N-CSRS 1 d762984dncsrs.htm BLACKROCK MUNIHOLDINGS FUND, INC. BLACKROCK MUNIHOLDINGS FUND, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08081

 

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

 

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

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

 

LOGO

  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,

 

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

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

 

LOGO

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

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

 

 

Financial Conditions of Municipal Issuers

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

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

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

 

 

4  

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

The Benefits and Risks of Leveraging

 

 

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

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

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

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

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

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

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

Derivative Financial Instruments

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

 

 

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

   5

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

 

 

Investment Objective

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

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

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

Fund Information

 

   

Symbol on New York Stock Exchange

   BKN 

Initial Offering Date

   February 28, 1993 

Yield on Closing Market Price as of January 31, 2024 ($ 11.71)(a)

   5.84% 

Tax Equivalent Yield(b)

   9.86% 

Current Monthly Distribution per Common Share(c)

   $0.057000 

Current Annualized Distribution per Common Share(c)

   $0.684000 

Leverage as of January 31, 2024(d)

   31% 

 

  (a) 

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

 
  (b) 

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

 
  (c) 

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

 
  (d) 

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

 

Market Price and Net Asset Value Per Share Summary

 

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

Closing Market Price

   $ 11.71      $ 11.75        (0.34 )%     $  12.05      $  9.60  

Net Asset Value

     13.14        13.21        (0.53 )       13.34        11.54  

Performance

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

 

          Average Annual Total Returns  
     6-month     1 Year     5 Years     10 Years  

Fund at NAV(a)(b)

     1.93 %      2.21 %      1.89 %      4.50 % 

Fund at Market Price(a)(b)

     2.12       (0.72 )      1.35       3.05  

National Customized Reference Benchmark(c)

     2.77       3.02       2.13       N/A  

Bloomberg Municipal Bond Index(d)

     2.70       2.90       2.00       2.78  

 

  (a) 

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

 
  (b) 

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

 
  (c) 

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

 
  (d) 

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

 

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

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

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

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

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

 

 

6  

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

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

 

 

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

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

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

Overview of the Fund’s Total Investments

 

SECTOR ALLOCATION

   
Sector(a)(b)   Percentage of
Total Investments		  

County/City/Special District/School District

     24.3 % 

Transportation

     23.8  

Corporate

     13.4  

Utilities

     11.2  

Health

     7.5  

Education

     7.2  

State

     6.6  

Housing

     3.2  

Tobacco

     2.8  

CREDIT QUALITY ALLOCATION

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

AAA/Aaa

     4.9 % 

AA/Aa

     41.0  

A

     31.7  

BBB/Baa

     7.2  

BB/Ba

     3.5  

B

     1.5  

N/R(e)

     10.2  
 

 

CALL/MATURITY SCHEDULE

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

2024

     7.3 % 

2025

     1.3  

2026

     4.3  

2027

     11.4  

2028

     5.9  

 

 

 

 

(a) 

Excludes short-term securities.

 
(b) 

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

 
(c) 

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

 
(d) 

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

 
(e) 

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

 

 

 

F U N D   S U M M A R Y

   7

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

 

 

Investment Objective

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

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

Fund Information

 

   

Symbol on New York Stock Exchange

      BFK 

Initial Offering Date

      July 31, 2001 

Yield on Closing Market Price as of January 31, 2024 ($ 10.11)(a)

      5.93% 

Tax Equivalent Yield(b)

      10.02% 

Current Monthly Distribution per Common Share(c)

      $0.050000 

Current Annualized Distribution per Common Share(c)

      $0.600000 

Leverage as of January 31, 2024(d)

      34% 

 

  (a) 

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

 
  (b) 

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

 
  (c) 

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

 
  (d) 

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

 

Market Price and Net Asset Value Per Share Summary

 

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

Closing Market Price

   $ 10.11      $ 10.11        0.00 %     $  10.32      $  8.59  

Net Asset Value

     11.56        11.66        (0.86 )       11.66        10.38  

Performance

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

 

          Average Annual Total Returns  
     6-month     1 Year     5 Years     10 Years  

Fund at NAV(a)(b)

     1.43 %      1.97 %      1.19 %      3.77 % 

Fund at Market Price(a)(b)

     2.31       (0.56 )      (0.12 )      2.67  

National Customized Reference Benchmark(c)

     2.77       3.02       2.13       N/A  

Bloomberg Municipal Bond Index(d)

     2.70       2.90       2.00       2.78  

 

  (a) 

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

 
  (b) 

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

 
  (c) 

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

 
  (d) 

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

 

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

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

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

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

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

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

 

 

8  

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

 

 

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

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

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

Overview of the Fund’s Total Investments

 

SECTOR ALLOCATION

   
Sector(a)(b)   Percentage of
Total Investments		  

Transportation

     22.9 % 

County/City/Special District/School District

     21.8  

Corporate

     13.1  

State

     12.9  

Utilities

     11.0  

Tobacco

     7.8  

Health

     6.8  

Education

     2.5  

Housing

     1.2  

CREDIT QUALITY ALLOCATION

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

AAA/Aaa

     10.6 % 

AA/Aa

     40.0  

A

     30.6  

BBB/Baa

     7.0  

BB/Ba

     3.0  

B

     1.0  

N/R(e)

     7.8  
 

 

CALL/MATURITY SCHEDULE

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

2024

     10.0 % 

2025

     3.6  

2026

     7.3  

2027

     9.2  

2028

     16.8  

 

 

 

(a) 

Excludes short-term securities.

