | 1,048,089 |
Series C, AMT, 4.88%, 11/01/42 |  |  | 485 |  |  |  | 501,921 |

22 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
New Hampshire (continued) |
New Hampshire Business Finance Authority, RB, The Vista Project, Series A(a): |  |  |  |  |  |  |  |
5.25%, 07/01/39 |  | $ | 400 |  |  | $ | 435,080 |
5.63%, 07/01/46 |  |  | 270 |  |  |  | 295,777 |
5.75%, 07/01/54 |  |  | 535 |  |  |  | 585,408 |
|  |  |  |  |  |  | 2,866,275 |
New Jersey — 6.1% |
Casino Reinvestment Development Authority, Refunding RB: |  |  |  |  |  |  |  |
5.25%, 11/01/39 |  |  | 1,065 |  |  |  | 1,151,148 |
5.25%, 11/01/44 |  |  | 770 |  |  |  | 831,153 |
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(a) |  |  | 1,150 |  |  |  | 1,164,766 |
New Jersey Economic Development Authority, RB, Friends of Vineland Public Charter School Projects, Series A, 5.25%, 11/01/54(a)(h) |  |  | 1,675 |  |  |  | 1,681,231 |
New Jersey EDA, RB: |  |  |  |  |  |  |  |
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 01/01/43 |  |  | 2,155 |  |  |  | 2,423,190 |
Kapkowski Road Landfill Project, Series B, AMT, 6.50%, 04/01/31 |  |  | 2,160 |  |  |  | 2,550,636 |
Provident Group-Kean Properties, Series A, 5.00%, 07/01/32 |  |  | 165 |  |  |  | 190,397 |
Provident Group-Kean Properties, Series A, 5.00%, 07/01/37 |  |  | 260 |  |  |  | 294,830 |
State House Project, Series B, Remark 10, 5.00%, 06/15/43 |  |  | 2,245 |  |  |  | 2,559,884 |
Team Academy Charter School Project, 6.00%, 10/01/43 |  |  | 1,530 |  |  |  | 1,724,570 |
New Jersey EDA, Refunding RB, Greater Brunswick Charter School, Inc. Project, Series A, 6.00%, 08/01/49(a) |  |  | 500 |  |  |  | 519,625 |
New Jersey Transportation Trust Fund Authority, RB: |  |  |  |  |  |  |  |
Transportation Program Bonds, Series S, 5.25%, 06/15/43 |  |  | 2,345 |  |  |  | 2,734,762 |
Series BB, 4.00%, 06/15/50 |  |  | 1,725 |  |  |  | 1,792,827 |
Series BB, 5.00%, 06/15/50 |  |  | 3,695 |  |  |  | 4,208,272 |
Transportation Program, Series AA, 5.25%, 06/15/41 |  |  | 1,140 |  |  |  | 1,275,717 |
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Sub-Series B, 5.00%, 06/01/46 |  |  | 5,970 |  |  |  | 6,595,656 |
|  |  |  |  |  |  | 31,698,664 |
New Mexico — 0.6% |
New Mexico Hospital Equipment Loan Council, Refunding RB, Gerald Champion Regional Medical Center Project, 5.50%, 07/01/42 |  |  | 2,970 |  |  |  | 3,207,808 |
New York — 5.6% |
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A: |  |  |  |  |  |  |  |
6.25%, 06/01/41(a) |  |  | 5,300 |  |  |  | 5,380,666 |
5.00%, 06/01/42 |  |  | 3,155 |  |  |  | 3,155,000 |
5.00%, 06/01/45 |  |  | 1,185 |  |  |  | 1,184,964 |
Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through, Series A-2B: |  |  |  |  |  |  |  |
5.00%, 06/01/45 |  |  | 2,655 |  |  |  | 2,815,335 |
5.00%, 06/01/51 |  |  | 1,900 |  |  |  | 2,035,622 |
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44 |  |  | 1,261 |  |  |  | 1,369,549 |
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45 |  |  | 2,890 |  |  |  | 2,891,272 |
New York Liberty Development Corp., Refunding RB, 3 World Trade Center Project(a): |  |  |  |  |  |  |  |
Class 1, 5.00%, 11/15/44 |  |  | 4,705 |  |  |  | 5,172,301 |
Class 2, 5.15%, 11/15/34 |  |  | 455 |  |  |  | 502,939 |
Class 2, 5.38%, 11/15/40 |  |  | 1,080 |  |  |  | 1,213,866 |
Class 3, 7.25%, 11/15/44 |  |  | 1,565 |  |  |  | 1,884,855 |

Security |  | Par (000) |  |  | Value |
New York (continued) |
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 |  |  | $ | 1,398,947 |
|  |  |  |  |  |  | 29,005,316 |
North Carolina — 0.5% |
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A(b): |  |  |  |  |  |  |  |
7.75%, 03/01/21 |  |  | 1,000 |  |  |  | 1,086,460 |
7.75%, 03/01/21 |  |  | 1,420 |  |  |  | 1,542,773 |
|  |  |  |  |  |  | 2,629,233 |
Ohio — 3.3% |
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Series A-2: |  |  |  |  |  |  |  |
6.00%, 06/01/42 |  |  | 3,040 |  |  |  | 3,062,831 |
Senior Turbo Term, 5.75%, 06/01/34 |  |  | 6,745 |  |  |  | 6,744,730 |
Senior Turbo Term, 5.88%, 06/01/47 |  |  | 5,570 |  |  |  | 5,611,831 |
County of Hamilton Ohio, Refunding RB, Improvement-Life Enriching Communities, 5.00%, 01/01/46 |  |  | 875 |  |  |  | 966,236 |
Ohio Air Quality Development Authority, RB, AMG Vanadium Project, AMT, 5.00%, 07/01/49(a) |  |  | 840 |  |  |  | 927,696 |
|  |  |  |  |  |  | 17,313,324 |
Oklahoma — 1.5% |
County of Tulsa Oklahoma Industrial Authority, Refunding RB, Montereau, Inc. Project, 5.25%, 11/15/37 |  |  | 750 |  |  |  | 857,640 |
Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B: |  |  |  |  |  |  |  |
5.00%, 08/15/38 |  |  | 2,990 |  |  |  | 3,525,060 |
5.25%, 08/15/43 |  |  | 2,690 |  |  |  | 3,193,568 |
|  |  |  |  |  |  | 7,576,268 |
Oregon — 0.5% |
County of Multnomah Oregon Hospital Facilities Authority, Refunding RB, Mirabella at South Waterfront, 5.50%, 10/01/49 |  |  | 1,765 |  |  |  | 1,938,270 |
Oregon State Facilities Authority, RB, Howard Street Charter School Project, Series A(a): |  |  |  |  |  |  |  |
5.00%, 06/15/29 |  |  | 120 |  |  |  | 127,987 |
5.00%, 06/15/39 |  |  | 565 |  |  |  | 591,420 |
|  |  |  |  |  |  | 2,657,677 |
Pennsylvania — 2.4% |
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A, 5.00%, 05/01/42 |  |  | 2,140 |  |  |  | 2,239,895 |
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/36 |  |  | 2,000 |  |  |  | 2,178,080 |
County of Lehigh Pennsylvania General Purpose Authority, Refunding RB, Bible Fellowship Church Homes, 5.13%, 07/01/32 |  |  | 1,800 |  |  |  | 1,890,360 |
County of Montgomery Pennsylvania IDA, Refunding RB, Whitemarsh Continuing Care Retirement Community Project, 5.38%, 01/01/50 |  |  | 1,135 |  |  |  | 1,179,197 |
County of Northampton Pennsylvania IDA, Tax Allocation Bonds, Route 33 Project, 7.00%, 07/01/32 |  |  | 1,855 |  |  |  | 2,120,896 |
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44 |  |  | 2,710 |  |  |  | 2,850,947 |
|  |  |  |  |  |  | 12,459,375 |
Puerto Rico — 9.6% |
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds, 5.63%, 05/15/43 |  |  | 850 |  |  |  | 863,277 |

SCHEDULES OF INVESTMENTS |  |  | 23 |

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Puerto Rico (continued) |
Commonwealth of Puerto Rico, GO(e)(f): |  |  |  |  |  |  |  |
Public Improvement, Series A, 5.25%, 07/01/22 |  | $ | 145 |  |  | $ | 112,224 |
Public Improvement, Series A, 5.13%, 07/01/31 |  |  | 515 |  |  |  | 398,587 |
Public Improvements, Series A, 5.25%, 07/01/26 |  |  | 50 |  |  |  | 38,698 |
Commonwealth of Puerto Rico, GO, Refunding(e)(f): |  |  |  |  |  |  |  |
Public Improvement, 5.00%, 07/01/18 |  |  | 90 |  |  |  | 69,656 |
Public Improvement, Series A, 5.50%, 07/01/39 |  |  | 1,265 |  |  |  | 842,519 |
Public Improvements, Series B, 6.00%, 07/01/39 |  |  | 110 |  |  |  | 85,135 |
Public Improvements, Series A, 6.50%, 07/01/40 |  |  | 1,110 |  |  |  | 807,537 |
Public Improvement, Series A, 5.00%, 07/01/41 |  |  | 735 |  |  |  | 489,527 |
Public Improvements, Series A, 5.75%, 07/01/41 |  |  | 165 |  |  |  | 120,039 |
Series A, 8.00%, 07/01/35 |  |  | 2,205 |  |  |  | 1,329,666 |
Commonwealth of Puerto Rico, GO(e)(f): |  |  |  |  |  |  |  |
5.38%, 07/01/33 |  |  | 500 |  |  |  | 386,978 |
6.00%, 07/01/38 |  |  | 750 |  |  |  | 580,467 |
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB: |  |  |  |  |  |  |  |
5.00%, 07/01/33 |  |  | 170 |  |  |  | 178,146 |
5.13%, 07/01/37 |  |  | 200 |  |  |  | 210,030 |
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A: |  |  |  |  |  |  |  |
6.00%, 07/01/38 |  |  | 4,290 |  |  |  | 4,334,273 |
6.00%, 07/01/44 |  |  | 1,445 |  |  |  | 1,459,840 |
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB: |  |  |  |  |  |  |  |
5.75%, 07/01/37 |  |  | 3,355 |  |  |  | 3,573,041 |
5.25%, 07/01/42 |  |  | 920 |  |  |  | 961,520 |
Puerto Rico Electric Power Authority, RB(e)(f): |  |  |  |  |  |  |  |
Series 2013-A, 7.00%, 07/01/33 |  |  | 3,110 |  |  |  | 2,397,617 |
Series 2013-A, 6.75%, 07/01/36 |  |  | 1,140 |  |  |  | 878,869 |
Series 2013-A, 7.00%, 07/01/43 |  |  | 190 |  |  |  | 146,478 |
Series A, 5.00%, 07/01/29 |  |  | 660 |  |  |  | 496,261 |
Series A, 5.00%, 07/01/42 |  |  | 1,315 |  |  |  | 988,762 |
Series A-3, 10.00%, 07/01/19 |  |  | 323 |  |  |  | 273,347 |
Series B-3, 10.00%, 07/01/19 |  |  | 323 |  |  |  | 273,347 |
Series C-1, 5.40%, 01/01/18 |  |  | 887 |  |  |  | 725,493 |
Series C-2, 5.40%, 07/01/18 |  |  | 888 |  |  |  | 725,611 |
Series C-3, 5.40%, 01/01/20 |  |  | 90 |  |  |  | 73,347 |
Series C-4, 5.40%, 07/01/20 |  |  | 90 |  |  |  | 73,347 |
Series CCC, 5.25%, 07/01/26 |  |  | 260 |  |  |  | 195,497 |
Series CCC, 5.25%, 07/01/28 |  |  | 145 |  |  |  | 109,027 |
Series TT, 5.00%, 07/01/25 |  |  | 100 |  |  |  | 75,191 |
Series TT, 5.00%, 07/01/26 |  |  | 225 |  |  |  | 169,180 |
Series TT, 5.00%, 07/01/32 |  |  | 190 |  |  |  | 142,863 |
Series WW, 5.50%, 07/01/19 |  |  | 200 |  |  |  | 150,382 |
Series WW, 5.50%, 07/01/38 |  |  | 205 |  |  |  | 154,142 |
Series WW, 5.50%, 07/01/49 |  |  | 1,175 |  |  |  | 866,562 |
Series WW, 5.50%, 07/01/49 |  |  | 145 |  |  |  | 109,027 |
Series XX, 5.25%, 07/01/27 |  |  | 110 |  |  |  | 82,710 |
Series XX, 5.25%, 07/01/35 |  |  | 60 |  |  |  | 45,115 |
Series XX, 5.75%, 07/01/36 |  |  | 85 |  |  |  | 63,912 |
Series XX, 5.25%, 07/01/40 |  |  | 480 |  |  |  | 360,917 |
Puerto Rico Electric Power Authority, Refunding RB(e)(f): |  |  |  |  |  |  |  |
Series AAA, 5.25%, 07/01/22 |  |  | 2,545 |  |  |  | 1,913,611 |
Series AAA, 5.25%, 07/01/29 |  |  | 95 |  |  |  | 71,431 |
Series UU, 1.00%, 07/01/19 |  |  | 55 |  |  |  | 36,575 |
Series UU, 1.16%, 07/01/19 |  |  | 60 |  |  |  | 39,900 |
Series UU, 1.00%, 07/01/20 |  |  | 495 |  |  |  | 351,038 |
Series UU, 2.11%, 07/01/31 |  |  | 580 |  |  |  | 411,317 |
Series ZZ, 5.00%, 07/01/19 |  |  | 145 |  |  |  | 106,212 |
Series ZZ, 5.25%, 07/01/19 |  |  | 455 |  |  |  | 342,119 |
Series ZZ, 5.25%, 07/01/21 |  |  | 50 |  |  |  | 37,596 |
Series ZZ, 5.25%, 07/01/24 |  |  | 345 |  |  |  | 259,409 |
Series ZZ, 5.25%, 07/01/26 |  |  | 40 |  |  |  | 30,076 |

Security |  | Par (000) |  |  | Value |
Puerto Rico (continued) |
Puerto Rico Public Buildings Authority, Refunding RB: |  |  |  |  |  |  |  |
Government Facilities, Series F (GTD),(e)(f) 5.25%, 07/01/24 |  | $ | 235 |  |  | $ | 201,719 |
Series M, 10.00%, 07/01/34 |  |  | 155 |  |  |  | 143,087 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured: |  |  |  |  |  |  |  |
CAB, Series A-1, 0.00%, 07/01/24(c) |  |  | 70 |  |  |  | 61,518 |
CAB, Series A-1, 0.00%, 07/01/27(c) |  |  | 134 |  |  |  | 106,927 |
CAB, Series A-1, 0.00%, 07/01/29(c) |  |  | 200 |  |  |  | 149,562 |
CAB, Series A-1, 0.00%, 07/01/31(c) |  |  | 239 |  |  |  | 167,061 |
CAB, Series A-1, 0.00%, 07/01/33(c) |  |  | 337 |  |  |  | 214,848 |
CAB, Series A-1, 0.00%, 07/01/46(c) |  |  | 7,976 |  |  |  | 2,094,019 |
CAB, Series A-1, 0.00%, 07/01/51(c) |  |  | 5,294 |  |  |  | 1,029,048 |
Series A-1, 4.75%, 07/01/53 |  |  | 3,822 |  |  |  | 3,941,934 |
Series A-1, 5.00%, 07/01/58 |  |  | 4,761 |  |  |  | 4,982,672 |
Series A-2, 4.33%, 07/01/40 |  |  | 1,729 |  |  |  | 1,751,857 |
Series A-2, 4.78%, 07/01/58 |  |  | 2,080 |  |  |  | 2,140,798 |
Series A-2, 4.54%, 07/01/53 |  |  | 21 |  |  |  | 21,270 |
Series B-1, 4.55%, 07/01/40 |  |  | 2,402 |  |  |  | 2,478,312 |
Series B-1, 0.00%, 07/01/46(c) |  |  | 883 |  |  |  | 232,600 |
|  |  |  |  |  |  | 49,734,680 |
Rhode Island — 2.0% |
Central Falls Detention Facility Corp., Refunding RB, 7.25%, 07/15/35(e)(f) |  |  | 4,190 |  |  |  | 642,465 |
Tobacco Settlement Financing Corp., Refunding RB: |  |  |  |  |  |  |  |
Series A, 5.00%, 06/01/40 |  |  | 980 |  |  |  | 1,089,221 |
Series B, 4.50%, 06/01/45 |  |  | 5,055 |  |  |  | 5,268,372 |
Series B, 5.00%, 06/01/50 |  |  | 3,330 |  |  |  | 3,547,449 |
|  |  |  |  |  |  | 10,547,507 |
South Carolina — 0.7% |
State of South Carolina Public Service Authority, RB, Series E, 5.50%, 12/01/53 |  |  | 3,275 |  |  |  | 3,696,034 |
Tennessee — 0.4% |
County of Memphis-Shelby Tennessee Industrial Development Board, Refunding, Tax Allocation Bonds, Senior Tax Increment, Graceland Project, Series A: |  |  |  |  |  |  |  |
5.50%, 07/01/37 |  |  | 925 |  |  |  | 1,034,798 |
5.63%, 01/01/46 |  |  | 1,085 |  |  |  | 1,201,887 |
|  |  |  |  |  |  | 2,236,685 |
Texas — 7.3% |
Central Texas Regional Mobility Authority, Refunding RB, CAB(c): |  |  |  |  |  |  |  |
0.00%, 01/01/28 |  |  | 1,000 |  |  |  | 832,270 |
0.00%, 01/01/29 |  |  | 2,000 |  |  |  | 1,613,180 |
0.00%, 01/01/30 |  |  | 1,170 |  |  |  | 911,804 |
0.00%, 01/01/33 |  |  | 3,690 |  |  |  | 2,577,428 |
0.00%, 01/01/34 |  |  | 4,000 |  |  |  | 2,684,400 |
City of Houston Texas Airport System, Refunding ARB, AMT: |  |  |  |  |  |  |  |
Special Facilities, Continental Airlines, Inc., Series A, 6.63%, 07/15/38 |  |  | 2,890 |  |  |  | 3,074,180 |
United Airlines, Inc. Terminal E Project, 5.00%, 07/01/29 |  |  | 910 |  |  |  | 1,015,423 |
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 01/01/23(b) |  |  | 475 |  |  |  | 558,871 |
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Senior Living Center Project, Series A, 8.25%, 11/15/44(e)(f) |  |  | 4,200 |  |  |  | 3,780,000 |
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Trinity Terrace Project, 5.00%, 10/01/49 |  |  | 865 |  |  |  | 945,168 |

24 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Texas (continued) |
Mission EDC, Refunding RB, Senior Lien, NatGasoline Project, AMT, 4.63%, 10/01/31(a) |  | $ | 890 |  |  | $ | 964,404 |
New Hope Cultural Education Facilities Corp., RB, Stephenville LLC Tarleton State University Project: |  |  |  |  |  |  |  |
5.88%, 04/01/36 |  |  | 1,210 |  |  |  | 1,342,108 |
6.00%, 04/01/45 |  |  | 1,845 |  |  |  | 2,037,157 |
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Jubilee Academic, Series A, 5.00%, 08/15/36(a) |  |  | 1,085 |  |  |  | 1,109,261 |
Newark Higher Education Finance Corp., RB, Series A(a): |  |  |  |  |  |  |  |
5.50%, 08/15/35 |  |  | 290 |  |  |  | 328,480 |
5.75%, 08/15/45 |  |  | 580 |  |  |  | 657,186 |
Red River Health Facilities Development Corp., First MRB, Project: |  |  |  |  |  |  |  |
Eden Home, Inc., 7.25%, 12/15/42(e)(f) |  |  | 2,895 |  |  |  | 1,851,633 |
Wichita Falls Retirement Foundation, 5.13%, 01/01/41 |  |  | 900 |  |  |  | 931,635 |
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |  |  |  |  |  |  |  |
LBJ Infrastructure Group LLC, 7.00%, 06/30/40 |  |  | 3,775 |  |  |  | 3,917,582 |
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |  |  | 3,000 |  |  |  | 3,023,880 |
Texas Transportation Commission, RB, CAB, First Tier Toll Revenue(c): |  |  |  |  |  |  |  |
0.00%, 08/01/46 |  |  | 1,420 |  |  |  | 438,439 |
0.00%, 08/01/47 |  |  | 2,120 |  |  |  | 621,860 |
0.00%, 08/01/48 |  |  | 2,235 |  |  |  | 622,336 |
0.00%, 08/01/49 |  |  | 2,100 |  |  |  | 560,679 |
0.00%, 08/01/50 |  |  | 3,015 |  |  |  | 750,102 |
0.00%, 08/01/51 |  |  | 1,770 |  |  |  | 415,313 |
0.00%, 08/01/52 |  |  | 1,770 |  |  |  | 392,090 |
0.00%, 08/01/53 |  |  | 160 |  |  |  | 33,451 |
|  |  |  |  |  |  | 37,990,320 |
Utah — 0.6% |
State of Utah Charter School Finance Authority, Refunding RB, 6.75%, 10/15/43 |  |  | 2,950 |  |  |  | 2,956,991 |
Virginia — 2.8% |
Lower Magnolia Green Community Development Authority, Special Assessment Bonds(a): |  |  |  |  |  |  |  |
5.00%, 03/01/35 |  |  | 495 |  |  |  | 524,903 |
5.00%, 03/01/45 |  |  | 505 |  |  |  | 525,786 |
Mosaic District Community Development Authority, Special Assessment, Series A: |  |  |  |  |  |  |  |
6.63%, 03/01/26 |  |  | 1,485 |  |  |  | 1,572,867 |
6.88%, 03/01/36 |  |  | 1,300 |  |  |  | 1,372,579 |
Norfolk Redevelopment & Housing Authority, RB, Fort Norfolk Retirement Community, Inc. — Harbor’s Edge Project, Series A: |  |  |  |  |  |  |  |
4.00%, 01/01/29 |  |  | 300 |  |  |  | 324,645 |
5.00%, 01/01/34 |  |  | 485 |  |  |  | 536,895 |
4.38%, 01/01/39 |  |  | 725 |  |  |  | 783,116 |
5.00%, 01/01/49 |  |  | 955 |  |  |  | 1,032,517 |
Tobacco Settlement Financing Corp., Refunding RB, Senior Series B-1, 5.00%, 06/01/47 |  |  | 2,370 |  |  |  | 2,370,000 |
Virginia College Building Authority, RB, Green Bond, Marymount University Project, Series B, 5.00%, 07/01/45(a) |  |  | 535 |  |  |  | 574,922 |
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 01/01/37 |  |  | 4,440 |  |  |  | 4,914,858 |
|  |  |  |  |  |  | 14,533,088 |

Security |  | Par (000) |  |  | Value |
Washington — 0.8% |
County of King Washington Public Hospital District No. 4, GO, Refunding, Snoqualmie Valley Hospital, 7.00%, 12/01/40 |  | $ | 1,455 |  |  | $ | 1,526,310 |
Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A, 5.50%, 09/01/42 |  |  | 1,495 |  |  |  | 1,555,084 |
Washington State Housing Finance Commission, Refunding RB(a): |  |  |  |  |  |  |  |
5.75%, 01/01/35 |  |  | 315 |  |  |  | 334,347 |
6.00%, 01/01/45 |  |  | 850 |  |  |  | 895,628 |
|  |  |  |  |  |  | 4,311,369 |
Wisconsin — 1.5% |
Public Finance Authority, RB: |  |  |  |  |  |  |  |
Alabama Proton Therapy Center, Series A, 6.25%, 10/01/31(a) |  |  | 605 |  |  |  | 681,369 |
Alabama Proton Therapy Center, Series A, 7.00%, 10/01/47(a) |  |  | 605 |  |  |  | 678,405 |
Delray Beach Radiation Therapy, 6.85%, 11/01/46(a) |  |  | 900 |  |  |  | 1,010,421 |
Delray Beach Radiation Therapy, 7.00%, 11/01/46(a) |  |  | 570 |  |  |  | 644,966 |
Minnesota College of Osteopathic Medicine, Series A-1, 5.50%, 12/01/48(a) |  |  | 655 |  |  |  | 661,720 |
Piedmont Community Charter School, 5.00%, 06/15/39 |  |  | 175 |  |  |  | 203,957 |
Piedmont Community Charter School, 5.00%, 06/15/49 |  |  | 530 |  |  |  | 609,367 |
Piedmont Community Charter School, 5.00%, 06/15/53 |  |  | 355 |  |  |  | 405,964 |
Traders Point Christian Schools, Series A, 5.38%, 06/01/44(a) |  |  | 555 |  |  |  | 580,769 |
Traders Point Christian Schools, Series A, 5.50%, 06/01/54(a) |  |  | 680 |  |  |  | 709,315 |
Public Finance Authority, Refunding RB, Wingate University, Series A, 5.25%, 10/01/48 |  |  | 1,065 |  |  |  | 1,205,665 |
Wisconsin Health & Educational Facilities Authority, Refunding RB, Benevolent Corporation Cedar Community, 5.00%, 06/01/41 |  |  | 225 |  |  |  | 245,543 |
|  |  |  |  |  |  | 7,637,461 |
Total Municipal Bonds — 89.3% (Cost — $431,982,220) |  |  |  | 463,184,017 |
Municipal Bonds Transferred to Tender Option Bond Trusts(j) |
Colorado — 2.2% |
Colorado Health Facilities Authority, Refunding RB, Sisters of Leavenworth Health System, Series A, 5.00%, 01/01/40 |  |  | 11,468 |  |  |  | 11,536,969 |
Illinois — 2.9% |
Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 08/15/41 |  |  | 7,180 |  |  |  | 7,733,075 |
Illinois Finance Authority, Refunding RB, Presence Health Network, Series C: |  |  |  |  |  |  |  |
4.00%, 02/15/27(b) |  |  | 4 |  |  |  | 4,083 |
4.00%, 02/15/41 |  |  | 1,495 |  |  |  | 1,627,560 |
State of Illinois Toll Highway Authority, RB, Series A, 5.00%, 01/01/40 |  |  | 5,056 |  |  |  | 5,806,412 |
|  |  |  |  |  |  | 15,171,130 |
Massachusetts — 0.5% |
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Rail Enhancement Program, Series A, 4.00%, 06/01/45 |  |  | 2,268 |  |  |  | 2,446,544 |
New York — 14.4% |
City of New York Housing Development Corp., RB, M/F, Series C-1A: |  |  |  |  |  |  |  |
4.15%, 11/01/39 |  |  | 1,893 |  |  |  | 1,974,956 |
4.20%, 11/01/44 |  |  | 3,470 |  |  |  | 3,620,026 |
4.30%, 11/01/47 |  |  | 2,840 |  |  |  | 2,962,391 |

SCHEDULES OF INVESTMENTS |  |  | 25 |

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniAssets Fund, Inc. (MUA) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
New York (continued) |
City of New York New York Housing Development Corp., RB,M/F: |  |  |  |  |  |  |  |
Housing, Series D-1, Class B, 4.25%, 11/01/45 |  | $ | 8,996 |  |  | $ | 9,461,196 |
City of New York Water & Sewer System, Refunding RB, 2nd General Resolution: |  |  |  |  |  |  |  |
Fiscal 2013, Series CC, 5.00%, 06/15/47 |  |  | 14,181 |  |  |  | 15,967,240 |
Series HH, 5.00%, 06/15/31(k) |  |  | 8,610 |  |  |  | 9,137,535 |
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012(k): |  |  |  |  |  |  |  |
5.75%, 02/15/21(b) |  |  | 2,798 |  |  |  | 2,955,290 |
5.75%, 02/15/47 |  |  | 1,721 |  |  |  | 1,818,004 |
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 |  |  | 18,104 |  |  |  | 19,588,518 |
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51(k) |  |  | 6,600 |  |  |  | 7,156,241 |
|  |  |  |  |  |  | 74,641,397 |
Pennsylvania — 0.6% |
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42 |  |  | 2,505 |  |  |  | 3,011,561 |
Rhode Island — 0.3% |
Narragansett Bay Commission, Refunding RB, Wastewater System, Series A, 4.00%, 09/01/43 |  |  | 1,710 |  |  |  | 1,787,361 |
Texas — 0.5% |
Lower Colorado River Authority, Refunding RB, LCRA Transmission Services Corporation Project, 4.00%, 05/15/43 |  |  | 2,271 |  |  |  | 2,362,628 |
Washington — 1.6% |
City of Bellingham Washington Water & Sewer Revenue, RB, Water & Sewer, 5.00%, 08/01/40 |  |  | 7,966 |  |  |  | 8,417,101 |
Wisconsin — 0.2% |
State of Wisconsin Health & Educational Facilities Authority, Refunding RB, The Medical College of Wisconsin, Inc., 4.00%, 12/01/46 |  |  | 1,142 |  |  |  | 1,230,458 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 23.2% (Cost — $114,766,625) |  |  |  | 120,605,149 |
Total Long-Term Investments — 112.5% (Cost — $546,748,845) |  |  |  | 583,789,166 |

Security |  | Shares |  |  | Value |
Short-Term Securities — 0.3% |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 2.03%(l)(m) |  |  | 1,305,711 |  |  | $ | 1,305,841 |
Total Short-Term Securities — 0.3% (Cost — $1,305,841) |  |  |  | 1,305,841 |
Total Investments — 112.8% (Cost — $548,054,686) |  |  |  | 585,095,007 |
Other Assets Less Liabilities — 1.1% |  |  |  | 5,695,891 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (13.9)% |  |  |  | (72,055,459 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 518,735,439 |

(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) | Zero-coupon bond.

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

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

(f) | Non-income producing security.

(g) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

(h) | When-issued security.

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

(j) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details.

(k) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreement, which expire between November 15, 2019 to December, 15, 2020, is $11,849,809. See Note 4 of the Notes to Financial Statements for details.

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

(m) | During the six months ended October 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate |  | Shares Held at 04/30/19 |  |  | Net Activity |  |  | Shares Held at 10/31/19 |  |  | Value at 10/31/19 |  |  | Income |  |  | Net Realized Gain (Loss) (a) |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, MuniCash, Institutional Class |  |  | 767,387 |  |  |  | 538,324 |  |  |  | 1,305,711 |  |  | $ | 1,305,841 |  |  | $ | 6,751 |  |  | $ | 438 |  |  | $ | — |

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Notional Amount (000) |  |  | Value/ Unrealized Appreciation (Depreciation) |
Short Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
10-Year U.S. Treasury Note |  |  | 14 |  |  |  | 12/19/19 |  |  | $ | 1,824 |  |  | $ | 7,622 |
Long U.S. Treasury Bond |  |  | 64 |  |  |  | 12/19/19 |  |  |  | 10,328 |  |  |  | 110,496 |
5-Year U.S. Treasury Note |  |  | 16 |  |  |  | 12/31/19 |  |  |  | 1,907 |  |  |  | 7,855 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 125,973 |

26 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniAssets Fund, Inc. (MUA)

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized appreciation on futures contracts(a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 125,973 |  |  | $ | — |  |  | $ | 125,973 |

| (a) | Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |

For the six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,890,370 | ) |  | $ | — |  |  | $ | (1,890,370 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 227,816 |  |  | $ | — |  |  | $ | 227,816 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |
Average notional value of contracts — short |  | $ | 18,043,777 |

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

Fair Value Hierarchy as of Period End

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |
Investments: |
Long-Term Investments(a) |  | $ | — |  |  | $ | 583,789,166 |  |  | $ | — |  |  | $ | 583,789,166 |
Short-Term Securities |  |  | 1,305,841 |  |  |  | — |  |  |  | — |  |  |  | 1,305,841 |
|  | $ | 1,305,841 |  |  | $ | 583,789,166 |  |  | $ | — |  |  | $ | 585,095,007 |
Derivative Financial Instruments(b) |
Assets: |
Interest rate contracts |  | $ | 125,973 |  |  | $ | — |  |  | $ | — |  |  | $ | 125,973 |

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

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, TOB Trust Certificates of $71,659,281 are categorized as Level 2 within the disclosure hierarchy.

See notes to financial statements.

SCHEDULES OF INVESTMENTS |  |  | 27 |

Schedule of Investments (unaudited) October 31, 2019 |  | BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds — 118.0% |
Alabama — 0.3% |
Homewood Educational Building Authority, Refunding RB, Educational Facilities, Samford University, Series A, 5.00%, 12/01/47 |  | $ | 1,010 |  |  | $ | 1,169,721 |
Alaska — 0.3% |
Alaska Industrial Development & Export Authority, RB, Providence Health Services, Series A, 5.50%, 10/01/41 |  |  | 990 |  |  |  | 1,058,152 |
Arizona — 1.2% |
Arizona IDA, RB(a): |  |  |  |  |  |  |  |
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/39 |  |  | 540 |  |  |  | 560,974 |
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/49 |  |  | 610 |  |  |  | 633,363 |
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/54 |  |  | 470 |  |  |  | 483,879 |
Odyssey Preparatory Academy Project, 5.00%, 07/01/54 |  |  | 615 |  |  |  | 641,549 |
County of Maricopa Arizona IDA, Refunding RB, Series A: |  |  |  |  |  |  |  |
HonorHealth, 5.00%, 09/01/36 |  |  | 645 |  |  |  | 784,301 |
Banner Health Obligation Group, 4.00%, 01/01/41 |  |  | 745 |  |  |  | 818,218 |
County of Pima IDA, Refunding RB, Ameican Leadership Academy Project, 5.00%, 06/15/49(a) |  |  | 525 |  |  |  | 554,101 |
|  |  |  |  |  |  | 4,476,385 |
California — 14.2% |
Anaheim California Public Financing Authority, RB, Senior, Public Improvements Project, Series A (AGM), 6.00%, 09/01/24 |  |  | 5,000 |  |  |  | 5,725,100 |
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.88%, 08/15/20(b) |  |  | 1,200 |  |  |  | 1,245,180 |
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 07/01/37 |  |  | 1,090 |  |  |  | 1,223,133 |
California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 04/01/42 |  |  | 1,480 |  |  |  | 1,605,163 |
California Statewide Communities Development Authority, Refunding RB, John Muir Health, Series A, 4.00%, 12/01/53 |  |  | 975 |  |  |  | 1,036,230 |
City & County of San Francisco California Airports Commission, Refunding ARB, Series A, AMT, 5.00%, 05/01/49 |  |  | 795 |  |  |  | 953,428 |
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT: |  |  |  |  |  |  |  |
Series A, 5.00%, 03/01/36 |  |  | 410 |  |  |  | 486,830 |
Series A, 5.00%, 03/01/37 |  |  | 455 |  |  |  | 539,557 |
Series A-1, 5.75%, 03/01/34 |  |  | 850 |  |  |  | 896,121 |
County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A, 6.00%, 03/01/21(b) |  |  | 2,175 |  |  |  | 2,317,332 |
County of San Mateo California Community College District, GO, CAB, Election of 2001, Series C (NPFGC), 0.00%, 09/01/30(c) |  |  | 12,740 |  |  |  | 10,223,085 |
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 3.50%, 06/01/36 |  |  | 1,480 |  |  |  | 1,509,600 |
Mount San Antonio Community College District, GO, Refunding, CAB, Election of 2008, Series A, 6.25%, 08/01/43(d) |  |  | 2,500 |  |  |  | 2,456,625 |
Poway Unified School District, GO, Refunding, CAB, School Facilities Improvement, Election of 2008, Series B, 0.00%, 08/01/36(c) |  |  | 3,750 |  |  |  | 2,488,200 |
Rio Hondo Community College District California, GO, CAB, Election of 2004, Series C, 0.00%, 08/01/38(c) |  |  | 5,000 |  |  |  | 2,996,650 |

Security |  | Par (000) |  |  | Value |
California (continued) |
San Diego California Community College District, GO, CAB, Election of 2006(c): |  |  |  |  |  |  |  |
0.00%, 08/01/31 |  | $ | 2,145 |  |  | $ | 1,296,567 |
0.00%, 08/01/32 |  |  | 2,680 |  |  |  | 1,516,800 |
San Diego California Unified School District, GO, Election of 2008(c): |  |  |  |  |  |  |  |
Series C, 0.00%, 07/01/38 |  |  | 1,600 |  |  |  | 999,552 |
Series G, 0.00%, 07/01/34 |  |  | 650 |  |  |  | 345,078 |
Series G, 0.00%, 07/01/35 |  |  | 690 |  |  |  | 344,655 |
Series G, 0.00%, 07/01/36 |  |  | 1,035 |  |  |  | 486,409 |
Series G, 0.00%, 07/01/37 |  |  | 690 |  |  |  | 305,297 |
San Diego California Unified School District, GO, Refunding, CAB, Series R-1(c): |  |  |  |  |  |  |  |
0.00%, 07/01/30 |  |  | 5,000 |  |  |  | 4,040,150 |
0.00%, 07/01/31 |  |  | 1,280 |  |  |  | 1,001,626 |
San Marcos Unified School District, GO, Election of 2010, Series A(b): |  |  |  |  |  |  |  |
5.00%, 08/01/21 |  |  | 700 |  |  |  | 747,887 |
5.00%, 08/01/21 |  |  | 600 |  |  |  | 641,046 |
Walnut Valley Unified School District, GO, CAB, Election of 2007, Series B, 0.00%, 08/01/36(c) |  |  | 5,500 |  |  |  | 3,531,110 |
|  |  |  |  |  |  | 50,958,411 |
Colorado — 1.8% |
City & County of Denver Colorado, COP, Colorado Convention Center Expansion Project, Series A, 4.00%, 06/01/48 |  |  | 1,310 |  |  |  | 1,421,874 |
Colorado Health Facilities Authority, RB, Series A: |  |  |  |  |  |  |  |
Adventist Health System/Sunbelt Obligated Group, 4.00%, 11/15/46 |  |  | 1,070 |  |  |  | 1,142,610 |
Commonspirit Health, 4.00%, 08/01/49 |  |  | 1,200 |  |  |  | 1,283,196 |
Denver Health & Hospital Authority, Refunding RB, Series A: |  |  |  |  |  |  |  |
4.00%, 12/01/39 |  |  | 305 |  |  |  | 336,638 |
4.00%, 12/01/40 |  |  | 230 |  |  |  | 253,156 |
Regional Transportation District, COP, Refunding, Series A, 5.38%, 06/01/31 |  |  | 2,000 |  |  |  | 2,046,820 |
|  |  |  |  |  |  | 6,484,294 |
Connecticut — 1.1% |
Connecticut Housing Finance Authority, Refunding RB, S/F Housing: |  |  |  |  |  |  |  |
Sub-Series A-1, 3.85%, 11/15/43 |  |  | 360 |  |  |  | 385,369 |
Sub-Series E-1 (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 05/15/36 |  |  | 770 |  |  |  | 843,990 |
Series A-1, 3.80%, 11/15/39 |  |  | 470 |  |  |  | 501,462 |
Sub-Series B-1, 4.00%, 05/15/45 |  |  | 1,445 |  |  |  | 1,528,593 |
State of Connecticut, GO, Series C, 5.00%, 06/15/32 |  |  | 615 |  |  |  | 755,017 |
|  |  |  |  |  |  | 4,014,431 |
District of Columbia — 0.3% |
District of Columbia Ballpark Revenue, RB, Series B-1 (NPFGC), 5.00%, 02/01/31 |  |  | 1,215 |  |  |  | 1,218,341 |
Florida — 11.1% |
County of Brevard Florida Health Facilities Authority, Refunding RB, Health First, Inc. Project, 5.00%, 04/01/39 |  |  | 1,600 |  |  |  | 1,776,512 |
County of Highlands Florida Health Facilities Authority, RB, Adventist Health System/Sunbelt Obligated Group: |  |  |  |  |  |  |  |
6.00%, 11/15/19(b) |  |  | 5 |  |  |  | 5,007 |
6.00%, 11/15/37 |  |  | 1,445 |  |  |  | 1,447,081 |
County of Lee Florida, Refunding ARB, Series A, AMT: |  |  |  |  |  |  |  |
5.63%, 10/01/26 |  |  | 960 |  |  |  | 1,030,896 |
5.38%, 10/01/32 |  |  | 3,160 |  |  |  | 3,368,686 |

28 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Florida (continued) |
County of Miami-Dade Florida, RB, Seaport Department: |  |  |  |  |  |  |  |
Series A, 6.00%, 10/01/38 |  | $ | 2,025 |  |  | $ | 2,343,897 |
Series B, AMT, 6.00%, 10/01/30 |  |  | 640 |  |  |  | 739,706 |
Series B, AMT, 6.25%, 10/01/38 |  |  | 415 |  |  |  | 480,192 |
Series B, AMT, 6.00%, 10/01/42 |  |  | 660 |  |  |  | 760,822 |
County of Miami-Dade Florida, Refunding ARB, Series A, AMT, 5.00%, 10/01/38 |  |  | 480 |  |  |  | 551,717 |
County of Miami-Dade Florida Aviation, Refunding ARB, AMT, 5.00%, 10/01/34 |  |  | 190 |  |  |  | 215,745 |
County of Miami-Dade Florida Educational Facilities Authority, RB, University of Miami, Series A, 5.00%, 04/01/40 |  |  | 2,995 |  |  |  | 3,427,658 |
County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series B, 4.00%, 10/01/49(e) |  |  | 3,090 |  |  |  | 3,422,484 |
County of Orange Florida Health Facilities Authority, Refunding RB, Presbyterian Retirement Communities Project: |  |  |  |  |  |  |  |
5.00%, 08/01/41 |  |  | 560 |  |  |  | 616,347 |
5.00%, 08/01/47 |  |  | 1,620 |  |  |  | 1,776,119 |
County of Orange HFA, RB, S/F Housing, Multi-County Program, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 3.75%, 09/01/47 |  |  | 495 |  |  |  | 523,378 |
County of Palm Beach Florida Solid Waste Authority, Refunding RB, Series B: |  |  |  |  |  |  |  |
5.00%, 10/01/21(b) |  |  | 30 |  |  |  | 32,158 |
5.00%, 10/01/31 |  |  | 1,970 |  |  |  | 2,105,024 |
County of Putnam Florida Development Authority, Refunding RB, Seminole Project, Series A, 5.00%, 03/15/42 |  |  | 1,750 |  |  |  | 2,098,512 |
Florida Ports Financing Commission, Refunding RB, State Transportation Trust Fund, Series B, AMT: |  |  |  |  |  |  |  |
5.13%, 06/01/27 |  |  | 2,000 |  |  |  | 2,113,740 |
5.38%, 10/01/29 |  |  | 1,050 |  |  |  | 1,126,282 |
Greater Orlando Aviation Authority, RB, Priority Subordinated, AMT: |  |  |  |  |  |  |  |
Series A, 5.00%, 10/01/47 |  |  | 3,970 |  |  |  | 4,656,135 |
Sub-Series A, 5.00%, 10/01/52 |  |  | 1,490 |  |  |  | 1,739,515 |
Lakewood Ranch Stewardship District, Special Assessment Bonds, NorthEast Sector Project(a)(e): |  |  |  |  |  |  |  |
3.85%, 05/01/39 |  |  | 450 |  |  |  | 449,159 |
4.00%, 05/01/49 |  |  | 675 |  |  |  | 666,428 |
State of Florida, GO, Department of Transportation, Right-of-Way Acquisition and Bridge Construction Bonds, 4.00%, 07/01/39 |  |  | 2,065 |  |  |  | 2,340,492 |
|  |  |  |  |  |  | 39,813,692 |
Georgia — 3.9% |
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54 |  |  | 500 |  |  |  | 588,805 |
County of LaGrange-Troup Hospital Authority, Refunding RB, Revenue Anticipation Certificates, 4.00%, 04/01/47 |  |  | 1,250 |  |  |  | 1,331,812 |
Georgia Housing & Finance Authority, RB, S/F Housing, Series B, 3.20%, 12/01/44 |  |  | 915 |  |  |  | 926,099 |
Main Street Natural Gas, Inc., RB, Series A: |  |  |  |  |  |  |  |
5.00%, 05/15/43 |  |  | 685 |  |  |  | 799,046 |
4.00%, 04/01/48(f) |  |  | 265 |  |  |  | 287,220 |
Municipal Electric Authority of Georgia, Refunding RB, Series EE (AMBAC), 7.00%, 01/01/25 |  |  | 7,475 |  |  |  | 9,404,447 |
Private Colleges & Universities Authority, RB, Savannah College of Art & Design: |  |  |  |  |  |  |  |
5.00%, 04/01/33 |  |  | 140 |  |  |  | 159,089 |
5.00%, 04/01/44 |  |  | 380 |  |  |  | 426,858 |
|  |  |  |  |  |  | 13,923,376 |

Security |  | Par (000) |  |  | Value |
Illinois — 13.2% |
Chicago Board of Education, GO, Refunding, Series A: |  |  |  |  |  |  |  |
CAB, 0.00%, 12/01/25(c) |  | $ | 250 |  |  | $ | 210,655 |
5.00%, 12/01/29 |  |  | 660 |  |  |  | 782,509 |
5.00%, 12/01/30 |  |  | 790 |  |  |  | 933,353 |
City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, AMT, 5.00%, 01/01/41 |  |  | 1,005 |  |  |  | 1,109,781 |
City of Chicago Illinois O’Hare International Airport, GARB: |  |  |  |  |  |  |  |
3rd Lien, Series A, 5.75%, 01/01/21(b) |  |  | 4,290 |  |  |  | 4,510,892 |
3rd Lien, Series A, 5.75%, 01/01/39 |  |  | 820 |  |  |  | 857,761 |
Senior Lien, Series D, 5.25%, 01/01/42 |  |  | 2,900 |  |  |  | 3,469,299 |
City of Chicago Illinois Transit Authority, RB: |  |  |  |  |  |  |  |
5.25%, 12/01/49 |  |  | 900 |  |  |  | 1,019,952 |
Sales Tax Receipts, 5.25%, 12/01/36 |  |  | 595 |  |  |  | 635,353 |
County of Cook Illinois Forest Preserve District, GO, Refunding, Limited Tax Project, Series B, 5.00%, 12/15/37 |  |  | 45 |  |  |  | 47,753 |
Illinois Finance Authority, RB, Carle Foundation, Series A: |  |  |  |  |  |  |  |
5.75%, 08/15/34 |  |  | 650 |  |  |  | 696,865 |
6.00%, 08/15/41 |  |  | 1,000 |  |  |  | 1,071,980 |
Illinois Finance Authority, Refunding RB, Silver Cross Hospital & Medical Centers, Series C: |  |  |  |  |  |  |  |
4.13%, 08/15/37 |  |  | 740 |  |  |  | 781,211 |
5.00%, 08/15/44 |  |  | 350 |  |  |  | 388,465 |
Illinois Housing Development Authority, RB, S/F Housing, 4.13%, 10/01/38 |  |  | 1,365 |  |  |  | 1,489,352 |
Illinois State Toll Highway Authority, RB, Series B, 5.00%, 01/01/37 |  |  | 1,785 |  |  |  | 2,076,758 |
Kane McHenry Cook & De Kalb Counties Unit School District No. 300, GO, Refunding, 5.25%, 01/01/33 |  |  | 9,145 |  |  |  | 10,131,197 |
Metropolitan Pier & Exposition Authority, RB, CAB, McCormick Place Expansion Project, Series A (NPFGC)(c): |  |  |  |  |  |  |  |
0.00%, 12/15/26 |  |  | 5,000 |  |  |  | 4,183,600 |
0.00%, 12/15/33 |  |  | 9,950 |  |  |  | 6,397,750 |
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, McCormick Place Expansion Project, Series B (AGM), 0.00%, 06/15/44(c) |  |  | 3,450 |  |  |  | 1,451,139 |
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21(b) |  |  | 675 |  |  |  | 724,626 |
Regional Transportation Authority, RB, Series A (AMBAC), 7.20%, 11/01/20 |  |  | 1,275 |  |  |  | 1,345,036 |
State of Illinois, GO: |  |  |  |  |  |  |  |
5.25%, 02/01/33 |  |  | 830 |  |  |  | 900,998 |
5.50%, 07/01/33 |  |  | 820 |  |  |  | 897,105 |
5.25%, 02/01/34 |  |  | 830 |  |  |  | 899,454 |
5.50%, 07/01/38 |  |  | 445 |  |  |  | 484,997 |
|  |  |  |  |  |  | 47,497,841 |
Indiana — 0.8% |
Indiana Finance Authority, RB, Series A: |  |  |  |  |  |  |  |
CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |  |  | 1,100 |  |  |  | 1,173,777 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44 |  |  | 515 |  |  |  | 558,548 |
State of Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges, Series A, AMT, 5.00%, 07/01/40 |  |  | 890 |  |  |  | 969,353 |
|  |  |  |  |  |  | 2,701,678 |
Iowa — 0.2% |
Iowa Student Loan Liquidity Corp., RB, Senior Series A-2, AMT: |  |  |  |  |  |  |  |
5.60%, 12/01/26 |  |  | 265 |  |  |  | 270,931 |
5.70%, 12/01/27 |  |  | 120 |  |  |  | 122,688 |
5.80%, 12/01/29 |  |  | 80 |  |  |  | 81,794 |
5.85%, 12/01/30 |  |  | 85 |  |  |  | 86,907 |
|  |  |  |  |  |  | 562,320 |

