BlackRock Investment Quality Municipal Trust NCSRS Certified semi-annual shareholder report (management investment company)

BlackRock Investment Quality Municipal Trust (BKN) N-CSRSCertified semi-annual shareholder report (management investment company)

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:

811-07354

Name of Fund:

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

Fund Address:

100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Investment

Quality Municipal Trust, Inc., 50 Hudson Yards, New York, NY 10001

Registrant’s telephone number, including area code: (800)

882-0052,

Option 4

Date of fiscal year end: 07/31/2024

Date of reporting period: 01/31/2024

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.


		JANUARY 31, 2024



		2024 Semi-Annual Report (Unaudited)

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

BlackRock Municipal Income Trust (BFK)

BlackRock Municipal Income Trust II (BLE)

BlackRock MuniHoldings Fund, Inc. (MHD)

BlackRock MuniVest Fund, Inc. (MVF)

BlackRock MuniVest Fund II, Inc. (MVT)

BlackRock MuniYield Quality Fund II, Inc. (MQT)

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended January 31, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the period before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained, while emerging market stocks declined overall.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, shorter-duration U.S. Treasuries gained, as higher yields boosted returns. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates four times during the 12-month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit

blackrock.com

for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of January 31, 2024
	6-Month		12-Month

U.S. large cap equities (S&P 500 ® Index)		6.43%		20.82%

U.S. small cap equities (Russell 2000 ® Index)		(2.02)		2.40

International equities (MSCI Europe, Australasia, Far East Index)		3.15		10.01

Emerging market equities (MSCI Emerging Markets Index)		(6.00)		(2.94)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.73		5.13

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		1.74		(0.38)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		3.15		2.10

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		2.70		2.90

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.18		9.28

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


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

Table of Contents


	Page

The Markets in Review		2
Semi-Annual Report:
Municipal Market Overview		4
The Benefits and Risks of Leveraging		5
Derivative Financial Instruments		5
Fund Summary		6
Financial Statements:
Schedules of Investments		20
Statements of Assets and Liabilities		72
Statements of Operations		74
Statements of Changes in Net Assets		76
Statements of Cash Flows		80
Financial Highlights		82
Notes to Financial Statements		90
Additional Information		101
Glossary of Terms Used in this Report		104


		3


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

Municipal Market Conditions

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


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

A Closer Look at Yields

From January 31, 2023, to January 31, 2024, yields on AAA-rated 30-year municipal bonds increased by 32 basis points (bps) from 3.20% to 3.52%, ten-year yields increased by 19 bps from 2.19% to 2.38%, five-year yields increased by 31 bps from 2.05% to 2.36%, and two-year yields increased by 47 bps from 2.17% to 2.64% (as measured by Refinitiv Municipal Market Data). As a result, the municipal yield curve flattened over the 12-month period with the spread between two- and 30-year maturities flattening by 15 bps to a slope of 88 bps. Still, the curve remained relatively steep compared to the inverted U.S. Treasury curve.

Outperformance throughout the period pushed relative valuations to extremely rich levels. Municipal-to-Treasury ratios ended well through their 5-year averages across the curve, with intermediate maturities approaching all-time lows.

Financial Conditions of Municipal Issuers

With reserves at nearly an all-time high and debt service burden at a 50-year low, states are well-positioned to weather a potential economic slowdown. However, tax receipts are diverging for the states that primarily rely on consumption taxes, compared to their peers that depend on income taxes. State median revenues declined by a slight 1% for the rolling 12-months ending September 2023. States with regimes that favor sales taxes, such as Florida, Nevada, Texas, Tennessee, and Washington, all experienced positive revenue growth, while states that depend on personal income taxes, such as California and New York, experienced much greater declines in receipts, by 23% and 16%, respectively. Particularly in California’s case, the rating agencies have been patient, but the risk of downgrades has increased significantly. Meanwhile spreads remain surprisingly tight, reflecting investor indifference. Personal income tax collections should improve this April, due to a rebound in the financial markets, which should alleviate the strain on New York’s budget, but California will need to enact significant corrective action to address its reported $68 billion deficit. No sector is immune to an economic contraction; however, most municipal issuers are ultra-defensive since they provide essential services and can raise user fees or taxes to cover operations. Across all muni sectors, we anticipate borrowing to increase modestly in 2024 due to various potential factors: revenue shortfalls, aversion to fee increases, reluctance to cut programs, no future federal stimulus, preference to maintain liquidity, and deferral of capital expenditures. Patient investors will have better options in 2024 to buy solid credits in the primary market or discounted names in the secondary market.

The opinions expressed are those of BlackRock as of January 31, 2024 and are subject to change at any time due to changes in market or economic conditions. The comments should not be construed as a recommendation of any individual holdings or market sectors. Investing involves risk including loss of principal. Bond values fluctuate in price so the value of your investment can go down depending on market conditions. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to Alternative Minimum Tax (“AMT”). Capital gains distributions, if any, are taxable.

The Bloomberg Municipal Bond Index, a broad, market value-weighted index, seeks to measure the performance of the U.S. municipal bond market. All bonds in the index are exempt from U.S. federal income taxes or subject to the AMT. Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an index.


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


The Benefits and Risks of Leveraging

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

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

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

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

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

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

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

Derivative Financial Instruments

The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.


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


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

Investment Objective

BlackRock Investment Quality Municipal Trust, Inc.’s (BKN) (the “Fund”)

investment objective is to provide high current income exempt from regular U.S. federal income tax consistent with the preservation of capital. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal obligations that pay interest that is exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). Under normal market conditions, the Fund invests at least 80% of its assets in securities rated investment grade at the time of investment. The Fund may invest up to 20% of its assets in unrated securities that are deemed by the investment adviser to be of comparable quality. The Fund may invest directly in such securities or synthetically through the use of derivatives.

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

On October 30, 2023, the Board of Directors of the Fund and the Board of Directors of BlackRock MuniYield Quality Fund III, Inc. (MYI) announced the withdrawal of the merger proposal that was previously approved by the Boards pursuant to which the Fund would have been merged into MYI, with MYI continuing as the surviving fund.

Fund Information



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

(a)

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

(b)

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

(c)

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

(d)

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

Market Price and Net Asset Value Per Share Summary


	01/31/24		07/31/23		Change			High		Low

Closing Market Price	$	11.71	$	11.75		(0.34	)%	$	12.05	$	9.60
Net Asset Value		13.14		13.21		(0.53	)		13.34		11.54

Performance

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


				Average Annual Total Returns

	6-month			1 Year			5 Years			10 Years

Fund at NAV (a)(b)		1.93	%		2.21	%		1.89	%		4.50	%
Fund at Market Price (a)(b)		2.12			(0.72	)		1.35			3.05

National Customized Reference Benchmark (c)		2.77			3.02			2.13			N/A
Bloomberg Municipal Bond Index (d)		2.70			2.90			2.00			2.78

(a)

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

(b)

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

(c)

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

(d)

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

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

The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance.

More information about the Fund’s historical performance can be found in the “Closed End Funds” section of

blackrock.com

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

Municipal bonds posted solid gains for the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.


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


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

Income was the largest contributor to the Fund’s performance. Holdings in the 15- to 20-year maturity range were key contributors as well. Holdings in high yield (non investment-grade) bonds also contributed, as did positions in A and BBB rated bonds within the investment-grade category. At the sector level, transportation and tax-backed issues were the largest contributors. The Fund’s cash position had no material impact on performance.

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

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

Overview of the Fund’s Total Investments

SECTOR ALLOCATION



Sector (a)(b)	Percentage of Total Investments

County/City/Special District/School District		24.3	%
Transportation		23.8
Corporate		13.4
Utilities		11.2
Health		7.5
Education		7.2
State		6.6
Housing		3.2
Tobacco		2.8

CREDIT QUALITY ALLOCATION



Credit Rating (a)(d)	Percentage of Total Investments

AAA/Aaa		4.9	%
AA/Aa		41.0
A		31.7
BBB/Baa		7.2
BB/Ba		3.5
B		1.5
N/R (e)		10.2

CALL/MATURITY SCHEDULE



Calendar Year Ended December 31, (a)(c)	Percentage

2024		7.3	%
2025		1.3
2026		4.3
2027		11.4
2028		5.9

(a)

Excludes short-term securities.

(b)

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

(c)

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

(d)

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

(e)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Fund’s total investments.


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


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

Investment Objective

BlackRock Municipal Income Trust’s (BFK) (the “Fund”)

investment objective is to provide current income exempt from regular U.S. federal income tax. The Fund seeks to achieve its investment objective by investing primarily in municipal bonds that pay interest that is exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Fund invests, under normal market conditions, at least 80% of its assets in municipal bonds that are investment grade, or if unrated, deemed to be of comparable quality by the investment adviser, at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

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

Fund Information



Symbol on New York Stock Exchange		BFK
Initial Offering Date		July 31, 2001
Yield on Closing Market Price as of January 31, 2024 ($ 10.11) (a)		5.93%
Tax Equivalent Yield (b)		10.02%
Current Monthly Distribution per Common Share (c)		$0.050000
Current Annualized Distribution per Common Share (c)		$0.600000
Leverage as of January 31, 2024 (d)		34%

(a)

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

(b)

(c)

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

(d)

Market Price and Net Asset Value Per Share Summary


	01/31/24		07/31/23		Change			High		Low

Closing Market Price	$	10.11	$	10.11		0.00	%	$	10.32	$	8.59
Net Asset Value		11.56		11.66		(0.86	)		11.66		10.38

Performance

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


				Average Annual Total Returns

	6-month			1 Year			5 Years			10 Years

Fund at NAV (a)(b)		1.43	%		1.97	%		1.19	%		3.77	%
Fund at Market Price (a)(b)		2.31			(0.56	)		(0.12	)		2.67

National Customized Reference Benchmark (c)		2.77			3.02			2.13			N/A
Bloomberg Municipal Bond Index (d)		2.70			2.90			2.00			2.78

(a)

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

(b)

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

(c)

(d)

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

More information about the Fund’s historical performance can be found in the “Closed End Funds” section of

blackrock.com

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

Municipal bonds posted solid gains for the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.

The Fund’s holdings in higher-quality investment-grade securities with longer duration characteristics contributed to performance. (Duration is a measure of interest rate sensitivity.) Within this category, longer-maturity bonds performed particularly well. On the other end of the spectrum, positions in lower-duration securities made smaller contributions. The Fund’s cash position had no material impact on performance.


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


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

All sectors produced positive returns, with the largest contributions coming from transportation and corporate-backed issues due to their higher weightings in the portfolio.

The Fund continued to use U.S. Treasury futures on a limited basis in an effort to mitigate interest rate risk. This aspect of its strategy had a minimal effect on results. Believing yields were unlikely to rise significantly from already elevated levels, the investment adviser reduced the extent of the risk-management strategy. The Fund continued to use leverage, but the performance impact was muted due to increased borrowing costs.

Overview of the Fund’s Total Investments

SECTOR ALLOCATION



Sector (a)(b)	Percentage of Total Investments

Transportation		22.9	%
County/City/Special District/School District		21.8
Corporate		13.1
State		12.9
Utilities		11.0
Tobacco		7.8
Health		6.8
Education		2.5
Housing		1.2

CREDIT QUALITY ALLOCATION



Credit Rating (a)(d)	Percentage of Total Investments

AAA/Aaa		10.6	%
AA/Aa		40.0
A		30.6
BBB/Baa		7.0
BB/Ba		3.0
B		1.0
N/R (e)		7.8

CALL/MATURITY SCHEDULE



Calendar Year Ended December 31, (a)(c)	Percentage

2024		10.0	%
2025		3.6
2026		7.3
2027		9.2
2028		16.8

(a)

Excludes short-term securities.

(b)

(c)

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

(d)

(e)


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


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

Investment Objective

BlackRock Municipal Income Trust II’s (BLE) (the “Fund”)

investment objective is to provide current income exempt from regular U.S. federal income tax. The Fund seeks to achieve its investment objective by investing primarily in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). The Fund invests, under normal market conditions, at least 80% of its managed assets in municipal bonds that are investment grade quality at the time of investment or, if unrated, determined to be of comparable quality by the investment adviser at the time of investment. The Fund may invest directly in securities or synthetically through the use of derivatives.

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

Fund Information



Symbol on New York Stock Exchange		BLE
Initial Offering Date		July 30, 2002
Yield on Closing Market Price as of January 31, 2024 ($ 10.66) (a)		5.85%
Tax Equivalent Yield (b)		9.88%
Current Monthly Distribution per Common Share (c)		$0.052000
Current Annualized Distribution per Common Share (c)		$0.624000
Leverage as of January 31, 2024 (d)		30%

(a)

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

(b)

(c)

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

(d)

Market Price and Net Asset Value Per Share Summary


	01/31/24		07/31/23		Change			High		Low

Closing Market Price	$	10.66	$	10.45		2.01	%	$	10.89	$	8.81
Net Asset Value		12.20		12.09		0.91			12.37		10.63

Performance

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


				Average Annual Total Returns

	6-month			1 Year			5 Years			10 Years

Fund at NAV (a)(b)		3.32	%		3.77	%		1.56	%		3.95	%
Fund at Market Price (a)(b)		4.45			1.32			(0.58	)		2.81

National Customized Reference Benchmark (c)		2.77			3.02			2.13			N/A
Bloomberg Municipal Bond Index (d)		2.70			2.90			2.00			2.78

(a)

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

(b)

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

(c)

(d)

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

More information about the Fund’s historical performance can be found in the “Closed End Funds” section of

blackrock.com

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

Municipal bonds posted solid gains for the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.

The Fund’s holdings in longer-maturity bonds (15- to 20-year issues), the strongest performing area of the market, contributed to performance. Holdings in high yield (non investment-grade bonds) contributed as well. Within the investment-grade category, A rated bonds were generally the top performers. The Fund’s use of U.S. Treasury futures to mitigate interest rate risk also contributed to results. The Fund’s cash position had no material impact on performance.


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


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

Security selection in the transportation sector was a slight detractor. The Fund continued to use leverage, but the performance impact was muted due to increased borrowing costs.

Overview of the Fund’s Total Investments

SECTOR ALLOCATION



Sector (a)(b)	Percentage of Total Investments

Transportation		21.3	%
County/City/Special District/School District		16.7
Corporate		12.5
Health		12.0
Utilities		10.8
State		9.5
Housing		8.3
Education		5.2
Tobacco		3.7

CREDIT QUALITY ALLOCATION



Credit Rating (a)(d)	Percentage of Total Investments

AAA/Aaa		8.7	%
AA/Aa		34.0
A		29.0
BBB/Baa		12.6
BB/Ba		2.6
B		0.9
N/R (e)		12.2

CALL/MATURITY SCHEDULE



Calendar Year Ended December 31, (a)(c)	Percentage

2024		10.5	%
2025		0.6
2026		2.5
2027		4.9
2028		12.5

(a)

Excludes short-term securities.

(b)

(c)

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

(d)

(e)


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


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

Investment Objective

BlackRock MuniHoldings Fund, Inc.’s (MHD) (the “Fund”)

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

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

Fund Information



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

(a)

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

(b)

(c)

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

(d)

Market Price and Net Asset Value Per Share Summary


	01/31/24		07/31/23		Change			High		Low

Closing Market Price	$	11.91	$	11.84		0.59	%	$	12.01	$	9.96
Net Asset Value		13.67		13.62		0.37			13.87		11.98

Performance

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


				Average Annual Total Returns

	6-month			1 Year			5 Years			10 Years

Fund at NAV (a)(b)		2.58	%		2.93	%		1.27	%		3.75	%
Fund at Market Price (a)(b)		2.81			0.02			(0.35	)		2.77

National Customized Reference Benchmark (c)		2.77			3.02			2.13			N/A
Bloomberg Municipal Bond Index (d)		2.70			2.90			2.00			2.78

(a)

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

(b)

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

(c)

(d)

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

More information about the Fund’s historical performance can be found in the “Closed End Funds” section of

blackrock.com

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

Municipal bonds posted solid gains for the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.


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


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

Overview of the Fund’s Total Investments

SECTOR ALLOCATION



Sector (a)(b)	Percentage of Total Investments

Transportation		26.0	%
County/City/Special District/School District		15.3
Corporate		13.6
Utilities		11.3
Health		11.1
State		11.0
Education		7.4
Housing		2.3
Tobacco		2.0

CREDIT QUALITY ALLOCATION



Credit Rating (a)(d)	Percentage of Total Investments

AAA/Aaa		5.1	%
AA/Aa		43.1
A		28.4
BBB/Baa		8.3
BB/Ba		2.8
B		1.1
N/R (e)		11.2

CALL/MATURITY SCHEDULE



Calendar Year Ended December 31, (a)(c)	Percentage

2024		8.3	%
2025		1.4
2026		2.3
2027		7.3
2028		11.0

(a)

Excludes short-term securities.

(b)

(c)

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

(d)

(e)


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


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

Investment Objective

BlackRock MuniVest Fund, Inc.’s (MVF) (the “Fund”)

investment objective is to provide shareholders with as high a level of current income exempt from U.S. federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of an aggregate of the Fund’s net assets (including proceeds from the issuance of any preferred shares) and the proceeds of any borrowing for investment purposes, in municipal obligations exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). Under normal market conditions, the Fund primarily invests in long term municipal obligations rated investment grade at the time of investment (or, if unrated, are considered by the Fund’s investment adviser to be of comparable quality at the time of investment) and in long term municipal obligations with maturities of more than ten years at the time of investment. The Fund may invest up to 20% of its total assets in securities rated below investment grade or deemed equivalent at the time of purchase. The Fund may invest directly in securities or synthetically through the use of derivatives.

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

Fund Information



Symbol on New York Stock Exchange		MVF
Initial Offering Date		September 29, 1988
Yield on Closing Market Price as of January 31, 2024 ($ 6.97) (a)		5.16%
Tax Equivalent Yield (b)		8.72%
Current Monthly Distribution per Common Share (c)		$0.030000
Current Annualized Distribution per Common Share (c)		$0.360000
Leverage as of January 31, 2024 (d)		31%

(a)

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

(b)

(c)

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

(d)

Market Price and Net Asset Value Per Share Summary


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

Performance

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


				Average Annual Total Returns

	6-month			1 Year			5 Years			10 Years

Fund at NAV (a)(b)		3.98	%		3.82	%		1.86	%		3.53	%
Fund at Market Price (a)(b)		4.26			1.46			(0.26	)		2.14

National Customized Reference Benchmark (c)		2.77			3.02			2.13			N/A
Bloomberg Municipal Bond Index (d)		2.70			2.90			2.00			2.78

(a)

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

(b)

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

(c)

(d)

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

More information about the Fund’s historical performance can be found in the “Closed End Funds” section of

blackrock.com

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

Municipal bonds posted solid gains for the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.


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


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

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

Overview of the Fund’s Total Investments

SECTOR ALLOCATION



Sector (a)(b)	Percentage of Total Investments

Transportation		24.9	%
State		15.4
Health		15.0
Corporate		11.7
County/City/Special District/School District		11.1
Education		8.7
Utilities		4.7
Housing		4.6
Tobacco		3.9

CREDIT QUALITY ALLOCATION


Credit Rating (a)(d)	Percentage of Total Investments

AAA/Aaa		3.6	%
AA/Aa		47.8
A		21.1
BBB/Baa		8.4
BB/Ba		4.1
B		2.0
N/R (e)		13.0

CALL/MATURITY SCHEDULE



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

(a)

Excludes short-term securities.

(b)

(c)

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

(d)

(e)


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


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

Investment Objective

BlackRock MuniVest Fund II, Inc.’s (MVT) (the “Fund”)

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

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

Fund Information



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

(a)

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

(b)

(c)

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

(d)

Market Price and Net Asset Value Per Share Summary


	01/31/24		07/31/23		Change			High		Low

Closing Market Price	$	10.73	$	10.66		0.66	%	$	10.91	$	9.02
Net Asset Value		12.47		12.36		0.89			12.63		10.88

Performance

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


				Average Annual Total Returns

	6-month			1 Year			5 Years			10 Years

Fund at NAV (a)(b)		3.14	%		3.70	%		1.66	%		3.74	%
Fund at Market Price (a)(b)		2.90			0.10			(1.23	)		2.26

National Customized Reference Benchmark (c)		2.77			3.02			2.13			N/A
Bloomberg Municipal Bond Index (d)		2.70			2.90			2.00			2.78

(a)

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

(b)

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

(c)

(d)

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

More information about the Fund’s historical performance can be found in the “Closed End Funds” section of

blackrock.com

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

Municipal bonds posted solid gains for the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.


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


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

to mitigate interest rate risk also contributed to results. The Fund’s cash position had no material impact on performance. During the period, the Fund’s use of derivatives marginally contributed to the Fund’s performance.

Security selection in the transportation sector was a slight detractor. The Fund continued to use leverage, but the performance impact was muted due to increased borrowing costs.

Overview of the Fund’s Total Investments

SECTOR ALLOCATION



Sector (a)(b)	Percentage of Total Investments

Transportation		24.1	%
Health		13.8
County/City/Special District/School District		13.3
Corporate		13.1
Utilities		12.6
State		10.0
Housing		5.3
Tobacco		4.2
Education		3.6

CREDIT QUALITY ALLOCATION



Credit Rating (a)(d)	Percentage of Total Investments

AAA/Aaa		6.9	%
AA/Aa		35.3
A		31.0
BBB/Baa		8.3
BB/Ba		2.8
B		2.1
N/R (e)		13.6

CALL/MATURITY SCHEDULE



Calendar Year Ended December 31, (a)(c)	Percentage

2024		8.5	%
2025		1.6
2026		1.1
2027		7.0
2028		10.9

(a)

Excludes short-term securities.

(b)

(c)

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

(d)

(e)


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


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

Investment Objective

BlackRock MuniYield Quality Fund II, Inc.’s (MQT) (the “Fund”)

investment objective is to provide shareholders with as high a level of current income exempt from U.S federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S federal alternative minimum tax). The Fund invests in municipal bonds which are in the three highest quality rating categories (A or better), or are deemed to be of comparable quality by the investment adviser at the time of investment. The Fund invests primarily in long-term municipal bonds with maturities of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

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

Fund Information



Symbol on New York Stock Exchange		MQT
Initial Offering Date		August 28, 1992
Yield on Closing Market Price as of January 31, 2024 ($ 10.28) (a)		5.72%
Tax Equivalent Yield (b)		9.66%
Current Monthly Distribution per Common Share (c)		$0.049000
Current Annualized Distribution per Common Share (c)		$0.588000
Leverage as of January 31, 2024 (d)		33%

(a)

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

(b)

(c)

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

(d)

Market Price and Net Asset Value Per Share Summary


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

Performance

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


				Average Annual Total Returns

	6-month			1 Year			5 Years			10 Years

Fund at NAV (a)(b)		2.79	%		3.03	%		2.12	%		4.04	%
Fund at Market Price (a)(b)		3.55			(0.80	)		1.64			3.40

National Customized Reference Benchmark (c)		2.77			3.02			2.13			N/A
Bloomberg Municipal Bond Index (d)		2.70			2.90			2.00			2.78

(a)

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

(b)

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

(c)

(d)

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

More information about the Fund’s historical performance can be found in the “Closed End Funds” section of

blackrock.com

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

Municipal bonds posted solid gains for the six-month period behind continued optimism that the Fed would begin to cut interest rates in 2024.


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


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

Income was the largest contributor to the Fund’s performance. Holdings in the 15- to 20-year maturity range were key contributors, as well. Holdings in high yield (non investment-grade) bonds also contributed, as did positions in A and BBB rated bonds within the investment-grade category. At the sector level, transportation and tax-backed issues were the largest contributors. The Fund’s cash position had no material impact on performance.

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

Overview of the Fund’s Total Investments

SECTOR ALLOCATION



Sector (a)(b)	Percentage of Total Investments

Transportation		30.7	%
County/City/Special District/School District		16.4
Corporate		12.5
Health		11.5
Utilities		9.8
State		9.2
Education		5.7
Housing		2.5
Tobacco		1.7

CREDIT QUALITY ALLOCATION



Credit Rating (a)(d)	Percentage of Total Investments

AAA/Aaa		4.4	%
AA/Aa		42.1
A		30.8
BBB/Baa		5.5
BB/Ba		1.9
B		0.2
N/R (e)		15.1

CALL/MATURITY SCHEDULE



Calendar Year Ended December 31, (a)(c)	Percentage

2024		5.7	%
2025		3.8
2026		7.6
2027		8.2
2028		8.8

(a)

Excludes short-term securities.

(b)

(c)

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

(d)

(e)


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


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


Security	Par (000)		Value

Municipal Bonds

Alabama — 2.9%
Black Belt Energy Gas District, RB(a)
4.00%, 10/01/52	$	1,195	$	1,193,190
Series A, 5.25%, 01/01/54		760		818,416
Series F, 5.50%, 11/01/53		735		782,015
County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53		1,505		1,650,905
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46		1,265		1,335,745
Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53 (a)		670		720,685


				6,500,956

Arizona — 3.8%
Arizona Industrial Development Authority, Refunding RB (b)
Series A, 5.50%, 07/01/52		215		204,730
Series G, 5.00%, 07/01/47		430		402,992
City of Phoenix Civic Improvement Corp., ARB, Series B, AMT, Junior Lien, 5.00%, 07/01/44		910		951,727
Maricopa County Industrial Development Authority, RB, Series 2019F, 4.00%, 01/01/45		750		744,609
Salt Verde Financial Corp., RB
5.00%, 12/01/32		1,095		1,172,125
5.00%, 12/01/37		4,585		5,006,389


				8,482,572

Arkansas — 1.1%
Arkansas Development Finance Authority, RB
Series A, AMT, 4.50%, 09/01/49 (b)		1,450		1,407,036
AMT, Sustainability Bonds, 5.70%, 05/01/53		380		389,010
City of Benton Arkansas Sales & Use Tax, RB, (AGM), 4.00%, 06/01/39		755		755,517


				2,551,563

California — 11.4%
California Enterprise Development Authority, RB, 8.00%, 11/15/62 (b)		335		330,861
Carlsbad Unified School District, GO, Series B, 6.00%, 05/01/34 (c)		1,500		1,509,396
CSCDA Community Improvement Authority, RB, M/F Housing (b)
4.00%, 10/01/56		105		85,800
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57		445		286,817
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58		195		145,639
Sustainability Bonds, 4.00%, 12/01/56		200		139,334
Series A, Sustainability Bonds, 4.00%, 06/01/58		260		188,152
Hartnell Community College District, GO, Series D, 7.00%, 08/01/34 (c)		2,475		2,873,504
Norwalk-La Mirada Unified School District, Refunding GO, Series E, Election 2002, (AGC), 0.00%, 08/01/38 (d)		12,000		6,623,676
Palomar Community College District, GO
Series B, Convertible, 6.20%, 08/01/39 (c)		4,000		4,704,361
Series B, Election 2006, 0.00%, 08/01/30 (d)		2,270		1,932,949
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53		1,205		1,195,467


Security	Par (000)		Value

California (continued)
San Diego Community College District, GO, Election 2002, 6.00%, 08/01/27 (c)(e)	$	4,200	$	4,704,962
San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 5.00%, 07/01/56		685		711,406
San Diego Unified School District, GO, Series C, 0.00%, 07/01/45 (d)		1,000		417,500


				25,849,824

Colorado — 0.7%
Colorado Health Facilities Authority, RB, 5.50%, 11/01/47		1,550		1,682,946


Connecticut — 0.1%
Connecticut State Health & Educational Facilities Authority, RB
5.25%, 07/15/48		130		140,724
4.25%, 07/15/53		175		170,743


				311,467

District of Columbia — 1.2%
District of Columbia Income Tax Revenue, RB, Series A, 5.25%, 05/01/48		1,110		1,244,208
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48		455		489,439
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, CAB, Series B, 2nd Lien, (AGM-CR), 0.00%, 10/01/40 (d)		1,800		889,831


				2,623,478

Florida — 12.7%
Brevard County Health Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/47		2,725		2,899,641
Capital Trust Agency, Inc., RB, Series A, 5.00%, 06/15/49 (b)		100		91,695
City of Gainesville Florida Utilities System Revenue, Refunding RB, Series A, 5.00%, 10/01/47		1,305		1,366,945
City of Tampa Florida, RB, CAB (d)
Series A, 0.00%, 09/01/49		465		133,224
Series A, 0.00%, 09/01/53		270		62,330
County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 4.00%, 10/01/49		615		543,565
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/44		475		493,422
County of Miami-Dade Florida Water & Sewer System Revenue, RB, 4.00%, 10/01/48		1,350		1,329,069
County of Miami-Dade Florida, RB (d)
0.00%, 10/01/32		5,000		3,742,552
0.00%, 10/01/33		15,375		11,050,255
County of Miami-Dade Seaport Department, Refunding RB
Series A, AMT, 5.00%, 10/01/41		325		345,020
Series A-1, AMT, (AGM), 4.00%, 10/01/45		695		643,641
County of Osceola Florida Transportation Revenue, Refunding RB, CAB (d)
Series A-2, 0.00%, 10/01/46		420		128,188
Series A-2, 0.00%, 10/01/47		680		195,286
County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54		165		186,094
Florida Development Finance Corp., RB, 6.50%, 06/30/57 (b)		300		287,864


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


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


Security	Par (000)		Value

Florida (continued)
Greater Orlando Aviation Authority, ARB, Sub-Series A, AMT, 5.00%, 10/01/47	$	1,130	$	1,148,657
Hillsborough County Aviation Authority, ARB, AMT, 5.00%, 10/01/48		1,840		1,870,789
Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54		190		199,112
Orange County Health Facilities Authority, RB, 5.00%, 10/01/53		1,590		1,697,185
Village Community Development District No. 15, SAB, 5.25%, 05/01/54 (b)		195		193,257


				28,607,791

Georgia — 2.6%
City of Atlanta Georgia Department of Aviation, Refunding ARB, Series B, AMT, 5.00%, 07/01/52		480		506,646
Development Authority for Fulton County, RB
4.00%, 07/01/49		145		137,047
5.00%, 06/15/56		2,295		2,494,963
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62 (b)		175		158,628
Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51		780		733,443
Main Street Natural Gas, Inc., RB
Series A, 5.00%, 05/15/49		205		222,980
Series A, 5.00%, 06/01/53 (a)		565		597,646
Municipal Electric Authority of Georgia, RB
Class A, 5.50%, 07/01/63		310		325,531
Series A, 5.00%, 01/01/59		770		781,688


				5,958,572

Hawaii — 0.8%
State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/43		785		814,522
State of Hawaii Department of Budget & Finance, Refunding RB, AMT, 4.00%, 03/01/37		1,395		964,196


				1,778,718

Illinois — 6.5%
Chicago Board of Education, GO
Series C, 5.25%, 12/01/35		1,235		1,240,757
Series D, 5.00%, 12/01/46		1,635		1,636,259
Series H, 5.00%, 12/01/36		375		383,611
Chicago Board of Education, Refunding GO
Series C, 5.00%, 12/01/34		370		378,355
Series D, 5.00%, 12/01/26		675		691,670
Chicago O’Hare International Airport, Refunding RB, Series B, AMT, 4.00%, 01/01/29		2,400		2,401,087
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57		620		633,677
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/53		695		761,837
City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/53		470		511,492
Illinois Finance Authority, Refunding RB, Series A, 5.00%, 11/15/45		945		951,809
Illinois Housing Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.13%, 10/01/38		100		97,461
Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46		820		800,861
Metropolitan Pier & Exposition Authority, RB, 5.00%, 06/15/57		590		601,865


Security	Par (000)		Value

Illinois (continued)
State of Illinois, GO
5.00%, 02/01/39	$	1,000	$	1,002,122
5.50%, 05/01/39		1,610		1,783,593
Series C, 5.00%, 12/01/48		740		788,694


				14,665,150

Indiana — 0.7%
Indianapolis Local Public Improvement Bond Bank, RB 5.25%, 02/01/48		220		247,235
(BAM), 5.00%, 03/01/53		1,255		1,317,749


				1,564,984

Kentucky — 2.2%
City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52 (b)		135		127,385
County of Boyle Kentucky, Refunding RB, 5.00%, 06/01/37		2,000		2,085,758
Kentucky Public Transportation Infrastructure Authority, RB, CAB (c)
Series C, Convertible, 6.45%, 07/01/34		1,000		1,203,282
Series C, Convertible, 6.60%, 07/01/39		1,395		1,643,265


				5,059,690

Louisiana — 1.1%
Louisiana Public Facilities Authority, RB
5.25%, 10/01/48		425		450,671
5.25%, 10/01/53		915		970,513
Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48		995		1,066,594


				2,487,778

Maryland — 0.5%
Anne Arundel County Consolidated Special Taxing District, ST
5.13%, 07/01/36		260		260,623
5.25%, 07/01/44		260		260,399
Maryland Economic Development Corp., RB, Class B, AMT, Sustainability Bonds, 5.25%, 06/30/55		705		718,881