 
(b) 

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

 
(c) 

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

 
(d) 

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

 
(e) 

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.1% of the Fund’s total investments.

 

 

 

F U N D   S U M M A R Y

   9

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

 

Investment Objective

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

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

Fund Information

 

   

Symbol on New York Stock Exchange

   BLE

Initial Offering Date

     July 30, 2002  

Yield on Closing Market Price as of January 31, 2024 ($ 10.66)(a)

   5.85%

Tax Equivalent Yield(b)

   9.88%

Current Monthly Distribution per Common Share(c)

   $0.052000

Current Annualized Distribution per Common Share(c)

   $0.624000

Leverage as of January 31, 2024(d)

   30%

 

  (a) 

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

 
  (b) 

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

 
  (c) 

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

 
  (d) 

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

 

Market Price and Net Asset Value Per Share Summary

 

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

Closing Market Price

   $ 10.66        $ 10.45          2.01 %       $  10.89        $   8.81  

Net Asset Value

     12.20          12.09          0.91          12.37          10.63  

Performance

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

 

          Average Annual Total Returns  
     6-month     1 Year     5 Years     10 Years  

Fund at NAV(a)(b)

     3.32 %      3.77 %      1.56 %      3.95 % 

Fund at Market Price(a)(b)

     4.45       1.32       (0.58 )      2.81  

National Customized Reference Benchmark(c)

     2.77       3.02       2.13       N/A  

Bloomberg Municipal Bond Index(d)

     2.70       2.90       2.00       2.78  

 

  (a) 

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

 
  (b) 

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

 
  (c) 

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

 
  (d) 

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

 

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

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

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

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

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

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

 

 

10  

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

 

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

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

Overview of the Fund’s Total Investments

 

SECTOR ALLOCATION

   
Sector(a)(b)   Percentage of
Total Investments		  

Transportation

     21.3 % 

County/City/Special District/School District

     16.7  

Corporate

     12.5  

Health

     12.0  

Utilities

     10.8  

State

     9.5  

Housing

     8.3  

Education

     5.2  

Tobacco

     3.7  

CREDIT QUALITY ALLOCATION

   
Credit Rating(a)(d)  

Percentage of

Total Investments

  

AAA/Aaa

     8.7 % 

AA/Aa

     34.0  

A

     29.0  

BBB/Baa

     12.6  

BB/Ba

     2.6  

B

     0.9  

N/R(e)

     12.2  
 

 

CALL/MATURITY SCHEDULE

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

2024

     10.5 % 

2025

     0.6  

2026

     2.5  

2027

     4.9  

2028

     12.5  

 

 

 

(a) 

Excludes short-term securities.

 
(b) 

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

 
(c) 

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

 
(d) 

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

 
(e) 

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

 

 

 

F U N D   S U M M A R Y

   11

Fund Summary as of January 31, 2024   

BlackRock MuniHoldings Fund, Inc. (MHD)

 

Investment Objective

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

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

Fund Information

 

   

Symbol on New York Stock Exchange

   MHD

Initial Offering Date

    May 2, 1997 

Yield on Closing Market Price as of January 31, 2024 ($ 11.91)(a)

   5.29%

Tax Equivalent Yield(b)

   8.94%

Current Monthly Distribution per Common Share(c)

   $0.052500

Current Annualized Distribution per Common Share(c)

   $0.630000

Leverage as of January 31, 2024(d)

   31%

 

  (a) 

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

 
  (b) 

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

 
  (c) 

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

 
  (d) 

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

 

Market Price and Net Asset Value Per Share Summary

 

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

Closing Market Price

   $ 11.91        $ 11.84          0.59 %       $  12.01        $   9.96  

Net Asset Value

     13.67          13.62          0.37          13.87          11.98  

Performance

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

 

          Average Annual Total Returns  
     6-month     1 Year     5 Years     10 Years  

Fund at NAV(a)(b)

     2.58 %      2.93 %      1.27 %      3.75 % 

Fund at Market Price(a)(b)

     2.81       0.02       (0.35 )      2.77  

National Customized Reference Benchmark(c)

     2.77       3.02       2.13       N/A  

Bloomberg Municipal Bond Index(d)

     2.70       2.90       2.00       2.78  

 

  (a) 

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

 
  (b) 

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

 
  (c) 

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

 
  (d) 

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

 

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

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

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

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

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

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

 

 

12  

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Fund Summary as of January 31, 2024 (continued)   

BlackRock MuniHoldings Fund, Inc. (MHD)

 

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

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

Overview of the Fund’s Total Investments

 

SECTOR ALLOCATION

   
Sector(a)(b)  

Percentage of

Total Investments

  

Transportation

     26.0 % 

County/City/Special District/School District

     15.3  

Corporate

     13.6  

Utilities

     11.3  

Health

     11.1  

State

     11.0  

Education

     7.4  

Housing

     2.3  

Tobacco

     2.0  

CREDIT QUALITY ALLOCATION

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

AAA/Aaa

     5.1 % 

AA/Aa

     43.1  

A

     28.4  

BBB/Baa

     8.3  

BB/Ba

     2.8  

B

     1.1  

N/R(e)

     11.2  
 

 

CALL/MATURITY SCHEDULE

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

2024

     8.3 % 

2025

     1.4  

2026

     2.3  

2027

     7.3  

2028

     11.0  

 

 
(a) 

Excludes short-term securities.