SCHEDULES OF INVESTMENTS |  |  | 29 |

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Louisiana — 1.7% |
City of New Orleans Louisiana Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/40 |  | $ | 2,820 |  |  | $ | 3,167,593 |
Louisiana Public Facilities Authority, Refunding RB, Ochsner Clinic Foundation Project, 5.00%, 05/15/46 |  |  | 2,700 |  |  |  | 3,111,102 |
|  |  |  |  |  |  | 6,278,695 |
Maine — 0.3% |
State of Maine Housing Authority, RB: |  |  |  |  |  |  |  |
M/F Housing, Series E, 4.25%, 11/15/43 |  |  | 710 |  |  |  | 775,618 |
S/F Housing, Mortgage Purchase Bonds, Series B, 3.35%, 11/15/44 |  |  | 200 |  |  |  | 205,328 |
|  |  |  |  |  |  | 980,946 |
Maryland — 0.5% |
City of Baltimore Maryland, Refunding, Tax Allocation Bonds, Senior Lien, Harbor Point Project, Series A, 3.63%, 06/01/46(a) |  |  | 740 |  |  |  | 722,136 |
Maryland Community Development Administration, Refunding RB, S/F Housing, Series A, 4.10%, 09/01/38 |  |  | 1,150 |  |  |  | 1,248,567 |
|  |  |  |  |  |  | 1,970,703 |
Massachusetts — 2.6% |
Massachusetts Development Finance Agency, RB, Emerson College Issue, Series A, 5.00%, 01/01/47 |  |  | 2,090 |  |  |  | 2,382,495 |
Massachusetts Development Finance Agency, Refunding RB, Partners Health Care System, 4.00%, 07/01/41 |  |  | 3,235 |  |  |  | 3,636,011 |
Massachusetts HFA, RB, M/F Housing, Series A, 3.85%, 06/01/46 |  |  | 55 |  |  |  | 57,355 |
Massachusetts HFA, Refunding RB, AMT: |  |  |  |  |  |  |  |
Series A, 4.45%, 12/01/42 |  |  | 795 |  |  |  | 830,846 |
Series C, 5.35%, 12/01/42 |  |  | 315 |  |  |  | 318,824 |
Massachusetts School Building Authority, RB: |  |  |  |  |  |  |  |
Dedicated Sales Tax, Senior Series A, 5.00%, 05/15/43 |  |  | 1,280 |  |  |  | 1,428,467 |
Sub-Series B, 4.00%, 02/15/43 |  |  | 755 |  |  |  | 805,895 |
|  |  |  |  |  |  | 9,459,893 |
Michigan — 5.3% |
City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 07/01/41 |  |  | 1,700 |  |  |  | 1,806,964 |
Eastern Michigan University, RB, Series A (AGM), 4.00%, 03/01/44 |  |  | 615 |  |  |  | 671,826 |
Michigan Finance Authority, Refunding RB: |  |  |  |  |  |  |  |
Henry Ford Health System, 4.00%, 11/15/46 |  |  | 1,175 |  |  |  | 1,261,339 |
Trinity Health Credit Group, 5.00%, 12/01/21(b) |  |  | 20 |  |  |  | 21,542 |
Trinity Health Credit Group, Series A, 4.00%, 12/01/40 |  |  | 2,945 |  |  |  | 3,249,159 |
Michigan State Housing Development Authority, RB, M/F Housing, Series A-1, 3.35%, 10/01/49 |  |  | 435 |  |  |  | 443,335 |
Michigan State University, Refunding RB, Board of Trustees, Series B, 5.00%, 02/15/48 |  |  | 640 |  |  |  | 780,589 |
Michigan Strategic Fund, RB, I-75 Improvement Project, AMT, 5.00%, 12/31/43 |  |  | 1,640 |  |  |  | 1,936,217 |
Royal Oak Hospital Finance Authority Michigan, Refunding RB, Beaumont Health Credit Group, Series D, 5.00%, 09/01/39 |  |  | 1,065 |  |  |  | 1,192,054 |
State of Michigan Building Authority, Refunding RB, Facilities Program: |  |  |  |  |  |  |  |
Series I-A, 5.38%, 10/15/36 |  |  | 145 |  |  |  | 155,698 |
Series I-A, 5.38%, 10/15/41 |  |  | 700 |  |  |  | 749,203 |
Series II-A (AGM), 5.25%, 10/15/36 |  |  | 900 |  |  |  | 961,119 |
State of Michigan Housing Development Authority, RB: |  |  |  |  |  |  |  |
M/F Housing, Series A, 4.15%, 10/01/53 |  |  | 1,885 |  |  |  | 2,007,374 |
M/F Housing, Series A, 4.05%, 10/01/48 |  |  | 1,855 |  |  |  | 1,983,663 |
S/F Housing, Series C, 4.13%, 12/01/38 |  |  | 1,465 |  |  |  | 1,598,051 |

Security |  | Par (000) |  |  | Value |
Michigan (continued) |
Western Michigan University, Refunding RB, General, University and College Improvements (AGM), 5.00%, 11/15/39 |  | $ | 380 |  |  | $ | 427,086 |
|  |  |  |  |  |  | 19,245,219 |
Missouri — 0.3% |
State of Missouri Health & Educational Facilities Authority, RB, Mercy Health, 4.00%, 11/15/42 |  |  | 1,015 |  |  |  | 1,057,549 |
Nebraska — 1.7% |
Central Plains Nebraska Energy Project, RB, Gas Project No. 3: |  |  |  |  |  |  |  |
5.00%, 09/01/32 |  |  | 5,010 |  |  |  | 5,432,443 |
5.25%, 09/01/37 |  |  | 750 |  |  |  | 817,373 |
|  |  |  |  |  |  | 6,249,816 |
Nevada — 1.2% |
County of Clark Nevada, ARB, Las Vegas-McCarran International Airport, Series A: |  |  |  |  |  |  |  |
5.25%, 07/01/42 |  |  | 500 |  |  |  | 502,705 |
(AGM), 5.25%, 07/01/39 |  |  | 3,800 |  |  |  | 3,821,926 |
|  |  |  |  |  |  | 4,324,631 |
New Jersey — 9.6% |
New Jersey EDA, RB: |  |  |  |  |  |  |  |
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 01/01/43 |  |  | 895 |  |  |  | 1,006,383 |
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.13%, 01/01/34 |  |  | 685 |  |  |  | 767,714 |
Series WW, 5.25%, 06/15/33 |  |  | 155 |  |  |  | 175,348 |
Series WW, 5.00%, 06/15/34 |  |  | 205 |  |  |  | 228,569 |
Series WW, 5.00%, 06/15/36 |  |  | 925 |  |  |  | 1,028,184 |
Series WW, 5.25%, 06/15/40 |  |  | 265 |  |  |  | 298,806 |
New Jersey EDA, Refunding RB: |  |  |  |  |  |  |  |
Series B, 5.50%, 06/15/30 |  |  | 5,360 |  |  |  | 6,346,454 |
Sub-Series A, 4.00%, 07/01/32 |  |  | 1,040 |  |  |  | 1,109,503 |
New Jersey Higher Education Student Assistance Authority, Refunding RB, AMT: |  |  |  |  |  |  |  |
Series 1, 5.50%, 12/01/26 |  |  | 255 |  |  |  | 274,082 |
Series 1, 5.75%, 12/01/27 |  |  | 1,625 |  |  |  | 1,754,317 |
Series B, 3.25%, 12/01/39 |  |  | 2,695 |  |  |  | 2,750,113 |
Sub-Series C, 3.63%, 12/01/49 |  |  | 725 |  |  |  | 737,941 |
New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing, Series 2, AMT, 4.35%, 11/01/33 |  |  | 970 |  |  |  | 1,015,648 |
New Jersey Transportation Trust Fund Authority, RB: |  |  |  |  |  |  |  |
Transportation Program, Series AA, 5.25%, 06/15/33 |  |  | 1,490 |  |  |  | 1,652,619 |
Transportation Program, Series AA, 5.00%, 06/15/38 |  |  | 1,885 |  |  |  | 2,061,832 |
Transportation System, Series A, 5.50%, 06/15/41 |  |  | 3,150 |  |  |  | 3,296,569 |
Transportation System, Series AA, 5.50%, 06/15/39 |  |  | 1,150 |  |  |  | 1,272,912 |
Transportation System, Series B, 5.50%, 06/15/31 |  |  | 1,000 |  |  |  | 1,055,090 |
Transportation System, Series B, 5.00%, 06/15/42 |  |  | 520 |  |  |  | 539,708 |
Transportation System, Series D, 5.00%, 06/15/32 |  |  | 735 |  |  |  | 817,452 |
Tobacco Settlement Financing Corp. New Jersey, Refunding RB: |  |  |  |  |  |  |  |
Series A, 5.00%, 06/01/34 |  |  | 920 |  |  |  | 1,107,616 |
Series A, 5.00%, 06/01/36 |  |  | 1,365 |  |  |  | 1,632,404 |
Series A, 4.00%, 06/01/37 |  |  | 870 |  |  |  | 946,821 |
Sub-Series B, 5.00%, 06/01/46 |  |  | 2,255 |  |  |  | 2,491,324 |
|  |  |  |  |  |  | 34,367,409 |
New Mexico — 0.1% |
City of Santa Fe, RB, EL Castillo Retirement Residences Project, Series A, 5.00%, 05/15/44(e) |  |  | 200 |  |  |  | 221,244 |

30 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
New York — 3.1% |
City of New York New York Municipal Water Finance Authority, Refunding RB, Second General Resolution, Fiscal 2012, Series BB, 5.25%, 12/15/21(b) |  | $ | 1,425 |  |  | $ | 1,550,143 |
City of New York New York Transitional Finance Authority, RB, Series S-3, 4.00%, 07/15/46 |  |  | 1,130 |  |  |  | 1,255,893 |
City of New York Transitional Finance Authority, Refunding RB, Future Tax Secured, Series B, 5.00%, 11/01/32 |  |  | 1,480 |  |  |  | 1,636,214 |
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012: |  |  |  |  |  |  |  |
5.75%, 02/15/21(b) |  |  | 430 |  |  |  | 455,624 |
5.75%, 02/15/47 |  |  | 270 |  |  |  | 283,638 |
New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.25%, 01/01/50 |  |  | 2,715 |  |  |  | 3,029,180 |
Port Authority of New York & New Jersey, Refunding ARB, AMT: |  |  |  |  |  |  |  |
Consolidated, 186th Series, 5.00%, 10/15/36 |  |  | 625 |  |  |  | 713,806 |
Consolidated,186th Series, 5.00%, 10/15/44 |  |  | 1,250 |  |  |  | 1,417,300 |
Series 207, 4.00%, 09/15/43 |  |  | 460 |  |  |  | 505,356 |
State of New York HFA, RB, M/F Housing, Green Bond, Series B (SONYMA), 3.88%, 11/01/48 |  |  | 170 |  |  |  | 178,043 |
|  |  |  |  |  |  | 11,025,197 |
Ohio — 2.9% |
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 06/01/47 |  |  | 2,945 |  |  |  | 2,967,117 |
County of Butler Ohio, Refunding RB, UC Health, 4.00%, 11/15/37 |  |  | 460 |  |  |  | 505,439 |
County of Lucas Ohio, Refunding RB, Promedica Healthcare, Series A, 6.50%, 11/15/21(b) |  |  | 530 |  |  |  | 586,699 |
Ohio Housing Finance Agency, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 09/01/48 |  |  | 320 |  |  |  | 340,000 |
State of Ohio Turnpike Commission, RB, CAB, Junior Lien, Infrastructure Projects, Series A-2, 0.00%, 02/15/37(c) |  |  | 10,000 |  |  |  | 6,152,500 |
|  |  |  |  |  |  | 10,551,755 |
Oklahoma — 0.2% |
City of Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |  |  | 555 |  |  |  | 612,165 |
Oregon — 0.8% |
County of Clackamas Oregon Community College District, GO, Convertible Deferred Interest Bonds, Series A, 5.00%, 06/15/40(d) |  |  | 440 |  |  |  | 509,168 |
County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 06/15/38(c) |  |  | 995 |  |  |  | 507,898 |
Port of Portland Oregon Airport Revenue, ARB, Series 24B, AMT, 5.00%, 07/01/42 |  |  | 1,150 |  |  |  | 1,340,566 |
State of Oregon Housing & Community Services Department, RB, S/F Housing, Mortgage Program, Series C, 3.95%, 07/01/43 |  |  | 420 |  |  |  | 449,854 |
|  |  |  |  |  |  | 2,807,486 |
Pennsylvania — 11.2% |
City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB, Series B, AMT: |  |  |  |  |  |  |  |
5.00%, 07/01/35 |  |  | 755 |  |  |  | 899,031 |
5.00%, 07/01/47 |  |  | 1,610 |  |  |  | 1,874,861 |
Commonwealth Financing Authority, RB: |  |  |  |  |  |  |  |
Series B, 5.00%, 06/01/42 |  |  | 1,600 |  |  |  | 1,719,696 |
Tobacco Master Settlement Payment (AGM), 4.00%, 06/01/39 |  |  | 1,050 |  |  |  | 1,169,773 |
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A, 4.00%, 09/01/49 |  |  | 950 |  |  |  | 1,021,982 |

Security |  | Par (000) |  |  | Value |
Pennsylvania (continued) |
Pennsylvania Economic Development Financing Authority, RB: |  |  |  |  |  |  |  |
AMT, 5.00%, 06/30/42 |  | $ | 1,035 |  |  | $ | 1,170,813 |
Pennsylvania Bridge Finco LP, AMT, 5.00%, 12/31/34 |  |  | 7,290 |  |  |  | 8,409,161 |
Pennsylvania Rapid Bridge Replacement, 5.00%, 12/31/38 |  |  | 1,305 |  |  |  | 1,484,986 |
Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, 4.00%, 11/15/42 |  |  | 940 |  |  |  | 1,027,580 |
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Thomas Jefferson University, Series A, 5.25%, 09/01/50 |  |  | 2,330 |  |  |  | 2,650,258 |
Pennsylvania Housing Finance Agency, RB, S/F Housing: |  |  |  |  |  |  |  |
Series 127-B, 3.88%, 10/01/38 |  |  | 885 |  |  |  | 949,463 |
Series 128B, 3.85%, 04/01/38 |  |  | 1,970 |  |  |  | 2,119,582 |
Pennsylvania Turnpike Commission, RB: |  |  |  |  |  |  |  |
Series A, 5.00%, 12/01/38 |  |  | 620 |  |  |  | 708,573 |
Series A-1, 5.00%, 12/01/41 |  |  | 2,385 |  |  |  | 2,792,382 |
Series B, 5.00%, 12/01/40 |  |  | 935 |  |  |  | 1,089,425 |
Series C, 5.50%, 12/01/23(b) |  |  | 555 |  |  |  | 650,860 |
Series C, 5.00%, 12/01/39 |  |  | 3,275 |  |  |  | 3,742,637 |
Sub-Series A-1, 5.00%, 12/01/41 |  |  | 2,430 |  |  |  | 2,793,309 |
Subordinate, Special Motor License Fund, 6.00%, 12/01/20(b) |  |  | 575 |  |  |  | 604,567 |
Pennsylvania Turnpike Commission, Refunding RB: |  |  |  |  |  |  |  |
Motor Licenced Fund Enhancement, Third Series, 4.00%, 12/01/38 |  |  | 2,070 |  |  |  | 2,281,057 |
Series A-1, 5.00%, 12/01/40 |  |  | 765 |  |  |  | 883,912 |
Philadelphia School District, GO, Refunding, Series F, 5.00%, 09/01/38 |  |  | 305 |  |  |  | 356,023 |
|  |  |  |  |  |  | 40,399,931 |
Puerto Rico — 3.4% |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured: |  |  |  |  |  |  |  |
Series A-1, 4.75%, 07/01/53 |  |  | 1,428 |  |  |  | 1,472,811 |
Series A-1, 5.00%, 07/01/58 |  |  | 2,493 |  |  |  | 2,609,074 |
Series A-2, 4.33%, 07/01/40 |  |  | 6,434 |  |  |  | 6,519,057 |
Series A-2, 4.78%, 07/01/58 |  |  | 548 |  |  |  | 564,018 |
Series B-1, 4.75%, 07/01/53 |  |  | 476 |  |  |  | 490,547 |
Series B-2, 4.78%, 07/01/58 |  |  | 462 |  |  |  | 474,146 |
|  |  |  |  |  |  | 12,129,653 |
Rhode Island — 1.2% |
Rhode Island Turnpike & Bridge Authority, Refunding RB, Series A, 5.00%, 10/01/40 |  |  | 465 |  |  |  | 546,580 |
Tobacco Settlement Financing Corp., Refunding RB, Series B: |  |  |  |  |  |  |  |
4.50%, 06/01/45 |  |  | 1,055 |  |  |  | 1,099,531 |
5.00%, 06/01/50 |  |  | 2,630 |  |  |  | 2,801,739 |
|  |  |  |  |  |  | 4,447,850 |
South Carolina — 4.6% |
South Carolina Jobs EDA, Refunding RB, Series A: |  |  |  |  |  |  |  |
Palmetto Health (AGM), 6.50%, 08/01/21(b) |  |  | 115 |  |  |  | 125,518 |
Prisma Health Obligated Group, 5.00%, 05/01/38 |  |  | 2,490 |  |  |  | 2,966,885 |
South Carolina Ports Authority, ARB, AMT, 5.00%, 07/01/48 |  |  | 530 |  |  |  | 620,434 |
State of South Carolina Ports Authority, RB, AMT, 5.25%, 07/01/25(b) |  |  | 2,330 |  |  |  | 2,806,066 |
State of South Carolina Public Service Authority, RB: |  |  |  |  |  |  |  |
Santee Cooper, Series A, 5.50%, 12/01/54 |  |  | 6,225 |  |  |  | 7,053,236 |
Series E, 5.50%, 12/01/53 |  |  | 745 |  |  |  | 840,777 |

SCHEDULES OF INVESTMENTS |  |  | 31 |

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
South Carolina (continued) |
State of South Carolina Public Service Authority, Refunding RB, Santee Cooper, Series B, 5.00%, 12/01/38 |  | $ | 2,080 |  |  | $ | 2,315,830 |
|  |  |  |  |  |  | 16,728,746 |
South Dakota — 1.3% |
South Dakota Health & Educational Facilities Authority, Refunding RB, Avera Health Issue: |  |  |  |  |  |  |  |
4.00%, 07/01/37 |  |  | 1,225 |  |  |  | 1,330,583 |
4.00%, 07/01/42 |  |  | 3,000 |  |  |  | 3,257,820 |
|  |  |  |  |  |  | 4,588,403 |
Tennessee — 0.7% |
Greeneville Health & Educational Facilities Board, Refunding RB, Ballad Health Obligation Group, Series A, 4.00%, 07/01/40 |  |  | 845 |  |  |  | 898,750 |
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/46 |  |  | 1,245 |  |  |  | 1,436,867 |
|  |  |  |  |  |  | 2,335,617 |
Texas — 12.6% |
Central Texas Turnpike System, RB, Series C, 5.00%, 08/15/42 |  |  | 1,395 |  |  |  | 1,553,151 |
Central Texas Turnpike System, Refunding RB, Central Texas Turnpike System, 1st Tier, Series A, 5.00%, 08/15/41 |  |  | 3,080 |  |  |  | 3,343,525 |
City of San Antonio Texas Electric & Gas Revenue, RB, Junior Lien, 5.00%, 02/01/38 |  |  | 575 |  |  |  | 636,128 |
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A, 0.00%, 09/15/36(c) |  |  | 2,130 |  |  |  | 1,090,794 |
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/35 |  |  | 1,880 |  |  |  | 2,299,879 |
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Cook Children’s Medical Center, 5.25%, 12/01/39 |  |  | 750 |  |  |  | 852,165 |
Dallas Texas Area Rapid Transit, Refunding RB, Series A, 5.00%, 12/01/48 |  |  | 3,160 |  |  |  | 3,688,131 |
Dallas-Fort Worth International Airport, ARB, Joint Improvement, AMT: |  |  |  |  |  |  |  |
Series D, 5.00%, 11/01/38 |  |  | 1,975 |  |  |  | 2,095,139 |
Series D, 5.00%, 11/01/42 |  |  | 1,500 |  |  |  | 1,587,315 |
Series H, 5.00%, 11/01/32 |  |  | 3,000 |  |  |  | 3,196,830 |
Dallas-Fort Worth International Airport, Refunding ARB, Series F, 5.25%, 11/01/33 |  |  | 975 |  |  |  | 1,113,645 |
Leander ISD, GO, Refunding, CAB, Series D (PSF-GTD), 0.00%, 08/15/38(c) |  |  | 3,420 |  |  |  | 1,592,831 |
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 |  |  | 1,225 |  |  |  | 1,358,157 |
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing & Expansion Project, CAB(c): |  |  |  |  |  |  |  |
0.00%, 09/15/35 |  |  | 4,990 |  |  |  | 2,500,189 |
0.00%, 09/15/36 |  |  | 11,525 |  |  |  | 5,451,671 |
0.00%, 09/15/37 |  |  | 8,245 |  |  |  | 3,657,070 |
San Antonio Water System, Refunding RB, Junior Lien, Series A, 5.00%, 05/15/48 |  |  | 1,355 |  |  |  | 1,633,656 |
Texas Department of Housing & Community Affairs, RB, Series A (Ginnie Mae), S/F Housing: |  |  |  |  |  |  |  |
Mortgage, 4.25%, 09/01/43 |  |  | 390 |  |  |  | 420,904 |
3.75%, 09/01/49 |  |  | 860 |  |  |  | 912,254 |
Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements: |  |  |  |  |  |  |  |
5.00%, 12/15/31 |  |  | 1,190 |  |  |  | 1,295,589 |
5.00%, 12/15/32 |  |  | 3,440 |  |  |  | 3,740,587 |

Security |  | Par (000) |  |  | Value |
Texas (continued) |
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, AMT, Blueridge Transportation Group, 5.00%, 12/31/45 |  | $ | 1,275 |  |  | $ | 1,428,510 |
|  |  |  |  |  |  | 45,448,120 |
Utah — 0.6% |
City of Salt Lake Corp. Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/48 |  |  | 445 |  |  |  | 524,588 |
Salt Lake City Corp. Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/42 |  |  | 1,240 |  |  |  | 1,456,864 |
Utah Charter School Finance Authority, RB, Wallace Stegner Academy Project, Series A, 5.00%, 06/15/49(a) |  |  | 200 |  |  |  | 210,226 |
|  |  |  |  |  |  | 2,191,678 |
Virginia — 0.2% |
Virginia Small Business Financing Authority, RB, 95 Express Lanes LLC Project, AMT, 5.00%, 07/01/49 |  |  | 750 |  |  |  | 795,653 |
Washington — 1.8% |
County of Snohomish Housing Authority, Refunding RB, 4.00%, 04/01/44 |  |  | 485 |  |  |  | 519,920 |
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43 |  |  | 1,955 |  |  |  | 2,282,169 |
Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40 |  |  | 1,015 |  |  |  | 1,142,616 |
Washington Health Care Facilities Authority, RB, Providence Health & Services: |  |  |  |  |  |  |  |
4.00%, 10/01/45 |  |  | 705 |  |  |  | 754,428 |
Series A, 5.00%, 04/01/20(b) |  |  | 525 |  |  |  | 533,111 |
Series A, 5.25%, 04/01/20(b) |  |  | 625 |  |  |  | 635,313 |
Washington State Housing Finance Commission, RB, Transforming Age Project, Series A, 5.00%, 01/01/55(a) |  |  | 555 |  |  |  | 603,440 |
|  |  |  |  |  |  | 6,470,997 |
West Virginia — 0.2% |
West Virginia Hospital Finance Authority, RB, Improvement, West Virginia University Health System Obligated Group, Series A, 4.00%, 06/01/51 |  |  | 670 |  |  |  | 720,739 |
Wisconsin — 1.5% |
Public Finance Authority, Refunding RB, Penick Village Obligation Group, 5.00%, 09/01/49(a)(e) |  |  | 335 |  |  |  | 361,666 |
State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33 |  |  | 1,375 |  |  |  | 1,376,595 |
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A: |  |  |  |  |  |  |  |
4.15%, 11/01/48 |  |  | 2,150 |  |  |  | 2,318,883 |
4.45%, 05/01/57 |  |  | 1,160 |  |  |  | 1,248,218 |
|  |  |  |  |  |  | 5,305,362 |
Total Municipal Bonds — 118.0% (Cost — $380,371,154) |  |  |  | 424,594,099 |
Municipal Bonds Transferred to Tender Option Bond Trusts(g) |
Arizona — 0.5% |
County of Maricopa Industrial Development Authority, RB, Banner Health, Series A, 4.00%, 01/01/41 |  |  | 1,710 |  |  |  | 1,878,059 |
California — 1.7% |
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge Subordinate, 4.00%, 04/01/47(h) |  |  | 3,827 |  |  |  | 4,219,208 |
Los Angeles California Unified School District, GO, Election of 2008, Series B-1, 5.25%, 07/01/42(h) |  |  | 1,571 |  |  |  | 1,946,081 |
|  |  |  | 6,165,289 |

32 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Colorado — 2.8% |
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Subordinate System, Series A, AMT, 5.25%, 12/01/48(h) |  | $ | 2,324 |  |  | $ | 2,802,029 |
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A, 5.00%, 02/01/21(b) |  |  | 7,000 |  |  |  | 7,322,630 |
|  |  |  | 10,124,659 |
Connecticut — 0.4% |
State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45 |  |  | 1,381 |  |  |  | 1,613,592 |
District of Columbia — 0.6% |
District of Columbia, RB, Series A, 5.50%, 12/01/30(h) |  |  | 1,005 |  |  |  | 1,007,868 |
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2 (FHA), 4.10%, 09/01/39 |  |  | 1,031 |  |  |  | 1,110,745 |
|  |  |  | 2,118,613 |
Florida — 4.9% |
County of Broward Florida Airport Facilities Revenue, ARB, Senior Bond, Series B, AMT, 4.00%, 09/01/49 |  |  | 2,296 |  |  |  | 2,481,130 |
County of Miami-Dade Florida Transit System, Refunding RB, Sales Tax, 5.00%, 07/01/42 |  |  | 4,480 |  |  |  | 4,853,811 |
County of Miami-Dade Florida Water & Sewer System, RB, (AGM), 5.00%, 10/01/20(b) |  |  | 4,621 |  |  |  | 4,780,029 |
Greater Orlando Aviation Authority, ARB, Series A, AMT, 4.00%, 10/01/49 |  |  | 2,370 |  |  |  | 2,602,236 |
South Miami Health Facilities Authority, Refunding RB, Baptist Health South Florida, 5.00%, 08/15/47 |  |  | 2,640 |  |  |  | 3,088,985 |
|  |  |  |  |  |  | 17,806,191 |
Georgia — 0.6% |
Georgia Housing & Finance Authority, Refunding RB, S/F Mortgage Bonds, Series A, 3.70%, 06/01/49 |  |  | 2,041 |  |  |  | 2,119,535 |
Illinois — 1.9% |
State of Illinois Toll Highway Authority, RB: |  |  |  |  |  |  |  |
Series A, 5.00%, 01/01/38 |  |  | 2,138 |  |  |  | 2,344,467 |
Series A, 5.00%, 01/01/40 |  |  | 2,730 |  |  |  | 3,135,807 |
Series B, 5.00%, 01/01/40 |  |  | 1,050 |  |  |  | 1,212,012 |
|  |  |  |  |  |  | 6,692,286 |
Kansas — 1.6% |
County of Wyandotte Kansas Unified School District, GO, Series A, 5.50%, 09/01/47 |  |  | 4,723 |  |  |  | 5,741,152 |
Louisiana — 0.5% |
County of St. Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, First Lien, Series A, 4.00%, 05/01/41 |  |  | 1,515 |  |  |  | 1,638,291 |
Maine — 0.3% |
State of Maine Housing Authority, RB, M/F Housing, Series E, 4.15%, 11/15/38 |  |  | 957 |  |  |  | 1,053,473 |
Maryland — 2.4% |
City of Baltimore Maryland, RB, Wastewater Project, Series A, 5.00%, 07/01/46 |  |  | 1,061 |  |  |  | 1,255,747 |
City of Baltimore Maryland Water Utility Fund, RB, Sub-Water Projects, Series A, 5.00%, 07/01/41 |  |  | 2,808 |  |  |  | 3,320,494 |
County of Montgomery Housing Opportunites Commission, RB, S/F Housing, Series C, AMT, 3.30%, 07/01/39 |  |  | 4,023 |  |  |  | 4,067,604 |
|  |  |  |  |  |  | 8,643,845 |
Massachusetts — 0.5% |
Commonwealth of Massachusetts, GO, Series A, 5.00%, 03/01/46 |  |  | 1,461 |  |  |  | 1,657,147 |

Security |  | Par (000) |  |  | Value |
Michigan — 4.6% |
Michigan Finance Authority, RB: |  |  |  |  |  |  |  |
Beaumont Health Credit Group, Series A, 5.00%, 11/01/44 |  | $ | 1,970 |  |  | $ | 2,248,922 |
Multi Model- McLaren Health Care, 4.00%, 02/15/47 |  |  | 3,553 |  |  |  | 3,897,103 |
Michigan Finance Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/39 |  |  | 7,530 |  |  |  | 8,020,655 |
Michigan St Bldg Auth Revenue, Refunding RB, Facilities Program, Series I, 4.00%, 04/15/54 |  |  | 1,242 |  |  |  | 1,351,721 |
State of Michigan Building Authority, Refunding RB, Facilities Program, Series I, 5.00%, 10/15/45 |  |  | 870 |  |  |  | 1,017,361 |
|  |  |  |  |  |  | 16,535,762 |
Nebraska — 0.7% |
Nebraska Investment Finance Authority, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 3.70%, 03/01/47 |  |  | 2,456 |  |  |  | 2,596,615 |
Nevada — 2.2% |
County of Clark Nevada, GOL, Stadium Improvement, Series A, 5.00%, 06/01/38 |  |  | 3,061 |  |  |  | 3,718,372 |
Las Vegas Valley Water District Nevada, GO, Refunding, Water Improvement, Series A, 5.00%, 06/01/46 |  |  | 3,460 |  |  |  | 4,067,057 |
|  |  |  |  |  |  | 7,785,429 |
New Jersey — 2.2% |
County of Hudson New Jersey Improvement Authority, RB, Hudson County Vocational-Technical Schools Project, 5.25%, 05/01/51 |  |  | 800 |  |  |  | 949,952 |
New Jersey State Turnpike Authority, Refunding RB: |  |  |  |  |  |  |  |
Series B, 4.00%, 01/01/37 |  |  | 2,308 |  |  |  | 2,585,742 |
Series G, 4.00%, 01/01/43 |  |  | 2,146 |  |  |  | 2,377,611 |
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 06/15/36 |  |  | 1,840 |  |  |  | 1,928,268 |
|  |  |  |  |  |  | 7,841,573 |
New York — 6.8% |
City of New York Housing Development Corp., Refunding RB, Sustainable Neighborhood Bonds, Series A, 4.15%, 11/01/38 |  |  | 2,180 |  |  |  | 2,380,713 |
City of New York Transitional Finance Authority, BARB, Series S-1, 4.00%, 07/15/42(h) |  |  | 1,680 |  |  |  | 1,750,594 |
City of New York Transitional Finance Authority, RB, Future Tax, Sub-Series A-3, 5.00%, 08/01/40(h) |  |  | 3,058 |  |  |  | 3,688,178 |
City of New York Water & Sewer System, Refunding RB: |  |  |  |  |  |  |  |
2nd General Resolution, Fiscal 2013, Series CC, 5.00%, 06/15/47 |  |  | 5,680 |  |  |  | 6,395,904 |
Series DD, 5.00%, 06/15/35 |  |  | 1,665 |  |  |  | 1,922,925 |
Metropolitan Transportation Authority, RB, Transportation, Sub-Series D-1, 5.25%, 11/15/44 |  |  | 3,470 |  |  |  | 3,989,875 |
Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56 |  |  | 1,498 |  |  |  | 1,784,267 |
Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 198th Series, 5.25%, 11/15/56 |  |  | 2,241 |  |  |  | 2,718,465 |
|  |  |  |  |  |  | 24,630,921 |
Ohio — 1.5% |
Northeast Ohio Regional Sewer District, Refunding RB: |  |  |  |  |  |  |  |
4.00%, 11/15/49(h) |  |  | 2,115 |  |  |  | 2,263,790 |
4.00%, 11/15/43 |  |  | 2,912 |  |  |  | 3,233,315 |
|  |  |  |  |  |  | 5,497,105 |
Pennsylvania — 1.1% |
County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/42 |  |  | 900 |  |  |  | 1,041,768 |
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 129, 3.40%, 10/01/49 |  |  | 1,542 |  |  |  | 1,586,446 |

SCHEDULES OF INVESTMENTS |  |  | 33 |

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniEnhanced Fund, Inc. (MEN) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Pennsylvania (continued) |
Philadelphia Authority for Industrial Development, RB, Childrens Hospital of Philadelphia Project, Series A, 4.00%, 07/01/44 |  | $ | 1,229 |  |  | $ | 1,306,727 |
|  |  |  |  |  |  | 3,934,941 |
Rhode Island — 0.4% |
Rhode Island Housing & Mortgage Finance Corp., Refunding RB, S/F Housing, Home Ownership Opportunity Bonds, Series 69-B (Ginnie Mae, Fannie Mae & Freddie Mac), 3.95%, 10/01/43 |  |  | 1,450 |  |  |  | 1,561,114 |
South Carolina — 0.6% |
South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49(h) |  |  | 1,980 |  |  |  | 2,143,568 |
Texas — 2.9% |
City of Houston Texas Community College, GO, Limited Tax, 4.00%, 02/15/43 |  |  | 1,470 |  |  |  | 1,539,428 |
County of Harris Texas Toll Road Authority, Refunding RB, Senior Lien, Series A, 5.00%, 08/15/43 |  |  | 1,229 |  |  |  | 1,485,446 |
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Texas Health Resources System, Series A, 5.00%, 02/15/41 |  |  | 3,440 |  |  |  | 4,046,747 |
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing And Expansion Project, 4.00%, 09/15/42 |  |  | 1,874 |  |  |  | 1,968,349 |
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A (Ginnie Mae): |  |  |  |  |  |  |  |
3.63%, 09/01/44 |  |  | 816 |  |  |  | 863,723 |
3.75%, 09/01/49 |  |  | 579 |  |  |  | 612,884 |
|  |  |  |  |  |  | 10,516,577 |
Virginia — 1.7% |
Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.50%, 07/01/57 |  |  | 2,234 |  |  |  | 2,782,264 |
Virginia Housing Development Authority, RB, S/F Housing, Series C (Ginnie Mae), 3.70%, 08/01/48 |  |  | 3,045 |  |  |  | 3,197,984 |
|  |  |  |  |  |  | 5,980,248 |
Washington — 1.8% |
Metropolitan Washington Airports Authority, Refunding ARB, Series A, AMT, 5.00%, 10/01/30 |  |  | 2,530 |  |  |  | 2,772,197 |
Washington Health Care Facilities Authority, Refunding RB, Seattle Children’s Hospital, Series B, 5.00%, 10/01/38 |  |  | 2,880 |  |  |  | 3,612,096 |
|  |  |  | 6,384,293 |

Security |  | Par (000) |  |  | Value |
Wisconsin — 0.6% |
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group, Series A, 5.00%, 04/01/42 |  | $ | 1,980 |  |  | $ | 2,154,280 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 45.8% (Cost — $156,651,836) |  |  |  | 164,814,558 |
Total Long-Term Investments — 163.8% (Cost — $537,022,990) |  |  |  | 589,408,657 |
|  | Shares |  |  |  |
Short-Term Securities — 1.6% |  |  |  |  |  |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.04%(i)(j) |  |  | 5,711,485 |  |  |  | 5,712,056 |
Total Short-Term Securities — 1.6% (Cost — $5,712,044) |  |  |  | 5,712,056 |
Total Investments — 165.4% (Cost — $542,735,034) |  |  |  | 595,120,713 |
Other Assets Less Liabilities — 0.7% |  |  |  | 2,361,786 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (26.5)% |  |  |  | (95,275,678 | )
VRDP Shares, at Liquidation Value, Net of Deferred Offering Costs — (39.6)% |  |  |  | (142,332,149 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 359,874,672 |

(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) | Zero-coupon bond.

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

(e) | When-issued security.

(f) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

(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 4 of the Notes to Financial Statements for details.

(h) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expires between July 15, 2021 to December 01, 2030, is $12,119,420. See Note 4 of the Notes to Financial Statements for details.

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

(j) | During the six months ended October 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate |  | Shares Held at 04/30/19 |  |  | Net Activity |  |  | Shares Held at 10/31/19 |  |  | Value at 10/31/19 |  |  | Income |  |  | Net Realized Gain (Loss) (a) |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, MuniCash, Institutional Class |  |  | 580,450 |  |  |  | 5,131,035 |  |  |  | 5,711,485 |  |  | $ | 5,712,056 |  |  | $ | 22,161 |  |  | $ | 656 |  |  | $ | 12 |

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

34 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniEnhanced Fund, Inc. (MEN)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Notional Amount (000) |  |  | Value/ Unrealized Appreciation (Depreciation) |
Short Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
10-Year U.S. Treasury Note |  |  | 62 |  |  |  | 12/19/19 |  |  | $ | 8,078 |  |  | $ | 5,122 |
Long U.S. Treasury Bond |  |  | 118 |  |  |  | 12/19/19 |  |  |  | 19,042 |  |  |  | 21,201 |
5-Year U.S. Treasury Note |  |  | 23 |  |  |  | 12/31/19 |  |  |  | 2,742 |  |  |  | 1,688 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 28,011 |

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized appreciation on futures contracts(a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 28,011 |  |  | $ | — |  |  | $ | 28,011 |

| (a) | Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |

For the six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,932,765 | ) |  | $ | — |  |  | $ | (2,932,765 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 244,255 |  |  | $ | — |  |  | $ | 244,255 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |
Average notional value of contracts — short |  | $ | 29,440,605 |

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

Fair Value Hierarchy as of Period End

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |
Investments: |
Long-Term Investments(a) |  | $ | — |  |  | $ | 589,408,657 |  |  | $ | — |  |  | $ | 589,408,657 |
Short-Term Securities |  |  | 5,712,056 |  |  |  | — |  |  |  | — |  |  |  | 5,712,056 |
|  | $ | 5,712,056 |  |  | $ | 589,408,657 |  |  | $ | — |  |  | $ | 595,120,713 |
Derivative Financial Instruments(b) |
Assets: |
Interest rate contracts |  | $ | 28,011 |  |  | $ | — |  |  | $ | — |  |  | $ | 28,011 |

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

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

SCHEDULES OF INVESTMENTS |  |  | 35 |

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniEnhanced Fund, Inc. (MEN)

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount (Add if fund holds reverse repos: or face value, including accrued interest,) for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOB Trust Certificates |  | $ | — |  |  | $ | (94,889,804 | ) |  | $ | — |  |  | $ | (94,889,804 | )
VRDP Shares at Liquidation Value |  |  | — |  |  |  | (142,500,000 | ) |  |  | — |  |  |  | (142,500,000 | )
|  | $ | — |  |  | $ | (237,389,804 | ) |  | $ | — |  |  | $ | (237,389,804 | )

See notes to financial statements.

36 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) October 31, 2019 |  | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds — 119.2% |
Alabama — 2.1% |
County of Jefferson Alabama Sewer, Refunding RB: |  |  |  |  |  |  |  |
Senior Lien, Series A (AGM), 5.00%, 10/01/44 |  | $ | 570 |  |  | $ | 643,426 |
Senior Lien, Series A (AGM), 5.25%, 10/01/48 |  |  | 1,090 |  |  |  | 1,241,412 |
Sub-Lien, Series D, 6.00%, 10/01/42 |  |  | 1,000 |  |  |  | 1,177,960 |
Sub-Lien, Series D, 7.00%, 10/01/51 |  |  | 1,545 |  |  |  | 1,867,318 |
|  |  |  |  |  |  | 4,930,116 |
Arizona — 2.9% |
City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A, 5.00%, 07/01/46(a) |  |  | 1,230 |  |  |  | 1,305,547 |
Salt Verde Financial Corp., RB, Senior: |  |  |  |  |  |  |  |
5.00%, 12/01/32 |  |  | 2,000 |  |  |  | 2,586,020 |
5.00%, 12/01/37 |  |  | 2,360 |  |  |  | 3,165,232 |
|  |  |  |  |  |  | 7,056,799 |
Arkansas — 0.8% |
Arkansas Development Finance Authority, RB, Big River Steel Project, AMT, 4.50%, 09/01/49(a) |  |  | 1,810 |  |  |  | 1,916,374 |
California — 7.2% |
California Educational Facilities Authority, RB, Stanford University, Series V-1, 5.00%, 05/01/49 |  |  | 1,545 |  |  |  | 2,365,519 |
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(b) |  |  | 2,200 |  |  |  | 2,285,030 |
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 07/01/33 |  |  | 875 |  |  |  | 987,630 |
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A: |  |  |  |  |  |  |  |
5.25%, 08/15/39 |  |  | 105 |  |  |  | 117,724 |
5.25%, 08/15/49 |  |  | 265 |  |  |  | 294,343 |
California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A, 5.00%, 02/01/42 |  |  | 165 |  |  |  | 194,352 |
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45(a) |  |  | 1,025 |  |  |  | 1,092,650 |
California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A, 5.00%, 12/01/46(a) |  |  | 330 |  |  |  | 368,792 |
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/38 |  |  | 255 |  |  |  | 296,751 |
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/47 |  |  | 1,950 |  |  |  | 2,007,232 |
Montebello Unified School District, GO, CAB (NPFGC), 0.00%, 08/01/22(c) |  |  | 2,405 |  |  |  | 2,302,258 |
San Diego Unified School District California, GO, CAB, Election of 2008, Series A, 0.00%, 07/01/29(c) |  |  | 3,475 |  |  |  | 2,899,227 |
State of California Public Works Board, LRB, Various Capital Projects: |  |  |  |  |  |  |  |
Series I, 5.00%, 11/01/38 |  |  | 550 |  |  |  | 620,692 |
Sub-Series I-1, 6.38%, 11/01/19(b) |  |  | 820 |  |  |  | 820,000 |
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1, 4.75%, 06/01/25 |  |  | 540 |  |  |  | 540,599 |
|  |  |  |  |  |  | 17,192,799 |
Colorado — 2.8% |
Arapahoe County School District No. 6 Littleton, GO, Series A, 5.50%, 12/01/43 |  |  | 1,260 |  |  |  | 1,615,622 |
Colorado Educational & Cultural Facilities Authority, RB, Charter School, Colorado Springs, 5.50%, 07/01/40 |  |  | 1,455 |  |  |  | 1,488,232 |
Colorado Health Facilities Authority, Refunding RB, Commonspirit Health: |  |  |  |  |  |  |  |
Series A, 4.00%, 08/01/44 |  |  | 220 |  |  |  | 237,123 |
Series A-2, 4.00%, 08/01/49 |  |  | 1,065 |  |  |  | 1,138,837 |

Security |  | Par (000) |  |  | Value |
Colorado (continued) |
Regional Transportation District, COP, Refunding, Series A, 5.38%, 06/01/31 |  | $ | 710 |  |  | $ | 726,621 |
Regional Transportation District, RB, Denver Transit Partners Eagle P3 Project, 6.00%, 01/15/34 |  |  | 1,425 |  |  |  | 1,449,966 |
|  |  |  |  |  |  | 6,656,401 |
Delaware — 1.8% |
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |  |  | 790 |  |  |  | 822,840 |
Delaware Transportation Authority, RB, U.S. 301 Project, 5.00%, 06/01/55 |  |  | 840 |  |  |  | 957,827 |
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 |  |  | 2,430 |  |  |  | 2,499,328 |
|  |  |  |  |  |  | 4,279,995 |
District of Columbia — 5.9% |
District of Columbia, Refunding RB: |  |  |  |  |  |  |  |
Georgetown University, 5.00%, 04/01/35 |  |  | 315 |  |  |  | 378,857 |
Georgetown University Issue, 5.00%, 04/01/42 |  |  | 260 |  |  |  | 307,525 |
The Catholic University of America Issue, 5.00%, 10/01/48 |  |  | 1,695 |  |  |  | 1,997,642 |
District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 06/01/41 |  |  | 1,520 |  |  |  | 1,599,542 |
Metropolitan Washington Airports Authority, Refunding ARB: |  |  |  |  |  |  |  |
Dulles Metrorail And Capital Improvement Projects, Series A, 5.00%, 10/01/53 |  |  | 1,475 |  |  |  | 1,575,757 |
Dulles Toll Road, CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/35(c) |  |  | 13,485 |  |  |  | 8,298,399 |
|  |  |  |  |  |  | 14,157,722 |
Florida — 4.2% |
City of Clearwater Florida Water & Sewer Revenue, RB, Series A, 5.25%, 12/01/19(b) |  |  | 2,375 |  |  |  | 2,382,244 |
County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45 |  |  | 960 |  |  |  | 1,092,989 |
County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A-1, 5.38%, 10/01/20(b) |  |  | 2,620 |  |  |  | 2,719,953 |
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21(b) |  |  | 2,095 |  |  |  | 2,330,960 |
Village Community Development District No.10, Special Assessment Bonds, 5.13%, 05/01/43 |  |  | 1,380 |  |  |  | 1,479,484 |
|  |  |  |  |  |  | 10,005,630 |
Georgia — 3.7% |
County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation, 4.00%, 08/15/48 |  |  | 2,615 |  |  |  | 2,836,438 |
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54 |  |  | 370 |  |  |  | 435,716 |
DeKalb Georgia Private Hospital Authority, Refunding RB, Children’s Healthcare, 5.25%, 11/15/19(b) |  |  | 585 |  |  |  | 585,720 |
Georgia Housing & Finance Authority, Refunding RB, S/F Housing, Mortgage Bonds, Series A, 3.60%, 12/01/44 |  |  | 1,045 |  |  |  | 1,081,251 |
Main Street Natural Gas, Inc., RB, Series A: |  |  |  |  |  |  |  |
5.00%, 05/15/35 |  |  | 360 |  |  |  | 466,351 |
5.00%, 05/15/36 |  |  | 360 |  |  |  | 469,519 |
5.00%, 05/15/37 |  |  | 400 |  |  |  | 525,020 |
5.00%, 05/15/38 |  |  | 220 |  |  |  | 289,164 |
5.00%, 05/15/49 |  |  | 725 |  |  |  | 977,242 |
Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project, 4.00%, 01/01/49 |  |  | 1,135 |  |  |  | 1,198,049 |
|  |  |  |  |  |  | 8,864,470 |
Hawaii — 0.4% |
State of Hawaii Harbor System, ARB, Series A, 5.25%, 07/01/30 |  |  | 945 |  |  |  | 969,938 |

SCHEDULES OF INVESTMENTS |  |  | 37 |

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Idaho — 0.3% |
Idaho Health Facilities Authority, RB, Trinity Health Credit Group, Series A, 5.00%, 12/01/46 |  | $ | 540 |  |  | $ | 643,837 |
Illinois — 15.4% |
Chicago Board of Education, GO, Series H, Series C, Series D: |  |  |  |  |  |  |  |
Dedicated Revenues, 5.00%, 12/01/36 |  |  | 350 |  |  |  | 399,774 |
Project, 5.25%, 12/01/35 |  |  | 1,075 |  |  |  | 1,185,757 |
Chicago Board of Education, GO, Refunding: |  |  |  |  |  |  |  |
Dedicated Revenues, 5.00%, 12/01/30 |  |  | 605 |  |  |  | 695,938 |
Dedicated Revenues, Series F, 5.00%, 12/01/22 |  |  | 455 |  |  |  | 492,269 |
Dedicated Revenues, Series G, 5.00%, 12/01/34 |  |  | 315 |  |  |  | 360,911 |
5.00%, 12/01/27 |  |  | 500 |  |  |  | 580,265 |
Chicago Board of Education, GO: |  |  |  |  |  |  |  |
5.00%, 12/01/46 |  |  | 390 |  |  |  | 445,052 |
5.00%, 12/01/46 |  |  | 1,015 |  |  |  | 1,084,690 |
City of Chicago Illinois, Special Assessment Bonds, Lake Shore East Project, 6.75%, 12/01/32 |  |  | 876 |  |  |  | 877,813 |
City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien: |  |  |  |  |  |  |  |
Series A, 5.75%, 01/01/21(b) |  |  | 1,680 |  |  |  | 1,766,503 |
Series A, 5.75%, 01/01/39 |  |  | 320 |  |  |  | 334,736 |
Series C, 6.50%, 01/01/21(b) |  |  | 4,055 |  |  |  | 4,298,746 |
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |  |  | 730 |  |  |  | 777,435 |
City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42 |  |  | 1,000 |  |  |  | 1,069,390 |
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38 |  |  | 560 |  |  |  | 601,737 |
Illinois Finance Authority, Refunding RB, Central Dupage Health, Series B, 5.50%, 11/01/19(b) |  |  | 1,115 |  |  |  | 1,115,000 |
Metropolitan Pier & Exposition Authority, Refunding RB: |  |  |  |  |  |  |  |
McCormick Place Expansion Project, CAB, Series B (AGM), 0.00%, 06/15/47(c) |  |  | 13,220 |  |  |  | 4,995,177 |
McCormick Place Expansion Project, Series B (AGM), 0.00%, 06/15/43(c) |  |  | 3,765 |  |  |  | 1,662,850 |
McCormick Place Expansion Project, Series B (AGM), 5.00%, 06/15/50 |  |  | 3,070 |  |  |  | 3,134,439 |
McCormick Place Expansion Project, Series B-2, 5.00%, 06/15/50 |  |  | 1,850 |  |  |  | 1,868,722 |
Railsplitter Tobacco Settlement Authority, RB(b): |  |  |  |  |  |  |  |
5.50%, 06/01/21 |  |  | 315 |  |  |  | 335,787 |
6.00%, 06/01/21 |  |  | 800 |  |  |  | 858,816 |
State of Illinois, GO, 5.00%, 02/01/39 |  |  | 1,100 |  |  |  | 1,172,974 |
State of Illinois, GO, Refunding, Series B, 5.00%, 10/01/29 |  |  | 930 |  |  |  | 1,069,277 |
State of Illinois, GO, Series A, 5.00%, 04/01/38 |  |  | 2,625 |  |  |  | 2,776,988 |
State of Illinois Toll Highway Authority, RB, Series C, 5.00%, 01/01/37 |  |  | 2,000 |  |  |  | 2,285,960 |
University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44 |  |  | 705 |  |  |  | 782,536 |
|  |  |  |  |  |  | 37,029,542 |
Indiana — 3.3% |
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |  |  |  |  |  |  |  |
6.75%, 01/01/34 |  |  | 560 |  |  |  | 649,415 |
7.00%, 01/01/44 |  |  | 1,355 |  |  |  | 1,540,513 |
Indiana Finance Authority, RB, Series A: |  |  |  |  |  |  |  |
CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |  |  | 2,275 |  |  |  | 2,427,584 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44 |  |  | 310 |  |  |  | 336,214 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48 |  |  | 1,030 |  |  |  | 1,113,358 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51 |  |  | 290 |  |  |  | 315,944 |
Sisters of St. Francis Health Services, 5.25%, 11/01/19(b) |  |  | 585 |  |  |  | 585,000 |