				1,239,903

Massachusetts — 1.8%
Massachusetts Development Finance Agency, RB
Series A, 5.25%, 01/01/42		900		915,528
Series A, 5.00%, 01/01/47		1,010		1,016,375
Massachusetts Development Finance Agency, Refunding RB
4.00%, 07/01/39		1,375		1,254,610
5.00%, 04/15/40		600		602,558
Series A, 4.00%, 06/01/29 (e)		235		252,695


				4,041,766

Michigan — 3.7%
Michigan Finance Authority, RB
4.00%, 02/15/50		1,040		983,276
4.00%, 02/15/44		420		404,954
Series A, 4.00%, 11/15/50		295		273,255
Michigan Finance Authority, Refunding RB, 4.00%, 11/15/46		900		853,765
Michigan State Housing Development Authority, RB, S/F Housing
Series B, 2.95%, 12/01/39		375		323,805
Series D, Sustainability Bonds, 5.10%, 12/01/37		1,560		1,700,347
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43		1,705		1,719,454


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


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


Security	Par (000)		Value

Michigan (continued)
State of Michigan Trunk Line Revenue, RB
4.00%, 11/15/46	$	1,400	$	1,423,183
5.00%, 11/15/46		655		731,172


				8,413,211

Minnesota — 2.7%
City of Otsego Minnesota, Refunding RB, Series A, 5.00%, 09/01/44		700		644,872
City of Spring Lake Park Minnesota, RB, 5.00%, 06/15/39		1,760		1,680,153
Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB, Series A, 5.50%, 07/01/52 (b)		305		292,097
Minneapolis-St Paul Metropolitan Airports Commission, Refunding RB, Sub Series D, AMT, 5.00%, 01/01/41		460		473,542
Minnesota Agricultural & Economic Development Board, RB, 5.25%, 01/01/54 (f)		2,350		2,579,706
Minnesota Higher Education Facilities Authority, RB, Series A, Sustainability Bonds, 5.00%, 10/01/47		390		404,668


				6,075,038

Missouri — 0.3%
Kansas City Industrial Development Authority, ARB, Series B, AMT, 5.00%, 03/01/39		575		602,931


Nebraska — 0.3%
Douglas County Hospital Authority No. 3, Refunding RB, 5.00%, 11/01/45		600		609,690


Nevada — 0.7%
County of Clark Department of Aviation, Refunding RB, Series A-2, Sub Lien, 4.25%, 07/01/36		1,500		1,507,676
State of Nevada Department of Business & Industry, RB, Series A, 5.00%, 07/15/37		125		126,064


				1,633,740

New Hampshire (b) — 0.3%
New Hampshire Business Finance Authority, Refunding RB
Series B, 4.63%, 11/01/42		505		428,710
Series C, AMT, 4.88%, 11/01/42		220		201,262


				629,972

New Jersey — 5.2%
Camden County Improvement Authority, RB, Sustainability Bonds, 6.00%, 06/15/62		165		179,151
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37 (g)(h)		1,510		18,649
New Jersey Economic Development Authority, ARB, Series B, AMT, 5.63%, 11/15/30		990		997,645
New Jersey Economic Development Authority, RB
Series DDD, 5.00%, 06/15/27 (e)		160		172,277
AMT, (AGM), 5.13%, 07/01/42		300		300,187
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series B, AMT, 4.00%, 12/01/41		765		762,740
New Jersey Transportation Trust Fund Authority, RB
Series AA, 5.00%, 06/15/38		290		292,171
Series AA, 4.00%, 06/15/40		820		832,306
Series AA, 5.00%, 06/15/45		1,990		2,055,497
Series AA, 5.00%, 06/15/46		600		608,665
Series AA, 4.00%, 06/15/50		1,440		1,378,353


Security	Par (000)		Value

New Jersey (continued)
New Jersey Transportation Trust Fund Authority, RB (continued)
Series BB, 4.00%, 06/15/50	$	1,200	$	1,149,085
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35 (d)		1,600		1,037,591
New Jersey Transportation Trust Fund Authority, Refunding RB
Series A, 5.00%, 12/15/36		240		260,577
Series A, 5.00%, 06/15/37		480		554,499
Series A, 5.25%, 06/15/42		190		216,333
New Jersey Turnpike Authority, RB, Series A, 4.00%, 01/01/48		630		627,842
Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/53		205		198,501


				11,642,069

New York — 10.3%
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45		1,825		1,779,123
Metropolitan Transportation Authority, Refunding RB
Series B, 5.00%, 11/15/29		765		810,496
Series C-1, 5.00%, 11/15/56		320		325,770
Series C-1, Sustainability Bonds, 4.75%, 11/15/45		1,700		1,754,111
Series C-1, Sustainability Bonds, 5.00%, 11/15/50		550		573,036
Series C-1, Sustainability Bonds, 5.25%, 11/15/55		810		853,500
New York City Housing Development Corp., RB, M/F Housing, Series E-1, Sustainability Bonds, 4.85%, 11/01/53		685		698,512
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F-1, Subordinate, 5.00%, 02/01/44		215		238,653
New York City Transitional Finance Authority, RB, Subordinate, 5.00%, 05/01/48		1,915		2,132,531
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41 (b)		1,400		1,400,486
New York Counties Tobacco Trust VI, Refunding RB, Series C, 4.00%, 06/01/51		1,000		808,298
New York Liberty Development Corp., Refunding RB
Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51		1,785		1,299,287
Series A, Sustainability Bonds, 3.00%, 11/15/51		920		687,588
New York Power Authority, Refunding RB, Series A, Sustainability Bonds, 4.00%, 11/15/55		205		197,439
New York Transportation Development Corp., ARB
AMT, 5.00%, 12/01/36		400		430,847
AMT, 5.63%, 04/01/40		420		454,776
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35		945		986,558
Port Authority of New York & New Jersey, ARB
AMT, 5.00%, 11/01/49		1,330		1,378,057
Series 221, AMT, 4.00%, 07/15/55		1,395		1,279,543
Port Authority of New York & New Jersey, Refunding ARB, Series 197, AMT, 5.00%, 11/15/35		220		229,122
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 4.13%, 05/15/53		2,105		2,116,483


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


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


Security	Par (000)		Value

New York (continued)
Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/49	$	1,645	$	1,763,037
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51		1,160		1,169,196


				23,366,449

North Carolina — 0.7%
Greater Asheville Regional Airport Authority, ARB, AMT, (AGM), 5.25%, 07/01/48		1,220		1,310,226
University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49		145		162,527


				1,472,753

Ohio — 1.3%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		3,145		2,962,464
Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48		20		20,042


				2,982,506

Oklahoma — 0.2%
Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48		60		59,895
Oklahoma Water Resources Board, RB, 4.00%, 04/01/48		315		308,570


				368,465

Pennsylvania — 6.1%
Allegheny County Airport Authority, ARB, Series A, AMT, 5.00%, 01/01/51		875		900,706
Mckeesport Area School District, Refunding GO, (FGIC, SAW), 0.00%, 10/01/31 (d)(i)		500		392,635
Pennsylvania Economic Development Financing Authority, RB
5.00%, 06/30/42		1,585		1,586,493
AMT, 5.50%, 06/30/41		810		892,591
AMT, 5.75%, 06/30/48		700		771,783
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44		810		801,416
Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47		155		117,433
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 142-A, Sustainability Bonds, 5.00%, 10/01/50		370		381,274
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series A, 4.00%, 12/01/51		3,030		2,934,193
Pennsylvania Turnpike Commission, RB, Series C, 5.00%, 12/01/39		850		863,944
State Public School Building Authority, Refunding RB, Series A, (SAW), 5.00%, 06/01/34		3,825		4,072,016


				13,714,484

Puerto Rico — 4.3%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		1,593		1,560,774
Series A-1, Restructured, 5.00%, 07/01/58		5,324		5,323,931


Security	Par (000)		Value

Puerto Rico (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued)
Series A-2, Restructured, 4.78%, 07/01/58	$	1,459	$	1,426,172
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (d)		4,770		1,466,349


				9,777,226

Rhode Island — 1.3%
Rhode Island Health and Educational Building Corp., Refunding RB, Series A, (AGM), 3.75%, 05/15/32		1,845		1,891,402
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37		1,205		1,137,102


				3,028,504

South Carolina — 2.4%
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54 (a)		520		556,975
South Carolina Jobs-Economic Development Authority, RB, 5.00%, 01/01/55 (b)		755		659,941
South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49		2,110		1,907,273
South Carolina Public Service Authority, RB, Series A, 4.00%, 12/01/55		2,500		2,286,144
South Carolina State Housing Finance & Development Authority, Refunding RB, S/F Housing, Series A, 4.95%, 07/01/53		100		103,371


				5,513,704

Tennessee — 2.2%
Knox County Health Educational & Housing Facility Board, RB, Series A-1, (BAM), 5.50%, 07/01/59		135		146,964
Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/49		885		917,940
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, 5.25%, 05/01/48		180		194,751
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB
5.00%, 10/01/45		1,000		1,006,917
5.25%, 10/01/58		725		741,632
Metropolitan Nashville Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/52		910		935,797
Tennergy Corp., RB, Series A, 5.50%, 10/01/53 (a)		950		1,018,501


				4,962,502

Texas — 14.6%
Arlington Higher Education Finance Corp., RB (b)
7.50%, 04/01/62		380		369,785
7.88%, 11/01/62		330		334,901
Central Texas Turnpike System, RB, Series C, 5.00%, 08/15/42		2,030		2,038,210
City of Austin Texas Airport System Revenue, ARB, AMT, 5.25%, 11/15/47		795		856,597
City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48		100		100,426
City of Houston Texas Airport System Revenue, Refunding RB
Sub-Series A, AMT, 4.00%, 07/01/40		475		463,863
Sub-Series A, AMT, 4.00%, 07/01/48		400		370,646


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


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


Security	Par (000)		Value

Texas (continued)
Harris County Cultural Education Facilities Finance Corp., Refunding RB, 4.00%, 10/01/47	$	2,175	$	2,087,191
Harris County-Houston Sports Authority, Refunding RB, Series A, Senior Lien, (AGM NPFGC), 0.00%, 11/15/38 (d)		5,000		2,246,988
Humble Independent School District, GO, (PSF), 5.00%, 02/15/47		4,500		4,919,942
Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24 (d)(e)		550		324,803
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27 (d)(e)		16,780		8,742,254
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49		825		827,251
Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/53		435		473,225
San Antonio Public Facilities Corp., Refunding RB, Convertible, 4.00%, 09/15/42		1,410		1,409,953
Spring Branch Independent School District, GO, (PSF), 4.00%, 02/01/48		405		405,034
Tarrant County Cultural Education Facilities Finance Corp., RB
Series A, 4.00%, 07/01/53		465		417,166
Series A, 5.00%, 07/01/53		575		597,233
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA), 3.75%, 09/01/49		320		295,545
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32		1,315		1,401,211
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58		2,480		2,508,798
Texas Transportation Commission State Highway 249 System, RB, CAB (d)
0.00%, 08/01/35		420		263,469
0.00%, 08/01/36		235		139,314
0.00%, 08/01/37		305		170,295
0.00%, 08/01/38		315		166,048
0.00%, 08/01/44		950		356,914
0.00%, 08/01/45		1,800		638,556


				32,925,618

Utah — 0.6%
City of Salt Lake City Utah Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/51		425		441,265
Utah Charter School Finance Authority, Refunding RB
5.25%, 06/15/37 (b)		205		181,798
(UT CSCE), 4.00%, 04/15/42		600		577,580
5.38%, 06/15/48 (b)		260		209,350


				1,409,993

Vermont — 0.1%
Vermont Student Assistance Corp., RB, Series A, AMT, 4.25%, 06/15/32		290		290,752


Virginia — 0.9%
Ballston Quarter Community Development Authority, TA, Series A, 5.38%, 03/01/36 (g)(h)		735		589,101


Security	Par (000)		Value

Virginia (continued)
Roanoke Economic Development Authority, Refunding RB, 3.00%, 07/01/45	$	460	$	370,522
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47		1,030		970,757


				1,930,380

Washington — 1.1%
Port of Seattle Washington, ARB, Series C, AMT, Intermediate Lien, 5.00%, 05/01/42		625		641,220
Port of Seattle Washington, Refunding ARB, Series C, AMT, Intermediate Lien, 5.00%, 08/01/46		1,815		1,885,668


				2,526,888

Wisconsin — 1.0%
Public Finance Authority, RB
Class A, 6.00%, 06/15/52		125		112,789
Class A, 6.13%, 06/15/57		140		127,146
Series A, 5.00%, 06/01/36 (b)		100		98,439
Series A, 5.00%, 10/15/50 (b)		875		742,655
Series A, 5.00%, 06/01/51 (b)		320		285,702
Series A, 5.00%, 06/01/61 (b)		405		351,734
Public Finance Authority, Refunding RB, AMT, 4.00%, 08/01/35		435		387,756
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series A, Sustainability Bonds, 1.95%, 09/01/32		110		95,073


				2,201,294


Total Municipal Bonds — 110.4% (Cost: $237,339,392)				249,485,327


Municipal Bonds Transferred to Tender Option Bond Trusts (j)

Alabama — 6.8%
Black Belt Energy Gas District, RB
Series C, 5.50%, 10/01/54		3,300		3,656,667
Series C-1, 5.25%, 02/01/53 (a)		6,771		7,210,915
Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54		4,091		4,547,776


				15,415,358

Arizona — 1.8%
Salt River Project Agricultural Improvement & Power District, RB, Series B, 5.00%, 01/01/48		3,610		4,016,288


Colorado — 1.5%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53		3,200		3,482,830


District of Columbia — 2.6%
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, 4.10%, 09/01/39		2,102		2,107,834
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/49		3,560		3,681,171


				5,789,005

Georgia — 1.2%
Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53		2,481		2,645,123


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


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


Security	Par (000)		Value

Illinois — 2.9%
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/58	$	4,302	$	4,698,963
Illinois Finance Authority, Refunding RB, Series A, 5.00%, 08/15/51		1,711		1,826,274


				6,525,237

Massachusetts — 2.2%
Commonwealth of Massachusetts, GO, Series D, 5.00%, 10/01/52		2,440		2,673,824
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/51		2,151		2,230,169


				4,903,993

Michigan — 0.9%
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48		2,148		2,094,663


New York — 2.2%
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38		1,506		1,483,647
New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/47		1,590		1,574,100
Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/51		1,740		1,866,580


				4,924,327

Oregon — 0.9%
Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48		1,830		2,027,407


South Carolina — 1.9%
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54		3,981		4,295,274


Tennessee — 1.8%
Tennessee Energy Acquisition Corp., RB, 5.00%, 05/01/52 (a)		3,891		4,134,433


Texas — 5.0%
City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, Subordinate Lien, (AGM), 5.25%, 07/01/48		1,280		1,377,119
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.50%, 02/01/50		1,410		1,600,443
Denton Independent School District, GO, (PSF), 5.00%, 08/15/48		3,120		3,433,980
Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51		2,251		2,404,934
Texas Water Development Board, RB, 4.80%, 10/15/52		2,470		2,618,289


				11,434,765

Virginia — 1.2%
Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57		2,840		2,741,062


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 32.9% (Cost: $71,328,055)				74,429,765


Total Long-Term Investments — 143.3% (Cost: $308,667,447)				323,915,092


Security	Shares		Value

Short-Term Securities

Money Market Funds — 1.9%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (k)(l)		4,287,496	$	4,287,925


Total Short-Term Securities — 1.9% (Cost: $4,287,925)				4,287,925


Total Investments — 145.2% (Cost: $312,955,372)				328,203,017
Other Assets Less Liabilities — 0.3%				777,840
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (15.5)%				(35,114,221	)
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (30.0)%				(67,800,000	)


Net Assets Applicable to Common Shares — 100.0%			$	226,066,636

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

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

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

(d)	Zero-coupon bond.

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

(f)	When-issued security.

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

(h)	Non-income producing security.

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

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

(k)	Affiliate of the Fund.

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


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


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

Affiliates

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



Affiliated Issuer	Value at 07/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 01/31/24		Shares Held at 01/31/24		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, MuniCash, Institutional Class	$	755,448	$	3,532,621	(a)	$	—	$	(117	)	$	(27	)	$	4,287,925		4,287,496	$	175,109	$	—

(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	(543,434	)	$	—	$	(543,434	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	32,220		$	—	$	32,220

Average Quarterly Balances of Outstanding Derivative Financial Instruments



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

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Municipal Bonds	$	—	$	249,485,327	$	—	$	249,485,327
Municipal Bonds Transferred to Tender Option Bond Trusts		—		74,429,765		—		74,429,765
Short-Term Securities
Money Market Funds		4,287,925		—		—		4,287,925

	$	4,287,925	$	323,915,092	$	—	$	328,203,017

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



	Level 1		Level 2			Level 3		Total

Liabilities
TOB Trust Certificates	$	—	$	(34,892,828	)	$	—	$	(34,892,828	)
VMTP Shares at Liquidation Value		—		(67,800,000	)		—		(67,800,000	)

	$	—	$	(102,692,828	)	$	—	$	(102,692,828	)

See notes to financial statements.


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


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


Security	Par (000)		Value

Municipal Bonds

Alabama — 5.3%
Alabama Corrections Institution Finance Authority, RB, 5.25%, 07/01/47	$	870	$	959,013
Black Belt Energy Gas District, RB (a)
Series B, 5.25%, 12/01/53		5,455		5,888,836
Series C, 5.50%, 10/01/54		10,000		11,080,814
Series F, 5.50%, 11/01/53		795		845,853
Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54 (a)		5,940		6,602,844
Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53 (a)		1,345		1,446,749


				26,824,109

Arizona — 4.7%
City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47		3,335		3,799,762
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46 (b)		3,400		3,265,847
Salt Verde Financial Corp., RB
5.00%, 12/01/32		8,000		8,563,473
5.00%, 12/01/37		7,460		8,145,619


				23,774,701

Arkansas — 1.1%
Arkansas Development Finance Authority, RB
Series A, AMT, 4.75%, 09/01/49 (b)		4,665		4,596,845
AMT, Sustainability Bonds, 5.70%, 05/01/53		855		875,272


				5,472,117

California — 5.5%
California Enterprise Development Authority, RB, 8.00%, 11/15/62 (b)		750		740,733
California Pollution Control Financing Authority, RB, AMT, 5.00%, 11/21/45 (b)		2,970		2,975,346
City of Long Beach California Harbor Revenue, ARB, Series B, AMT, Sustainability Bonds, 5.00%, 05/15/43		2,000		2,067,963
City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.00%, 05/15/46		2,325		2,473,773
CSCDA Community Improvement Authority, RB, M/F Housing (b)
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57		1,155		744,434
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58		585		436,917
Sustainability Bonds, 4.00%, 12/01/56		330		229,901
Riverside County Transportation Commission, RB, CAB (c)
Series B, Senior Lien, 0.00%, 06/01/41		5,000		2,386,383
Series B, Senior Lien, 0.00%, 06/01/42		6,000		2,704,287
Series B, Senior Lien, 0.00%, 06/01/43		5,000		2,132,693
San Marcos Unified School District, GO, CAB (c)
Series B, Election 2010, 0.00%, 08/01/34		3,500		2,627,318
Series B, Election 2010, 0.00%, 08/01/36		4,000		2,725,403
Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48		5,550		5,714,993


				27,960,144


Security	Par (000)		Value

Colorado — 3.2%
City & County of Denver Colorado Airport System Revenue, Refunding ARB
Series A, AMT, 5.00%, 12/01/43	$	10,000	$	10,414,969
Series D, AMT, 5.75%, 11/15/45		835		943,836
Denver City & County School District No. 1, GO, (SAW), 4.00%, 12/01/45		5,000		5,023,550


				16,382,355

Delaware — 0.6%
Delaware River & Bay Authority, Refunding RB, 4.00%, 01/01/44		2,935		2,943,595


District of Columbia — 5.7%
District of Columbia Income Tax Revenue, RB
Series A, 5.00%, 07/01/47		2,050		2,233,083
Series C, 4.00%, 05/01/45		2,480		2,468,906
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40		22,365		23,089,845
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48		1,000		1,075,690


				28,867,524

Florida — 1.5%
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/38		4,760		4,830,105
Florida Development Finance Corp., RB, Series A, 5.00%, 06/15/56		210		203,376
Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54		415		434,903
Stevens Plantation Community Development District, SAB, Series A, 7.10%, 05/01/35 (d)(e)		3,159		2,116,314


				7,584,698

Georgia — 1.9%
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 06/01/53 (a)		9,000		9,520,020


Illinois — 4.2%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/42		1,065		1,065,397
Series C, 5.25%, 12/01/35		2,905		2,918,542
Series D, 5.00%, 12/01/46		3,805		3,807,931
Series H, 5.00%, 12/01/36		920		941,125
Chicago Board of Education, Refunding GO, Series G, 5.00%, 12/01/34		915		936,733
Chicago O’Hare International Airport, ARB, Series D, AMT, Senior Lien, 5.00%, 01/01/47		5,205		5,280,571
Cook County Community College District No. 508, GO, 5.50%, 12/01/38		1,525		1,530,738
Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/44		2,000		2,013,275
State of Illinois, GO, 5.00%, 02/01/39		2,990		2,996,345


				21,490,657

Indiana — 2.2%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		1,525		1,527,443


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


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


Security	Par (000)		Value

Indiana (continued)
City of Valparaiso Indiana, RB (continued)
AMT, 7.00%, 01/01/44	$	3,680	$	3,684,888
Indiana Municipal Power Agency, Refunding RB, Series A, 5.00%, 01/01/42		5,570		5,710,186


				10,922,517

Iowa — 0.7%
University of Iowa Facilities Corp., RB
5.00%, 06/01/47		1,890		2,105,009
5.00%, 06/01/48		1,190		1,320,662


				3,425,671

Kentucky — 2.5%
Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52 (a)		9,000		8,973,811
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Convertible, 6.75%, 07/01/43 (f)		2,325		2,728,440
Kentucky State Property & Building Commission, RB, Series A, 5.50%, 11/01/42		875		1,009,336


				12,711,587

Louisiana — 0.2%
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35		805		805,761


Massachusetts — 1.2%
Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/47		1,815		1,890,811
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46		4,245		4,452,066


				6,342,877

Michigan — 6.4%
Lansing Community College, GO, 5.00%, 05/01/44		5,070		5,380,626
Michigan Finance Authority, RB, Series S, 5.00%, 11/01/44		5,000		5,040,153
Michigan Finance Authority, Refunding RB, Series MI1, 5.00%, 12/01/48		2,000		2,088,301
Michigan State Building Authority, Refunding RB
Series I, 5.00%, 10/15/45		6,300		6,424,328
Series I, 5.00%, 10/15/46		1,000		1,030,896
Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47		10,000		10,198,662
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43		2,120		2,137,972


				32,300,938

Minnesota — 0.6%
Duluth Economic Development Authority, Refunding RB, Series A, 5.25%, 02/15/58		2,940		2,997,091


New Hampshire (b) — 0.8%
New Hampshire Business Finance Authority, Refunding RB
Series B, 4.63%, 11/01/42		3,055		2,593,485
Series C, AMT, 4.88%, 11/01/42		1,585		1,449,998


				4,043,483

New Jersey — 10.4%
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37 (d)(e)		3,680		45,448
New Jersey Economic Development Authority, ARB, Series B, AMT, 5.63%, 11/15/30		2,035		2,050,714
New Jersey Economic Development Authority, RB
Class A, 5.25%, 11/01/47		3,415		3,765,090
Series EEE, 5.00%, 06/15/48		11,690		12,198,715


Security	Par (000)		Value

New Jersey (continued)
New Jersey Economic Development Authority, RB (continued)
AMT, 5.38%, 01/01/43	$	2,285	$	2,287,022
New Jersey Economic Development Authority, Refunding SAB, 6.50%, 04/01/28		5,975		6,062,418
New Jersey Health Care Facilities Financing Authority, Refunding RB, 5.00%, 07/01/44		475		477,370
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series C, AMT, Subordinate, 5.00%, 12/01/52		2,485		2,514,987
New Jersey Transportation Trust Fund Authority, RB, Series S, 5.00%, 06/15/46		2,800		2,934,865
South Jersey Port Corp., ARB
Series A, 5.00%, 01/01/49		2,000		2,073,829
Series B, AMT, 5.00%, 01/01/42		4,000		4,113,304
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/46		3,075		3,132,535
Sub-Series B, 5.00%, 06/01/46		10,900		11,011,498


				52,667,795

New York — 11.5%
Metropolitan Transportation Authority, Refunding RB
Series C-1, Sustainability Bonds, 4.75%, 11/15/45		3,210		3,312,173
Series C-1, Sustainability Bonds, 5.25%, 11/15/55		1,545		1,627,972
New York City Municipal Water Finance Authority, RB
Series GG, 5.00%, 06/15/48		3,000		3,239,425
Series GG, 5.00%, 06/15/50		8,000		8,607,666
New York City Transitional Finance Authority Future Tax Secured Revenue, RB
Series D-1, 5.25%, 11/01/48		5,000		5,624,562
Series A-1, Subordinate, 4.00%, 08/01/48		2,000		1,992,868
New York Counties Tobacco Trust II, RB, 5.75%, 06/01/43		810		811,544
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41 (b)		3,200		3,201,111
New York Counties Tobacco Trust VI, Refunding RB, Series A-2B, 5.00%, 06/01/51		6,395		5,787,049
New York Liberty Development Corp., Refunding RB (b)
Class 1, 5.00%, 11/15/44		6,230		6,222,212
Class 2, 5.38%, 11/15/40		1,655		1,657,068
New York State Dormitory Authority, RB
Series A, 5.00%, 03/15/44		1,610		1,694,094
Series B, 5.00%, 02/15/35		7,500		7,680,828
New York State Dormitory Authority, Refunding RB, Series E, 4.00%, 03/15/44		1,520		1,522,251
New York Transportation Development Corp., ARB
AMT, 5.63%, 04/01/40		915		990,762
Series A, AMT, 5.00%, 07/01/46		1,165		1,165,392
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35		2,125		2,218,452
Port Authority of New York & New Jersey, Refunding RB, 4.00%, 09/01/39		1,110		1,132,872


				58,488,301

Ohio — 1.7%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		4,880		4,596,765
Miami University/Oxford Ohio, Refunding RB, Series A, 4.00%, 09/01/45		2,670		2,676,787
University of Cincinnati, Refunding RB, Series A, 5.00%, 06/01/44		1,390		1,454,604


				8,728,156


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


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


Security	Par (000)		Value

Oklahoma — 0.3%
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52	$	1,735	$	1,732,928


Pennsylvania — 2.1%
Allegheny County Hospital Development Authority, Refunding RB, Series A, 5.00%, 04/01/47		5,000		5,101,197
Geisinger Authority, Refunding RB, Series A-1, 5.00%, 02/15/45		4,725		4,825,165
Montgomery County Higher Education and Health Authority, Refunding RB, 5.00%, 09/01/48		715		731,903


				10,658,265

Puerto Rico — 5.2%
Commonwealth of Puerto Rico, GO
Series A-1, Restructured, 5.63%, 07/01/29		2,810		3,036,454
Series A-1, Restructured, 5.75%, 07/01/31		2,536		2,809,148
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		4,044		3,962,190
Series A-1, Restructured, 5.00%, 07/01/58		10,387		10,386,866
Series A-2, Restructured, 4.78%, 07/01/58		3,325		3,250,187
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (c)		10,165		3,124,829


				26,569,674

Tennessee — 5.3%
City of Memphis Tennessee Electric System Revenue, RB, Series A, 4.00%, 12/01/45		1,500		1,507,916
Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/45		2,545		2,661,638
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB
5.25%, 05/01/48		2,500		2,704,869
Series A, 5.00%, 07/01/46		6,590		6,632,027
Metropolitan Government Nashville & Davidson County Sports Authority, RB, Series B, Subordinate, (AGM), 5.25%, 07/01/48		2,900		3,212,291
Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53 (a)		7,260		7,532,870
Tennessee Housing Development Agency, Refunding RB, S/F Housing, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 01/01/54		2,200		2,449,832


				26,701,443

Texas — 16.1%
Arlington Higher Education Finance Corp., RB (b)
7.50%, 04/01/62		845		822,285
7.88%, 11/01/62		720		730,693
Arlington Independent School District, Refunding GO, (PSF), 4.00%, 02/15/48		6,000		5,991,813
City of Austin Texas Airport System Revenue, ARB
Series B, AMT, 5.00%, 11/15/44		3,630		3,783,268
Series B, AMT, 5.00%, 11/15/48		2,850		2,941,508
City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB, 5.00%, 10/01/46		3,550		3,726,995
Dallas Fort Worth International Airport, Refunding ARB, Series B, 5.00%, 11/01/47		1,625		1,751,468
Dallas Independent School District, Refunding GO, (PSF), 5.00%, 02/15/49 (g)		8,500		9,321,397
Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42		470		470,075


Security	Par (000)		Value

Texas (continued)
Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48	$	4,900	$	4,902,491
Harris County Municipal Utility District No. 534, GO
(AGM), 5.00%, 09/01/47		1,750		1,840,845
(BAM), 5.00%, 09/01/47		1,100		1,157,103
Harris County-Houston Sports Authority, Refunding RB (c)
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24 (h)		6,000		2,726,102
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/37		10,120		4,517,617
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/35		5,000		2,861,726
Series A, Senior Lien, (AGM NPFGC), 0.00%, 11/15/38		12,580		5,653,422
Little Elm Independent School District, GO, (PSF), 5.00%, 08/15/46		3,170		3,330,642
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27 (c)(h)		15,200		7,026,220
North Texas Tollway Authority, Refunding RB, Series B, 5.00%, 01/01/43		3,900		4,043,306
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA), 5.75%, 03/01/54		4,970		5,411,202
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58		2,310		2,336,824
Texas Water Development Board, RB, 4.00%, 10/15/44		2,500		2,512,883
Thrall Independent School District, GO, (PSF), 5.25%, 02/15/48		3,525		3,925,912


				81,785,797

Utah — 0.3%
County of Utah, RB, Series A, 4.00%, 05/15/43		1,500		1,494,475


Virginia — 1.0%
Fairfax County Industrial Development Authority,
Refunding RB, 4.00%, 05/15/42		4,950		4,952,605


Washington — 0.6%
Washington Health Care Facilities Authority, RB,
Series A, 5.00%, 08/15/45		3,000		3,025,831


Total Municipal Bonds — 102.8% (Cost: $502,986,597)				521,175,115


Municipal Bonds Transferred to Tender Option Bond Trusts (i)

California — 7.1%
City of Los Angeles Department of Airports, ARB
Series B, AMT, 5.00%, 05/15/46		8,800		8,957,143
Sub-Series A, AMT, 5.00%, 05/15/42		11,420		11,893,837
San Diego County Regional Airport Authority, ARB, AMT, 5.00%, 07/01/48		14,500		15,436,773


				36,287,753

Colorado — 2.5%
Denver City & County School District No. 1, GO, Series A, (SAW), 5.00%, 12/01/45		11,625		12,827,373


Illinois — 2.6%
Illinois State Toll Highway Authority, RB, Series B, 5.00%, 01/01/41		13,000		13,490,639


Indiana — 2.5%
Indianapolis Local Public Improvement Bond Bank, Refunding RB, Series A, 5.00%, 02/01/49		11,970		12,601,809


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


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


Security	Par (000)		Value

Massachusetts — 2.1%
Commonwealth of Massachusetts, GO, Series D, 5.00%, 09/01/51	$	10,000	$	10,785,208


Michigan — 2.2%
State of Michigan Trunk Line Revenue, RB, 5.00%, 11/15/46		10,000		11,162,938


Nevada — 4.1%
County of Clark Nevada, GO, Series A, 5.00%, 05/01/48		19,650		20,663,858


New Jersey — 2.1%
New Jersey Turnpike Authority, RB, Series A, 5.00%, 01/01/48		10,000		10,578,021


New York — 6.6%
New York City Municipal Water Finance Authority, RB, Series DD1, 5.00%, 06/15/48		10,000		10,491,438
New York City Municipal Water Finance Authority, Refunding RB, Series DD, 5.25%, 06/15/46		10,000		11,397,681
New York State Urban Development Corp., Refunding RB, 5.00%, 03/15/47		10,535		11,389,560


				33,278,679

Oregon — 2.8%
Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48		12,705		14,075,520


South Carolina — 3.5%
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54		16,400		17,566,123


Texas — 2.6%
Texas Water Development Board, RB, Series A, 5.25%, 10/15/51		11,775		13,200,451


Washington — 4.4%
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43		10,975		11,237,205
State of Washington, GO, Series C, 5.00%, 02/01/47		10,000		10,962,432


				22,199,637


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 45.1% (Cost: $219,330,132)				228,718,009


Total Long-Term Investments — 147.9% (Cost: $722,316,729)				749,893,124


Security	Shares		Value

Short-Term Securities

Money Market Funds — 1.0%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (j)(k)		5,134,844	$	5,135,357


Total Short-Term Securities — 1.0% (Cost: $5,135,317)				5,135,357


Total Investments — 148.9% (Cost: $727,452,046)				755,028,481
Other Assets Less Liabilities — 2.7%				13,437,011
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (21.2)%				(107,267,468	)
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (30.4)%				(154,100,000	)


Net Assets Applicable to Common Shares — 100.0%			$	507,098,024

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

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

(c)	Zero-coupon bond.