 
(b) 

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

 
(c) 

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

 
(d) 

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

 
(e) 

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

 

 

 

F U N D  S U M M A R Y

   13

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

 

Investment Objective

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

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

Fund Information

 

   

Symbol on New York Stock Exchange

   MVF  

Initial Offering Date

   September 29, 1988  

Yield on Closing Market Price as of January 31, 2024 ($ 6.97)(a)

   5.16%  

Tax Equivalent Yield(b)

   8.72%  

Current Monthly Distribution per Common Share(c)

   $0.030000  

Current Annualized Distribution per Common Share(c)

   $0.360000  

Leverage as of January 31, 2024(d)

   31%  

 

  (a) 

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

 
  (b) 

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

 
  (c) 

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

 
  (d) 

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

 

Market Price and Net Asset Value Per Share Summary

 

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

Closing Market Price

   $  6.97      $  6.83        2.05 %     $  7.12      $  5.85  

Net Asset Value

     8.04        7.90        1.77        8.17        7.08  

Performance

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

 

           Average Annual Total Returns  
     6-month      1 Year      5 Years      10 Years  

Fund at NAV(a)(b)

     3.98 %       3.82 %       1.86 %       3.53 % 

Fund at Market Price(a)(b)

     4.26        1.46        (0.26 )       2.14  

National Customized Reference Benchmark(c)

     2.77        3.02        2.13        N/A  

Bloomberg Municipal Bond Index(d)

     2.70        2.90        2.00        2.78  

 

  (a) 

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

 
  (b) 

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

 
  (c) 

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

 
  (d) 

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

 

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

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

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

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

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

 

 

14  

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

 

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

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

Overview of the Fund’s Total Investments

 

SECTOR ALLOCATION

   
Sector(a)(b)   Percentage of
Total Investments		  

Transportation

     24.9 % 

State

     15.4  

Health

     15.0  

Corporate

     11.7  

County/City/Special District/School District

     11.1  

Education

     8.7  

Utilities

     4.7  

Housing

     4.6  

Tobacco

     3.9  

CREDIT QUALITY ALLOCATION

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

AAA/Aaa

     3.6 % 

AA/Aa

     47.8  

A

     21.1  

BBB/Baa

     8.4  

BB/Ba

     4.1  

B

     2.0  

N/R(e)

     13.0  
 

 

CALL/MATURITY SCHEDULE

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

2024

     11.0 % 

2025

     6.9  

2026

     2.0  

2027

     14.9  

2028

     9.3  

 

 

 

(a) 

Excludes short-term securities.

 
(b) 

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

 
(c) 

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

 
(d) 

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

 
(e) 

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of January 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.1% of the Fund’s total investments.

 

 

 

F U N D  S U M M A R Y

   15

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

 

Investment Objective

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

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

Fund Information

 

   

Symbol on New York Stock Exchange

   MVT  

Initial Offering Date

   March 29, 1993  

Yield on Closing Market Price as of January 31, 2024 ($ 10.73)(a)

   5.65%  

Tax Equivalent Yield(b)

   9.54%  

Current Monthly Distribution per Common Share(c)

   $0.050500  

Current Annualized Distribution per Common Share(c)

   $0.606000  

Leverage as of January 31, 2024(d)

   30%  

 

  (a) 

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

 
  (b) 

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

 
  (c) 

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

 
  (d) 

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

 

Market Price and Net Asset Value Per Share Summary

 

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

Closing Market Price

   $  10.73      $  10.66        0.66 %     $  10.91      $   9.02  

Net Asset Value

     12.47        12.36        0.89        12.63        10.88  

Performance

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

 

          Average Annual Total Returns  
     6-month     1 Year     5 Years     10 Years  

Fund at NAV(a)(b)

     3.14 %      3.70 %      1.66 %      3.74 % 

Fund at Market Price(a)(b)

     2.90       0.10       (1.23 )      2.26  

National Customized Reference Benchmark(c)

     2.77       3.02       2.13       N/A  

Bloomberg Municipal Bond Index(d)

     2.70       2.90       2.00       2.78  

 

  (a) 

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

 
  (b) 

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

 
  (c) 

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

 
  (d) 

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

 

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

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

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

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

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

The Fund’s holdings in longer-maturity bonds (15- to 20-year issues), the strongest performing area of the market, contributed to performance. Holdings in high yield (non investment-grade bonds) contributed as well. Within the investment-grade category, A rated bonds were generally the top performers. The Fund’s use of U.S. Treasury futures

 

 

16  

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

 

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

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

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

Overview of the Fund’s Total Investments

 

SECTOR ALLOCATION

   
Sector(a)(b)   Percentage of
Total Investments		  

Transportation

     24.1 % 

Health

     13.8  

County/City/Special District/School District

     13.3  

Corporate

     13.1  

Utilities

     12.6  

State

     10.0  

Housing

     5.3  

Tobacco

     4.2  

Education

     3.6  

CREDIT QUALITY ALLOCATION

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

AAA/Aaa

     6.9 % 

AA/Aa

     35.3  

A

     31.0  

BBB/Baa

     8.3  

BB/Ba

     2.8  

B

     2.1  

N/R(e)

     13.6  
 

 

CALL/MATURITY SCHEDULE

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

2024

     8.5 % 

2025

     1.6  

2026

     1.1  

2027

     7.0  

2028

     10.9  

 

 
(a) 

Excludes short-term securities.