Security |  | Par (000) |  |  | Value |
Indiana (continued) |
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40 |  | $ | 880 |  |  | $ | 968,475 |
|  |  |  |  |  |  | 7,936,503 |
Iowa — 1.6% |
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project: |  |  |  |  |  |  |  |
Series B, 5.25%, 12/01/50(d) |  |  | 1,955 |  |  |  | 2,113,902 |
Midwestern Disaster Area, 5.25%, 12/01/25 |  |  | 320 |  |  |  | 343,101 |
Midwestern Disaster Area, 5.88%, 12/01/26(a) |  |  | 285 |  |  |  | 297,150 |
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22 |  |  | 95 |  |  |  | 97,088 |
Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 06/01/46 |  |  | 980 |  |  |  | 980,029 |
|  |  |  |  |  |  | 3,831,270 |
Kansas — 0.6% |
Kansas Development Finance Authority, Refunding RB, Adventist Health System/Sunbelt Obligated Group, Series C(b): |  |  |  |  |  |  |  |
5.75%, 11/15/19 |  |  | 35 |  |  |  | 35,048 |
5.75%, 11/15/19 |  |  | 1,485 |  |  |  | 1,487,079 |
|  |  |  |  |  |  | 1,522,127 |
Kentucky — 0.7% |
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23(b) |  |  | 705 |  |  |  | 793,555 |
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 6.75%, 07/01/43(e) |  |  | 865 |  |  |  | 937,556 |
|  |  |  |  |  |  | 1,731,111 |
Louisiana — 1.9% |
New Orleans Aviation Board, RB, Passenger Facility Charge, Series A, 5.25%, 01/01/41 |  |  | 430 |  |  |  | 432,490 |
Parish of St. John the Baptist Louisiana, Refunding RB, Marathon Oil Corporation Project(d): |  |  |  |  |  |  |  |
2.10%, 06/01/37 |  |  | 330 |  |  |  | 331,604 |
2.20%, 06/01/37 |  |  | 345 |  |  |  | 346,559 |
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |  |  |  |  |  |  |  |
5.50%, 05/15/30 |  |  | 700 |  |  |  | 715,785 |
5.25%, 05/15/31 |  |  | 600 |  |  |  | 628,020 |
5.25%, 05/15/32 |  |  | 765 |  |  |  | 822,199 |
5.25%, 05/15/33 |  |  | 830 |  |  |  | 891,486 |
5.25%, 05/15/35 |  |  | 350 |  |  |  | 384,972 |
|  |  |  |  |  |  | 4,553,115 |
Maryland — 1.0% |
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25 |  |  | 530 |  |  |  | 542,752 |
Maryland Health & Higher Educational Facilities Authority, RB, Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46 |  |  | 305 |  |  |  | 363,041 |
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 01/01/21(b) |  |  | 1,520 |  |  |  | 1,608,783 |
|  |  |  |  |  |  | 2,514,576 |
Massachusetts — 0.6% |
Massachusetts Development Finance Agency, Refunding RB, Boston University, Series P, 5.45%, 05/15/59 |  |  | 1,165 |  |  |  | 1,524,542 |
Michigan — 3.7% |
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39 |  |  | 3,085 |  |  |  | 3,364,069 |

38 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Michigan (continued) |
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital: |  |  |  |  |  |  |  |
5.50%, 05/15/20(b) |  | $ | 530 |  |  | $ | 541,936 |
5.50%, 05/15/36 |  |  | 425 |  |  |  | 434,367 |
Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44 |  |  | 630 |  |  |  | 680,539 |
Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, 5.75%, 11/15/19(b) |  |  | 2,105 |  |  |  | 2,107,736 |
Michigan State University, Refunding RB, Board of Trustees, Series B, 5.00%, 02/15/48 |  |  | 730 |  |  |  | 890,359 |
Michigan Strategic Fund, RB, I-75 Improvement Projects, AMT, 5.00%, 06/30/48 |  |  | 785 |  |  |  | 923,505 |
|  |  |  |  |  |  | 8,942,511 |
Minnesota — 1.1% |
Duluth Economic Development Authority, Refunding RB, Essentia Health Obligated Group, Series A: |  |  |  |  |  |  |  |
4.25%, 02/15/48 |  |  | 750 |  |  |  | 828,375 |
5.25%, 02/15/53 |  |  | 1,500 |  |  |  | 1,781,100 |
|  |  |  |  |  |  | 2,609,475 |
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 |  |  |  | 191,032 |
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 05/01/43 |  |  | 175 |  |  |  | 189,054 |
|  |  |  |  |  |  | 380,086 |
Nebraska — 0.3% |
Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.25%, 09/01/37 |  |  | 575 |  |  |  | 626,652 |
New Hampshire — 0.7% |
New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project(a): |  |  |  |  |  |  |  |
Series B, 4.63%, 11/01/42 |  |  | 1,105 |  |  |  | 1,141,023 |
Series C, AMT, 4.88%, 11/01/42 |  |  | 575 |  |  |  | 595,062 |
|  |  |  |  |  |  | 1,736,085 |
New Jersey — 12.1% |
Casino Reinvestment Development Authority, Refunding RB: |  |  |  |  |  |  |  |
5.25%, 11/01/39 |  |  | 735 |  |  |  | 794,454 |
5.25%, 11/01/44 |  |  | 1,095 |  |  |  | 1,181,965 |
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(a) |  |  | 775 |  |  |  | 784,951 |
New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23 |  |  | 1,410 |  |  |  | 1,520,332 |
New Jersey EDA, RB: |  |  |  |  |  |  |  |
Continental Airlines, Inc. Project, AMT, 5.25%, 09/15/29 |  |  | 1,365 |  |  |  | 1,489,079 |
Series EEE, 5.00%, 06/15/48 |  |  | 2,705 |  |  |  | 3,079,453 |
New Jersey EDA, Refunding ARB, Port Network Container Terminal LLC Project, AMT, 5.00%, 10/01/47 |  |  | 1,060 |  |  |  | 1,212,078 |
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 04/01/31 |  |  | 1,550 |  |  |  | 1,817,607 |
New Jersey State Turnpike Authority, RB: |  |  |  |  |  |  |  |
Series A, 5.00%, 01/01/43 |  |  | 715 |  |  |  | 774,674 |
Series E, 5.00%, 01/01/45 |  |  | 1,875 |  |  |  | 2,148,525 |
New Jersey Transportation Trust Fund Authority, RB: |  |  |  |  |  |  |  |
Series BB, 4.00%, 06/15/50 |  |  | 1,085 |  |  |  | 1,127,662 |
Series BB, 5.00%, 06/15/50 |  |  | 2,325 |  |  |  | 2,647,966 |
Transportation Program, Series AA, 5.00%, 06/15/44 |  |  | 315 |  |  |  | 342,103 |
Transportation Program, Series AA, 5.00%, 06/15/44 |  |  | 580 |  |  |  | 623,181 |

Security |  | Par (000) |  |  | Value |
New Jersey (continued) |
New Jersey Transportation Trust Fund Authority, RB (continued): |  |  |  |  |  |  |  |
Transportation System, Series A, 5.50%, 06/15/41 |  | $ | 1,575 |  |  | $ | 1,648,285 |
Transportation System, Series B, 5.25%, 06/15/36 |  |  | 1,705 |  |  |  | 1,786,380 |
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 06/01/46 |  |  | 390 |  |  |  | 453,340 |
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Sub-Series B, 5.00%, 06/01/46 |  |  | 5,150 |  |  |  | 5,689,720 |
|  |  |  |  |  |  | 29,121,755 |
New York — 7.8% |
City of New York Transitional Finance Authority Future Tax Secured Revenue, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 02/01/42 |  |  | 310 |  |  |  | 332,785 |
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41(a) |  |  | 1,300 |  |  |  | 1,319,786 |
County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility, Series A-1, 5.00%, 08/01/46 |  |  | 265 |  |  |  | 264,981 |
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44 |  |  | 225 |  |  |  | 244,030 |
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45 |  |  | 1,405 |  |  |  | 1,405,618 |
Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/38 |  |  | 1,715 |  |  |  | 1,965,459 |
Metropolitan Transportation Authority, Refunding RB, Dedicated Tax Fund, Series B, 5.00%, 11/15/19(b) |  |  | 1,740 |  |  |  | 1,742,071 |
New York Counties Tobacco Trust IV, Refunding RB, Tobacco Settlement Pass-Through Bonds, Series A, 5.00%, 06/01/38 |  |  | 1,415 |  |  |  | 1,415,113 |
New York Liberty Development Corp., Refunding RB: |  |  |  |  |  |  |  |
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 01/15/20(b) |  |  | 850 |  |  |  | 858,747 |
3 World Trade Center Project, Class 1, 5.00%, 11/15/44(a) |  |  | 2,275 |  |  |  | 2,500,953 |
3 World Trade Center Project, Class 2, 5.15%, 11/15/34(a) |  |  | 245 |  |  |  | 270,813 |
3 World Trade Center Project, Class 2, 5.38%, 11/15/40(a) |  |  | 605 |  |  |  | 679,990 |
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8: |  |  |  |  |  |  |  |
6.00%, 12/01/36 |  |  | 900 |  |  |  | 939,591 |
6.00%, 12/01/42 |  |  | 875 |  |  |  | 911,444 |
State of New York Environmental Facilities Corp., RB, Subordinated SRF Bonds, Series B, 5.00%, 06/15/48 |  |  | 1,305 |  |  |  | 1,586,723 |
State of New York Thruway Authority, Refunding RB, Series B, 4.00%, 01/01/50 |  |  | 2,090 |  |  |  | 2,314,988 |
|  |  |  |  |  |  | 18,753,092 |
North Carolina — 0.2% |
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21(b) |  |  | 415 |  |  |  | 450,881 |
North Dakota — 0.3% |
County of Cass North Dakota, Refunding RB, Essentia Health Obligated Group, Series B, 5.25%, 02/15/58 |  |  | 695 |  |  |  | 820,559 |
Ohio — 1.9% |
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 06/01/47 |  |  | 2,570 |  |  |  | 2,589,301 |
County of Franklin Ohio, RB: |  |  |  |  |  |  |  |
Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 07/01/40 |  |  | 470 |  |  |  | 514,518 |
Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46 |  |  | 290 |  |  |  | 340,994 |

SCHEDULES OF INVESTMENTS |  |  | 39 |

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Ohio (continued) |
Ohio Air Quality Development Authority, RB, AMG Vanadium Project, AMT, 5.00%, 07/01/49(a) |  | $ | 535 |  |  | $ | 590,854 |
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53 |  |  | 580 |  |  |  | 644,200 |
|  |  |  |  |  |  | 4,679,867 |
Oklahoma — 1.8% |
City of Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |  |  | 1,500 |  |  |  | 1,654,500 |
Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.25%, 08/15/48 |  |  | 855 |  |  |  | 1,010,080 |
Oklahoma Turnpike Authority, RB, 2nd Series C, 4.00%, 01/01/42 |  |  | 1,420 |  |  |  | 1,583,584 |
|  |  |  |  |  |  | 4,248,164 |
Oregon — 0.3% |
Warm Springs Reservation Confederated Tribe, Refunding RB, Green Bond, Pelton Round Butte Project, Series B, 5.00%, 11/01/39(a) |  |  | 650 |  |  |  | 756,717 |
Pennsylvania — 3.1% |
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/42 |  |  | 460 |  |  |  | 498,130 |
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A: |  |  |  |  |  |  |  |
4.00%, 09/01/49 |  |  | 415 |  |  |  | 446,445 |
5.00%, 09/01/43 |  |  | 905 |  |  |  | 1,069,411 |
Lancaster IDA, RB, Willow Valley Communities Project, 5.00%, 12/01/49 |  |  | 950 |  |  |  | 1,096,205 |
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42 |  |  | 2,015 |  |  |  | 2,279,408 |
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44 |  |  | 1,105 |  |  |  | 1,162,471 |
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44 |  |  | 795 |  |  |  | 904,376 |
|  |  |  |  |  |  | 7,456,446 |
Puerto Rico — 5.5% |
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: |  |  |  |  |  |  |  |
5.50%, 05/15/39 |  |  | 475 |  |  |  | 482,410 |
5.63%, 05/15/43 |  |  | 500 |  |  |  | 507,810 |
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A: |  |  |  |  |  |  |  |
5.00%, 07/01/33 |  |  | 1,845 |  |  |  | 1,933,412 |
5.13%, 07/01/37 |  |  | 510 |  |  |  | 535,577 |
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A: |  |  |  |  |  |  |  |
6.00%, 07/01/38 |  |  | 530 |  |  |  | 535,470 |
6.00%, 07/01/44 |  |  | 960 |  |  |  | 969,859 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured: |  |  |  |  |  |  |  |
Series A-1, 4.75%, 07/01/53 |  |  | 1,146 |  |  |  | 1,181,961 |
Series A-1, 5.00%, 07/01/58 |  |  | 4,631 |  |  |  | 4,846,619 |
Series A-2, 4.33%, 07/01/40 |  |  | 62 |  |  |  | 62,820 |
Series A-2, 4.78%, 07/01/58 |  |  | 2,162 |  |  |  | 2,225,195 |
|  |  |  |  |  |  | 13,281,133 |
Rhode Island — 2.3% |
Tobacco Settlement Financing Corp., Refunding RB: |  |  |  |  |  |  |  |
Series A, 5.00%, 06/01/35 |  |  | 580 |  |  |  | 652,169 |
Series B, 4.50%, 06/01/45 |  |  | 1,900 |  |  |  | 1,980,199 |
Series B, 5.00%, 06/01/50 |  |  | 2,605 |  |  |  | 2,775,107 |
|  |  |  |  |  |  | 5,407,475 |

Security |  | Par (000) |  |  | Value |
South Carolina — 4.7% |
South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 5.00%, 05/01/48 |  | $ | 2,245 |  |  | $ | 2,617,558 |
State of South Carolina Ports Authority, ARB: |  |  |  |  |  |  |  |
5.25%, 07/01/20(b) |  |  | 2,285 |  |  |  | 2,345,895 |
AMT, 5.25%, 07/01/25(b) |  |  | 160 |  |  |  | 192,691 |
AMT, 5.25%, 07/01/55 |  |  | 765 |  |  |  | 883,743 |
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54 |  |  | 2,410 |  |  |  | 2,730,651 |
State of South Carolina Public Service Authority, Refunding RB: |  |  |  |  |  |  |  |
Series A, 5.00%, 12/01/50 |  |  | 1,035 |  |  |  | 1,181,235 |
Series E, 5.25%, 12/01/55 |  |  | 1,225 |  |  |  | 1,421,159 |
|  |  |  |  |  |  | 11,372,932 |
Tennessee — 1.1% |
City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23(b) |  |  | 980 |  |  |  | 1,100,158 |
City of Chattanooga Health Educational & Housing Facility Board, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/44 |  |  | 115 |  |  |  | 123,862 |
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40 |  |  | 495 |  |  |  | 574,680 |
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, Refunding RB, Lipscomb University Project, Series A, 5.25%, 10/01/58 |  |  | 705 |  |  |  | 855,024 |
|  |  |  |  |  |  | 2,653,724 |
Texas — 9.4% |
Central Texas Regional Mobility Authority, Refunding RB: |  |  |  |  |  |  |  |
Senior Lien, 6.25%, 01/01/21(b) |  |  | 1,480 |  |  |  | 1,564,330 |
Sub-Lien, 5.00%, 01/01/33 |  |  | 250 |  |  |  | 272,453 |
City of Austin Texas Airport System, ARB, AMT, 5.00%, 11/15/39 |  |  | 440 |  |  |  | 501,987 |
City of Austin Texas Electric Utility Revenue, Refunding RB, Series A, 5.00%, 11/15/37 |  |  | 1,500 |  |  |  | 1,652,160 |
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48 |  |  | 850 |  |  |  | 1,038,573 |
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 01/01/23(b) |  |  | 325 |  |  |  | 382,385 |
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/48 |  |  | 3,330 |  |  |  | 3,971,258 |
North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 0.00%, 09/01/31(b)(c) |  |  | 1,400 |  |  |  | 698,852 |
San Antonio Water System, Refunding RB, Junior Lien, Series A, 5.00%, 05/15/48 |  |  | 1,825 |  |  |  | 2,200,311 |
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |  |  |  |  |  |  |  |
LBJ Infrastructure Group LLC, 7.00%, 06/30/40 |  |  | 2,000 |  |  |  | 2,075,540 |
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |  |  | 1,700 |  |  |  | 1,713,532 |
Texas Transportation Commission, RB, First Tier Toll Revenue, 5.00%, 08/01/57 |  |  | 845 |  |  |  | 993,796 |
Texas Water Development Board, RB, Series A, 4.00%, 10/15/49 |  |  | 5,020 |  |  |  | 5,627,320 |
|  |  |  |  |  |  | 22,692,497 |
Utah — 0.6% |
City of Salt Lake Corp. Airport Revenue, ARB, Series A, AMT: |  |  |  |  |  |  |  |
5.00%, 07/01/48 |  |  | 640 |  |  |  | 754,464 |
5.00%, 07/01/47 |  |  | 665 |  |  |  | 774,126 |
|  |  |  |  |  |  | 1,528,590 |

40 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Virginia — 1.8% |
County of Hanover Virginia EDA, Refunding RB, Covenant Woods, Series A: |  |  |  |  |  |  |  |
5.00%, 07/01/42 |  | $ | 625 |  |  | $ | 648,706 |
Residential Care Facility, 5.00%, 07/01/47 |  |  | 970 |  |  |  | 1,003,552 |
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT: |  |  |  |  |  |  |  |
5.25%, 01/01/32 |  |  | 550 |  |  |  | 600,424 |
6.00%, 01/01/37 |  |  | 1,830 |  |  |  | 2,025,719 |
|  |  |  |  |  |  | 4,278,401 |
Washington — 2.4% |
Grant County Public Utility District No. 2, Refunding RB, Series A, 5.00%, 01/01/43 |  |  | 1,555 |  |  |  | 1,820,407 |
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43 |  |  | 1,085 |  |  |  | 1,266,575 |
Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40 |  |  | 540 |  |  |  | 607,894 |
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 01/01/45 |  |  | 1,625 |  |  |  | 1,821,528 |
Washington Health Care Facilities Authority, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/44 |  |  | 250 |  |  |  | 269,265 |
|  |  |  |  |  |  | 5,785,669 |
Wisconsin — 0.7% |
State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33 |  |  | 1,710 |  |  |  | 1,711,985 |
Total Municipal Bonds — 119.2% (Cost — $259,807,824) |  |  |  | 286,611,563 |
Municipal Bonds Transferred to Tender Option Bond Trusts(f) |
California — 6.7% |
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, 4.00%, 04/01/42(g) |  |  | 2,257 |  |  |  | 2,511,805 |
City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/19(b) |  |  | 6,600 |  |  |  | 6,600,000 |
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A, 5.00%, 05/15/40 |  |  | 4,121 |  |  |  | 4,200,189 |
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds, 5.00%, 10/01/47 |  |  | 2,250 |  |  |  | 2,682,160 |
|  |  |  |  |  |  | 15,994,154 |
Colorado — 2.0% |
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Subordinate System, Series A, AMT, 5.25%, 12/01/48(g) |  |  | 1,664 |  |  |  | 2,006,614 |
County of Adams Colorado, COP, Refunding, 4.00%, 12/01/45 |  |  | 2,700 |  |  |  | 2,910,438 |
|  |  |  |  |  |  | 4,917,052 |
Florida — 1.7% |
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/20(b) |  |  | 3,939 |  |  |  | 4,075,370 |
Illinois — 0.5% |
Illinois Finance Authority, Refunding RB, Presence Health Network, Series C: |  |  |  |  |  |  |  |
4.00%, 02/15/27(b) |  |  | 3 |  |  |  | 2,817 |
4.00%, 02/15/41 |  |  | 1,031 |  |  |  | 1,123,016 |
|  |  |  |  |  |  | 1,125,833 |

Security |  | Par (000) |  |  | Value |
Massachusetts — 4.3% |
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Rail Enhancement Program, Series A, 4.00%, 06/01/45 |  | $ | 1,502 |  |  | $ | 1,620,228 |
Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare System, 5.00%, 07/01/47 |  |  | 3,359 |  |  |  | 4,006,997 |
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41 |  |  | 4,502 |  |  |  | 4,801,428 |
|  |  |  |  |  |  | 10,428,653 |
New York — 9.0% |
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012(g): |  |  |  |  |  |  |  |
5.75%, 02/15/21(b) |  |  | 687 |  |  |  | 725,746 |
5.75%, 02/15/47 |  |  | 423 |  |  |  | 446,457 |
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 |  |  | 7,440 |  |  |  | 8,049,631 |
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51(g) |  |  | 4,460 |  |  |  | 4,835,884 |
Port Authority of New York & New Jersey, Refunding ARB, Series194th, 5.25%, 10/15/55 |  |  | 1,860 |  |  |  | 2,211,893 |
State of New York Urban Development Corp., RB, State Personal Income Tax, General Purpose, Series A, 4.00%, 03/15/46 |  |  | 4,846 |  |  |  | 5,462,552 |
|  |  |  |  |  |  | 21,732,163 |
North Carolina — 0.9% |
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55 |  |  | 1,830 |  |  |  | 2,143,717 |
Pennsylvania — 0.9% |
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42 |  |  | 1,695 |  |  |  | 2,037,763 |
Rhode Island — 0.5% |
Narragansett Bay Commission, Refunding RB, Wastewater System, Series A, 4.00%, 09/01/43 |  |  | 1,140 |  |  |  | 1,191,574 |
Texas — 5.2% |
City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43 |  |  | 1,720 |  |  |  | 1,893,324 |
County of Harris Texas, RB, Toll Road, Senior Lien, Series A(g): |  |  |  |  |  |  |  |
5.00%, 08/15/19(b) |  |  | 1,138 |  |  |  | 1,140,363 |
5.00%, 08/15/38 |  |  | 871 |  |  |  | 872,279 |
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41 |  |  | 2,350 |  |  |  | 2,504,324 |
Lower Colorado River Authority, Refunding RB, LCRA Transmission Services Corporation Project, 4.00%, 05/15/43 |  |  | 1,504 |  |  |  | 1,564,655 |
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing And Expansion Project, 4.00%, 09/15/42 |  |  | 2,295 |  |  |  | 2,410,599 |
University of Texas, Refunding RB, Financing System, Series B, 5.00%, 08/15/43 |  |  | 2,041 |  |  |  | 2,226,253 |
|  |  |  | 12,611,797 |
Virginia — 0.9% |
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40 |  |  | 2,095 |  |  |  | 2,128,506 |
Wisconsin — 0.9% |
State of Wisconsin Health & Educational Facilities Authority, Refunding RB, The Medical College of Wisconsin, Inc., 4.00%, 12/01/46 |  |  | 2,059 |  |  |  | 2,218,063 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 33.5% (Cost — $76,346,463) |  |  |  | 80,604,645 |
Total Long-Term Investments — 152.7% (Cost — $336,154,287) |  |  |  | 367,216,208 |

SCHEDULES OF INVESTMENTS |  |  | 41 |

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

Security |  | Shares |  |  | Value |
Short-Term Securities — 0.1% |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 2.03%(h)(i) |  |  | 129,967 |  |  | $ | 129,980 |
Total Short-Term Securities — 0.1% (Cost — $129,967) |  |  |  | 129,980 |
Total Investments — 152.8% (Cost — $336,284,254) |  |  |  | 367,346,188 |
Other Assets Less Liabilities — 1.7% |  |  |  | 3,979,554 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (19.7)% |  |  |  | (47,253,698 | )
VMTP Shares at Liquidation Value — (34.8)% |  |  |  | (83,700,000 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 240,372,044 |

(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) | Zero-coupon bond.

(d) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

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

(f) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details.

(g) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between November 15, 2019 to February 15, 2031, is $7,405,104. See Note 4 of the Notes to Financial Statements for details.

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

(i) | During the six months ended October 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate |  | Shares Held at 04/30/19 |  |  | Net Activity |  |  | Shares Held at 10/31/19 |  |  | Value at 10/31/19 |  |  | Income |  |  | Net Realized Gain (Loss) (a) |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, MuniCash, Institutional Class |  |  | 6,880,499 |  |  |  | (6,750,532 | ) |  |  | 129,967 |  |  | $ | 129,980 |  |  | $ | 69,292 |  |  | $ | (861 | ) |  | $ | 698 |

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Notional Amount (000) |  |  | Value/ Unrealized Appreciation (Depreciation) |
Short Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
10-Year U.S. Treasury Note |  |  | 16 |  |  |  | 12/19/19 |  |  | $ | 2,085 |  |  | $ | 8,798 |
Long U.S. Treasury Bond |  |  | 64 |  |  |  | 12/19/19 |  |  |  | 10,328 |  |  |  | 92,459 |
5-Year U.S. Treasury Note |  |  | 9 |  |  |  | 12/31/19 |  |  |  | 1,073 |  |  |  | 4,390 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 105,647 |

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized appreciation on futures contracts(a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 105,647 |  |  | $ | — |  |  | $ | 105,647 |

| (a) | Net cumulative unrealized appreciation (depreciation) on futures contracts, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |

42 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniHoldings Fund, Inc. (MHD)

For the six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Future contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,660,447 | ) |  | $ | — |  |  | $ | (1,660,447 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Future contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 184,918 |  |  | $ | — |  |  | $ | 184,918 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |
Average notional value of contracts — short |  | $ | 15,578,684 |

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

Fair Value Hierarchy as of Period End

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |
Investments: |
Long-Term Investments(a) |  | $ | — |  |  | $ | 367,216,208 |  |  | $ | — |  |  | $ | 367,216,208 |
Short-Term Securities |  |  | 129,980 |  |  |  | — |  |  |  | — |  |  |  | 129,980 |
|  | $ | 129,980 |  |  | $ | 367,216,208 |  |  | $ | — |  |  | $ | 367,346,188 |
Derivative Financial Instruments(b) |
Assets: |
Interest rate contracts |  | $ | 105,647 |  |  | $ | — |  |  | $ | — |  |  | $ | 105,647 |

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

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |
TOB Trust Certificates |  | $ | — |  |  | $ | (47,050,972 | ) |  | $ | — |  |  | $ | (47,050,972 | )
VRDP Shares at Liquidation Value |  |  | — |  |  |  | (83,700,000 | ) |  |  | — |  |  |  | (83,700,000 | )
|  | $ | — |  |  | $ | (130,750,972 | ) |  | $ | — |  |  | $ | (130,750,972 | )

See notes to financial statements.

SCHEDULES OF INVESTMENTS |  |  | 43 |

Schedule of Investments (unaudited) October 31, 2019 |  | BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds — 105.7% |
Alabama — 1.2% |
County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien, Series D, 6.00%, 10/01/42 |  | $ | 1,875 |  |  | $ | 2,208,675 |
Arizona — 1.4% |
City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A, 5.00%, 07/01/46(a) |  |  | 890 |  |  |  | 944,664 |
County of Maricopa IDA, Refunding RB, Honorhealth, Series A, 4.13%, 09/01/38 |  |  | 475 |  |  |  | 541,429 |
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37 |  |  | 810 |  |  |  | 1,086,372 |
|  |  |  |  |  |  | 2,572,465 |
Arkansas — 0.8% |
Arkansas Development Finance Authority, RB, Big River Steel Project, AMT, 4.50%, 09/01/49(a) |  |  | 1,370 |  |  |  | 1,450,515 |
California — 6.5% |
Benicia Unified School District, GO, CAB, Series A (NPFGC), 0.00%, 08/01/20(b) |  |  | 2,000 |  |  |  | 1,983,480 |
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(c) |  |  | 1,585 |  |  |  | 1,646,260 |
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 07/01/33 |  |  | 445 |  |  |  | 502,280 |
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A: |  |  |  |  |  |  |  |
5.25%, 08/15/39 |  |  | 80 |  |  |  | 89,694 |
5.25%, 08/15/49 |  |  | 195 |  |  |  | 216,592 |
California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A, 5.00%, 02/01/42 |  |  | 120 |  |  |  | 141,347 |
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45(a) |  |  | 730 |  |  |  | 778,180 |
California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A, 5.00%, 12/01/46(a) |  |  | 235 |  |  |  | 262,624 |
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/38 |  |  | 185 |  |  |  | 215,290 |
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/47 |  |  | 1,425 |  |  |  | 1,466,824 |
San Diego Unified School District California, GO, CAB, Election of 2008, Series A, 0.00%, 07/01/29(b) |  |  | 2,525 |  |  |  | 2,106,633 |
State of California, GO, Various Purposes, 6.00%, 03/01/33 |  |  | 1,265 |  |  |  | 1,285,139 |
State of California Public Works Board, LRB, Various Capital Projects, Series I, 5.00%, 11/01/38 |  |  | 405 |  |  |  | 457,055 |
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1, 4.75%, 06/01/25 |  |  | 405 |  |  |  | 405,450 |
|  |  |  |  |  |  | 11,556,848 |
Colorado — 1.9% |
City & County of Denver Colorado, RB, Capital Appreciation Bonds, Series A-2, 0.00%, 08/01/37(b) |  |  | 1,490 |  |  |  | 802,886 |
Colorado Educational & Cultural Facilities Authority, RB, Charter School, Colorado Springs, 5.50%, 07/01/40 |  |  | 1,055 |  |  |  | 1,079,096 |
Colorado Health Facilities Authority, Refunding RB, Commonspirit Health, Series A-2, 3.25%, 08/01/49 |  |  | 1,105 |  |  |  | 1,045,032 |
Regional Transportation District, COP, Refunding, Series A, 5.38%, 06/01/31 |  |  | 510 |  |  |  | 521,939 |
|  |  |  |  |  |  | 3,448,953 |
Connecticut — 1.0% |
Connecticut Housing Finance Authority, Refunding RB, S/F Housing: |  |  |  |  |  |  |  |
Sub-Series A-1, 3.85%, 11/15/43 |  |  | 1,370 |  |  |  | 1,466,544 |
Sub-Series B-1, 4.00%, 05/15/45 |  |  | 265 |  |  |  | 280,330 |
|  |  |  |  |  |  | 1,746,874 |

Security |  | Par (000) |  |  | Value |
Delaware — 2.4% |
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |  | $ | 570 |  |  | $ | 593,695 |
Delaware State Health Facilities Authority, RB, Beebe Medical Center Project, 5.00%, 06/01/48 |  |  | 1,395 |  |  |  | 1,631,327 |
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 |  |  | 2,050 |  |  |  | 2,108,486 |
|  |  |  |  |  |  | 4,333,508 |
District of Columbia — 3.7% |
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/34(b) |  |  | 10,170 |  |  |  | 6,542,666 |
Florida — 2.0% |
Florida Housing Finance Corp., RB, S/F Housing, Series 1 (Ginnie Mae, Fannie Mae & Freddie Mac), 3.75%, 07/01/42 |  |  | 595 |  |  |  | 637,614 |
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21(c) |  |  | 1,525 |  |  |  | 1,696,761 |
Village Community Development District No.10, Special Assessment Bonds, 5.13%, 05/01/43 |  |  | 1,100 |  |  |  | 1,179,299 |
|  |  |  |  |  |  | 3,513,674 |
Georgia — 4.6% |
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54 |  |  | 270 |  |  |  | 317,955 |
County of Griffin-Spalding Hospital Authority, RB, Revenue Anticipation Certificates, 4.00%, 04/01/42 |  |  | 2,310 |  |  |  | 2,481,333 |
DeKalb Georgia Private Hospital Authority, Refunding RB, Children’s Healthcare, 5.25%, 11/15/19(c) |  |  | 420 |  |  |  | 420,517 |
Main Street Natural Gas, Inc., RB, Series A: |  |  |  |  |  |  |  |
5.00%, 05/15/36 |  |  | 1,500 |  |  |  | 1,956,330 |
5.00%, 05/15/38 |  |  | 790 |  |  |  | 1,038,360 |
5.00%, 05/15/49 |  |  | 935 |  |  |  | 1,260,305 |
Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project: |  |  |  |  |  |  |  |
4.00%, 01/01/49 |  |  | 260 |  |  |  | 278,499 |
5.00%, 01/01/56 |  |  | 350 |  |  |  | 404,239 |
|  |  |  |  |  |  | 8,157,538 |
Hawaii — 1.0% |
State of Hawaii Department of Budget & Finance, Refunding RB, 3.20%, 07/01/39 |  |  | 1,125 |  |  |  | 1,141,920 |
State of Hawaii Harbor System, ARB, Series A, 5.25%, 07/01/30 |  |  | 680 |  |  |  | 697,945 |
|  |  |  |  |  |  | 1,839,865 |
Idaho — 1.1% |
County of Power Idaho Industrial Development Corp., RB, FMC Corp. Project, AMT, 6.45%, 08/01/32 |  |  | 2,000 |  |  |  | 2,006,800 |
Illinois — 13.5% |
Chicago Board of Education, GO: |  |  |  |  |  |  |  |
Dedicated Revenues, Series H, 5.00%, 12/01/46 |  |  | 240 |  |  |  | 270,605 |
Project, Series C, 5.25%, 12/01/35 |  |  | 805 |  |  |  | 887,939 |
Chicago Board of Education, GO, Refunding: |  |  |  |  |  |  |  |
Dedicated Revenues, Series C, 5.00%, 12/01/34 |  |  | 240 |  |  |  | 274,238 |
Series D, 5.00%, 12/01/25 |  |  | 435 |  |  |  | 494,247 |
Series F, 5.00%, 12/01/24 |  |  | 340 |  |  |  | 381,174 |
Series C, 5.00%, 12/01/25 |  |  | 360 |  |  |  | 409,032 |
Chicago Board of Education, GO: |  |  |  |  |  |  |  |
, 5.00%,12/01/46 |  |  | 300 |  |  |  | 342,348 |
, 5.00%,12/01/46 |  |  | 770 |  |  |  | 822,868 |
City of Chicago Illinois, Special Assessment Bonds, Lake Shore East Project, 6.75%, 12/01/32 |  |  | 584 |  |  |  | 585,209 |

44 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Illinois (continued) |
City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien: |  |  |  |  |  |  |  |
Series A, 5.75%, 01/01/21(c) |  | $ | 2,100 |  |  | $ | 2,208,129 |
Series A, 5.75%, 01/01/39 |  |  | 400 |  |  |  | 418,420 |
Series C, 6.50%, 01/01/21(c) |  |  | 2,935 |  |  |  | 3,111,423 |
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |  |  | 530 |  |  |  | 564,439 |
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38 |  |  | 410 |  |  |  | 440,557 |
Illinois Finance Authority, Refunding RB, Southern Illinois Healthcare Enterprises, Inc., 4.00%, 03/01/35 |  |  | 1,290 |  |  |  | 1,409,441 |
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project: |  |  |  |  |  |  |  |
CAB, Series B (AGM), 0.00%, 06/15/47(b) |  |  | 9,555 |  |  |  | 3,610,357 |
Series B (AGM), 5.00%, 06/15/50 |  |  | 2,230 |  |  |  | 2,276,808 |
Series B-2, 5.00%, 06/15/50 |  |  | 1,260 |  |  |  | 1,272,751 |
Railsplitter Tobacco Settlement Authority, RB(c): |  |  |  |  |  |  |  |
5.50%, 06/01/21 |  |  | 230 |  |  |  | 245,178 |
6.00%, 06/01/21 |  |  | 500 |  |  |  | 536,760 |
State of Illinois, GO: |  |  |  |  |  |  |  |
5.00%, 02/01/39 |  |  | 810 |  |  |  | 863,735 |
Series A, 5.00%, 04/01/38 |  |  | 1,920 |  |  |  | 2,031,168 |
University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44 |  |  | 520 |  |  |  | 577,190 |
|  |  |  |  |  |  | 24,034,016 |
Indiana — 3.0% |
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |  |  |  |  |  |  |  |
6.75%, 01/01/34 |  |  | 415 |  |  |  | 481,263 |
7.00%, 01/01/44 |  |  | 1,000 |  |  |  | 1,136,910 |
Indiana Finance Authority, RB, Series A: |  |  |  |  |  |  |  |
CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |  |  | 1,660 |  |  |  | 1,771,336 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44 |  |  | 225 |  |  |  | 244,026 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48 |  |  | 740 |  |  |  | 799,888 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51 |  |  | 210 |  |  |  | 228,787 |
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40 |  |  | 640 |  |  |  | 704,346 |
|  |  |  |  |  |  | 5,366,556 |
Iowa — 0.9% |
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project: |  |  |  |  |  |  |  |
Series B, 5.25%, 12/01/50(d) |  |  | 240 |  |  |  | 259,507 |
Midwestern Disaster Area, 5.25%, 12/01/25 |  |  | 940 |  |  |  | 1,007,859 |
5.88%, 12/01/26(a) |  |  | 210 |  |  |  | 218,952 |
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22 |  |  | 80 |  |  |  | 81,758 |
|  |  |  |  |  |  | 1,568,076 |
Kansas — 0.0% |
Kansas Development Finance Authority, Refunding RB, Adventist Health System/Sunbelt Obligated Group, Series C, 5.75%, 11/15/19(c) |  |  | 25 |  |  |  | 25,034 |
Kentucky — 0.7% |
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23(c) |  |  | 525 |  |  |  | 590,945 |
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 6.75%, 07/01/43(e) |  |  | 635 |  |  |  | 688,264 |
|  |  |  |  |  |  | 1,279,209 |

Security |  | Par (000) |  |  | Value |
Louisiana — 2.6% |
Louisiana Public Facilities Authority, Refunding RB, Ochsner Clinic Foundation Project, 5.00%, 05/15/47 |  | $ | 1,635 |  |  | $ | 1,863,344 |
New Orleans Aviation Board, RB, Passenger Facility Charge, Series A, 5.25%, 01/01/41 |  |  | 310 |  |  |  | 311,795 |
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |  |  |  |  |  |  |  |
5.50%, 05/15/30 |  |  | 510 |  |  |  | 521,500 |
5.25%, 05/15/31 |  |  | 435 |  |  |  | 455,315 |
5.25%, 05/15/32 |  |  | 555 |  |  |  | 596,497 |
5.25%, 05/15/33 |  |  | 600 |  |  |  | 644,448 |
5.25%, 05/15/35 |  |  | 255 |  |  |  | 280,480 |
|  |  |  |  |  |  | 4,673,379 |
Maine — 0.4% |
State of Maine Housing Authority, RB: |  |  |  |  |  |  |  |
M/F Housing, Series E, 4.25%, 11/15/43 |  |  | 355 |  |  |  | 387,809 |
S/F Housing, Series C, 3.95%, 11/15/43 |  |  | 335 |  |  |  | 358,631 |
|  |  |  |  |  |  | 746,440 |
Maryland — 2.2% |
Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 06/01/20(c) |  |  | 220 |  |  |  | 225,773 |
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25 |  |  | 390 |  |  |  | 399,383 |
Maryland Health & Higher Educational Facilities Authority, RB, Medstar Health Issue, Series A, 5.00%, 05/15/42 |  |  | 1,760 |  |  |  | 2,079,810 |
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 01/01/21(c) |  |  | 1,095 |  |  |  | 1,158,959 |
|  |  |  |  |  |  | 3,863,925 |
Massachusetts — 2.5% |
Massachusetts Development Finance Agency, Refunding RB: |  |  |  |  |  |  |  |
Atrius Health Issue, Series A, 4.00%, 06/01/49 |  |  | 150 |  |  |  | 159,550 |
Boston University, Series P, 5.45%, 05/15/59 |  |  | 845 |  |  |  | 1,105,784 |
Suffolk University, 4.00%, 07/01/39 |  |  | 1,140 |  |  |  | 1,229,068 |
Massachusetts Educational Financing Authority, RB, Subordinate Education Loan Revenue Bonds, AMT, 3.75%, 07/01/47 |  |  | 1,865 |  |  |  | 1,890,812 |
|  |  |  |  |  |  | 4,385,214 |
Michigan — 5.4% |
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39 |  |  | 2,235 |  |  |  | 2,437,178 |
Eastern Michigan University, RB, Series A, 4.00%, 03/01/47 |  |  | 1,170 |  |  |  | 1,271,895 |
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital: |  |  |  |  |  |  |  |
5.50%, 05/15/20(c) |  |  | 380 |  |  |  | 388,558 |
5.50%, 05/15/36 |  |  | 310 |  |  |  | 316,832 |
Michigan Finance Authority, Refunding RB: |  |  |  |  |  |  |  |
Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44 |  |  | 455 |  |  |  | 491,500 |
Henry Ford Health System, 4.00%, 11/15/46 |  |  | 570 |  |  |  | 611,884 |
Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, 5.75%, 11/15/19(c) |  |  | 1,520 |  |  |  | 1,521,976 |
Michigan Strategic Fund, RB, I-75 Improvement Projects, AMT, 5.00%, 06/30/48 |  |  | 490 |  |  |  | 576,456 |
State of Michigan Housing Development Authority, RB: |  |  |  |  |  |  |  |
M/F Housing, Series A, 4.15%, 10/01/53 |  |  | 940 |  |  |  | 1,001,025 |
S/F Housing, Series A, 4.00%, 06/01/49 |  |  | 265 |  |  |  | 286,438 |
Series C, 4.13%, 12/01/38 |  |  | 730 |  |  |  | 796,299 |
|  |  |  |  |  |  | 9,700,041 |

SCHEDULES OF INVESTMENTS |  |  | 45 |

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
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 |  |  | $ | 136,451 |
State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 05/01/43 |  |  | 130 |  |  |  | 140,441 |
|  |  |  |  |  |  | 276,892 |
New Hampshire — 1.1% |
New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project(a): |  |  |  |  |  |  |  |
Series B, 4.63%, 11/01/42 |  |  | 735 |  |  |  | 758,961 |
Series C, AMT, 4.88%, 11/01/42 |  |  | 420 |  |  |  | 434,654 |
New Hampshire Housing Finance Authority, RB, M/F Housing, Cimarron, Whittier Falls & Marshall (FHA), 4.00%, 07/01/52 |  |  | 800 |  |  |  | 847,368 |
|  |  |  |  |  |  | 2,040,983 |
New Jersey — 9.4% |
Casino Reinvestment Development Authority, Refunding RB: |  |  |  |  |  |  |  |
5.25%, 11/01/39 |  |  | 530 |  |  |  | 572,872 |
5.25%, 11/01/44 |  |  | 790 |  |  |  | 852,742 |
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(a) |  |  | 560 |  |  |  | 567,190 |
New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23 |  |  | 1,040 |  |  |  | 1,121,380 |
New Jersey EDA, RB: |  |  |  |  |  |  |  |
Continental Airlines, Inc. Project, AMT, 5.25%, 09/15/29 |  |  | 990 |  |  |  | 1,079,991 |
S/F Housing, State House Project, Series B, 4.50%, 06/15/40 |  |  | 1,270 |  |  |  | 1,396,327 |
Series WW, 5.00%, 06/15/36 |  |  | 210 |  |  |  | 233,426 |
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 04/01/31 |  |  | 1,125 |  |  |  | 1,319,231 |
New Jersey State Turnpike Authority, RB, Series E, 5.00%, 01/01/45 |  |  | 715 |  |  |  | 819,304 |
New Jersey Transportation Trust Fund Authority, RB: |  |  |  |  |  |  |  |
Transportation Program Bonds, Series AA, 4.13%, 06/15/39 |  |  | 1,040 |  |  |  | 1,106,477 |
Transportation Program, Series AA, 5.00%, 06/15/44 |  |  | 330 |  |  |  | 358,393 |
Series AA, 5.00%, 06/15/44 |  |  | 610 |  |  |  | 655,414 |
Series A, 5.50%, 06/15/41 |  |  | 1,025 |  |  |  | 1,072,693 |
Series B, 5.25%, 06/15/36 |  |  | 1,235 |  |  |  | 1,293,947 |
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A, 5.00%, 12/15/36 |  |  | 380 |  |  |  | 440,614 |
Tobacco Settlement Financing Corp. New Jersey, Refunding RB: |  |  |  |  |  |  |  |
Series A, 4.00%, 06/01/37 |  |  | 500 |  |  |  | 544,150 |
Sub-Series B, 5.00%, 06/01/46 |  |  | 3,105 |  |  |  | 3,430,404 |
|  |  |  |  |  |  | 16,864,555 |
New York — 5.1% |
City of New York Transitional Finance Authority Future Tax Secured Revenue, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 02/01/42 |  |  | 740 |  |  |  | 794,390 |
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41(a) |  |  | 1,000 |  |  |  | 1,015,220 |
County of Dutchess New York Industrial Development Agency, Refunding RB, Bard College Civic Facility, Series A-1, 5.00%, 08/01/46 |  |  | 220 |  |  |  | 219,985 |
County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44 |  |  | 252 |  |  |  | 273,909 |
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45 |  |  | 1,020 |  |  |  | 1,020,449 |

Security |  | Par (000) |  |  | Value |
New York (continued) |
Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/38 |  | $ | 1,255 |  |  | $ | 1,438,280 |
New York Liberty Development Corp., Refunding RB: |  |  |  |  |  |  |  |
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 01/15/20(c) |  |  | 615 |  |  |  | 621,328 |
3 World Trade Center Project, Class 1, 5.00%, 11/15/44(a) |  |  | 1,495 |  |  |  | 1,643,483 |
3 World Trade Center Project, Class 2, 5.15%, 11/15/34(a) |  |  | 175 |  |  |  | 193,438 |
3 World Trade Center Project, Class 2, 5.38%, 11/15/40(a) |  |  | 440 |  |  |  | 494,538 |
Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8: |  |  |  |  |  |  |  |
6.00%, 12/01/36 |  |  | 650 |  |  |  | 678,594 |
6.00%, 12/01/42 |  |  | 630 |  |  |  | 656,240 |
|  |  |  |  |  |  | 9,049,854 |
North Carolina — 0.2% |
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21(c) |  |  | 305 |  |  |  | 331,370 |
Ohio — 1.9% |
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 06/01/47 |  |  | 1,855 |  |  |  | 1,868,931 |
County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 07/01/40 |  |  | 350 |  |  |  | 383,152 |
Ohio Air Quality Development Authority, RB, AMG Vanadium Project, AMT, 5.00%, 07/01/49(a) |  |  | 405 |  |  |  | 447,282 |
Ohio Housing Finance Agency, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 09/01/48 |  |  | 150 |  |  |  | 159,375 |
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53 |  |  | 420 |  |  |  | 466,490 |
|  |  |  |  |  |  | 3,325,230 |
Oklahoma — 0.6% |
City of Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |  |  | 280 |  |  |  | 308,840 |
Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.50%, 08/15/57 |  |  | 625 |  |  |  | 744,731 |
|  |  |  |  |  |  | 1,053,571 |
Oregon — 0.1% |
State of Oregon Housing & Community Services Department, RB, S/F Housing, Mortgage Program, Series C, 3.95%, 07/01/43 |  |  | 210 |  |  |  | 224,927 |
Pennsylvania — 4.4% |
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/42 |  |  | 335 |  |  |  | 362,768 |
County of Berks IDA, Refunding RB, Tower Health Projects, 5.00%, 11/01/50 |  |  | 795 |  |  |  | 901,769 |
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A, 4.00%, 09/01/49 |  |  | 470 |  |  |  | 505,612 |
Pennsylvania Economic Development Financing Authority, RB: |  |  |  |  |  |  |  |
AMT, 5.00%, 06/30/42 |  |  | 440 |  |  |  | 497,737 |
Pennsylvania Rapid Bridge Replacement, 5.00%, 12/31/38 |  |  | 390 |  |  |  | 443,789 |
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44 |  |  | 800 |  |  |  | 841,608 |
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 128B, 3.85%, 04/01/38 |  |  | 965 |  |  |  | 1,038,272 |
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing Mortgage, Series 119, 3.50%, 10/01/36 |  |  | 1,285 |  |  |  | 1,343,545 |

46 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Pennsylvania (continued) |
Pennsylvania Turnpike Commission, RB, Series A: |  |  |  |  |  |  |  |
5.00%, 12/01/44 |  | $ | 585 |  |  | $ | 665,484 |
Subordinate, 4.00%, 12/01/49 |  |  | 1,075 |  |  |  | 1,183,510 |
|  |  |  |  |  |  | 7,784,094 |
Puerto Rico — 5.3% |
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: |  |  |  |  |  |  |  |
5.50%, 05/15/39 |  |  | 325 |  |  |  | 330,070 |
5.63%, 05/15/43 |  |  | 355 |  |  |  | 360,545 |
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A: |  |  |  |  |  |  |  |
5.00%, 07/01/33 |  |  | 1,355 |  |  |  | 1,419,931 |
5.13%, 07/01/37 |  |  | 385 |  |  |  | 404,308 |
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A: |  |  |  |  |  |  |  |
6.00%, 07/01/38 |  |  | 400 |  |  |  | 404,128 |
6.00%, 07/01/44 |  |  | 725 |  |  |  | 732,446 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured: |  |  |  |  |  |  |  |
Series A-1, 4.75%, 07/01/53 |  |  | 865 |  |  |  | 892,144 |
Series A-1, 5.00%, 07/01/58 |  |  | 3,415 |  |  |  | 3,574,002 |
Series A-2, 4.33%, 07/01/40 |  |  | 459 |  |  |  | 465,068 |
Series A-2, 4.78%, 07/01/58 |  |  | 886 |  |  |  | 911,898 |
|  |  |  |  |  |  | 9,494,540 |
Rhode Island — 2.2% |
Tobacco Settlement Financing Corp., Refunding RB: |  |  |  |  |  |  |  |
Series A, 5.00%, 06/01/35 |  |  | 420 |  |  |  | 472,261 |
Series B, 4.50%, 06/01/45 |  |  | 1,375 |  |  |  | 1,433,039 |
Series B, 5.00%, 06/01/50 |  |  | 1,895 |  |  |  | 2,018,743 |
|  |  |  |  |  |  | 3,924,043 |
South Carolina — 5.1% |
South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 4.25%, 05/01/48 |  |  | 1,445 |  |  |  | 1,574,891 |
State of South Carolina Ports Authority, ARB: |  |  |  |  |  |  |  |
5.25%, 07/01/20(c) |  |  | 1,650 |  |  |  | 1,693,972 |
AMT, 5.25%, 07/01/25(c) |  |  | 115 |  |  |  | 138,497 |
AMT, 5.00%, 07/01/55 |  |  | 710 |  |  |  | 827,363 |
AMT, 5.25%, 07/01/55 |  |  | 555 |  |  |  | 641,147 |
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54 |  |  | 2,040 |  |  |  | 2,311,422 |
State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55 |  |  | 1,635 |  |  |  | 1,896,813 |
|  |  |  |  |  |  | 9,084,105 |
Tennessee — 0.9% |
City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23(c) |  |  | 720 |  |  |  | 808,279 |
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40 |  |  | 360 |  |  |  | 417,949 |
Greeneville Health & Educational Facilities Board, Refunding RB, Ballad Health Obligation Group, Series A, 4.00%, 07/01/40 |  |  | 375 |  |  |  | 398,854 |
|  |  |  |  |  |  | 1,625,082 |
Texas — 5.1% |
Central Texas Regional Mobility Authority, Refunding RB: |  |  |  |  |  |  |  |
Senior Lien, 6.25%, 01/01/21(c) |  |  | 1,070 |  |  |  | 1,130,968 |
Sub-Lien, 5.00%, 01/01/33 |  |  | 180 |  |  |  | 196,166 |
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 01/01/23(c) |  |  | 240 |  |  |  | 282,377 |