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

(e)	Non-income producing security.

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

(g)	When-issued security.

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

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

(j)	Affiliate of the Fund.

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

Affiliates


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

(a)

Represents net amount purchased (sold).


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


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

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	747,107		$	—	$	747,107


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	(321,145	)	$	—	$	(321,145	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



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

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Municipal Bonds	$	—	$	521,175,115	$	—	$	521,175,115
Municipal Bonds Transferred to Tender Option Bond Trusts		—		228,718,009		—		228,718,009
Short-Term Securities
Money Market Funds		5,135,357		—		—		5,135,357

	$	5,135,357	$	749,893,124	$	—	$	755,028,481


	Level 1		Level 2			Level 3		Total

Liabilities
TOB Trust Certificates	$	—	$	(106,689,984	)	$	—	$	(106,689,984	)
VMTP Shares at Liquidation Value		—		(154,100,000	)		—		(154,100,000	)

	$	—	$	(260,789,984	)	$	—	$	(260,789,984	)

See notes to financial statements.


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


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


Security	Par (000)		Value

Municipal Bonds

Alabama — 2.8%
Black Belt Energy Gas District, RB, 4.00%, 10/01/52 (a)	$	2,925	$	2,920,570
County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53		4,580		5,024,018
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46		1,170		1,235,432
Southeast Energy Authority A Cooperative District, RB (a)
Series A, 4.00%, 11/01/51		5,290		5,277,479
Series A-1, 5.50%, 01/01/53		1,960		2,108,274


				16,565,773

Arizona — 2.9%
Arizona Industrial Development Authority, RB (b)
4.38%, 07/01/39		225		200,356
Series A, 5.00%, 07/01/49		210		190,313
Series A, 5.00%, 07/01/54		165		146,879
Arizona Industrial Development Authority, Refunding RB, Series A, 5.38%, 07/01/50 (b)		1,185		1,154,772
City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47		1,740		1,982,485
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56		500		390,311
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46 (b)		1,825		1,752,991
Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/49 (b)		350		315,896
Maricopa County Industrial Development Authority, RB, 6.38%, 07/01/58 (b)		620		629,597
Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38		820		829,839
Maricopa County Pollution Control Corp., Refunding RB, Series B, 3.60%, 04/01/40		1,250		1,096,094
Salt Verde Financial Corp., RB
5.00%, 12/01/32		5,635		6,031,896
5.00%, 12/01/37		2,000		2,183,812


				16,905,241

Arkansas — 0.7%
Arkansas Development Finance Authority, RB
Series A, AMT, 4.50%, 09/01/49 (b)		1,920		1,863,111
Series A, AMT, 4.75%, 09/01/49 (b)		1,175		1,157,833
AMT, Sustainability Bonds, 5.70%, 05/01/53		975		998,117


				4,019,061

California — 4.8%
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/36		350		350,001
California Educational Facilities Authority, RB, Series U-7, 5.00%, 06/01/46		2,315		2,872,230
California Enterprise Development Authority, RB, 8.00%, 11/15/62 (b)		855		844,435
California Health Facilities Financing Authority, Refunding RB, Sustainability Bonds, 5.00%, 08/01/55		1,500		1,514,934
California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47		780		700,131
California Municipal Finance Authority, RB, S/F Housing
Series A, 5.25%, 08/15/39		205		205,711
Series A, 5.25%, 08/15/49		510		512,165


Security	Par (000)		Value

California (continued)
California Pollution Control Financing Authority, RB, AMT, 5.00%, 11/21/45 (b)	$	2,130	$	2,133,834
California School Finance Authority, Refunding RB, Series A, 5.00%, 07/01/51 (b)		1,700		1,696,777
City of Los Angeles Department of Airports, ARB, AMT, Sustainability Bonds, 5.25%, 05/15/47		4,265		4,575,778
City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.00%, 05/15/46		1,265		1,345,945
CSCDA Community Improvement Authority, RB, M/F Housing (b)
4.00%, 10/01/56		245		200,201
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57		1,290		831,446
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58		655		489,198
Sustainability Bonds, 4.00%, 12/01/56		355		247,318
Series A, Sustainability Bonds, 4.00%, 06/01/58		780		564,457
Indio Finance Authority, Refunding RB, Series A, (BAM), 4.50%, 11/01/52		2,405		2,459,683
Riverside County Transportation Commission, Refunding RB, Class B1, Senior Lien, 4.00%, 06/01/46		2,255		2,217,935
San Marcos Unified School District, GO, CAB (c)
Series B, Election 2010, 0.00%, 08/01/33		3,000		2,338,736
Series B, Election 2010, 0.00%, 08/01/43		2,500		1,209,021
Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/40		830		838,135


				28,148,071

Colorado — 1.4%
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47 (b)		250		227,027
City & County of Denver Colorado Airport System Revenue, Refunding ARB
Series A, AMT, 4.13%, 11/15/53		1,290		1,203,679
Series D, AMT, 5.75%, 11/15/45		1,315		1,486,401
City & County of Denver Colorado Pledged Excise Tax Revenue, RB, CAB, Series A-2, 0.00%, 08/01/38 (c)		1,835		972,251
Colorado Educational & Cultural Facilities Authority, RB, 5.00%, 03/01/50 (b)		320		323,486
Colorado Health Facilities Authority, RB 5.25%, 11/01/39		595		644,779
5.50%, 11/01/47		370		401,736
5.25%, 11/01/52		920		979,932
Colorado Health Facilities Authority, Refunding RB, Series A, 5.00%, 08/01/44		495		514,262
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40		1,325		1,330,427


				8,083,980

District of Columbia — 5.4%
District of Columbia Income Tax Revenue, RB, Series A, 5.25%, 05/01/48		2,590		2,903,151
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40		11,165		11,526,856
District of Columbia, Refunding RB, 5.00%, 10/01/48		2,525		2,571,317
District of Columbia, TA, 5.13%, 06/01/41		540		541,068
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48		5,280		5,679,642


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


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


Security	Par (000)		Value

District of Columbia (continued)
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49	$	5,985	$	5,510,510
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB
Series A, Sustainability Bonds, 4.00%, 07/15/46		1,310		1,300,151
Series A, Sustainability Bonds, 4.13%, 07/15/47		1,285		1,289,852


				31,322,547

Florida — 4.9%
Brevard County Health Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/47		2,460		2,617,658
Capital Trust Agency, Inc., RB (b)
Series A, 5.00%, 06/01/45		190		164,318
Series A, 5.50%, 06/01/57		100		87,906
Celebration Pointe Community Development District No. 1, SAB
5.00%, 05/01/32		200		200,518
5.00%, 05/01/48		530		494,791
City of Fort Lauderdale Florida Water & Sewer Revenue, RB, Series B, 5.50%, 09/01/48		2,920		3,390,325
City of Tampa Florida, RB, CAB, Series A, 0.00%, 09/01/45 (c)		6,275		2,272,587
County of Lee Florida Airport Revenue, ARB, Series B, AMT, 5.00%, 10/01/46		2,230		2,328,848
County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52		1,455		1,545,433
County of Pasco Florida, RB
(AGM), 5.00%, 09/01/48		5,330		5,730,939
(AGM), 5.75%, 09/01/54		955		1,077,089
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45		5,675		5,040,994
Florida Development Finance Corp., RB
6.50%, 06/30/57 (b)		750		719,660
Series A, 5.00%, 06/15/56		115		111,373
AMT, 5.00%, 05/01/29 (b)		180		173,514
Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50 (b)		105		90,241
Lakewood Ranch Stewardship District, SAB
5.25%, 05/01/37		180		180,941
5.38%, 05/01/47		185		182,664
6.30%, 05/01/54		480		503,021
Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40		15		15,016
Osceola Chain Lakes Community Development District, SAB
4.00%, 05/01/40		270		235,369
4.00%, 05/01/50		260		204,487
Stevens Plantation Community Development District, SAB, Series A, 7.10%, 05/01/35 (d)(e)		1,670		1,118,935


				28,486,627

Georgia — 3.5%
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62 (b)		435		394,303
Main Street Natural Gas, Inc., RB
Series A, 5.00%, 05/15/38		325		343,640
Series A, 5.00%, 05/15/49		7,195		7,826,074
Series B, 5.00%, 12/01/52 (a)		5,000		5,249,000
Municipal Electric Authority of Georgia, RB 4.00%, 01/01/49		1,200		1,077,603


Security	Par (000)		Value

Georgia (continued)
Municipal Electric Authority of Georgia, RB (continued)
4.00%, 01/01/59	$	3,525	$	3,230,668
Series A, 5.00%, 07/01/52		1,870		1,927,152
Municipal Electric Authority of Georgia, Refunding RB, 4.00%, 01/01/51		520		456,967


				20,505,407

Hawaii — 0.2%
State of Hawaii Airports System Revenue, COP
AMT, 5.25%, 08/01/25		250		250,192
AMT, 5.25%, 08/01/26		810		810,629


				1,060,821

Idaho — 0.6%
Idaho Housing & Finance Association, RB, (GTD), 5.50%, 05/01/52		1,250		1,324,568
Idaho Housing & Finance Association, Refunding RB
(GTD), 4.00%, 05/01/42		1,400		1,336,533
(GTD), 4.00%, 05/01/52		1,095		965,789


				3,626,890

Illinois — 11.0%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/34		1,035		1,089,600
Series A, 5.00%, 12/01/40		535		549,391
Series A, 5.00%, 12/01/47		100		102,240
Series C, 5.25%, 12/01/35		2,790		2,803,006
Series D, 5.00%, 12/01/46		3,605		3,607,779
Series H, 5.00%, 12/01/36		495		506,366
Chicago Board of Education, Refunding GO
Series D, 5.00%, 12/01/27		1,600		1,657,859
Series D, 5.00%, 12/01/31		150		155,322
Series G, 5.00%, 12/01/34		710		726,864
Chicago Midway International Airport, Refunding ARB, Series A, AMT, 2nd Lien, 5.00%, 01/01/41		1,010		1,010,582
Chicago O’Hare International Airport, ARB, Class A, AMT, Senior Lien, 5.50%, 01/01/55		2,565		2,758,292
Chicago Transit Authority Sales Tax Receipts Fund, RB, 2nd Lien, 5.00%, 12/01/46		1,385		1,399,088
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, Senior Lien, 4.00%, 12/01/49		2,210		1,995,760
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/48		2,665		2,936,325
City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/48		5,125		5,643,155
Cook County Community College District No. 508, GO
5.50%, 12/01/38		2,670		2,680,047
5.25%, 12/01/43		3,850		3,862,361
Illinois Finance Authority, RB, Series A, 5.00%, 02/15/37		480		483,263
Illinois Finance Authority, Refunding RB
Series A, 4.00%, 07/15/47		3,920		3,787,139
Series C, 4.00%, 02/15/41		1,405		1,373,646
Series C, 5.00%, 02/15/41		1,600		1,644,967
Illinois Housing Development Authority, RB, S/F Housing
Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 10/01/52		3,495		3,765,125
Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 04/01/54		1,875		2,057,879


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


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


Security	Par (000)		Value

Illinois (continued)
Metropolitan Pier & Exposition Authority, RB
5.00%, 06/15/57	$	2,745	$	2,800,201
Series A, 5.50%, 06/15/53		280		285,802
Metropolitan Pier & Exposition Authority, RB, CAB, (BAM-TCRS), 0.00%, 12/15/56 (c)		2,165		449,113
Metropolitan Pier & Exposition Authority, Refunding RB
4.00%, 06/15/50		1,680		1,549,569
Series B, (AGM), 0.00%, 06/15/44 (c)		8,680		3,548,788
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54 (c)		3,020		663,371
State of Illinois, GO
5.25%, 02/01/31		730		731,199
5.25%, 02/01/32		2,500		2,504,170
5.00%, 02/01/39		1,640		1,643,480
Series B, 5.25%, 05/01/43		1,115		1,222,127
Series D, 5.00%, 11/01/28		505		538,864
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27		180		192,102
University of Illinois, RB, Series A, 5.00%, 04/01/44		1,360		1,361,241


				64,086,083

Indiana — 1.0%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		1,090		1,091,746
AMT, 7.00%, 01/01/44		4,625		4,631,143


				5,722,889

Iowa — 0.5%
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46 (f)		2,735		2,539,366
Iowa Student Loan Liquidity Corp., Refunding RB, Series B, AMT, 3.00%, 12/01/39		225		219,937


				2,759,303

Kansas — 0.1%
City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43		400		373,904


Kentucky — 2.4%
Kentucky Economic Development Finance Authority, Refunding RB, Series A, 5.00%, 08/01/44		1,115		1,154,656
Kentucky Economic Development Finance Authority, Refunding RB, CAB, Series B, (NPFGC), 0.00%, 10/01/24 (c)		5,000		4,891,686
Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52 (a)		6,085		6,067,294
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Convertible, 6.75%, 07/01/43 (g)		1,655		1,942,180


				14,055,816

Louisiana — 1.1%
Lafayette Parish School Board Sale Tax Revenue, RB, 4.00%, 04/01/48		555		554,500
Lake Charles Harbor & Terminal District, ARB, Series B, AMT, (AGM), 5.50%, 01/01/29		1,000		1,001,595
Louisiana Public Facilities Authority, RB, 5.25%, 10/01/53		2,705		2,869,112


Security	Par (000)		Value

Louisiana (continued)
New Orleans Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/48	$	995	$	1,007,001
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35		780		780,738


				6,212,946

Maryland — 0.3%
City of Baltimore Maryland, Refunding RB, Series A, 4.50%, 09/01/33		135		129,949
Maryland Economic Development Corp., RB, Class B, AMT, Sustainability Bonds, 5.25%, 06/30/47		1,550		1,594,557


				1,724,506

Massachusetts — 2.0%
Commonwealth of Massachusetts, GO
Series C, 5.00%, 10/01/47		1,810		1,989,884
Series C, 5.00%, 10/01/52		1,875		2,035,348
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47		4,555		4,583,752
Massachusetts Development Finance Agency, Refunding RB
5.00%, 01/01/41		525		526,271
5.00%, 01/01/45		375		375,844
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47		645		628,426
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46		1,220		1,279,510


				11,419,035

Michigan — 3.1%
City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36		5		5,014
City of Lansing Michigan, Refunding GO, Series B, (AGM), 5.00%, 06/01/48		3,450		3,729,233
Grand Traverse County Hospital Finance Authority, RB, Series A, 5.00%, 07/01/44		1,110		1,152,272
Lansing Board of Water & Light, Refunding RB, Series A, 5.25%, 07/01/54		5,195		5,804,485
Michigan Finance Authority, RB, 4.00%, 02/15/50		5,250		4,963,654
Michigan State Building Authority, Refunding RB, Series I, 4.00%, 10/15/52		555		529,720
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43		1,680		1,694,242


				17,878,620

Minnesota — 2.2%
Duluth Economic Development Authority, Refunding RB
Series A, 4.25%, 02/15/48		5,685		5,294,855
Series A, 5.25%, 02/15/53		615		627,656
Series A, 5.25%, 02/15/58		3,050		3,109,227
Minnesota Higher Education Facilities Authority, RB, Series A, Sustainability Bonds, 5.00%, 10/01/47		1,495		1,551,226
Minnesota Housing Finance Agency, RB, S/F Housing, Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, 01/01/53		2,115		2,267,251


				12,850,215

Mississippi — 0.2%
Mississippi Development Bank, RB, (AGM), 6.88%, 12/01/40		1,190		1,192,558


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


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


Security	Par (000)		Value

Missouri — 1.5%
Health & Educational Facilities Authority of the State of Missouri, Refunding RB
Series A, 4.00%, 07/01/46	$	1,830	$	1,798,613
Series C, 4.00%, 11/15/49		3,455		3,305,139
Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54		3,435		3,488,029
St Louis County Industrial Development Authority, Refunding RB, 5.00%, 09/01/37		500		485,230


				9,077,011

New Hampshire (b) — 0.6%
New Hampshire Business Finance Authority, Refunding RB
Series B, 4.63%, 11/01/42		2,350		1,994,989
Series C, AMT, 4.88%, 11/01/42		1,260		1,152,680
Series B, AMT, Sustainability Bonds, 3.75%, 07/01/45 (a)		270		211,768


				3,359,437

New Jersey — 11.5%
Casino Reinvestment Development Authority, Inc., Refunding RB
5.25%, 11/01/39		2,390		2,410,416
5.25%, 11/01/44		2,250		2,262,593
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37 (d)(e)		645		7,966
New Jersey Economic Development Authority, RB
5.00%, 12/15/28 (h)		1,375		1,531,408
5.00%, 06/15/43		2,335		2,471,424
Series EEE, 5.00%, 06/15/48		6,405		6,683,727
AMT, (AGM), 5.00%, 01/01/31		530		530,324
AMT, 5.38%, 01/01/43		1,500		1,501,328
New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47		1,570		1,572,811
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26 (h)		775		835,474
New Jersey Economic Development Authority, Refunding SAB
6.50%, 04/01/28		5,584		5,664,572
5.75%, 04/01/31		705		653,870
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51		4,980		4,830,320
New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50		1,810		1,620,292
New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49		665		522,033
New Jersey Transportation Trust Fund Authority, RB
Series AA, 5.00%, 06/15/45		415		421,386
Series AA, 4.00%, 06/15/50		1,730		1,655,938
Series BB, 5.00%, 06/15/46		3,465		3,780,377
Series S, 5.25%, 06/15/43		1,145		1,229,090
Series S, 5.00%, 06/15/46		4,980		5,219,866
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 4.25%, 06/15/40		7,330		7,696,256
New Jersey Turnpike Authority, RB, Series B, 5.00%, 01/01/46		5,385		5,936,714
Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/48		655		642,312
Tobacco Settlement Financing Corp., Refunding RB Series A, 5.00%, 06/01/46		275		280,145


Security	Par (000)		Value

New Jersey (continued)
Tobacco Settlement Financing Corp., Refunding RB (continued)
Series A, 5.25%, 06/01/46	$	4,140	$	4,270,781
Sub-Series B, 5.00%, 06/01/46		2,955		2,985,227


				67,216,650

New Mexico — 0.0%
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44		100		84,684


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


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


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


Security	Par (000)		Value

New York (continued)
New York Transportation Development Corp., RB (continued)
AMT, 4.00%, 10/31/46	$	425	$	385,050
Port Authority of New York & New Jersey, ARB, Series 218, AMT, 4.00%, 11/01/47		380		364,283
Port Authority of New York & New Jersey, Refunding ARB, Series 223, AMT, 4.00%, 07/15/41		1,150		1,134,251
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB
Series A, 4.00%, 05/15/48		6,855		6,823,070
Series A, 5.25%, 05/15/52		900		1,002,011
Triborough Bridge & Tunnel Authority, Refunding RB, Series C, 5.00%, 05/15/47		6,930		7,577,801
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42		190		189,972


				90,649,801

North Carolina — 0.4%
North Carolina Housing Finance Agency, RB, S/F Housing, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, 07/01/53		2,290		2,454,582


North Dakota — 0.2%
County of Cass North Dakota, Refunding RB, Series B, 5.25%, 02/15/58		1,035		1,067,208


Ohio — 1.6%
Buckeye Tobacco Settlement Financing Authority, Refunding RB Series A-2, Class 1, 4.00%, 06/01/48		915		829,263
Series B-2, Class 2, 5.00%, 06/01/55		5,320		5,011,227
County of Franklin Ohio, RB, Series A, 5.00%, 12/01/47		435		450,785
County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49		590		660,315
County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50		2,415		2,277,169


				9,228,759

Oklahoma — 0.5%
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52		1,640		1,638,041
Oklahoma Water Resources Board, RB, 4.00%, 04/01/48		240		235,101
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45		1,435		1,387,810


				3,260,952

Oregon — 0.1%
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38 (c)		1,445		753,903


Pennsylvania — 3.8%
Allegheny County Airport Authority, ARB, Series A, AMT, (AGM), 5.50%, 01/01/48		535		584,719
Montgomery County Higher Education and Health Authority, Refunding RB, 5.00%, 09/01/48		385		394,102
Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45		205		208,020
Pennsylvania Economic Development Financing Authority, RB 5.00%, 06/30/42		3,680		3,683,467
AMT, 5.75%, 06/30/48		1,405		1,549,078


Security	Par (000)		Value

Pennsylvania (continued)
Pennsylvania Economic Development Financing Authority, RB (continued)
AMT, 5.25%, 06/30/53	$	2,330	$	2,502,644
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44		480		474,913
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44		3,695		3,681,738
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series B, 4.00%, 12/01/53		2,990		2,807,221
Pennsylvania Turnpike Commission, RB Sub-Series B-1, 5.25%, 06/01/47		2,500		2,601,705
Series A, Subordinate, 4.00%, 12/01/46		2,065		2,000,852
Pennsylvania Turnpike Commission, Refunding RB, Series C, 4.00%, 12/01/51		1,050		1,033,620
Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52		440		460,619


				21,982,698

Puerto Rico — 4.5%
Commonwealth of Puerto Rico, GO, Series A-1, Restructured, 5.75%, 07/01/31		1,596		1,768,208
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		5,908		5,788,481
Series A-1, Restructured, 5.00%, 07/01/58		11,913		11,912,846
Series A-2, Restructured, 4.78%, 07/01/58		3,256		3,182,740
Series B-2, Restructured, 4.78%, 07/01/58		159		154,348
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (c)		12,023		3,695,998


				26,502,621

Rhode Island — 0.0%
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37		250		235,913


South Carolina — 1.4%
South Carolina Jobs-Economic Development Authority, RB, 5.00%, 01/01/55 (b)		335		292,822
South Carolina Jobs-Economic Development Authority, Refunding RB
Series A, 5.00%, 05/01/43		2,430		2,491,604
Series A, 5.00%, 05/01/48		3,395		3,459,593
South Carolina Public Service Authority, Refunding RB, Series B, 5.00%, 12/01/51		1,785		1,870,180


				8,114,199

Tennessee — 1.0%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 10/01/49		445		386,897
Metropolitan Nashville Airport Authority, ARB
Series B, AMT, 5.25%, 07/01/35		950		1,054,638
Series B, AMT, 5.50%, 07/01/36		795		892,790
Tennergy Corp., RB, Series A, 5.50%, 10/01/53 (a)		3,130		3,355,693


				5,690,018

Texas — 14.6%
Arlington Higher Education Finance Corp., RB (b)
7.50%, 04/01/62		965		939,059
7.88%, 11/01/62		815		827,104


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


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


Security	Par (000)		Value

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


Security	Par (000)		Value

Texas (continued)
Texas Transportation Commission State Highway 249 System, RB, CAB (c) 0.00%, 08/01/40	$	500	$	236,094
0.00%, 08/01/41		2,000		892,970
0.00%, 08/01/42		2,345		988,402
Texas Water Development Board, RB 4.45%, 10/15/36		675		748,292
4.00%, 10/15/45		1,810		1,811,615
Waller Consolidated Independent School District, GO, Series A, (PSF), 4.00%, 02/15/48		1,710		1,709,449


				84,833,008

Utah — 1.2%
City of Salt Lake City Utah Airport Revenue, ARB Series A, AMT, 5.00%, 07/01/48		955		979,050
Series A, AMT, 5.25%, 07/01/48		5,235		5,602,945
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/39 (b)		100		95,463
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/40 (b)		135		131,483


				6,808,941

Vermont — 0.0%
Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36		200		196,682


Virginia — 1.4%
Ballston Quarter Community Development Authority, TA (d)(e)
Series A, 5.00%, 03/01/26		290		282,174
Series A, 5.13%, 03/01/31		755		647,213
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47		1,010		951,908
Virginia Housing Development Authority, RB, M/F Housing, Series G, 5.05%, 11/01/47		1,825		1,897,603
Virginia Small Business Financing Authority, Refunding RB, 4.00%, 12/01/49		4,585		4,422,213


				8,201,111

Washington — 0.6%
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43		1,615		1,653,585
Washington State Housing Finance Commission, Refunding RB, 5.00%, 01/01/43 (b)		2,165		1,813,050


				3,466,635

West Virginia — 0.7%
City of Martinsburg West Verginia, RB, M/F Housing, Series A-1, 4.63%, 12/01/43		570		494,410
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48		3,525		3,421,113


				3,915,523

Wisconsin — 1.9%
Public Finance Authority, RB
Series A, 5.00%, 07/01/55 (b)		120		99,689
Series A-1, 4.50%, 01/01/35 (b)		205		183,698
AMT, 4.00%, 09/30/51		5,615		4,585,366
AMT, 4.00%, 03/31/56		1,835		1,446,330
Public Finance Authority, Refunding RB, 5.00%, 09/01/49 (b)		120		96,969
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/51		3,280		3,103,963


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


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


Security	Par (000)		Value

Wisconsin (continued)
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.85%, 09/01/43	$	720	$	757,929
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.70%, 07/01/47		660		667,727


				10,941,671


Total Municipal Bonds — 114.2% (Cost: $652,366,057)				665,042,300


Municipal Bonds Transferred to Tender Option Bond Trusts (i)

Alabama (a) — 3.5%
Black Belt Energy Gas District, RB
Series B, 5.25%, 12/01/53		12,500		13,494,125
Series C-1, 5.25%, 02/01/53		6,702		7,137,333


				20,631,458

California — 1.9%
California Community Choice Financing Authority, RB, Sustainability Bonds, 5.00%, 02/01/54		10,000		10,732,016


Colorado — 1.4%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53		7,685		8,364,370


District of Columbia — 0.4%
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, 4.10%, 09/01/39		2,361		2,367,629


Florida — 1.3%
City of Melbourne Florida Water & Sewer Revenue, RB, 5.00%, 11/15/50		6,910		7,586,502


Iowa — 0.2%
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46		1,370		1,370,000


Michigan — 2.3%
Michigan State Building Authority, RB, M/F Housing, Series A, 5.00%, 10/01/48		12,964		13,559,978


Nebraska — 0.9%
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53 (a)		5,240		5,482,582


New York — 5.7%
New York City Housing Development Corp., RB, M/F Housing, Series E-1, Sustainability Bonds, 4.70%, 11/01/48		5,540		5,627,794
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38		4,810		4,736,901
New York City Transitional Finance Authority, RB, 5.25%, 05/01/48		9,510		10,796,414
New York State Dormitory Authority, Refunding RB, Series E, 5.00%, 03/15/46		8,820		9,275,908
Port Authority of New York & New Jersey, RB, Series 221, AMT, 4.00%, 07/15/55		2,820		2,586,604


				33,023,621

Oregon — 2.2%
Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48		11,628		12,882,433


Security	Par (000)		Value

Pennsylvania — 3.5%
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 143A, Sustainability Bonds, 6.25%, 10/01/53	$	11,111	$	12,231,067
Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/47		7,107		7,945,685


				20,176,752

South Carolina — 0.9%
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54		4,842		5,224,475


Wisconsin — 1.0%
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing, Series A, 4.10%, 11/01/43		2,658		5,786,869


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 25.2% (Cost: $142,339,621)				147,188,685


Total Long-Term Investments — 139.4% (Cost: $794,705,678)				812,230,985


	Shares

Short-Term Securities

Money Market Funds — 1.8%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (j)(k)		10,122,667		10,123,679


Total Short-Term Securities — 1.8% (Cost: $10,121,826)				10,123,679


Total Investments — 141.2% (Cost: $804,827,504)				822,354,664
Other Assets Less Liabilities — 2.0%			11,775,033

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (13.3)%				(77,523,843	)

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (29.9)%				(174,100,000	)


Net Assets Applicable to Common Shares — 100.0%			$	582,505,854

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

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

(c)	Zero-coupon bond.

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

(e)	Non-income producing security.

(f)	When-issued security.

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

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

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

(j)	Affiliate of the Fund.

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


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


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

Affiliates



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

(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	2,460,561		$	—	$	2,460,561


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	(592,079	)	$	—	$	(592,079	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




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

(a)

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

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Municipal Bonds	$	—	$	665,042,300	$	—	$	665,042,300
Municipal Bonds Transferred to Tender Option Bond Trusts		—		147,188,685		—		147,188,685
Short-Term Securities
Money Market Funds		10,123,679		—		—		10,123,679

	$	10,123,679	$	812,230,985	$	—	$	822,354,664


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


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



	Level 1		Level 2			Level 3		Total

Liabilities
TOB Trust Certificates	$	—	$	(77,008,589	)	$	—	$	(77,008,589	)
VMTP Shares at Liquidation Value		—		(174,100,000	)		—		(174,100,000	)

	$	—	$	(251,108,589	)	$	—	$	(251,108,589	)

See notes to financial statements.