 
(b) 

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

 
(c) 

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

 
(d) 

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

 
(e) 

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

 

 

 

F U N D  S U M M A R Y

   17

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

 

Investment Objective

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

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

Fund Information

 

   

Symbol on New York Stock Exchange

   MQT

Initial Offering Date

    August 28, 1992 

Yield on Closing Market Price as of January 31, 2024 ($ 10.28)(a)

   5.72%

Tax Equivalent Yield(b)

   9.66%

Current Monthly Distribution per Common Share(c)

   $0.049000

Current Annualized Distribution per Common Share(c)

   $0.588000

Leverage as of January 31, 2024(d)

   33%

 

  (a) 

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

 
  (b) 

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

 
  (c) 

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

 
  (d) 

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

 

Market Price and Net Asset Value Per Share Summary

 

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

Closing Market Price

   $ 10.28        $ 10.17          1.08 %       $ 10.60        $   8.60  

Net Asset Value

     11.75          11.71          0.34          11.90          10.33  

Performance

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

 

          Average Annual Total Returns  
     6-month     1 Year     5 Years     10 Years  

Fund at NAV(a)(b)

     2.79 %      3.03 %      2.12 %      4.04 % 

Fund at Market Price(a)(b)

     3.55       (0.80 )      1.64       3.40  

National Customized Reference Benchmark(c)

     2.77       3.02       2.13       N/A  

Bloomberg Municipal Bond Index(d)

     2.70       2.90       2.00       2.78  

 

  (a) 

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

 
  (b) 

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

 
  (c) 

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

 
  (d) 

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

 

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

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

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

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

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

 

 

18  

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

 

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

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

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

Overview of the Fund’s Total Investments

 

SECTOR ALLOCATION

   
Sector(a)(b)   Percentage of
Total Investments		  

Transportation

     30.7 % 

County/City/Special District/School District

     16.4  

Corporate

     12.5  

Health

     11.5  

Utilities

     9.8  

State

     9.2  

Education

     5.7  

Housing

     2.5  

Tobacco

     1.7  

CREDIT QUALITY ALLOCATION

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

AAA/Aaa

     4.4 % 

AA/Aa

     42.1  

A

     30.8  

BBB/Baa

     5.5  

BB/Ba

     1.9  

B

     0.2  

N/R(e)

     15.1  
 

 

CALL/MATURITY SCHEDULE

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

2024

     5.7 % 

2025

     3.8  

2026

     7.6  

2027

     8.2  

2028

     8.8  

 

 
(a) 

Excludes short-term securities.

 
(b) 

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

 
(c) 

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

 
(d) 

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

 
(e) 

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

 

 

 

F U N D  S U M M A R Y

   19

Schedule of Investments (unaudited)

January 31, 2024

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

    
Alabama — 2.9%            

Black Belt Energy Gas District, RB(a)

    

4.00%, 10/01/52

   $ 1,195     $ 1,193,190  

Series A, 5.25%, 01/01/54

           760            818,416  

Series F, 5.50%, 11/01/53

     735       782,015  

County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53

     1,505       1,650,905  

Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46

     1,265       1,335,745  

Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53(a)

     670       720,685  
   

 

 

  
      6,500,956  
Arizona — 3.8%            

Arizona Industrial Development Authority, Refunding RB(b)

    

Series A, 5.50%, 07/01/52

     215       204,730  

Series G, 5.00%, 07/01/47

     430       402,992  

City of Phoenix Civic Improvement Corp., ARB, Series B, AMT, Junior Lien, 5.00%, 07/01/44

     910       951,727  

Maricopa County Industrial Development Authority, RB, Series 2019F, 4.00%, 01/01/45

     750       744,609  

Salt Verde Financial Corp., RB

    

5.00%, 12/01/32

     1,095       1,172,125  

5.00%, 12/01/37

     4,585       5,006,389  
   

 

 

  
      8,482,572  
Arkansas — 1.1%            

Arkansas Development Finance Authority, RB

    

Series A, AMT, 4.50%, 09/01/49(b)

     1,450       1,407,036  

AMT, Sustainability Bonds, 5.70%, 05/01/53

     380       389,010  

City of Benton Arkansas Sales & Use Tax, RB, (AGM), 4.00%, 06/01/39

     755       755,517  
   

 

 

  
      2,551,563  
California — 11.4%            

California Enterprise Development Authority, RB, 8.00%, 11/15/62(b)

     335       330,861  

Carlsbad Unified School District, GO, Series B, 6.00%, 05/01/34(c)

     1,500       1,509,396  

CSCDA Community Improvement Authority, RB, M/F Housing(b)

    

4.00%, 10/01/56

     105       85,800  

Senior Lien, Sustainability Bonds, 3.13%, 06/01/57

     445       286,817  

Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58

     195       145,639  

Sustainability Bonds, 4.00%, 12/01/56

     200       139,334  

Series A, Sustainability Bonds, 4.00%, 06/01/58

     260       188,152  

Hartnell Community College District, GO, Series D, 7.00%, 08/01/34(c)

     2,475       2,873,504  

Norwalk-La Mirada Unified School District, Refunding GO, Series E, Election 2002, (AGC), 0.00%, 08/01/38(d)

     12,000       6,623,676  

Palomar Community College District, GO

    

Series B, Convertible, 6.20%, 08/01/39(c)

     4,000       4,704,361  

Series B, Election 2006, 0.00%, 08/01/30(d)

     2,270       1,932,949  

Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53

     1,205       1,195,467  
Security  

Par

(000)

     Value  
California (continued)            

San Diego Community College District, GO, Election 2002, 6.00%, 08/01/27(c)(e)

   $ 4,200     $ 4,704,962  

San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 5.00%, 07/01/56

           685            711,406  

San Diego Unified School District, GO, Series C, 0.00%, 07/01/45(d)

     1,000       417,500  
   

 

 

  
      25,849,824  
Colorado — 0.7%            

Colorado Health Facilities Authority, RB, 5.50%, 11/01/47

     1,550       1,682,946  
   

 