Security |  | Par (000) |  |  | Value |
Texas (continued) |
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A(b): |  |  |  |  |  |  |  |
0.00%, 09/15/40 |  | $ | 2,525 |  |  | $ | 1,038,810 |
0.00%, 09/15/41 |  |  | 1,395 |  |  |  | 543,590 |
New Hope Cultural Education Facilities Corp., RB, Collegiate Housing Tarleton State University Project, 5.00%, 04/01/35 |  |  | 145 |  |  |  | 159,616 |
North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 0.00%, 09/01/31(b)(c) |  |  | 1,015 |  |  |  | 506,668 |
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 |  |  | 610 |  |  |  | 676,307 |
Texas Department of Housing & Community Affairs, RB, S/F Housing Mortgage, Series A (Ginnie Mae), 4.25%, 09/01/43 |  |  | 195 |  |  |  | 210,452 |
Texas Private Activity Bond Surface Transportation Corp., RB: |  |  |  |  |  |  |  |
Segment 3C Project, AMT, 5.00%, 06/30/58 |  |  | 710 |  |  |  | 827,832 |
Senior Lien, LBJ Infrastructure Group LLC, 7.00%, 06/30/40 |  |  | 1,165 |  |  |  | 1,209,002 |
Senior Lien, NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |  |  | 1,300 |  |  |  | 1,310,348 |
Texas Transportation Commission, RB, First Tier Toll Revenue(b): |  |  |  |  |  |  |  |
0.00%, 08/01/35 |  |  | 270 |  |  |  | 153,762 |
0.00%, 08/01/36 |  |  | 145 |  |  |  | 78,313 |
0.00%, 08/01/37 |  |  | 195 |  |  |  | 99,391 |
0.00%, 08/01/38 |  |  | 200 |  |  |  | 96,280 |
0.00%, 08/01/44 |  |  | 870 |  |  |  | 298,375 |
0.00%, 08/01/45 |  |  | 1,135 |  |  |  | 371,542 |
|  |  |  |  |  |  | 9,189,799 |
Virginia — 1.1% |
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT: |  |  |  |  |  |  |  |
5.25%, 01/01/32 |  |  | 400 |  |  |  | 436,672 |
6.00%, 01/01/37 |  |  | 1,345 |  |  |  | 1,488,848 |
|  |  |  |  |  |  | 1,925,520 |
Washington — 1.0% |
Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40 |  |  | 390 |  |  |  | 439,035 |
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 01/01/45 |  |  | 1,195 |  |  |  | 1,339,523 |
|  |  |  |  |  |  | 1,778,558 |
West Virginia — 1.0% |
West Virginia Hospital Finance Authority, RB, Improvement, West Virginia University Health System Obligated Group, Series A, 4.00%, 06/01/51 |  |  | 1,605 |  |  |  | 1,726,547 |
Wisconsin — 2.2% |
Public Finance Authority, RB, Wakemed Hospital, Series A, 4.00%, 10/01/49 |  |  | 2,000 |  |  |  | 2,130,300 |
State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33 |  |  | 1,235 |  |  |  | 1,236,432 |
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.45%, 05/01/57 |  |  | 575 |  |  |  | 618,729 |
|  |  |  |  |  |  | 3,985,461 |
Total Municipal Bonds — 105.7% (Cost — $170,027,463) |  |  |  | 188,705,402 |

SCHEDULES OF INVESTMENTS |  |  | 47 |

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds Transferred to Tender Option Bond Trusts(f) |
Arizona — 0.6% |
County of Maricopa Industrial Development Authority, RB, Banner Health, Series A, 4.00%, 01/01/41 |  | $ | 915 |  |  | $ | 1,004,926 |
California — 6.5% |
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, 4.00%, 04/01/42(g) |  |  | 1,638 |  |  |  | 1,822,726 |
City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/19(c) |  |  | 4,770 |  |  |  | 4,770,000 |
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior Series A, 5.00%, 05/15/40 |  |  | 2,967 |  |  |  | 3,024,136 |
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds, 5.00%, 10/01/47 |  |  | 1,635 |  |  |  | 1,949,036 |
|  |  |  | 11,565,898 |
Colorado — 1.2% |
County of Adams Colorado, COP, Refunding, 4.00%, 12/01/45 |  |  | 1,950 |  |  |  | 2,101,983 |
District of Columbia — 0.3% |
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2 (FHA), 4.10%, 09/01/39 |  |  | 510 |  |  |  | 549,489 |
Florida — 7.3% |
City of Tampa Florida, RB, Baycare Health System, Series A, 4.00%, 11/15/46 |  |  | 1,932 |  |  |  | 2,076,113 |
County of Broward Florida Airport Facilities Revenue, ARB, Senior Bond, Series B, AMT, 4.00%, 09/01/49 |  |  | 2,356 |  |  |  | 2,545,996 |
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/20(c) |  |  | 2,840 |  |  |  | 2,937,577 |
Greater Orlando Aviation Authority, ARB, Series A, AMT, 4.00%, 10/01/49(g) |  |  | 3,543 |  |  |  | 3,889,936 |
South Miami Health Facilities Authority, Refunding RB, Baptist Health South Florida, 5.00%, 08/15/47 |  |  | 1,290 |  |  |  | 1,509,390 |
|  |  |  |  |  |  | 12,959,012 |
Georgia — 0.6% |
Georgia Housing & Finance Authority, Refunding RB, S/F Mortgage Bonds, Series A, 3.70%, 06/01/49 |  |  | 1,071 |  |  |  | 1,111,717 |
Illinois — 0.6% |
Illinois Finance Authority, Refunding RB, Presence Health Network, Series C: |  |  |  |  |  |  |  |
4.00%, 02/15/27(c) |  |  | 3 |  |  |  | 2,735 |
4.00%, 02/15/41 |  |  | 1,002 |  |  |  | 1,090,465 |
|  |  |  |  |  |  | 1,093,200 |
Iowa — 0.9% |
Iowa Student Loan Liquidity Corp., Refunding RB, Senior Series B, AMT, 3.00%, 12/01/39 |  |  | 1,710 |  |  |  | 1,690,489 |
Louisiana — 0.7% |
County of St. Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, First Lien, Series A, 4.00%, 05/01/41 |  |  | 1,245 |  |  |  | 1,346,318 |
Maine — 0.3% |
State of Maine Housing Authority, RB, M/F Housing, Series E, 4.15%, 11/15/38 |  |  | 475 |  |  |  | 523,000 |
Maryland — 2.2% |
City of Baltimore Maryland, RB, Wastewater Project, Series A, 5.00%, 07/01/46 |  |  | 1,515 |  |  |  | 1,793,924 |
State of Maryland Stadium Authority, RB, Construction and Revitalization Program, 5.00%, 05/01/42 |  |  | 1,740 |  |  |  | 2,107,819 |
|  |  |  |  |  |  | 3,901,743 |

Security |  | Par (000) |  |  | Value |
Massachusetts — 3.3% |
Commonwealth of Massachusetts, GO, Series A, 5.00%, 01/01/46 |  | $ | 1,982 |  |  | $ | 2,397,782 |
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41 |  |  | 3,211 |  |  |  | 3,425,019 |
|  |  |  |  |  |  | 5,822,801 |
Michigan — 2.5% |
Michigan Finance Authority, RB, Multi Model- McLaren Health Care, 4.00%, 02/15/47 |  |  | 1,724 |  |  |  | 1,891,000 |
State of Michigan Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48 |  |  | 2,337 |  |  |  | 2,498,848 |
|  |  |  |  |  |  | 4,389,848 |
Nebraska — 0.8% |
Nebraska Investment Finance Authority, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 3.70%, 03/01/47 |  |  | 1,287 |  |  |  | 1,360,986 |
Nevada — 1.5% |
County of Clark Nevada, GO, Stadium Improvement, Series A, 5.00%, 05/01/48 |  |  | 2,260 |  |  |  | 2,708,754 |
New York — 9.6% |
City of New York Housing Development Corp., Refunding RB, Sustainable Neighborhood Bonds, Series A, 4.15%, 11/01/38 |  |  | 1,080 |  |  |  | 1,179,436 |
City of New York Transitional Finance Authority, BARB, Series S-1, 4.00%, 07/15/42(g) |  |  | 1,395 |  |  |  | 1,453,618 |
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012(g): |  |  |  |  |  |  |  |
5.75%, 02/15/21(c) |  |  | 501 |  |  |  | 529,598 |
5.75%, 02/15/47 |  |  | 308 |  |  |  | 325,793 |
Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56 |  |  | 2,337 |  |  |  | 2,783,456 |
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 |  |  | 5,400 |  |  |  | 5,842,474 |
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51(g) |  |  | 3,250 |  |  |  | 3,523,907 |
Port Authority of New York & New Jersey, Refunding ARB, Series194th, 5.25%, 10/15/55 |  |  | 1,350 |  |  |  | 1,605,407 |
|  |  |  |  |  |  | 17,243,689 |
North Carolina — 0.9% |
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55 |  |  | 1,320 |  |  |  | 1,546,288 |
Pennsylvania — 1.8% |
Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/36(g) |  |  | 1,559 |  |  |  | 1,749,648 |
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42 |  |  | 1,229 |  |  |  | 1,477,850 |
|  |  |  |  |  |  | 3,227,498 |
Rhode Island — 1.2% |
Rhode Island Housing & Mortgage Finance Corp., Refunding RB, S/F Housing, Home Ownership Opportunity Bonds, Series 69-B (Ginnie Mae, Fannie Mae & Freddie Mac): |  |  |  |  |  |  |  |
3.55%, 10/01/33 |  |  | 1,280 |  |  |  | 1,377,024 |
3.95%, 10/01/43 |  |  | 750 |  |  |  | 807,473 |
|  |  |  |  |  |  | 2,184,497 |
South Carolina — 1.0% |
South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49(g) |  |  | 1,665 |  |  |  | 1,802,546 |
Texas — 9.2% |
City of Houston Texas Community College, GO, Limited Tax, 4.00%, 02/15/43 |  |  | 1,395 |  |  |  | 1,460,886 |

48 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniHoldings Fund II, Inc. (MUH) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Texas (continued) |
City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43 |  | $ | 1,260 |  |  | $ | 1,386,970 |
County of Harris Texas, RB, Toll Road, Senior Lien, Series A(g): |  |  |  |  |  |  |  |
5.00%, 08/15/19(c) |  |  | 828 |  |  |  | 829,354 |
5.00%, 08/15/38 |  |  | 633 |  |  |  | 634,384 |
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41 |  |  | 1,710 |  |  |  | 1,822,296 |
County of Harris Texas Toll Road Authority, Refunding RB, Senior Lien, Series A, 5.00%, 08/15/43 |  |  | 1,858 |  |  |  | 2,246,284 |
County of Hidalgo Texas, GOL, Certificates of Obligation, Series A, 4.00%, 08/15/43 |  |  | 2,297 |  |  |  | 2,558,064 |
Howe Independent School District, GO, School Building (PSF-GTD), 4.00%, 08/15/43 |  |  | 1,095 |  |  |  | 1,197,985 |
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing And Expansion Project, 4.00%, 09/15/42 |  |  | 1,499 |  |  |  | 1,574,679 |
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A (Ginnie Mae): |  |  |  |  |  |  |  |
3.63%, 09/01/44 |  |  | 437 |  |  |  | 462,278 |
3.75%, 09/01/49 |  |  | 239 |  |  |  | 253,446 |
University of Texas, Refunding RB, Financing System, Series B, 5.00%, 08/15/43 |  |  | 1,801 |  |  |  | 1,964,341 |
|  |  |  | 16,390,967 |
Virginia — 0.9% |
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40 |  |  | 1,553 |  |  |  | 1,577,847 |
Washington — 0.9% |
Washington Health Care Facilities Authority, Refunding RB, Multicare Health System, Series B, 4.13%, 08/15/43 |  |  | 1,445 |  |  |  | 1,553,661 |
Wisconsin — 0.8% |
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.30%, 11/01/53 |  |  | 1,395 |  |  |  | 1,497,016 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 55.6% (Cost — $94,546,295) |  |  |  | 99,154,173 |
Total Long-Term Investments — 161.3% (Cost — $264,573,758) |  |  |  | 287,859,575 |

Security |  | Shares |  |  | Value |
Short-Term Securities — 0.2% |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.04%(h)(i) |  |  | 383,544 |  |  | $ | 383,582 |
Total Short-Term Securities — 0.2% (Cost — $383,582) |  |  |  | 383,582 |
Total Investments — 161.5% (Cost — $264,957,340) |  |  |  | 288,243,157 |
Other Assets Less Liabilities — 2.0% |  |  |  | 3,639,575 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (32.7)% |  |  |  | (58,350,215 | )
VMTP Shares, at Liquidation Value — (30.8)% |  |  |  | (55,000,000 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 178,532,517 |

(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) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

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

(f) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details.

(g) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between November 15, 2019 to February 15, 2031, is $10,165,637. See Note 4 of the Notes to Financial Statements for details.

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

(i) | During the six months ended October 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate |  | Shares Held at 04/30/19 |  |  | Net Activity |  |  | Shares Held at 10/31/19 |  |  | Value at 10/31/19 |  |  | Income |  |  | Net Realized Gain (Loss) (a) |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, MuniCash, Institutional Class |  |  | 53,945 |  |  |  | 329,599 |  |  |  | 383,544 |  |  | $ | 383,582 |  |  | $ | 3,815 |  |  | $ | 170 |  |  | $ | — |

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

SCHEDULES OF INVESTMENTS |  |  | 49 |

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniHoldings Fund II, Inc. (MUH)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Notional Amount (000) |  |  | Value/ Unrealized Appreciation (Depreciation) |
Short Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
10-Year U.S. Treasury Note |  |  | 14 |  |  |  | 12/19/19 |  |  | $ | 1,824 |  |  | $ | 4,014 |
Long U.S. Treasury Bond |  |  | 62 |  |  |  | 12/19/19 |  |  |  | 10,005 |  |  |  | 11,623 |
5-Year U.S. Treasury Note |  |  | 4 |  |  |  | 12/31/19 |  |  |  | 477 |  |  |  | (23 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 15,614 |

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized appreciation on futures contracts(a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 15,637 |  |  | $ | — |  |  | $ | 15,637 |
Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized depreciation on futures contracts(a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (23 | ) |  | $ | — |  |  | $ | (23 | )

| (a) | Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |

For the six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,391,766 | ) |  | $ | — |  |  | $ | (1,391,766 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 107,201 |  |  | $ | — |  |  | $ | 107,201 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |
Average notional value of contracts — short |  | $ | 13,000,172 |

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

50 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniHoldings Fund II, Inc. (MUH)

Fair Value Hierarchy as of Period End

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |
Investments: |
Long-Term Investments(a) |  | $ | — |  |  | $ | 287,859,575 |  |  | $ | — |  |  | $ | 287,859,575 |
Short-Term Securities |  |  | 383,582 |  |  |  | — |  |  |  | — |  |  |  | 383,582 |
|  | $ | 383,582 |  |  | $ | 287,859,575 |  |  | $ | — |  |  | $ | 288,243,157 |
Derivative Financial Instruments(b) |
Assets: |
Interest rate contracts |  | $ | 15,637 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,637 |
Liabilities: |
Interest rate contracts |  |  | (23 | ) |  |  | — |  |  |  | — |  |  |  | (23 | )
|  | $ | 15,614 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,614 |

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

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |
TOB Trust Certificates |  | $ | — |  |  | $ | (58,118,713 | ) |  | $ | — |  |  | $ | (58,118,713 | )
VMTP Shares at Liquidation Value |  |  | — |  |  |  | (55,000,000 | ) |  |  | — |  |  |  | (55,000,000 | )
|  | $ | — |  |  | $ | (113,118,713 | ) |  | $ | — |  |  | $ | (113,118,713 | )

See notes to financial statements.

SCHEDULES OF INVESTMENTS |  |  | 51 |

Schedule of Investments (unaudited) October 31, 2019 |  | BlackRock MuniHoldings Quality Fund, Inc. (MUS) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds — 134.6% |
Alabama — 0.3% |
City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A, 5.38%, 12/01/35 |  | $ | 565 |  |  | $ | 603,369 |
Arizona — 2.1% |
Arizona IDA, RB: |  |  |  |  |  |  |  |
Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A 5.00%, 07/01/39(a) |  |  | 270 |  |  |  | 280,487 |
5.00%, 07/01/49(a) |  |  | 310 |  |  |  | 321,873 |
5.00%, 07/01/54(a) |  |  | 240 |  |  |  | 247,087 |
Odyssey Preparatory Academy Project, 4.38%, 07/01/39(a) |  |  | 325 |  |  |  | 324,357 |
S/F Housing, NCCU Properties LLC-North Carolina Central University Project, Series A (BAM), 4.00%, 06/01/44 |  |  | 425 |  |  |  | 459,098 |
County of Pima Arizona IDA, Refunding RB, American Leadership Academy Project, 5.00%, 06/15/52(a) |  |  | 260 |  |  |  | 273,595 |
Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37 |  |  | 1,410 |  |  |  | 1,891,092 |
|  |  |  |  |  |  | 3,797,589 |
California — 16.9% |
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(b) |  |  | 1,730 |  |  |  | 1,796,864 |
California Municipal Finance Authority, ARB, Senior Lien, Linxs APM Project, AMT, 5.00%, 12/31/43 |  |  | 800 |  |  |  | 937,088 |
City & County of San Francisco California Airports Commission, Refunding ARB, 2nd Series A, AMT: |  |  |  |  |  |  |  |
5.50%, 05/01/28 |  |  | 1,085 |  |  |  | 1,233,146 |
5.25%, 05/01/33 |  |  | 850 |  |  |  | 954,473 |
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, Series A-1, AMT: |  |  |  |  |  |  |  |
5.50%, 03/01/30 |  |  | 2,400 |  |  |  | 2,526,336 |
5.75%, 03/01/34 |  |  | 2,180 |  |  |  | 2,298,287 |
City of Sunnyvale California, Refunding RB, 5.25%, 04/01/20(b) |  |  | 1,605 |  |  |  | 1,632,654 |
County of Riverside Public Financing Authority, RB, Capital Facilities Project, 5.25%, 11/01/40 |  |  | 2,500 |  |  |  | 2,977,150 |
Kern Community College District, GO, Safety, Repair & Improvement, Series C, 5.50%, 11/01/23(b) |  |  | 1,420 |  |  |  | 1,668,230 |
Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 08/01/20(b) |  |  | 1,000 |  |  |  | 1,031,230 |
Redondo Beach Unified School District, GO, Election of 2008, Series E, 5.50%, 08/01/21(b) |  |  | 1,335 |  |  |  | 1,437,822 |
Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series J: |  |  |  |  |  |  |  |
5.25%, 05/15/23(b) |  |  | 3,170 |  |  |  | 3,633,993 |
5.25%, 05/15/38 |  |  | 900 |  |  |  | 1,016,307 |
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, Series A, AMT, 5.00%, 05/01/44 |  |  | 1,090 |  |  |  | 1,218,446 |
State of California Public Works Board, LRB, Various Capital Projects, Series I: |  |  |  |  |  |  |  |
5.50%, 11/01/30 |  |  | 1,500 |  |  |  | 1,740,705 |
5.50%, 11/01/31 |  |  | 2,465 |  |  |  | 2,856,713 |
State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F, 5.25%, 09/01/33 |  |  | 725 |  |  |  | 826,638 |
Township of Washington California Health Care District, GO, Election of 2004, Series B, 5.50%, 08/01/40 |  |  | 540 |  |  |  | 633,188 |
|  |  |  |  |  |  | 30,419,270 |
Colorado — 1.5% |
City & County of Denver Colorado Airport System, ARB, Series A, AMT: |  |  |  |  |  |  |  |
5.50%, 11/15/28 |  |  | 1,000 |  |  |  | 1,148,850 |
5.50%, 11/15/30 |  |  | 340 |  |  |  | 389,524 |
5.50%, 11/15/31 |  |  | 405 |  |  |  | 463,336 |

Security |  | Par (000) |  |  | Value |
Colorado (continued) |
Colorado Health Facilities Authority, Refunding RB, AdventHealth Obligated Group, 4.00%, 11/15/43 |  | $ | 705 |  |  | $ | 785,032 |
|  |  |  |  |  |  | 2,786,742 |
Connecticut — 1.0% |
State of Connecticut, GO, Series A, 5.00%, 04/15/38 |  |  | 985 |  |  |  | 1,187,802 |
State of Connecticut Health & Educational Facility Authority, Refunding RB, Sacred Heart University Issue, Series I-1, 5.00%, 07/01/42 |  |  | 590 |  |  |  | 699,881 |
|  |  |  |  |  |  | 1,887,683 |
Delaware — 0.5% |
State of Delaware Health Facilities Authority, RB, Beebe Medical Center Project, 5.00%, 06/01/43 |  |  | 820 |  |  |  | 965,509 |
Florida — 14.8% |
Central Florida Expressway Authority, Refunding RB, Senior Lien, 5.00%, 07/01/48 |  |  | 2,760 |  |  |  | 3,316,858 |
County of Broward Florida Airport System, ARB, Series A, AMT, 5.00%, 10/01/45 |  |  | 2,845 |  |  |  | 3,254,111 |
County of Hillsborough Florida Aviation Authority, Refunding ARB, Tampa International Airport, Series A, AMT, 5.50%, 10/01/29 |  |  | 1,735 |  |  |  | 1,990,565 |
County of Lee Florida, Refunding ARB, Series A, AMT, 5.38%, 10/01/32 |  |  | 1,500 |  |  |  | 1,599,060 |
County of Lee Florida HFA, RB, S/F Housing, Multi-County Program, Series A-2, AMT (Ginnie Mae, Fannie Mae & Freddie Mac), 6.00%, 09/01/40 |  |  | 65 |  |  |  | 66,524 |
County of Miami-Dade Florida, RB, Seaport Department: |  |  |  |  |  |  |  |
Series A, 5.38%, 10/01/33 |  |  | 1,015 |  |  |  | 1,156,613 |
Series A, 6.00%, 10/01/38 |  |  | 1,000 |  |  |  | 1,157,480 |
Series B, AMT, 6.25%, 10/01/38 |  |  | 460 |  |  |  | 532,261 |
Series B, AMT, 6.00%, 10/01/42 |  |  | 615 |  |  |  | 708,947 |
County of Miami-Dade Florida Aviation, Refunding ARB, Series A, AMT, 5.00%, 10/01/22(b) |  |  | 2,900 |  |  |  | 3,191,421 |
County of Miami-Dade Florida Educational Facilities Authority, RB, University of Miami, Series A, 5.00%, 04/01/40 |  |  | 3,465 |  |  |  | 3,965,554 |
Reedy Creek Florida Improvement District, GO, Series A, 5.25%, 06/01/32 |  |  | 1,040 |  |  |  | 1,176,188 |
Southern Groves Community Development District No. 5, Refunding, Special Assessment Bonds, 4.00%, 05/01/43(c) |  |  | 220 |  |  |  | 221,976 |
Tohopekaliga Water Authority, Refunding RB, Series A, 5.25%, 10/01/21(b) |  |  | 3,995 |  |  |  | 4,294,785 |
|  |  |  |  |  |  | 26,632,343 |
Georgia — 1.2% |
County of Fulton Development Authority, RB, Georgia Institute of Technology, 4.00%, 06/15/49 |  |  | 470 |  |  |  | 525,051 |
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/49 |  |  | 555 |  |  |  | 748,096 |
Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project, 5.00%, 01/01/48 |  |  | 835 |  |  |  | 965,076 |
|  |  |  |  |  |  | 2,238,223 |
Hawaii — 1.5% |
State of Hawaii Airports System, ARB, Series A, AMT, 5.00%, 07/01/45 |  |  | 1,500 |  |  |  | 1,710,210 |
State of Hawaii Airports System, COP, AMT: |  |  |  |  |  |  |  |
5.25%, 08/01/25 |  |  | 425 |  |  |  | 480,203 |
5.25%, 08/01/26 |  |  | 460 |  |  |  | 519,368 |
|  |  |  |  |  |  | 2,709,781 |
Illinois — 13.3% |
City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, AMT, 5.00%, 01/01/41 |  |  | 1,000 |  |  |  | 1,104,260 |
City of Chicago Illinois O’Hare International Airport, GARB: |  |  |  |  |  |  |  |
3rd Lien, Series A, 5.75%, 01/01/21(b) |  |  | 960 |  |  |  | 1,009,430 |

52 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniHoldings Quality Fund, Inc. (MUS) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Illinois (continued) |
3rd Lien, Series A, 5.75%, 01/01/39 |  | $ | 185 |  |  | $ | 193,519 |
3rd Lien, Series C, 6.50%, 01/01/21(b) |  |  | 5,225 |  |  |  | 5,539,075 |
Senior Lien, Series D, AMT, 5.00%, 01/01/42 |  |  | 430 |  |  |  | 498,198 |
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts: |  |  |  |  |  |  |  |
5.25%, 12/01/36 |  |  | 1,000 |  |  |  | 1,067,820 |
5.25%, 12/01/40 |  |  | 1,790 |  |  |  | 1,906,314 |
City of Chicago Illinois Wastewater Transmission, RB, 2nd Lien, 5.00%, 01/01/42 |  |  | 2,050 |  |  |  | 2,154,591 |
County of Cook Illinois Community College District No. 508, GO, City College of Chicago: |  |  |  |  |  |  |  |
5.50%, 12/01/38 |  |  | 1,250 |  |  |  | 1,343,163 |
5.25%, 12/01/43 |  |  | 1,505 |  |  |  | 1,591,056 |
Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 5.00%, 02/15/41 |  |  | 555 |  |  |  | 655,721 |
Railsplitter Tobacco Settlement Authority, RB(b): |  |  |  |  |  |  |  |
5.50%, 06/01/21 |  |  | 1,405 |  |  |  | 1,497,716 |
6.00%, 06/01/21 |  |  | 400 |  |  |  | 429,408 |
State of Illinois, GO: |  |  |  |  |  |  |  |
5.25%, 02/01/31 |  |  | 875 |  |  |  | 954,179 |
5.25%, 02/01/32 |  |  | 1,355 |  |  |  | 1,473,861 |
5.50%, 07/01/33 |  |  | 2,000 |  |  |  | 2,188,060 |
5.50%, 07/01/38 |  |  | 425 |  |  |  | 463,199 |
|  |  |  |  |  |  | 24,069,570 |
Indiana — 2.1% |
Indianapolis Local Public Improvement Bond Bank, RB, Series F, 5.25%, 02/01/36 |  |  | 3,055 |  |  |  | 3,190,398 |
State of Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges, Series A, AMT, 5.00%, 07/01/40 |  |  | 565 |  |  |  | 615,375 |
|  |  |  |  |  |  | 3,805,773 |
Iowa — 0.7% |
State of Iowa Finance Authority, RB, Lifespace Communities, Series A, 5.00%, 05/15/48 |  |  | 1,100 |  |  |  | 1,219,944 |
Kentucky — 0.8% |
Kentucky Economic Development Finance Authority, Refunding RB, Commonspirit Health, Series A, 5.00%, 08/01/49 |  |  | 1,165 |  |  |  | 1,372,603 |
Louisiana — 1.5% |
Lake Charles Louisiana Harbor & Terminal District, RB, Series B, AMT (AGM), 5.50%, 01/01/29 |  |  | 1,500 |  |  |  | 1,726,920 |
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 05/15/29 |  |  | 980 |  |  |  | 981,803 |
|  |  |  |  |  |  | 2,708,723 |
Maryland — 2.8% |
County of Howard Maryland Housing Commission, RB, M/F Housing, Woodfield Oxford Square Apartments, 5.00%, 12/01/42 |  |  | 1,430 |  |  |  | 1,663,548 |
Maryland Stadium Authority, RB, Construction and Revitalization Program, 5.00%, 05/01/34 |  |  | 2,700 |  |  |  | 3,319,326 |
|  |  |  |  |  |  | 4,982,874 |
Massachusetts — 1.9% |
Massachusetts Development Finance Agency, RB Emerson College Issue, Series A: |  |  |  |  |  |  |  |
5.25%, 01/01/42 |  |  | 545 |  |  |  | 638,413 |
5.00%, 01/01/47 |  |  | 245 |  |  |  | 279,288 |
UMass Dartmouth Student Housing Project, 5.00%, 10/01/43 |  |  | 1,325 |  |  |  | 1,536,285 |
Massachusetts Development Finance Agency, Refunding RB, Emerson College, Series A, 5.00%, 01/01/40 |  |  | 435 |  |  |  | 509,141 |

Security |  | Par (000) |  |  | Value |
Massachusetts (continued) |
Massachusetts HFA, Refunding RB, Series C, AMT, 5.35%, 12/01/42 |  | $ | 410 |  |  | $ | 414,977 |
|  |  |  |  |  |  | 3,378,104 |
Michigan — 0.3% |
Michigan Strategic Fund, RB, I-75 Improvement Projects, AMT, 5.10%, 06/30/48 |  |  | 520 |  |  |  | 611,749 |
Minnesota — 0.4% |
County of St. Paul Minnesota Housing & Redevelopment Authority, Refunding RB, Fairview Health Services, Series A, 4.00%, 11/15/43 |  |  | 575 |  |  |  | 632,103 |
Mississippi — 3.6% |
Mississippi Development Bank, RB, Jackson Water & Sewer System Project (AGM), 6.88%, 12/01/40 |  |  | 2,595 |  |  |  | 3,099,442 |
Mississippi State University Educational Building Corp., Refunding RB, Mississippi State University Improvement Project, 5.25%, 08/01/23(b) |  |  | 1,000 |  |  |  | 1,149,210 |
State of Mississippi, RB, Series A: |  |  |  |  |  |  |  |
5.00%, 10/15/37 |  |  | 330 |  |  |  | 405,629 |
4.00%, 10/15/38 |  |  | 1,650 |  |  |  | 1,852,208 |
|  |  |  |  |  |  | 6,506,489 |
Montana — 0.1% |
Montana State Board of Housing, RB, S/F Housing, Series B-2: |  |  |  |  |  |  |  |
3.50%, 12/01/42 |  |  | 100 |  |  |  | 104,907 |
3.60%, 12/01/47 |  |  | 155 |  |  |  | 160,737 |
|  |  |  |  |  |  | 265,644 |
Nevada — 5.7% |
City of Carson City Nevada, Refunding RB, Carson Tahoe Regional Healthcare Project, 5.00%, 09/01/42 |  |  | 650 |  |  |  | 753,376 |
City of Reno Nevada, Refunding RB, Series A-1 (AGM): |  |  |  |  |  |  |  |
4.00%, 06/01/43 |  |  | 1,570 |  |  |  | 1,687,326 |
4.00%, 06/01/46 |  |  | 1,250 |  |  |  | 1,338,612 |
County of Clark Nevada, ARB, Las Vegas-McCarran International Airport, Series A (AGM), 5.25%, 07/01/39 |  |  | 1,410 |  |  |  | 1,418,136 |
County of Clark Nevada, GO, Stadium Improvement, Series A: |  |  |  |  |  |  |  |
5.00%, 06/01/36 |  |  | 1,205 |  |  |  | 1,478,945 |
5.00%, 06/01/37 |  |  | 3,000 |  |  |  | 3,671,970 |
|  |  |  |  |  |  | 10,348,365 |
New Jersey — 10.4% |
New Jersey EDA, RB: |  |  |  |  |  |  |  |
Goethals Bridge Replacement Project, AMT, Private Activity Bond, 5.38%, 01/01/43 |  |  | 3,000 |  |  |  | 3,373,350 |
Private Activity Bond, Goethals Bridge Replacement Project, AMT (AGM), 5.00%, 01/01/31 |  |  | 790 |  |  |  | 885,574 |
State Government Buildings Project, Series A, 5.00%, 06/15/47 |  |  | 2,500 |  |  |  | 2,812,425 |
New Jersey Housing & Mortgage Finance Agency, Refunding RB, S/F Housing, Series BB, AMT, 3.80%, 10/01/32 |  |  | 1,375 |  |  |  | 1,451,299 |
New Jersey Transportation Trust Fund Authority, RB: |  |  |  |  |  |  |  |
Transportation Program Bonds, Series S, 5.25%, 06/15/43 |  |  | 1,740 |  |  |  | 2,029,206 |
Series BB, 4.00%, 06/15/50 |  |  | 1,245 |  |  |  | 1,293,953 |
Transportation System, Series B, 5.25%, 06/15/36 |  |  | 1,000 |  |  |  | 1,047,730 |
Series AA, 5.50%, 06/15/39 |  |  | 1,890 |  |  |  | 2,092,003 |
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A, 5.00%, 12/15/32 |  |  | 1,600 |  |  |  | 1,878,480 |
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 06/01/46 |  |  | 1,390 |  |  |  | 1,615,750 |
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Sub-Series B, 5.00%, 06/01/46 |  |  | 305 |  |  |  | 336,964 |
|  |  |  |  |  |  | 18,816,734 |

SCHEDULES OF INVESTMENTS |  |  | 53 |

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniHoldings Quality Fund, Inc. (MUS) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
New Mexico — 0.1% |
City of Santa Fe, RB, EL Castillo Retirement Residences Project, Series A, 5.00%, 05/15/44 |  | $ | 100 |  |  | $ | 110,622 |
New York — 3.7% |
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012: |  |  |  |  |  |  |  |
5.75%, 02/15/21(b) |  |  | 1,555 |  |  |  | 1,647,662 |
5.75%, 02/15/47 |  |  | 955 |  |  |  | 1,003,237 |
New York City Water & Sewer System, RB, 2nd General Resolution: |  |  |  |  |  |  |  |
5.38%, 12/15/20(b) |  |  | 865 |  |  |  | 905,889 |
5.38%, 06/15/43 |  |  | 440 |  |  |  | 458,634 |
Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 166th Series, 5.25%, 07/15/36 |  |  | 2,000 |  |  |  | 2,090,680 |
TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41 |  |  | 535 |  |  |  | 600,077 |
|  |  |  |  |  |  | 6,706,179 |
Ohio — 2.1% |
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 06/01/47 |  |  | 1,445 |  |  |  | 1,455,852 |
State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 02/15/31 |  |  | 2,000 |  |  |  | 2,246,260 |
|  |  |  |  |  |  | 3,702,112 |
Oregon — 0.4% |
State of Oregon Health & Science University, RB, Series A, 5.00%, 07/01/42 |  |  | 600 |  |  |  | 720,684 |
Pennsylvania — 10.5% |
Altoona Area School District, GO, (BAM), 5.00%, 12/01/36 |  |  | 110 |  |  |  | 128,274 |
County of Delaware Springfield School District, GO: |  |  |  |  |  |  |  |
5.00%, 03/01/40 |  |  | 865 |  |  |  | 1,049,894 |
5.00%, 03/01/43 |  |  | 590 |  |  |  | 710,106 |
County of Lehigh Pennsylvania, Refunding RB, Lehigh Valley Health Network, 4.00%, 07/01/49(c) |  |  | 3,000 |  |  |  | 3,232,920 |
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A, 5.00%, 09/01/48 |  |  | 980 |  |  |  | 1,147,129 |
County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/36 |  |  | 1,290 |  |  |  | 1,560,061 |
Pennsylvania Economic Development Financing Authority, RB, VRDN, Waste Management, Inc. Project, AMT, 2.15%, 07/01/41(d) |  |  | 195 |  |  |  | 197,748 |
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 125B, 3.65%, 10/01/42 |  |  | 1,000 |  |  |  | 1,048,940 |
Pennsylvania Turnpike Commission, Refunding RB, 2nd Series, Subordinate, Special Motor License Fund, 5.00%, 12/01/41 |  |  | 1,250 |  |  |  | 1,488,963 |
Pennsylvania Turnpike Commission, RB: |  |  |  |  |  |  |  |
Sub-Series B-1, 5.25%, 06/01/47 |  |  | 1,170 |  |  |  | 1,384,555 |
Subordinate, Series A, 5.00%, 12/01/44 |  |  | 2,975 |  |  |  | 3,592,669 |
Swarthmore Borough Authority, RB, Swarthmore College, 5.00%, 09/15/48 |  |  | 1,900 |  |  |  | 2,317,126 |
Township of Bristol Pennsylvania School District, GO, 5.25%, 06/01/37 |  |  | 1,000 |  |  |  | 1,113,750 |
|  |  |  |  |  |  | 18,972,135 |
Puerto Rico — 3.4% |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured: |  |  |  |  |  |  |  |
Series A-1, 4.75%, 07/01/53 |  |  | 715 |  |  |  | 737,437 |
Series A-1, 5.00%, 07/01/58 |  |  | 1,249 |  |  |  | 1,307,153 |
Series A-2, 4.78%, 07/01/58 |  |  | 3,437 |  |  |  | 3,537,464 |
Series B-1, 4.75%, 07/01/53 |  |  | 238 |  |  |  | 245,273 |
Series B-2, 4.78%, 07/01/58 |  |  | 231 |  |  |  | 237,073 |
|  |  |  |  |  |  | 6,064,400 |

Security |  | Par (000) |  |  | Value |
South Carolina — 5.6% |
County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38 |  | $ | 2,180 |  |  | $ | 2,486,574 |
County of Charleston South Carolina Airport District, ARB, Series A, AMT: |  |  |  |  |  |  |  |
5.50%, 07/01/38 |  |  | 1,000 |  |  |  | 1,125,600 |
6.00%, 07/01/38 |  |  | 1,695 |  |  |  | 1,937,690 |
5.50%, 07/01/41 |  |  | 1,000 |  |  |  | 1,121,970 |
State of South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 5.00%, 05/01/43 |  |  | 800 |  |  |  | 942,056 |
State of South Carolina Ports Authority, RB, AMT, 5.25%, 07/01/25(b) |  |  | 1,095 |  |  |  | 1,318,730 |
State of South Carolina Public Service Authority, RB, Series E, 5.50%, 12/01/53 |  |  | 1,000 |  |  |  | 1,128,560 |
|  |  |  |  |  |  | 10,061,180 |
Tennessee — 1.6% |
Metropolitan Nashville Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/40 |  |  | 2,500 |  |  |  | 2,869,525 |
Texas — 10.1% |
City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 03/01/37 |  |  | 1,360 |  |  |  | 1,514,754 |
City of Houston Texas Airport System Revenue, Refunding RB, Sub-Series D, 5.00%, 07/01/37 |  |  | 1,175 |  |  |  | 1,443,382 |
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/35 |  |  | 1,500 |  |  |  | 1,835,010 |
Dallas-Fort Worth Texas International Airport, ARB, Joint Improvement, AMT: |  |  |  |  |  |  |  |
Series A, 5.00%, 11/01/20(b) |  |  | 2,965 |  |  |  | 3,069,042 |
Series H, 5.00%, 11/01/37 |  |  | 2,200 |  |  |  | 2,329,294 |
Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/33 |  |  | 1,240 |  |  |  | 1,406,693 |
North Texas Tollway Authority, RB, Special Projects, Series A, 5.50%, 09/01/21(b) |  |  | 3,150 |  |  |  | 3,388,833 |
North Texas Tollway Authority, Refunding RB, 1st Tier, Series A, 5.00%, 01/01/48 |  |  | 1,060 |  |  |  | 1,257,022 |
Red River Texas Education Financing Corp., RB, Texas Christian University Project, 5.25%, 03/15/38 |  |  | 620 |  |  |  | 691,337 |
Texas Private Activity Bond Surface Transportation Corp., RB, Segment 3C Project, AMT, 5.00%, 06/30/58 |  |  | 1,085 |  |  |  | 1,265,067 |
|  |  |  |  |  |  | 18,200,434 |
Utah — 0.1% |
Utah Charter School Finance Authority, RB, Wallace Stegner Academy Project, Series A, 5.00%, 06/15/39(a) |  |  | 100 |  |  |  | 106,530 |
Vermont — 1.0% |
University of Vermont & State Agricultural College, Refunding RB, 5.00%, 10/01/43 |  |  | 1,470 |  |  |  | 1,760,325 |
Virginia — 1.8% |
City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 01/01/43 |  |  | 570 |  |  |  | 610,390 |
Virginia Small Business Financing Authority, RB, Transform 66 P3 Project, AMT, 5.00%, 12/31/49 |  |  | 2,330 |  |  |  | 2,662,514 |
|  |  |  |  |  |  | 3,272,904 |
Washington — 9.5% |
City of Seattle Washington Municipal Light & Power, Refunding RB, Series A, 5.25%, 02/01/21(b) |  |  | 1,375 |  |  |  | 1,443,489 |
Port of Seattle Washington, ARB, AMT: |  |  |  |  |  |  |  |
Intermediate Lien, Series C, 5.00%, 05/01/37 |  |  | 1,450 |  |  |  | 1,710,405 |
Series A, 5.00%, 05/01/43 |  |  | 385 |  |  |  | 449,430 |
State of Washington, COP, Series B: |  |  |  |  |  |  |  |
5.00%, 07/01/36 |  |  | 1,000 |  |  |  | 1,226,760 |
5.00%, 07/01/37 |  |  | 3,910 |  |  |  | 4,785,371 |
5.00%, 07/01/38 |  |  | 650 |  |  |  | 794,040 |

54 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniHoldings Quality Fund, Inc. (MUS) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Washington (continued) |
State of Washington, GO: |  |  |  |  |  |  |  |
Series C, 5.00%, 02/01/36 |  | $ | 4,300 |  |  | $ | 5,282,937 |
Various Purposes, Series B, 5.25%, 02/01/21(b) |  |  | 1,075 |  |  |  | 1,128,546 |
Washington State Housing Finance Commission, RB, Transforming Age Project, Series A, 5.00%, 01/01/55(a) |  |  | 280 |  |  |  | 304,438 |
|  |  |  |  |  |  | 17,125,416 |
Wisconsin — 1.1% |
Public Finance Authority, Refunding RB: |  |  |  |  |  |  |  |
Penick Village Obligation Group, 5.00%, 09/01/49(a) |  |  | 165 |  |  |  | 178,134 |
The Evergreens Obligated Group, 5.00%, 11/15/49 |  |  | 335 |  |  |  | 381,458 |
Wisconsin Health & Educational Facilities Authority, Refunding RB, Milwaukee Regional Medical Center Thermal Service, 5.00%, 04/01/44 |  |  | 1,205 |  |  |  | 1,450,916 |
|  |  |  |  |  |  | 2,010,508 |
Wyoming — 0.2% |
State of Wyoming Municipal Power Agency, Inc., Refunding RB, Series A (BAM), 5.00%, 01/01/42 |  |  | 330 |  |  |  | 385,711 |
Total Municipal Bonds — 134.6% (Cost — $225,674,048) |  |  |  | 242,827,849 |
Municipal Bonds Transferred to Tender Option Bond Trusts(e) |
California — 3.0% |
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds, 5.00%, 10/01/47 |  |  | 4,500 |  |  |  | 5,364,319 |
Colorado — 1.9% |
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Sub-System, Series A, AMT, 5.25%, 12/01/43(f) |  |  | 1,901 |  |  |  | 2,310,161 |
Colorado Health Facilities Authority, Refunding RB, Common spirit Health, Series A, 4.00%, 08/01/49(f) |  |  | 1,005 |  |  |  | 1,074,677 |
|  |  |  |  |  |  | 3,384,838 |
Connecticut — 1.1% |
State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45 |  |  | 1,771 |  |  |  | 2,069,607 |
Illinois — 0.3% |
City of Chicago Illionis Waterworks, Refunding RB, 2017 2nd Lien, Water Revenue Project (AGM), 5.25%, 11/01/33 |  |  | 480 |  |  |  | 480,229 |
Louisiana — 3.8% |
City of Shreveport Louisiana Water & Sewer Revenue, RB, Junior Lien, Series B (AGM): |  |  |  |  |  |  |  |
4.00%, 12/01/44 |  |  | 2,043 |  |  |  | 2,257,536 |
4.00%, 12/01/49 |  |  | 4,105 |  |  |  | 4,535,305 |
|  |  |  |  |  |  | 6,792,841 |
Maryland — 4.3% |
City of Baltimore Maryland, RB, Wastewater Project, Series A, 5.00%, 07/01/46 |  |  | 1,499 |  |  |  | 1,775,111 |
Maryland Stadium Authority, RB, Construction and Revitalization Program, 5.00%, 05/01/47 |  |  | 4,894 |  |  |  | 5,893,057 |
|  |  |  |  |  |  | 7,668,168 |
Michigan — 4.4% |
Michigan Finance Authority, RB: |  |  |  |  |  |  |  |
Mclaren Health Care, Series A, 4.00%, 02/15/44 |  |  | 1,912 |  |  |  | 2,099,837 |
Multi Model- McLaren Health Care, 4.00%, 02/15/47 |  |  | 2,138 |  |  |  | 2,348,851 |
State of Michigan Building Authority, Refunding RB, Facilities Program, Series I, 5.00%, 10/15/45 |  |  | 3,020 |  |  |  | 3,531,528 |
|  |  |  |  |  |  | 7,980,216 |

Security |  | Par (000) |  |  | Value |
New York — 4.3% |
New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 |  | $ | 4,530 |  |  | $ | 4,901,187 |
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51(f) |  |  | 2,660 |  |  |  | 2,884,182 |
|  |  |  |  |  |  | 7,785,369 |
Pennsylvania — 4.6% |
Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/38(f) |  |  | 3,650 |  |  |  | 4,069,385 |
County of Northampton General Purpose Authority, Refunding RB, Lafayette College, 4.00%, 11/01/38(f) |  |  | 2,596 |  |  |  | 2,919,108 |
County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/38 |  |  | 1,184 |  |  |  | 1,377,596 |
|  |  |  | 8,366,089 |
Virginia — 1.5% |
County of Fairfax Virginia EDA, RB, Metrorail Parking System Project, 5.00%, 04/01/47(f) |  |  | 2,320 |  |  |  | 2,762,772 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 29.2% (Cost — $49,353,442) |  |  |  | 52,654,448 |
Total Long-Term Investments — 163.8% (Cost — $275,027,490) |  |  |  | 295,482,297 |
|  | Shares |  |  |  |
Short-Term Securities — 0.0% |
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.40%(g)(h) |  |  | 59,843 |  |  |  | 59,849 |
Total Short-Term Securities — 0.0% (Cost — $59,849) |  |  |  | 59,849 |
Total Investments — 163.8% (Cost — $275,087,339) |  |  |  | 295,542,146 |
Liabilities in Excess of Other Assets — (0.3)% |  |  |  | (486,549 | )
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (15.3)% |  |  |  | (27,670,836 | )
VMTP Shares at Liquidation Value — (48.2)% |  |  |  | (87,000,000 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 180,384,761 |

(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) | When-issued security.

(d) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

(e) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details.

(f) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expires between November 15, 2019 to August 1,2027, is $8,008,551.See Note 4 of the Notes to Financial Statements for details.

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

SCHEDULES OF INVESTMENTS |  |  | 55 |

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniHoldings Quality Fund, Inc. (MUS)

(h) | During the six months ended October 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate |  | Shares Held at 04/30/19 |  |  | Net Activity |  |  | Shares Held at 10/31/19 |  |  | Value at 10/31/19 |  |  | Income |  |  | Net Realized Gain (Loss) (a) |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, MuniCash, Institutional Class |  |  | 2,454,984 |  |  |  | (2,395,141 | ) |  |  | 59,843 |  |  | $ | 59,849 |  |  | $ | 25,641 |  |  | $ | 663 |  |  | $ | — |

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Notional Amount (000) |  |  | Value/ Unrealized Appreciation (Depreciation) |
Short Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
10-Year U.S. Treasury Note |  |  | 32 |  |  |  | 12/19/19 |  |  | $ | 4,170 |  |  | $ | 7,025 |
Long U.S. Treasury Bond |  |  | 48 |  |  |  | 12/19/19 |  |  |  | 7,746 |  |  |  | 27,915 |
5-Year U.S. Treasury Note |  |  | 12 |  |  |  | 12/31/19 |  |  |  | 1,430 |  |  |  | 2,357 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 37,297 |

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized appreciation on future contracts(a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 37,297 |  |  | $ | — |  |  | $ | 37,297 |

| (a) | Net cumulative unrealized appreciation on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation is included in accumulated earnings (loss). |

For the six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,422,241 | ) |  | $ | — |  |  | $ | (1,422,241 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures Contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 98,215 |  |  | $ | — |  |  | $ | 98,215 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |  |  |  |
Average notional value of contracts — short |  | $ | 12,940,785 |

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

56 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniHoldings Quality Fund, Inc. (MUS)

Fair Value Hierarchy as of Period End

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |
Investments: |
Long-Term Investments(a) |  | $ | — |  |  | $ | 295,482,297 |  |  | $ | — |  |  | $ | 295,482,297 |
Short-Term Securities |  |  | 59,849 |  |  |  | — |  |  |  | — |  |  |  | 59,849 |
|  | $ | 59,849 |  |  | $ | 295,482,297 |  |  | $ | — |  |  | $ | 295,542,146 |
Derivative Financial Instruments(b) |
Assets: |
Interest rate contracts |  | $ | 37,297 |  |  | $ | — |  |  | $ | — |  |  | $ | 37,297 |

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

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |
TOB Trust Certificates |  | $ | — |  |  | $ | (27,542,144 | ) |  | $ | — |  |  | $ | (27,542,144 | )
VMTP Shares at Liquidation Value |  |  | — |  |  |  | (87,000,000 | ) |  |  | — |  |  |  | (87,000,000 | )
|  | $ | — |  |  | $ | (114,542,144 | ) |  | $ | — |  |  | $ | (114,542,144 | )

See notes to financial statements.