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


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


Security	Par (000)		Value

Municipal Bonds

Alabama — 4.2%
Black Belt Energy Gas District, RB (a)
Series A, 5.25%, 01/01/54	$	2,450	$	2,638,313
Series F, 5.50%, 11/01/53		1,115		1,186,322
Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51 (a)		9,590		9,602,371
County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53		4,715		5,172,106
Southeast Energy Authority A Cooperative District, RB (a)
Series A-1, 5.50%, 01/01/53		1,890		2,032,979
Series B, 5.00%, 01/01/54		4,595		4,868,724
Series B-1, 5.00%, 05/01/53		4,510		4,687,898


				30,188,713

Arizona — 2.8%
Arizona Industrial Development Authority, RB
4.38%, 07/01/39 (b)		575		512,021
Series A, (BAM), 4.00%, 06/01/44		425		408,787
Series A, 5.00%, 07/01/49 (b)		550		498,437
Series A, 5.00%, 07/01/54 (b)		425		378,325
Arizona Industrial Development Authority, Refunding RB (b)
Series A, 5.50%, 07/01/52		130		123,790
Series G, 5.00%, 07/01/47		435		407,678
City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47		2,425		2,762,946
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56		640		499,598
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46 (b)		2,120		2,036,352
Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/34 (b)		400		400,083
Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/49 (b)		300		274,283
Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38		775		784,299
Maricopa County Pollution Control Corp., Refunding RB, Series B, 3.60%, 04/01/40		1,400		1,227,626
Salt Verde Financial Corp., RB
5.00%, 12/01/32		3,500		3,746,519
5.00%, 12/01/37		5,235		5,716,128


				19,776,872

Arkansas — 1.5%
Arkansas Development Finance Authority, RB
Series A, AMT, 4.50%, 09/01/49 (b)		380		368,741
Series A, AMT, 4.75%, 09/01/49 (b)		4,235		4,173,127
AMT, Sustainability Bonds, 5.70%, 05/01/53		1,170		1,197,741
City of Benton Arkansas Sales & Use Tax, RB, (AGM), 4.00%, 06/01/39		505		505,346
City of Fort Smith Arkansas Water & Sewer Revenue, Refunding RB, Subordinate, 4.00%, 10/01/40		840		828,268
City of Springdale Arkansas Sales & Use Tax Revenue, RB, Series B, (BAM), 4.13%, 08/01/47		3,085		3,062,271
Pulaski County Public Facilities Board, RB, 5.00%, 12/01/42		465		469,210


				10,604,704

California — 6.5%
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/47		3,170		3,180,864


Security	Par (000)		Value

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


				46,645,572

Colorado — 3.0%
Board of Governors of Colorado State University System, Refunding RB, Series C, 4.00%, 03/01/47		5,650		5,515,906
City & County of Denver Colorado Airport System Revenue, ARB
Series A, AMT, 5.50%, 11/15/28		1,000		1,000,613
Series A, AMT, 5.50%, 11/15/30		340		340,211
Series A, AMT, 5.50%, 11/15/31		405		405,279


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


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


Security	Par (000)		Value

Colorado (continued)
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series D, AMT, 5.75%, 11/15/45	$	1,160	$	1,311,198
City & County of Denver Colorado Pledged Excise Tax Revenue, RB, CAB (c)
Series A-2, 0.00%, 08/01/37		1,490		823,933
Series A-2, 0.00%, 08/01/38		915		484,801
Colorado Educational & Cultural Facilities Authority, RB
5.50%, 07/01/40		2,510		2,513,978
5.00%, 03/01/50 (b)		360		363,922
Colorado Health Facilities Authority, RB
5.50%, 11/01/47		480		521,171
5.25%, 11/01/52		1,000		1,065,143
Colorado Health Facilities Authority, Refunding RB
Series A, 5.00%, 08/01/44		2,420		2,514,173
Series A, 4.00%, 11/15/46		1,610		1,556,139
Series A, 4.00%, 08/01/49		1,950		1,811,766
Series A, 4.00%, 11/15/50		1,480		1,393,175


				21,621,408

Connecticut — 0.1%
Connecticut State Health & Educational Facilities Authority, RB
5.25%, 07/15/48		390		422,173
4.25%, 07/15/53		525		512,229


				934,402

Delaware — 0.5%
County of Kent Delaware, RB
5.00%, 07/01/53		775		732,383
Series A, 5.00%, 07/01/40		330		330,430
Delaware State Health Facilities Authority, RB, 5.00%, 06/01/48		2,180		2,183,165


				3,245,978

District of Columbia — 3.9%
District of Columbia Income Tax Revenue, RB, Series A, 5.25%, 05/01/48		3,490		3,911,968
District of Columbia, Refunding RB, 5.00%, 10/01/48		1,695		1,726,092
District of Columbia, TA, 5.13%, 06/01/41		1,195		1,197,363
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB
Series A, AMT, 4.00%, 10/01/39		1,060		1,061,018
Series A, AMT, 5.25%, 10/01/48		1,395		1,500,587
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/34 (c)		10,170		7,067,168
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/35 (c)		13,485		8,905,808
Series B, Subordinate, 4.00%, 10/01/49		2,000		1,841,440
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, Sustainability Bonds, 4.00%, 07/15/46		875		868,421


				28,079,865

Florida — 4.8%
Broward County Florida Water & Sewer Utility
Revenue, RB, Series A, 4.00%, 10/01/45		585		588,453
Capital Trust Agency, Inc., RB (b)
5.00%, 01/01/55		305		232,044
Series A, 5.00%, 06/01/45		480		415,119


Security	Par (000)		Value

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


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


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


Security	Par (000)		Value

Florida (continued)
Village Community Development District No. 15, SAB, 5.25%, 05/01/54 (b)	$	600	$	594,637
Westside Community Development District, SAB, 4.00%, 05/01/50		815		641,644


				34,170,488

Georgia — 3.9%
City of Atlanta Georgia Department of Aviation, Refunding ARB, Series B, AMT, 5.00%, 07/01/52		1,520		1,604,379
Cobb County Kennestone Hospital Authority, RB, 4.00%, 04/01/52		3,165		2,987,658
Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48		2,615		2,495,934
Development Authority for Fulton County, RB, 5.00%, 06/15/56		7,240		7,870,821
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62 (b)		535		484,947
Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51		1,460		1,372,855
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 06/01/53 (a)		7,815		8,266,551
Municipal Electric Authority of Georgia, RB
4.00%, 01/01/49		1,135		1,019,233
4.00%, 01/01/59		1,335		1,223,530
Series A, 5.00%, 01/01/59		480		487,286


				27,813,194

Hawaii — 0.1%
State of Hawaii Airports System Revenue, COP
AMT, 5.25%, 08/01/25		425		425,326
AMT, 5.25%, 08/01/26		460		460,358


				885,684

Idaho — 0.3%
Power County Industrial Development Corp., RB, AMT, 6.45%, 08/01/32		2,000		2,003,089


Illinois — 8.8%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/34		1,760		1,852,847
Series A, 5.00%, 12/01/40		1,410		1,447,929
Series A, 5.00%, 12/01/42		1,480		1,480,552
Series C, 5.25%, 12/01/35		2,655		2,667,377
Series D, 5.00%, 12/01/46		3,480		3,482,682
Series H, 5.00%, 12/01/36		585		598,432
Chicago Board of Education, Refunding GO
Series C, 5.00%, 12/01/27		500		518,081
Series C, 5.00%, 12/01/34		475		485,727
Series G, 5.00%, 12/01/34		315		322,482
Chicago Midway International Airport, Refunding ARB
Series B, 5.00%, 01/01/46		1,670		1,702,514
Series A, AMT, 2nd Lien, 5.00%, 01/01/41		1,620		1,620,933
Chicago O’Hare International Airport, Refunding ARB
Series A, AMT, Senior Lien, 4.38%, 01/01/53		1,390		1,327,886
Series B, Senior Lien, 5.00%, 01/01/53		1,040		1,079,331
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/58		885		966,587
City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/53		1,445		1,572,565
Cook County Community College District No. 508, GO
5.50%, 12/01/38		3,075		3,086,571
5.25%, 12/01/43		2,935		2,944,424


Security	Par (000)		Value

Illinois (continued)
Illinois Finance Authority, RB
Series A, 5.00%, 02/15/37	$	820	$	825,575
Series A, 5.00%, 02/15/50		130		121,601
Illinois Finance Authority, Refunding RB
Series A, 4.00%, 07/15/47		1,485		1,434,669
Series C, 4.00%, 02/15/41		1,945		1,901,595
Series C, 5.00%, 02/15/41		555		570,598
Illinois State Toll Highway Authority, RB
Series A, 5.00%, 01/01/40		5,625		5,761,773
Series B, 5.00%, 01/01/40		2,250		2,315,200
Metropolitan Pier & Exposition Authority, RB, 5.00%, 06/15/57		2,370		2,417,660
Metropolitan Pier & Exposition Authority, Refunding RB (c)
Series B, (AGM), 0.00%, 06/15/44		3,765		1,539,307
Series B, (AGM), 0.00%, 06/15/47		22,775		7,887,352
State of Illinois, GO
5.25%, 02/01/31		1,485		1,487,439
5.25%, 02/01/32		2,365		2,368,944
5.00%, 02/01/39		1,910		1,914,053
5.50%, 05/01/39		795		880,719
Series B, 5.25%, 05/01/41		1,770		1,949,809
Series D, 5.00%, 11/01/28		900		960,351
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27		90		96,051
University of Illinois, RB, Series A, 5.00%, 04/01/44		1,225		1,226,117


				62,815,733

Indiana — 1.2%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		975		976,562
AMT, 7.00%, 01/01/44		2,355		2,358,128
Indianapolis Local Public Improvement Bond Bank, RB
5.25%, 02/01/48		665		747,323
(BAM), 5.00%, 03/01/53		3,950		4,147,497


				8,229,510

Iowa — 0.2%
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46 (h)		1,450		1,346,282
Iowa Student Loan Liquidity Corp., Refunding RB, Series B, AMT, 3.00%, 12/01/39		175		171,062


				1,517,344

Kansas — 0.1%
Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52		705		643,966


Kentucky — 1.4%
County of Boyle Kentucky, Refunding RB, 5.00%, 06/01/37		2,500		2,607,198
Fayette County School District Finance Corp., RB
(NGFGC), 5.00%, 06/01/44		860		933,058
(BAM-TCRS), 5.00%, 06/01/46		760		818,650
(BAM-TCRS), 5.00%, 06/01/47		1,155		1,240,506
Kentucky Economic Development Finance Authority, Refunding RB, Series A, 5.00%, 08/01/44		735		761,141
Kentucky Public Transportation Infrastructure Authority, RB, CAB (a) Convertible, 6.75%, 07/01/43		1,770		2,077,135


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


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


Security	Par (000)		Value

Kentucky (continued)
Kentucky Public Transportation Infrastructure Authority, RB, CAB (a) (continued)
Series C, Convertible, 6.45%, 07/01/34	$	500	$	601,641
Series C, Convertible, 6.60%, 07/01/39		830		977,713


				10,017,042

Louisiana — 1.7%
Lafayette Parish School Board Sale Tax Revenue,
RB, 4.00%, 04/01/53		995		990,107
Lake Charles Harbor & Terminal District, ARB, Series B, AMT, (AGM), 5.50%, 01/01/29		1,500		1,502,393
Louisiana Public Facilities Authority, RB
5.25%, 10/01/48		1,330		1,410,333
5.25%, 10/01/53		2,810		2,980,483
Louisiana Public Facilities Authority, Refunding RB, 5.00%, 05/15/47		1,635		1,663,786
Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48		2,990		3,205,142
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35		495		495,468


				12,247,712

Maryland — 0.8%
Anne Arundel County Consolidated Special Taxing District, ST
5.13%, 07/01/36		170		170,407
5.25%, 07/01/44		170		170,261
Howard County Housing Commission, RB, M/F Housing, 5.00%, 12/01/42		1,430		1,477,636
Maryland Health & Higher Educational Facilities Authority, RB
Series B, 4.00%, 04/15/50		1,645		1,533,105
Series C, 5.00%, 05/15/45		2,125		2,156,021


				5,507,430

Massachusetts — 2.7%
Commonwealth of Massachusetts, GO
Series C, 5.00%, 10/01/47		1,195		1,313,763
Series C, 5.00%, 10/01/52		1,240		1,346,044
Massachusetts Development Finance Agency, RB
5.00%, 01/01/48		1,115		1,124,077
5.00%, 10/01/48		830		800,578
Series A, 5.25%, 01/01/42		1,110		1,129,151
Series A, 5.00%, 01/01/47		5,005		5,036,592
Massachusetts Development Finance Agency, Refunding RB
4.00%, 07/01/39		1,140		1,040,185
5.00%, 04/15/40		400		401,706
Series A, 5.00%, 10/01/35		500		505,620
Series A, 5.00%, 10/01/43		750		751,242
Series P, 5.45%, 05/15/59		2,010		2,239,765
Massachusetts Educational Financing Authority, RB, Series B, AMT, 2.63%, 07/01/36		25		24,797
Massachusetts Educational Financing Authority, Refunding RB, Series B, AMT, 3.63%, 07/01/34		30		30,908
Massachusetts Housing Finance Agency, RB, M/F Housing, Series A, 3.80%, 12/01/43		160		144,215
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46		3,100		3,251,214


				19,139,857


Security	Par (000)		Value

Michigan — 5.9%
City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36	$	5	$	5,014
City of Lansing Michigan, Refunding GO, Series B, (AGM), 4.13%, 06/01/48		1,360		1,328,987
Eastern Michigan University, RB, Series A, 4.00%, 03/01/28 (d)		45		47,525
Great Lakes Water Authority Sewage Disposal System Revenue, RB
Series B, 2nd Lien, 5.25%, 07/01/47		1,490		1,632,605
Series B, 2nd Lien, 5.50%, 07/01/52		3,525		3,887,979
Series A, Senior Lien, 5.25%, 07/01/52		3,525		3,879,538
Great Lakes Water Authority Water Supply System Revenue, RB
Series A, Senior Lien, 5.25%, 07/01/52		3,525		3,879,538
Series B, Senior Lien, 5.50%, 07/01/52		3,525		3,894,175
Michigan Finance Authority, RB
4.00%, 02/15/47		4,815		4,611,030
4.00%, 02/15/50		3,140		2,968,738
4.00%, 02/15/44		3,785		3,649,406
Michigan Finance Authority, Refunding RB
4.00%, 11/15/46		570		540,718
Series A, 4.00%, 12/01/49		4,100		3,937,866
Michigan State Building Authority, Refunding RB, Series I, 4.00%, 10/15/52		710		677,660
Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47		215		225,904
Michigan State Housing Development Authority, RB, M/F Housing, Series A, AMT, 3.80%, 10/01/38		1,690		1,635,848
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43		1,795		1,810,217
State of Michigan Trunk Line Revenue, RB
4.00%, 11/15/46		905		919,986
5.00%, 11/15/46		1,980		2,210,262


				41,742,996

Minnesota — 1.1%
City of Otsego Minnesota, Refunding RB, Series A, 5.00%, 09/01/44		425		391,529
City of Spring Lake Park Minnesota, RB, 5.00%, 06/15/39		1,080		1,031,003
Duluth Economic Development Authority, Refunding RB
Series A, 4.25%, 02/15/48		3,800		3,539,217
Series A, 5.25%, 02/15/53		415		423,540
Series A, 5.25%, 02/15/58		1,605		1,636,167
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Refunding RB, Series A, 4.00%, 11/15/43		575		503,307
Minneapolis-St Paul Metropolitan Airports Commission, Refunding RB, Sub Series D, AMT, 5.00%, 01/01/41		290		298,537


				7,823,300

Mississippi — 0.5%
Mississippi Development Bank, RB, (AGM), 6.88%, 12/01/40		3,595		3,602,727


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


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


Security	Par (000)		Value

Missouri — 0.8%
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, Series A, 4.00%, 02/15/49	$	1,910	$	1,806,010
Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54		3,530		3,584,495


				5,390,505

Montana — 0.0%
Montana Board of Housing, RB, S/F Housing
Series B-2, 3.50%, 12/01/42		60		60,333
Series B-2, 3.60%, 12/01/47		100		88,300


				148,633

Nebraska — 0.1%
Douglas County Hospital Authority No. 3, Refunding RB, 5.00%, 11/01/45		400		406,460


Nevada — 0.7%
Carson City Nevada, Refunding RB, 5.00%, 09/01/42		650		659,236
County of Clark Department of Aviation, Refunding RB, Series A-2, Sub Lien, 4.25%, 07/01/36		1,000		1,005,117
Las Vegas Valley Water District, GO, Series A, 4.00%, 06/01/51		2,690		2,612,981
Tahoe-Douglas Visitors Authority, RB
5.00%, 07/01/40		595		617,698
5.00%, 07/01/45		420		430,002


				5,325,034

New Hampshire — 0.5%
New Hampshire Business Finance Authority, Refunding RB (b)
Series B, 4.63%, 11/01/42		2,095		1,778,511
Series C, AMT, 4.88%, 11/01/42		1,140		1,042,901
Series B, AMT, Sustainability Bonds, 3.75%, 07/01/45 (a)		395		309,809
New Hampshire Housing Finance Authority, RB, M/F Housing, Series 1, 4.00%, 07/01/52		800		699,049


				3,830,270

New Jersey — 7.7%
Casino Reinvestment Development Authority, Inc., Refunding RB
5.25%, 11/01/39		1,265		1,275,806
5.25%, 11/01/44		1,885		1,895,550
New Jersey Economic Development Authority, ARB, Series B, AMT, 5.63%, 11/15/30		660		665,096
New Jersey Economic Development Authority, RB
5.00%, 12/15/28 (d)		60		66,825
5.00%, 06/15/36		460		508,456
5.00%, 06/15/43		100		105,843
Class A, 5.25%, 11/01/47		4,795		5,286,562
Series A, 5.00%, 06/15/47		2,500		2,592,223
Series B, 4.50%, 06/15/40		1,270		1,323,472
Series EEE, 5.00%, 06/15/48		4,275		4,461,036
Series LLL, 5.00%, 06/15/34		365		406,431
Series UU, 5.00%, 06/15/24 (d)		80		80,547
Series UU, 5.00%, 06/15/40		345		347,162
AMT, (AGM), 5.00%, 01/01/31		790		790,482
AMT, (AGM), 5.13%, 07/01/42		200		200,125
AMT, 5.38%, 01/01/43		3,000		3,002,655
New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47		1,060		1,061,898
New Jersey Economic Development Authority, Refunding SAB
6.50%, 04/01/28		3,735		3,789,011


Security	Par (000)		Value

New Jersey (continued)
New Jersey Economic Development Authority, Refunding SAB (continued)
5.75%, 04/01/31	$	2,675	$	2,480,998
New Jersey Higher Education Student Assistance Authority, Refunding RB
Series B, AMT, 4.00%, 12/01/41		3,390		3,379,985
Series C, AMT, Subordinate, 5.00%, 12/01/52		3,425		3,466,331
New Jersey Housing & Mortgage Finance Agency, Refunding RB, Series A, AMT, 3.80%, 10/01/32		1,100		1,051,554
New Jersey Transportation Trust Fund Authority, RB
5.00%, 06/15/48		4,075		4,374,576
Series AA, 4.13%, 06/15/39		1,040		1,055,651
Series AA, 5.00%, 06/15/45		900		913,848
Series AA, 5.00%, 06/15/46		400		405,777
Series S, 5.25%, 06/15/43		2,810		3,016,369
Series S, 5.00%, 06/15/46		2,070		2,169,703
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35 (c)		1,000		648,494
New Jersey Transportation Trust Fund Authority, Refunding RB
Series A, 5.00%, 06/15/37		1,440		1,663,498
Series A, 5.25%, 06/15/42		575		654,692
Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/53		645		624,553
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/46		650		662,162
Series A, 5.25%, 06/01/46		715		737,587


				55,164,958

New Mexico — 0.0%
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44		200		169,369


New York — 11.9%
City of New York, GO
Series A, 5.00%, 08/01/46		2,265		2,524,956
Series A, 5.00%, 08/01/48		4,750		5,265,498
Series A-1, 4.00%, 09/01/46		2,175		2,215,563
Series C, 5.00%, 08/01/43		805		878,490
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45		3,585		3,494,881
Metropolitan Transportation Authority, Refunding RB
Series C-1, 5.00%, 11/15/56		2,670		2,718,142
Series C-1, 5.25%, 11/15/56		10		10,253
Series C-1, Sustainability Bonds, 4.75%, 11/15/45		1,950		2,012,068
Series C-1, Sustainability Bonds, 5.00%, 11/15/50		370		385,497
Series C-1, Sustainability Bonds, 5.25%, 11/15/55		1,040		1,095,852
New York City Housing Development Corp., RB, M/F Housing, Series E-1, Sustainability Bonds, 4.85%, 11/01/53		2,165		2,207,706
New York City Municipal Water Finance Authority, Refunding RB, Series BB-1, 4.00%, 06/15/45		855		857,352
New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, Subordinate, (SAW), 4.00%, 07/15/42		1,015		1,015,066
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F-1, Subordinate, 4.00%, 02/01/51		6,500		6,562,161
New York Counties Tobacco Trust IV, Refunding RB
Series A, 5.00%, 06/01/38		1,385		1,375,407
Series A, 6.25%, 06/01/41 (b)		3,000		3,001,042
New York Counties Tobacco Trust VI, Refunding RB
Series A-2B, 5.00%, 06/01/45		255		236,560
Series A-2B, 5.00%, 06/01/51		245		221,709


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


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


Security	Par (000)		Value

New York (continued)
New York Liberty Development Corp., Refunding RB
Class 1, 5.00%, 11/15/44 (b)	$	3,920	$	3,915,100
Class 2, 5.38%, 11/15/40 (b)		1,450		1,451,812
Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51		4,565		3,322,825
Series A, Sustainability Bonds, 3.00%, 11/15/51		2,825		2,111,342
New York Power Authority, RB, Sustainability Bonds, (AGM), 5.13%, 11/15/58		1,305		1,428,789
New York Power Authority, Refunding RB, Series A, Sustainability Bonds, 4.00%, 11/15/55		1,160		1,117,215
New York State Dormitory Authority, RB, Series A, 4.00%, 03/15/47		545		533,180
New York State Urban Development Corp., RB
Series A, 4.00%, 03/15/45		3,000		3,002,382
Series A, 4.00%, 03/15/49		1,600		1,578,511
New York State Urban Development Corp., Refunding RB
4.00%, 03/15/49		1,850		1,813,516
Series A, 4.00%, 03/15/44		7,275		7,287,153
New York Transportation Development Corp., ARB, AMT, 5.63%, 04/01/40		1,265		1,369,742
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		1,910		1,993,997
AMT, Sustainability Bonds, 6.00%, 06/30/54		3,880		4,267,258
Port Authority of New York & New Jersey, Refunding ARB
Series 198, 5.25%, 11/15/56		715		740,267
AMT, 5.00%, 01/15/47		4,860		5,175,000
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 4.13%, 05/15/53		6,415		6,449,993
TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41		535		539,471
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42		290		289,957


				84,465,713

North Carolina — 0.6%
Greater Asheville Regional Airport Authority, ARB, AMT, (AGM), 5.25%, 07/01/48		3,755		4,032,704
University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49		460		515,604


				4,548,308

Ohio — 2.0%
Buckeye Tobacco Settlement Financing Authority, Refunding RB
Series A-2, Class 1, 4.00%, 06/01/48		610		552,842
Series B-2, Class 2, 5.00%, 06/01/55		9,165		8,633,063
County of Franklin Ohio, RB
Series A, 4.00%, 12/01/44		365		358,625
Series A, 5.00%, 12/01/47		290		300,523
County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49		550		615,548
County of Hamilton Ohio, Refunding RB
4.00%, 08/15/50		1,085		1,023,076
Series A, 3.75%, 08/15/50		755		677,826


Security	Par (000)		Value

Ohio (continued)
Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48	$	50	$	50,105
State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50		2,250		2,107,843


				14,319,451

Oklahoma — 0.4%
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52		1,080		1,078,710
Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48		640		638,886
Oklahoma Water Resources Board, RB, 4.00%, 04/01/48		950		930,607


				2,648,203

Oregon — 0.1%
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38 (c)		510		266,083
State of Oregon Housing & Community Services Department, RB, S/F Housing, Series C, 3.95%, 07/01/43		110		101,031


				367,114

Pennsylvania — 5.5%
Allegheny County Airport Authority, ARB, Series A, AMT, (AGM-CR), 4.00%, 01/01/56		1,670		1,569,059
Commonwealth of Pennsylvania, GO, Series 1, 4.00%, 03/01/38		3,650		3,745,505
Lancaster Industrial Development Authority, RB, 5.00%, 12/01/44		780		781,325
Montgomery County Higher Education and Health Authority, Refunding RB
4.00%, 09/01/51		1,430		1,316,989
5.00%, 09/01/48		980		1,003,168
Series A, 4.00%, 09/01/49		1,380		1,268,439
Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45		605		613,914
Northampton County General Purpose Authority, Refunding RB, 4.00%, 11/01/38		2,595		2,625,087
Pennsylvania Economic Development Financing Authority, RB
5.00%, 06/30/42		390		390,367
Series A-1, 4.00%, 04/15/50		470		437,411
AMT, 5.50%, 06/30/40		2,000		2,193,962
AMT, 5.75%, 06/30/48		3,150		3,473,022
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44		1,905		1,884,811
Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47		100		75,763
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 142-A, Sustainability Bonds, 5.00%, 10/01/50		1,130		1,164,432
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB
Series A, 4.00%, 12/01/51		9,445		9,146,355
Series B, 4.00%, 12/01/53		1,435		1,347,278
Pennsylvania Turnpike Commission, RB
Series A, 5.00%, 12/01/44		1,380		1,396,121
Sub-Series B-1, 5.25%, 06/01/47		1,170		1,217,598


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


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


Security	Par (000)		Value

Pennsylvania (continued)
Pennsylvania Turnpike Commission, RB (continued)
Series A, Subordinate, 4.00%, 12/01/50	$	1,075	$	1,021,407
Series A, Subordinate, (BAM-TCRS), 4.00%, 12/01/50		535		520,300
Series B, Subordinate, 4.00%, 12/01/51		610		576,932
Pennsylvania Turnpike Commission, Refunding RB, Series C, 4.00%, 12/01/51		1,555		1,530,742


				39,299,987

Puerto Rico — 5.2%
Commonwealth of Puerto Rico, GO
Series A-1, Restructured, 5.63%, 07/01/29		3,910		4,225,901
Series A-1, Restructured, 5.75%, 07/01/31		3,524		3,903,054
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		9,243		9,056,013
Series A-1, Restructured, 5.00%, 07/01/58		11,123		11,122,857
Series A-2, Restructured, 4.78%, 07/01/58		2,097		2,049,817
Series B-2, Restructured, 4.78%, 07/01/58		412		399,945
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (c)		19,562		6,013,567


				36,771,154

Rhode Island — 0.6%
Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47		1,975		1,925,502
Rhode Island Health and Educational Building Corp., Refunding RB, Series A, (AGM), 3.75%, 05/15/32		1,155		1,184,048
Rhode Island Housing & Mortgage Finance Corp., RB, M/F Housing, Series 3-B, 4.13%, 10/01/49		295		269,608
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37		735		693,586


				4,072,744

South Carolina — 1.5%
County of Berkeley South Carolina, SAB
4.25%, 11/01/40		315		281,231
4.38%, 11/01/49		470		389,411
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54 (a)		1,575		1,686,990
South Carolina Jobs-Economic Development Authority, RB, 5.00%, 01/01/55 (b)		845		738,610
South Carolina Jobs-Economic Development Authority, Refunding RB
4.00%, 12/01/44		2,015		1,924,351
Series A, 5.00%, 05/01/43		1,680		1,722,591
Series A, 4.25%, 05/01/48		1,445		1,369,253
South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49		1,745		1,577,342
South Carolina Public Service Authority, RB, Series E, 5.00%, 12/01/48		440		440,152
South Carolina Public Service Authority, Refunding RB, Series A, 5.00%, 12/01/36		175		180,948
South Carolina State Housing Finance & Development Authority, Refunding RB, S/F Housing, Series A, 4.95%, 07/01/53		210		217,080


				10,527,959

South Dakota — 0.1%
City of Rapid City South Dakota Sales Tax Revenue, RB, 4.00%, 12/01/26 (d)		740		766,810


Security	Par (000)		Value

Tennessee — 2.7%
Knox County Health Educational & Housing Facility Board, RB, Series A-1, (BAM), 5.50%, 07/01/59	$	430	$	468,107
Memphis-Shelby County Airport Authority, ARB
Series A, AMT, 5.00%, 07/01/45		3,515		3,676,094
Series A, AMT, 5.00%, 07/01/49		11,275		11,694,662
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, 5.25%, 05/01/48		555		600,481
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB
5.25%, 10/01/58		2,280		2,332,303
Series A, 4.00%, 10/01/49		230		199,969


				18,971,616

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


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


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


Security	Par (000)		Value

Texas (continued)
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45	$	255	$	225,152
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA), 3.75%, 09/01/49		850		785,042
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58		2,080		2,104,153
Texas Transportation Commission State Highway 249 System, RB, CAB (c)
0.00%, 08/01/35		270		169,373
0.00%, 08/01/36		145		85,960
0.00%, 08/01/37		195		108,877
0.00%, 08/01/38		200		105,427
0.00%, 08/01/39		1,000		499,120
0.00%, 08/01/43		795		316,888
0.00%, 08/01/44		605		227,298
0.00%, 08/01/45		1,135		402,645
Texas Water Development Board, RB, 4.00%, 10/15/45		1,195		1,196,066


				58,106,695

Utah — 0.6%
City of Salt Lake City Utah Airport Revenue, ARB
Series A, AMT, 5.00%, 07/01/48		1,565		1,604,412
Series A, AMT, 5.00%, 07/01/51		1,340		1,391,284
Utah Charter School Finance Authority, RB
(UT CSCE), 5.00%, 10/15/48		360		367,479
Series A, 5.00%, 06/15/39 (b)		200		190,927
Utah Charter School Finance Authority, Refunding RB
5.00%, 06/15/40 (b)		150		146,092
(UT CSCE), 4.00%, 04/15/42		400		385,053
5.00%, 06/15/55 (b)		385		352,365


				4,437,612

Vermont — 0.0%
Vermont Student Assistance Corp., RB, Series A, AMT, 4.13%, 06/15/30		285		285,868


Virginia — 1.3%
Ballston Quarter Community Development Authority, TA, Series A, 5.38%, 03/01/36 (f)(g)		465		372,697
Fairfax County Industrial Development Authority, Refunding RB, 4.00%, 05/15/42		4,870		4,872,563
Roanoke Economic Development Authority, Refunding RB, 3.00%, 07/01/45		1,385		1,115,592
Virginia Beach Development Authority, Refunding RB
5.00%, 09/01/40		520		476,920
4.00%, 09/01/48		375		274,698
Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/52		2,330		2,336,281


				9,448,751

Washington — 1.9%
Port of Seattle Washington, ARB
Series A, AMT, 5.00%, 05/01/43		1,470		1,505,121
Series C, AMT, Intermediate Lien, 5.00%, 05/01/42		2,565		2,631,567
Port of Seattle Washington, Refunding ARB, Series C, AMT, Intermediate Lien, 5.00%, 08/01/46		5,645		5,864,790


Security	Par (000)		Value

Washington (continued)
Washington State Convention Center Public Facilities District, RB, Class B, Sustainability Bonds, 3.00%, 07/01/58	$	3,715	$	2,596,595
Washington State Housing Finance Commission, Refunding RB (b)
5.00%, 01/01/38		600		526,414
5.00%, 01/01/43		900		753,693


				13,878,180

West Virginia — 0.6%
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48		1,510		1,465,498
West Virginia Hospital Finance Authority, RB, Series A, 4.00%, 06/01/51		2,910		2,708,792


				4,174,290

Wisconsin — 0.7%
Public Finance Authority, RB
Class A, 6.00%, 06/15/52		385		347,389
Class A, 6.13%, 06/15/57		435		395,060
Series A, 5.00%, 10/15/40 (b)		425		387,467
Series A, 5.00%, 10/15/50 (b)		540		458,324
Series A, 5.00%, 07/01/55 (b)		300		249,222
Series A, 5.00%, 10/15/55 (b)		560		465,151
Series A-1, 4.50%, 01/01/35 (b)		220		197,139
Public Finance Authority, Refunding RB
5.00%, 09/01/49 (b)		305		246,462
AMT, 4.00%, 08/01/35		280		249,590
Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 04/01/44		2,005		2,130,142
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing, Series A, 4.45%, 05/01/57		90		89,096


				5,215,042


Total Municipal Bonds — 109.7% (Cost: $760,189,292)				781,998,312


Municipal Bonds Transferred to Tender Option Bond Trusts (i)

Alabama — 5.7%
Black Belt Energy Gas District, RB
Series C, 5.50%, 10/01/54		10,400		11,524,044
Series C-1, 5.25%, 02/01/53		14,173		15,093,920
Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54		12,454		13,843,475


				40,461,439

Arizona — 1.8%
Salt River Project Agricultural Improvement & Power District, RB, Series B, 5.00%, 01/01/48		11,390		12,671,889


Colorado — 1.5%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53		10,090		10,981,798


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


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


Security	Par (000)		Value

District of Columbia — 1.8%
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, 4.10%, 09/01/39	$	1,300	$	1,303,684
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/49		11,190		11,570,872


				12,874,556

Florida — 1.5%
City of Fort Lauderdale Florida Water & Sewer Revenue, RB, 5.50%, 09/01/53		9,064		10,390,775


Georgia — 1.4%
Main Street Natural Gas, Inc., RB, Series C, 5.00%, 09/01/53		9,240		9,810,570


Iowa — 0.1%
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46		725		725,000


Massachusetts — 1.2%
Commonwealth of Massachusetts, GO, Series D, 5.00%, 10/01/52		7,710		8,448,847


Michigan — 0.3%
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48		2,338		2,279,772


New York — 3.7%
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38		2,710		2,668,940
New York City Municipal Water Finance Authority, RB, Series AA-1, 5.25%, 06/15/52		10,990		12,325,351
New York City Transitional Finance Authority, RB, 5.25%, 05/01/48		10,070		11,432,165


			26,426,456

Oklahoma — 1.3%
Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53		8,123		9,070,510


Oregon — 0.9%
Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48		5,620		6,226,245


Pennsylvania — 1.3%
Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/52		8,294		9,153,431


South Carolina — 1.9%
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54		12,603		13,598,105


Tennessee — 1.7%
Tennessee Energy Acquisition Corp., RB, 5.00%, 05/01/52		11,643		12,371,414


Texas — 4.9%
City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, Subordinate Lien, (AGM), 5.25%, 07/01/48		6,450		6,939,386
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.50%, 02/01/50		4,400		4,994,292


Security	Par (000)		Value

Texas (continued)
Denton Independent School District, GO, (PSF), 5.00%, 08/15/48	$	9,840	$	10,830,245
Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51		4,041		4,318,193
Texas Water Development Board, RB, 4.80%, 10/15/52		7,790		8,257,679


				35,339,795

Wisconsin — 0.4%
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing, Series A, 4.10%, 11/01/43		3,020		2,922,465


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 31.4% (Cost: $213,074,613)				223,753,067


Total Long-Term Investments — 141.1% (Cost: $973,263,905)				1,005,751,379


	Shares

Short-Term Securities

Money Market Funds — 2.3%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (j)(k)		16,324,782		16,326,415


Total Short-Term Securities — 2.3% (Cost: $16,326,415)				16,326,415


Total Investments — 143.4% (Cost: $989,590,320)				1,022,077,794

Other Assets Less Liabilities — 1.2%				8,699,474

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (14.6)%				(103,835,478	)

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (30.0)%				(214,000,000	)


Net Assets Applicable to Common Shares — 100.0%			$	712,941,790

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

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

(c)	Zero-coupon bond.

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

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

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

(g)	Non-income producing security.

(h)	When-issued security.

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

(j)	Affiliate of the Fund.

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


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


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

Affiliates


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

(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	(1,772,521	)	$	—	$	(1,772,521	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	99,877		$	—	$	99,877

Average Quarterly Balances of Outstanding Derivative Financial Instruments



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

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Municipal Bonds	$	—	$	781,998,312	$	—	$	781,998,312
Municipal Bonds Transferred to Tender Option Bond Trusts		—		223,753,067		—		223,753,067
Short-Term Securities
Money Market Funds		16,326,415		—		—		16,326,415

	$	16,326,415	$	1,005,751,379	$	—	$	1,022,077,794


	Level 1		Level 2			Level 3		Total

Liabilities
TOB Trust Certificates	$	—	$	(103,207,179	)	$	—	$	(103,207,179	)
VMTP Shares at Liquidation Value		—		(214,000,000	)		—		(214,000,000	)

	$	—	$	(317,207,179	)	$	—	$	(317,207,179	)

See notes to financial statements.