 

  

Connecticut — 0.1%

    

Connecticut State Health & Educational Facilities Authority, RB

    

5.25%, 07/15/48

     130       140,724  

4.25%, 07/15/53

     175       170,743  
   

 

 

  
      311,467  
District of Columbia — 1.2%            

District of Columbia Income Tax Revenue, RB, Series A, 5.25%, 05/01/48

     1,110       1,244,208  

Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48

     455       489,439  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, CAB, Series B, 2nd Lien, (AGM-CR), 0.00%, 10/01/40(d)

     1,800       889,831  
   

 

 

  
      2,623,478  
Florida — 12.7%            

Brevard County Health Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/47

     2,725       2,899,641  

Capital Trust Agency, Inc., RB, Series A, 5.00%, 06/15/49(b)

     100       91,695  

City of Gainesville Florida Utilities System Revenue, Refunding RB, Series A, 5.00%, 10/01/47

     1,305       1,366,945  

City of Tampa Florida, RB, CAB(d)

    

Series A, 0.00%, 09/01/49

     465       133,224  

Series A, 0.00%, 09/01/53

     270       62,330  

County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 4.00%, 10/01/49

     615       543,565  

County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/44

     475       493,422  

County of Miami-Dade Florida Water & Sewer System Revenue, RB, 4.00%, 10/01/48

     1,350       1,329,069  

County of Miami-Dade Florida, RB(d)

    

0.00%, 10/01/32

     5,000       3,742,552  

0.00%, 10/01/33

     15,375       11,050,255  

County of Miami-Dade Seaport Department, Refunding RB

    

Series A, AMT, 5.00%, 10/01/41

     325       345,020  

Series A-1, AMT, (AGM), 4.00%, 10/01/45

     695       643,641  

County of Osceola Florida Transportation Revenue, Refunding RB, CAB(d)

    

Series A-2, 0.00%, 10/01/46

     420       128,188  

Series A-2, 0.00%, 10/01/47

     680       195,286  

County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54

     165       186,094  

Florida Development Finance Corp., RB, 6.50%, 06/30/57(b)

     300       287,864  
 

 

 

20  

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Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Florida (continued)            

Greater Orlando Aviation Authority, ARB,
Sub-Series A, AMT, 5.00%, 10/01/47

   $ 1,130     $ 1,148,657  

Hillsborough County Aviation Authority, ARB, AMT, 5.00%, 10/01/48

         1,840          1,870,789  

Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54

     190       199,112  

Orange County Health Facilities Authority, RB, 5.00%, 10/01/53

     1,590       1,697,185  

Village Community Development District No. 15, SAB, 5.25%, 05/01/54(b)

     195       193,257  
   

 

 

  
      28,607,791  
Georgia — 2.6%            

City of Atlanta Georgia Department of Aviation, Refunding ARB, Series B, AMT, 5.00%, 07/01/52

     480       506,646  

Development Authority for Fulton County, RB

    

4.00%, 07/01/49

     145       137,047  

5.00%, 06/15/56

     2,295       2,494,963  

East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)

     175       158,628  

Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51

     780       733,443  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/49

     205       222,980  

Series A, 5.00%, 06/01/53(a)

     565       597,646  

Municipal Electric Authority of Georgia, RB

    

Class A, 5.50%, 07/01/63

     310       325,531  

Series A, 5.00%, 01/01/59

     770       781,688  
   

 

 

  
      5,958,572  
Hawaii — 0.8%            

State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/43

     785       814,522  

State of Hawaii Department of Budget & Finance, Refunding RB, AMT, 4.00%, 03/01/37

     1,395       964,196  
   

 

 

  
      1,778,718  
Illinois — 6.5%            

Chicago Board of Education, GO

    

Series C, 5.25%, 12/01/35

     1,235       1,240,757  

Series D, 5.00%, 12/01/46

     1,635       1,636,259  

Series H, 5.00%, 12/01/36

     375       383,611  

Chicago Board of Education, Refunding GO

    

Series C, 5.00%, 12/01/34

     370       378,355  

Series D, 5.00%, 12/01/26

     675       691,670  

Chicago O’Hare International Airport, Refunding RB, Series B, AMT, 4.00%, 01/01/29

     2,400       2,401,087  

Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57

     620       633,677  

City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/53

     695       761,837  

City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/53

     470       511,492  

Illinois Finance Authority, Refunding RB, Series A, 5.00%, 11/15/45

     945       951,809  

Illinois Housing Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.13%, 10/01/38

     100       97,461  

Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46

     820       800,861  

Metropolitan Pier & Exposition Authority, RB, 5.00%, 06/15/57

     590       601,865  
Security  

Par

(000)

     Value  
Illinois (continued)            

State of Illinois, GO

    

5.00%, 02/01/39

   $ 1,000     $ 1,002,122  

5.50%, 05/01/39

         1,610          1,783,593  

Series C, 5.00%, 12/01/48

     740       788,694  
   

 

 

  
      14,665,150  
Indiana — 0.7%            

Indianapolis Local Public Improvement Bond Bank, RB
5.25%, 02/01/48

     220       247,235  

(BAM), 5.00%, 03/01/53

     1,255       1,317,749  
   

 

 

  
      1,564,984  
Kentucky — 2.2%            

City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52(b)

     135       127,385  

County of Boyle Kentucky, Refunding RB, 5.00%, 06/01/37

     2,000       2,085,758  

Kentucky Public Transportation Infrastructure Authority, RB, CAB(c)

    