SCHEDULES OF INVESTMENTS |  |  | 57 |

Schedule of Investments (unaudited) October 31, 2019 |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds — 134.5% |
Arizona — 3.9% |
Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital, Series A, 5.00%, 02/01/30 |  | $ | 2,685 |  |  | $ | 2,878,535 |
Arizona Industrial Development Authority, RB(a): |  |  |  |  |  |  |  |
Academies of Math & Science Projects, Series B, 4.25%, 07/01/27 |  |  | 495 |  |  |  | 519,611 |
Doral Academy of Nevada-Fire Mesa and Red Rock Campus Projects, Series A, 3.55%, 07/15/29 |  |  | 1,360 |  |  |  | 1,428,190 |
City of Phoenix Arizona IDA, RB, Facility, Legacy Traditional Schools Project, Series A, 5.75%, 07/01/24(a) |  |  | 750 |  |  |  | 815,805 |
City of Phoenix Arizona IDA, Refunding RB, Downtown Phoenix Student Housing, Series A: |  |  |  |  |  |  |  |
5.00%, 07/01/25 |  |  | 300 |  |  |  | 345,159 |
5.00%, 07/01/29 |  |  | 175 |  |  |  | 210,660 |
City of Tucson Arizona, COP, Refunding, (AGC), 4.00%, 07/01/20 |  |  | 2,325 |  |  |  | 2,366,478 |
County of Maricopa Arizona IDA, Refunding RB, Honorhealth, Series A: |  |  |  |  |  |  |  |
5.00%, 09/01/32 |  |  | 1,000 |  |  |  | 1,235,750 |
5.00%, 09/01/33 |  |  | 800 |  |  |  | 984,032 |
5.00%, 09/01/34 |  |  | 1,000 |  |  |  | 1,224,350 |
County of Pinal Arizona Electric District No. 3, Refunding RB, 5.00%, 07/01/21(b) |  |  | 1,600 |  |  |  | 1,700,336 |
Glendale Union School District No. 205, GO, Series C (BAM): |  |  |  |  |  |  |  |
5.00%, 07/01/24 |  |  | 1,945 |  |  |  | 2,201,973 |
5.00%, 07/01/27 |  |  | 500 |  |  |  | 565,785 |
Phoenix-Mesa Gateway Airport Authority, RB, Mesa Project, AMT: |  |  |  |  |  |  |  |
5.00%, 07/01/27 |  |  | 700 |  |  |  | 764,106 |
5.00%, 07/01/32 |  |  | 1,925 |  |  |  | 2,092,725 |
Scottsdale IDA, Refunding RB, Scottsdale Healthcare, Series C (AGM), 5.00%, 09/01/35 |  |  | 2,050 |  |  |  | 2,106,027 |
University of Arizona, RB, 5.00%, 08/01/28 |  |  | 2,000 |  |  |  | 2,120,220 |
|  |  |  |  |  |  | 23,559,742 |
Arkansas — 0.7% |
City of Benton Arkansas, RB, 5.00%, 06/01/29 |  |  | 1,055 |  |  |  | 1,214,579 |
University of Arkansas, Refunding RB, 5.00%, 03/01/31 |  |  | 2,315 |  |  |  | 2,720,056 |
|  |  |  |  |  |  | 3,934,635 |
California — 5.3% |
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 08/15/20(b) |  |  | 2,135 |  |  |  | 2,200,972 |
City of San Jose California, Refunding ARB, Series A-1, AMT, 5.00%, 03/01/25 |  |  | 2,000 |  |  |  | 2,095,720 |
County of Santa Barbara California, COP, Series B, AMT, 5.25%, 12/01/33 |  |  | 10,330 |  |  |  | 12,969,831 |
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1: |  |  |  |  |  |  |  |
5.00%, 06/01/33 |  |  | 6,715 |  |  |  | 7,955,261 |
5.00%, 06/01/35 |  |  | 5,785 |  |  |  | 6,821,556 |
State of California, GO, 5.50%, 04/01/28 |  |  | 15 |  |  |  | 15,051 |
|  |  |  |  |  |  | 32,058,391 |
Colorado — 1.9% |
City & County of Denver Colorado Airport System Revenue, Refunding ARB, AMT, Sub-System, Series A, 5.00%, 12/01/32 |  |  | 5,000 |  |  |  | 6,108,750 |
Colorado Health Facilities Authority, Refunding RB: |  |  |  |  |  |  |  |
Catholic Health Initiatiives, Series B-1, 5.00%, 11/09/22(b) |  |  | 270 |  |  |  | 299,908 |
Commonspirit Health, Series A-2, 5.00%, 08/01/34 |  |  | 1,500 |  |  |  | 1,819,110 |
Park Creek Metropolitan District, Refunding, Tax Allocation Bonds, 5.00%, 12/01/34 |  |  | 500 |  |  |  | 578,365 |

Security |  | Par (000) |  |  | Value |
Colorado (continued) |
Thompson Crossing Metropolitan District No. 4, GO, Refunding, 3.50%, 12/01/29 |  | $ | 515 |  |  | $ | 516,993 |
University of Northern Colorado, Refunding RB, Series A, 5.00%, 06/01/31 |  |  | 2,000 |  |  |  | 2,315,980 |
|  |  |  |  |  |  | 11,639,106 |
Connecticut — 2.9% |
Connecticut State Health & Educational Facility Authority, Refunding RB, Lawrence & Memorial Hospital, Series F, 5.00%, 07/01/21(b) |  |  | 4,530 |  |  |  | 4,814,892 |
State of Connecticut, GO, Series A: |  |  |  |  |  |  |  |
5.00%, 04/15/30 |  |  | 5,000 |  |  |  | 6,169,650 |
5.00%, 04/15/31 |  |  | 4,000 |  |  |  | 4,916,480 |
5.00%, 04/15/34 |  |  | 1,185 |  |  |  | 1,466,899 |
|  |  |  |  |  |  | 17,367,921 |
Delaware — 0.8% |
County of Kent Delaware, RB, CHF-Dover, LLC-Delaware State University Project, Series A: |  |  |  |  |  |  |  |
5.00%, 07/01/29 |  |  | 880 |  |  |  | 1,021,988 |
5.00%, 07/01/30 |  |  | 1,030 |  |  |  | 1,191,730 |
5.00%, 07/01/31 |  |  | 750 |  |  |  | 864,720 |
5.00%, 07/01/32 |  |  | 375 |  |  |  | 430,834 |
5.00%, 07/01/33 |  |  | 1,190 |  |  |  | 1,362,586 |
|  |  |  |  |  |  | 4,871,858 |
Florida — 7.5% |
Capital Region Community Development District, Refunding, Special Assessment Bonds, Series A-1: |  |  |  |  |  |  |  |
4.13%, 05/01/23 |  |  | 400 |  |  |  | 406,816 |
4.63%, 05/01/28 |  |  | 500 |  |  |  | 529,195 |
Capital Trust Agency, Inc., RB, Series A: |  |  |  |  |  |  |  |
Advantage Academy of Hillsborough Projects, 5.00%, 12/15/29 |  |  | 400 |  |  |  | 448,212 |
Renaissance Charter School, Inc., 4.00%, 06/15/29(a) |  |  | 625 |  |  |  | 645,844 |
County of Alachua Health Facilities Authority, Refunding RB, Shands Teaching Hospital and Clinics, 5.00%, 12/01/34 |  |  | 1,400 |  |  |  | 1,722,728 |
County of Broward Florida School Board, COP, Refunding, Series A (AGM), 5.00%, 07/01/21(b) |  |  | 10,000 |  |  |  | 10,626,200 |
County of Charlotte Florida IDA, RB, Town & Country Utilities Project, 5.00%, 10/01/29(a) |  |  | 1,000 |  |  |  | 1,111,510 |
County of Lee Florida, Refunding ARB, Series A, AMT (AGM), 5.00%, 10/01/27 |  |  | 1,635 |  |  |  | 1,735,291 |
County of Lee Florida, Refunding RB, Series A, AMT, 5.50%, 10/01/23 |  |  | 1,000 |  |  |  | 1,072,770 |
County of Miami-Dade Florida, RB, AMT, Series B: |  |  |  |  |  |  |  |
6.00%, 10/01/28 |  |  | 3,470 |  |  |  | 4,015,519 |
6.00%, 10/01/29 |  |  | 3,480 |  |  |  | 4,024,898 |
County of Miami-Dade Florida Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/32 |  |  | 5,020 |  |  |  | 5,821,794 |
County of Miami-Dade Florida Transit System Sales Surtax Revenue, Refunding RB, 5.00%, 07/01/32 |  |  | 1,500 |  |  |  | 1,639,350 |
County of Pinellas Florida IDA, RB, 2017 Foundation for Global Understanding, Inc. Project, 5.00%, 07/01/29 |  |  | 2,200 |  |  |  | 2,618,088 |
Florida Development Finance Corp., RB, Waste Pro USA, Inc., AMT, 5.00%, 05/01/29(a) |  |  | 700 |  |  |  | 767,284 |
Harbor Bay Community Development District, Refunding, Special Assessment Bonds, Series A-2: |  |  |  |  |  |  |  |
3.30%, 05/01/29 |  |  | 260 |  |  |  | 256,149 |
3.30%, 05/01/29 |  |  | 700 |  |  |  | 689,997 |
Harbor Bay Community Development District, Series A-1, 3.30%, 05/01/29 |  |  | 600 |  |  |  | 591,426 |

58 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Florida (continued) |
Lakewood Ranch Stewardship District, Special Assessment Bonds: |  |  |  |  |  |  |  |
Cresswind Project, 3.60%, 05/01/24 |  | $ | 235 |  |  | $ | 238,064 |
Cresswind Project, 3.80%, 05/01/29 |  |  | 280 |  |  |  | 287,174 |
Del Webb Project, 3.65%, 05/01/22(a) |  |  | 405 |  |  |  | 409,439 |
Del Webb Project, 4.30%, 05/01/27(a) |  |  | 520 |  |  |  | 547,352 |
Lake Club Phase 4 project, 3.60%, 05/01/24 |  |  | 430 |  |  |  | 435,599 |
Lake Club Phase 4 project, 3.80%, 05/01/29 |  |  | 510 |  |  |  | 523,051 |
Lakewood National and Polo Run Projects, 4.00%, 05/01/22 |  |  | 945 |  |  |  | 960,252 |
Midtown Miami Community Development District, Refunding, Special Assessment Bonds, Series A, 4.25%, 05/01/24 |  |  | 1,105 |  |  |  | 1,145,587 |
Sarasota County Health Facilities Authority, RB, Sunnyside Village Project, 5.00%, 05/15/33 |  |  | 600 |  |  |  | 691,170 |
Southern Groves Community Development District No. 5, Refunding, Special Assessment Bonds, 3.25%, 05/01/29(c) |  |  | 300 |  |  |  | 299,289 |
Sterling Hill Community Development District, Refunding, Special Assessment Bonds, Series B, 5.50%, 11/01/10(d)(e) |  |  | 143 |  |  |  | 90,783 |
Talavera Community Development District, Special Assessment Bonds: |  |  |  |  |  |  |  |
3.50%, 05/01/25 |  |  | 365 |  |  |  | 367,807 |
3.85%, 05/01/30 |  |  | 540 |  |  |  | 550,141 |
Tolomato Community Development District, Refunding, Special Assessment Bonds, Series A-2, 3.85%, 05/01/29 |  |  | 180 |  |  |  | 183,301 |
|  |  |  |  |  |  | 45,452,080 |
Georgia — 4.8% |
City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, 5.00%, 11/01/32 |  |  | 8,315 |  |  |  | 9,772,703 |
County of Cobb Kennestone Hospital Authority, Refunding RB, Revenue Anticipation Certificates, 5.00%, 04/01/32 |  |  | 1,250 |  |  |  | 1,496,400 |
Main Street Natural Gas, Inc., RB, Series A: |  |  |  |  |  |  |  |
5.50%, 09/15/28 |  |  | 2,500 |  |  |  | 3,160,750 |
5.00%, 05/15/33 |  |  | 5,000 |  |  |  | 6,033,750 |
5.00%, 05/15/34 |  |  | 5,250 |  |  |  | 6,304,147 |
Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project: |  |  |  |  |  |  |  |
5.00%, 01/01/34 |  |  | 700 |  |  |  | 819,658 |
5.00%, 01/01/35 |  |  | 1,225 |  |  |  | 1,428,448 |
|  |  |  |  |  |  | 29,015,856 |
Hawaii — 0.8% |
State of Hawaii Airports System, Refunding ARB, Series A, 5.25%, 07/01/29 |  |  | 5,000 |  |  |  | 5,133,500 |
Illinois — 15.5% |
Chicago Board of Education, GO, Refunding: |  |  |  |  |  |  |  |
CAB, Series A, 0.00%, 12/01/25(f) |  |  | 420 |  |  |  | 353,900 |
Series A, 5.00%, 12/01/29 |  |  | 1,110 |  |  |  | 1,316,038 |
Series A, 5.00%, 12/01/30 |  |  | 1,325 |  |  |  | 1,565,434 |
Series C, 5.00%, 12/01/26 |  |  | 4,730 |  |  |  | 5,432,027 |
Chicago Board of Education, GO, Refunding Dedicated Revenues, Series D, 5.00%, 12/01/26 |  |  | 4,185 |  |  |  | 4,806,138 |
City of Chicago Illinois Midway International Airport, Refunding ARB, 2nd Lien, Series A, AMT: |  |  |  |  |  |  |  |
5.00%, 01/01/32 |  |  | 5,000 |  |  |  | 5,618,750 |
5.50%, 01/01/32 |  |  | 1,500 |  |  |  | 1,668,450 |
City of Chicago Illinois O’Hare International Airport, Refunding GARB, Series C: |  |  |  |  |  |  |  |
5.25%, 01/01/28 |  |  | 1,350 |  |  |  | 1,497,461 |
5.25%, 01/01/29 |  |  | 3,020 |  |  |  | 3,346,673 |
City of Chicago Illinois O’Hare International Airport, RB, Refunding GARB, 5.00%, 01/01/32 |  |  | 3,745 |  |  |  | 4,329,932 |

Security |  | Par (000) |  |  | Value |
Illinois (continued) |
City of Chicago Illinois O’Hare International Airport, Refunding GARB, Senior Lien, Series A, AMT, 5.00%, 01/01/23 |  | $ | 13,000 |  |  | $ | 14,370,330 |
City of Chicago Illinois Transit Authority, RB, 5.25%, 12/01/31 |  |  | 3,700 |  |  |  | 3,964,143 |
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.13%, 12/01/38 |  |  | 1,000 |  |  |  | 1,058,460 |
Illinois Finance Authority, Refunding RB, CHF-Chicago, LLC-University Of Illinois at Chicago: |  |  |  |  |  |  |  |
5.00%, 02/15/28 |  |  | 810 |  |  |  | 964,038 |
5.00%, 02/15/29 |  |  | 400 |  |  |  | 475,756 |
5.00%, 02/15/30 |  |  | 500 |  |  |  | 588,765 |
5.00%, 02/15/31 |  |  | 500 |  |  |  | 586,030 |
5.00%, 02/15/32 |  |  | 500 |  |  |  | 583,740 |
Madison-Macoupin Etc. Counties Community College District No. 536, GO, Refunding, Lewis & Clark Community College: |  |  |  |  |  |  |  |
5.00%, 05/01/30 |  |  | 475 |  |  |  | 481,018 |
5.00%, 05/01/31 |  |  | 500 |  |  |  | 506,275 |
5.00%, 05/01/32 |  |  | 500 |  |  |  | 506,220 |
Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project, 5.00%, 12/15/28 |  |  | 1,200 |  |  |  | 1,387,812 |
Railsplitter Tobacco Settlement Authority, RB, 5.50%, 06/01/21(b) |  |  | 3,500 |  |  |  | 3,730,965 |
State of Illinois, GO: |  |  |  |  |  |  |  |
5.25%, 02/01/30 |  |  | 5,000 |  |  |  | 5,469,850 |
5.00%, 04/01/31 |  |  | 1,000 |  |  |  | 1,080,240 |
5.00%, 05/01/31 |  |  | 10,010 |  |  |  | 10,821,911 |
State of Illinois, GO, Refunding, Series B, 5.00%, 10/01/27 |  |  | 470 |  |  |  | 536,735 |
State of Illinois Finance Authority, Refunding RB, Southern Illinois Healthcare Enterprises, Inc.: |  |  |  |  |  |  |  |
5.00%, 03/01/30 |  |  | 550 |  |  |  | 659,813 |
5.00%, 03/01/32 |  |  | 920 |  |  |  | 1,096,944 |
State of Illinois Toll Highway Authority, RB, Series A, 5.00%, 01/01/34 |  |  | 9,140 |  |  |  | 10,072,554 |
State of Illinois Toll Highway Authority, Refunding RB, Senior Series A, 5.00%, 12/01/31 |  |  | 4,220 |  |  |  | 4,954,575 |
|  |  |  |  |  |  | 93,830,977 |
Indiana — 3.4% |
City of Whiting Indiana, RB, BP Products North America, Inc. Project, 5.25%, 01/01/21 |  |  | 4,800 |  |  |  | 5,007,792 |
Indiana Finance Authority, RB, Wastewater, 1st Lien, Series A, 5.25%, 10/01/31 |  |  | 10,000 |  |  |  | 10,707,100 |
Indiana Finance Authority, Refunding RB, US Steel Corp. Project, 6.00%, 12/01/19 |  |  | 5,000 |  |  |  | 5,016,300 |
|  |  |  |  |  |  | 20,731,192 |
Iowa — 1.0% |
Iowa Higher Education Loan Authority, RB, Private College Facility: |  |  |  |  |  |  |  |
5.25%, 04/01/23 |  |  | 695 |  |  |  | 732,954 |
5.25%, 04/01/24 |  |  | 730 |  |  |  | 769,741 |
5.25%, 04/01/25 |  |  | 520 |  |  |  | 548,215 |
5.25%, 04/01/26 |  |  | 360 |  |  |  | 379,422 |
Iowa Higher Education Loan Authority, Refunding RB, Private College Facility: |  |  |  |  |  |  |  |
5.00%, 09/01/20(b) |  |  | 2,315 |  |  |  | 2,386,950 |
Upper Iowa University Project, 5.00%, 09/01/20(g) |  |  | 465 |  |  |  | 477,420 |
Iowa Student Loan Liquidity Corp., Refunding RB, AMT, Series A, 5.00%, 12/01/26 |  |  | 775 |  |  |  | 902,984 |
|  |  |  |  |  |  | 6,197,686 |
Kansas — 1.3% |
County of Seward Unified School District No. 480 Liberal, GO, Refunding: |  |  |  |  |  |  |  |
5.00%, 09/01/22(b) |  |  | 3,990 |  |  |  | 4,405,558 |
5.00%, 09/01/33 |  |  | 1,005 |  |  |  | 1,107,409 |
5.00%, 09/01/33 |  |  | 1,005 |  |  |  | 1,107,420 |

SCHEDULES OF INVESTMENTS |  |  | 59 |

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Kansas (continued) |
Kansas Development Finance Authority, Refunding RB, Health Hospital Nursing Home Improvements: |  |  |  |  |  |  |  |
5.00%, 11/15/19(b) |  | $ | 35 |  |  | $ | 35,040 |
5.00%, 11/15/23 |  |  | 1,465 |  |  |  | 1,466,685 |
|  |  |  |  |  |  | 8,122,112 |
Kentucky — 0.5% |
Countyof Louisville/Jefferson Metropolitan Government, Refunding RB, Catholic Health Initiatives(b): |  |  |  |  |  |  |  |
5.00%, 06/01/22 |  |  | 120 |  |  |  | 130,984 |
Series A, 5.00%, 06/01/22 |  |  | 2,750 |  |  |  | 3,001,707 |
|  |  |  |  |  |  | 3,132,691 |
Louisiana — 3.1% |
Calcasieu Parish Memorial Hospital Service District, Refunding RB, Lake Charles Memorial Hospital Project, 5.00%, 12/01/34 |  |  | 200 |  |  |  | 239,766 |
City of Bossier City Louisiana Utilities, Refunding RB, 5.00%, 10/01/32 |  |  | 2,000 |  |  |  | 2,298,500 |
Louisiana Local Government Environmental Facilities & Community Development Authority, Refunding RB, BRCC Facilities Corp. Project: |  |  |  |  |  |  |  |
5.00%, 12/01/27 |  |  | 3,445 |  |  |  | 3,695,451 |
5.00%, 12/01/28 |  |  | 3,715 |  |  |  | 3,983,297 |
New Orleans Aviation Board, RB, Series A, 5.00%, 01/01/33 |  |  | 1,000 |  |  |  | 1,149,980 |
State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, 4.00%, 05/01/34 |  |  | 3,000 |  |  |  | 3,170,130 |
Terrebonne Levee & Conservation District, RB, Sales Tax, 5.00%, 07/01/28 |  |  | 3,660 |  |  |  | 4,121,929 |
|  |  |  |  |  |  | 18,659,053 |
Maine — 0.6% |
Finance Authority of Maine, Refunding RB, Series A-1, AMT: |  |  |  |  |  |  |  |
5.00%, 12/01/28 |  |  | 1,000 |  |  |  | 1,220,170 |
3.00%, 12/01/29 |  |  | 2,300 |  |  |  | 2,369,437 |
|  |  |  |  |  |  | 3,589,607 |
Maryland — 1.7% |
City of Baltimore Maryland, Refunding, Tax Allocation Bonds, Harbor Point Project, Senior Lien, Series A(a): |  |  |  |  |  |  |  |
2.95%, 06/01/27 |  |  | 175 |  |  |  | 174,179 |
3.05%, 06/01/28 |  |  | 190 |  |  |  | 189,308 |
3.15%, 06/01/29 |  |  | 200 |  |  |  | 199,584 |
City of Baltimore Maryland, Series B, 3.38%, 06/01/29(a) |  |  | 285 |  |  |  | 280,865 |
City of Rockville Maryland, RB, Ingleside King Farm Project, 3.50%, 11/01/26 |  |  | 1,825 |  |  |  | 1,835,567 |
Maryland Economic Development Corp., RB, Transportation Facilities Project, Series A, 5.13%, 06/01/20(g) |  |  | 555 |  |  |  | 567,365 |
Maryland Economic Development Corp., Refunding RB, Transportation Facilities Project, Series A: |  |  |  |  |  |  |  |
5.00%, 06/01/29 |  |  | 1,835 |  |  |  | 2,264,592 |
5.00%, 06/01/30 |  |  | 1,015 |  |  |  | 1,243,426 |
5.00%, 06/01/31 |  |  | 1,000 |  |  |  | 1,220,300 |
5.00%, 06/01/32 |  |  | 1,000 |  |  |  | 1,215,420 |
Maryland Health & Higher Educational Facilities Authority, RB, Johns Hopkins Health System, Series B, 5.00%, 07/01/33 |  |  | 1,140 |  |  |  | 1,248,175 |
|  |  |  |  |  |  | 10,438,781 |
Massachusetts — 1.7% |
Massachusetts Development Finance Agency, Refunding RB: |  |  |  |  |  |  |  |
Emerson College Issue, Series A, 5.00%, 01/01/31 |  |  | 1,730 |  |  |  | 1,978,203 |
Suffolk University, 5.00%, 07/01/29 |  |  | 2,700 |  |  |  | 3,255,822 |
Suffolk University, 5.00%, 07/01/30 |  |  | 3,125 |  |  |  | 3,751,031 |
Massachusetts Health & Educational Facilities Authority, Refunding RB, Winchester Hospital, 5.00%, 07/01/20(b) |  |  | 1,060 |  |  |  | 1,086,712 |
|  |  |  |  |  |  | 10,071,768 |

Security |  | Par (000) |  |  | Value |
Michigan — 3.3% |
City of Detroit Michigan, GO: |  |  |  |  |  |  |  |
5.00%, 04/01/26 |  | $ | 265 |  |  | $ | 296,628 |
5.00%, 04/01/27 |  |  | 210 |  |  |  | 237,437 |
5.00%, 04/01/28 |  |  | 235 |  |  |  | 268,086 |
5.00%, 04/01/29 |  |  | 235 |  |  |  | 266,878 |
5.00%, 04/01/30 |  |  | 180 |  |  |  | 207,545 |
5.00%, 04/01/31 |  |  | 265 |  |  |  | 298,438 |
5.00%, 04/01/32 |  |  | 225 |  |  |  | 252,396 |
5.00%, 04/01/33 |  |  | 295 |  |  |  | 329,603 |
Manistee Area Public Schools, GO, Refunding, (Q-SBLF), 5.00%, 05/01/25 |  |  | 1,000 |  |  |  | 1,054,490 |
Michigan Finance Authority, Refunding RB, Senior Lien, Detroit Water and Sewer, Series C-3 (AGM), 5.00%, 07/01/31 |  |  | 4,000 |  |  |  | 4,618,120 |
Michigan State Building Authority, Refunding RB, Facilities Program, Series II-A, 5.00%, 10/15/24 |  |  | 2,500 |  |  |  | 2,681,450 |
Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, 5.25%, 11/15/19(b) |  |  | 3,300 |  |  |  | 3,304,653 |
Michigan Strategic Fund, RB, I -75 Improvement Projects, AMT: |  |  |  |  |  |  |  |
5.00%, 06/30/33 |  |  | 2,415 |  |  |  | 2,933,959 |
5.00%, 12/31/33 |  |  | 2,000 |  |  |  | 2,422,340 |
Michigan Strategic Fund, Refunding RB, Holland Home Obligated Group: |  |  |  |  |  |  |  |
5.00%, 11/15/29 |  |  | 440 |  |  |  | 514,747 |
5.00%, 11/15/34 |  |  | 490 |  |  |  | 564,068 |
|  |  |  |  |  |  | 20,250,838 |
Minnesota — 2.0% |
City of Minneapolis, RB, YMCA of the Greater Twin Cities Project: |  |  |  |  |  |  |  |
4.00%, 06/01/30 |  |  | 150 |  |  |  | 164,850 |
4.00%, 06/01/31 |  |  | 50 |  |  |  | 54,766 |
City of Minneapolis, Refunding RB, Fairview Health Services, Series A, 5.00%, 11/15/33 |  |  | 2,370 |  |  |  | 2,940,909 |
County of St. Paul Minnesota Housing & Redevelopment Authority, RB, Great River School Project, Series A, 4.75%, 07/01/29(a) |  |  | 250 |  |  |  | 269,213 |
Duluth Economic Development Authority, Refunding RB, Essentia Health Obligated Group, Series A: |  |  |  |  |  |  |  |
5.00%, 02/15/33 |  |  | 1,000 |  |  |  | 1,203,580 |
5.00%, 02/15/34 |  |  | 1,185 |  |  |  | 1,419,677 |
University of Minnesota, RB, Biomedical Science Research Facilities Funding Program: |  |  |  |  |  |  |  |
Series B, 5.00%, 08/01/36 |  |  | 1,000 |  |  |  | 1,061,230 |
Series C, 5.00%, 08/01/27 |  |  | 1,390 |  |  |  | 1,571,381 |
Series C, 5.00%, 08/01/28 |  |  | 740 |  |  |  | 835,778 |
Series C, 5.00%, 08/01/29 |  |  | 1,555 |  |  |  | 1,754,538 |
Series C, 5.00%, 08/01/30 |  |  | 835 |  |  |  | 940,937 |
|  |  |  |  |  |  | 12,216,859 |
Missouri — 0.3% |
City of St. Louis Missouri IDA, Refunding RB, Ballpark Village Development Project, Series A, 3.88%, 11/15/29 |  |  | 350 |  |  |  | 379,355 |
St. Louis County Industrial Development Authority, Refunding RB, Friendship Village St. Louis Obligated Group: |  |  |  |  |  |  |  |
5.00%, 09/01/27 |  |  | 360 |  |  |  | 414,871 |
5.00%, 09/01/32 |  |  | 1,015 |  |  |  | 1,187,763 |
|  |  |  |  |  |  | 1,981,989 |
Montana — 0.1% |
County of Yellowstone Montana School District No. 2 Billings, GO, 5.00%, 06/15/30 |  |  | 500 |  |  |  | 577,490 |
Nebraska — 0.9% |
County of Douglas Nebraska Hospital Authority No. 3, Refunding RB, 5.00%, 11/01/30 |  |  | 800 |  |  |  | 935,240 |

60 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Nebraska (continued) |
County of Lancaster Nebraska Hospital Authority No. 1, Refunding RB, Immanuel Obligation Group, 5.50%, 01/01/30 |  | $ | 1,000 |  |  | $ | 1,006,610 |
Nebraska Public Power District, Refunding RB, Series A: |  |  |  |  |  |  |  |
5.00%, 01/01/30 |  |  | 1,000 |  |  |  | 1,077,320 |
5.00%, 01/01/32 |  |  | 2,000 |  |  |  | 2,152,080 |
|  |  |  |  |  |  | 5,171,250 |
Nevada — 1.1% |
City of Reno Nevada, Refunding RB, Series A-1 (AGM), 5.00%, 06/01/31 |  |  | 1,000 |  |  |  | 1,194,920 |
County of Clark Nevada Department of Aviation, Refunding RB, 5.00%, 07/01/33 |  |  | 5,000 |  |  |  | 5,703,000 |
|  |  |  |  |  |  | 6,897,920 |
New Hampshire — 0.3% |
New Hampshire Business Finance Authority, RB, VRDN, Casella Waste Systems, Inc. Project, AMT, 2.95%, 04/01/29(a) |  |  | 1,000 |  |  |  | 1,002,940 |
New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project, Series A, AMT, 4.00%, 11/01/27(a) |  |  | 795 |  |  |  | 839,949 |
|  |  |  |  |  |  | 1,842,889 |
New Jersey — 23.8% |
County of Essex New Jersey Improvement Authority, LRB, Newark Project, Series A (AGM), 5.00%, 11/01/20(g) |  |  | 698 |  |  |  | 723,777 |
New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23 |  |  | 6,040 |  |  |  | 6,512,630 |
New Jersey EDA, RB, Goethals Bridge Replacement Project, Private Activity Bond AMT: |  |  |  |  |  |  |  |
5.50%, 01/01/26 |  |  | 1,500 |  |  |  | 1,731,600 |
5.50%, 01/01/27 |  |  | 1,000 |  |  |  | 1,152,740 |
New Jersey EDA, Refunding ARB, Port Newark Container Terminal LLC Project, AMT: |  |  |  |  |  |  |  |
5.00%, 10/01/26 |  |  | 2,135 |  |  |  | 2,551,047 |
5.00%, 10/01/27 |  |  | 1,680 |  |  |  | 2,040,041 |
New Jersey EDA, Refunding RB: |  |  |  |  |  |  |  |
New Jersey American Water Co., Series E, AMT, 4.70%, 12/01/25 |  |  | 3,000 |  |  |  | 3,103,350 |
School Facilities Construction, Series EE, 5.00%, 09/01/23 |  |  | 3,465 |  |  |  | 3,620,925 |
New Jersey Educational Facilities Authority, RB, Higher Education Facilities Trust Fund, 5.00%, 06/15/28 |  |  | 10,000 |  |  |  | 11,247,000 |
New Jersey Educational Facilities Authority, Refunding RB, 5.00%, 07/01/30 |  |  | 5,000 |  |  |  | 5,879,200 |
New Jersey Higher Education Student Assistance Authority, Refunding RB: |  |  |  |  |  |  |  |
AMT, Series B, 5.00%, 12/01/27 |  |  | 1,000 |  |  |  | 1,224,230 |
AMT, Series B, 5.00%, 12/01/28 |  |  | 1,000 |  |  |  | 1,230,820 |
Series 1, AMT, 5.50%, 12/01/26 |  |  | 700 |  |  |  | 752,381 |
Series 1B, AMT, 2.95%, 12/01/28 |  |  | 770 |  |  |  | 785,300 |
Student Loan, Series 1A, 4.75%, 12/01/21 |  |  | 1,060 |  |  |  | 1,062,290 |
New Jersey State Turnpike Authority, RB, Series E, 5.00%, 01/01/32 |  |  | 12,000 |  |  |  | 13,970,160 |
New Jersey State Turnpike Authority, Refunding RB, Series B, 5.00%, 01/01/29 |  |  | 6,000 |  |  |  | 6,670,980 |
New Jersey Transportation Trust Fund Authority, RB: |  |  |  |  |  |  |  |
Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/30 |  |  | 2,000 |  |  |  | 2,332,240 |
Series B, 5.25%, 06/15/26 |  |  | 3,500 |  |  |  | 3,693,305 |
Transportation Program, Series AA, 5.25%, 06/15/31 |  |  | 12,000 |  |  |  | 13,359,120 |
Transportation Program, Series AA, 5.25%, 06/15/32 |  |  | 2,250 |  |  |  | 2,551,433 |
Transportation System, Series A, 5.25%, 06/15/24 |  |  | 3,185 |  |  |  | 3,365,175 |
Transportation System, Series B, 5.50%, 06/15/31 |  |  | 11,780 |  |  |  | 12,428,960 |
Transportation System, Series C, 5.25%, 06/15/32 |  |  | 10,000 |  |  |  | 11,265,100 |

Security |  | Par (000) |  |  | Value |
New Jersey (continued) |
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A: |  |  |  |  |  |  |  |
Federal Highway Reimbursement Revenue Notes, 5.00%, 06/15/30 |  | $ | 1,695 |  |  | $ | 1,976,573 |
Transportation System, 5.00%, 12/15/33 |  |  | 2,285 |  |  |  | 2,676,009 |
Newark Housing Authority, RB, Series A: |  |  |  |  |  |  |  |
5.00%, 12/01/23 |  |  | 1,230 |  |  |  | 1,362,225 |
5.00%, 12/01/25 |  |  | 1,345 |  |  |  | 1,503,831 |
South Jersey Port Corp., ARB, Sobordinated Marine Terminal, Series B, AMT: |  |  |  |  |  |  |  |
5.00%, 01/01/29 |  |  | 250 |  |  |  | 301,640 |
5.00%, 01/01/30 |  |  | 200 |  |  |  | 239,668 |
5.00%, 01/01/31 |  |  | 350 |  |  |  | 417,771 |
5.00%, 01/01/32 |  |  | 425 |  |  |  | 505,627 |
State of New Jersey, GO, Various Purposes, 5.00%, 06/01/28 |  |  | 5,000 |  |  |  | 5,828,250 |
Tobacco Settlement Financing Corp., Refunding RB, Series A: |  |  |  |  |  |  |  |
5.00%, 06/01/30 |  |  | 850 |  |  |  | 1,041,488 |
5.00%, 06/01/32 |  |  | 11,980 |  |  |  | 14,555,700 |
Tobacco Settlement Bonds, 5.00%, 06/01/33 |  |  | 220 |  |  |  | 266,026 |
|  |  |  |  |  |  | 143,928,612 |
New Mexico — 1.2% |
Albuquerque Municipal School District No. 12, GO, Series 2017, 5.00%, 08/01/30 |  |  | 1,250 |  |  |  | 1,525,738 |
City of Santa Fe New Mexico, RB, EL Castillo Retirement Residences Project, Series A, 5.00%, 05/15/34(c) |  |  | 170 |  |  |  | 193,004 |
County of Albuquerque Bernalillo New Mexico Water Utility Authority, Refunding RB, 4.00%, 07/01/33 |  |  | 2,510 |  |  |  | 2,806,858 |
New Mexico Hospital Equipment Loan Council, Refunding RB, 5.00%, 08/01/31 |  |  | 2,500 |  |  |  | 2,935,200 |
|  |  |  |  |  |  | 7,460,800 |
New York — 7.9% |
Build NYC Resource Corp., RB, Inwood Academy for Leadership Charter School Project, Series A, 4.88%, 05/01/31(a) |  |  | 450 |  |  |  | 488,200 |
Build NYC Resource Corp., Refunding RB, Manhattan College Project, 5.00%, 08/01/35 |  |  | 665 |  |  |  | 804,284 |
Counties of Buffalo & Erie New York Industrial Land Development Corp., Refunding RB, The Charter School for Applied Technologies Project, Series A: |  |  |  |  |  |  |  |
4.00%, 06/01/22 |  |  | 800 |  |  |  | 831,040 |
4.50%, 06/01/27 |  |  | 1,710 |  |  |  | 1,897,399 |
5.00%, 06/01/35 |  |  | 415 |  |  |  | 462,169 |
County of Monroe New York Industrial Development Corp., Refunding RB, Series A, 5.00%, 07/01/23(b) |  |  | 5,695 |  |  |  | 6,495,546 |
County of Westchester New York Healthcare Corp., Refunding RB, Senior Lien, Remarketing, Series A: |  |  |  |  |  |  |  |
5.00%, 11/01/24 |  |  | 5,470 |  |  |  | 5,835,232 |
5.00%, 11/01/30 |  |  | 655 |  |  |  | 696,311 |
Metropolitan Transportation Authority, RB(b): |  |  |  |  |  |  |  |
Sub-Series B-1, 5.00%, 11/15/21 |  |  | 2,300 |  |  |  | 2,481,148 |
Sub-Series B-4, 5.00%, 11/15/21 |  |  | 1,500 |  |  |  | 1,618,140 |
New York City Trust for Cultural Resources, Refunding RB, Carnegie Hall, Series A, 5.00%, 12/01/29 |  |  | 2,750 |  |  |  | 2,756,215 |
Niagara Area Development Corp., Refunding RB, Covanta Project, Series B, 3.50%, 11/01/24(a) |  |  | 1,000 |  |  |  | 1,043,750 |
Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, Series 8, 5.00%, 12/01/20 |  |  | 865 |  |  |  | 882,326 |
State of New York Dormitory Authority, RB, Series A: |  |  |  |  |  |  |  |
Fordham University, 5.25%, 07/01/21(b) |  |  | 900 |  |  |  | 962,019 |
Icahn School of Medicine at Mount Sinai, 5.00%, 07/01/32 |  |  | 9,000 |  |  |  | 10,542,240 |
New York University Hospitals Center, 5.00%, 07/01/20(b) |  |  | 1,725 |  |  |  | 1,769,298 |
New York University Hospitals Center, 5.13%, 07/01/20(b) |  |  | 1,670 |  |  |  | 1,714,255 |

SCHEDULES OF INVESTMENTS |  |  | 61 |

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
New York (continued) |
State of New York Dormitory Authority, Refunding RB: |  |  |  |  |  |  |  |
North Shore-Long Island Jewish Obligated Group, Series A, 5.00%, 05/01/32 |  | $ | 3,060 |  |  | $ | 3,541,338 |
Orange Regional Medical Center, 5.00%, 12/01/27(a) |  |  | 900 |  |  |  | 1,088,622 |
Orange Regional Medical Center, 5.00%, 12/01/28(a) |  |  | 1,800 |  |  |  | 2,175,300 |
|  |  |  |  |  |  | 48,084,832 |
North Carolina — 0.3% |
North Carolina Medical Care Commission, Refunding RB, WakeMed, Series A, 5.00%, 10/01/31 |  |  | 1,500 |  |  |  | 1,641,915 |
Ohio — 1.4% |
Ohio Air Quality Development Authority, Refunding RB, Ohio Valley Electric Corp., 3.25%, 09/01/29 |  |  | 1,550 |  |  |  | 1,595,648 |
State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 02/15/31 |  |  | 6,000 |  |  |  | 6,738,780 |
|  |  |  |  |  |  | 8,334,428 |
Oklahoma — 1.3% |
Oklahoma City Public Property Authority, Refunding RB: |  |  |  |  |  |  |  |
5.00%, 10/01/27 |  |  | 1,190 |  |  |  | 1,413,934 |
5.00%, 10/01/28 |  |  | 1,265 |  |  |  | 1,498,987 |
5.00%, 10/01/29 |  |  | 1,400 |  |  |  | 1,655,710 |
Oklahoma Development Finance Authority, RB, OU Medicene Project, Series B: |  |  |  |  |  |  |  |
5.00%, 08/15/29 |  |  | 1,200 |  |  |  | 1,474,728 |
5.00%, 08/15/33 |  |  | 1,305 |  |  |  | 1,562,490 |
|  |  |  |  |  |  | 7,605,849 |
Oregon — 1.4% |
County of Klamath Oregon School District, GO: |  |  |  |  |  |  |  |
5.00%, 06/15/30 |  |  | 1,000 |  |  |  | 1,129,610 |
5.00%, 06/15/31 |  |  | 1,000 |  |  |  | 1,128,430 |
County of Umatilla Oregon School District No. 16R Pendleton, GO, Series A, 5.00%, 06/15/32 |  |  | 2,000 |  |  |  | 2,319,320 |
Oregon State Facilities Authority, Refunding RB, Reed College Project, Series A, 5.00%, 07/01/20(b) |  |  | 1,835 |  |  |  | 1,881,077 |
State of Oregon, GO, Series H, 5.00%, 05/01/22(b) |  |  | 2,000 |  |  |  | 2,188,080 |
|  |  |  |  |  |  | 8,646,517 |
Pennsylvania — 7.0% |
Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project(a): |  |  |  |  |  |  |  |
5.00%, 05/01/22 |  |  | 1,545 |  |  |  | 1,617,414 |
5.00%, 05/01/23 |  |  | 640 |  |  |  | 679,610 |
5.00%, 05/01/28 |  |  | 835 |  |  |  | 976,332 |
Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment: |  |  |  |  |  |  |  |
5.00%, 06/01/33 |  |  | 2,000 |  |  |  | 2,441,260 |
5.00%, 06/01/34 |  |  | 3,750 |  |  |  | 4,561,612 |
County of Allegheny Pennsylvania, GO, Refunding, Series C-68, 5.00%, 11/01/25 |  |  | 2,515 |  |  |  | 2,698,520 |
County of Allegheny Pennsylvania, GO, Series C-67: |  |  |  |  |  |  |  |
5.00%, 11/01/25 |  |  | 2,700 |  |  |  | 2,897,046 |
5.00%, 11/01/26 |  |  | 2,375 |  |  |  | 2,547,449 |
Pennsylvania Economic Development Financing Authority, RB, PA Bridges Finco LP, AMT, 5.00%, 12/31/28 |  |  | 115 |  |  |  | 136,125 |
Pennsylvania Turnpike Commission, RB, Sub-Series B, 5.25%, 12/01/21(b) |  |  | 4,000 |  |  |  | 4,333,320 |
Pennsylvania Turnpike Commission, Refunding RB: |  |  |  |  |  |  |  |
Second Series, 5.00%, 12/01/30 |  |  | 2,620 |  |  |  | 3,188,619 |
Sub-Series B, 5.00%, 06/01/32 |  |  | 5,000 |  |  |  | 5,991,600 |
School District of Philadelphia, GOL, Series A: |  |  |  |  |  |  |  |
5.00%, 09/01/30 |  |  | 1,200 |  |  |  | 1,476,408 |
5.00%, 09/01/31 |  |  | 1,000 |  |  |  | 1,225,430 |
5.00%, 09/01/32 |  |  | 1,200 |  |  |  | 1,464,696 |

Security |  | Par (000) |  |  | Value |
Pennsylvania (continued) |
South Fork Municipal Authority, Refunding RB, Conemaugh Valley Memorial Hospital, Series A (AGC), 6.00%, 07/01/20(b) |  | $ | 6,225 |  |  | $ | 6,416,232 |
|  |  |  |  |  |  | 42,651,673 |
Puerto Rico — 3.2% |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured: |  |  |  |  |  |  |  |
CAB, Series A-1, 0.00%, 07/01/27(f) |  |  | 11,551 |  |  |  | 9,217,236 |
Series A-1, 4.50%, 07/01/34 |  |  | 4,365 |  |  |  | 4,660,423 |
Series B-1, 0.00%, 07/01/27(f) |  |  | 2,521 |  |  |  | 2,015,641 |
Series B-1, 0.00%, 07/01/29(f) |  |  | 4,466 |  |  |  | 3,351,465 |
|  |  |  |  |  |  | 19,244,765 |
Rhode Island — 1.7% |
Providence Redevelopment Agency, Refunding RB, Series A, 5.00%, 04/01/29 |  |  | 1,000 |  |  |  | 1,174,580 |
Rhode Island Health & Educational Building Corp., RB, City of Newport Issue Financing Program, Series C, 5.00%, 05/15/30 |  |  | 2,305 |  |  |  | 2,518,904 |
Rhode Island Health & Educational Building Corp., Refunding RB, 5.00%, 09/01/32 |  |  | 2,000 |  |  |  | 2,267,220 |
Rhode Island Student Loan Authority, RB, AMT, Senior Program, Series A: |  |  |  |  |  |  |  |
5.00%, 12/01/27 |  |  | 1,000 |  |  |  | 1,215,090 |
5.00%, 12/01/28 |  |  | 1,000 |  |  |  | 1,232,410 |
Rhode Island Student Loan Authority, Refunding RB, Senior Series A, AMT: |  |  |  |  |  |  |  |
5.00%, 12/01/24 |  |  | 750 |  |  |  | 863,543 |
5.00%, 12/01/25 |  |  | 850 |  |  |  | 999,404 |
|  |  |  |  |  |  | 10,271,151 |
South Carolina — 2.5% |
South Carolina Jobs-Economic Development Authority, Refunding RB, The Woodlands at Furman, 4.00%, 11/15/27 |  |  | 825 |  |  |  | 853,405 |
South Carolina Public Service Authority, Refunding RB, Series A: |  |  |  |  |  |  |  |
5.00%, 12/01/30 |  |  | 5,500 |  |  |  | 6,494,565 |
5.00%, 12/01/31 |  |  | 5,660 |  |  |  | 6,669,008 |
5.00%, 12/01/32 |  |  | 200 |  |  |  | 235,378 |
5.00%, 12/01/33 |  |  | 800 |  |  |  | 939,888 |
|  |  |  |  |  |  | 15,192,244 |
South Dakota — 0.2% |
South Dakota Health & Educational Facilities Authority, Refunding RB, Regional Health, 5.00%, 09/01/20(b) |  |  | 1,000 |  |  |  | 1,031,150 |
Tennessee — 1.9% |
County of Memphis-Shelby Industrial Development Board, Refunding, Tax Allocation Bonds, Graceland Project, Series A, 4.75%, 07/01/27 |  |  | 205 |  |  |  | 219,735 |
County of Memphis-Shelby Tennessee Sports Authority, Inc., Refunding RB, Memphis Arena Project, Series A, 5.00%, 11/01/23 |  |  | 2,695 |  |  |  | 2,695,000 |
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, Refunding RB, Trevecca Nazarene University Project: |  |  |  |  |  |  |  |
5.00%, 10/01/29 |  |  | 350 |  |  |  | 415,037 |
5.00%, 10/01/34 |  |  | 450 |  |  |  | 531,027 |
Knox County Health Educational & Housing Facility Board Tennessee, Refunding RB, Eastowne Village Project, 4.00%, 06/01/31(h) |  |  | 2,800 |  |  |  | 2,832,200 |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/35 |  |  | 4,000 |  |  |  | 4,685,560 |
|  |  |  |  |  |  | 11,378,559 |

62 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Texas — 10.4% |
City of Grapevine Texas, GO, 5.00%, 02/15/33 |  | $ | 5,685 |  |  | $ | 6,320,810 |
City of Houston Texas, Refunding ARB, Subordinate Lien, Series A, AMT: |  |  |  |  |  |  |  |
5.00%, 07/01/25 |  |  | 1,500 |  |  |  | 1,587,630 |
5.00%, 07/01/32 |  |  | 1,010 |  |  |  | 1,091,951 |
City of Houston Texas Airport System Revenue, Refunding ARB, Sub-Series A, AMT: |  |  |  |  |  |  |  |
5.00%, 07/01/31 |  |  | 1,430 |  |  |  | 1,759,672 |
5.00%, 07/01/32 |  |  | 1,515 |  |  |  | 1,856,557 |
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/33 |  |  | 8,485 |  |  |  | 10,466,757 |
Dallas-Fort Worth International Airport, ARB, Joint Improvement, Series D, AMT, 5.00%, 11/01/38 |  |  | 8,290 |  |  |  | 8,794,281 |
Dallas-Fort Worth International Airport, Refunding RB, AMT(b): |  |  |  |  |  |  |  |
Series E, 5.00%, 11/01/20 |  |  | 2,185 |  |  |  | 2,262,305 |
Series E, 5.00%, 11/01/20 |  |  | 4,960 |  |  |  | 5,136,477 |
Series F, 5.00%, 11/01/20 |  |  | 6,345 |  |  |  | 6,570,755 |
Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project, AMT, 5.00%, 11/01/28 |  |  | 1,000 |  |  |  | 1,083,730 |
Mission EDC, Refunding RB, Senior Lien, NatGasoline Project, AMT, 4.63%, 10/01/31(a) |  |  | 1,475 |  |  |  | 1,598,310 |
New Hope Cultural Education Facilities Finance Corp., RB, Jubilee Academic Center Project, Series A(a): |  |  |  |  |  |  |  |
3.63%, 08/15/22 |  |  | 100 |  |  |  | 101,790 |
4.25%, 08/15/27 |  |  | 160 |  |  |  | 163,166 |
Red River Education Financing Corp., RB, 5.00%, 03/15/33 |  |  | 1,340 |  |  |  | 1,490,978 |
San Jacinto River Authority, RB, Special Project (AGM), 5.25%, 10/01/25 |  |  | 2,910 |  |  |  | 2,918,381 |
Socorro Independent School District, GO, Refunding(PSF-GTD): |  |  |  |  |  |  |  |
5.00%, 08/15/20(b) |  |  | 2,410 |  |  |  | 2,479,456 |
5.00%, 08/15/32 |  |  | 90 |  |  |  | 92,530 |
Via Metropolitan Transit Authority, Refunding RB: |  |  |  |  |  |  |  |
5.25%, 08/01/28 |  |  | 1,585 |  |  |  | 1,805,252 |
5.25%, 08/01/29 |  |  | 1,720 |  |  |  | 1,956,964 |
5.25%, 08/01/33 |  |  | 3,000 |  |  |  | 3,395,700 |
|  |  |  |  |  |  | 62,933,452 |
U.S. Virgin Islands — 0.8% |
Virgin Islands Public Finance Authority, Refunding RB, Series A (AGM), 5.25%, 10/01/24 |  |  | 4,300 |  |  |  | 4,663,651 |
Utah — 1.0% |
Salt Lake City Corp. Airport Revenue, ARB, AMT, Series A, 5.00%, 07/01/33 |  |  | 3,500 |  |  |  | 4,263,035 |
Utah Charter School Finance Authority, RB, Wallace Stegner Academy Project, Series A, 3.63%, 06/15/29(a) |  |  | 480 |  |  |  | 483,970 |
Utah Charter School Finance Authority, Refunding RB, Freedom Academy Foundation Project, 4.50%, 06/15/27(a) |  |  | 1,500 |  |  |  | 1,570,275 |
|  |  |  |  |  |  | 6,317,280 |
Vermont — 1.0% |
University of Vermont & State Agricultural College, Refunding RB, 4.00%, 10/01/30 |  |  | 5,565 |  |  |  | 6,152,497 |
Washington — 0.4% |
Washington State Housing Finance Commission, Refunding RB(a): |  |  |  |  |  |  |  |
Horizon House Project, 5.00%, 01/01/28 |  |  | 750 |  |  |  | 881,198 |
Horizone House Project, 5.00%, 01/01/27 |  |  | 1,560 |  |  |  | 1,836,853 |
|  |  |  |  |  |  | 2,718,051 |
West Virginia — 0.3% |
West Virginia University, RB, West Virginia University Project, Series B, 5.00%, 10/01/30 |  |  | 1,500 |  |  |  | 1,600,125 |

Security |  | Par (000) |  |  | Value |
Wisconsin — 1.4% |
Public Finance Authority, RB, Piedmont Community Charter School, 5.00%, 06/15/34 |  | $ | 430 |  |  | $ | 507,258 |
Public Finance Authority, Refunding RB: |  |  |  |  |  |  |  |
AMT, National Gypsum Co., 5.25%, 04/01/30 |  |  | 2,410 |  |  |  | 2,650,856 |
Penick Village Obligation Group, 4.00%, 09/01/29(a)(c) |  |  | 155 |  |  |  | 161,054 |
Wisconsin Airport Facilities, Senior Obligated Group, Series B, AMT, 5.25%, 07/01/28 |  |  | 4,765 |  |  |  | 5,182,795 |
|  |  |  |  |  |  | 8,501,963 |
Total Municipal Bonds — 134.5% (Cost — $761,391,589) |  |  |  | 815,105,705 |
Municipal Bonds Transferred to Tender Option Bond Trusts(i) |
California — 4.0% |
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Subordinate, 4.00%, 04/01/31(j) |  |  | 8,080 |  |  |  | 9,383,627 |
State of California, GO, Refunding Water Utility Authority, 5.00%, 10/01/35 |  |  | 12,500 |  |  |  | 14,972,996 |
|  |  |  |  |  |  | 24,356,623 |
Iowa — 1.3% |
Iowa Finance Authority, Refunding RB, UnityPoint Health, Series C, 4.13%, 02/15/35 |  |  | 7,500 |  |  |  | 8,079,750 |
Massachusetts — 3.3% |
Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare System: |  |  |  |  |  |  |  |
5.00%, 07/01/32 |  |  | 7,500 |  |  |  | 9,384,825 |
Series L, 5.00%, 07/01/21(b) |  |  | 5,225 |  |  |  | 5,548,357 |
Series L, 5.00%, 07/01/31 |  |  | 4,950 |  |  |  | 5,256,339 |
|  |  |  |  |  |  | 20,189,521 |
Minnesota — 1.8% |
State of Minnesota, GO, State Various Purposes, Series A, 4.00%, 08/01/20(b) |  |  | 10,525 |  |  |  | 10,737,710 |
New Jersey — 1.5% |
New Jersey Housing & Mortgage Finance Agency, Refunding RB, S/F, AMT, Series BB: |  |  |  |  |  |  |  |
3.65%, 04/01/28 |  |  | 4,781 |  |  |  | 5,163,111 |
3.70%, 10/01/28 |  |  | 3,705 |  |  |  | 4,001,091 |
|  |  |  |  |  |  | 9,164,202 |
New York — 10.0% |
City of New York, GO: |  |  |  |  |  |  |  |
Sub-Series 1-I, 5.00%, 03/01/32 |  |  | 7,009 |  |  |  | 8,051,675 |
Refunding Series E, 5.00%, 08/01/19(b) |  |  | 722 |  |  |  | 723,872 |
Refunding Series E, 5.00%, 08/01/27 |  |  | 1,766 |  |  |  | 1,771,033 |
City of New York Transitional Finance Authority Future Tax Secured Revenue, RB, Future Tax Secured Subordinate Bonds, Sub-Series B-1, 5.00%, 08/01/36 |  |  | 9,444 |  |  |  | 11,296,761 |
Metropolitan Transportation Authority, RB, Sub-Series D-1, 5.00%, 11/15/39 |  |  | 4,980 |  |  |  | 5,676,403 |
Metropolitan Transportation Authority, Refunding RB, Series B, 5.25%, 11/15/19(b) |  |  | 4,001 |  |  |  | 4,005,869 |
Port Authority of New York & New Jersey, Refunding ARB: |  |  |  |  |  |  |  |
178th Series, AMT, 5.00%, 12/01/32 |  |  | 4,009 |  |  |  | 4,522,603 |
Consolidated, Series 169th, 5.00%, 10/15/26 |  |  | 5,530 |  |  |  | 5,909,303 |
Sales Tax Asset Receivable Corp., Refunding RB, Fiscal 2015, Series A, 5.00%, 10/15/31 |  |  | 5,010 |  |  |  | 5,865,107 |
State of New York Dormitory Authority, Refunding RB, Series A, 5.00%, 03/15/36(j) |  |  | 5,505 |  |  |  | 6,595,100 |
State of New York Urban Development Corp., RB, Personal Income Tax, Series A-1, 5.00%, 03/15/32 |  |  | 5,501 |  |  |  | 6,156,853 |
|  |  |  |  |  |  | 60,574,579 |

SCHEDULES OF INVESTMENTS |  |  | 63 |

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Texas — 1.4% |
Pflugerville Independent School District, GO, (PSF-GTD), 5.00%, 02/15/24(b) |  | $ | 7,500 |  |  | $ | 8,664,825 |
Washington — 3.0% |
Port of Seattle Washington, ARB, AMT, Series A, 5.00%, 05/01/34 |  |  | 15,000 |  |  |  | 17,812,050 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 26.3% (Cost — $149,985,027) |  |  |  | 159,579,260 |
Total Long-Term Investments — 160.8% (Cost — $911,376,616) |  |  |  | 974,684,965 |
Total Investments — 160.8% (Cost — $911,376,616) |  |  |  | 974,684,965 |
Other Assets Less Liabilities — 1.9% |  |  |  | 11,343,536 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (15.3)% |  |  |  | (92,933,047 | )
VMTP Shares at Liquidation Value — (47.4)% |  |  |  | (287,100,000 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 605,995,454 |

(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) | When-issued security.