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


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


Security	Par (000)		Value

Municipal Bonds

Alabama — 3.8%
Black Belt Energy Gas District, RB (a)
Series A, 5.25%, 01/01/54	$	4,765	$	5,131,250
Series F, 5.50%, 11/01/53		1,590		1,691,705
County of Jefferson Alabama Sewer Revenue, Refunding RB
5.00%, 10/01/26		290		304,024
5.25%, 10/01/49		1,060		1,148,515
Southeast Energy Authority A Cooperative District, RB, Series A-2, 6.01%, 01/01/53 (a)		9,645		9,811,748
Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44 (b)		1,610		1,554,942


				19,642,184

Arizona — 2.1%
Arizona Health Facilities Authority, RB, 4.80%, 01/01/46 (a)		1,685		1,672,763
Arizona Industrial Development Authority, RB, Series A, (BAM), 4.00%, 06/01/44		1,435		1,380,256
Arizona Industrial Development Authority, Refunding RB (b)
Series A, 5.38%, 07/01/50		2,500		2,436,225
Series G, 5.00%, 07/01/47		715		670,092
Chandler Industrial Development Authority, RB, AMT, 4.10%, 12/01/37 (a)		895		899,932
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56		1,030		804,041
Industrial Development Authority of the City of Phoenix Arizona, Refunding RB, 5.00%, 07/01/45 (b)		700		675,003
Salt Verde Financial Corp., RB, 5.00%, 12/01/37		1,805		1,970,890


				10,509,202

Arkansas — 0.8%
Arkansas Development Finance Authority, RB Series A, AMT, 4.75%, 09/01/49 (b)		3,550		3,498,135
AMT, Sustainability Bonds, 5.70%, 05/01/53		810		829,205


				4,327,340

California — 4.8%
Bay Area Toll Authority, Refunding RB, Series C, 5.00%, 04/01/56		2,000		1,966,661
California Community Choice Financing Authority, RB
Sustainability Bonds, 5.23%, 02/01/54 (a)		3,045		3,041,384
Series B-2, Sustainability Bonds, 5.00%, 02/01/52		3,500		3,109,966
California Enterprise Development Authority, RB, 8.00%, 11/15/62 (b)		715		706,165
California Health Facilities Financing Authority, Refunding RB, Series A, 3.00%, 08/15/51		5,395		4,190,142
California Municipal Finance Authority, ARB, AMT, Senior Lien, 5.00%, 12/31/43		2,800		2,847,096
CSCDA Community Improvement Authority, RB, M/F Housing (b)
4.00%, 10/01/56		205		167,515
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57		1,080		696,095
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58		535		399,574
Sustainability Bonds, 4.00%, 12/01/56		315		219,451
Series A, Sustainability Bonds, 4.00%, 06/01/58		665		481,236


Security	Par (000)		Value

California (continued)
Poway Unified School District, Refunding GO, Series B, 0.00%, 08/01/46 (c)	$	10,000	$	3,784,702
San Diego County Regional Airport Authority, ARB, Series B, AMT, 4.00%, 07/01/51		2,880		2,736,333


				24,346,320

Colorado — 2.2%
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47 (b)		1,025		930,809
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.00%, 12/01/48		3,300		3,412,932
Colorado Health Facilities Authority, RB, 5.50%, 11/01/47		395		428,880
Colorado Health Facilities Authority, Refunding RB, Series A, 5.00%, 08/01/44		3,840		3,989,431
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40		2,000		2,008,191
E-470 Public Highway Authority, Refunding RB, Series B, 3.96%, 09/01/39 (a)		510		508,584


				11,278,827

Connecticut — 0.7%
State of Connecticut Special Tax Revenue, RB, Series A, 5.25%, 07/01/42		3,275		3,741,033


Delaware — 0.5%
Delaware State Health Facilities Authority, RB, 5.00%, 06/01/48		2,670		2,673,877


District of Columbia — 1.6%
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48		910		978,878
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, 5.25%, 07/15/53		6,630		7,301,856


				8,280,734

Florida — 8.5%
Celebration Pointe Community Development District No. 1, SAB
5.00%, 05/01/32		790		792,044
5.00%, 05/01/48		2,160		2,016,506
City of Fort Lauderdale Florida Water & Sewer Revenue, RB, 5.50%, 09/01/53		3,370		3,863,444
County of Broward Florida Tourist Development Tax Revenue, Refunding RB, Convertible, 4.00%, 09/01/51		3,300		3,109,926
County of Miami-Dade Seaport Department, Refunding RB
Series A-2, (AGM), 4.00%, 10/01/49		3,300		3,216,975
Series A, AMT, 5.00%, 10/01/38		1,800		1,920,634
Series A-1, AMT, (AGM), 4.00%, 10/01/45		6,400		5,927,054
Florida Development Finance Corp., RB, 6.50%, 06/30/57 (b)		645		618,908
Greater Orlando Aviation Authority, ARB, Series A, AMT, 4.00%, 10/01/52		5,000		4,646,233
Lakewood Ranch Stewardship District, SAB
4.63%, 05/01/27		205		205,541
5.25%, 05/01/37		470		472,457
5.38%, 05/01/47		770		760,279
6.30%, 05/01/54		410		429,663


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


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


Security	Par (000)		Value

Florida (continued)
Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/45	$	4,625	$	4,636,518
Miami-Dade County Expressway Authority, Refunding RB, Series A, (AGM), 5.00%, 07/01/35		8,900		8,914,853
Palm Beach County Health Facilities Authority, RB, Series B, 4.00%, 11/15/41		300		272,376
Sarasota County Health Facilities Authority, RB, 5.00%, 05/15/48		605		541,528
University of Florida Department of Housing & Residence Education Hsg Sys Rev, RB, Series A, (BAM-TCRS), 3.00%, 07/01/51		1,000		788,504


				43,133,443

Georgia — 2.5%
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62 (b)		375		339,916
Main Street Natural Gas, Inc., RB
Series A, 5.00%, 05/15/49		1,855		2,017,702
Series A, 5.00%, 06/01/53 (a)		4,130		4,368,632
Main Street Natural Gas, Inc., Refunding RB, Series E-2, 5.26%, 12/01/53 (a)		5,565		5,834,176


				12,560,426

Illinois — 7.9%
Chicago Board of Education, GO
Series C, 5.25%, 12/01/35		2,785		2,797,983
Series D, 5.00%, 12/01/46		3,570		3,572,750
Series H, 5.00%, 12/01/36		865		884,862
Chicago Board of Education, Refunding GO, Series G, 5.00%, 12/01/34		865		885,546
City of Chicago Illinois Wastewater Transmission Revenue, Refunding RB, Series C, 2nd Lien, 5.00%, 01/01/39		1,000		1,017,397
Cook County Community College District No. 508, GO, 5.25%, 12/01/31		5,000		5,016,054
Illinois Finance Authority, Refunding RB, Series C, 4.00%, 02/15/41		1,500		1,466,526
Illinois Housing Development Authority, RB, S/F Housing, Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.85%, 10/01/42		985		1,017,106
Illinois State Toll Highway Authority, RB
Series A, 5.00%, 01/01/40		8,710		8,921,786
Series A, 5.00%, 01/01/45		1,000		1,083,537
Series A, 4.00%, 01/01/46		1,500		1,464,989
Metropolitan Pier & Exposition Authority, RB, CAB, (BAM-TCRS), 0.00%, 12/15/56 (c)		8,755		1,816,160
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, (BAM-TCRS), 0.00%, 12/15/54 (c)		12,215		2,813,120
State of Illinois, GO, Series D, 5.00%, 11/01/27		6,965		7,440,405


				40,198,221

Indiana — 0.4%
City of Valparaiso Indiana, RB, AMT, 6.75%, 01/01/34		2,250		2,253,604


Kansas — 0.3%
City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43		1,530		1,430,182


Maryland — 3.8%
City of Baltimore Maryland, Refunding RB, Series A, 4.50%, 09/01/33		545		524,610


Security	Par (000)		Value

Maryland (continued)
Howard County Housing Commission, RB, M/F Housing, 5.00%, 12/01/42	$	4,935	$	5,099,394
Maryland Community Development Administration, Refunding RB, S/F Housing, Series C, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.50%, 09/01/49		2,155		2,141,938
Maryland Economic Development Corp., RB, Class B, AMT, Sustainability Bonds, 5.00%, 12/31/40		1,500		1,540,726
Maryland Health & Higher Educational Facilities Authority, Refunding RB, 5.00%, 07/01/40		6,350		6,399,717
Maryland Stadium Authority, RB, Series A, (NGFGC), 5.00%, 05/01/47		3,630		3,786,896


				19,493,281

Massachusetts — 1.6%
Commonwealth of Massachusetts, GO
Series B, 3.00%, 04/01/49		2,680		2,068,438
Series D, 4.00%, 02/01/43		3,135		3,137,010
Massachusetts Development Finance Agency, RB
Series A, 5.25%, 01/01/42		1,895		1,927,695
Series A, 5.00%, 01/01/47		845		850,334


				7,983,477

Michigan — 1.5%
Michigan Finance Authority, RB, 4.00%, 02/15/44		5,000		4,820,880
Michigan Finance Authority, Refunding RB, 4.00%, 09/01/46		1,200		1,103,435
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43		1,775		1,790,048


				7,714,363

Minnesota — 1.3%
City of Cologne Minnesota, RB, Series A, 5.00%, 07/01/45		1,500		1,281,381
Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB, Series A, 5.50%, 07/01/52 (b)		695		665,598
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Refunding RB, Series A, 4.00%, 11/15/43		1,940		1,698,114
Minnesota Housing Finance Agency, RB, S/F Housing, Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.10%, 07/01/42		2,945		3,146,045


				6,791,138

Mississippi — 1.6%
Mississippi Development Bank, Refunding RB, Series A, (AGM), 4.00%, 03/01/41		3,000		2,961,400
State of Mississippi Gaming Tax Revenue, RB, Series A, 4.00%, 10/15/38		5,535		5,234,313


				8,195,713

Missouri — 1.8%
Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53		10,000		9,349,362


Montana — 0.1%
Montana Board of Housing, RB, S/F Housing, Series B-2, 3.60%, 12/01/47		310		273,729


Nevada — 3.0%
Carson City Nevada, Refunding RB, 5.00%, 09/01/42		2,250		2,281,971


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


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


Security	Par (000)		Value

Nevada (continued)
City of Reno Nevada, Refunding RB, Series A-1, (AGM), 4.00%, 06/01/43	$	5,230	$	5,159,599
Las Vegas Valley Water District, GO, Series A, 4.00%, 06/01/51		7,875		7,649,526


				15,091,096

New Jersey — 8.1%
Casino Reinvestment Development Authority, Inc., Refunding RB, 5.25%, 11/01/44		1,400		1,407,836
New Jersey Economic Development Authority, ARB, Series A, AMT, 5.63%, 11/15/30		1,530		1,537,198
New Jersey Economic Development Authority, RB
Series UU, 5.00%, 06/15/40		2,755		2,772,265
AMT, 5.13%, 01/01/34		1,050		1,050,713
AMT, 5.38%, 01/01/43		10,000		10,008,851
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51		2,500		2,424,859
New Jersey Higher Education Student Assistance Authority, Refunding RB
Series B, AMT, 4.00%, 12/01/41		2,305		2,298,190
Series C, AMT, Subordinate, 5.00%, 12/01/52		2,615		2,646,556
New Jersey Housing & Mortgage Finance Agency, Refunding RB, Series A, AMT, 3.80%, 10/01/32		3,755		3,589,622
New Jersey Transportation Trust Fund Authority, RB
Class BB, 4.00%, 06/15/50		1,000		954,721
Series AA, 5.25%, 06/15/41		780		794,690
Series AA, 5.00%, 06/15/44		4,450		4,486,906
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/38 (c)		7,260		4,005,108
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/46		3,000		3,056,132
Sub-Series B, 5.00%, 06/01/46		515		520,268


				41,553,915

New York — 11.3%
Build NYC Resource Corp., Refunding RB, AMT, 5.00%, 01/01/35 (b)		2,145		2,161,771
City of New York, GO
Series C, 4.00%, 08/01/37		4,000		4,151,280
Series F-1, 4.00%, 08/01/41		3,355		3,449,310
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45		4,435		4,323,514
New York Counties Tobacco Trust IV, Refunding RB
Series A, 5.00%, 06/01/38		3,595		3,570,100
Series A, 6.25%, 06/01/41 (b)		3,200		3,201,111
New York Liberty Development Corp., Refunding RB
Class 2, 5.38%, 11/15/40 (b)		1,145		1,146,431
Series 1, 4.00%, 02/15/43		4,250		4,224,289
Series A, Sustainability Bonds, 3.00%, 11/15/51		415		310,162
New York State Dormitory Authority, Refunding RB
4.00%, 03/15/49		5,000		4,941,364
Series A, 4.00%, 03/15/41		3,750		3,829,352
New York State Thruway Authority, RB, Series 2, Sustainability Bonds, 4.13%, 03/15/56		3,325		3,331,364
New York Transportation Development Corp., ARB, AMT, 5.63%, 04/01/40		905		979,934
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		1,975		2,061,855
AMT, 4.00%, 04/30/53		1,175		978,316


Security	Par (000)		Value

New York (continued)
New York Transportation Development Corp., RB (continued)
AMT, Sustainability Bonds, 5.38%, 06/30/60	$	9,950	$	10,399,425
TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41		1,785		1,799,918
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51		2,740		2,761,721


				57,621,217

North Carolina — 2.0%
University of North Carolina at Chapel Hill, Refunding RB, Series A, 4.26%, 12/01/41 (a)		9,935		9,987,291


North Dakota — 0.4%
City of Grand Forks North Dakota, RB
Series A, (AGM), 5.00%, 12/01/53		1,125		1,183,618
Series B, (AGM), 5.00%, 12/01/48		640		677,488

				1,861,106

Ohio — 3.1%
Allen County Port Authority, Refunding RB, Series A, 4.00%, 12/01/40		950		825,795
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		5,870		5,529,305
County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49		525		587,569
Ohio Higher Educational Facility Commission, Refunding RB, Series B, 4.78%, 12/01/42		4,665		4,584,722
State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50		4,420		4,140,741


				15,668,132

Oklahoma — 2.4%
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52		1,625		1,623,059
Oklahoma Turnpike Authority, RB
5.50%, 01/01/53		4,070		4,544,383
Series A, 4.00%, 01/01/48		6,000		5,989,554


				12,156,996

Oregon — 0.4%
Port of Portland Oregon Airport Revenue, ARB, Series 24B, AMT, 5.00%, 07/01/42		2,000		2,038,337


Pennsylvania — 15.2%
Allegheny County Airport Authority, ARB, Series A, AMT, (AGM), 5.50%, 01/01/53		1,330		1,442,970
Allentown Neighborhood Improvement Zone Development Authority, RB, 5.00%, 05/01/42 (b)		4,270		4,307,448
City of Philadelphia Pennsylvania Water & Wastewater Revenue, Refunding RB
Series B, (AGM), 4.50%, 09/01/48		2,785		2,876,700
Series B, (AGM), 5.50%, 09/01/53		5,565		6,227,286
Commonwealth of Pennsylvania, GO, Series 1, 4.00%, 03/01/38		7,250		7,439,702
Geisinger Authority, Refunding RB
4.00%, 02/15/47		5,670		5,505,240
Series A, 4.00%, 04/01/50		5,000		4,782,540


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


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


Security	Par (000)		Value

Pennsylvania (continued)
Hospitals & Higher Education Facilities Authority of Philadelphia, Refunding RB, (AGM), 4.00%, 07/01/40	$	2,360	$	2,344,894
Lancaster Industrial Development Authority, RB, 5.00%, 12/01/44		1,000		1,001,698
Montgomery County Higher Education and Health Authority, Refunding RB, 4.00%, 09/01/51		4,000		3,683,886
Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45		1,095		1,111,133
Montgomery County Industrial Development Authority, Refunding RB, 5.25%, 01/01/40		4,170		3,733,145
Northampton County General Purpose Authority, Refunding RB, 4.00%, 11/01/38		1,855		1,876,507
Pennsylvania Economic Development Financing Authority, RB
5.00%, 06/30/42		2,565		2,567,416
AMT, 5.50%, 06/30/43		985		1,086,646
Pennsylvania Housing Finance Agency, RB, S/F Housing
Series 125B, AMT, 3.65%, 10/01/42		7,000		6,232,164
Series 143A, Sustainability Bonds, 5.38%, 10/01/46		8,050		8,553,242
Pennsylvania Turnpike Commission, RB
Series A-1, 5.00%, 12/01/41		440		455,369
Sub-Series B-1, 5.25%, 06/01/47		5,680		5,911,075
Series A, Subordinate, 5.00%, 12/01/37		940		1,024,021
Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52		2,440		2,554,340
Pittsburgh School District, GO, (SAW), 3.00%, 09/01/41		2,315		1,898,119
School District of Philadelphia, GO, Series A, (SAW), 5.50%, 09/01/48		710		788,414


				77,403,955

Puerto Rico — 4.7%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		3,376		3,307,703
Series A-1, Restructured, 5.00%, 07/01/58		10,292		10,291,867
Series A-2, Restructured, 4.78%, 07/01/58		3,133		3,062,507
Series A-2, Restructured, 4.33%, 07/01/40		4,240		4,209,260
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (c)		10,130		3,114,070


				23,985,407

South Carolina — 1.3%
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54 (a)		3,905		4,182,665
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/43		2,190		2,245,520


				6,428,185

Tennessee — 0.4%
Metropolitan Government Nashville & Davidson County Sports Authority, RB, Series A, Senior Lien, (AGM), 5.25%, 07/01/48		2,010		2,228,644


Texas — 9.0%
Arlington Higher Education Finance Corp., RB (b)
7.50%, 04/01/62		790		768,763
7.88%, 11/01/62		685		695,173


Security	Par (000)		Value

Texas (continued)
Aubrey Independent School District, GO, (PSF), 4.00%, 02/15/52	$	1,500	$	1,470,467
City of Austin Texas Airport System Revenue, ARB, AMT, 5.00%, 11/15/52		1,550		1,612,438
City of Houston Texas Airport System Revenue, Refunding RB, AMT, 5.00%, 07/01/29		2,135		2,132,331
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, 4.00%, 02/01/42		5,000		5,028,414
Dallas Independent School District, Refunding GO, (PSF), 4.00%, 02/15/53		1,600		1,550,434
Del Valle Independent School District Texas, GO, (PSF), 4.00%, 06/15/47		2,795		2,770,287
Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48		1,695		1,695,862
Gunter Independent School District, GO, (PSF), 4.00%, 02/15/53		1,575		1,511,505
North Texas Tollway Authority, Refunding RB
Series A, 5.00%, 01/01/38		5,000		5,079,195
Series A, 5.00%, 01/01/43		4,210		4,415,319
Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51		3,070		3,280,492
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB
5.00%, 11/15/40		3,250		2,961,134
5.00%, 10/01/49		3,500		3,142,194
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32		5,740		6,116,314
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.50%, 12/31/58		1,315		1,415,938


				45,646,260

Utah — 1.0%
City of Salt Lake City Utah Airport Revenue, ARB
Series A, AMT, 5.25%, 07/01/48		1,150		1,230,829
Series A, AMT, 5.50%, 07/01/53		1,325		1,445,957
County of Utah Utah, RB, Series B, 4.00%, 05/15/47		2,650		2,548,971


				5,225,757

Virginia — 1.9%
Ballston Quarter Community Development Authority, TA (d)(e)
Series A, 5.38%, 03/01/36		405		324,607
Series A, 5.50%, 03/01/46		1,415		998,100
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47		3,665		3,454,200
Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/52		4,975		4,988,411


				9,765,318

Washington — 2.9%
Central Puget Sound Regional Transit Authority, RB, Series 2015, Class 2A, Sustainability Bonds, 4.75%, 11/01/45		6,000		5,876,158
County of King Washington Sewer Revenue, Refunding RB, Series A, Junior Lien, 4.78%, 01/01/40		1,825		1,782,210
Port of Seattle Washington, ARB
Series A, AMT, 5.00%, 05/01/43		1,295		1,325,939
Series C, AMT, Intermediate Lien, 5.00%, 05/01/42		1,450		1,487,631
Washington Health Care Facilities Authority, Refunding RB 4.00%, 09/01/50		2,000		1,843,997


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


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


Security	Par (000)		Value

Washington (continued)
Washington Health Care Facilities Authority, Refunding RB (continued)
Series A, 5.00%, 08/01/44	$	1,750	$	1,814,646
Washington State Housing Finance Commission, Refunding RB
Series A, 5.00%, 07/01/43		425		431,978
Series A, 5.00%, 07/01/48		400		400,922


				14,963,481

West Virginia — 0.9%
West Virginia Parkways Authority, RB, Senior Lien, 4.00%, 06/01/51		5,000		4,804,151


Wisconsin — 0.5%
Public Finance Authority, RB (b)
Series A, 5.00%, 06/01/36		200		196,879
Series A, 5.00%, 06/01/51		680		607,117
Series A, 5.00%, 06/01/61		870		755,578
Public Finance Authority, Refunding RB, Series B, AMT, 5.00%, 07/01/42		1,000		1,000,448


				2,560,022

Wyoming — 0.4%
University of Wyoming, RB, Series C, (AGM), 4.00%, 06/01/51		1,690		1,592,873
Wyoming Community Development Authority, Refunding RB, S/F Housing, Series 1, 4.40%, 12/01/43		500		492,081


				2,084,954


Total Municipal Bonds — 116.7% (Cost: $588,932,137)				595,250,680


Municipal Bonds Transferred to Tender Option Bond Trusts (f)

Massachusetts — 4.3%
Commonwealth of Massachusetts, GO, Series D, 5.00%, 10/01/51		19,995		21,866,985


New York — 8.8%
New York Power Authority, RB, Sustainability Bonds, (AGM), 5.13%, 11/15/63		6,627		7,299,178
New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47		10,000		9,883,800
New York Transportation Development Corp., RB, AMT, Sustainability Bonds, (AGM), 5.13%, 06/30/60		10,000		10,317,434
Triborough Bridge & Tunnel Authority, RB, Series A, 4.50%, 05/15/63		16,736		17,023,684


				44,524,096

Oregon — 0.1%
State of Oregon Housing & Community Services Department, RB, M/F Housing, Series A, AMT, 4.95%, 07/01/30		600		600,009


Security	Par (000)		Value

Pennsylvania — 2.2%
Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/52	$	10,005	$	11,042,179


South Carolina — 4.2%
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54		19,995		21,573,806


Texas — 6.4%
Harris County Health Facilities Development Corp., Refunding RB, Series B, 5.75%, 07/01/27		16,860		17,808,496
North Fort Bend Water Authority, Refunding RB, Series A, 4.00%, 12/15/58		15,945		14,987,132


				32,795,628


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 26.0% (Cost: $128,410,300)				132,402,703


Total Long-Term Investments — 142.7% (Cost: $717,342,437)				727,653,383


	Shares

Short-Term Securities

Money Market Funds — 2.1%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (g)(h)		10,693,984		10,695,053


Total Short-Term Securities — 2.1% (Cost: $10,695,053)				10,695,053


Total Investments — 144.8% (Cost: $728,037,490)				738,348,436

Other Assets Less Liabilities — 0.6%				2,818,917

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (15.3)%				(77,749,839	)

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (30.1)%				(153,600,000	)


Net Assets Applicable to Common Shares — 100.0%			$	509,817,514

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

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

(c)	Zero-coupon bond.

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

(e)	Non-income producing security.

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

(g)	Affiliate of the Fund.

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


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


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

Affiliates


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

(a)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End


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

	$	10,695,053	$	727,653,383	$	—	$	738,348,436


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

	$	—	$	(230,973,088	)	$	—	$	(230,973,088	)

See notes to financial statements.


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


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


Security	Par (000)		Value

Municipal Bonds

Alabama — 1.3%
Black Belt Energy Gas District, RB, Series F, 5.50%, 11/01/53 (a)	$	405	$	430,907
County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53		2,035		2,232,288
Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53 (a)		685		736,820


				3,400,015

Arizona — 2.1%
City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47		760		865,913
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56		450		351,280
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46 (b)		1,685		1,618,515
Maricopa County Industrial Development Authority, RB, Series A, 4.00%, 01/01/44		2,675		2,627,346


				5,463,054

Arkansas — 1.0%
Arkansas Development Finance Authority, RB Series A, AMT, 4.75%, 09/01/49 (b)		2,305		2,271,324
AMT, Sustainability Bonds, 5.70%, 05/01/53		435		445,314


				2,716,638

California — 4.2%
California Educational Facilities Authority, RB, Series U-7, 5.00%, 06/01/46		920		1,141,448
California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47		1,475		1,323,966
California Municipal Finance Authority, RB, S/F Housing
Series A, 5.25%, 08/15/39		145		145,503
Series A, 5.25%, 08/15/49		370		371,571
California Pollution Control Financing Authority, RB, AMT, 5.00%, 11/21/45 (b)		1,495		1,497,691
City of Los Angeles Department of Airports, ARB, Series A, AMT, 4.00%, 05/15/42		1,345		1,343,329
City of Los Angeles Department of Airports, Refunding ARB
AMT, 5.00%, 05/15/46		1,155		1,228,907
Series D, AMT, Subordinate, 4.00%, 05/15/51		635		595,119
San Marcos Unified School District, GO, CAB, Series B, Election 2010, 0.00%, 08/01/42 (c)		2,000		989,447
Val Verde Unified School District, GO, Series G, Election 2012, (AGM), 4.00%, 08/01/48		2,340		2,334,119


				10,971,100

Colorado — 0.8%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series D, AMT, 5.75%, 11/15/45		425		480,396
Colorado Health Facilities Authority, RB
5.50%, 11/01/47		175		190,010
5.25%, 11/01/52		360		383,452


Security	Par (000)		Value

Colorado (continued)
Colorado Health Facilities Authority, Refunding RB
Series A, 5.00%, 08/01/44	$	450	$	467,511
Series A, 4.00%, 11/15/50		540		508,321


				2,029,690

Delaware — 1.2%
Delaware River & Bay Authority, Refunding RB, 4.00%, 01/01/44		1,500		1,504,393
Delaware State Health Facilities Authority, Refunding RB, 4.00%, 10/01/49		1,770		1,714,211


				3,218,604

District of Columbia — 8.6%
District of Columbia Income Tax Revenue, RB, Series A, 5.25%, 05/01/48		1,110		1,244,208
District of Columbia, Refunding RB, 5.00%, 10/01/48		2,315		2,357,465
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB
Series A, AMT, 4.00%, 10/01/39		380		380,365
Series A, AMT, 5.25%, 10/01/48		2,355		2,533,249
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/33 (c)		6,590		4,782,532
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/34 (c)		4,830		3,356,384
Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/35 (c)		6,515		4,302,658
Series B, Subordinate, 4.00%, 10/01/49		1,790		1,648,089
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB
Series A, Sustainability Bonds, 4.00%, 07/15/46		1,205		1,195,940
Series A, Sustainability Bonds, 4.13%, 07/15/47		575		577,171


				22,378,061

Florida — 6.9%
Broward County Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/45		210		211,239
Celebration Pointe Community Development District No. 1, SAB
5.00%, 05/01/32		415		416,074
5.00%, 05/01/48		1,120		1,045,596
City of Fort Lauderdale Florida Water & Sewer Revenue, RB, Series B, 5.50%, 09/01/48		1,280		1,486,170
County of Lee Florida Airport Revenue, ARB, Series B, AMT, 5.00%, 10/01/46		995		1,039,105
County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52		480		509,833
County of Pasco Florida, RB
(AGM), 5.00%, 09/01/48		2,380		2,559,031
(AGM), 5.75%, 09/01/54		425		479,333
Florida Development Finance Corp., RB, Series A, 5.00%, 06/15/56		105		101,688
Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54		212		222,691
Orange County Health Facilities Authority, RB, 5.00%, 10/01/53		1,495		1,595,781


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


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


Security	Par (000)		Value

Florida (continued)
Palm Beach County Health Facilities Authority, RB, 5.00%, 11/15/45	$	3,150	$	3,184,172
Tampa-Hillsborough County Expressway Authority, RB, 5.00%, 07/01/47		5,000		5,103,657


				17,954,370

Georgia — 2.6%
Cobb County Kennestone Hospital Authority, RB, 4.00%, 04/01/52		1,145		1,080,843
Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51		530		498,365
Main Street Natural Gas, Inc., RB
Series A, 5.00%, 05/15/38		295		311,920
Series A, 5.00%, 05/15/49		985		1,071,394
Series A, 5.00%, 06/01/53 (a)		2,185		2,311,249
Municipal Electric Authority of Georgia, RB, 4.00%, 01/01/49		1,560		1,400,884


				6,674,655

Illinois — 9.6%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/42		540		540,201
Series C, 5.25%, 12/01/35		1,465		1,471,830
Series D, 5.00%, 12/01/46		1,915		1,916,478
Series H, 5.00%, 12/01/36		450		460,333
Chicago Board of Education, Refunding GO, Series G, 5.00%, 12/01/34		450		460,689
Chicago Transit Authority Sales Tax Receipts Fund, RB, 2nd Lien, 5.00%, 12/01/46		615		621,256
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, 5.00%, 01/01/47		2,500		2,592,358
City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/48		1,655		1,822,326
Cook County Community College District No. 508, GO, 5.50%, 12/01/38		805		808,029
Illinois Finance Authority, RB, Series A, 5.00%, 02/15/50		130		121,601
Illinois Finance Authority, Refunding RB, Series C, 4.00%, 02/15/41		2,940		2,874,390
Illinois Housing Development Authority, RB, S/F Housing, Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 04/01/54		830		910,954
Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46		4,400		4,297,301
Metropolitan Pier & Exposition Authority, RB, 5.00%, 06/15/57		870		887,496
Metropolitan Pier & Exposition Authority, Refunding RB, Series B, (AGM), 0.00%, 06/15/44 (c)		5,175		2,115,781
State of Illinois, GO
5.00%, 02/01/39		1,540		1,543,268
Series B, 5.25%, 05/01/43		500		548,039
University of Illinois, RB, Series A, 5.00%, 04/01/44		985		985,898


				24,978,228

Indiana — 1.0%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		790		791,265
AMT, 7.00%, 01/01/44		1,905		1,907,531


				2,698,796


Security	Par (000)		Value

Kansas — 0.1%
Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52	$	260	$	237,491


Kentucky — 0.9%
Kentucky Economic Development Finance Authority, Refunding RB, Series A, 5.00%, 08/01/44		1,010		1,045,922
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Convertible, 6.75%, 07/01/43 (d)		1,200		1,408,227


				2,454,149

Louisiana — 1.0%
Louisiana Public Facilities Authority, RB, 5.25%, 10/01/53		1,200		1,272,804
Louisiana Public Facilities Authority, Refunding RB, Class A, 4.00%, 12/15/27 (e)		60		63,165
New Orleans Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/48		915		926,035
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35		410		410,388


				2,672,392

Maryland — 0.2%
Maryland Health & Higher Educational Facilities Authority, RB, Series B, 4.00%, 04/15/50		595		554,527


Massachusetts — 2.2%
Commonwealth of Massachusetts, GO
Series C, 5.00%, 10/01/47		1,285		1,412,707
Series C, 5.00%, 10/01/52		1,335		1,449,168
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47		1,150		1,157,259
Massachusetts Development Finance Agency, Refunding RB (b)
4.00%, 10/01/32		215		203,252
4.13%, 10/01/42		470		402,054
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46		1,110		1,164,144


				5,788,584

Michigan — 6.3%
City of Lansing Michigan, Refunding GO, Series B, (AGM), 5.00%, 06/01/48		1,550		1,675,452
Great Lakes Water Authority Sewage Disposal System Revenue, RB
Series B, 2nd Lien, 5.25%, 07/01/47		545		597,161
Series B, 2nd Lien, 5.50%, 07/01/52		1,290		1,422,835
Series A, Senior Lien, 5.25%, 07/01/52		1,290		1,419,746
Great Lakes Water Authority Water Supply System Revenue, RB
Series A, Senior Lien, 5.25%, 07/01/52		1,290		1,419,746
Series B, Senior Lien, 5.50%, 07/01/52		1,290		1,425,102
Lansing Board of Water & Light, Refunding RB, Series A, 5.25%, 07/01/54		2,305		2,575,426
Michigan Finance Authority, RB
4.00%, 02/15/47		395		378,267
4.00%, 02/15/50		2,235		2,113,098
4.00%, 02/15/44		810		780,982
Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/49		1,480		1,421,474
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43		1,070		1,079,071


				16,308,360


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


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


Security	Par (000)		Value

Minnesota — 1.5%
Duluth Economic Development Authority, Refunding RB
Series A, 4.25%, 02/15/48	$	1,995	$	1,858,089
Series A, 5.25%, 02/15/53		565		576,627
Series A, 5.25%, 02/15/58		1,480		1,508,740


				3,943,456

Missouri — 2.5%
Health & Educational Facilities Authority of the State of Missouri, Refunding RB
Series A, 4.00%, 02/15/49		2,630		2,486,809
Series C, 5.00%, 11/15/42		2,570		2,662,669
Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54		1,280		1,299,760


				6,449,238

New Hampshire (b) — 0.8%
New Hampshire Business Finance Authority, Refunding RB
Series B, 4.63%, 11/01/42		1,545		1,311,599
Series C, AMT, 4.88%, 11/01/42		805		736,434