Series C, Convertible, 6.45%, 07/01/34

     1,000       1,203,282  

Series C, Convertible, 6.60%, 07/01/39

     1,395       1,643,265  
   

 

 

  
      5,059,690  
Louisiana — 1.1%            

Louisiana Public Facilities Authority, RB

    

5.25%, 10/01/48

     425       450,671  

5.25%, 10/01/53

     915       970,513  

Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48

     995       1,066,594  
   

 

 

  
      2,487,778  
Maryland — 0.5%            

Anne Arundel County Consolidated Special Taxing District, ST

    

5.13%, 07/01/36

     260       260,623  

5.25%, 07/01/44

     260       260,399  

Maryland Economic Development Corp., RB, Class B, AMT, Sustainability Bonds, 5.25%, 06/30/55

     705       718,881  
   

 

 

  
      1,239,903  
Massachusetts — 1.8%            

Massachusetts Development Finance Agency, RB

    

Series A, 5.25%, 01/01/42

     900       915,528  

Series A, 5.00%, 01/01/47

     1,010       1,016,375  

Massachusetts Development Finance Agency, Refunding RB

    

4.00%, 07/01/39

     1,375       1,254,610  

5.00%, 04/15/40

     600       602,558  

Series A, 4.00%, 06/01/29(e)

     235       252,695  
   

 

 

  
      4,041,766  
Michigan — 3.7%            

Michigan Finance Authority, RB

    

4.00%, 02/15/50

     1,040       983,276  

4.00%, 02/15/44

     420       404,954  

Series A, 4.00%, 11/15/50

     295       273,255  

Michigan Finance Authority, Refunding RB, 4.00%, 11/15/46

     900       853,765  

Michigan State Housing Development Authority, RB, S/F Housing

    

Series B, 2.95%, 12/01/39

     375       323,805  

Series D, Sustainability Bonds, 5.10%, 12/01/37

     1,560       1,700,347  

Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43

     1,705       1,719,454  
 

 

 

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

   21

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Michigan (continued)            

State of Michigan Trunk Line Revenue, RB

    

4.00%, 11/15/46

   $ 1,400     $ 1,423,183  

5.00%, 11/15/46

     655       731,172  
   

 

 

  
      8,413,211  
Minnesota — 2.7%            

City of Otsego Minnesota, Refunding RB, Series A, 5.00%, 09/01/44

     700       644,872  

City of Spring Lake Park Minnesota, RB, 5.00%, 06/15/39

         1,760         1,680,153  

Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB, Series A, 5.50%, 07/01/52(b)

     305       292,097  

Minneapolis-St Paul Metropolitan Airports Commission, Refunding RB, Sub Series D, AMT, 5.00%, 01/01/41

     460       473,542  

Minnesota Agricultural & Economic Development Board, RB, 5.25%, 01/01/54(f)

     2,350       2,579,706  

Minnesota Higher Education Facilities Authority, RB, Series A, Sustainability Bonds, 5.00%, 10/01/47

     390       404,668  
   

 

 

  
      6,075,038  
Missouri — 0.3%            

Kansas City Industrial Development Authority, ARB, Series B, AMT, 5.00%, 03/01/39

     575       602,931  
   

 

 

  
Nebraska — 0.3%            

Douglas County Hospital Authority No. 3, Refunding RB, 5.00%, 11/01/45

     600       609,690  
   

 

 

  
Nevada — 0.7%            

County of Clark Department of Aviation, Refunding RB, Series A-2, Sub Lien, 4.25%, 07/01/36

     1,500       1,507,676  

State of Nevada Department of Business & Industry, RB, Series A, 5.00%, 07/15/37

     125       126,064  
   

 

 

  
      1,633,740  
New Hampshire(b) — 0.3%            

New Hampshire Business Finance Authority, Refunding RB

    

Series B, 4.63%, 11/01/42

     505       428,710  

Series C, AMT, 4.88%, 11/01/42

     220       201,262  
   

 

 

  
      629,972  
New Jersey — 5.2%            

Camden County Improvement Authority, RB, Sustainability Bonds, 6.00%, 06/15/62

     165       179,151  

Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37(g)(h)

     1,510       18,649  

New Jersey Economic Development Authority, ARB, Series B, AMT, 5.63%, 11/15/30

     990       997,645  

New Jersey Economic Development Authority, RB

    

Series DDD, 5.00%, 06/15/27(e)

     160       172,277  

AMT, (AGM), 5.13%, 07/01/42

     300       300,187  

New Jersey Higher Education Student Assistance Authority, Refunding RB, Series B, AMT, 4.00%, 12/01/41

     765       762,740  

New Jersey Transportation Trust Fund Authority, RB

    

Series AA, 5.00%, 06/15/38

     290       292,171  

Series AA, 4.00%, 06/15/40

     820       832,306  

Series AA, 5.00%, 06/15/45

     1,990       2,055,497  

Series AA, 5.00%, 06/15/46

     600       608,665  

Series AA, 4.00%, 06/15/50

     1,440       1,378,353  
Security  

Par

(000)

     Value  
New Jersey (continued)            

New Jersey Transportation Trust Fund Authority, RB (continued)

    

Series BB, 4.00%, 06/15/50

   $ 1,200     $ 1,149,085  

New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35(d)

         1,600          1,037,591  

New Jersey Transportation Trust Fund Authority, Refunding RB

    

Series A, 5.00%, 12/15/36

     240       260,577  

Series A, 5.00%, 06/15/37

     480       554,499  

Series A, 5.25%, 06/15/42

     190       216,333  

New Jersey Turnpike Authority, RB, Series A, 4.00%, 01/01/48

     630       627,842  

Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/53

     205       198,501  
   

 