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

(e) | Non-income producing security.

(f) | Zero-coupon bond.

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

(h) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

(i) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details.

(j) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between September 15, 2024 to April 1, 2025, is $10,032,537. See Note 4 of the Notes to Financial Statements for details.

During the six months ended October 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate |  | Shares Held at 04/30/19 |  |  | Net Activity |  |  | Shares Held at 10/31/19 |  |  | Value at 10/31/19 |  |  | Income |  |  | Net Realized Gain (Loss) (a) |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, MuniCash, Institutional Class(b) |  |  | 3,435,688 |  |  |  | (3,435,688 | ) |  |  | — |  |  | $ | — |  |  | $ | 9,275 |  |  | $ | 506 |  |  | $ | 343 |

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

| (b) | As of period end, the entity is no longer held by the Fund. |

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Notional Amount (000) |  |  | Value/ Unrealized Appreciation (Depreciation) |
Short Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
10-Year U.S. Treasury Note |  |  | 132 |  |  |  | 12/19/19 |  |  | $ | 17,199 |  |  | $ | 21,287 |
Long U.S. Treasury Bond |  |  | 22 |  |  |  | 12/19/19 |  |  |  | 3,550 |  |  |  | 20,572 |
5-Year U.S. Treasury Note |  |  | 62 |  |  |  | 12/31/19 |  |  |  | 7,391 |  |  |  | 12,352 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 54,211 |

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |  |
Futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized appreciation on futures contract(a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 54,211 |  |  | $ | — |  |  | $ | 54,211 |

| (a) | Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |

64 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock Muni Intermediate Duration Fund, Inc. (MUI)

For the six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,523,638 | ) |  | $ | — |  |  | $ | (2,523,638 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 301,292 |  |  | $ | — |  |  | $ | 301,292 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |
Average notional value of contracts — short |  | $ | 32,866,106 |

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

Fair Value Hierarchy as of Period End

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |
Investments: |
Long-Term Investments(a) |  | $ | — |  |  | $ | 974,684,965 |  |  | $ | — |  |  | $ | 974,684,965 |
Derivative Financial Instruments(b) |
Assets: |
Interest rate contracts |  | $ | 54,211 |  |  | $ | — |  |  | $ | — |  |  | $ | 54,211 |

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

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |
TOB Trust Certificates |  | $ | — |  |  | $ | (92,611,847 | ) |  | $ | — |  |  | $ | (92,611,847 | )
VMTP Shares at Liquidation Value |  |  | — |  |  |  | (287,100,000 | ) |  |  | — |  |  |  | (287,100,000 | )
|  | $ | — |  |  | $ | (379,711,847 | ) |  | $ | — |  |  | $ | (379,711,847 | )

See notes to financial statements.

SCHEDULES OF INVESTMENTS |  |  | 65 |

Schedule of Investments (unaudited) October 31, 2019 |  | BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Municipal Bonds — 130.7% |
Alabama — 1.6% |
County of Jefferson Alabama Sewer, Refunding RB: |  |  |  |  |  |  |  |
Senior Lien, Series A (AGM), 5.00%, 10/01/44 |  | $ | 805 |  |  | $ | 908,700 |
Sub-Lien, Series D, 6.00%, 10/01/42 |  |  | 3,575 |  |  |  | 4,211,207 |
|  |  |  |  |  |  | 5,119,907 |
Alaska — 0.1% |
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 4.63%, 06/01/23 |  |  | 175 |  |  |  | 175,212 |
Arizona — 0.5% |
City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A, 5.00%, 07/01/46(a) |  |  | 1,685 |  |  |  | 1,788,493 |
Arkansas — 0.8% |
Arkansas Development Finance Authority, RB, Big River Steel Project, AMT, 4.50%, 09/01/49(a) |  |  | 2,455 |  |  |  | 2,599,280 |
California — 8.5% |
California Educational Facilities Authority, RB, Stanford University, Series V-1, 5.00%, 05/01/49 |  |  | 2,095 |  |  |  | 3,207,613 |
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(b) |  |  | 3,170 |  |  |  | 3,292,520 |
California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 07/01/33 |  |  | 890 |  |  |  | 1,004,561 |
California Municipal Finance Authority, ARB, Senior Lien-Linxs APM Project, AMT, 4.00%, 12/31/47 |  |  | 1,475 |  |  |  | 1,584,238 |
California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A: |  |  |  |  |  |  |  |
5.25%, 08/15/39 |  |  | 145 |  |  |  | 162,571 |
5.25%, 08/15/49 |  |  | 370 |  |  |  | 410,970 |
California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A, 5.00%, 02/01/42 |  |  | 225 |  |  |  | 265,025 |
California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45(a) |  |  | 1,495 |  |  |  | 1,593,670 |
California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A(a): |  |  |  |  |  |  |  |
5.00%, 12/01/41 |  |  | 290 |  |  |  | 326,044 |
5.00%, 12/01/46 |  |  | 455 |  |  |  | 508,485 |
City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior, Series A, 5.00%, 05/15/40 |  |  | 5,930 |  |  |  | 6,043,915 |
City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/40 |  |  | 360 |  |  |  | 418,007 |
Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.00%, 06/01/47 |  |  | 2,745 |  |  |  | 2,825,566 |
San Marcos Unified School District, GO, CAB, Election of 2010, Series B, 0.00%, 08/01/42(c) |  |  | 2,000 |  |  |  | 1,048,080 |
State of California, GO, Various Purposes, 6.00%, 03/01/33 |  |  | 2,525 |  |  |  | 2,565,198 |
State of California Public Works Board, LRB, Various Capital Projects: |  |  |  |  |  |  |  |
Series I, 5.00%, 11/01/38 |  |  | 775 |  |  |  | 874,611 |
Sub-Series I-1, 6.38%, 11/01/19(b) |  |  | 1,185 |  |  |  | 1,185,000 |
Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1, 4.75%, 06/01/25 |  |  | 260 |  |  |  | 260,289 |
|  |  |  |  |  |  | 27,576,363 |
Colorado — 1.3% |
Arapahoe County School District No. 6 Littleton, GO, Series A, 5.50%, 12/01/43 |  |  | 1,705 |  |  |  | 2,186,219 |

Security |  | Par (000) |  |  | Value |
Colorado (continued) |
Colorado Health Facilities Authority, Refunding RB, Commonspirit Health: |  |  |  |  |  |  |  |
Series A, 4.00%, 08/01/44 |  | $ | 305 |  |  | $ | 328,738 |
Series A-2, 4.00%, 08/01/49 |  |  | 1,460 |  |  |  | 1,561,222 |
|  |  |  |  |  |  | 4,076,179 |
Connecticut — 0.4% |
State of Connecticut Health & Educational Facility Authority, RB, Ascension Health Senior Credit, Series A, 5.00%, 11/15/40 |  |  | 1,375 |  |  |  | 1,376,581 |
Delaware — 2.1% |
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |  |  | 1,125 |  |  |  | 1,171,766 |
Delaware Transportation Authority, RB, U.S. 301 Project, 5.00%, 06/01/55 |  |  | 1,165 |  |  |  | 1,328,415 |
State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 |  |  | 4,065 |  |  |  | 4,180,974 |
|  |  |  |  |  |  | 6,681,155 |
District of Columbia — 5.4% |
District of Columbia, Refunding RB: |  |  |  |  |  |  |  |
Georgetown University, 5.00%, 04/01/35 |  |  | 435 |  |  |  | 523,183 |
Georgetown University Issue, 5.00%, 04/01/42 |  |  | 355 |  |  |  | 419,890 |
Kipp Charter School, Series A, 6.00%, 07/01/23(b) |  |  | 240 |  |  |  | 280,697 |
The Catholic University of America Issue, 5.00%, 10/01/48 |  |  | 2,315 |  |  |  | 2,728,343 |
Metropolitan Washington Airports Authority, Refunding ARB: |  |  |  |  |  |  |  |
Dulles Metrorail And Capital Improvement Projects, Series A, 5.00%, 10/01/53 |  |  | 2,010 |  |  |  | 2,147,303 |
Dulles Toll Road, CAB, 2nd Senior Lien, Series B (AGC), 0.00%, 10/01/35(c) |  |  | 6,515 |  |  |  | 4,009,201 |
Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, CAB, 2nd Senior Lien, Series B (AGC)(c): |  |  |  |  |  |  |  |
0.00%, 10/01/33 |  |  | 6,590 |  |  |  | 4,423,867 |
0.00%, 10/01/34 |  |  | 4,830 |  |  |  | 3,107,284 |
|  |  |  |  |  |  | 17,639,768 |
Florida — 5.1% |
Celebration Pointe Community Development District, Special Assessment Bonds, County of Alachua Florida(a): |  |  |  |  |  |  |  |
5.00%, 05/01/32 |  |  | 470 |  |  |  | 508,888 |
5.00%, 05/01/48 |  |  | 1,175 |  |  |  | 1,241,540 |
County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45 |  |  | 1,340 |  |  |  | 1,525,630 |
County of Collier Health Facilities Authority, RB, Moorings, Inc., Series A, 5.00%, 05/01/48 |  |  | 1,190 |  |  |  | 1,399,226 |
County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A-1, 5.38%, 10/01/20(b) |  |  | 1,165 |  |  |  | 1,209,445 |
County of Palm Beach Health Facilities Authority, RB, Acts Retirement-Life Communities, Inc., 5.00%, 11/15/45 |  |  | 4,500 |  |  |  | 5,128,920 |
Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21(b) |  |  | 3,015 |  |  |  | 3,354,580 |
Village Community Development District No.10, Special Assessment Bonds, 5.13%, 05/01/43 |  |  | 2,170 |  |  |  | 2,326,435 |
|  |  |  |  |  |  | 16,694,664 |
Georgia — 5.4% |
Country of Fulton Development Authority, Refunding RB, Robert W. Woodruff Arts Center, Inc. Project, 4.00%, 03/15/44 |  |  | 5,000 |  |  |  | 5,297,250 |
County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation, 4.00%, 08/15/48 |  |  | 1,825 |  |  |  | 1,979,541 |
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54 |  |  | 515 |  |  |  | 606,469 |
DeKalb Georgia Private Hospital Authority, Refunding RB, Children’s Healthcare, 5.25%, 11/15/19(b) |  |  | 130 |  |  |  | 130,160 |

66 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Georgia (continued) |
Georgia Housing & Finance Authority, Refunding RB, S/F Housing, Mortgage Bonds, Series A, 3.60%, 12/01/44 |  | $ | 1,435 |  |  | $ | 1,484,780 |
Glynn-Brunswick Memorial Hospital Authority, RB, Southeast Georgia Health System Project, 5.00%, 08/01/47 |  |  | 2,500 |  |  |  | 2,783,575 |
Main Street Natural Gas, Inc., RB, Series A: |  |  |  |  |  |  |  |
5.00%, 05/15/35 |  |  | 490 |  |  |  | 634,756 |
5.00%, 05/15/36 |  |  | 490 |  |  |  | 639,068 |
5.00%, 05/15/37 |  |  | 540 |  |  |  | 708,777 |
5.00%, 05/15/38 |  |  | 295 |  |  |  | 387,742 |
5.00%, 05/15/49 |  |  | 985 |  |  |  | 1,327,701 |
Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project, 4.00%, 01/01/49 |  |  | 1,560 |  |  |  | 1,646,658 |
|  |  |  |  |  |  | 17,626,477 |
Hawaii — 0.4% |
State of Hawaii Harbor System, ARB, Series A, 5.25%, 07/01/30 |  |  | 1,355 |  |  |  | 1,390,758 |
Idaho — 0.3% |
Idaho Health Facilities Authority, RB, Trinity Health Credit Group, Series A, 5.00%, 12/01/46 |  |  | 745 |  |  |  | 888,256 |
Illinois — 14.6% |
Chicago Board of Education, GO, Series D: |  |  |  |  |  |  |  |
Dedicated Revenues, Series H, 5.00%, 12/01/36 |  |  | 450 |  |  |  | 513,995 |
Project, Series C, 5.25%, 12/01/35 |  |  | 1,465 |  |  |  | 1,615,939 |
Chicago Board of Education, GO, Refunding: |  |  |  |  |  |  |  |
Dedicated Revenues, Series C, 5.00%, 12/01/25 |  |  | 815 |  |  |  | 926,003 |
Dedicated Revenues, Series F, 5.00%, 12/01/24 |  |  | 615 |  |  |  | 689,476 |
Dedicated Revenues, Series G, 5.00%, 12/01/34 |  |  | 450 |  |  |  | 515,587 |
Series C, 5.00%, 12/01/25 |  |  | 645 |  |  |  | 732,849 |
Chicago Board of Education, GO: |  |  |  |  |  |  |  |
5.00%, 12/01/46 |  |  | 535 |  |  |  | 610,521 |
5.00%, 12/01/46 |  |  | 1,380 |  |  |  | 1,474,751 |
City of Chicago Illinois, Special Assessment Bonds, Lake Shore East Project, 6.75%, 12/01/32 |  |  | 778 |  |  |  | 779,610 |
City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien, Series C, 6.50%, 01/01/21(b) |  |  | 5,865 |  |  |  | 6,217,545 |
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |  |  | 1,050 |  |  |  | 1,118,229 |
City of Chicago Illinois Waterworks, Refunding RB: |  |  |  |  |  |  |  |
2nd Lien (AGM), 5.25%, 11/01/33 |  |  | 260 |  |  |  | 260,645 |
2nd Lien Project, 5.00%, 11/01/42 |  |  | 915 |  |  |  | 978,492 |
County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38 |  |  | 805 |  |  |  | 864,997 |
Illinois Finance Authority, RB, Chicago LLC, University of Illinois at Chicago Project, Series A: |  |  |  |  |  |  |  |
5.00%, 02/15/47 |  |  | 200 |  |  |  | 223,526 |
5.00%, 02/15/50 |  |  | 100 |  |  |  | 111,586 |
Illinois Finance Authority, Refunding RB, Central Dupage Health, Series B, 5.50%, 11/01/19(b) |  |  | 1,610 |  |  |  | 1,610,000 |
Metropolitan Pier & Exposition Authority, Refunding RB: |  |  |  |  |  |  |  |
McCormick Place Expansion Project, Series B (AGM), 0.00%, 06/15/43(c) |  |  | 5,175 |  |  |  | 2,285,590 |
McCormick Place Expansion Project, Series B (AGM), 5.00%, 06/15/50 |  |  | 4,315 |  |  |  | 4,405,572 |
McCormick Place Expansion Project, Series B-2, 5.00%, 06/15/50 |  |  | 2,500 |  |  |  | 2,525,300 |
Railsplitter Tobacco Settlement Authority, RB(b): |  |  |  |  |  |  |  |
5.50%, 06/01/21 |  |  | 440 |  |  |  | 469,036 |
6.00%, 06/01/21 |  |  | 1,140 |  |  |  | 1,223,813 |
Regional Transportation Authority, RB: |  |  |  |  |  |  |  |
Series A (AMBAC), 7.20%, 11/01/20 |  |  | 180 |  |  |  | 189,887 |
Series A (NPFGC), 6.70%, 11/01/21 |  |  | 1,765 |  |  |  | 1,900,764 |
Series C (NPFGC), 7.75%, 06/01/20 |  |  | 505 |  |  |  | 522,963 |

Security |  | Par (000) |  |  | Value |
Illinois (continued) |
State of Illinois, GO: |  |  |  |  |  |  |  |
5.00%, 02/01/39 |  | $ | 1,540 |  |  | $ | 1,642,164 |
Series A, 5.00%, 04/01/35 |  |  | 3,000 |  |  |  | 3,179,010 |
Series A, 5.00%, 04/01/38 |  |  | 3,490 |  |  |  | 3,692,071 |
State of Illinois Toll Highway Authority, RB, Series C, 5.00%, 01/01/37 |  |  | 2,800 |  |  |  | 3,200,344 |
University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44 |  |  | 985 |  |  |  | 1,093,330 |
Village of Hodgkins Illinois, RB, Metropolitan Biosolids Management LLC Project, AMT, 6.00%, 11/01/23 |  |  | 1,975 |  |  |  | 1,981,636 |
|  |  |  |  |  |  | 47,555,231 |
Indiana — 3.5% |
City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |  |  |  |  |  |  |  |
6.75%, 01/01/34 |  |  | 790 |  |  |  | 916,139 |
7.00%, 01/01/44 |  |  | 1,905 |  |  |  | 2,165,814 |
Indiana Finance Authority, RB, Series A: |  |  |  |  |  |  |  |
CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |  |  | 3,280 |  |  |  | 3,499,990 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44 |  |  | 450 |  |  |  | 488,052 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48 |  |  | 1,430 |  |  |  | 1,545,730 |
Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51 |  |  | 405 |  |  |  | 441,231 |
Sisters of St. Francis Health Services, 5.25%, 11/01/19(b) |  |  | 840 |  |  |  | 840,000 |
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40 |  |  | 1,270 |  |  |  | 1,397,686 |
|  |  |  |  |  |  | 11,294,642 |
Iowa — 1.3% |
Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project: |  |  |  |  |  |  |  |
Series B, 5.25%, 12/01/50(d) |  |  | 2,810 |  |  |  | 3,038,397 |
Midwestern Disaster Area, 5.25%, 12/01/25 |  |  | 460 |  |  |  | 493,208 |
Midwestern Disaster Area, 5.88%, 12/01/26(a) |  |  | 410 |  |  |  | 427,478 |
Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22 |  |  | 140 |  |  |  | 143,077 |
|  |  |  |  |  |  | 4,102,160 |
Kentucky — 1.2% |
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23(b) |  |  | 995 |  |  |  | 1,119,982 |
Kentucky Economic Development Finance Authority, Refunding RB, Louisville Arena Authority, Inc. (AGM), 5.00%, 12/01/45 |  |  | 1,235 |  |  |  | 1,437,911 |
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 6.75%, 07/01/43(e) |  |  | 1,200 |  |  |  | 1,300,656 |
|  |  |  |  |  |  | 3,858,549 |
Louisiana — 3.6% |
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35 |  |  | 3,320 |  |  |  | 3,466,711 |
Louisiana Public Facilities Authority, Refunding RB, Tulane University of Lousiana Project, 4.00%, 12/15/50 |  |  | 2,000 |  |  |  | 2,181,320 |
Parish of St. John the Baptist Louisiana, Refunding RB, Marathon Oil Corporation Project(d): |  |  |  |  |  |  |  |
2.10%, 06/01/37 |  |  | 450 |  |  |  | 452,187 |
2.20%, 06/01/37 |  |  | 470 |  |  |  | 472,124 |
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |  |  |  |  |  |  |  |
5.50%, 05/15/30 |  |  | 1,020 |  |  |  | 1,043,001 |
5.25%, 05/15/31 |  |  | 870 |  |  |  | 910,629 |

SCHEDULES OF INVESTMENTS |  |  | 67 |

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Louisiana (continued) |
5.25%, 05/15/32 |  | $ | 1,110 |  |  | $ | 1,192,995 |
5.25%, 05/15/33 |  |  | 1,205 |  |  |  | 1,294,266 |
5.25%, 05/15/35 |  |  | 505 |  |  |  | 555,460 |
|  |  |  |  |  |  | 11,568,693 |
Maryland — 0.6% |
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25 |  |  | 750 |  |  |  | 768,045 |
Maryland Health & Higher Educational Facilities Authority, RB: |  |  |  |  |  |  |  |
Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46 |  |  | 420 |  |  |  | 499,926 |
University of Maryland Medical System, Series B (NPFGC), 7.00%, 07/01/22(f) |  |  | 525 |  |  |  | 590,457 |
|  |  |  |  |  |  | 1,858,428 |
Massachusetts — 0.3% |
Massachusetts Development Finance Agency, Refunding RB, New Bridge Charles, Inc.(a): |  |  |  |  |  |  |  |
4.00%, 10/01/32 |  |  | 215 |  |  |  | 232,353 |
4.13%, 10/01/42 |  |  | 470 |  |  |  | 492,433 |
5.00%, 10/01/57 |  |  | 340 |  |  |  | 371,593 |
|  |  |  |  |  |  | 1,096,379 |
Michigan — 3.7% |
City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39 |  |  | 4,425 |  |  |  | 4,825,285 |
Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital: |  |  |  |  |  |  |  |
5.50%, 05/15/20(b) |  |  | 760 |  |  |  | 777,115 |
5.50%, 05/15/36 |  |  | 620 |  |  |  | 633,665 |
Michigan Finance Authority, Refunding RB: |  |  |  |  |  |  |  |
Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44 |  |  | 880 |  |  |  | 950,594 |
Trinity Health Credit Group, 5.00%, 12/01/48 |  |  | 2,000 |  |  |  | 2,405,300 |
Michigan State University, Refunding RB, Board of Trustees, Series B, 5.00%, 02/15/48 |  |  | 990 |  |  |  | 1,207,473 |
Michigan Strategic Fund, RB, I-75 Improvement Projects, AMT, 5.00%, 06/30/48 |  |  | 1,070 |  |  |  | 1,258,791 |
|  |  |  |  |  |  | 12,058,223 |
Minnesota — 1.4% |
Duluth Economic Development Authority, Refunding RB, Essentia Health Obligated Group, Series A: |  |  |  |  |  |  |  |
4.25%, 02/15/48 |  |  | 2,020 |  |  |  | 2,231,090 |
5.25%, 02/15/53 |  |  | 2,045 |  |  |  | 2,428,233 |
|  |  |  |  |  |  | 4,659,323 |
Mississippi — 3.1% |
County of Lowndes Mississippi, Refunding RB, Solid Waste Disposal & Pollution Control, Weyerhaeuser Co. Project, Series A, 6.80%, 04/01/22 |  |  | 3,000 |  |  |  | 3,315,960 |
State of Mississippi, RB, Series A: |  |  |  |  |  |  |  |
5.00%, 10/15/37 |  |  | 1,000 |  |  |  | 1,229,180 |
4.00%, 10/15/38 |  |  | 5,000 |  |  |  | 5,612,750 |
|  |  |  |  |  |  | 10,157,890 |
Missouri — 2.0% |
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44 |  |  | 255 |  |  |  | 278,361 |
State of Missouri Health & Educational Facilities Authority, RB, Kansas City Art Institute, 5.00%, 09/01/48 |  |  | 2,610 |  |  |  | 3,080,165 |
State of Missouri Health & Educational Facilities Authority, Refunding RB: |  |  |  |  |  |  |  |
Mercy Health, Series C, 5.00%, 11/15/47 |  |  | 2,570 |  |  |  | 3,035,067 |
St. Louis College of Pharmacy Project, 5.50%, 05/01/43 |  |  | 245 |  |  |  | 264,676 |
|  |  |  |  |  |  | 6,658,269 |

Security |  | Par (000) |  |  | Value |
Nebraska — 0.8% |
Central Plains Nebraska Energy Project, RB, Gas Project No. 3: |  |  |  |  |  |  |  |
5.25%, 09/01/37 |  | $ | 825 |  |  | $ | 899,110 |
5.00%, 09/01/42 |  |  | 1,445 |  |  |  | 1,566,842 |
|  |  |  |  |  |  | 2,465,952 |
New Hampshire — 0.7% |
New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project(a): |  |  |  |  |  |  |  |
Series B, 4.63%, 11/01/42 |  |  | 1,545 |  |  |  | 1,595,367 |
Series C, AMT, 4.88%, 11/01/42 |  |  | 805 |  |  |  | 833,086 |
|  |  |  |  |  |  | 2,428,453 |
New Jersey — 13.9% |
Casino Reinvestment Development Authority, Refunding RB: |  |  |  |  |  |  |  |
5.25%, 11/01/39 |  |  | 1,675 |  |  |  | 1,810,491 |
5.25%, 11/01/44 |  |  | 1,525 |  |  |  | 1,646,116 |
County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(a) |  |  | 1,085 |  |  |  | 1,098,931 |
New Jersey EDA, RB: |  |  |  |  |  |  |  |
Continental Airlines, Inc. Project, AMT, 5.25%, 09/15/29 |  |  | 1,955 |  |  |  | 2,132,709 |
Series EEE, 5.00%, 06/15/48 |  |  | 3,690 |  |  |  | 4,200,807 |
New Jersey EDA, Refunding ARB, Port Network Container Terminal LLC Project, AMT, 5.00%, 10/01/47 |  |  | 1,425 |  |  |  | 1,629,445 |
New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 04/01/31 |  |  | 2,240 |  |  |  | 2,626,736 |
New Jersey State Turnpike Authority, RB: |  |  |  |  |  |  |  |
Series A, 5.00%, 01/01/43 |  |  | 740 |  |  |  | 801,760 |
Series E, 5.00%, 01/01/45 |  |  | 2,615 |  |  |  | 2,996,476 |
New Jersey Transportation Trust Fund Authority, RB: |  |  |  |  |  |  |  |
Series BB, 4.00%, 06/15/50 |  |  | 1,490 |  |  |  | 1,548,587 |
Series BB, 5.00%, 06/15/50 |  |  | 3,200 |  |  |  | 3,644,512 |
Transportation Program, Series AA, 5.00%, 06/15/44 |  |  | 445 |  |  |  | 483,288 |
5.00%, 06/15/44 |  |  | 825 |  |  |  | 886,421 |
Transportation System, Series A, 5.50%, 06/15/41 |  |  | 1,635 |  |  |  | 1,711,077 |
Transportation System, Series B, 5.25%, 06/15/36 |  |  | 2,460 |  |  |  | 2,577,416 |
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 06/01/46 |  |  | 525 |  |  |  | 610,265 |
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Sub-Series B, 5.00%, 06/01/46 |  |  | 13,345 |  |  |  | 14,743,556 |
|  |  |  |  |  |  | 45,148,593 |
New York — 10.2% |
City of New York Transitional Finance Authority Future Tax Secured Revenue, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 02/01/42 |  |  | 1,960 |  |  |  | 2,104,060 |
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41(a) |  |  | 1,800 |  |  |  | 1,827,396 |
Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 06/01/45 |  |  | 1,960 |  |  |  | 1,960,862 |
New York Counties Tobacco Trust IV, Refunding RB, Tobacco Settlement Pass-Through Bonds, Series A, 5.00%, 06/01/38 |  |  | 1,910 |  |  |  | 1,910,153 |
New York Liberty Development Corp., RB, World Trade Center Port Authority Consolidated, 5.25%, 12/15/43 |  |  | 10,735 |  |  |  | 11,614,948 |
New York Liberty Development Corp., Refunding RB: |  |  |  |  |  |  |  |
2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 01/15/20(b) |  |  | 1,220 |  |  |  | 1,232,554 |
3 World Trade Center Project, Class 1, 5.00%, 11/15/44(a) |  |  | 2,860 |  |  |  | 3,144,055 |
3 World Trade Center Project, Class 2, 5.15%, 11/15/34(a) |  |  | 340 |  |  |  | 375,822 |
3 World Trade Center Project, Class 2, 5.38%, 11/15/40(a) |  |  | 850 |  |  |  | 955,358 |
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 |  |  |  | 1,216,248 |
6.00%, 12/01/42 |  |  | 1,250 |  |  |  | 1,302,063 |

68 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
New York (continued) |
State of New York Environmental Facilities Corp., RB, Subordinated SRF Bonds, Series B, 5.00%, 06/15/48 |  | $ | 1,780 |  |  | $ | 2,164,266 |
State of New York Thruway Authority, Refunding RB, Series B, 4.00%, 01/01/50 |  |  | 2,875 |  |  |  | 3,184,494 |
|  |  |  |  |  |  | 32,992,279 |
North Carolina — 0.2% |
North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21(b) |  |  | 595 |  |  |  | 646,444 |
North Dakota — 0.3% |
County of Cass North Dakota, Refunding RB, Essentia Health Obligated Group, Series B, 5.25%, 02/15/58 |  |  | 950 |  |  |  | 1,121,627 |
Ohio — 1.7% |
Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 06/01/47 |  |  | 3,230 |  |  |  | 3,254,257 |
County of Franklin Ohio, RB: |  |  |  |  |  |  |  |
Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 07/01/40 |  |  | 660 |  |  |  | 722,515 |
Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46 |  |  | 400 |  |  |  | 470,336 |
Ohio Air Quality Development Authority, RB, AMG Vanadium Project, AMT, 5.00%, 07/01/49(a) |  |  | 730 |  |  |  | 806,212 |
State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53 |  |  | 275 |  |  |  | 305,440 |
|  |  |  |  |  |  | 5,558,760 |
Oklahoma — 1.8% |
City of Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |  |  | 2,050 |  |  |  | 2,261,150 |
Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.50%, 08/15/57 |  |  | 1,155 |  |  |  | 1,376,263 |
Oklahoma Turnpike Authority, RB, 2nd Series C, 4.00%, 01/01/42 |  |  | 1,950 |  |  |  | 2,174,640 |
|  |  |  |  |  |  | 5,812,053 |
Pennsylvania — 3.2% |
Allentown Neighborhood Improvement Zone Development Authority, RB, Subordinate, City Center Project(a): |  |  |  |  |  |  |  |
5.00%, 05/01/28 |  |  | 225 |  |  |  | 239,333 |
5.13%, 05/01/32 |  |  | 230 |  |  |  | 253,501 |
5.38%, 05/01/42 |  |  | 435 |  |  |  | 481,754 |
City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/42 |  |  | 635 |  |  |  | 687,635 |
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A: |  |  |  |  |  |  |  |
4.00%, 09/01/49 |  |  | 555 |  |  |  | 597,052 |
5.00%, 09/01/43 |  |  | 1,220 |  |  |  | 1,441,638 |
Lancaster IDA, RB, Willow Valley Communities Project, 5.00%, 12/01/49 |  |  | 1,300 |  |  |  | 1,500,070 |
Pennsylvania Economic Development Financing Authority, RB: |  |  |  |  |  |  |  |
AMT, 5.00%, 06/30/42 |  |  | 850 |  |  |  | 961,537 |
Aqua Pennsylvania, Inc. Project, Series B, 5.00%, 11/15/40 |  |  | 1,890 |  |  |  | 1,894,952 |
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44 |  |  | 1,035 |  |  |  | 1,088,830 |
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44 |  |  | 1,105 |  |  |  | 1,257,026 |
|  |  |  |  |  |  | 10,403,328 |
Puerto Rico — 5.5% |
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: |  |  |  |  |  |  |  |
5.50%, 05/15/39 |  |  | 675 |  |  |  | 685,530 |
5.63%, 05/15/43 |  |  | 690 |  |  |  | 700,778 |

Security |  | Par (000) |  |  | Value |
Puerto Rico (continued) |
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A: |  |  |  |  |  |  |  |
5.00%, 07/01/33 |  | $ | 2,430 |  |  | $ | 2,546,446 |
5.13%, 07/01/37 |  |  | 695 |  |  |  | 729,854 |
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A: |  |  |  |  |  |  |  |
6.00%, 07/01/38 |  |  | 720 |  |  |  | 727,430 |
6.00%, 07/01/44 |  |  | 1,305 |  |  |  | 1,318,402 |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured: |  |  |  |  |  |  |  |
Series A-1, 4.75%, 07/01/53 |  |  | 1,554 |  |  |  | 1,602,765 |
Series A-1, 5.00%, 07/01/58 |  |  | 6,289 |  |  |  | 6,581,816 |
Series A-2, 4.33%, 07/01/40 |  |  | 85 |  |  |  | 86,124 |
Series A-2, 4.78%, 07/01/58 |  |  | 2,941 |  |  |  | 3,026,965 |
|  |  |  |  |  |  | 18,006,110 |
Rhode Island — 2.1% |
Tobacco Settlement Financing Corp., Refunding RB: |  |  |  |  |  |  |  |
Series A, 5.00%, 06/01/35 |  |  | 820 |  |  |  | 922,033 |
Series B, 4.50%, 06/01/45 |  |  | 2,645 |  |  |  | 2,756,645 |
Series B, 5.00%, 06/01/50 |  |  | 2,945 |  |  |  | 3,137,309 |
|  |  |  |  |  |  | 6,815,987 |
South Carolina — 6.8% |
South Carolina Jobs EDA, Refunding RB: |  |  |  |  |  |  |  |
Anmed Health Project, 5.00%, 02/01/36 |  |  | 2,505 |  |  |  | 2,885,585 |
Prisma Health Obligated Group, Series A, 5.00%, 05/01/48 |  |  | 3,060 |  |  |  | 3,567,807 |
State of South Carolina Ports Authority, ARB: |  |  |  |  |  |  |  |
5.25%, 07/01/20(b) |  |  | 3,280 |  |  |  | 3,367,412 |
AMT, 5.25%, 07/01/25(b) |  |  | 225 |  |  |  | 270,972 |
AMT, 5.25%, 07/01/55 |  |  | 1,070 |  |  |  | 1,236,085 |
State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54 |  |  | 6,180 |  |  |  | 7,002,249 |
State of South Carolina Public Service Authority, Refunding RB: |  |  |  |  |  |  |  |
Series A, 5.00%, 12/01/50 |  |  | 1,430 |  |  |  | 1,632,045 |
Series E, 5.25%, 12/01/55 |  |  | 1,735 |  |  |  | 2,012,825 |
|  |  |  |  |  |  | 21,974,980 |
Tennessee — 1.0% |
City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23(b) |  |  | 995 |  |  |  | 1,116,997 |
City of Chattanooga Health Educational & Housing Facility Board, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/44 |  |  | 160 |  |  |  | 172,330 |
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40 |  |  | 690 |  |  |  | 801,069 |
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, Refunding RB, Lipscomb University Project, Series A, 5.25%, 10/01/58 |  |  | 955 |  |  |  | 1,158,224 |
|  |  |  |  |  |  | 3,248,620 |
Texas — 10.3% |
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.25%, 01/01/21(b) |  |  | 2,140 |  |  |  | 2,261,937 |
City of Houston Texas Airport System, Refunding ARB, United Airlines, Inc. Terminal E Project, AMT, 5.00%, 07/01/29 |  |  | 965 |  |  |  | 1,076,795 |
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48 |  |  | 1,155 |  |  |  | 1,411,237 |
Clifton Higher Education Finance Corp., RB, Idea Public Schools, 6.00%, 08/15/43 |  |  | 745 |  |  |  | 854,023 |
County of Fort Bend Texas Industrial Development Corp., RB, NRG Energy Inc. Project, Series B, 4.75%, 11/01/42 |  |  | 670 |  |  |  | 717,208 |
County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 01/01/23(b) |  |  | 455 |  |  |  | 535,339 |

SCHEDULES OF INVESTMENTS |  |  | 69 |

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Texas (continued) |
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/48 |  | $ | 4,545 |  |  | $ | 5,420,231 |
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Trinity Terrace Project, 5.00%, 10/01/49 |  |  | 1,000 |  |  |  | 1,092,680 |
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Jubilee Academic Center, Series A, 5.00%, 08/15/46(a) |  |  | 1,980 |  |  |  | 2,014,729 |
North Texas Tollway Authority, Refunding RB, Series A, 5.00%, 01/01/38 |  |  | 925 |  |  |  | 1,066,793 |
San Antonio Water System, Refunding RB, Junior Lien, Series A, 5.00%, 05/15/48 |  |  | 2,470 |  |  |  | 2,977,956 |
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |  |  |  |  |  |  |  |
LBJ Infrastructure Group LLC, 7.00%, 06/30/40 |  |  | 2,000 |  |  |  | 2,075,540 |
NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |  |  | 2,775 |  |  |  | 2,797,089 |
Texas Transportation Commission, RB, First Tier Toll Revenue, 5.00%, 08/01/57 |  |  | 1,140 |  |  |  | 1,340,743 |
Texas Water Development Board, RB, Series A, 4.00%, 10/15/49 |  |  | 6,900 |  |  |  | 7,734,762 |
|  |  |  |  |  |  | 33,377,062 |
Utah — 0.6% |
City of Salt Lake Corp. Airport Revenue, ARB, Series A, AMT: |  |  |  |  |  |  |  |
5.00%, 07/01/48 |  |  | 875 |  |  |  | 1,031,494 |
5.00%, 07/01/47 |  |  | 915 |  |  |  | 1,065,151 |
|  |  |  |  |  |  | 2,096,645 |
Virginia — 1.9% |
County of Front Royal & Warren IDA, RB, Valley Health System Obligated Group, 4.00%, 01/01/50 |  |  | 1,160 |  |  |  | 1,248,577 |
Lexington Industrial Development Authority, RB, Kendal st Lexington, Series A, 5.00%, 01/01/48 |  |  | 820 |  |  |  | 893,948 |
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT: |  |  |  |  |  |  |  |
5.25%, 01/01/32 |  |  | 1,615 |  |  |  | 1,763,063 |
6.00%, 01/01/37 |  |  | 1,940 |  |  |  | 2,147,483 |
|  |  |  |  |  |  | 6,053,071 |
Washington — 1.7% |
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43 |  |  | 1,465 |  |  |  | 1,710,168 |
Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40 |  |  | 755 |  |  |  | 849,926 |
Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 01/01/45 |  |  | 2,290 |  |  |  | 2,566,953 |
Washington Health Care Facilities Authority, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/44 |  |  | 340 |  |  |  | 366,200 |
|  |  |  |  |  |  | 5,493,247 |
Wisconsin — 0.8% |
State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33 |  |  | 2,465 |  |  |  | 2,467,859 |
Total Municipal Bonds — 130.7% (Cost — $391,717,239) |  |  |  | 424,611,950 |
Municipal Bonds Transferred to Tender Option Bond Trusts(g) |
California — 5.1% |
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, 4.00%, 04/01/42(h) |  |  | 3,057 |  |  |  | 3,400,939 |
City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/19(b) |  |  | 9,480 |  |  |  | 9,480,000 |

Security |  | Par (000) |  |  | Value |
California (continued) |
Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds, 5.00%, 10/01/47 |  | $ | 3,075 |  |  | $ | 3,665,618 |
|  |  |  |  |  |  | 16,546,557 |
Colorado — 0.8% |
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Subordinate System, Series A, AMT, 5.25%, 12/01/48(h) |  |  | 2,252 |  |  |  | 2,715,787 |
Florida — 1.8% |
County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/20(b) |  |  | 5,679 |  |  |  | 5,875,153 |
Illinois — 1.1% |
Illinois Finance Authority, Refunding RB, Presence Health Network, Series C: |  |  |  |  |  |  |  |
4.00%, 02/15/27(b) |  |  | 6 |  |  |  | 6,777 |
4.00%, 02/15/41 |  |  | 3,219 |  |  |  | 3,504,004 |
|  |  |  |  |  |  | 3,510,781 |
Massachusetts — 3.1% |
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Rail Enhancement Program, Series A, 4.00%, 06/01/45 |  |  | 2,043 |  |  |  | 2,203,509 |
Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare System, 5.00%, 07/01/47 |  |  | 4,574 |  |  |  | 5,455,956 |
Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41 |  |  | 2,266 |  |  |  | 2,416,719 |
|  |  |  |  |  |  | 10,076,184 |
New York — 5.9% |
Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012(h): |  |  |  |  |  |  |  |
5.75%, 02/15/21(b) |  |  | 997 |  |  |  | 1,052,658 |
5.75%, 02/15/47 |  |  | 613 |  |  |  | 647,564 |
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51(h) |  |  | 6,440 |  |  |  | 6,982,757 |
Port Authority of New York & New Jersey, Refunding ARB, Series194th, 5.25%, 10/15/55 |  |  | 2,595 |  |  |  | 3,085,948 |
State of New York Urban Development Corp., RB, State Personal Income Tax, General Purpose, Series A, 4.00%, 03/15/46 |  |  | 6,617 |  |  |  | 7,458,159 |
|  |  |  |  |  |  | 19,227,086 |
North Carolina — 0.9% |
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55 |  |  | 2,550 |  |  |  | 2,987,147 |
Pennsylvania — 0.9% |
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42 |  |  | 2,340 |  |  |  | 2,813,195 |
Rhode Island — 0.5% |
Narragansett Bay Commission, Refunding RB, Wastewater System, Series A, 4.00%, 09/01/43 |  |  | 1,530 |  |  |  | 1,599,217 |
Texas — 3.2% |
City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43 |  |  | 2,520 |  |  |  | 2,773,940 |
County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41 |  |  | 3,400 |  |  |  | 3,623,278 |
Lower Colorado River Authority, Refunding RB, LCRA Transmission Services Corporation Project, 4.00%, 05/15/43 |  |  | 2,030 |  |  |  | 2,112,284 |
University of Texas, Refunding RB, Financing System, Series B, 5.00%, 08/15/43 |  |  | 1,831 |  |  |  | 1,997,080 |
|  |  |  | 10,506,582 |

70 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniVest Fund II, Inc. (MVT) (Percentages shown are based on Net Assets)

Security |  | Par (000) |  |  | Value |
Wisconsin — 1.0% |  |  |  |
State of Wisconsin Health & Educational Facilities Authority, Refunding RB, The Medical College of Wisconsin, Inc., 4.00%, 12/01/46 |  | $ | 2,833 |  |  | $ | 3,051,179 |
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 24.3% (Cost — $74,199,095) |  |  |  | 78,908,868 |
Total Investments — 155.0% (Cost — $465,916,334) |  |  |  | 503,520,818 |
Other Assets Less Liabilities — 2.1% |  |  |  | 6,704,042 |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (14.0)% |  |  |  | (45,337,292 | )
VMTP Shares at Liquidation Value — (43.1)% |  |  |  | (140,000,000 | )
Net Assets Applicable to Common Shares — 100.0% |  |  | $ | 324,887,568 |

(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) | Zero-coupon bond.

(d) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

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

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

(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 4 of the Notes to Financial Statements for details.

(h) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between November 15, 2019 to June 1, 2026, is $8,181,471. See Note 4 of the Notes to Financial Statements for details.

During the six months ended October 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate |  | Shares Held at 04/30/19 |  |  | Net Activity |  |  | Shares Held at 10/31/19 |  |  | Value at 10/31/19 |  |  | Income |  |  | Net Realized Gain (Loss) (a) |  |  | Change in Unrealized Appreciation (Depreciation) |
BlackRock Liquidity Funds, MuniCash, Institutional Class(b) |  |  | 10,503,939 |  |  |  | (10,503,939 | ) |  |  | — |  |  | $ | — |  |  | $ | 95,214 |  |  | $ | (879 | ) |  | $ | 1,045 |

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

| (b) | As of period end, the entity is no longer held by the Fund. |

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description |  | Number of Contracts |  |  | Expiration Date |  |  | Notional Amount (000) |  |  | Value/ Unrealized Appreciation (Depreciation) |
Short Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
10-Year U.S. Treasury Note |  |  | 25 |  |  |  | 12/19/19 |  |  | $ | 3,257 |  |  | $ | 19,299 |
Long U.S. Treasury Bond |  |  | 90 |  |  |  | 12/19/19 |  |  |  | 14,524 |  |  |  | 131,522 |
5-Year U.S. Treasury Note |  |  | 13 |  |  |  | 12/31/19 |  |  |  | 1,550 |  |  |  | 7,297 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 158,118 |

Derivative Financial Instruments Categorized by Risk Exposure

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

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized appreciation on futures contracts(a) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 158,118 |  |  | $ | — |  |  | $ | 158,118 |

| (a) | Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |

SCHEDULES OF INVESTMENTS |  |  | 71 |

Schedule of Investments (unaudited) (continued) October 31, 2019 |  | BlackRock MuniVest Fund II, Inc. (MVT)

For the six months ended October 31, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:

|  | Commodity Contracts |  |  | Credit Contracts |  |  | Equity Contracts |  |  | Foreign Currency Exchange Contracts |  |  | Interest Rate Contracts |  |  | Other Contracts |  |  | Total |
Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,419,675 | ) |  | $ | — |  |  | $ | (2,419,675 | )
Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 277,841 |  |  | $ | — |  |  | $ | 277,841 |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: |
Average notional value of contracts — short |  | $ | 22,811,672 |

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

Fair Value Hierarchy as of Period End

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |
Investments: |
Long-Term Investments(a) |  | $ | — |  |  | $ | 503,520,818 |  |  | $ | — |  |  | $ | 503,520,818 |
Derivative Financial Instruments(b) |
Assets: |
Interest rate contracts |  | $ | 158,118 |  |  | $ | — |  |  | $ | — |  |  | $ | 158,118 |

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

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

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

|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Liabilities: |
TOB Trust Certificates |  | $ | — |  |  | $ | (45,150,516 | ) |  | $ | — |  |  | $ | (45,150,516 | )
VMTP Shares at Liquidation Value |  |  | — |  |  |  | (140,000,000 | ) |  |  | — |  |  |  | (140,000,000 | )
|  | $ | — |  |  | $ | (185,150,516 | ) |  | $ | — |  |  | $ | (185,150,516 | )

See notes to financial statements.

72 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (unaudited)

October 31, 2019

|  | MUA |  |  | MEN |  |  | MHD |  |  | MUH |
ASSETS |
Investments at value — unaffiliated(a) |  | $ | 583,789,166 |  |  | $ | 589,408,657 |  |  | $ | 367,216,208 |  |  | $ | 287,859,575 |
Investments at value — affiliated(b) |  |  | 1,305,841 |  |  |  | 5,712,056 |  |  |  | 129,980 |  |  |  | 383,582 |
Cash |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Cash pledged for futures contracts |  |  | 139,950 |  |  |  | 282,900 |  |  |  | 139,550 |  |  |  | 128,200 |
Receivables: |
Investments sold |  |  | 215,217 |  |  |  | 1,977,879 |  |  |  | 14,493 |  |  |  | 1,119,189 |
Dividends — affiliated |  |  | 685 |  |  |  | 4,402 |  |  |  | 4,787 |  |  |  | 312 |
Interest — unaffiliated |  |  | 9,435,664 |  |  |  | 6,851,279 |  |  |  | 5,082,276 |  |  |  | 3,764,605 |
Prepaid expenses |  |  | 2,613 |  |  |  | 66,035 |  |  |  | 18,057 |  |  |  | 18,022 |
Total assets |  |  | 594,889,136 |  |  |  | 604,303,208 |  |  |  | 372,605,351 |  |  |  | 293,273,485 |
ACCRUED LIABILITIES |
Bank overdraft |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 431,025 |
Payables: |
Investments purchased |  |  | 1,675,000 |  |  |  | 5,098,714 |  |  |  | — |  |  |  | — |
Income dividend distributions — Common Shares |  |  | 1,893,948 |  |  |  | 1,157,578 |  |  |  | 901,611 |  |  |  | 640,500 |
Interest expense and fees |  |  | 396,178 |  |  |  | 385,874 |  |  |  | 202,726 |  |  |  | 231,502 |
Investment advisory fees |  |  | 275,358 |  |  |  | 252,432 |  |  |  | 172,799 |  |  |  | 135,428 |
Directors’ and Officer’s fees |  |  | 5,029 |  |  |  | 3,364 |  |  |  | 2,357 |  |  |  | 1,757 |
Other accrued expenses |  |  | 158,123 |  |  |  | 124,083 |  |  |  | 112,841 |  |  |  | 99,153 |
Variation margin on futures contracts |  |  | 90,780 |  |  |  | 184,538 |  |  |  | 90,001 |  |  |  | 82,890 |
Total accrued liabilities |  |  | 4,494,416 |  |  |  | 7,206,583 |  |  |  | 1,482,335 |  |  |  | 1,622,255 |
OTHER LIABILITIES |
TOB Trust Certificates |  |  | 71,659,281 |  |  |  | 94,889,804 |  |  |  | 47,050,972 |  |  |  | 58,118,713 |
VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs(c)(d) |  |  | — |  |  |  | 142,332,149 |  |  |  | — |  |  |  | — |
VMTP Shares, at liquidation value of $100,000 per share(c)(d) |  |  | — |  |  |  | — |  |  |  | 83,700,000 |  |  |  | 55,000,000 |
Total other liabilities |  |  | 71,659,281 |  |  |  | 237,221,953 |  |  |  | 130,750,972 |  |  |  | 113,118,713 |
Total liabilities |  |  | 76,153,697 |  |  |  | 244,428,536 |  |  |  | 132,233,307 |  |  |  | 114,740,968 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  | $ | 518,735,439 |  |  | $ | 359,874,672 |  |  | $ | 240,372,044 |  |  | $ | 178,532,517 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF |
Paid-in capital(e)(f)(g) |  | $ | 479,606,333 |  |  | $ | 311,656,850 |  |  | $ | 211,785,069 |  |  | $ | 155,975,320 |
Accumulated earnings |  |  | 39,129,106 |  |  |  | 48,217,822 |  |  |  | 28,586,975 |  |  |  | 22,557,197 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  | $ | 518,735,439 |  |  | $ | 359,874,672 |  |  | $ | 240,372,044 |  |  | $ | 178,532,517 |
Net asset value, offering and redemption price per share |  | $ | 14.38 |  |  | $ | 12.12 |  |  | $ | 16.93 |  |  | $ | 15.75 |
(a)Investments at cost — unaffiliated |  | $ | 546,748,845 |  |  | $ | 537,022,990 |  |  | $ | 336,154,287 |  |  | $ | 264,573,758 |
(b)Investments at cost — affiliated |  | $ | 1,305,841 |  |  | $ | 5,712,044 |  |  | $ | 129,967 |  |  | $ | 383,582 |
(c)Preferred Shares outstanding, par value $0.10 per share |  |  | — |  |  |  | 1,425 |  |  |  | 837 |  |  |  | 550 |
(d)Preferred Shares authorized |  |  | — |  |  |  | 8,905 |  |  |  | 5,837 |  |  |  | 4,030 |
(e)Par value per Common Share |  | $ | 0.10 |  |  | $ | 0.10 |  |  | $ | 0.10 |  |  | $ | 0.10 |
(f)Common Shares outstanding |  |  | 36,075,208 |  |  |  | 29,681,476 |  |  |  | 14,198,606 |  |  |  | 11,336,282 |
(g)Common Shares authorized |  |  | 200,000,000 |  |  |  | 199,991,095 |  |  |  | 199,994,163 |  |  |  | 199,995,970 |

See notes to financial statements.