				2,048,033

New Jersey — 11.6%
Casino Reinvestment Development Authority, Inc., Refunding RB
5.25%, 11/01/39		1,675		1,689,309
5.25%, 11/01/44		1,525		1,533,535
New Jersey Economic Development Authority, RB
Class A, 5.25%, 11/01/47		1,740		1,918,377
Series EEE, 5.00%, 06/15/48		5,845		6,099,358
New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47		1,425		1,427,551
New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31		2,240		2,077,546
New Jersey Higher Education Student Assistance Authority, Refunding RB
Series B, AMT, 4.00%, 12/01/41		1,230		1,226,366
Series C, AMT, Subordinate, 5.00%, 12/01/52		1,245		1,260,024
New Jersey Transportation Trust Fund Authority, RB
Series BB, 5.00%, 06/15/46		1,485		1,620,162
Series S, 5.00%, 06/15/46		1,225		1,284,003
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 4.25%, 06/15/40		3,225		3,386,143
Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/48		290		284,382
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/46		255		259,771
Series A, 5.25%, 06/01/46		270		278,529
Sub-Series B, 5.00%, 06/01/46		5,660		5,717,897


				30,062,953

New York — 16.2%
City of New York, GO, Series A-1, 4.00%, 09/01/46		800		814,920
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45		1,960		1,910,730
Metropolitan Transportation Authority, Refunding RB
Series C-1, Sustainability Bonds, 4.75%, 11/15/45		1,585		1,635,450
Series C-1, Sustainability Bonds, 5.00%, 11/15/50		515		536,570
Series C-1, Sustainability Bonds, 5.25%, 11/15/55		760		800,815
New York City Housing Development Corp., RB, M/F Housing, Sustainability Bonds, 4.80%, 02/01/53		5,000		5,055,199
New York City Municipal Water Finance Authority, Refunding RB Series BB-1, 4.00%, 06/15/45		740		742,036


Security	Par (000)		Value

New York (continued)
New York City Municipal Water Finance Authority, Refunding RB (continued)
Series DD, 4.13%, 06/15/46	$	4,410	$	4,527,559
Series DD, 4.13%, 06/15/47		4,535		4,607,245
New York Counties Tobacco Trust IV, Refunding RB
Series A, 5.00%, 06/01/38		1,875		1,862,013
Series A, 6.25%, 06/01/41 (b)		1,800		1,800,625
New York Liberty Development Corp., Refunding RB 3.13%, 09/15/50		315		243,240
Class 1, 5.00%, 11/15/44 (b)		2,260		2,257,175
Class 2, 5.38%, 11/15/40 (b)		850		851,062
Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51		2,370		1,725,103
New York State Dormitory Authority, Refunding RB
Series A, 4.00%, 03/15/44		1,080		1,090,555
Series A, 4.00%, 03/15/47		3,855		3,856,446
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/49		860		848,450
New York State Urban Development Corp., Refunding RB, 4.00%, 03/15/49		990		970,476
New York Transportation Development Corp., ARB, AMT, 5.63%, 04/01/40		470		508,916
New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35		1,050		1,096,176
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB
Series A, 4.00%, 05/15/48		3,055		3,040,770
Series A, 5.25%, 05/15/52		400		445,338
Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/56		825		880,865


				42,107,734

Ohio — 1.7%
Buckeye Tobacco Settlement Financing Authority, Refunding RB
Series A-2, Class 1, 4.00%, 06/01/48		830		752,228
Series B-2, Class 2, 5.00%, 06/01/55		2,295		2,161,798
County of Franklin Ohio, RB, Series A, 5.00%, 12/01/47		400		414,515
County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49		530		593,164
County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50		590		556,327


				4,478,032

Pennsylvania — 2.5%
Allegheny County Airport Authority, ARB
Series A, AMT, (AGM), 5.50%, 01/01/48		235		256,839
Series A, AMT, (AGM-CR), 4.00%, 01/01/56		605		568,432
Lancaster Industrial Development Authority, RB, 5.00%, 12/01/44		1,070		1,071,817
Montgomery County Higher Education and Health Authority, Refunding RB
4.00%, 09/01/51		510		469,695
5.00%, 09/01/48		345		353,156
Pennsylvania Economic Development Financing Authority, RB, 5.00%, 06/30/42		850		850,801
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44		1,035		1,024,031


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


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


Security	Par (000)		Value

Pennsylvania (continued)
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series B, 4.00%, 12/01/53	$	1,090	$	1,023,368
Pennsylvania Turnpike Commission, Refunding RB, Series C, 4.00%, 12/01/51		950		935,180


				6,553,319

Puerto Rico — 5.7%
Commonwealth of Puerto Rico, GO
Series A-1, Restructured, 5.63%, 07/01/29		1,435		1,550,597
Series A-1, Restructured, 5.75%, 07/01/31		1,295		1,434,385
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		1,843		1,805,716
Series A-1, Restructured, 5.00%, 07/01/58		5,562		5,561,928
Series A-2, Restructured, 4.78%, 07/01/58		2,941		2,874,827
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (c)		5,051		1,552,731


				14,780,184

South Carolina — 2.0%
South Carolina Jobs-Economic Development Authority, Refunding RB
4.00%, 12/01/44		1,820		1,738,123
5.00%, 11/15/47		1,350		1,359,076
Series A, 5.00%, 05/01/48		1,505		1,533,634
South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49		650		587,549

				5,218,382

Tennessee — 1.2%
Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/45		1,275		1,333,434
Tennergy Corp., RB, Series A, 5.50%, 10/01/53 (a)		1,640		1,758,255


				3,091,689

Texas — 15.1%
Arlington Higher Education Finance Corp., RB (b)
7.50%, 04/01/62		435		423,305
7.88%, 11/01/62		370		375,495
City of Austin Texas Airport System Revenue, ARB, Series B, AMT, 5.00%, 11/15/44		1,795		1,870,790
City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48		190		190,809
City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, 1st Lien, Subordinate, (AGM), 5.25%, 07/01/48		4,065		4,373,427
City of Houston Texas Airport System Revenue, Refunding RB, AMT, 5.00%, 07/01/29		775		774,031
City of Houston Texas, Refunding GO, Series A, 5.25%, 03/01/42		210		240,406
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.25%, 02/01/46		4,500		5,084,525
Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/43		745		746,527
County of Harris Texas, Refunding GO, Series A, 4.25%, 09/15/48		390		395,686
Crowley Independent School District, GO, (PSF), 5.00%, 02/01/48		1,545		1,697,413
Denton Independent School District, GO, (PSF), 5.00%, 08/15/48		1,335		1,469,347
Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42		670		670,107


Security	Par (000)		Value

Texas (continued)
Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48	$	140	$	140,071
Hutto Independent School District, GO, (PSF), 5.00%, 08/01/48		90		99,174
Klein Independent School District, GO, (PSF), 4.00%, 08/01/47		2,315		2,304,254
New Caney Independent School District, Refunding GO, (PSF), 5.00%, 02/15/48		5,250		5,794,473
Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/48		645		708,740
Tarrant County Cultural Education Facilities Finance Corp., RB
Series A, 4.00%, 07/01/53		620		556,221
Series A, 5.00%, 07/01/53		760		789,386
Series B, 5.00%, 07/01/48		4,545		4,676,979
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.00%, 10/01/49		1,000		897,770
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series C, (GNMA), 5.00%, 09/01/48		1,620		1,684,800
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58		1,140		1,153,238
Texas Water Development Board, RB, 4.00%, 10/15/45		1,285		1,286,146
Waller Consolidated Independent School District, GO, Series A, (PSF), 4.00%, 02/15/48		750		749,758


				39,152,878

Utah — 2.1%
City of Salt Lake City Utah Airport Revenue, ARB
Series A, AMT, 5.00%, 07/01/46		1,950		2,041,863
Series A, AMT, 5.00%, 07/01/48		875		897,035
Series A, AMT, 5.25%, 07/01/48		2,330		2,493,766


				5,432,664

Washington — 0.6%
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43		1,465		1,500,001


Wisconsin — 0.1%
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.85%, 09/01/43		320		336,858


Total Municipal Bonds — 113.6% (Cost: $286,639,166)				295,654,135


Municipal Bonds Transferred to Tender Option Bond Trusts (f)

Alabama — 8.3%
Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54		10,000		11,115,900
Southeast Energy Authority A Cooperative District, RB, Series A, 5.25%, 01/01/54		10,000		10,640,200


				21,756,100

Florida — 1.3%
City of Melbourne Florida Water & Sewer Revenue, RB, 5.00%, 11/15/50		3,090		3,392,518


Michigan — 1.0%
Michigan State Building Authority, RB, M/F Housing, Series A, 5.00%, 10/01/48		2,551		2,668,051


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


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


Security	Par (000)		Value

New York — 4.4%
New York City Housing Development Corp., RB, M/F Housing, Series E-1, Sustainability Bonds, 4.70%, 11/01/48	$	2,460	$	2,498,984
New York City Transitional Finance Authority, RB, 5.25%, 05/01/48		4,240		4,813,543
New York State Dormitory Authority, Refunding RB, Series E, 5.00%, 03/15/46		3,940		4,143,659


				11,456,186

Oregon — 3.1%
Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48		7,232		8,012,042


Pennsylvania — 3.5%
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 143A, Sustainability Bonds, 6.25%, 10/01/53		4,964		5,463,540
Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/47		3,178		3,553,766


				9,017,306

South Carolina — 2.7%
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54		6,463		6,973,163


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 24.3% (Cost: $60,786,256)				63,275,366


Total Long-Term Investments — 137.9% (Cost: $347,425,422)				358,929,501


	Shares

Short-Term Securities

Money Market Funds — 1.0%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (g)(h)		2,566,712		2,566,968


Total Short-Term Securities — 1.0% (Cost: $2,566,352)				2,566,968


Total Investments — 138.9% (Cost: $349,991,774)				361,496,469

Other Assets Less Liabilities — 3.2%				8,229,673

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (12.2)%				(31,793,925	)

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (29.9)%				(77,700,000	)


Net Assets Applicable to Common Shares — 100.0%			$	260,232,217

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

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

(c)	Zero-coupon bond.

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

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

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

(g)	Affiliate of the Fund.

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


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


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

Affiliates


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

(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	2,263,558		$	—	$	2,263,558


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	(499,448	)	$	—	$	(499,448	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



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

(a)

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

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

Fair Value Hierarchy as of Period End


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

	$	2,566,968	$	358,929,501	$	—	$	361,496,469


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


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


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

	$	—	$	(109,322,503	)	$	—	$	(109,322,503	)

See notes to financial statements.


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


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


Security	Par (000)		Value

Municipal Bonds

Alabama — 4.1%
Black Belt Energy Gas District, RB (a)
4.00%, 10/01/52	$	1,355	$	1,352,948
Series A, 5.25%, 01/01/54		835		899,180
Series F, 5.50%, 11/01/53		810		861,812
County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53		1,740		1,908,688
Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54 (a)		1,815		2,017,536
Homewood Educational Building Authority, Refunding RB, Series A, 5.00%, 12/01/47		655		661,749
Southeast Energy Authority A Cooperative District, RB (a)
Series A-1, 5.50%, 01/01/53		740		795,981
Series B-1, 5.00%, 05/01/53		2,055		2,136,060


				10,633,954

Arizona — 3.4%
Arizona Industrial Development Authority, RB (b)
5.00%, 07/01/54		545		478,725
Series A, 5.00%, 07/01/49		545		493,906
Series A, 5.00%, 07/01/54		420		373,874
City of Phoenix Civic Improvement Corp., ARB, Series B, AMT, Junior Lien, 5.00%, 07/01/44		1,745		1,825,014
City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47		910		1,036,817
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56		305		238,090
Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/39 (b)		500		477,320
Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/49 (b)		1,025		937,133
Maricopa County Industrial Development Authority, Refunding RB
5.00%, 07/01/54 (b)		290		271,563
Series A, 5.00%, 09/01/37		575		607,757
Salt Verde Financial Corp., RB, 5.00%, 12/01/37		1,120		1,222,935
Sierra Vista Industrial Development Authority, RB, 5.75%, 06/15/53 (b)		745		746,199


				8,709,333

Arkansas — 0.6%
Arkansas Development Finance Authority, RB Series A, AMT, 4.50%, 09/01/49 (b)		1,275		1,237,222
AMT, Sustainability Bonds, 5.70%, 05/01/53		420		429,958


				1,667,180

California — 5.4%
California Community Housing Agency, RB, M/F Housing, 3.00%, 08/01/56 (b)		120		84,400
California Enterprise Development Authority, RB, 8.00%, 11/15/62 (b)		370		365,428
CSCDA Community Improvement Authority, RB, M/F Housing (b)
4.00%, 10/01/56		155		126,658
Senior Lien, Sustainability Bonds, 3.13%, 06/01/57		525		338,379
Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58		755		563,885
Sustainability Bonds, 5.00%, 09/01/37		100		102,542
Sustainability Bonds, 4.00%, 12/01/56		200		139,334
Series A, Sustainability Bonds, 4.00%, 06/01/58		490		354,595


Security	Par (000)		Value

California (continued)
Mount San Antonio Community College District, Refunding GO, CAB, Series A, Convertible, Election 2013, 6.25%, 08/01/43	$	5,000	$	4,943,671
Norman Y Mineta San Jose International Airport SJC, Refunding RB, Series A, AMT, 5.00%, 03/01/41		765		788,301
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53		1,375		1,364,122
San Diego Unified School District, GO, Series C, Election 2008, 0.00%, 07/01/38 (c)		1,400		836,515
San Diego Unified School District, Refunding GO, CAB, Series R-1, 0.00%, 07/01/31 (c)		1,110		889,707
Yosemite Community College District, GO (c)
Series D, Election 2004, 0.00%, 08/01/36		2,000		1,429,492
Series D, Election 2004, 0.00%, 08/01/37		2,790		1,698,706


				14,025,735

Colorado — 1.7%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.00%, 11/15/47		240		253,206
City & County of Denver Colorado, COP, Series A, 4.00%, 06/01/48		695		664,166
Colorado Health Facilities Authority, RB, Series A, 4.00%, 11/15/46		945		902,031
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44		940		899,142
State of Colorado, COP, Series S, 4.00%, 03/15/40		1,635		1,674,887


				4,393,432

Connecticut — 0.2%
Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Series A-1, 3.80%, 11/15/39		55		52,784
Connecticut State Health & Educational Facilities Authority, RB
5.25%, 07/15/48		145		156,962
4.25%, 07/15/53		190		185,378


				395,124

District of Columbia — 0.3%
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49		875		805,630


Florida — 9.2%
Capital Trust Agency, Inc., RB (b)
5.00%, 01/01/55		535		407,029
Series A, 5.00%, 06/01/55		480		391,751
Series A, 5.50%, 06/01/57		170		149,440
City of South Miami Health Facilities Authority, Inc., Refunding RB, 5.00%, 08/15/42		2,340		2,394,888
City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, Sustainability Bonds, 5.25%, 10/01/57		2,210		2,456,182
City of Tampa Florida, RB, CAB (c)
Series A, 0.00%, 09/01/49		525		150,414
Series A, 0.00%, 09/01/53		295		68,101
County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 4.00%, 10/01/49		735		649,627
County of Broward Florida Port Facilities Revenue, ARB, AMT, 5.25%, 09/01/47		1,000		1,053,675
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/44		425		441,483


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


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


Security	Par (000)		Value

Florida (continued)
County of Miami-Dade Florida Aviation Revenue, Refunding RB, AMT, 5.00%, 10/01/34	$	160	$	161,522
County of Miami-Dade Florida Water & Sewer System Revenue, RB, 4.00%, 10/01/48		1,550		1,525,968
County of Miami-Dade Seaport Department, Refunding RB
Series A, AMT, 5.00%, 10/01/41		360		382,177
Series A, AMT, 5.00%, 10/01/47		2,360		2,470,887
Series A-1, AMT, (AGM), 4.00%, 10/01/45		790		731,621
County of Osceola Florida Transportation Revenue, Refunding RB, CAB (c)
Series A-2, 0.00%, 10/01/46		480		146,500
Series A-2, 0.00%, 10/01/47		775		222,568
County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54		180		203,012
Florida Development Finance Corp., RB (b)
6.50%, 06/30/57		340		326,246
AMT, 5.00%, 05/01/29		480		462,704
Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50 (b)		270		232,049
Greater Orlando Aviation Authority, ARB, Sub-Series A, AMT, 5.00%, 10/01/47		2,520		2,561,608
Hillsborough County Aviation Authority, ARB, AMT, 5.00%, 10/01/48		2,165		2,201,227
Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54		210		220,072
Lakewood Ranch Stewardship District, SAB, S/F Housing
4.00%, 05/01/40		235		202,304
4.00%, 05/01/50		395		303,601
Orange County Health Facilities Authority, RB, 5.00%, 10/01/53		1,805		1,926,678
Orange County Housing Finance Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.75%, 09/01/47		120		115,033
Palm Beach County Health Facilities Authority, RB,
Series B, 4.00%, 11/15/41		140		127,109
Seminole Improvement District, RB, 5.30%, 10/01/37		150		150,099
Storey Creek Community Development District, SAB, 4.13%, 12/15/49		500		403,006
Village Community Development District No. 14, SAB, 5.50%, 05/01/53		540		544,890
Village Community Development District No. 15, SAB, 5.25%, 05/01/54 (b)		215		213,078


				23,996,549

Georgia — 1.9%
Development Authority for Fulton County, RB, 4.00%, 07/01/49		500		472,576
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62 (b)		200		181,289
Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51		875		822,772
Main Street Natural Gas, Inc., RB
Series A, 5.00%, 05/15/49		235		255,612
Series A, 5.00%, 06/01/53 (a)		620		655,824
Municipal Electric Authority of Georgia, RB
Class A, 5.50%, 07/01/63		345		362,284
Series A, 5.00%, 01/01/49		1,190		1,215,269
Series A, 5.00%, 01/01/59		880		893,358


Security	Par (000)		Value

Georgia (continued)
Private Colleges & Universities Authority, RB, 5.00%, 04/01/24 (d)	$	120	$	120,364


				4,979,348

Hawaii — 0.9%
State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/43		2,315		2,402,062


Illinois — 10.7%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/34		1,265		1,331,734
Series A, 5.00%, 12/01/40		1,195		1,227,145
Series A, 5.00%, 12/01/47		360		368,063
Chicago Board of Education, Refunding GO, Series A, 5.00%, 12/01/30		135		142,158
Chicago Midway International Airport, Refunding ARB, Series B, 5.00%, 01/01/46		1,770		1,804,461
Chicago O’Hare International Airport, Refunding ARB
Series A, AMT, Senior Lien, 5.00%, 01/01/48		740		750,163
Series A, AMT, Senior Lien, 4.38%, 01/01/53		830		792,911
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57		705		720,552
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/53		1,550		1,699,061
City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/53		525		571,347
Illinois Finance Authority, RB, 5.00%, 10/01/48		475		517,445
Illinois Finance Authority, Refunding RB
Series A, 5.00%, 11/15/45		1,110		1,117,997
Series C, 4.13%, 08/15/37		665		634,236
Series C, 5.00%, 08/15/44		305		306,448
Illinois Housing Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.13%, 10/01/38		120		116,954
Illinois State Toll Highway Authority, RB
Series A, 5.00%, 01/01/40		730		747,750
Series A, 4.00%, 01/01/46		930		908,293
Metropolitan Pier & Exposition Authority, RB
5.00%, 06/15/57		670		683,473
Series A, (NPFGC), 0.00%, 12/15/36 (c)		10,000		6,117,599
Metropolitan Pier & Exposition Authority, Refunding RB, Series B, (AGM), 0.00%, 06/15/44 (c)		2,980		1,218,363
Regional Transportation Authority, RB, Series B, (NPFGC), 5.75%, 06/01/33		2,000		2,364,407
State of Illinois, GO
5.25%, 02/01/32		870		871,451
5.25%, 02/01/34		600		600,691
Series B, 5.25%, 05/01/41		635		699,508
Series B, 5.50%, 05/01/47		540		591,852
Series C, 5.00%, 12/01/48 (e)		850		905,933


				27,809,995

Indiana — 0.7%
Indianapolis Local Public Improvement Bond Bank, RB
5.25%, 02/01/48		245		275,330
(BAM), 5.00%, 03/01/53		1,445		1,517,249


				1,792,579


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


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


Security	Par (000)		Value

Kentucky — 1.6%
City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52 (b)	$	150	$	141,539
County of Boyle Kentucky, Refunding RB
Series A, 4.25%, 06/01/46		200		197,758
Series A, 5.25%, 06/01/49		370		396,731
Fayette County School District Finance Corp., RB
(NGFGC), 5.00%, 06/01/44		545		591,298
(BAM-TCRS), 5.00%, 06/01/46		480		517,042
Kentucky Public Energy Authority, Refunding RB, Series A-1, 5.25%, 04/01/54 (a)		2,205		2,392,866


				4,237,234

Louisiana — 3.3%
Louisiana Public Facilities Authority, RB
5.25%, 10/01/48		500		530,200
5.25%, 10/01/53		1,025		1,087,187
Louisiana Public Facilities Authority, Refunding RB, 5.00%, 05/15/42		2,400		2,472,877
Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48		1,095		1,173,790
New Orleans Aviation Board, ARB
Series B, AMT, 5.00%, 01/01/45		2,380		2,392,029
Series B, AMT, 5.00%, 01/01/48		1,010		1,022,182


				8,678,265

Maryland — 0.6%
City of Baltimore Maryland, Refunding TA, Series A, Senior Lien, 3.63%, 06/01/46 (b)		655		533,108
Maryland Economic Development Corp., RB 5.00%, 07/01/56		145		146,351
Class B, AMT, Sustainability Bonds, 5.25%, 06/30/55		800		815,751


				1,495,210

Massachusetts — 1.2%
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47		1,855		1,866,709
Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/47		815		835,021
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.45%, 12/01/42		335		322,096


				3,023,826

Michigan — 5.6%
City of Lansing Michigan, Refunding GO, Series B, (AGM), 4.13%, 06/01/48		880		859,933
Eastern Michigan University, RB, Series A, (AGM), 4.00%, 03/01/44		520		506,194
Michigan Finance Authority, RB
4.00%, 02/15/50		1,885		1,782,188
Series A, 4.00%, 11/15/50		2,550		2,362,031
Michigan Finance Authority, Refunding RB
4.00%, 11/15/46		1,050		996,060
Series A, 4.00%, 12/01/40		2,630		2,632,325
Michigan State Building Authority, Refunding RB, Series II, 4.00%, 10/15/47		535		529,057
Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47		1,300		1,365,932
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 2.55%, 10/01/51		645		435,792
Michigan State Housing Development Authority, RB, S/F Housing, Series B, 2.95%, 12/01/39		450		388,566


Security	Par (000)		Value

Michigan (continued)
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43	$	1,980	$	1,996,785
State of Michigan Trunk Line Revenue, RB, 5.00%, 11/15/46		725		809,313


				14,664,176

Minnesota — 0.2%
Minnesota Higher Education Facilities Authority, RB, Series A, Sustainability Bonds, 5.00%, 10/01/47		445		461,736


Missouri — 0.5%
Kansas City Industrial Development Authority, ARB
AMT, 5.00%, 03/01/46		470		480,165
Series B, AMT, 5.00%, 03/01/39		670		702,545


				1,182,710

Nebraska — 0.9%
Central Plains Energy Project, Refunding RB, Series A, 5.00%, 09/01/37		1,150		1,273,809
Omaha Public Power District, Refunding RB, Series A, 4.00%, 02/01/42		1,140		1,155,873


				2,429,682

Nevada — 1.1%
County of Clark Nevada, RB, Subordinate, (AGM), 4.00%, 07/01/40		2,715		2,772,086


New Jersey — 5.8%
Camden County Improvement Authority, RB, Sustainability Bonds, 6.00%, 06/15/62		180		195,437
Hudson County Improvement Authority, RB, 5.00%, 05/01/46		730		749,607
New Jersey Economic Development Authority, RB
Series WW, 5.00%, 06/15/25 (d)		180		185,076
Series WW, 5.25%, 06/15/25 (d)		455		469,425
AMT, 5.13%, 01/01/34		610		610,414
AMT, 5.38%, 01/01/43		790		790,699
New Jersey Economic Development Authority, Refunding RB, Sub-Series A, 4.00%, 07/01/32		295		295,392
New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50		800		716,151
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series B, AMT, 4.00%, 12/01/41		875		872,415
New Jersey Transportation Trust Fund Authority, RB
5.00%, 06/15/48		1,490		1,599,538
Series A, 0.00%, 12/15/29 (c)		225		185,546
Series AA, 5.00%, 06/15/38		1,180		1,188,834
Series AA, 4.00%, 06/15/40		925		938,882
Series AA, 5.00%, 06/15/45		725		775,665
Series AA, 4.00%, 06/15/50		560		536,026
Series BB, 4.00%, 06/15/50		1,400		1,340,600
Series D, 5.00%, 06/15/32		525		533,870
New Jersey Transportation Trust Fund Authority, Refunding RB
Series A, 5.00%, 06/15/37		525		606,484
Series A, 5.25%, 06/15/42		210		239,105
New Jersey Turnpike Authority, RB, Series A, 4.00%, 01/01/48		720		717,533
Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/53		240		232,392
Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/35		1,220		1,288,411


				15,067,502


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


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


Security	Par (000)		Value

New Mexico — 0.1%
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44	$	180	$	152,432


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


				25,267,127

North Carolina — 0.1%
University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49		165		184,945


Ohio — 1.9%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		4,680		4,408,373


Security	Par (000)		Value

Ohio (continued)
County of Franklin Ohio, RB, 5.00%, 11/01/48	$	450	$	494,491
Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48		90		90,188


				4,993,052

Oklahoma — 0.3%
Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48		495		494,138
Oklahoma Water Resources Board, RB, 4.00%, 04/01/48		345		337,958


				832,096

Oregon — 0.3%
Clackamas Community College District, GO, Series A, 5.00%, 06/15/40		390		412,795
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38 (c)		875		456,516


				869,311

Pennsylvania — 7.3%
Allegheny County Airport Authority, ARB, Series A, AMT, 5.00%, 01/01/51		1,010		1,039,672
Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46		200		156,244
Pennsylvania Economic Development Financing Authority, RB
5.00%, 06/30/42		4,450		4,454,192
Series B, 4.00%, 03/15/40		3,000		3,012,460
AMT, 5.50%, 06/30/41		900		991,768
AMT, 5.75%, 06/30/48		780		859,986
Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47		180		136,374
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 5.00%, 09/01/45		3,150		3,158,626
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 142-A, Sustainability Bonds, 5.00%, 10/01/50		410		422,493
Pennsylvania Turnpike Commission, RB
Series A, 5.00%, 12/01/38		550		559,000
Series A-1, 5.00%, 12/01/41		1,005		1,040,104
Series C, 5.00%, 12/01/39		900		914,764
Series A, Subordinate, 5.00%, 12/01/44		1,300		1,373,021
Pennsylvania Turnpike Commission, Refunding RB, Series A-1, 5.00%, 12/01/40		680		688,032
School District of Philadelphia, GO, Series A, (SAW), 5.50%, 09/01/48		265		294,267


				19,101,003

Puerto Rico — 5.1%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		6,611		6,477,259
Series A-1, Restructured, 5.00%, 07/01/58		2,833		2,832,963
Series A-2, Restructured, 4.78%, 07/01/58		276		269,790
Series A-2, Restructured, 4.33%, 07/01/40		1,324		1,314,401
Series B-1, Restructured, 4.75%, 07/01/53		309		301,255


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


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


Security	Par (000)		Value

Puerto Rico (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued)
Series B-2, Restructured, 4.78%, 07/01/58	$	411	$	398,975
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46 (c)		5,025		1,544,738


				13,139,381

Rhode Island — 0.1%
Rhode Island Turnpike & Bridge Authority, Refunding RB, Series A, 5.00%, 10/01/40		305		315,385


South Carolina — 3.1%
County of Berkeley South Carolina, SAB
4.25%, 11/01/40		315		281,231
4.38%, 11/01/49		465		385,269
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54 (a)		1,650		1,767,323
South Carolina Jobs-Economic Development Authority, RB
5.00%, 11/01/43		2,010		2,084,295
5.00%, 01/01/55 (b)		855		747,350
7.50%, 08/15/62 (b)		405		369,314
South Carolina Public Service Authority, RB, Series A, 4.00%, 12/01/55		550		502,952
South Carolina Public Service Authority, Refunding RB, 5.00%, 12/01/38		1,840		1,840,644
South Carolina State Housing Finance & Development Authority, Refunding RB, S/F Housing, Series A, 4.95%, 07/01/53		100		103,371


				8,081,749

Tennessee — 1.7%
Knox County Health Educational & Housing Facility Board, RB, Series A-1, (BAM), 5.50%, 07/01/59		160		174,179
Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/49		1,000		1,037,221
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, 5.25%, 05/01/48		200		216,389
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, 5.25%, 10/01/58		835		854,155
Metropolitan Nashville Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/52		1,020		1,048,916
Tennergy Corp., RB, Series A, 5.50%, 10/01/53 (a)		1,040		1,114,991


				4,445,851

Texas — 12.3%
Arlington Higher Education Finance Corp., RB (b)
7.50%, 04/01/62		420		408,710
7.88%, 11/01/62		370		375,495
Board of Regents of the University of Texas System, Refunding RB, Series B, 5.00%, 08/15/49		1,180		1,432,287
Central Texas Turnpike System, RB
Series C, 5.00%, 08/15/37		1,240		1,245,706
Series C, 5.00%, 08/15/42		625		627,528
City of Austin Texas Airport System Revenue, ARB, AMT, 5.25%, 11/15/47		905		975,120
City of Corpus Christi Texas Utility System Revenue, Refunding RB, 4.00%, 07/15/48		500		495,038


Security	Par (000)		Value

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


				32,028,121

Utah — 3.2%
City of Salt Lake City Utah Airport Revenue, ARB
Series A, AMT, 5.00%, 07/01/47		3,485		3,557,574
Series A, AMT, 5.25%, 07/01/48		235		251,517
Series A, AMT, 5.00%, 07/01/51		1,450		1,505,494
County of Utah Utah, RB, Series B, 4.00%, 05/15/47		2,635		2,534,541
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/39 (b)		185		176,607
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/40 (b)		335		326,273


				8,352,006


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


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


Security	Par (000)		Value

Virginia — 0.5%
Roanoke Economic Development Authority, Refunding RB, 3.00%, 07/01/45	$	490	$	394,686
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47		965		909,496


				1,304,182

Washington — 0.4%
Port of Seattle Washington, ARB, Series C, AMT, Intermediate Lien, 5.00%, 05/01/42		720		738,686
Snohomish County Housing Authority, Refunding RB, 4.00%, 04/01/44		430		395,463


				1,134,149

Wisconsin — 1.4%
Public Finance Authority, RB
5.00%, 10/15/56 (b)		215		177,675
Class A, 5.00%, 06/15/51 (b)		555		436,187
Class A, 6.00%, 06/15/52		140		126,323
Class A, 6.13%, 06/15/57		160		145,310
Series A, 5.00%, 07/01/40 (b)		300		273,249
Public Finance Authority, Refunding RB, 5.00%, 09/01/39 (b)		295		261,161
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing
Series A, 4.15%, 11/01/48		1,700		1,615,902
Series A, 4.45%, 05/01/57		685		678,117


				3,713,924


Total Municipal Bonds — 107.4% (Cost: $267,549,520)				279,538,062


Municipal Bonds Transferred to Tender Option Bond Trusts (f)

Alabama — 4.8%
Black Belt Energy Gas District, RB
Series C, 5.50%, 10/01/54		3,800		4,210,709
Series C-1, 5.25%, 02/01/53 (a)		7,721		8,222,797


				12,433,506

Colorado — 1.5%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53		3,680		4,005,254


District of Columbia — 0.4%
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, 4.10%, 09/01/39		920		922,607


Florida — 5.0%
City of Fort Lauderdale Florida Water & Sewer Revenue, RB, 5.50%, 09/01/53		3,341		3,830,595
City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, Sustainability Bonds, 5.25%, 10/01/57		2,150		2,389,499


Security	Par (000)		Value

Florida (continued)
County of Seminole Florida Sales Tax Revenue, Refunding RB, Series B, (NPFGC), 5.25%, 10/01/31	$	4,200	$	4,827,312
Miami-Dade County Expressway Authority, Refunding RB, Series A, (AGM), 5.00%, 07/01/35		2,100		2,103,505


				13,150,911

Georgia — 1.2%
Main Street Natural Gas, Inc., RB, Series C, 5.00%, 09/01/53		2,970		3,153,398


Illinois — 7.6%
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/58		4,903		5,354,633
Illinois Finance Authority, Refunding RB, Series A, 5.00%, 08/15/51		1,951		2,082,593
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/38		1,858		1,863,345
Regional Transportation Authority, RB, (NPFGC), 6.50%, 07/01/26		10,000		10,492,890


				19,793,461

New York — 6.8%
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38		1,770		1,742,743
New York City Municipal Water Finance Authority, RB, Series AA-1, 5.25%, 06/15/52		4,010		4,497,239
New York City Transitional Finance Authority, RB, 5.25%, 05/01/48		3,680		4,177,792
New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/47		1,810		1,791,900
Port Authority of New York & New Jersey, Refunding ARB, 5.25%, 10/15/57		1,910		1,987,807
Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/51		1,990		2,134,767
Triborough Bridge & Tunnel Authority, Refunding RB, Series C, 4.13%, 05/15/52		1,500		1,504,255


				17,836,503

Oklahoma — 1.3%
Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53		3,001		3,351,174


Oregon — 0.9%
Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48		2,020		2,237,903


Pennsylvania — 1.3%
Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/52		3,031		3,345,585


South Carolina — 1.9%
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54		4,591		4,953,595


Tennessee — 1.8%
Tennessee Energy Acquisition Corp., RB, 5.00%, 05/01/52 (a)		4,401		4,676,479


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


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


Security	Par (000)		Value

Texas — 2.3%
City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, Subordinate Lien, (AGM), 5.25%, 07/01/48	$	1,430	$	1,538,500
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.50%, 02/01/50		1,610		1,827,457
Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51		2,541		2,714,903


				6,080,860

Virginia — 1.2%
Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57		3,280		3,165,733


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 38.0% (Cost: $94,012,690)				99,106,969


Total Long-Term Investments — 145.4% (Cost: $361,562,210)				378,645,031


	Shares

Short-Term Securities

Money Market Funds — 1.7%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09% (g)(h)		4,272,776		4,273,203


Total Short-Term Securities — 1.7% (Cost: $4,272,776)				4,273,203


Total Investments — 147.1% (Cost: $365,834,986)				382,918,234

Other Assets Less Liabilities — 1.8%				4,623,973

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (18.7)%				(48,596,513	)

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (30.2)%				(78,600,000	)


Net Assets Applicable to Common Shares — 100.0%			$	260,345,694

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

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

(c)	Zero-coupon bond.