 

  
      11,642,069  
New York — 10.3%            

Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45

     1,825       1,779,123  

Metropolitan Transportation Authority, Refunding RB

    

Series B, 5.00%, 11/15/29

     765       810,496  

Series C-1, 5.00%, 11/15/56

     320       325,770  

Series C-1, Sustainability Bonds, 4.75%, 11/15/45

     1,700       1,754,111  

Series C-1, Sustainability Bonds, 5.00%, 11/15/50

     550       573,036  

Series C-1, Sustainability Bonds, 5.25%, 11/15/55

     810       853,500  

New York City Housing Development Corp., RB, M/F Housing, Series E-1, Sustainability Bonds, 4.85%, 11/01/53

     685       698,512  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F-1, Subordinate, 5.00%, 02/01/44

     215       238,653  

New York City Transitional Finance Authority, RB, Subordinate, 5.00%, 05/01/48

     1,915       2,132,531  

New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(b)

     1,400       1,400,486  

New York Counties Tobacco Trust VI, Refunding RB, Series C, 4.00%, 06/01/51

     1,000       808,298  

New York Liberty Development Corp., Refunding RB

    

Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51

     1,785       1,299,287  

Series A, Sustainability Bonds, 3.00%, 11/15/51

     920       687,588  

New York Power Authority, Refunding RB, Series A, Sustainability Bonds, 4.00%, 11/15/55

     205       197,439  

New York Transportation Development Corp., ARB

    

AMT, 5.00%, 12/01/36

     400       430,847  

AMT, 5.63%, 04/01/40

     420       454,776  

New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35

     945       986,558  

Port Authority of New York & New Jersey, ARB

    

AMT, 5.00%, 11/01/49

     1,330       1,378,057  

Series 221, AMT, 4.00%, 07/15/55

     1,395       1,279,543  

Port Authority of New York & New Jersey, Refunding ARB, Series 197, AMT, 5.00%, 11/15/35

     220       229,122  

Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 4.13%, 05/15/53

     2,105       2,116,483  
 

 

 

22  

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

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
New York (continued)            

Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/49

   $ 1,645     $ 1,763,037  

Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51

     1,160       1,169,196  
   

 

 

  
        23,366,449  
North Carolina — 0.7%            

Greater Asheville Regional Airport Authority, ARB, AMT, (AGM), 5.25%, 07/01/48

         1,220       1,310,226  

University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49

     145       162,527  
   

 

 

  
      1,472,753  
Ohio — 1.3%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55

     3,145       2,962,464  

Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48

     20       20,042  
   

 

 

  
      2,982,506  
Oklahoma — 0.2%            

Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48

     60       59,895  

Oklahoma Water Resources Board, RB, 4.00%, 04/01/48

     315       308,570  
   

 

 

  
      368,465  
Pennsylvania — 6.1%            

Allegheny County Airport Authority, ARB, Series A, AMT, 5.00%, 01/01/51

     875       900,706  

Mckeesport Area School District, Refunding GO, (FGIC, SAW), 0.00%, 10/01/31(d)(i)

     500       392,635  

Pennsylvania Economic Development Financing Authority, RB

    

5.00%, 06/30/42

     1,585       1,586,493  

AMT, 5.50%, 06/30/41

     810       892,591  

AMT, 5.75%, 06/30/48

     700       771,783  

Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44

     810       801,416  

Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47

     155       117,433  

Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 142-A, Sustainability Bonds, 5.00%, 10/01/50

     370       381,274  

Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series A, 4.00%, 12/01/51

     3,030       2,934,193  

Pennsylvania Turnpike Commission, RB, Series C, 5.00%, 12/01/39

     850       863,944  

State Public School Building Authority, Refunding RB, Series A, (SAW), 5.00%, 06/01/34

     3,825       4,072,016  
   

 

 

  
      13,714,484  
Puerto Rico — 4.3%            

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

    

Series A-1, Restructured, 4.75%, 07/01/53

     1,593       1,560,774  

Series A-1, Restructured, 5.00%, 07/01/58

     5,324       5,323,931  
Security  

Par

(000)

     Value  
Puerto Rico (continued)            

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued)

    

Series A-2, Restructured, 4.78%, 07/01/58

   $ 1,459     $ 1,426,172  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(d)

         4,770       1,466,349  
   

 

 

  
        9,777,226  
Rhode Island — 1.3%            

Rhode Island Health and Educational Building Corp., Refunding RB, Series A, (AGM), 3.75%, 05/15/32

     1,845       1,891,402  

Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37

     1,205       1,137,102  
   

 

 

  
      3,028,504  
South Carolina — 2.4%            

Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a)

     520       556,975  

South Carolina Jobs-Economic Development Authority, RB, 5.00%, 01/01/55(b)

     755       659,941  

South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49

     2,110       1,907,273  

South Carolina Public Service Authority, RB, Series A, 4.00%, 12/01/55

     2,500       2,286,144  

South Carolina State Housing Finance & Development Authority, Refunding RB, S/F Housing, Series A, 4.95%, 07/01/53

     100       103,371  
   

 

 

  
      5,513,704  
Tennessee — 2.2%            

Knox County Health Educational & Housing Facility Board, RB, Series A-1, (BAM), 5.50%, 07/01/59

     135       146,964  

Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/49

     885       917,940  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, 5.25%, 05/01/48

     180       194,751  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB

    

5.00%, 10/01/45

     1,000       1,006,917  

5.25%, 10/01/58

     725       741,632  

Metropolitan Nashville Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/52

     910       935,797  

Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)