FINANCIAL STATEMENTS |  |  | 73 |

Statements of Assets and Liabilities (unaudited) (continued)

October 31, 2019

|  | MUS |  |  | MUI |  |  | MVT |
ASSETS |
Investments at value — unaffiliated(a) |  | $ | 295,482,297 |  |  | $ | 974,684,965 |  |  | $ | 503,520,818 |
Investments at value — affiliated(b) |  |  | 59,849 |  |  |  | — |  |  |  | — |
Cash |  |  | 106,374 |  |  |  | — |  |  |  | — |
Cash pledged for futures contracts |  |  | 114,150 |  |  |  | 171,900 |  |  |  | 200,050 |
Receivables: |
Investments sold |  |  | — |  |  |  | 1,571,000 |  |  |  | 1,430,000 |
Dividends — affiliated |  |  | 385 |  |  |  | 192 |  |  |  | 6,031 |
Interest — unaffiliated |  |  | 3,988,946 |  |  |  | 13,284,529 |  |  |  | 7,141,229 |
Prepaid expenses |  |  | 18,031 |  |  |  | 19,197 |  |  |  | 18,119 |
Total assets |  |  | 299,770,032 |  |  |  | 989,731,783 |  |  |  | 512,316,247 |
ACCRUED LIABILITIES |
Bank overdraft |  |  | — |  |  |  | 185,660 |  |  |  | 423,346 |
Payables: |
Investments purchased |  |  | 3,828,919 |  |  |  | 651,905 |  |  |  | — |
Income dividend distributions — Common Shares |  |  | 579,313 |  |  |  | 1,704,184 |  |  |  | 1,184,363 |
Interest expense and fees |  |  | 128,692 |  |  |  | 321,200 |  |  |  | 186,776 |
Investment advisory fees |  |  | 129,674 |  |  |  | 459,662 |  |  |  | 215,849 |
Directors’ and Officer’s fees |  |  | 1,778 |  |  |  | 347,076 |  |  |  | 3,136 |
Other accrued expenses |  |  | 98,885 |  |  |  | 234,194 |  |  |  | 135,866 |
Variation margin on futures contracts |  |  | 75,866 |  |  |  | 120,601 |  |  |  | 128,827 |
Total accrued liabilities |  |  | 4,843,127 |  |  |  | 4,024,482 |  |  |  | 2,278,163 |
OTHER LIABILITIES |
TOB Trust Certificates |  |  | 27,542,144 |  |  |  | 92,611,847 |  |  |  | 45,150,516 |
VMTP Shares, at liquidation value of $100,000 per share(c)(d) |  |  | 87,000,000 |  |  |  | 287,100,000 |  |  |  | 140,000,000 |
Total other liabilities |  |  | 114,542,144 |  |  |  | 379,711,847 |  |  |  | 185,150,516 |
Total liabilities |  |  | 119,385,271 |  |  |  | 383,736,329 |  |  |  | 187,428,679 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  | $ | 180,384,761 |  |  | $ | 605,995,454 |  |  | $ | 324,887,568 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF |
Paid-in capital(e)(f)(g) |  | $ | 168,134,858 |  |  | $ | 543,452,920 |  |  | $ | 289,962,085 |
Accumulated earnings |  |  | 12,249,903 |  |  |  | 62,542,534 |  |  |  | 34,925,483 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  | $ | 180,384,761 |  |  | $ | 605,995,454 |  |  | $ | 324,887,568 |
Net asset value, offering and redemption price per share |  | $ | 13.86 |  |  | $ | 15.82 |  |  | $ | 15.22 |
(a)Investments at cost — unaffiliated |  | $ | 275,027,490 |  |  | $ | 911,376,616 |  |  | $ | 465,916,334 |
(b)Investments at cost — affiliated |  | $ | 59,849 |  |  | $ | — |  |  | $ | — |
(c)Preferred Shares outstanding, par value $0.10 per share |  |  | 870 |  |  |  | 2,871 |  |  |  | 1,400 |
(d)Preferred Shares authorized |  |  | 6,230 |  |  |  | 15,671 |  |  |  | 8,400 |
(e)Par value per Common Share |  | $ | 0.10 |  |  | $ | 0.10 |  |  | $ | 0.10 |
(f)Common Shares outstanding |  |  | 13,018,276 |  |  |  | 38,296,266 |  |  |  | 21,339,875 |
(g)Common Shares authorized |  |  | 199,993,770 |  |  |  | 199,984,329 |  |  |  | 199,991,600 |

See notes to financial statements.

74 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended October 31, 2019

|  | MUA |  |  | MEN |  |  | MHD |  |  | MUH |
INVESTMENT INCOME |
Interest — unaffiliated |  | $ | 14,221,973 |  |  | $ | 11,654,477 |  |  | $ | 7,947,798 |  |  | $ | 6,130,586 |
Dividends — affiliated |  |  | 6,751 |  |  |  | 22,161 |  |  |  | 69,292 |  |  |  | 3,815 |
Total investment income |  |  | 14,228,724 |  |  |  | 11,676,638 |  |  |  | 8,017,090 |  |  |  | 6,134,401 |
EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory |  |  | 1,627,622 |  |  |  | 1,482,965 |  |  |  | 1,032,308 |  |  |  | 792,595 |
Professional |  |  | 48,452 |  |  |  | 58,653 |  |  |  | 42,717 |  |  |  | 36,963 |
Accounting services |  |  | 47,145 |  |  |  | 47,319 |  |  |  | 33,293 |  |  |  | 27,848 |
Transfer agent |  |  | 27,106 |  |  |  | 19,140 |  |  |  | 13,429 |  |  |  | 11,338 |
Directors and Officer |  |  | 19,468 |  |  |  | 13,684 |  |  |  | 9,409 |  |  |  | 7,174 |
Registration |  |  | 6,708 |  |  |  | 5,516 |  |  |  | 4,534 |  |  |  | 4,536 |
Printing |  |  | 6,128 |  |  |  | 4,251 |  |  |  | 4,181 |  |  |  | 3,918 |
Custodian |  |  | 4,729 |  |  |  | 5,206 |  |  |  | 3,434 |  |  |  | 3,714 |
Rating agency |  |  | — |  |  |  | 23,235 |  |  |  | 23,226 |  |  |  | 23,221 |
Miscellaneous |  |  | 20,774 |  |  |  | 14,324 |  |  |  | 10,337 |  |  |  | 10,660 |
Total expenses excluding interest expense, fees and amortization of offering costs |  |  | 1,808,132 |  |  |  | 1,674,293 |  |  |  | 1,176,868 |  |  |  | 921,967 |
Interest expense, fees and amortization of offering costs(a) |  |  | 752,655 |  |  |  | 2,553,595 |  |  |  | 1,555,397 |  |  |  | 1,235,655 |
Total expenses |  |  | 2,560,787 |  |  |  | 4,227,888 |  |  |  | 2,732,265 |  |  |  | 2,157,622 |
Less fees waived and/or reimbursed by the Manager |  |  | (530 | ) |  |  | (974 | ) |  |  | (4,908 | ) |  |  | (271 | )
Total expenses after fees waived and/or reimbursed |  |  | 2,560,257 |  |  |  | 4,226,914 |  |  |  | 2,727,357 |  |  |  | 2,157,351 |
Net investment income |  |  | 11,668,467 |  |  |  | 7,449,724 |  |  |  | 5,289,733 |  |  |  | 3,977,050 |
REALIZED AND UNREALIZED GAIN (LOSS) |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 2,535,812 |  |  |  | 500,327 |  |  |  | 301,503 |  |  |  | 276,369 |
Investments — affiliated |  |  | 438 |  |  |  | 656 |  |  |  | (861 | ) |  |  | 170 |
Futures contracts |  |  | (1,890,370 | ) |  |  | (2,932,765 | ) |  |  | (1,660,447 | ) |  |  | (1,391,766 | )
|  |  | 645,880 |  |  |  | (2,431,782 | ) |  |  | (1,359,805 | ) |  |  | (1,115,227 | )
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 7,420,879 |  |  |  | 12,660,333 |  |  |  | 6,625,052 |  |  |  | 5,892,297 |
Investments — affiliated |  |  | — |  |  |  | 12 |  |  |  | 698 |  |  |  | — |
Futures contracts |  |  | 227,816 |  |  |  | 244,255 |  |  |  | 184,918 |  |  |  | 107,201 |
|  |  | 7,648,695 |  |  |  | 12,904,600 |  |  |  | 6,810,668 |  |  |  | 5,999,498 |
Net realized and unrealized gain |  |  | 8,294,575 |  |  |  | 10,472,818 |  |  |  | 5,450,863 |  |  |  | 4,884,271 |
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS |  | $ | 19,963,042 |  |  | $ | 17,922,542 |  |  | $ | 10,740,596 |  |  | $ | 8,861,321 |

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

See notes to financial statements.

FINANCIAL STATEMENTS |  |  | 75 |

Statements of Operations (unaudited) (continued)

Six Months Ended October 31, 2019

|  | MUS |  |  | MUI |  |  | MVT |
INVESTMENT INCOME |
Interest — unaffiliated |  | $ | 5,701,474 |  |  | $ | 18,013,889 |  |  | $ | 10,802,190 |
Dividends — affiliated |  |  | 25,641 |  |  |  | 9,275 |  |  |  | 95,214 |
Total investment income |  |  | 5,727,115 |  |  |  | 18,023,164 |  |  |  | 10,897,404 |
EXPENSES |
Investment advisory |  |  | 813,077 |  |  |  | 2,722,872 |  |  |  | 1,283,214 |
Professional |  |  | 37,834 |  |  |  | 63,874 |  |  |  | 46,155 |
Accounting services |  |  | 28,345 |  |  |  | 66,904 |  |  |  | 43,363 |
Transfer agent |  |  | 11,549 |  |  |  | 22,666 |  |  |  | 15,882 |
Directors and Officer |  |  | 7,232 |  |  |  | 36,643 |  |  |  | 12,463 |
Registration |  |  | 4,544 |  |  |  | 7,134 |  |  |  | 4,513 |
Printing |  |  | 3,835 |  |  |  | 5,200 |  |  |  | 4,446 |
Custodian |  |  | 2,245 |  |  |  | 7,903 |  |  |  | 3,631 |
Rating agency |  |  | 23,226 |  |  |  | 23,260 |  |  |  | 23,236 |
Miscellaneous |  |  | 9,506 |  |  |  | 34,468 |  |  |  | 12,262 |
Total expenses excluding interest expense, fees and amortization of offering costs |  |  | 941,393 |  |  |  | 2,990,924 |  |  |  | 1,449,165 |
Interest expense, fees and amortization of offering costs(a) |  |  | 1,357,101 |  |  |  | 4,530,775 |  |  |  | 2,220,220 |
Total expenses |  |  | 2,298,494 |  |  |  | 7,521,699 |  |  |  | 3,669,385 |
Less fees waived and/or reimbursed by the Manager |  |  | (49,029 | ) |  |  | (678 | ) |  |  | (6,689 | )
Total expenses after fees waived and/or reimbursed |  |  | 2,249,465 |  |  |  | 7,521,021 |  |  |  | 3,662,696 |
Net investment income |  |  | 3,477,650 |  |  |  | 10,502,143 |  |  |  | 7,234,708 |
REALIZED AND UNREALIZED GAIN (LOSS) |
Net realized gain (loss) from: |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 443,345 |  |  |  | 1,571,327 |  |  |  | 328,266 |
Investments — affiliated |  |  | 663 |  |  |  | 506 |  |  |  | (879 | )
Futures contracts |  |  | (1,422,241 | ) |  |  | (2,523,638 | ) |  |  | (2,419,675 | )
|  |  | (978,233 | ) |  |  | (951,805 | ) |  |  | (2,092,288 | )
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |
Investments — unaffiliated |  |  | 5,352,714 |  |  |  | 16,481,901 |  |  |  | 9,330,752 |
Investments — affiliated |  |  | — |  |  |  | 343 |  |  |  | 1,045 |
Futures contracts |  |  | 98,215 |  |  |  | 301,292 |  |  |  | 277,841 |
|  |  | 5,450,929 |  |  |  | 16,783,536 |  |  |  | 9,609,638 |
Net realized and unrealized gain |  |  | 4,472,696 |  |  |  | 15,831,731 |  |  |  | 7,517,350 |
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS |  | $ | 7,950,346 |  |  | $ | 26,333,874 |  |  | $ | 14,752,058 |

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

See notes to financial statements.

76 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

|  | MUA |  |  |  |  |  | MEN |
|  | Six Months Ended 10/31/19 (unaudited) |  |  | Year Ended 04/30/19 |  |  |  |  |  | Six Months Ended 10/31/19 (unaudited) |  |  | Year Ended 04/30/19 |
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 11,668,467 |  |  | $ | 24,002,582 |  |  |  |  |  |  | $ | 7,449,724 |  |  | $ | 15,890,070 |
Net realized gain (loss) |  |  | 645,880 |  |  |  | 3,236,828 |  |  |  |  |  |  |  | (2,431,782 | ) |  |  | (1,651,220 | )
Net change in unrealized appreciation (depreciation) |  |  | 7,648,695 |  |  |  | 1,300,114 |  |  |  |  |  |  |  | 12,904,600 |  |  |  | 11,680,425 |
Net increase in net assets applicable to Common Shareholders resulting from operations |  |  | 19,963,042 |  |  |  | 28,539,524 |  |  |  |  |  |  |  | 17,922,542 |  |  |  | 25,919,275 |
DISTRIBUTIONS TO COMMON SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |
Decrease in net assets resulting from distributions to Common Shareholders |  |  | (11,502,734 | ) |  |  | (23,709,465 | ) |  |  |  |  |  |  | (7,242,280 | ) |  |  | (17,010,899 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |
Reinvestment of common distributions |  |  | 630,506 |  |  |  | 344,118 |  |  |  |  |  |  |  | — |  |  |  | — |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase in net assets applicable to Common Shareholders |  |  | 9,090,814 |  |  |  | 5,174,177 |  |  |  |  |  |  |  | 10,680,262 |  |  |  | 8,908,376 |
Beginning of period |  |  | 509,644,625 |  |  |  | 504,470,448 |  |  |  |  |  |  |  | 349,194,410 |  |  |  | 340,286,034 |
End of period |  | $ | 518,735,439 |  |  | $ | 509,644,625 |  |  |  |  |  |  | $ | 359,874,672 |  |  | $ | 349,194,410 |

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

See notes to financial statements.

FINANCIAL STATEMENTS |  |  | 77 |

Statements of Changes in Net Assets (continued)

|  | MHD |  |  |  |  |  | MUH |
|  | Six Months Ended 10/31/19 (unaudited) |  |  | Year Ended 04/30/19 |  |  |  |  |  | Six Months Ended 10/31/19 (unaudited) |  |  | Year Ended 04/30/19 |
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 5,289,733 |  |  | $ | 11,524,910 |  |  |  |  |  |  | $ | 3,977,050 |  |  | $ | 8,585,611 |
Net realized gain (loss) |  |  | (1,359,805 | ) |  |  | (431,757 | ) |  |  |  |  |  |  | (1,115,227 | ) |  |  | 32,922 |
Net change in unrealized appreciation (depreciation) |  |  | 6,810,668 |  |  |  | 3,512,439 |  |  |  |  |  |  |  | 5,999,498 |  |  |  | 2,777,864 |
Net increase in net assets applicable to Common Shareholders resulting from operations |  |  | 10,740,596 |  |  |  | 14,605,592 |  |  |  |  |  |  |  | 8,861,321 |  |  |  | 11,396,397 |
DISTRIBUTIONS TO COMMON SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |
Decrease in net assets resulting from distributions to Common Shareholders |  |  | (5,522,046 | )(b) |  |  | (12,498,142 | ) |  |  |  |  |  |  | (3,956,362 | ) |  |  | (9,114,553 | )
CAPITAL SHARE TRANSACTIONS |  |  |  |  |  |  |  |  |  |  |  |  |
Reinvestment of common distributions |  |  | 124,684 |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  | — |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase in net assets applicable to Common Shareholders |  |  | 5,343,234 |  |  |  | 2,107,450 |  |  |  |  |  |  |  | 4,904,959 |  |  |  | 2,281,844 |
Beginning of period |  |  | 235,028,810 |  |  |  | 232,921,360 |  |  |  |  |  |  |  | 173,627,558 |  |  |  | 171,345,714 |
End of period |  | $ | 240,372,044 |  |  | $ | 235,028,810 |  |  |  |  |  |  | $ | 178,532,517 |  |  | $ | 173,627,558 |

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

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

See notes to financial statements.

78 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)

|  | MUS |  |  |  |  |  | MUI |
|  | Six Months Ended 10/31/19 (unaudited) |  |  | Year Ended 04/30/19 |  |  |  |  |  | Six Months Ended 10/31/19 (unaudited) |  |  | Year Ended 04/30/19 |
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 3,477,650 |  |  | $ | 7,636,299 |  |  |  |  |  |  | $ | 10,502,143 |  |  | $ | 21,439,587 |
Net realized loss |  |  | (978,233 | ) |  |  | (587,442 | ) |  |  |  |  |  |  | (951,805 | ) |  |  | (1,254,891 | )
Net change in unrealized appreciation (depreciation) |  |  | 5,450,929 |  |  |  | 3,114,599 |  |  |  |  |  |  |  | 16,783,536 |  |  |  | 19,684,274 |
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |  |  | 7,950,346 |  |  |  | 10,163,456 |  |  |  |  |  |  |  | 26,333,874 |  |  |  | 39,868,970 |
DISTRIBUTIONS TO COMMON SHAREHOLDERS(a) |  |  |  |  |  |  |  |  |  |  |  |  |
Decrease in net assets resulting from distributions to Common Shareholders |  |  | (3,475,880 | ) |  |  | (8,071,331 | ) |  |  |  |  |  |  | (10,225,103 | ) |  |  | (21,750,977 | )
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |  |  |  |  |  |  |  |  |  |  |  |  |
Total increase in net assets applicable to Common Shareholders |  |  | 4,474,466 |  |  |  | 2,092,125 |  |  |  |  |  |  |  | 16,108,771 |  |  |  | 18,117,993 |
Beginning of period |  |  | 175,910,295 |  |  |  | 173,818,170 |  |  |  |  |  |  |  | 589,886,683 |  |  |  | 571,768,690 |
End of period |  | $ | 180,384,761 |  |  | $ | 175,910,295 |  |  |  |  |  |  | $ | 605,995,454 |  |  | $ | 589,886,683 |

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

See notes to financial statements.

FINANCIAL STATEMENTS |  |  | 79 |

Statements of Changes in Net Assets (continued)

|  | MVT |
|  | Six Months Ended 10/31/19 (unaudited) |  |  | Year Ended 04/30/19 |
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
OPERATIONS |
Net investment income |  | $ | 7,234,708 |  |  | $ | 15,853,019 |
Net realized gain (loss) |  |  | (2,092,288 | ) |  |  | 653,550 |
Net change in unrealized appreciation (depreciation) |  |  | 9,609,638 |  |  |  | 3,413,824 |
Net increase in net assets applicable to Common Shareholders resulting from operations |  |  | 14,752,058 |  |  |  | 19,920,393 |
DISTRIBUTIONS TO COMMON SHAREHOLDERS(a) |
Decrease in net assets resulting from distributions to Common Shareholders |  |  | (7,274,653 | ) |  |  | (17,281,902 | )
CAPITAL SHARE TRANSACTIONS |
Reinvestment of common distributions |  |  | 235,604 |  |  |  | 274,917 |
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS |
Total increase in net assets applicable to Common Shareholders |  |  | 7,713,009 |  |  |  | 2,913,408 |
Beginning of period |  |  | 317,174,559 |  |  |  | 314,261,151 |
End of period |  | $ | 324,887,568 |  |  | $ | 317,174,559 |

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

See notes to financial statements.

80 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Cash Flows (unaudited)

Six Months Ended October 31, 2019

|  | MUA |  |  | MEN |  |  | MHD |  |  | MUH |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net increase in net assets resulting from operations |  | $ | 19,963,042 |  |  | $ | 17,922,542 |  |  | $ | 10,740,596 |  |  | $ | 8,861,321 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales of long-term investments and principal paydowns |  |  | 49,603,262 |  |  |  | 70,738,104 |  |  |  | 31,017,346 |  |  |  | 27,339,374 |
Purchases of long-term investments |  |  | (48,623,625 | ) |  |  | (67,189,945 | ) |  |  | (31,030,066 | ) |  |  | (31,041,769 | )
Net proceeds from sales (purchases) of short-term securities |  |  | (537,939 | ) |  |  | (5,130,880 | ) |  |  | 6,751,045 |  |  |  | (329,462 | )
Amortization of premium and accretion of discount on investments and other fees |  |  | 31,900 |  |  |  | 17,013 |  |  |  | 122,110 |  |  |  | 3,903 |
Net realized gain on investments |  |  | (2,536,250 | ) |  |  | (500,983 | ) |  |  | (300,642 | ) |  |  | (276,539 | )
Net unrealized appreciation on investments |  |  | (7,420,879 | ) |  |  | (12,660,345 | ) |  |  | (6,625,750 | ) |  |  | (5,892,297 | )
(Increase) Decrease in Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  |  | 680 |  |  |  | (2,959 | ) |  |  | 4,859 |  |  |  | 1,009 |
Interest — unaffiliated |  |  | 199,470 |  |  |  | 214,836 |  |  |  | 212,994 |  |  |  | 8,586 |
Prepaid expenses |  |  | 10,131 |  |  |  | 5,043 |  |  |  | 3,335 |  |  |  | 2,906 |
Increase (Decrease) in Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payables: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory fees |  |  | 13,226 |  |  |  | 14,736 |  |  |  | 5,754 |  |  |  | 8,876 |
Interest expense and fees |  |  | (45,860 | ) |  |  | (67,631 | ) |  |  | (50,460 | ) |  |  | (22,151 | )
Directors’ and Officer’s fees |  |  | 833 |  |  |  | 503 |  |  |  | 341 |  |  |  | 250 |
Variation margin on futures contracts |  |  | 20,311 |  |  |  | 61,146 |  |  |  | 31,274 |  |  |  | 29,202 |
Other accrued expenses |  |  | (40,698 | ) |  |  | (71,463 | ) |  |  | (39,830 | ) |  |  | (35,457 | )
Net cash provided by (used for) operating activities |  |  | 10,637,604 |  |  |  | 3,349,717 |  |  |  | 10,842,906 |  |  |  | (1,342,248 | )
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid to Common Shareholders |  |  | (10,942,042 | ) |  |  | (7,390,687 | ) |  |  | (5,453,658 | ) |  |  | (4,013,043 | )
Repayments of Loan for TOB Trust Certificates |  |  | — |  |  |  | (83,699 | ) |  |  | — |  |  |  | — |
Repayments of TOB Trust Certificates |  |  | — |  |  |  | (11,192,807 | ) |  |  | (5,622,993 | ) |  |  | (4,033,616 | )
Proceeds from TOB Trust Certificates |  |  | — |  |  |  | 14,733,983 |  |  |  | — |  |  |  | 8,743,828 |
Proceeds from Loan for TOB Trust Certificates |  |  | — |  |  |  | 83,699 |  |  |  | — |  |  |  | — |
Increase in bank overdraft |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 431,025 |
Amortization of deferred offering costs |  |  | — |  |  |  | 5,028 |  |  |  | — |  |  |  | — |
Net cash provided by (used for) financing activities |  |  | (10,942,042 | ) |  |  | (3,844,483 | ) |  |  | (11,076,651 | ) |  |  | 1,128,194 |
CASH |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net decrease in restricted and unrestricted cash |  |  | (304,438 | ) |  |  | (494,766 | ) |  |  | (233,745 | ) |  |  | (214,054 | )
Restricted and unrestricted cash at beginning of period |  |  | 444,388 |  |  |  | 777,666 |  |  |  | 373,295 |  |  |  | 342,254 |
Restricted and unrestricted cash at end of period |  | $ | 139,950 |  |  | $ | 282,900 |  |  | $ | 139,550 |  |  | $ | 128,200 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash paid during the period for interest expense |  | $ | 798,515 |  |  | $ | 2,616,198 |  |  | $ | 1,605,857 |  |  | $ | 1,257,806 |
NON-CASH FINANCING ACTIVITIES |
Capital shares issued in reinvestment of distributions paid to Common Shareholders |  | $ | 630,506 |  |  | $ | — |  |  | $ | 124,684 |  |  | $ | — |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |
Cash |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Cash pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  | 139,950 |  |  |  | 282,900 |  |  |  | 139,550 |  |  |  | 128,200 |
|  | $ | 139,950 |  |  | $ | 282,900 |  |  | $ | 139,550 |  |  | $ | 128,200 |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE BEGINNING OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |
Cash |  | $ | 84,438 |  |  | $ | 147,766 |  |  | $ | 71,745 |  |  | $ | 66,054 |
Cash pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts |  |  | 359,950 |  |  |  | 629,900 |  |  |  | 301,550 |  |  |  | 276,200 |
|  | $ | 444,388 |  |  | $ | 777,666 |  |  | $ | 373,295 |  |  | $ | 342,254 |

See notes to financial statements.

FINANCIAL STATEMENTS |  |  | 81 |

Statements of Cash Flows (unaudited) (continued)

Six Months Ended October 31, 2019

|  | MUS |  |  | MUI |  |  | MVT |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Net increase in net assets resulting from operations |  | $ | 7,950,346 |  |  | $ | 26,333,874 |  |  | $ | 14,752,058 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales of long-term investments and principal paydowns |  |  | 37,491,122 |  |  |  | 103,913,446 |  |  |  | 34,261,532 |
Purchases of long-term investments |  |  | (43,234,593 | ) |  |  | (108,799,208 | ) |  |  | (41,432,604 | )
Net proceeds from sales (purchases) of short-term securities |  |  | 2,396,043 |  |  |  | 3,436,881 |  |  |  | 10,505,156 |
Amortization of premium and accretion of discount on investments and other fees |  |  | 834,210 |  |  |  | 3,382,519 |  |  |  | 537,355 |
Net realized gain on investments |  |  | (444,008 | ) |  |  | (1,571,833 | ) |  |  | (327,387 | )
Net unrealized appreciation on investments |  |  | (5,352,714 | ) |  |  | (16,482,244 | ) |  |  | (9,331,797 | )
(Increase) Decrease in Assets: |  |  |  |  |  |  |  |  |
Receivables: |  |  |  |  |  |  |  |  |  |  |  |
Dividends — affiliated |  |  | 3,082 |  |  |  | 9,638 |  |  |  | 8,117 |
Interest — unaffiliated |  |  | 103,742 |  |  |  | 139,393 |  |  |  | 240,679 |
Prepaid expenses |  |  | 2,932 |  |  |  | 8,307 |  |  |  | 3,856 |
Increase (Decrease) in Liabilities: |  |  |  |  |  |  |  |  |
Payables: |  |  |  |  |  |  |  |  |  |  |  |
Investment advisory fees |  |  | 8,180 |  |  |  | 22,516 |  |  |  | 9,568 |
Interest expense and fees |  |  | 32,537 |  |  |  | (51,955 | ) |  |  | (40,435 | )
Directors’ and Officer’s fees |  |  | 240 |  |  |  | 21,094 |  |  |  | 479 |
Variation margin on futures contracts |  |  | 30,022 |  |  |  | 3,369 |  |  |  | 42,701 |
Other accrued expenses |  |  | (37,260 | ) |  |  | (56,154 | ) |  |  | (43,613 | )
Net cash provided by (used for) operating activities |  |  | (216,119 | ) |  |  | 10,309,643 |  |  |  | 9,185,665 |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid to Common Shareholders |  |  | (3,475,880 | ) |  |  | (10,225,103 | ) |  |  | (7,123,483 | )
Repayments of Loan for TOB Trust Certificates |  |  | — |  |  |  | — |  |  |  | — |
Repayments of TOB Trust Certificates |  |  | (3,168,547 | ) |  |  | (808,904 | ) |  |  | (2,831,497 | )
Proceeds from TOB Trust Certificates |  |  | 6,793,071 |  |  |  | — |  |  |  | — |
Proceeds from Loan for TOB Trust Certificates |  |  | — |  |  |  | — |  |  |  | — |
Increase in bank overdraft |  |  | — |  |  |  | 185,660 |  |  |  | 423,346 |
Amortization of deferred offering costs |  |  | — |  |  |  | — |  |  |  | — |
Net cash provided by (used for) financing activities |  |  | 148,644 |  |  |  | (10,848,347 | ) |  |  | (9,531,634 | )
CASH |  |  |  |  |  |  |  |  |  |  |  |
Net decrease in restricted and unrestricted cash |  |  | (67,475 | ) |  |  | (538,704 | ) |  |  | (345,969 | )
Restricted and unrestricted cash at beginning of period |  |  | 287,999 |  |  |  | 710,604 |  |  |  | 546,019 |
Restricted and unrestricted cash at end of period |  | $ | 220,524 |  |  | $ | 171,900 |  |  | $ | 200,050 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
Cash paid during the period for interest expense |  | $ | 1,324,564 |  |  | $ | 4,582,730 |  |  | $ | 2,260,655 |
NON-CASH FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Capital shares issued in reinvestment of distributions paid to Common Shareholders |  | $ | — |  |  | $ | — |  |  | $ | 235,604 |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 106,374 |  |  | $ | — |  |  | $ | — |
Cash pledged: |
Futures contracts |  |  | 114,150 |  |  |  | 171,900 |  |  |  | 200,050 |
|  | $ | 220,524 |  |  | $ | 171,900 |  |  | $ | 200,050 |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE BEGINNING OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 54,849 |  |  | $ | 125,704 |  |  | $ | 104,969 |
Cash pledged: |
Futures contracts |  |  | 233,150 |  |  |  | 584,900 |  |  |  | 441,050 |
|  | $ | 287,999 |  |  | $ | 710,604 |  |  | $ | 546,019 |

See notes to financial statements.

82 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

|  | MUA |
|  | Six Months Ended 10/31/19 (unaudited) |  |  |  |  |  | Year Ended April 30, |
|  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Net asset value, beginning of period |  | $ | 14.14 |  |  |  |  |  |  | $ | 14.01 |  |  | $ | 14.07 |  |  | $ | 14.45 |  |  | $ | 14.12 |  |  | $ | 13.56 |
Net investment income(a) |  |  | 0.32 |  |  |  |  |  |  |  | 0.67 |  |  |  | 0.68 |  |  |  | 0.70 |  |  |  | 0.72 |  |  |  | 0.73 |
Net realized and unrealized gain (loss) |  |  | 0.24 |  |  |  |  |  |  |  | 0.12 |  |  |  | (0.06 | ) |  |  | (0.38 | ) |  |  | 0.35 |  |  |  | 0.59 |
Net increase from investment operations |  |  | 0.56 |  |  |  |  |  |  |  | 0.79 |  |  |  | 0.62 |  |  |  | 0.32 |  |  |  | 1.07 |  |  |  | 1.32 |
Distributions to Common Shareholders from net investment income(b) |  |  | (0.32 | ) |  |  |  |  |  |  | (0.66 | ) |  |  | (0.68 | ) |  |  | (0.70 | ) |  |  | (0.74 | ) |  |  | (0.76 | )
Net asset value, end of period |  | $ | 14.38 |  |  |  |  |  |  | $ | 14.14 |  |  | $ | 14.01 |  |  | $ | 14.07 |  |  | $ | 14.45 |  |  | $ | 14.12 |
Market price, end of period |  | $ | 15.49 |  |  |  |  |  |  | $ | 14.98 |  |  | $ | 13.21 |  |  | $ | 14.82 |  |  | $ | 14.74 |  |  | $ | 14.22 |
Total Return Applicable to Common Shareholders(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 3.91 | %(d) |  |  |  |  |  |  | 5.97 | % |  |  | 4.47 | % |  |  | 2.23 | % |  |  | 7.90 | % |  |  | 10.11 | %
Based on market price |  |  | 5.65 | %(d) |  |  |  |  |  |  | 19.07 | % |  |  | (6.48 | )% |  |  | 5.56 | % |  |  | 9.30 | % |  |  | 17.02 | %
Ratios to Average Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 0.99 | %(e) |  |  |  |  |  |  | 1.01 | % |  |  | 0.93 | % |  |  | 0.87 | % |  |  | 0.81 | % |  |  | 0.82 | %
Total expenses after fees waived and paid indirectly |  |  | 0.99 | %(e) |  |  |  |  |  |  | 1.01 | % |  |  | 0.93 | % |  |  | 0.87 | % |  |  | 0.81 | % |  |  | 0.82 | %
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs(f) |  |  | 0.70 | %(e) |  |  |  |  |  |  | 0.70 | % |  |  | 0.69 | % |  |  | 0.69 | % |  |  | 0.70 | % |  |  | 0.71 | %
Net investment income to Common Shareholders |  |  | 4.49 | %(e) |  |  |  |  |  |  | 4.77 | % |  |  | 4.83 | % |  |  | 4.93 | % |  |  | 5.09 | % |  |  | 5.24 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets, end of period (000) |  | $ | 518,735 |  |  |  |  |  |  | $ | 509,645 |  |  | $ | 504,470 |  |  | $ | 505,306 |  |  | $ | 517,697 |  |  | $ | 505,341 |
Borrowings outstanding, end of period (000) |  | $ | 71,659 |  |  |  |  |  |  | $ | 71,659 |  |  | $ | 71,925 |  |  | $ | 67,507 |  |  | $ | 66,087 |  |  | $ | 61,066 |
Portfolio turnover rate |  |  | 8 | % |  |  |  |  |  |  | 19 | % |  |  | 15 | % |  |  | 11 | % |  |  | 18 | % |  |  | 22 | %

(a) | Based on average Common Shares outstanding.

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

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

(d) | Aggregate total return.

(e) | Annualized.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS |  |  | 83 |

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | MEN |
|  | Six Months Ended 10/31/19 (unaudited) |  |  |  |  |  | Year Ended April 30, |
|  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Net asset value, beginning of period |  | $ | 11.76 |  |  |  |  |  |  | $ | 11.46 |  |  | $ | 11.77 |  |  | $ | 12.52 |  |  | $ | 12.27 |  |  | $ | 11.94 |
Net investment income(a) |  |  | 0.25 |  |  |  |  |  |  |  | 0.54 |  |  |  | 0.59 |  |  |  | 0.65 |  |  |  | 0.70 |  |  |  | 0.71 |
Net realized and unrealized gain (loss) |  |  | 0.35 |  |  |  |  |  |  |  | 0.33 |  |  |  | (0.26 | ) |  |  | (0.72 | ) |  |  | 0.28 |  |  |  | 0.35 |
Net increase (decrease) from investment operations |  |  | 0.60 |  |  |  |  |  |  |  | 0.87 |  |  |  | 0.33 |  |  |  | (0.07 | ) |  |  | 0.98 |  |  |  | 1.06 |
Distributions to Common Shareholders(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.24 | ) |  |  |  |  |  |  | (0.57 | ) |  |  | (0.64 | ) |  |  | (0.68 | ) |  |  | (0.73 | ) |  |  | (0.73 | )
From net realized gain |  |  | — |  |  |  |  |  |  |  | (0.00 | )(c) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total distributions to Common Shareholders |  |  | (0.24 | ) |  |  |  |  |  |  | (0.57 | ) |  |  | (0.64 | ) |  |  | (0.68 | ) |  |  | (0.73 | ) |  |  | (0.73 | )
Net asset value, end of period |  | $ | 12.12 |  |  |  |  |  |  | $ | 11.76 |  |  | $ | 11.46 |  |  | $ | 11.77 |  |  | $ | 12.52 |  |  | $ | 12.27 |
Market price, end of period |  | $ | 11.16 |  |  |  |  |  |  | $ | 10.71 |  |  | $ | 10.48 |  |  | $ | 11.69 |  |  | $ | 12.55 |  |  | $ | 11.67 |
Total Return Applicable to Common Shareholders(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 5.32 | %(e) |  |  |  |  |  |  | 8.43 | % |  |  | 2.93 | % |  |  | (0.51 | )% |  |  | 8.50 | % |  |  | 9.49 | %
Based on market price |  |  | 6.49 | %(e) |  |  |  |  |  |  | 7.98 | % |  |  | (5.23 | )% |  |  | (1.42 | )% |  |  | 14.35 | % |  |  | 10.33 | %
Ratios to Average Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 2.35 | %(f) |  |  |  |  |  |  | 2.52 | % |  |  | 2.06 | % |  |  | 1.73 | % |  |  | 1.44 | % |  |  | 1.44 | %
Total expenses after fees waived and/or reimbursed and paid indirectly |  |  | 2.35 | %(f) |  |  |  |  |  |  | 2.52 | % |  |  | 2.06 | % |  |  | 1.73 | % |  |  | 1.44 | % |  |  | 1.43 | %
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs(g) |  |  | 0.93 | %(f) |  |  |  |  |  |  | 0.94 | % |  |  | 0.92 | % |  |  | 0.89 | % |  |  | 0.90 | % |  |  | 0.91 | %
Net investment income to Common Shareholders |  |  | 4.14 | %(f) |  |  |  |  |  |  | 4.68 | % |  |  | 4.97 | % |  |  | 5.29 | % |  |  | 5.71 | % |  |  | 5.76 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of period (000) |  | $ | 359,875 |  |  |  |  |  |  | $ | 349,194 |  |  | $ | 340,286 |  |  | $ | 349,037 |  |  | $ | 370,342 |  |  | $ | 362,703 |
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) |  | $ | 142,500 |  |  |  |  |  |  | $ | 142,500 |  |  | $ | 142,500 |  |  | $ | 142,500 |  |  | $ | 142,500 |  |  | $ | 142,500 |
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period |  | $ | 352,544 |  |  |  |  |  |  | $ | 345,049 |  |  | $ | 338,797 |  |  | $ | 344,938 |  |  | $ | 359,889 |  |  | $ | 354,528 |
Borrowings outstanding, end of period (000) |  | $ | 94,890 |  |  |  |  |  |  | $ | 91,349 |  |  | $ | 87,395 |  |  | $ | 70,823 |  |  | $ | 67,160 |  |  | $ | 76,094 |
Portfolio turnover rate |  |  | 12 | % |  |  |  |  |  |  | 22 | % |  |  | 21 | % |  |  | 12 | % |  |  | 10 | % |  |  | 12 | %

(a) | Based on average Common Shares outstanding.

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

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

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

(e) | Aggregate total return.

(f) | Annualized.

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

See notes to financial statements.

84 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | MHD |
|  | Six Months Ended 10/31/19 (unaudited) |  |  |  |  |  | Year Ended April 30, |
|  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Net asset value, beginning of period |  | $ | 16.56 |  |  |  |  |  |  | $ | 16.41 |  |  | $ | 16.85 |  |  | $ | 17.95 |  |  | $ | 17.59 |  |  | $ | 16.85 |
Net investment income(a) |  |  | 0.37 |  |  |  |  |  |  |  | 0.81 |  |  |  | 0.88 |  |  |  | 0.95 |  |  |  | 1.00 |  |  |  | 1.03 |
Net realized and unrealized gain (loss) |  |  | 0.39 |  |  |  |  |  |  |  | 0.22 |  |  |  | (0.39 | ) |  |  | (1.07 | ) |  |  | 0.42 |  |  |  | 0.77 |
Net increase (decrease) from investment operations |  |  | 0.76 |  |  |  |  |  |  |  | 1.03 |  |  |  | 0.49 |  |  |  | (0.12 | ) |  |  | 1.42 |  |  |  | 1.80 |
Distributions to Common Shareholders(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.39 | )(c) |  |  |  |  |  |  | (0.83 | ) |  |  | (0.92 | ) |  |  | (0.98 | ) |  |  | (1.06 | ) |  |  | (1.06 | )
From net realized gain |  |  | — |  |  |  |  |  |  |  | (0.05 | ) |  |  | (0.01 | ) |  |  | — |  |  |  | — |  |  |  | — |
Total distributions to Common Shareholders |  |  | (0.39 | ) |  |  |  |  |  |  | (0.88 | ) |  |  | (0.93 | ) |  |  | (0.98 | ) |  |  | (1.06 | ) |  |  | (1.06 | )
Net asset value, end of period |  | $ | 16.93 |  |  |  |  |  |  | $ | 16.56 |  |  | $ | 16.41 |  |  | $ | 16.85 |  |  | $ | 17.95 |  |  | $ | 17.59 |
Market price, end of period |  | $ | 16.26 |  |  |  |  |  |  | $ | 15.92 |  |  | $ | 14.98 |  |  | $ | 16.65 |  |  | $ | 18.14 |  |  | $ | 17.25 |
Total Return Applicable to Common Shareholders(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 4.65 | %(e) |  |  |  |  |  |  | 6.84 | % |  |  | 3.07 | % |  |  | (0.67 | )% |  |  | 8.65 | % |  |  | 11.22 | %
Based on market price |  |  | 4.54 | %(e) |  |  |  |  |  |  | 12.51 | % |  |  | (4.79 | )% |  |  | (2.87 | )% |  |  | 11.91 | % |  |  | 14.80 | %
Ratios to Average Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 2.26 | %(f) |  |  |  |  |  |  | 2.47 | % |  |  | 2.16 | % |  |  | 1.87 | % |  |  | 1.53 | % |  |  | 1.50 | %
Total expenses after fees waived and paid indirectly |  |  | 2.26 | %(f) |  |  |  |  |  |  | 2.47 | % |  |  | 2.16 | % |  |  | 1.87 | % |  |  | 1.53 | % |  |  | 1.50 | %
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs(g) |  |  | 0.97 | %(f) |  |  |  |  |  |  | 1.00 | % |  |  | 1.01 | % |  |  | 0.99 | % |  |  | 0.99 | % |  |  | 0.99 | %
Net investment income to Common Shareholders |  |  | 4.38 | %(f) |  |  |  |  |  |  | 4.98 | % |  |  | 5.19 | % |  |  | 5.42 | % |  |  | 5.75 | % |  |  | 5.86 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of period (000) |  | $ | 240,372 |  |  |  |  |  |  | $ | 235,029 |  |  | $ | 232,921 |  |  | $ | 238,684 |  |  | $ | 253,864 |  |  | $ | 248,646 |
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |  | $ | 83,700 |  |  |  |  |  |  | $ | 83,700 |  |  | $ | 83,700 |  |  | $ | 83,700 |  |  | $ | 83,700 |  |  | $ | 83,700 |
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |  | $ | 387,183 |  |  |  |  |  |  | $ | 380,799 |  |  | $ | 378,281 |  |  | $ | 385,166 |  |  | $ | 403,302 |  |  | $ | 397,068 |
Borrowings outstanding, end of period (000) |  | $ | 47,051 |  |  |  |  |  |  | $ | 52,674 |  |  | $ | 63,166 |  |  | $ | 62,233 |  |  | $ | 60,289 |  |  | $ | 56,784 |
Portfolio turnover rate |  |  | 9 | % |  |  |  |  |  |  | 17 | % |  |  | 12 | % |  |  | 9 | % |  |  | 7 | % |  |  | 11 | %

(a) | Based on average Common Shares outstanding.

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

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

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

(e) | Aggregate total return.

(f) | Annualized.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS |  |  | 85 |

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | MUH |
|  | Six Months Ended 10/31/19 (unaudited) |  |  |  |  |  | Year Ended April 30, |
|  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Net asset value, beginning of period |  | $ | 15.32 |  |  |  |  |  |  | $ | 15.11 |  |  | $ | 15.52 |  |  | $ | 16.51 |  |  | $ | 16.21 |  |  | $ | 15.61 |
Net investment income(a) |  |  | 0.35 |  |  |  |  |  |  |  | 0.76 |  |  |  | 0.80 |  |  |  | 0.86 |  |  |  | 0.91 |  |  |  | 0.93 |
Net realized and unrealized gain (loss) |  |  | 0.43 |  |  |  |  |  |  |  | 0.25 |  |  |  | (0.35 | ) |  |  | (0.95 | ) |  |  | 0.33 |  |  |  | 0.64 |
Net increase (decrease) from investment operations |  |  | 0.78 |  |  |  |  |  |  |  | 1.01 |  |  |  | 0.45 |  |  |  | (0.09 | ) |  |  | 1.24 |  |  |  | 1.57 |
Distributions to Common Shareholders(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.35 | ) |  |  |  |  |  |  | (0.75 | ) |  |  | (0.85 | ) |  |  | (0.90 | ) |  |  | (0.94 | ) |  |  | (0.97 | )
From net realized gain |  |  | — |  |  |  |  |  |  |  | (0.05 | ) |  |  | (0.01 | ) |  |  | — |  |  |  | — |  |  |  | — |
Total distributions to Common Shareholders |  |  | (0.35 | ) |  |  |  |  |  |  | (0.80 | ) |  |  | (0.86 | ) |  |  | (0.90 | ) |  |  | (0.94 | ) |  |  | (0.97 | )
Net asset value, end of period |  | $ | 15.75 |  |  |  |  |  |  | $ | 15.32 |  |  | $ | 15.11 |  |  | $ | 15.52 |  |  | $ | 16.51 |  |  | $ | 16.21 |
Market price, end of period |  | $ | 14.72 |  |  |  |  |  |  | $ | 15.05 |  |  | $ | 13.75 |  |  | $ | 15.59 |  |  | $ | 16.23 |  |  | $ | 15.28 |
Total Return Applicable to Common Shareholders(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 5.20 | %(d) |  |  |  |  |  |  | 7.46 | % |  |  | 3.09 | % |  |  | (0.52 | )% |  |  | 8.25 | % |  |  | 10.64 | %
Based on market price |  |  | 0.09 | %(d) |  |  |  |  |  |  | 16.00 | % |  |  | (6.61 | )% |  |  | 1.65 | % |  |  | 12.90 | % |  |  | 9.71 | %
Ratios to Average Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 2.41 | %(e) |  |  |  |  |  |  | 2.58 | % |  |  | 2.12 | % |  |  | 1.83 | % |  |  | 1.50 | % |  |  | 1.48 | %
Total expenses after fees waived and paid indirectly |  |  | 2.41 | %(e) |  |  |  |  |  |  | 2.58 | % |  |  | 2.12 | % |  |  | 1.83 | % |  |  | 1.50 | % |  |  | 1.48 | %
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs(f) |  |  | 1.03 | %(e) |  |  |  |  |  |  | 1.05 | % |  |  | 1.02 | % |  |  | 1.00 | % |  |  | 1.00 | % |  |  | 1.00 | %
Net investment income to Common Shareholders |  |  | 4.44 | %(e) |  |  |  |  |  |  | 5.05 | % |  |  | 5.16 | % |  |  | 5.37 | % |  |  | 5.66 | % |  |  | 5.76 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of period (000) |  | $ | 178,533 |  |  |  |  |  |  | $ | 173,628 |  |  | $ | 171,346 |  |  | $ | 175,637 |  |  | $ | 186,553 |  |  | $ | 183,214 |
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |  | $ | 55,000 |  |  |  |  |  |  | $ | 55,000 |  |  | $ | 55,000 |  |  | $ | 55,000 |  |  | $ | 55,000 |  |  | $ | 55,000 |
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |  | $ | 424,605 |  |  |  |  |  |  | $ | 415,686 |  |  | $ | 411,538 |  |  | $ | 419,340 |  |  | $ | 439,188 |  |  | $ | 433,117 |
Borrowings outstanding, end of period (000) |  | $ | 58,119 |  |  |  |  |  |  | $ | 53,409 |  |  | $ | 54,100 |  |  | $ | 47,507 |  |  | $ | 46,103 |  |  | $ | 43,568 |
Portfolio turnover rate |  |  | 10 | % |  |  |  |  |  |  | 30 | % |  |  | 16 | % |  |  | 10 | % |  |  | 7 | % |  |  | 11 | %

(a) | Based on average Common Shares outstanding.

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

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

(d) | Aggregate total return.

(e) | Annualized.

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

See notes to financial statements.