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

(e)	When-issued security.

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

(g)	Affiliate of the Fund.

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

Affiliates



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

(a)

Represents net amount purchased (sold).


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


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

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended January 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	(618,076	)	$	—	$	(618,076	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	36,253		$	—	$	36,253

Average Quarterly Balances of Outstanding Derivative Financial Instruments


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

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

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Municipal Bonds	$	—	$	279,538,062	$	—	$	279,538,062
Municipal Bonds Transferred to Tender Option Bond Trusts		—		99,106,969		—		99,106,969
Short-Term Securities
Money Market Funds		4,273,203		—		—		4,273,203

	$	4,273,203	$	378,645,031	$	—	$	382,918,234


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

	$	—	$	(126,818,616	)	$	—	$	(126,818,616	)

See notes to financial statements.


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

Statements of Assets and Liabilities

(unaudited)

January 31, 2024


	BKN			BFK			BLE			MHD


ASSETS
Investments, at value — unaffiliated (a)	$	323,915,092		$	749,893,124		$	812,230,985		$	1,005,751,379
Investments, at value — affiliated (b)		4,287,925			5,135,357			10,123,679			16,326,415
Cash		—			8,030,330			4,647,034			4,728,052
Receivables:
Investments sold		5,376,029			11,133,486			4,418,188			6,644,572
Dividends — affiliated		4,137			5,446			27,952			42,894
Interest — unaffiliated		2,821,330			7,653,930			8,262,729			9,972,015
Deferred offering costs		86,677			202,929			117,733			—
Prepaid expenses		7,151			8,942			9,296			10,174

Total assets		336,498,341			782,063,544			839,837,596			1,043,475,501


ACCRUED LIABILITIES
Bank overdraft		4,681			—			—			—
Payables:
Investments purchased		6,278,206			10,791,078			2,631,894			9,316,918
Accounting services fees		19,775			22,274			18,290			38,581
Administration fees		41,761			—			—			—
Custodian fees		1,358			2,624			3,119			3,410
Income dividend distributions — Common Shares		980,733			2,192,742			2,481,807			2,737,435
Interest expense and fees		221,393			577,484			515,254			628,299
Investment advisory fees		97,257			389,335			386,932			477,654
Directors’ and Officer’s fees		30,895			133,323			75,590			40,382
Other accrued expenses		6,456			6,467			64,313			8,448
Professional fees		27,668			37,019			20,292			43,958
Reorganization costs		15,937			—			—			—
Transfer agent fees		12,757			23,190			25,662			31,447

Total accrued liabilities		7,738,877			14,175,536			6,223,153			13,326,532


OTHER LIABILITIES
TOB Trust Certificates		34,892,828			106,689,984			77,008,589			103,207,179
VMTP Shares, at liquidation value of $100,000 per share, net of deferred offering costs (c)(d)(e)		67,800,000			154,100,000			174,100,000			214,000,000

Total other liabilities		102,692,828			260,789,984			251,108,589			317,207,179

Total liabilities		110,431,705			274,965,520			257,331,742			330,533,711

Commitments and contingent liabilities

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	226,066,636		$	507,098,024		$	582,505,854		$	712,941,790


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF
Paid-in capital (f)(g)(h)	$	238,847,201		$	578,830,195		$	654,110,246		$	793,096,499
Accumulated loss		(12,780,565	)		(71,732,171	)		(71,604,392	)		(80,154,709	)

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	226,066,636		$	507,098,024		$	582,505,854		$	712,941,790


Net asset value per Common Share	$	13.14		$	11.56		$	12.20		$	13.67


(a) Investments, at cost — unaffiliated	$	308,667,447		$	722,316,729		$	794,705,678		$	973,263,905
(b) Investments, at cost — affiliated	$	4,287,925		$	5,135,317		$	10,121,826		$	16,326,415
(c) Preferred Shares outstanding		678			1,541			1,741			2,140
(d) Preferred Shares authorized		7,121			Unlimited			Unlimited			8,478
(e) Par value per Preferred Share	$	0.10		$	0.001		$	0.001		$	0.10
(f) Common Shares outstanding		17,205,846			43,854,836			47,727,056			52,141,616
(g) Common Shares authorized		199,992,879			Unlimited			Unlimited			199,991,522
(h) Par value per Common Share	$	0.01		$	0.001		$	0.001		$	0.10

See notes to financial statements.


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

Statements of Assets and Liabilities

(unaudited) (continued)

January 31, 2024


	MVF			MVT			MQT


ASSETS
Investments, at value — unaffiliated (a)	$	727,653,383		$	358,929,501		$	378,645,031
Investments, at value — affiliated (b)		10,695,053			2,566,968			4,273,203
Cash		—			3,819,973			—
Receivables:
Investments sold		—			2,147,632			3,130,088
Dividends — affiliated		39,134			13,082			16,118
Interest — unaffiliated		6,791,789			3,530,476			3,712,027
Prepaid expenses		8,293			7,536			7,546

Total assets		745,187,652			371,015,168			389,784,013


ACCRUED LIABILITIES
Bank overdraft		4,590			—			4,681
Payables:
Investments purchased		1,625,416			—			908,517
Accounting services fees		30,507			19,075			18,671
Custodian fees		2,292			1,524			1,239
Income dividend distributions — Common Shares		1,903,390			1,053,502			1,085,581
Interest expense and fees		376,751			171,422			377,897
Investment advisory fees		309,517			155,800			163,145
Directors’ and Officer’s fees		84,490			1,004			1,040
Other accrued expenses		4,729			7,437			7,588
Professional fees		30,362			35,690			35,731
Transfer agent fees		25,006			14,994			15,613

Total accrued liabilities		4,397,050			1,460,448			2,619,703


OTHER LIABILITIES
TOB Trust Certificates		77,373,088			31,622,503			48,218,616
VMTP Shares, at liquidation value of $100,000 per share, net of deferred offering costs (c)(d)(e)		153,600,000			77,700,000			78,600,000

Total other liabilities		230,973,088			109,322,503			126,818,616

Total liabilities		235,370,138			110,782,951			129,438,319

Commitments and contingent liabilities

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	509,817,514		$	260,232,217		$	260,345,694


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF
Paid-in capital (f)(g)(h)	$	565,828,309		$	283,803,414		$	275,059,393
Accumulated loss		(56,010,795	)		(23,571,197	)		(14,713,699	)

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	509,817,514		$	260,232,217		$	260,345,694


Net asset value per Common Share	$	8.04		$	12.47		$	11.75


(a) Investments, at cost — unaffiliated	$	717,342,437		$	347,425,422		$	361,562,210
(b) Investments, at cost — affiliated	$	10,695,053		$	2,566,352		$	4,272,776
(c) Preferred Shares outstanding		1,536			777			786
(d) Preferred Shares authorized		10,000,000			8,400			7,565
(e) Par value per Preferred Share	$	0.10		$	0.10		$	0.10
(f) Common Shares outstanding		63,446,349			20,861,423			22,154,712
(g) Common Shares authorized		150,000,000			199,991,600			199,992,435
(h) Par value per Common Share	$	0.10		$	0.10		$	0.10

See notes to financial statements.


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

Statements of Operations

(unaudited)

Six Months Ended January 31, 2024


	BKN			BFK			BLE			MHD


INVESTMENT INCOME
Dividends — affiliated	$	175,109		$	353,787		$	570,839		$	567,805
Interest — unaffiliated		7,614,649			17,553,932			19,038,558			22,869,447

Total investment income		7,789,758			17,907,719			19,609,397			23,437,252


EXPENSES
Investment advisory		590,087			2,291,951			2,350,023			2,830,763
Administration		252,894			—			—			—
Reorganization		58,228			—			—			—
Accounting services		34,516			41,769			34,297			70,954
Professional		27,204			42,613			46,244			39,248
Transfer agent		18,576			20,438			24,673			26,458
Directors and Officer		9,916			26,477			23,521			24,658
Registration		5,689			7,520			7,682			9,003
Printing and postage		5,008			10,607			9,915			4,744
Custodian		2,786			5,150			5,588			6,395
Miscellaneous		32,798			34,498			35,924			35,167

Total expenses excluding interest expense, fees and amortization of offering costs		1,037,702			2,481,023			2,537,867			3,047,390
Interest expense, fees and amortization of offering costs (a)		2,954,936			6,622,961			7,303,905			8,458,959

Total expenses		3,992,638			9,103,984			9,841,772			11,506,349
Less:
Fees waived and/or reimbursed by the Manager		(4,736	)		(9,492	)		(15,707	)		(15,830	)

Total expenses after fees waived and/or reimbursed		3,987,902			9,094,492			9,826,065			11,490,519

Net investment income		3,801,856			8,813,227			9,783,332			11,946,733


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(7,499,819	)		(26,803,147	)		(15,865,482	)		(28,275,748	)
Investments — affiliated		(117	)		1,070			2,337			3,103
Futures contracts		(543,434	)		747,107			2,460,561			(1,772,521	)
Payment by affiliate		—			—			—			10,016

		(8,043,370	)		(26,054,970	)		(13,402,584	)		(30,035,150	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		7,066,381			21,715,241			19,917,551			31,769,844
Investments — affiliated		(27	)		29			(1,536	)		(2,570	)
Futures contracts		32,220			(321,145	)		(592,079	)		99,877

		7,098,574			21,394,125			19,323,936			31,867,151

Net realized and unrealized gain (loss)		(944,796	)		(4,660,845	)		5,921,352			1,832,001


NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS	$	2,857,060		$	4,152,382		$	15,704,684		$	13,778,734

(a)

Related to TOB Trusts and/or VMTP Shares.

See notes to financial statements.


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

Statements of Operations

(unaudited) (continued)

Six Months Ended January 31, 2024


	MVF			MVT			MQT


INVESTMENT INCOME
Dividends — affiliated	$	758,814		$	281,007		$	216,640
Interest — unaffiliated		15,777,105			8,241,415			8,628,521

Total investment income		16,535,919			8,522,422			8,845,161


EXPENSES
Investment advisory		1,835,373			941,121			960,684
Accounting services		56,126			34,657			34,527
Professional		38,756			32,425			30,522
Transfer agent		25,131			15,339			17,350
Directors and Officer		21,821			8,396			8,425
Registration		11,262			4,185			4,150
Printing and postage		5,914			6,788			6,495
Custodian		4,167			2,714			3,077
Miscellaneous		34,656			33,697			33,626

Total expenses excluding interest expense, fees and amortization of offering costs		2,033,206			1,079,322			1,098,856
Interest expense, fees and amortization of offering costs (a)		5,972,883			3,172,518			3,217,017


Total expenses		8,006,089			4,251,840			4,315,873
Less:
Fees waived and/or reimbursed by the Manager		(20,889	)		(7,771	)		(6,119	)

Total expenses after fees waived and/or reimbursed		7,985,200			4,244,069			4,309,754

Net investment income		8,550,719			4,278,353			4,535,407


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(9,347,010	)		(7,950,836	)		(7,276,692	)
Investments — affiliated		12,013			(12	)		709
Futures contracts		—			2,263,558			(618,076	)

		(9,334,997	)		(5,687,290	)		(7,894,059	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		17,887,567			8,529,005			8,915,343
Investments — affiliated		(8,116	)		(128	)		427
Futures contracts		—			(499,448	)		36,253

		17,879,451			8,029,429			8,952,023

Net realized and unrealized gain		8,544,454			2,342,139			1,057,964


NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS	$	17,095,173		$	6,620,492		$	5,593,371

(a)

Related to TOB Trusts and/or VMTP Shares.

See notes to financial statements.


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

Statements of Changes in Net Assets


	BKN						BFK

	Six Months Ended						Six Months Ended
	01/31/24			Year Ended			01/31/24			Year Ended
	(unaudited)			07/31/23			(unaudited)			07/31/23


INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

OPERATIONS
Net investment income	$	3,801,856		$	9,061,613		$	8,813,227		$	18,124,814
Net realized loss		(8,043,370	)		(13,703,375	)		(26,054,970	)		(51,126,908	)
Net change in unrealized appreciation (depreciation)		7,098,574			2,995,191			21,394,125			27,744,428

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations		2,857,060			(1,646,571	)		4,152,382			(5,257,666	)


DISTRIBUTIONS TO COMMON SHAREHOLDERS (a)
From net investment income		(4,705,808	) (b)		(8,709,946	)		(9,787,565	) (b)		(15,988,428	)
Return of capital		—			(1,409,697	)		—			(3,249,626	)

Decrease in net assets resulting from distributions to Common Shareholders		(4,705,808	)		(10,119,643	)		(9,787,565	)		(19,238,054	)


CAPITAL SHARE TRANSACTIONS
Net proceeds from the issuance of common shares		—			218,616			—			—
Reinvestment of common distributions		—			147,431			—			—
Redemption of shares resulting from share repurchase program (including transaction costs)		(2,461,995	)		(2,064,795	)		(5,545,723	)		(5,916,445	)

Net decrease in net assets derived from capital share transactions		(2,461,995	)		(1,698,748	)		(5,545,723	)		(5,916,445	)


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Total decrease in net assets applicable to Common Shareholders		(4,310,743	)		(13,464,962	)		(11,180,906	)		(30,412,165	)
Beginning of period		230,377,379			243,842,341			518,278,930			548,691,095

End of period	$	226,066,636		$	230,377,379		$	507,098,024		$	518,278,930

(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(b)

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

See notes to financial statements.


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

Statements of Changes in Net Assets

(continued)


	BLE						MHD

	Six Months Ended						Six Months Ended
	01/31/24			Year Ended			01/31/24			Year Ended
	(unaudited)			07/31/23			(unaudited)			07/31/23


INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

OPERATIONS
Net investment income	$	9,783,332		$	21,598,450		$	11,946,733		$	25,308,154
Net realized loss		(13,402,584	)		(42,881,354	)		(30,035,150	)		(54,748,569	)
Net change in unrealized appreciation (depreciation)		19,323,936			18,338,457			31,867,151			17,096,751

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations		15,704,684			(2,944,447	)		13,778,734			(12,343,664	)


DISTRIBUTIONS TO COMMON SHAREHOLDERS (a)
From net investment income		(11,527,548	) (b)		(19,188,396	)		(12,956,991	) (b)		(26,398,031	)
Return of capital		—			(3,788,120	)		—			(1,263,297	)

Decrease in net assets resulting from distributions to Common Shareholders		(11,527,548	)		(22,976,516	)		(12,956,991	)		(27,661,328	)


CAPITAL SHARE TRANSACTIONS
Redemption of shares resulting from share repurchase program (including transaction costs)		(5,278,307	)		(6,114,272	)		(6,897,831	)		(6,750,046	)


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Total decrease in net assets applicable to Common Shareholders		(1,101,171	)		(32,035,235	)		(6,076,088	)		(46,755,038	)
Beginning of period		583,607,025			615,642,260			719,017,878			765,772,916

End of period	$	582,505,854		$	583,607,025		$	712,941,790		$	719,017,878

(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(b)

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

See notes to financial statements.


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

Statements of Changes in Net Assets

(continued)


	MVF						MVT

	Six Months Ended						Six Months Ended
	01/31/24			Year Ended			01/31/24			Year Ended
	(unaudited)			07/31/23			(unaudited)			07/31/23


INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

OPERATIONS
Net investment income	$	8,550,719		$	16,997,519		$	4,278,353		$	8,892,992
Net realized loss		(9,334,997	)		(28,698,689	)		(5,687,290	)		(24,648,329	)
Net change in unrealized appreciation (depreciation)		17,879,451			(1,042,423	)		8,029,429			12,949,446

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations		17,095,173			(12,743,593	)		6,620,492			(2,805,891	)


DISTRIBUTIONS TO COMMON SHAREHOLDERS (a)
From net investment income		(9,169,592	) (b)		(16,465,493	)		(4,759,653	) (b)		(8,093,467	)
Return of capital		—			(2,175,326	)		—			(1,423,236	)

Decrease in net assets resulting from distributions to Common Shareholders		(9,169,592	)		(18,640,819	)		(4,759,653	)		(9,516,703	)


CAPITAL SHARE TRANSACTIONS
Redemption of shares resulting from share repurchase program (including transaction costs)		(3,869,138	)		(5,324,949	)		(2,399,715	)		(2,806,926	)


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Total increase (decrease) in net assets applicable to Common Shareholders		4,056,443			(36,709,361	)		(538,876	)		(15,129,520	)
Beginning of period		505,761,071			542,470,432			260,771,093			275,900,613

End of period	$	509,817,514		$	505,761,071		$	260,232,217		$	260,771,093

(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(b)

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

See notes to financial statements.


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

Statements of Changes in Net Assets

(continued)


	MQT

	Six Months Ended
	01/31/24			Year Ended
	(unaudited)			07/31/23


INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

OPERATIONS
Net investment income	$	4,535,407		$	10,200,739
Net realized loss		(7,894,059	)		(15,305,002	)
Net change in unrealized appreciation (depreciation)		8,952,023			2,517,622

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations		5,593,371			(2,586,641	)


DISTRIBUTIONS TO COMMON SHAREHOLDERS (a)
From net investment income		(5,296,901	) (b)		(10,203,174	)
Return of capital		—			(708,109	)

Decrease in net assets resulting from distributions to Common Shareholders		(5,296,901	)		(10,911,283	)


CAPITAL SHARE TRANSACTIONS
Reinvestment of common distributions		—			166,343
Redemption of shares resulting from share repurchase program (including transaction costs)		(2,265,141	)		(2,280,782	)

Net decrease in net assets derived from capital share transactions		(2,265,141	)		(2,114,439	)


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Total decrease in net assets applicable to Common Shareholders		(1,968,671	)		(15,612,363	)
Beginning of period		262,314,365			277,926,728

End of period	$	260,345,694		$	262,314,365

(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(b)

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

See notes to financial statements.


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


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


	BKN			BFK			BLE			MHD

CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	2,857,060		$	4,152,382		$	15,704,684		$	13,778,734
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Proceeds from sales of long-term investments		131,949,484			617,293,871			252,932,658			419,531,699
Purchases of long-term investments		(94,917,934	)		(614,619,089	)		(189,442,614	)		(373,916,666	)
Net proceeds from sales (purchases) of short-term securities		(3,532,621	)		18,922,198			27,763,789			22,537,486
Amortization of premium and accretion of discount on investments and other fees		(924,499	)		(251,730	)		(1,464	)		(264,650	)
Net realized loss on investments		7,499,936			26,802,077			15,863,145			28,259,678
Net unrealized appreciation on investments		(7,066,354	)		(21,715,270	)		(19,916,015	)		(31,767,274	)
(Increase) Decrease in Assets
Receivables
Dividends — affiliated		750			72,723			62,925			30,913
Interest — unaffiliated		174,649			(25,809	)		1,051,640			552,003
Prepaid expenses		12,727			7,225			55,773			71,568
Deferred offering costs		(817	)		(833	)		—			—
Increase (Decrease) in Liabilities
Payables
Accounting services fees		(7,360	)		(13,390	)		(11,014	)		(21,325	)
Administration fees		(4,509	)		—			—			—
Custodian fees		(1,273	)		(2,579	)		(2,203	)		(3,207	)
Interest expense and fees		155,906			577,484			221,903			376,760
Investment advisory fees		(10,518	)		(10,476	)		(40,216	)		(31,136	)
Directors’ and Officer’s fees		(12,984	)		(53,843	)		(23,081	)		(12,488	)
Other accrued expenses		(5,321	)		2,493			(586	)		(6,463	)
Professional fees		(29,703	)		(34,264	)		(25,673	)		(35,031	)
Reorganization costs		15,937			—			—			—
Transfer agent fees		(1,871	)		(1,459	)		(479	)		918
Variation margin on futures contracts		(17,636	)		(37,513	)		(44,117	)		(56,383	)

Net cash provided by operating activities		36,133,049			31,064,198			104,149,055			79,025,136


CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to Common Shareholders		(3,752,179	)		(7,641,687	)		(9,099,345	)		(10,303,865	)
Repayments of TOB Trust Certificates		—			—			(12,245,790	)		(21,375,364	)
Net payments on Common Shares redeemed		(2,520,275	)		(5,732,759	)		(5,434,797	)		(7,148,995	)
Payments on redemption of VMTP Shares		(58,100,000	)		(116,700,000	)		(128,600,000	)		(133,800,000	)
Proceeds from TOB Trust Certificates		28,073,987			106,689,984			55,442,481			97,799,696
Decrease in bank overdraft		(43,582	)		(87,406	)		(77,570	)		(121,556	)

Net cash used for financing activities		(36,342,049	)		(23,471,868	)		(100,015,021	)		(74,950,084	)


CASH
Net increase (decrease) in restricted and unrestricted cash		(209,000	)		7,592,330			4,134,034			4,075,052
Restricted and unrestricted cash at beginning of period		209,000			438,000			513,000			653,000

Restricted and unrestricted cash at end of period	$	—		$	8,030,330		$	4,647,034		$	4,728,052


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	2,799,030		$	6,045,477		$	7,082,002		$	8,082,199


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash	$	—		$	8,030,330		$	4,647,034		$	4,728,052

See notes to financial statements.


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


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


	MVF			MVT			MQT

CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	17,095,173		$	6,620,492		$	5,593,371
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Proceeds from sales of long-term investments		200,745,417			136,243,692			124,637,693
Purchases of long-term investments		(245,450,894	)		(113,065,039	)		(115,252,149	)
Net proceeds from sales of short-term securities		85,871,812			14,911,680			3,511,062
Amortization of premium and accretion of discount on investments and other fees		347,468			64,233			(109,918	)
Net realized loss on investments		9,334,997			7,950,848			7,273,198
Net unrealized appreciation on investments		(17,879,451	)		(8,528,877	)		(8,915,770	)
(Increase) Decrease in Assets
Receivables
Dividends — affiliated		166,902			30,839			2,454
Interest — unaffiliated		(700,621	)		303,803			65,709
Prepaid expenses		4,283			12,405			12,376
Increase (Decrease) in Liabilities
Payables
Accounting services fees		(16,893	)		(10,573	)		(10,298	)
Custodian fees		(1,749	)		(1,527	)		(1,376	)
Interest expense and fees		193,798			139,647			174,721
Investment advisory fees		(12,625	)		(14,778	)		(6,066	)
Directors’ and Officer’s fees		(26,891	)		(512	)		(501	)
Other accrued expenses		(5,053	)		(535	)		(1,697	)
Professional fees		(33,442	)		(34,722	)		(33,269	)
Transfer agent fees		(348	)		(193	)		(2,124	)
Variation margin on futures contracts		—			(41,637	)		(20,252	)

Net cash provided by operating activities		49,631,883			44,579,246			16,917,164


CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to Common Shareholders		(7,344,821	)		(3,751,003	)		(4,261,589	)
Repayments of TOB Trust Certificates		(3,625,000	)		(4,307,798	)		(980,000	)
Net payments on Common Shares redeemed		(3,976,665	)		(2,472,176	)		(2,345,633	)
Payments on redemption of VMTP Shares		(90,200,000	)		(62,300,000	)		(37,900,000	)
Proceeds from TOB Trust Certificates		55,568,335			31,622,503			28,370,666
Decrease in bank overdraft		(53,732	)		(34,799	)		(37,608	)

Net cash used for financing activities		(49,631,883	)		(41,243,273	)		(17,154,164	)


CASH
Net increase (decrease) in restricted and unrestricted cash		—			3,335,973			(237,000	)
Restricted and unrestricted cash at beginning of period		—			484,000			237,000

Restricted and unrestricted cash at end of period	$	—		$	3,819,973		$	—


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	5,779,085		$	3,032,871		$	3,042,296


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash	$	—		$	3,819,973		$	—

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


		BKN

	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23			Period from 05/01/22 to 07/31/22			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19

Net asset value, beginning of period		$	13.21		$	13.86		$	13.79		$	16.71		$	14.89		$	15.75		$	15.26

Net investment income (a)			0.22			0.52			0.16			0.74			0.81			0.71			0.71
Net realized and unrealized gain (loss)			(0.02	)		(0.59	)		0.11			(2.84	)		1.80			(0.88	)		0.46

Net increase (decrease) from investment operations			0.20			(0.07	)		0.27			(2.10	)		2.61			(0.17	)		1.17


Distributions to Common Shareholders (b)
From net investment income			(0.27	) (c)		(0.50	)		(0.20	)		(0.82	)		(0.79	)		(0.69	)		(0.68	)
From net realized gain			—			—			—			—			—			—			(0.00	) (d)
Return of capital			—			(0.08	)		—			—			—			—			—

Total distributions to Common Shareholders			(0.27	)		(0.58	)		(0.20	)		(0.82	)		(0.79	)		(0.69	)		(0.68	)

Net asset value, end of period		$	13.14		$	13.21		$	13.86		$	13.79		$	16.71		$	14.89		$	15.75

Market price, end of period		$	11.71		$	11.75		$	14.61		$	15.14		$	19.20		$	14.75		$	14.31


Total Return Applicable to Common Shareholders (e)
Based on net asset value			1.93	% (f)		(0.06	)%		1.98	% (f)		(13.23	)%		17.68	%		(1.16	)%		8.45	%

Based on market price			2.12	% (f)		(15.67	)%		(2.09	)% (f)		(17.09	)%		36.51	%		7.77	%		10.81	%


Ratios to Average Net Assets Applicable to Common Shareholders (g)
Total expenses			3.62	% (h)(i)(j)		3.40	%		2.33	% (h)(k)		1.52	%		1.53	%		2.31	%		2.53	%

Total expenses after fees waived and/or reimbursed			3.62	% (h)(i)(j)		3.40	%		2.32	% (h)(k)		1.52	%		1.53	%		2.31	%		2.53	%

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (l)			0.92	% (h)(i)(j)		0.93	%		0.99	% (h)(k)		0.92	%		0.93	%		0.93	%		0.94	%

Net investment income to Common Shareholders			3.47	% (h)		3.96	%		4.80	% (h)		4.56	%		4.93	%		4.39	%		4.64	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)		$	226,067		$	230,377		$	243,842		$	237,646		$	287,404		$	255,884		$	270,707

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)		$	67,800		$	125,900		$	125,900		$	125,900		$	125,900		$	125,900		$	125,900

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period		$	320,138	(m)	$	273,583	(m)	$	243,263	(m)	$	288,757	(n)	$	328,280	(n)	$	303,244	(n)	$	315,017	(n)

TOB Trust Certificates, end of period (000)		$	34,893		$	6,819		$	44,306		$	47,151		$	54,214		$	56,112		$	51,999

Asset coverage per $1,000 of TOB Trust Certificates, end of period (o)		$	9,422		$	53,248		$	9,345			N/A			N/A			N/A			N/A

Portfolio turnover rate			30	%		31	%		9	%		17	%		10	%		16	%		29	%

(a)	Based on average Common Shares outstanding.

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

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

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

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

(f)	Not annualized.

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

(h)	Annualized.

(i)

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

(j)

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

(k)

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

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

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

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


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

Financial Highlights

(continued)

(For a share outstanding throughout each period)

(o)

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

See notes to financial statements.


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

Financial Highlights

(continued)

(For a share outstanding throughout each period)


		BFK

	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23			Period from 05/01/22 to 07/31/22			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19

Net asset value, beginning of period		$	11.66		$	12.18		$	12.15		$	14.74		$	12.91		$	14.17		$	13.98

Net investment income (a)			0.20			0.40			0.13			0.61			0.69			0.67			0.68
Net realized and unrealized gain (loss)			(0.08	)		(0.49	)		0.05			(2.50	)		1.83			(1.28	)		0.21

Net increase (decrease) from investment operations			0.12			(0.09	)		0.18			(1.89	)		2.52			(0.61	)		0.89


Distributions to Common Shareholders (b)
From net investment income			(0.22	) (c)		(0.36	)		(0.14	)		(0.70	)		(0.69	)		(0.65	)		(0.70	)
Return of capital			—			(0.07	)		(0.01	)		—			—			—			—

Total distributions to Common Shareholders			(0.22	)		(0.43	)		(0.15	)		(0.70	)		(0.69	)		(0.65	)		(0.70	)


Net asset value, end of period		$	11.56		$	11.66		$	12.18		$	12.15		$	14.74		$	12.91		$	14.17


Market price, end of period		$	10.11		$	10.11		$	11.25		$	11.69		$	15.05		$	12.14		$	13.79


Total Return Applicable to Common Shareholders (d)
Based on net asset value			1.43	% (e)		(0.10	)%		1.56	% (e)		(13.35	)%		19.81	%		(4.51	)%		6.98	%

Based on market price			2.31	% (e)		(6.22	)%		(2.51	)% (e)		(18.35	)%		30.10	%		(7.74	)%		13.89	%


Ratios to Average Net Assets Applicable to Common Shareholders (f)
Total expenses			3.68	% (g)		3.39	%		2.32	% (g)(h)		1.61	%		1.63	%		2.30	%		2.55	%

Total expenses after fees waived and/or reimbursed			3.67	% (g)		3.39	%		2.32	% (g)(h)		1.61	%		1.63	%		2.30	%		2.55	%

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (i)			1.00	% (g)		1.03	%		1.06	% (g)(h)		1.03	%		1.05	%		1.02	%		1.04	%

Net investment income to Common Shareholders			3.56	% (g)		3.53	%		4.35	% (g)		4.26	%		4.84	%		4.68	%		4.87	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)		$	507,098		$	518,279		$	548,691		$	547,214		$	662,092		$	578,807		$	635,076

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)		$	154,100		$	270,800		$	270,800		$	270,800		$	270,800		$	270,800		$	270,800

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period		$	294,447	(j)	$	291,388	(j)	$	247,905	(j)	$	302,073	(k)	$	344,495	(k)	$	313,740	(k)	$	334,518	(k)

TOB Trust Certificates, end of period (000)		$	106,690		$	—		$	100,175		$	120,204		$	139,150		$	135,464		$	119,624

Asset coverage per $1,000 of TOB Trust Certificates, end of period (l)		$	7,197			N/A		$	9,181			N/A			N/A			N/A			N/A

Portfolio turnover rate			80	%		62	%		4	%		15	%		13	%		17	%		19	%

(a)	Based on average Common Shares outstanding.

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

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

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

(e)	Not annualized.

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

(g)	Annualized.

(h)

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

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

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

(l)

See notes to financial statements.