86 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | MUS |
|  | Six Months Ended 10/31/19 (unaudited) |  |  |  |  |  | Year Ended April 30, |
|  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Net asset value, beginning of period |  | $ | 13.51 |  |  |  |  |  |  | $ | 13.35 |  |  | $ | 13.95 |  |  | $ | 14.84 |  |  | $ | 14.57 |  |  | $ | 14.18 |
Net investment income(a) |  |  | 0.27 |  |  |  |  |  |  |  | 0.59 |  |  |  | 0.70 |  |  |  | 0.75 |  |  |  | 0.80 |  |  |  | 0.80 |
Net realized and unrealized gain (loss) |  |  | 0.35 |  |  |  |  |  |  |  | 0.19 |  |  |  | (0.54 | ) |  |  | (0.84 | ) |  |  | 0.28 |  |  |  | 0.40 |
Net increase (decrease) from investment operations |  |  | 0.62 |  |  |  |  |  |  |  | 0.78 |  |  |  | 0.16 |  |  |  | (0.09 | ) |  |  | 1.08 |  |  |  | 1.20 |
Distributions to Common Shareholders from net investment income(b) |  |  | (0.27 | ) |  |  |  |  |  |  | (0.62 | ) |  |  | (0.76 | ) |  |  | (0.80 | ) |  |  | (0.81 | ) |  |  | (0.81 | )
Net asset value, end of period |  | $ | 13.86 |  |  |  |  |  |  | $ | 13.51 |  |  | $ | 13.35 |  |  | $ | 13.95 |  |  | $ | 14.84 |  |  | $ | 14.57 |
Market price, end of period |  | $ | 12.55 |  |  |  |  |  |  | $ | 12.01 |  |  | $ | 12.40 |  |  | $ | 13.38 |  |  | $ | 14.31 |  |  | $ | 13.32 |
Total Return Applicable to Common Shareholders(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 4.79 | %(d) |  |  |  |  |  |  | 6.59 | % |  |  | 1.33 | % |  |  | (0.47 | )% |  |  | 8.24 | % |  |  | 9.20 | %
Based on market price |  |  | 6.73 | %(d) |  |  |  |  |  |  | 2.02 | % |  |  | (1.88 | )% |  |  | (1.00 | )% |  |  | 14.09 | % |  |  | 9.91 | %
Ratios to Average Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 2.54 | %(e) |  |  |  |  |  |  | 2.60 | % |  |  | 2.30 | % |  |  | 1.95 | % |  |  | 1.60 | % |  |  | 1.59 | %
Total expenses after fees waived and/or reimbursed and paid indirectly |  |  | 2.49 | %(e) |  |  |  |  |  |  | 2.54 | % |  |  | 2.24 | % |  |  | 1.91 | % |  |  | 1.58 | % |  |  | 1.57 | %
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs(f) |  |  | 0.99 | %(e) |  |  |  |  |  |  | 0.98 | % |  |  | 0.99 | % |  |  | 0.98 | % |  |  | 0.99 | % |  |  | 0.99 | %
Net investment income to Common Shareholders |  |  | 3.84 | %(e) |  |  |  |  |  |  | 4.43 | % |  |  | 5.08 | % |  |  | 5.22 | % |  |  | 5.49 | % |  |  | 5.49 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of period (000) |  | $ | 180,385 |  |  |  |  |  |  | $ | 175,910 |  |  | $ | 173,818 |  |  | $ | 181,614 |  |  | $ | 193,110 |  |  | $ | 189,594 |
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |  | $ | 87,000 |  |  |  |  |  |  | $ | 87,000 |  |  | $ | 87,000 |  |  | $ | 87,000 |  |  | $ | 87,000 |  |  | $ | 87,000 |
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |  | $ | 307,339 |  |  |  |  |  |  | $ | 302,196 |  |  | $ | 299,791 |  |  | $ | 308,751 |  |  | $ | 321,966 |  |  | $ | 317,924 |
Borrowings outstanding, end of period (000) |  | $ | 27,542 |  |  |  |  |  |  | $ | 23,918 |  |  | $ | 26,238 |  |  | $ | 29,150 |  |  | $ | 24,429 |  |  | $ | 21,937 |
Portfolio turnover rate |  |  | 13 | % |  |  |  |  |  |  | 27 | % |  |  | 21 | % |  |  | 18 | % |  |  | 25 | % |  |  | 11 | %

(a) | Based on average Common Shares outstanding.

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

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

(d) | Aggregate total return.

(e) | Annualized.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS |  |  | 87 |

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | MUI |
|  | Six Months Ended 10/31/19 (unaudited) |  |  |  |  |  | Year Ended April 30, |
|  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Net asset value, beginning of period |  | $ | 15.40 |  |  |  |  |  |  | $ | 14.93 |  |  | $ | 15.17 |  |  | $ | 16.16 |  |  | $ | 15.86 |  |  | $ | 15.64 |
Net investment income(a) |  |  | 0.27 |  |  |  |  |  |  |  | 0.56 |  |  |  | 0.59 |  |  |  | 0.65 |  |  |  | 0.73 |  |  |  | 0.77 |
Net realized and unrealized gain (loss) |  |  | 0.42 |  |  |  |  |  |  |  | 0.47 |  |  |  | (0.23 | ) |  |  | (0.83 | ) |  |  | 0.53 |  |  |  | 0.27 |
Net increase (decrease) from investment operations |  |  | 0.69 |  |  |  |  |  |  |  | 1.03 |  |  |  | 0.36 |  |  |  | (0.18 | ) |  |  | 1.26 |  |  |  | 1.04 |
Distributions to Common Shareholders(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.27 | ) |  |  |  |  |  |  | (0.53 | ) |  |  | (0.60 | ) |  |  | (0.67 | ) |  |  | (0.78 | ) |  |  | (0.82 | )
From net realized gain |  |  | — |  |  |  |  |  |  |  | (0.03 | ) |  |  | (0.00 | )(c) |  |  | (0.14 | ) |  |  | (0.18 | ) |  |  | — |
Total distributions to Common Shareholders |  |  | (0.27 | ) |  |  |  |  |  |  | (0.56 | ) |  |  | (0.60 | ) |  |  | (0.81 | ) |  |  | (0.96 | ) |  |  | (0.82 | )
Net asset value, end of period |  | $ | 15.82 |  |  |  |  |  |  | $ | 15.40 |  |  | $ | 14.93 |  |  | $ | 15.17 |  |  | $ | 16.16 |  |  | $ | 15.86 |
Market price, end of period |  | $ | 14.19 |  |  |  |  |  |  | $ | 13.85 |  |  | $ | 13.01 |  |  | $ | 13.96 |  |  | $ | 15.19 |  |  | $ | 14.47 |
Total Return Applicable to Common Shareholders(d) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 4.67 | %(e) |  |  |  |  |  |  | 7.68 | % |  |  | 2.76 | % |  |  | (0.69 | )% |  |  | 9.04 | % |  |  | 7.27 | %
Based on market price |  |  | 4.39 | %(e) |  |  |  |  |  |  | 11.13 | % |  |  | (2.69 | )% |  |  | (2.77 | )% |  |  | 12.27 | % |  |  | 5.20 | %
Ratios to Average Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 2.47 | %(f) |  |  |  |  |  |  | 2.63 | % |  |  | 2.17 | % |  |  | 1.90 | % |  |  | 1.57 | % |  |  | 1.52 | %
Total expenses after fees waived and/or reimbursed and paid indirectly |  |  | 2.47 | %(f) |  |  |  |  |  |  | 2.63 | % |  |  | 2.17 | % |  |  | 1.89 | % |  |  | 1.57 | % |  |  | 1.52 | %
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs(g) |  |  | 0.98 | %(f) |  |  |  |  |  |  | 1.01 | % |  |  | 0.97 | % |  |  | 0.96 | % |  |  | 0.94 | % |  |  | 0.96 | %
Net investment income to Common Shareholders |  |  | 3.45 | %(f) |  |  |  |  |  |  | 3.73 | % |  |  | 3.87 | % |  |  | 4.12 | % |  |  | 4.61 | % |  |  | 4.82 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of period (000) |  | $ | 605,995 |  |  |  |  |  |  | $ | 589,887 |  |  | $ | 571,769 |  |  | $ | 580,945 |  |  | $ | 618,971 |  |  | $ | 607,440 |
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |  | $ | 287,100 |  |  |  |  |  |  | $ | 287,100 |  |  | $ | 287,100 |  |  | $ | 287,100 |  |  | $ | 287,100 |  |  | $ | 287,100 |
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |  | $ | 311,075 |  |  |  |  |  |  | $ | 305,464 |  |  | $ | 299,153 |  |  | $ | 302,349 |  |  | $ | 315,594 |  |  | $ | 311,578 |
Borrowings outstanding, end of period (000) |  | $ | 92,612 |  |  |  |  |  |  | $ | 93,421 |  |  | $ | 79,136 |  |  | $ | 58,337 |  |  | $ | 63,102 |  |  | $ | 52,932 |
Portfolio turnover rate |  |  | 11 | % |  |  |  |  |  |  | 24 | % |  |  | 34 | % |  |  | 12 | % |  |  | 20 | % |  |  | 18 | %

(a) | Based on average Common Shares outstanding.

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

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

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

(e) | Aggregate total return.

(f) | Annualized.

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

See notes to financial statements.

88 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

|  | MVT |
|  | Six Months Ended 10/31/19 (unaudited) |  |  |  |  |  | Year Ended April 30, |
|  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Net asset value, beginning of period |  | $ | 14.87 |  |  |  |  |  |  | $ | 14.75 |  |  | $ | 15.19 |  |  | $ | 16.17 |  |  | $ | 16.01 |  |  | $ | 15.45 |
Net investment income(a) |  |  | 0.34 |  |  |  |  |  |  |  | 0.74 |  |  |  | 0.83 |  |  |  | 0.91 |  |  |  | 0.98 |  |  |  | 0.99 |
Net realized and unrealized gain (loss) |  |  | 0.35 |  |  |  |  |  |  |  | 0.20 |  |  |  | (0.41 | ) |  |  | (0.95 | ) |  |  | 0.18 |  |  |  | 0.61 |
Net increase (decrease) from investment operations |  |  | 0.69 |  |  |  |  |  |  |  | 0.94 |  |  |  | 0.42 |  |  |  | (0.04 | ) |  |  | 1.16 |  |  |  | 1.60 |
Distributions to Common Shareholders(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From net investment income |  |  | (0.34 | ) |  |  |  |  |  |  | (0.76 | ) |  |  | (0.86 | ) |  |  | (0.94 | ) |  |  | (1.00 | ) |  |  | (1.04 | )
From net realized gain |  |  | — |  |  |  |  |  |  |  | (0.06 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total distributions to Common Shareholders |  |  | (0.34 | ) |  |  |  |  |  |  | (0.82 | ) |  |  | (0.86 | ) |  |  | (0.94 | ) |  |  | (1.00 | ) |  |  | (1.04 | )
Net asset value, end of period |  | $ | 15.22 |  |  |  |  |  |  | $ | 14.87 |  |  | $ | 14.75 |  |  | $ | 15.19 |  |  | $ | 16.17 |  |  | $ | 16.01 |
Market price, end of period |  | $ | 14.45 |  |  |  |  |  |  | $ | 14.29 |  |  | $ | 14.05 |  |  | $ | 15.45 |  |  | $ | 17.38 |  |  | $ | 16.26 |
Total Return Applicable to Common Shareholders(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Based on net asset value |  |  | 4.72 | %(d) |  |  |  |  |  |  | 6.83 | % |  |  | 2.79 | % |  |  | (0.34 | )% |  |  | 7.61 | % |  |  | 10.65 | %
Based on market price |  |  | 3.46 | %(d) |  |  |  |  |  |  | 7.78 | % |  |  | (3.74 | )% |  |  | (5.68 | )% |  |  | 13.88 | % |  |  | 14.52 | %
Ratios to Average Net Assets Applicable to Common Shareholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total expenses |  |  | 2.25 | %(e) |  |  |  |  |  |  | 2.45 | % |  |  | 2.11 | % |  |  | 1.88 | % |  |  | 1.52 | % |  |  | 1.50 | %
Total expenses after fees waived and/or reimbursed and paid indirectly |  |  | 2.25 | %(e) |  |  |  |  |  |  | 2.45 | % |  |  | 2.11 | % |  |  | 1.87 | % |  |  | 1.52 | % |  |  | 1.50 | %
Total expenses after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees and amortization of offering costs(f) |  |  | 0.88 | %(e) |  |  |  |  |  |  | 0.91 | % |  |  | 0.91 | % |  |  | 0.92 | % |  |  | 0.92 | % |  |  | 0.92 | %
Net investment income to Common Shareholders |  |  | 4.44 | %(e) |  |  |  |  |  |  | 5.09 | % |  |  | 5.44 | % |  |  | 5.78 | % |  |  | 6.15 | % |  |  | 6.17 | %
Supplemental Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net assets applicable to Common Shareholders, end of period (000) |  | $ | 324,888 |  |  |  |  |  |  | $ | 317,175 |  |  | $ | 314,261 |  |  | $ | 321,939 |  |  | $ | 340,753 |  |  | $ | 336,320 |
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) |  | $ | 140,000 |  |  |  |  |  |  | $ | 140,000 |  |  | $ | 140,000 |  |  | $ | 140,000 |  |  | $ | 140,000 |  |  | $ | 140,000 |
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period |  | $ | 332,063 |  |  |  |  |  |  | $ | 326,553 |  |  | $ | 324,472 |  |  | $ | 329,956 |  |  | $ | 343,395 |  |  | $ | 340,229 |
Borrowings outstanding, end of period (000) |  | $ | 45,151 |  |  |  |  |  |  | $ | 47,982 |  |  | $ | 61,343 |  |  | $ | 60,575 |  |  | $ | 69,195 |  |  | $ | 66,439 |
Portfolio turnover rate |  |  | 7 | % |  |  |  |  |  |  | 25 | % |  |  | 11 | % |  |  | 9 | % |  |  | 6 | % |  |  | 10 | %

(a) | Based on average Common Shares outstanding.

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

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

(d) | Aggregate total return.

(e) | Annualized.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS |  |  | 89 |

Notes to Financial Statements (unaudited)

1. | ORGANIZATION

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

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

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

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of open-end non-index fixed-income mutual funds and all BlackRock-advised closed-end funds referred to as the BlackRock Fixed-Income Complex.

2. | SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by the Board of Directors of the Funds (the “Board”), the directors who are not “interested persons” of the Funds, as defined in the 1940 Act (“Independent Directors”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Directors. This has the same economic effect for the Independent Directors as if the Independent Directors had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

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

Recent Accounting Standards: The Funds have adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the amendments on a modified retrospective basis beginning with the fiscal period ended October 31, 2019. The adjusted cost basis of securities at April 30, 2019 are as follows:

MUA |  | $ | 545,683,936 |
MEN |  |  | 538,145,340 |
MHD |  |  | 342,848,540 |
MUH |  |  | 261,762,036 |
MUS |  |  | 269,356,424 |
MUI |  |  | 911,482,516 |
MVT |  |  | 470,370,386 |

90 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value of the Funds.

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

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

3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

| • |  | Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access

| • |  | Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

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

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

The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. | SECURITIES AND OTHER INVESTMENTS

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

Forward Commitments, When-Issued and Delayed Delivery Securities: Certain funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. A fund

NOTES TO FINANCIAL STATEMENTS |  |  | 91 |

Notes to Financial Statements (unaudited) (continued)

may purchase securities under such conditions with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, a fund may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, a fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, a fund’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

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

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

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

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

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

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

|  | Interest Expense |  |  | Liquidity Fees |  |  | Other Expense |  |  | Total |
MUA |  | $ | 548,330 |  |  | $ | 148,959 |  |  | $ | 55,366 |  |  | $ | 752,655 |
MEN |  |  | 685,434 |  |  |  | 191,973 |  |  |  | 61,497 |  |  |  | 938,904 |
MHD |  |  | 375,824 |  |  |  | 105,374 |  |  |  | 35,689 |  |  |  | 516,887 |
MUH |  |  | 402,842 |  |  |  | 113,096 |  |  |  | 37,304 |  |  |  | 553,242 |
MUS |  |  | 202,547 |  |  |  | 54,696 |  |  |  | 20,403 |  |  |  | 277,646 |
MUI |  |  | 700,401 |  |  |  | 213,807 |  |  |  | 54,364 |  |  |  | 968,572 |
MVT |  |  | 351,670 |  |  |  | 97,446 |  |  |  | 34,049 |  |  |  | 483,165 |

For the six months ended October 31, 2019, the following table is a summary of each fund’s TOB Trusts:

|  | Underlying Municipal Bonds Transferred to TOB Trusts |  |  | Liability for TOB Trust Certificates |  |  | Range of Interest Rates on TOB Trust Certificates at Period End |  |  | Average TOB Trust Certificates Outstanding |  |  | Daily Weighted Average Rate of Interest and Other Expenses on TOB Trusts |
MUA |  | $ | 120,605,149 |  |  | $ | 71,659,281 |  |  |  | 1.14% — 1.32% |  |  | $ | 71,659,281 |  |  |  | 2.09 | %
MEN |  |  | 164,814,558 |  |  |  | 94,889,804 |  |  |  | 1.12% — 1.44% |  |  |  | 89,382,672 |  |  |  | 2.09 |
MHD |  |  | 80,604,645 |  |  |  | 47,050,972 |  |  |  | 1.10% — 1.30% |  |  |  | 49,713,554 |  |  |  | 2.07 |

92 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

|  | Underlying Municipal Bonds Transferred to TOB Trusts |  |  | Liability for TOB Trust Certificates |  |  | Range of Interest Rates on TOB Trust Certificates at Period End |  |  | Average TOB Trust Certificates Outstanding |  |  | Daily Weighted Average Rate of Interest and Other Expenses on TOB Trusts |
MUH |  | $ | 99,154,172 |  |  | $ | 58,118,713 |  |  |  | 1.10% — 1.30% |  |  | $ | 53,793,730 |  |  |  | 2.05 | %
MUS |  |  | 52,654,448 |  |  |  | 27,542,144 |  |  |  | 1.12% — 1.30% |  |  |  | 27,133,702 |  |  |  | 2.04 |
MUI |  |  | 159,579,260 |  |  |  | 92,611,847 |  |  |  | 1.12% — 1.22% |  |  |  | 92,906,744 |  |  |  | 2.07 |
MVT |  |  | 78,908,868 |  |  |  | 45,150,516 |  |  |  | 1.12% — 1.30% |  |  |  | 46,466,331 |  |  |  | 2.07 |

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

| (b) | TOB Trusts may be structured on a non-recourse or recourse basis. When a Fund invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a fund invests in a TOB Trust on a recourse basis, a fund enters into a reimbursement agreement with the Liquidity Provider where a fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”). As a result, if a fund invests in a recourse TOB Trust, the fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a fund at October 31, 2019, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a fund at October 31, 2019. |

For the six months ended October 31, 2019, the following table is a summary of each Fund’s Loan for TOB Trust Certificates:

|  | Loans Outstanding at Period End |  |  | Range of Interest Rates on Loans at Period End |  |  | Average Loans Outstanding |  |  | Daily Weighted Average Rate of Interest and Other Expenses on Loans |
MEN |  | $ | — |  |  |  | — | % |  | $ | 455 |  |  |  | 0.71 | %

5. | DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

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

6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

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

NOTES TO FINANCIAL STATEMENTS |  |  | 93 |

Notes to Financial Statements (unaudited) (continued)

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

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

Waiver: The Manager, for MUS, voluntarily agreed to waive its investment advisory fee on the proceeds of the Preferred Shares and TOB Trusts that exceed 35% of total assets minus the sum of its accrued liabilities (which does not include liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares). The voluntary waiver may be reduced or discontinued at any time without notice. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended October 31, 2019 the waiver was $47,222.

The Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”). These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended October 31, 2019, the amounts waived were as follows:

|  | MUA |  |  | MEN |  |  | MHD |  |  | MUH |  |  | MUS |  |  | MUI |  |  | MVT |
Amounts waived |  | $ | 530 |  |  | $ | 974 |  |  | $ | 4,908 |  |  | $ | 271 |  |  | $ | 1,807 |  |  | $ | 678 |  |  | $ | 6,689 |

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2020. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Funds’ Independent Directors. For the six months ended October 31, 2019, there were no fees waived by the Manager pursuant to this arrangement.

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

7. | PURCHASES AND SALES

For the six months ended October 31, 2019, purchases and sales of investments, excluding short-term securities, were as follows:

|  | MUA |  |  | MEN |  |  | MHD |  |  | MUH |  |  | MUS |  |  | MUI |  |  | MVT |
Purchases |  | $ | 48,364,024 |  |  | $ | 71,690,827 |  |  | $ | 31,030,066 |  |  | $ | 31,041,769 |  |  | $ | 45,327,200 |  |  | $ | 109,451,113 |  |  | $ | 41,432,604 |
Sales |  |  | 49,035,564 |  |  |  | 72,715,983 |  |  |  | 31,021,839 |  |  |  | 28,448,563 |  |  |  | 36,810,040 |  |  |  | 104,309,446 |  |  |  | 35,171,532 |

8. | INCOME TAX INFORMATION

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

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for each of the four years ended April 30, 2019. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of April 30, 2019, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

MUS |  | MUI |
$7,833,477 |  | $ | 1,809,176 |

As of October 31, 2019, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

|  | MUA |  |  | MEN |  |  | MHD |  |  | MUH |  |  | MUS |  |  | MUI |  |  | MVT |
Tax cost |  | $ | 475,484,756 |  |  | $ | 448,373,351 |  |  | $ | 289,253,631 |  |  | $ | 205,914,168 |  |  | $ | 247,493,231 |  |  | $ | 818,868,800 |  |  | $ | 420,839,953 |
Gross unrealized appreciation |  | $ | 45,744,085 |  |  | $ | 52,608,711 |  |  | $ | 31,514,809 |  |  | $ | 24,374,484 |  |  | $ | 20,546,211 |  |  | $ | 63,504,772 |  |  | $ | 37,969,260 |
Gross unrealized depreciation |  |  | (7,667,142 | ) |  |  | (723,142 | ) |  |  | (367,578 | ) |  |  | (148,594 | ) |  |  | (2,143 | ) |  |  | (246,242 | ) |  |  | (280,793 | )
Net unrealized appreciation |  | $ | 38,076,943 |  |  | $ | 51,885,569 |  |  | $ | 31,147,231 |  |  | $ | 24,225,890 |  |  | $ | 20,544,068 |  |  | $ | 63,258,530 |  |  | $ | 37,688,467 |

94 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

9. | PRINCIPAL RISKS

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

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

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

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

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

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

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

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

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

Each Fund may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Fund’s net asset value and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

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

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

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

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

NOTES TO FINANCIAL STATEMENTS |  |  | 95 |

Notes to Financial Statements (unaudited) (continued)

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

10. | CAPITAL SHARE TRANSACTIONS

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

Common Shares

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

|  | MUA |  |  | MHD |  |  | MVT |
Six Months Ended October 31, 2019 |  |  | 42,870 |  |  |  | 7,396 |  |  |  | 15,552 |
Year Ended April 30, 2019 |  |  | 24,627 |  |  |  | — |  |  |  | 18,940 |

For the six months ended October 31, 2019 and the year ended April 30, 2019, shares issued and outstanding remained constant for MEN, MUH, MUS and MUI.

On November 15, 2018, the Board authorized the Funds to participate in an open market share repurchase program (the “Repurchase Program”). Under the Repurchase Program, each Fund may repurchase up to 5% of its outstanding common shares through November 30, 2019, based on common shares outstanding as of the close of business on November 30, 2018, subject to certain conditions. There is no assurance that the Funds will purchase shares in any particular amounts. For the six months ended October 31, 2019, the Funds did not repurchase any shares.

On September 5, 2019, each Fund announced a continuation of its Repurchase Program. Commencing on December 1, 2019, each Fund may repurchase through November 30, 2020, up to 5% of its common shares outstanding as of the close of business on November 30, 2019, subject to certain conditions. There is no assurance that the Funds will purchase shares in any particular amounts.

Preferred Shares

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

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

VRDP Shares

MEN (for purposes of this section, a “VRDP Fund”) has issued Series W-7 VRDP Shares, $100,000 liquidation preference per share, in one or more privately negotiated offerings to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The VRDP Shares include a liquidity feature and may be subject to a special rate period. As of period end, the VRDP Shares outstanding were as follows:

|  | Issue Date |  |  | Shares Issued |  |  | Aggregate Principal |  |  | Maturity Date |
MEN |  |  | 05/19/11 |  |  |  | 1,425 |  |  | $ | 142,500,0000 |  |  |  | 06/01/41 |

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

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

Liquidity Feature: VRDP Shares are subject to a fee agreement between the VRDP Fund and the liquidity provider that requires a per annum liquidity fee and, in some cases, an upfront or initial commitment fee, payable to the liquidity provider. These fees, if applicable, are shown as liquidity fees in the Statements of Operations. As of period end, the fee agreement between the VRDP Fund and the liquidity provider is scheduled to expire on July 2, 2020 unless renewed or terminated in advance.

96 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

The VRDP Shares are also subject to a purchase agreement in connection with the liquidity feature. In the event a purchase agreement is not renewed or is terminated in advance, and the VRDP Shares do not become subject to a purchase 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 purchase agreement. In the event of such mandatory purchase, a VRDP Fund is required to redeem the VRDP Shares six months after the purchase date. Immediately after such mandatory purchase, the VRDP Fund is required to begin to segregate liquid assets with its custodian to fund the redemption. There is no assurance that a VRDP Fund will replace such redeemed VRDP Shares with any other preferred shares or other form of leverage.

Remarketing: A VRDP Fund may incur remarketing fees on the aggregate principal amount of all its VRDP Shares, which, if any, are included in remarketing fees on Preferred Shares in the Statements of Operations. During any special rate period (as described below), a VRDP Fund may incur nominal or no remarketing fees.

Ratings: As of period end, the VRDP Shares were assigned the following assigned ratings:

|  | Moody’s Long-Term Rating |  |  | Fitch Long-Term Rating |
MEN |  |  | Aa1 |  |  |  | AAA |

Any short-term ratings on VRDP Shares are directly related to the short-term ratings of the liquidity provider for such VRDP Shares. Changes in the credit quality of the liquidity provider could cause a change in the short-term credit ratings of the VRDP Shares as rated by Moody’s and Fitch. The liquidity provider may be terminated prior to the scheduled termination date if the liquidity provider fails to maintain short-term debt ratings in one of the two highest rating categories.

Special Rate Period: A VRDP Fund may commence a “special rate period” with respect to its VRDP Shares, during which the VRDP Shares will not be subject to any remarketing and the dividend rate will be based on a predetermined methodology. During a special rate period, short-term ratings on VRDP Shares are withdrawn. MEN’s special rate period has commenced on June 21, 2012 and has a current expiration day of July 2, 2020.

Prior to the expiration date, the VRDP Fund and the VRDP Shares holder may mutually agree to extend the special rate period. If a special rate period is not extended, the VRDP Shares will revert to remarketable securities upon the termination of the special rate period and will be remarketed and available for purchase by qualified institutional investors.

During the special rate period: (i) the liquidity and fee agreements remain in effect, (ii) VRDP Shares remain subject to mandatory redemption by the VRDP Fund on the maturity date, (iii) VRDP Shares will not be remarketed or subject to optional or mandatory tender events, (iv) the VRDP Fund is required to comply with the same asset coverage, basic maintenance amount and leverage requirements for the VRDP Shares as is required when the VRDP Shares are not in a special rate period, (v) the VRDP Fund will pay dividends monthly based on the sum of an agreed upon reference rate and a percentage per annum based on the long-term ratings assigned to the VRDP Shares and (vi) the VRDP Fund will pay nominal or no fees to the liquidity provider and remarketing agent.

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

Dividends: Except during the Special Rate Period as described above, 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. A change in the short-term credit rating of the liquidity provider or the VRDP Shares may adversely affect the dividend rate paid on such shares, although the dividend rate paid on the VRDP Shares is not directly based upon either short-term rating. 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.

For the six months ended October 31, 2019, the annualized dividend rate for the VRDP Shares was 2.24%.

For the six months ended October 31, 2019, VRDP Shares issued and outstanding of MEN remained constant.

VMTP Shares

MHD, MUH, MUS, MUI and MVT (for purposes of this section, a “VMTP Fund”) have issued Series W-7 VMTP Shares, $100,000 liquidation preference per share, in one or more privately negotiated offerings to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act. The VMTP Shares are subject to certain restrictions on transfer, and a VMTP Fund may also be required to register its VMTP Shares for sale under the Securities Act under certain circumstances. As of period end, the VMTP Shares outstanding and assigned long-term ratings were as follows:

|  | Issue Date |  |  | Shares Issued |  |  | Aggregate Principal |  |  | Term Redemption Date |  |  | Moody’s |  |  | Fitch |
MHD |  |  | 12/16/11 |  |  |  | 837 |  |  | $ | 83,700,000 |  |  |  | 07/02/20 |  |  |  | Aa1 |  |  |  | AAA |
MUH |  |  | 12/16/11 |  |  |  | 550 |  |  |  | 55,000,000 |  |  |  | 07/02/20 |  |  |  | Aa1 |  |  |  | AAA |
MUS |  |  | 12/16/11 |  |  |  | 870 |  |  |  | 87,000,000 |  |  |  | 07/02/20 |  |  |  | Aa1 |  |  |  | AAA |
MUI |  |  | 12/07/12 |  |  |  | 2,871 |  |  |  | 287,100,000 |  |  |  | 07/02/20 |  |  |  | Aa2 |  |  |  | AAA |
MVT |  |  | 12/16/11 |  |  |  | 1,400 |  |  |  | 140,000,000 |  |  |  | 07/02/20 |  |  |  | Aa1 |  |  |  | AAA |

Redemption Terms: A VMTP Fund is required to redeem its VMTP Shares on the term redemption date, unless earlier redeemed or repurchased or unless extended. There is no assurance that a term will be extended further or that any VMTP Shares will be replaced with any other preferred shares or other form of leverage upon the

NOTES TO FINANCIAL STATEMENTS |  |  | 97 |

Notes to Financial Statements (unaudited) (continued)

redemption or repurchase of the VMTP Shares. Six months prior to the term redemption date, a VMTP Fund is required to begin to segregate liquid assets with its custodian to fund the redemption. In addition, a VMTP Fund is required to redeem certain of its outstanding VMTP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.

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

Dividends: Dividends on the VMTP Shares are declared daily and payable monthly at a variable rate set weekly at a fixed rate spread to the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index or to a percentage of the one-month LIBOR rate, as set forth in the VMTP Shares governing instrument. The fixed spread is determined based on the long-term preferred share rating assigned to the VMTP Shares by the ratings agencies then rating the VMTP Shares.

The dividend rate on VMTP Shares is subject to a step-up spread if the VMTP Fund fails to comply with certain provisions, including, among other things, the timely payment of dividends, redemptions or gross-up payments, and complying with certain asset coverage and leverage requirements.

For the six months ended October 31, 2019, the average annualized dividend rates for the VMTP Shares were as follows:

|  | MHD |  |  | MUH |  |  | MUS |  |  | MUI |  |  | MVT |
Rate |  |  | 2.46 | % |  |  | 2.46 | % |  |  | 2.46 | % |  |  | 2.46 | % |  |  | 2.46 | %

For the six months ended October 31, 2019, VMTP Shares issued and outstanding of each Fund remained constant.

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

On December 7, 2012, MUI issued VMTP Shares, the proceeds of which were used to redeem all of MUI’s then-outstanding VRDP Shares on December 21, 2012. MUI’s offering costs that were recorded as a deferred charge and amortized over the 30-year life of MUI’s VRDP Shares were accelerated and charged to expense immediately upon redemption of MUI’s VRDP Shares. Costs incurred in connection with the issuance of MUI’s VMTP Shares were recorded as a deferred charge and will be amortized over the life of the VMTP Shares.

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

|  | Dividends Accrued |  |  | Deferred Offering Costs Amortization |
MEN |  | $ | 1,609,663 |  |  | $ | 5,028 |
MHD |  |  | 1,038,510 |  |  |  | — |
MUH |  |  | 682,413 |  |  |  | — |
MUS |  |  | 1,079,455 |  |  |  | — |
MUI |  |  | 3,562,203 |  |  |  | — |
MVT |  |  | 1,737,055 |  |  |  | — |

11. | SUBSEQUENT EVENTS

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

|  | Common Dividend Per Share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Preferred Shares (e) |
|  | Paid (a) |  |  | Declared (b) |  |  |  |  |  |  |  |  | Declared (c) |  |  |  |  |  | Declared (d) |  |  |  |  |  | Shares |  |  | Series |  |  | Declared |
MUA |  | $ | 0.0525 |  |  | $ | 0.0525 |  |  |  |  |  |  |  |  |  |  | $ | 0.000300 |  |  |  |  |  |  | $ | 0.021287 |  |  |  |  |  |  |  | — |  |  |  | — |  |  | $ | — |
MEN |  |  | 0.0390 |  |  |  | 0.0390 |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | VRDP |  |  |  | W-7 |  |  |  | 223,823 |
MHD |  |  | 0.0635 |  |  |  | 0.0605 |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | VMTP |  |  |  | W-7 |  |  |  | 144,799 |
MUH |  |  | 0.0565 |  |  |  | 0.0565 |  |  |  |  |  |  |  |  |  |  |  | 0.001690 |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | VMTP |  |  |  | W-7 |  |  |  | 95,149 |
MUS |  |  | 0.0445 |  |  |  | 0.0445 |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | VMTP |  |  |  | W-7 |  |  |  | 150,508 |
MUI |  |  | 0.0445 |  |  |  | 0.0445 |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | VMTP |  |  |  | W-7 |  |  |  | 496,676 |
MVT |  |  | 0.0555 |  |  |  | 0.0555 |  |  |  |  |  |  |  |  |  |  |  | 0.001286 |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | VMTP |  |  |  | W-7 |  |  |  | 242,197 |

| (a) | Net investment income dividend paid on December 2, 2019 to Common Shareholders of record on November 15, 2019. |

| (b) | Net investment income dividend declared on December 6, 2019, payable to Common Shareholders of record on December 16, 2019. |

| (c) | Net investment income special dividend declared amounts per share on December 6, 2019, payable to Common Shareholders of record on December 16, 2019. |

| (d) | Special long-term capital gain distribution declared amounts per share on December 6, 2019, payable to Common Shareholders of record on December 16, 2019. |

| (e) | Dividends declared for period November 1, 2019 to November 30, 2019. |

98 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Disclosure of Investment Advisory Agreements

The Board of Directors (each, a “Board,” collectively, the “Boards,” and the members of which are referred to as “Board Members”) of BlackRock MuniAssets Fund, Inc. (“MUA”), BlackRock MuniEnhanced Fund, Inc. (“MEN”), BlackRock MuniHoldings Fund, Inc. (“MHD”), BlackRock MuniHoldings Fund II, Inc. (“MUH”), BlackRock MuniHoldings Quality Fund, Inc. (“MUS”), BlackRock Muni Intermediate Duration Fund, Inc. (“MUI”) and BlackRock MuniVest Fund II, Inc. (“MVT,” and together with MUA, MEN, MHD, MUH, MUS and MUI, the “Funds” and each, a “Fund”) met in person on May 1, 2019 (the “May Meeting”) and June 5-6, 2019 (the “June Meeting”) to consider the approval of each Fund’s investment advisory agreement (the “Advisory Agreements” or the “Agreements”) with BlackRock Advisors, LLC (the “Manager” or “BlackRock”), each Fund’s investment advisor.

Activities and Composition of each Board

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

The Agreements

Consistent with the requirements of the 1940 Act, each Board considers the continuation of the Agreements on an annual basis. Each Board has four quarterly meetings per year, each typically extending for two days, and additional in-person and telephonic meetings throughout the year, as needed. While each Board also has a fifth one-day meeting to consider specific information surrounding the renewal of the Agreements, each Board’s consideration entails a year-long deliberative process whereby each Board and its committees assess BlackRock’s services to each Fund. In particular, each Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management; accounting, administrative and shareholder services; oversight of each Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of management.

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

Board Considerations in Approving the Agreements

The Approval Process: Prior to the May Meeting, each Board requested and received materials specifically relating to the Agreements. The Independent Board Members are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on Lipper classifications, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”), the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”) and other metrics, as applicable; (b) information on the composition of the Expense Peers and Performance Peers, and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, closed-end funds, and open-end funds, under similar investment mandates, as applicable; (e) review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; and (h) various additional information requested by each Board as appropriate regarding BlackRock’s and each Fund’s operations.

At the May Meeting, each Board reviewed materials relating to its consideration of the Agreements. As a result of the discussions that occurred during the May Meeting, and as a culmination of each Board’s year-long deliberative process, each Board presented BlackRock with questions and requests for additional information. BlackRock responded to these requests with additional written information in advance of the June Meeting. Topics covered included: (a) the methodology for measuring estimated fund profitability; (b) fund expenses and potential fee waivers; (c) differences in services provided and management fees between closed-end funds and other product channels; and (d) BlackRock’s option overwrite strategy.

DISCLOSURE OF INVESTMENT ADVISORY AGREEMENTS |  |  | 99 |

Disclosure of Investment Advisory Agreements (continued)

At the June Meeting, each Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared with Performance Peers and other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund’s fees and expenses compared to Expense Peers; (e) the sharing of potential economies of scale; (f) fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with each Fund; and (g) other factors deemed relevant by the Board Members.

Each Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. Each Board noted the willingness of BlackRock personnel to engage in open, candid discussions with each Board. Each Board did not identify any particular information as determinative, and each Board Member may have attributed different weights to the various items considered.

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

Each Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and each Fund’s portfolio management team; BlackRock’s research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. Each Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. Each Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

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

B. The Investment Performance of each Fund and BlackRock: Each Board, including the Independent Board Members, also reviewed and considered the performance history of each Fund. In preparation for the May Meeting, each Board was provided with reports independently prepared by Broadridge, which included a comprehensive analysis of each Fund’s performance as of December 31, 2018. The performance information is based on net asset value (NAV), and utilizes Lipper data. Lipper’s methodology calculates a fund’s total return assuming distributions are reinvested on the ex-date at a fund’s ex-date NAV. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, each Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers, a custom peer group of funds as defined by BlackRock (“Customized Peer Group”), and a composite measuring a blend of total return and yield (“Composite”). Each Board and its Performance Oversight Committee regularly review, and meet with Fund management to discuss, the performance of each Fund throughout the year.

In evaluating performance, each Board focused particular attention on funds with less favorable performance records. Each Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and the Performance Peer funds (for example, the investment objective(s) and investment strategies). Further, each Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. Each Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to affect long-term performance disproportionately.

The Board noted that for the one-, three- and five-year periods reported, MUA ranked first out of three funds, first out of three funds, and second out of three funds, respectively, against its Customized Peer Group Composite. The Board noted that BlackRock believes that the Customized Peer Group Composite is an appropriate performance metric for MUA, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed MUA’s underperformance during the applicable periods.

The Board noted that for each of the one-, three- and five-year periods reported, MEN ranked first out of two funds against its Customized Peer Group Composite. The Board noted that BlackRock believes that the Customized Peer Group Composite is an appropriate performance metric for MEN, and that BlackRock has explained its rationale for this belief to the Board.

100 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Disclosure of Investment Advisory Agreements (continued)

The Board noted that for the one-, three- and five-year periods reported, MHD ranked in the first, second and first quartiles, respectively, against its Customized Peer Group Composite. The Board noted that BlackRock believes that the Customized Peer Group Composite is an appropriate performance metric for MHD, and that BlackRock has explained its rationale for this belief to the Board.

The Board noted that for the one-, three- and five-year periods reported, MUH ranked in the first, second and first quartiles, respectively, against its Customized Peer Group Composite. The Board noted that BlackRock believes that the Customized Peer Group Composite is an appropriate performance metric for MUH, and that BlackRock has explained its rationale for this belief to the Board.

The Board noted that for each of the one-, three- and five-year periods reported, MUS ranked first out of two funds against its Customized Peer Group Composite. The Board noted that BlackRock believes that the Customized Peer Group Composite is an appropriate performance metric for MUS, and that BlackRock has explained its rationale for this belief to the Board.

The Board noted that for each of the one-, three- and five-year periods reported, MUI ranked first out of two funds against its Customized Peer Group Composite. The Board noted that BlackRock believes that the Customized Peer Group Composite is an appropriate performance metric for MUI, and that BlackRock has explained its rationale for this belief to the Board.

The Board noted that for each of the one-, three- and five-year periods reported, MVT ranked in the first quartile against its Customized Peer Group Composite. The Board noted that BlackRock believes that the Customized Peer Group Composite is an appropriate performance metric for MVT, and that BlackRock has explained its rationale for this belief to the Board.

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

Each Board received and reviewed statements relating to BlackRock’s financial condition. Each Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. Each Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds each Board currently oversees for the year ended December 31, 2018 compared to available aggregate estimated profitability data provided for the prior two years. Each Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. Each Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. Each Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. Each Board thus recognized that calculating and comparing profitability at individual fund levels is difficult.

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

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

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

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

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

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

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

DISCLOSURE OF INVESTMENT ADVISORY AGREEMENTS |  |  | 101 |

Disclosure of Investment Advisory Agreements (continued)

The Board noted that MUI’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the third and fourth quartiles, respectively, relative to the Expense Peers.

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

D. Economies of Scale: Each Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of each Fund increase. Each Board also considered the extent to which each Fund benefits from such economies in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable each Fund to more fully participate in these economies of scale. Each Board considered each Fund’s asset levels and whether the current fee was appropriate.

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

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

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

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

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

Conclusion

Each Board, including the Independent Board Members, approved the continuation of the Advisory Agreements between the Manager and each Fund for a one-year term ending June 30, 2020. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, each Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, each Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

102 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Director and Officer Information

Richard E. Cavanagh, Co-Chair of the Board and Director

Karen P. Robards, Co-Chair of the Board and Director

Michael J. Castellano, Director

Cynthia L. Egan, Director

Frank J. Fabozzi, Director

Henry Gabbay, Director

R. Glenn Hubbard, Director

W. Carl Kester, Director

Catherine A. Lynch, Director

Robert Fairbairn, Director

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

Jonathan Diorio, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

Janey Ahn, Secretary

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Transfer Agent

Computershare Trust Company, N.A.

Canton, MA 02021

VRDP Tender and Paying Agent and VMTP Redemption and Paying Agent

The Bank of New York Mellon

New York, NY 10289

VRDP Remarketing Agent

Wells Fargo Securities, LLC(a)

Charlotte, NC 28202

VRDP Liquidity Provider

Wells Fargo Bank, N.A.(a)

New York, NY 10152

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02111

Independent Registered
Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Funds

100 Bellevue Parkway

Wilmington, DE 19809

(a) | For MEN.

DIRECTOR AND OFFICER INFORMATION |  |  | 103 |

Additional Information

Proxy Results

The Annual Meeting of Shareholders was held on July 29, 2019 for shareholders of record on May 30, 2019 to elect director nominees for each Fund. There were no broker non-votes with regard to any of the Funds.

Shareholders elected the Class III Directors as follows:

|  | Richard E. Cavanagh |  |  | Cynthia L. Egan |  |  | Robert Fairbairn |  |  | Henry Gabbay |
|  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |
MUA |  |  | 33,502,782 |  |  |  | 1,228,633 |  |  |  | 33,799,270 |  |  |  | 932,145 |  |  |  | 33,810,053 |  |  |  | 921,362 |  |  |  | 33,705,232 |  |  |  | 1,026,183 |

For the Fund listed above, Directors whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Michael J. Castellano, R. Glenn Hubbard, Catherine A. Lynch, John M. Perlowski, Karen P. Robards, Frank J. Fabozzi and W. Carl Kester.

Shareholders elected the Directors as follows:

|  | Michael J. Castellano |  |  | Richard E. Cavanagh |  |  | Cynthia L. Egan |
| Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |
MEN |  |  | 27,426,148 |  |  |  | 1,122,756 |  |  |  | 27,503,660 |  |  |  | 1,045,244 |  |  |  | 27,581,567 |  |  |  | 967,337 |
MHD |  |  | 13,460,849 |  |  |  | 360,470 |  |  |  | 13,330,627 |  |  |  | 490,692 |  |  |  | 13,453,760 |  |  |  | 367,559 |
MUH |  |  | 10,648,647 |  |  |  | 366,887 |  |  |  | 10,568,197 |  |  |  | 447,337 |  |  |  | 10,666,518 |  |  |  | 349,016 |
MUS |  |  | 11,235,233 |  |  |  | 1,376,412 |  |  |  | 11,303,461 |  |  |  | 1,308,184 |  |  |  | 11,453,958 |  |  |  | 1,157,687 |
MUI |  |  | 29,887,801 |  |  |  | 6,702,714 |  |  |  | 34,786,519 |  |  |  | 1,803,996 |  |  |  | 35,474,815 |  |  |  | 1,115,700 |
MVT |  |  | 20,220,629 |  |  |  | 543,046 |  |  |  | 20,251,229 |  |  |  | 512,446 |  |  |  | 20,243,204 |  |  |  | 520,471 |
|  | Robert Fairbairn |  |  | Henry Gabbay |  |  | R. Glenn Hubbard |
| Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |
MEN |  |  | 27,642,450 |  |  |  | 906,454 |  |  |  | 27,516,292 |  |  |  | 1,032,612 |  |  |  | 27,493,906 |  |  |  | 1,054,998 |
MHD |  |  | 13,462,968 |  |  |  | 358,351 |  |  |  | 13,460,849 |  |  |  | 360,470 |  |  |  | 13,334,759 |  |  |  | 486,560 |
MUH |  |  | 10,689,554 |  |  |  | 325,980 |  |  |  | 10,652,244 |  |  |  | 363,290 |  |  |  | 10,592,336 |  |  |  | 423,198 |
MUS |  |  | 11,448,225 |  |  |  | 1,163,420 |  |  |  | 11,343,575 |  |  |  | 1,268,070 |  |  |  | 11,395,369 |  |  |  | 1,216,276 |
MUI |  |  | 35,653,504 |  |  |  | 937,011 |  |  |  | 35,634,238 |  |  |  | 956,277 |  |  |  | 34,779,811 |  |  |  | 1,810,704 |
MVT |  |  | 20,294,902 |  |  |  | 468,773 |  |  |  | 20,260,339 |  |  |  | 503,336 |  |  |  | 20,173,202 |  |  |  | 590,473 |
|  | Catherine A. Lynch |  |  | John M. Perlowski |  |  | Karen P. Robards |
| Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |
MEN |  |  | 27,597,533 |  |  |  | 951,371 |  |  |  | 27,637,681 |  |  |  | 911,223 |  |  |  | 27,564,084 |  |  |  | 984,820 |
MHD |  |  | 13,453,710 |  |  |  | 367,609 |  |  |  | 13,469,517 |  |  |  | 351,802 |  |  |  | 13,451,463 |  |  |  | 369,856 |
MUH |  |  | 10,673,902 |  |  |  | 341,632 |  |  |  | 10,694,405 |  |  |  | 321,129 |  |  |  | 10,664,198 |  |  |  | 351,336 |
MUS |  |  | 11,347,136 |  |  |  | 1,264,509 |  |  |  | 11,451,654 |  |  |  | 1,159,991 |  |  |  | 11,350,058 |  |  |  | 1,261,587 |
MUI |  |  | 29,897,369 |  |  |  | 6,693,146 |  |  |  | 35,648,355 |  |  |  | 942,160 |  |  |  | 29,889,286 |  |  |  | 6,701,229 |
MVT |  |  | 20,276,396 |  |  |  | 487,279 |  |  |  | 20,296,357 |  |  |  | 467,318 |  |  |  | 20,271,113 |  |  |  | 492,562 |
|  |  |  |  | Frank J. Fabozzi (a) |  |  | W. Carl Kester (a) |
|  |  |  |  |  |  | Votes For |  |  | Votes Withheld |  |  | Votes For |  |  | Votes Withheld |
MEN |  |  |  | 1,425 |  |  |  | 0 |  |  |  | 1,425 |  |  |  | 0 |
MHD |  |  |  | 837 |  |  |  | 0 |  |  |  | 837 |  |  |  | 0 |
MUH |  |  |  | 550 |  |  |  | 0 |  |  |  | 550 |  |  |  | 0 |
MUS |  |  |  | 870 |  |  |  | 0 |  |  |  | 870 |  |  |  | 0 |
MUI |  |  |  | 2,871 |  |  |  | 0 |  |  |  | 2,871 |  |  |  | 0 |
MVT |  |  |  | 1,400 |  |  |  | 0 |  |  |  | 1,400 |  |  |  | 0 |

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

104 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Additional Information (continued)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

October 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Total Fiscal Year to Date Cumulative Distributions by Character |  |  | Percentage of Fiscal Year to Date Cumulative Distributions by Character |
|  | Net Investment Income |  |  | Net Realized Capital Gains Short Term |  |  | Net Realized Capital Gains Long Term |  |  | Return of Capital |  |  | Total Per Common Share |  |  | Net Investment Income |  |  | Net Realized Capital Gains Short Term |  |  | Net Realized Capital Gains Long Term |  |  | Return of Capital |  |  | Total Per Common Share |
MHD* |  | $ | 0.376419 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.012581 |  |  | $ | 0.389000 |  |  |  | 97 | % |  |  | 0 | % |  |  | 0 | % |  |  | 3 | % |  |  | 100 | %
MVT |  |  | 0.341000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.341000 |  |  |  | 100 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 100 | %

| * | The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” When distributions exceed total return performance, the difference will reduce the Fund’s net asset value per share. |

Section 19(a) notices for the Funds, as applicable, are available on the BlackRock website at blackrock.com.

Fund Certification

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

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 as accumulated earnings (loss) in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

General Information

The Funds 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.

Except as described below, 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.

Effective July 31, 2019, each of MEN and MUS may invest up to 20% of their managed assets in securities that are rated below investment grade, or are considered by BlackRock to be of comparable quality, at the time of purchase, subject to each Fund’s other investment policies. The adoption of the new policy will have no effect on MEN’s existing investment policy to invest primarily in investment grade municipal bonds and MUS’s existing investment policy to invest at least 80% of its assets in investment grade municipal bonds.

On July 29, 2019, the Board approved the elimination of MUH’s, MUS’s and MUA’s non-fundamental policy limiting investments in illiquid investments to 15% of net assets. As a result, MUH, MUS and MUA may invest without limit in illiquid investments.

In accordance with Section 23(c) of the Investment Company Act of 1940, each Fund may from time to time purchase shares of its common stock in the open market or in private transactions.

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

ADDITIONAL INFORMATION |  |  | 105 |

Additional Information (continued)

Electronic Delivery

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

To enroll in electronic delivery:

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

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

Householding

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

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Funds’ Forms N-PORT and N-Q are available on the SEC’s website at sec.gov. 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 blackrock.com; and (3) on the SEC’s website at 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 blackrock.com; or by calling (800) 882-0052; and (2) on the SEC’s website at sec.gov.

Availability of Fund Updates

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

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.

106 |  | 2019 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Glossary of Terms Used in this Report

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

GLOSSARY OF TERMS USED IN THIS REPORT |  |  | 107 |

Want to know more?

blackrock.com | 877-275-1255 (1-877-ASK-1BLK)

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

CEMUNI7-10/19-SAR

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

Item 3 – | Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – | Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – | Audit Committee of Listed Registrants – Not Applicable to this semi-annual report

Item 6 – | Investments

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

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 8 – | Portfolio Managers of Closed-End Management Investment Companies

| (a) | Not Applicable to this semi-annual report

| (b) | As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 – | Exhibits attached hereto

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

(a)(2) – Certifications – Attached hereto

(a)(3) – Not Applicable

(a)(4) – Not Applicable

(b) – Certifications – Attached hereto

2

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

BlackRock MuniAssets Fund, Inc.

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

Date: January 3, 2020

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: January 3, 2020

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

Date: January 3, 2020

3