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

Financial Highlights

(continued)

(For a share outstanding throughout each period)


		BLE

	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23			Period from 09/01/21 to 07/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18

Net asset value, beginning of period		$	12.09		$	12.60		$	15.18		$	14.79		$	15.16		$	14.55		$	15.17

Net investment income (a)			0.20			0.44			0.57			0.69			0.73			0.71			0.76
Net realized and unrealized gain (loss)			0.15			(0.48	)		(2.52	)		0.44			(0.40	)		0.60			(0.60	)

Net increase (decrease) from investment operations			0.35			(0.04	)		(1.95	)		1.13			0.33			1.31			0.16


Distributions to Common Shareholders (b)
From net investment income			(0.24	) (c)		(0.39	)		(0.63	)		(0.74	)		(0.70	)		(0.70	)		(0.78	)
Return of capital			—			(0.08	)		—			—			—			—			—

Total distributions to Common Shareholders			(0.24	)		(0.47	)		(0.63	)		(0.74	)		(0.70	)		(0.70	)		(0.78	)

Net asset value, end of period		$	12.20		$	12.09		$	12.60		$	15.18		$	14.79		$	15.16		$	14.55

Market price, end of period		$	10.66		$	10.45		$	11.77		$	16.10		$	14.83		$	15.48		$	13.77


Total Return Applicable to Common Shareholders (d)
Based on net asset value			3.32	% (e)		0.39	%		(12.94	)% (e)		7.82	%		2.37	%		9.52	%		1.35	%

Based on market price			4.45	% (e)		(7.11	)%		(23.32	)% (e)		14.05	%		0.52	%		18.17	%		(5.82	)%


Ratios to Average Net Assets Applicable to Common Shareholders (f)
Total expenses			3.51	% (g)		3.43	%		1.74	% (g)		1.60	% (h)		2.03	% (i)		2.55	%		2.32	%

Total expenses after fees waived and/or reimbursed			3.51	% (g)		3.43	%		1.74	% (g)		1.57	% (h)		2.00	% (i)		2.55	%		2.31	%

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (j)			0.90	% (g)		0.96	%		0.94	% (g)		1.00	% (h)		0.99	% (i)		0.98	%		0.98	%

Net investment income to Common Shareholders			3.49	% (g)		3.74	%		4.50	% (g)		4.54	%		4.96	%		4.86	%		5.12	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)		$	582,506		$	583,607		$	615,642		$	738,513		$	348,328		$	356,649		$	342,437

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)		$	174,100		$	302,700		$	302,700		$	302,700		$	151,300		$	151,300		$	151,300

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period		$	331,973	(k)	$	273,428	(k)	$	247,830	(k)	$	343,975	(l)	$	330,223	(l)	$	335,723	(l)	$	326,330	(l)

TOB Trust Certificates, end of period (000)		$	77,009		$	33,812		$	113,752		$	155,988		$	73,763		$	59,519		$	67,497

Asset coverage per $1,000 of TOB Trust Certificates, end of period (m) .		$	10,825		$	27,213		$	9,073			N/A			N/A			N/A			N/A

Portfolio turnover rate			22	%		37	%		27	%		15	%		19	%		18	%		7	%

(a)	Based on average Common Shares outstanding.

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

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

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

(e)	Not annualized.

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

(g)	Annualized.

(h)

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

(i)

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

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

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

(m)

See notes to financial statements.


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

Financial Highlights

(continued)

(For a share outstanding throughout each period)


		MHD

	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23			Period from 05/01/22 to 07/31/22			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19

Net asset value, beginning of period		$	13.62		$	14.35		$	14.27		$	17.30		$	15.18		$	16.56		$	16.41

Net investment income (a)			0.23			0.48			0.16			0.72			0.78			0.74			0.81
Net realized and unrealized gain (loss)			0.07			(0.69	)		0.10			(3.02	)		2.07			(1.36	)		0.22

Net increase (decrease) from investment operations			0.30			(0.21	)		0.26			(2.30	)		2.85			(0.62	)		1.03


Distributions to Common Shareholders (b)
From net investment income			(0.25	) (c)		(0.50	)		(0.18	)		(0.73	)		(0.73	)		(0.76	)		(0.83	)
From net realized gain			—			—			—			(0.00	) (d)		—			—			(0.05	)
Return of capital			—			(0.02	)		—			—			—			—			—

Total distributions to Common Shareholders			(0.25	)		(0.52	)		(0.18	)		(0.73	)		(0.73	)		(0.76	)		(0.88	)

Net asset value, end of period		$	13.67		$	13.62		$	14.35		$	14.27		$	17.30		$	15.18		$	16.56

Market price, end of period		$	11.91		$	11.84		$	13.32		$	12.87		$	16.33		$	13.91		$	15.92


Total Return Applicable to Common Shareholders (e)
Based on net asset value			2.58	% (f)(g)		(0.82	)%		1.93	% (g)		(13.64	)%		19.31	%		(4.02	)%		6.84	%

Based on market price			2.81	% (g)		(7.12	)%		4.91	% (g)		(17.48	)%		22.90	%		(8.52	)%		12.51	%


Ratios to Average Net Assets Applicable to Common Shareholders (h)
Total expenses			3.34	% (i)		3.25	%		2.19	% (i)		1.52	%		1.56	% (j)		2.16	%		2.47	%

Total expenses after fees waived and/or reimbursed			3.34	% (i)		3.24	%		2.18	% (i)		1.50	%		1.51	% (j)		2.15	%		2.47	%

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (k)			0.88	% (i)		0.94	%		0.96	% (i)		0.93	%		0.98	% (j)		0.97	%		1.00	%

Net investment income to Common Shareholders			3.47	% (i)		3.55	%		4.44	% (i)		4.30	%		4.59	%		4.40	%		4.98	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)		$	712,942		$	719,018		$	765,773		$	761,147		$	923,079		$	215,764		$	235,029

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)		$	214,000		$	347,800		$	347,800		$	347,800		$	347,800		$	83,700		$	83,700

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period		$	324,756	(l)	$	291,952	(l)	$	249,559	(l)	$	318,846	(m)	$	365,405	(m)	$	357,782	(m)	$	380,799	(m)

TOB Trust Certificates, end of period (000)		$	103,207		$	26,783		$	164,222		$	176,042		$	213,104		$	53,130		$	52,674

Asset coverage per $1,000 of TOB Trust Certificates, end of period (n)		$	9,981		$	40,832		$	7,781			N/A			N/A			N/A			N/A

Portfolio turnover rate			38	%		38	%		4	%		15	%		13	%		21	%		17	%

(a)	Based on average Common Shares outstanding.

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

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

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

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

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

(g)	Not annualized.

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

(i)	Annualized.

(j)

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

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

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

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

(n)

See notes to financial statements.


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

Financial Highlights

(continued)

(For a share outstanding throughout each period)


		MVF

	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23			Period from 09/01/21 to 07/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18

Net asset value, beginning of period		$	7.90		$	8.37		$	10.08		$	9.60		$	9.83		$	9.35		$	9.75

Net investment income (a)			0.13			0.26			0.35			0.41			0.43			0.44			0.51
Net realized and unrealized gain (loss)			0.15			(0.44	)		(1.69	)		0.47			(0.25	)		0.50			(0.39	)

Net increase (decrease) from investment operations			0.28			(0.18	)		(1.34	)		0.88			0.18			0.94			0.12


Distributions to Common Shareholders (b)
From net investment income			(0.14	) (c)		(0.26	)		(0.37	)		(0.40	)		(0.41	)		(0.46	)		(0.52	)
Return of capital			—			(0.03	)		—			—			—			—			—

Total distributions to Common Shareholders			(0.14	)		(0.29	)		(0.37	)		(0.40	)		(0.41	)		(0.46	)		(0.52	)

Net asset value, end of period		$	8.04		$	7.90		$	8.37		$	10.08		$	9.60		$	9.83		$	9.35

Market price, end of period		$	6.97		$	6.83		$	7.81		$	9.80		$	8.77		$	9.49		$	8.81


Total Return Applicable to Common Shareholders (d)
Based on net asset value			3.98	% (e)		(1.57	)%		(13.30	)% (e)		9.62	%		2.30	%		10.76	%		1.52	%

Based on market price			4.26	% (e)		(8.80	)%		(16.79	)% (e)		16.66	%		(3.19	)%		13.47	%		(5.22	)%


Ratios to Average Net Assets Applicable to Common Shareholders (f)
Total expenses			3.26	% (g)		3.07	%		1.58	% (g)		1.34	%		1.77	%		2.29	%		2.16	%

Total expenses after fees waived and/or reimbursed			3.25	% (g)		3.06	%		1.58	% (g)		1.34	%		1.77	%		2.29	%		2.16	%

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (h)			0.82	% (g)		0.85	%		0.86	% (g)		0.84	%		0.85	%		0.87	%		0.89	%

Net investment income to Common Shareholders			3.48	% (g)		3.37	%		4.18	% (g)		4.17	%		4.48	%		4.74	%		5.35	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)		$	509,818		$	505,761		$	542,470		$	653,755		$	622,750		$	637,636		$	605,972

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)		$	153,600		$	243,800		$	243,800		$	243,800		$	243,800		$	243,800		$	243,800

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period		$	320,726	(i)	$	287,855	(i)	$	260,636	(i)	$	368,152	(j)	$	355,435	(j)	$	361,541	(j)	$	348,553	(j)

TOB Trust Certificates, end of period (000)		$	77,373		$	25,430		$	93,902		$	106,029		$	97,266		$	100,463		$	112,817

Asset coverage per $1,000 of TOB Trust Certificates, end of period (k)		$	9,574		$	30,475		$	9,373			N/A			N/A			N/A			N/A

Portfolio turnover rate			29	%		37	%		26	%		13	%		18	%		31	%		21	%

(a)	Based on average Common Shares outstanding.

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

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

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

(e)	Not annualized.

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

(g)	Annualized.

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

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

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

(k)

See notes to financial statements.


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

Financial Highlights

(continued)

(For a share outstanding throughout each period)


		MVT

	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23			Period from 05/01/22 to 07/31/22			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19

Net asset value, beginning of period		$	12.36		$	12.91		$	12.91		$	15.60		$	13.60		$	14.87		$	14.75

Net investment income (a)			0.20			0.42			0.13			0.65			0.72			0.68			0.74
Net realized and unrealized gain (loss)			0.14			(0.52	)		0.03			(2.64	)		1.97			(1.27	)		0.20

Net increase (decrease) from investment operations			0.34			(0.10	)		0.16			(1.99	)		2.69			(0.59	)		0.94


Distributions to Common Shareholders (b)
From net investment income			(0.23	) (c)		(0.38	)		(0.16	)		(0.70	)		(0.69	)		(0.68	)		(0.76	)
From net realized gain			—			—			—			—			—			—			(0.06	)
Return of capital			—			(0.07	)		—			—			—			—			—

Total distributions to Common Shareholders			(0.23	)		(0.45	)		(0.16	)		(0.70	)		(0.69	)		(0.68	)		(0.82	)

Net asset value, end of period		$	12.47		$	12.36		$	12.91		$	12.91		$	15.60		$	13.60		$	14.87

Market price, end of period		$	10.73		$	10.66		$	12.04		$	11.89		$	15.15		$	12.55		$	14.29


Total Return Applicable to Common Shareholders (d)
Based on net asset value			3.14	% (e)		(0.14	)%		1.31	% (e)		(13.19	)%		20.22	%		(4.21	)%		6.83	%

Based on market price			2.90	% (e)		(7.65	)%		2.58	% (e)		(17.67	)%		26.52	%		(8.02	)%		7.78	%


Ratios to Average Net Assets Applicable to Common Shareholders (f)
Total expenses			3.39	% (g)		3.41	%		2.26	% (g)(h)		1.49	%		1.47	%		2.14	%		2.45	%

Total expenses after fees waived and/or reimbursed			3.39	% (g)		3.40	%		2.26	% (g)(h)		1.49	%		1.47	%		2.13	%		2.45	%

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (i)			0.86	% (g)		0.92	%		0.96	% (g)(h)		0.90	%		0.90	%		0.89	%		0.91	%

Net investment income to Common Shareholders			3.41	% (g)		3.45	%		4.24	% (g)		4.28	%		4.75	%		4.51	%		5.09	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)		$	260,232		$	260,771		$	275,901		$	275,829		$	332,905		$	290,223		$	317,175

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)		$	77,700		$	140,000		$	140,000		$	140,000		$	140,000		$	140,000		$	140,000

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period		$	338,039	(j)	$	280,704	(j)	$	243,146	(j)	$	297,021	(k)	$	337,789	(k)	$	307,302	(k)	$	326,553	(k)

TOB Trust Certificates, end of period (000)		$	31,623		$	4,308		$	52,740		$	60,726		$	57,997		$	56,198		$	47,982

Asset coverage per $1,000 of TOB Trust Certificates, end of period (l)		$	11,686		$	94,029		$	8,886			N/A			N/A			N/A			N/A

Portfolio turnover rate			28	%		51	%		4	%		14	%		13	%		18	%		25	%

(a)	Based on average Common Shares outstanding.

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

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

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

(e)	Not annualized.

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

(g)	Annualized.

(h)

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

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

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

(l)

See notes to financial statements.


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

Financial Highlights

(continued)

(For a share outstanding throughout each period)


		MQT

	Six Months Ended 01/31/24 (unaudited)				Year Ended 07/31/23			Period from 05/01/22 to 07/31/22			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19

Net asset value, beginning of period		$	11.71		$	12.30		$	12.17		$	14.58		$	13.02		$	13.77		$	13.37

Net investment income (a)			0.20			0.45			0.14			0.62			0.65			0.57			0.60
Net realized and unrealized gain (loss)			0.08			(0.56	)		0.15			(2.38	)		1.53			(0.78	)		0.39

Net increase (decrease) from investment operations			0.28			(0.11	)		0.29			(1.76	)		2.18			(0.21	)		0.99


Distributions to Common Shareholders (b)
From net investment income			(0.24	) (c)		(0.45	)		(0.16	)		(0.65	)		(0.62	)		(0.54	)		(0.59	)
Return of capital			—			(0.03	)		—			—			—			—			—

Total distributions to Common Shareholders			(0.24	)		(0.48	)		(0.16	)		(0.65	)		(0.62	)		(0.54	)		(0.59	)

Net asset value, end of period		$	11.75		$	11.71		$	12.30		$	12.17		$	14.58		$	13.02		$	13.77

Market price, end of period		$	10.28		$	10.17		$	11.94		$	11.08		$	13.92		$	11.99		$	12.26


Total Return Applicable to Common Shareholders (d)
Based on net asset value			2.79	% (e)		(0.25	)%		2.45	% (e)		(12.49	)%		17.24	%		(1.41	)%		8.21	%

Based on market price			3.55	% (e)		(10.76	)%		9.24	% (e)		(16.55	)%		21.55	%		1.97	%		7.52	%


Ratios to Average Net Assets Applicable to Common Shareholders (f)
Total expenses			3.43	% (g)		3.14	%		2.21	% (g)(h)		1.46	%		1.47	%		2.29	%		2.59	%

Total expenses after fees waived and/or reimbursed			3.43	% (g)		3.14	%		2.20	% (g)(h)		1.46	%		1.47	%		2.29	%		2.58	%

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs (i)			0.87	% (g)		0.90	%		0.97	% (g)(h)		0.90	%		0.91	%		0.92	%		0.95	%

Net investment income to Common Shareholders			3.61	% (g)		3.91	%		4.66	% (g)		4.38	%		4.57	%		4.04	%		4.47	%


Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)		$	260,346		$	262,314		$	277,927		$	275,030		$	328,873		$	293,673		$	310,611

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)		$	78,600		$	116,500		$	116,500		$	116,500		$	116,500		$	116,500		$	116,500

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period		$	305,289	(j)	$	291,013	(j)	$	247,340	(j)	$	336,077	(k)	$	382,294	(k)	$	352,080	(k)	$	366,619	(k)

TOB Trust Certificates, end of period (000)		$	48,219		$	20,828		$	72,129		$	76,171		$	80,614		$	82,178		$	90,517

Asset coverage per $1,000 of TOB Trust Certificates, end of period (l)		$	8,029		$	19,188		$	6,468			N/A			N/A			N/A			N/A

Portfolio turnover rate			30	%		41	%		8	%		16	%		8	%		19	%		22	%

(a)	Based on average Common Shares outstanding.

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

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

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

(e)	Not annualized.

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

(g)	Annualized.

(h)

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

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

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

(l)

See notes to financial statements.


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

Notes to Financial Statements

(unaudited)

1.	ORGANIZATION

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


Fund Name	Herein Referred To As	Organized	Diversification Classification
BlackRock Investment Quality Municipal Trust, Inc.	BKN	Maryland	Diversified
BlackRock Municipal Income Trust	BFK	Delaware	Diversified
BlackRock Municipal Income Trust II	BLE	Delaware	Diversified
BlackRock MuniHoldings Fund, Inc.	MHD	Maryland	Diversified
BlackRock MuniVest Fund, Inc.	MVF	Maryland	Diversified
BlackRock MuniVest Fund II, Inc.	MVT	Maryland	Diversified
BlackRock MuniYield Quality Fund II, Inc.	MQT	Maryland	Diversified

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

On October 30, 2023, the Boards of Directors/Trustees of BKN, BlackRock MuniYield Michigan Quality Fund, Inc. (MIY), BlackRock MuniYield Pennsylvania Quality Fund (MPA), and BlackRock Virgina Municipal Bond Trust (BHV) (collectively, the “Target Funds”) and the Board of Directors of BlackRock Muniyield Quality Fund III, Inc. (MYI) announced the withdrawal of merger proposals that were previously approved by the Boards of Directors/Trustees pursuant to which each of the Target Funds would have been merged into MYI, with MYI contnuing as the surviving fund. While the Board of Directors believe that the mergers would have benefited shareholders for the reasons discussed in the proxy statement, it was determined that the proxy solicitation process and associated costs would be more burdensome and expensive as a result of opposition from an activist shareholder, making the mergers no longer in the best interests of each Fund’s shareholders.

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

2.	SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition:

For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Bank Overdraft:

The Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

Collateralization:

If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

Distributions:

Distributions from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The portion of distributions, if any, that exceeds a fund’s current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

Deferred Compensation Plan:

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

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Fund, as applicable. Deferred compensation liabilities, if any, are included in the Directors’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Funds until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the


90		2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements

(unaudited) (continued)

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

Indemnifications:

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

Other:

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

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies:

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

Fair Value Inputs and Methodologies:

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

•

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

•

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

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

Fair Value Hierarchy:

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

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

•

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

•

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

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		91

Notes to Financial Statements

(unaudited (continued)

4.	SECURITIES AND OTHER INVESTMENTS

Zero-Coupon Bonds:

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

Forward Commitments, When-Issued and Delayed Delivery Securities:

The Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Funds’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Funds to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of Operations.

Municipal BondsTransferred toTOBTrusts:

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

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

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

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

Accounting for TOB Trusts:

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

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


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


92		2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements

(unaudited (continued)

For the six months ended January 31, 2024, the following table is a summary of each Fund’s TOB Trusts:


Fund Name	Underlying Municipal Bonds Transferred to TOB Trusts (a)		Liability for TOB Trust Certificates (b)		Range of Interest Rates on TOB Trust Certificates at Period End			Average TOB Trust Certificates Outstanding		Daily Weighted Average Rate of Interest and Other Expenses on TOB Trusts
BKN	$	74,429,765	$	34,892,828		4.55% —4.85	%	$	18,687,721		3.83	%
BFK		228,718,009		106,689,984		4.55 —4.65			53,025,264		3.66
BLE		147,188,685		77,008,589		4.57 —4.85			48,985,166		3.94
MHD		223,753,067		103,207,179		4.55 —4.85			54,685,279		3.79
MVF		132,402,703		77,373,088		4.55 —4.61			39,592,185		3.83
MVT		63,275,366		31,622,503		4.57 —4.85			14,087,198		3.68
MQT		99,106,969		48,218,616		4.57 —4.85			33,754,187		3.99

(a)

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

(b)

TOB Trusts may be structured on a non-recourse or recourse basis. When a Fund invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a Fund invests in a TOB Trust on a recourse basis, a Fund enters into a reimbursement agreement with the Liquidity Provider where a Fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”). As a result, if a Fund invests in a recourse TOB Trust, a Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Fund at January 31, 2024, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a Fund at January 31, 2024.

5.	DERIVATIVE FINANCIAL INSTRUMENTS

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

Futures Contracts:

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

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

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

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory:

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

For such services, BKN, BFK and BLE pays the Manager a monthly fee at an annual rate equal to the following percentages of the average weekly value of each Fund’s managed assets:


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


N O T E S T O F I N A N C I A L S T A T E M E N T S		93

Notes to Financial Statements

(unaudited) (continued)

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


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

For purposes of calculating these fees, “managed assets” are determined as total assets of the Fund (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

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

Distribution Fees:

BKN, BFK and BLE have entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of BKN, BFK and BLE common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”). Pursuant to the Distribution Agreement, BRIL will receive commissions with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of BKN’s, BFK’s and BLE’s common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the period ended January 31, 2024 amounted to $0, $0 and $0, respectively.

Administration:

BKN has an Administration Agreement with the Manager. The administration fee paid monthly to the Manager is computed at an annual rate of 0.15% of the Fund’s average weekly managed assets. For BKN, the Manager may reduce or discontinue this arrangement at any time without notice.

Expense Waivers and Reimbursements:

With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2025. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2024, the amounts waived were as follows:


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

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2025. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Funds’ Independent Directors, or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended January 31, 2024, there were no fees waived by the Manager pursuant to this arrangement.

Directors and Officers:

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

Other Transactions:

During the six months ended January 31, 2024, MHD recorded a reimbursement of $10,016 from an affiliate, which is included in payment by affiliate in the Statements of Operations, related to an operating event.

7.	PURCHASES AND SALES

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


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


94		2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements

(unaudited (continued)

8.	INCOME TAX INFORMATION

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

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



Fund Name		Non-Expiring Capital Loss Carryforwards

BKN	$	(19,151,936	)
BFK		(72,136,539	)
BLE		(73,139,451	)
MHD		(80,338,658	)
MVF		(55,735,208	)
MVT		(28,282,519	)
MQT		(22,803,903	)

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


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

9.	PRINCIPAL RISKS

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

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

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

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

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

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		95

Notes to Financial Statements

(unaudited) (continued)

Illiquidity Risk:

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

Market Risk:

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

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

Counterparty Credit Risk:

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

Geographic/Asset Class Risk:

A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.

Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has raised the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

10.	CAPITAL SHARE TRANSACTIONS

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


96		2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements

(unaudited) (continued)

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

MVF is authorized to issue 160 million shares, 150 million of which were initially classified as Common Shares, par value $0.10 per share and 10 million of which were classified as Preferred Shares, par value $0.10 per share.

Common Shares

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


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

The Funds participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2022 through November 30, 2023, each Fund may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2022, subject to certain conditions. From December 1, 2023 through November 30, 2024, each Fund may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2023, subject to certain conditions. The Repurchase Program has an accretive effect as shares are purchased at a discount to the Fund’s NAV. There is no assurance that the Funds will purchase shares in any particular amounts.

The total cost of the shares repurchased is reflected in Funds’ Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs, were as follows:

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		97

Notes to Financial Statements

(unaudited) (continued)

Initial costs incurred by BKN, BFK and BLE in connection with their Shelf Offerings are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering period will be charged to expense.

Preferred Shares

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

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

VMTP Shares

Each Fund (for purposes of this section, each a “VMTP Fund”) has issued Series W-7 VMTP Shares, $100,000 liquidation preference per share, in one or more privately negotiated offerings to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The VMTP Shares are subject to certain restrictions on transfer, and a VMTP Fund may also be required to register its VMTP Shares for sale under the Securities Act under certain circumstances. As of period end, the VMTP Shares outstanding and assigned long-term ratings were as follows:

Fund Name

Issue
Date

(a)

Shares
Issued

Aggregate
Principal

Term
Redemption
Date

Moody’s
Rating

Fitch
Rating

BKN

12/20/23

678

67,800,000

07/02/25

Aa1

BFK

12/20/23

1,541

154,100,000

07/02/25

Aa1

BLE

12/20/23

1,741

174,100,000

07/02/25

Aa1

MHD

12/20/23

2,140

214,000,000

07/02/25

Aa1

MVF

12/20/23

1,536

153,600,000

07/02/25

Aa1

MVT

12/20/23

777

77,700,000

07/02/25

Aa1

MQT

12/20/23

786

78,600,000

07/02/25

Aa1

(a)

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

Redemption Terms:

A VMTP Fund is required to redeem its VMTP Shares on the term redemption date, unless earlier redeemed or repurchased or unless extended. There is no assurance that a term will be extended further or that any VMTP Shares will be replaced with any other preferred shares or other form of leverage upon the redemption or repurchase of the VMTP Shares. Six months prior to the term redemption date, a VMTP Fund is required to begin to segregate liquid assets with its custodian to fund the redemption. In addition, a VMTP Fund is required to redeem certain of its outstanding VMTP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.

Subject to certain conditions, VMTP Shares may be redeemed, in whole or in part, at any time at the option of the VMTP Fund. With respect to each Fund, the redemption price per VMTP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends and applicable redemption premium. If each Fund redeems the VMTP Shares prior to the term redemption date and the VMTP Shares have long-term ratings above A1/A+ or its equivalent by the ratings agencies then rating the VMTP Shares, then such redemption may be subject to a prescribed redemption premium (up to 1% of the liquidation preference) payable to the holder of the VMTP Shares based on the time remaining until the term redemption date, subject to certain exceptions for redemptions that are required to comply with minimum asset coverage requirements.

Dividends:

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

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

For the six months ended January 31, 2024, the average annualized dividend rates for the VMTP Shares were as follows:


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


98		2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements

(unaudited) (continued)

For the six-months ended January 31, 2024, VMTP shares issued and outstanding decreased by the following amounts as a result of redemption of shares.


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

Offering Costs:

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

Financial Reporting:

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


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

11.	SUBSEQUENT EVENTS

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

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

Fund Name

Declaration
Date

Record
Date

Payable/
Paid Date

Dividend Per
Common Share

BKN

11/14/23

01/12/24

02/01/24

$ 0.057000

11/14/23

02/15/24

03/01/24

0.057000

03/01/24

03/15/24

04/01/24

0.057000

BFK

11/14/23

01/12/24

02/01/24

0.050000

11/14/23

02/15/24

03/01/24

0.050000

03/01/24

03/15/24

04/01/24

0.050000

BLE

11/14/23

01/12/24

02/01/24

0.052000

11/14/23

02/15/24

03/01/24

0.052000

03/01/24

03/15/24

04/01/24

0.052000

MHD

11/14/23

01/12/24

02/01/24

0.052500

11/14/23

02/15/24

03/01/24

0.052500

03/01/24

03/15/24

04/01/24

0.052500

MVF

11/14/23

01/12/24

02/01/24

0.030000

11/14/23

02/15/24

03/01/24

0.030000

03/01/24

03/15/24

04/01/24

0.030000

MVT

11/14/23

01/12/24

02/01/24

0.050500

11/14/23

02/15/24

03/01/24

0.050500

03/01/24

03/15/24

04/01/24

0.050500

MQT

11/14/23

01/12/24

02/01/24

0.049000

11/14/23

02/15/24

03/01/24

0.049000

03/01/24

03/15/24

04/01/24

0.049000


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

Notes to Financial Statements

(unaudited) (continued)

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


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

(a)

Dividends declared for period February 1, 2024 to February 29, 2024.


100		2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Additional Information

Fund Certification

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

Environmental, Social and Governance (“ESG”) Integration

Although the Funds do not seek to implement a specific sustainability objective, strategy or process unless otherwise disclosed, Fund management will consider ESG factors as part of the investment process for the Funds. Fund management views ESG integration as the practice of incorporating financially material ESG data or information into investment processes with the objective of enhancing risk-adjusted returns. These ESG considerations will vary depending on the Funds’ particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in the Funds’ investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. Certain of these considerations may affect the Funds’ exposure to certain companies or industries. While Fund management views ESG considerations as having the potential to contribute to the Funds’ long-term performance, there is no guarantee that such results will be achieved.

Dividend Policy

Each Fund’s dividend policy is to make regular monthly cash distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate). Each Fund intends to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In addition, in any monthly period, in order to maintain its declared distribution amount, each Fund may pay out more or less than the entire amount of net investment income earned in any particular month. In the event a Fund distributes more than its net investment income during any yearly period, such distributions may also come from sources other than net income, including a return of capital. The Funds’ current accumulated but undistributed net investment income, if any, is disclosed as accumulated earnings (loss) in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

General Information

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

BKN’s, BFK’s and BLE’s Statement of Additional Information includes additional information about the Board and is available, without charge upon request by calling (800) 882-0052.

The following information is a summary of certain changes since July 31, 2023. This information may not reflect all of the changes that have occurred since you purchased the relevant Fund.

Except if noted otherwise herein, there were no changes to the Funds’ charters or by-laws that would delay or prevent a change of control of the Funds that were not approved by the shareholders.

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

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

blackrock.com

. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.

Electronic Delivery

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

To enroll in electronic delivery:

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

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

Householding

The Funds will mail only one copy of shareholder documents, including for BKN, BFK and BLE only, prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 882-0052.


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

Additional Information

(continued)

Availability of Quarterly Schedule of Investments

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at

sec.gov

. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at

blackrock.com/fundreports

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at

blackrock.com

; and (3) on the SEC’s website at

sec.gov

Availability of Fund Updates

BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the “Closed-end Funds” section of

blackrock.com

as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.

Shelf Offering Program

From time to time, BKN, BFK and BLE may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, BKN, BFK and BLE may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above BKN’s, BFK’s and BLE’s net asset value (“NAV”) per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow BKN, BFK and BLE to pursue additional investment opportunities without the need to sell existing portfolio investments, it could also entail risks – including that the issuance of additional Common Shares may limit the extent to which the Common Shares are able to trade at a premium to NAV in the secondary market.

BKN, BFK and BLE each filed a final prospectus with the SEC in connection with its Shelf Offering on June 6, 2022, March 17, 2022 and November 17, 2021, respectively. This report and the prospectuses of BKN, BFK and BLE are not offers to sell BKN, BFK and BLE Common Shares or solicitations of an offer to buy BKN, BFK and BLE Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectuses of BKN, BFK and BLE contain important information about BKN, BFK and BLE, including their investment objectives, risks, charges and expenses. Investors are urged to read the prospectuses of BKN, BFK and BLE carefully and in their entirety before investing. Copies of the final prospectuses for BKN, BFK and BLE can be obtained from BlackRock at

blackrock.com

BlackRock Privacy Principles

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

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

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

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

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

Fund and Service Providers


Investment Adviser		Transfer Agent
BlackRock Advisors, LLC		Computershare Trust Company, N.A.
Wilmington, DE 19809		Canton, MA 02021

Accounting Agent and Custodian		VMTP Redemption and Paying Agent
State Street Bank and Trust Company		The Bank of New York Mellon
Boston, MA 02114		New York, NY 10286


102		2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Additional Information

(continued)

Fund and Service Providers (continued)


Independent Registered Public Accounting Firm		Address of the Funds
Deloitte & Touche LLP		100 Bellevue Parkway
Boston, MA 02116		Wilmington, DE 19809

Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019


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

Glossary of Terms Used in this Report


Portfolio Abbreviation

AGC		Assured Guaranty Corp.

AGM		Assured Guaranty Municipal Corp.

AGM-CR		AGM Insured Custodial Receipt

AMT		Alternative Minimum Tax

ARB		Airport Revenue Bonds

BAM		Build America Mutual Assurance Co.

BAM-TCRS		Build America Mutual Assurance Co. - Transferable Custodial Receipts

CAB		Capital Appreciation Bonds

COP		Certificates of Participation

CR		Custodian Receipt

FGIC		Financial Guaranty Insurance Co.

FHLMC		Federal Home Loan Mortgage Corp.

FNMA		Federal National Mortgage Association

GNMA		Government National Mortgage Association

GO		General Obligation Bonds

GTD		GTD Guaranteed

M/F		Multi-Family

NPFGC		National Public Finance Guarantee Corp.

PSF		Permanent School Fund

RB		Revenue Bond

S/F		Single-Family

SAB		Special Assessment Bonds

SAN		State Aid Notes

SAW		State Aid Withholding

ST		Special Tax

TA		Tax Allocation

UT		Unlimited Tax


104		2 0 2 4 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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

CEMUNI7-01/24-SAR

(b) Not Applicable

Item 2 –

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

Item 3 –

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

Item 4 –

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

Item 5 –

Audit Committee of Listed Registrant – Not Applicable to this semi-annual report

Item 6 –

Investments

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

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

Item 7 –

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

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies –

(a) Not applicable to this semi-annual report

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

Item 9 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Period	(a) Total Number of Shares Purchased¹	(b) Average Price Paid per Share	(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs¹	(d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs¹
	(a) Total Number of Shares Purchased¹	(b) Average Price Paid per Share
August 1-31, 2023	38,483	$ 11.1027	38,483	662,355
September 1-30, 2023	63,247	$ 10.4652	63,247	599,108
October 1-31, 2023	66,851	$ 9.8088	66,851	532,257
November 1-30, 2023	64,721	$ 11.0259	64,721	467,536
December 1-31, 2023	0	$ -	0	860,292
January 1-31, 2024	0	$ -	0	860,292
Total:	233,302	10.5378	233,302	860,292

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

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

Item 10 –

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

Item 11 –

Controls and Procedures

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

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

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 13 –

Recovery of Erroneously Awarded Compensation – Not Applicable

Item 14 –

Exhibits attached hereto

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

(a)(2) Section 302 Certifications are attached

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

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

(b) Section 906 Certifications are attached

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 Investment Quality Municipal Trust, Inc.


		By:		/s/ John M. Perlowski
				John M. Perlowski
				Chief Executive Officer (principal executive officer) of
				BlackRock Investment Quality Municipal Trust, Inc.

Date: March 22, 2024

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


		By:		/s/ John M. Perlowski
				John M. Perlowski
				Chief Executive Officer (principal executive officer) of
				BlackRock Investment Quality Municipal Trust, Inc.

Date: March 22, 2024


		By:		/s/ Trent Walker
				Trent Walker
				Chief Financial Officer (principal financial officer) of
				BlackRock Investment Quality Municipal Trust, Inc.

Date: March 22, 2024

Six Months Ended January 31, 2024

$2,461,995

Year Ended July 31, 2023