     950       1,018,501  
   

 

 

  
      4,962,502  
Texas — 14.6%            

Arlington Higher Education Finance Corp., RB(b)

    

7.50%, 04/01/62

     380       369,785  

7.88%, 11/01/62

     330       334,901  

Central Texas Turnpike System, RB, Series C, 5.00%, 08/15/42

     2,030       2,038,210  

City of Austin Texas Airport System Revenue, ARB, AMT, 5.25%, 11/15/47

     795       856,597  

City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48

     100       100,426  

City of Houston Texas Airport System Revenue, Refunding RB

    

Sub-Series A, AMT, 4.00%, 07/01/40

     475       463,863  

Sub-Series A, AMT, 4.00%, 07/01/48

     400       370,646  
 

 

 

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

   23

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Texas (continued)            

Harris County Cultural Education Facilities Finance Corp., Refunding RB, 4.00%, 10/01/47

   $ 2,175     $ 2,087,191  

Harris County-Houston Sports Authority, Refunding RB, Series A, Senior Lien, (AGM NPFGC), 0.00%, 11/15/38(d)

         5,000          2,246,988  

Humble Independent School District, GO, (PSF), 5.00%, 02/15/47

     4,500       4,919,942  

Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24(d)(e)

     550       324,803  

Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(d)(e)

     16,780       8,742,254  

North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49

     825       827,251  

Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/53

     435       473,225  

San Antonio Public Facilities Corp., Refunding RB, Convertible, 4.00%, 09/15/42

     1,410       1,409,953  

Spring Branch Independent School District, GO, (PSF), 4.00%, 02/01/48

     405       405,034  

Tarrant County Cultural Education Facilities Finance Corp., RB

    

Series A, 4.00%, 07/01/53

     465       417,166  

Series A, 5.00%, 07/01/53

     575       597,233  

Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA), 3.75%, 09/01/49

     320       295,545  

Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32

     1,315       1,401,211  

Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58

     2,480       2,508,798  

Texas Transportation Commission State Highway 249 System, RB, CAB(d)

    

0.00%, 08/01/35

     420       263,469  

0.00%, 08/01/36

     235       139,314  

0.00%, 08/01/37

     305       170,295  

0.00%, 08/01/38

     315       166,048  

0.00%, 08/01/44

     950       356,914  

0.00%, 08/01/45

     1,800       638,556  
   

 

 

  
      32,925,618  
Utah — 0.6%            

City of Salt Lake City Utah Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/51

     425       441,265  

Utah Charter School Finance Authority, Refunding RB

    

5.25%, 06/15/37(b)

     205       181,798  

(UT CSCE), 4.00%, 04/15/42

     600       577,580  

5.38%, 06/15/48(b)

     260       209,350  
   

 

 

  
      1,409,993  
Vermont — 0.1%            

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

     290       290,752  
   

 

 

  
Virginia — 0.9%            

Ballston Quarter Community Development Authority, TA, Series A, 5.38%, 03/01/36(g)(h)

     735       589,101  
Security  

Par

(000)

     Value  
Virginia (continued)            

Roanoke Economic Development Authority, Refunding RB, 3.00%, 07/01/45

   $ 460     $ 370,522  

Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47

         1,030       970,757  
   

 

 

  
         1,930,380  
Washington — 1.1%            

Port of Seattle Washington, ARB, Series C, AMT, Intermediate Lien, 5.00%, 05/01/42

     625       641,220  

Port of Seattle Washington, Refunding ARB, Series C, AMT, Intermediate Lien, 5.00%, 08/01/46

     1,815       1,885,668  
   

 

 

  
      2,526,888  
Wisconsin — 1.0%            

Public Finance Authority, RB

    

Class A, 6.00%, 06/15/52

     125       112,789  

Class A, 6.13%, 06/15/57

     140       127,146  

Series A, 5.00%, 06/01/36(b)

     100       98,439  

Series A, 5.00%, 10/15/50(b)

     875       742,655  

Series A, 5.00%, 06/01/51(b)

     320       285,702  

Series A, 5.00%, 06/01/61(b)

     405       351,734  

Public Finance Authority, Refunding RB, AMT, 4.00%, 08/01/35

     435       387,756  

Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series A, Sustainability Bonds, 1.95%, 09/01/32

     110       95,073  
   

 

 

  
      2,201,294  
   

 

 

  

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

       249,485,327  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(j)

 

Alabama — 6.8%            

Black Belt Energy Gas District, RB

    

Series C, 5.50%, 10/01/54

     3,300       3,656,667  

Series C-1, 5.25%, 02/01/53(a)

     6,771       7,210,915  

Energy Southeast A Cooperative District, RB,
Series B-1, 5.75%, 04/01/54

     4,091       4,547,776  
   

 

 

  
      15,415,358  
Arizona — 1.8%            

Salt River Project Agricultural Improvement & Power District, RB, Series B, 5.00%, 01/01/48

     3,610       4,016,288  
   

 

 

  
Colorado — 1.5%            

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53

     3,200       3,482,830  
   

 

 

  
District of Columbia — 2.6%            

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

     2,102       2,107,834  

Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/49

     3,560       3,681,171  
   

 

 

  
      5,789,005  
Georgia — 1.2%            

Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53

     2,481       2,645,123  
   

 

 

  
 

 

 

24  

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

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Illinois — 2.9%

    

City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/58

   $ 4,302     $ 4,698,963  

Illinois Finance Authority, Refunding RB, Series A, 5.00%, 08/15/51

     1,711       1,826,274  
   

 

 

  
      6,525,237  
Massachusetts — 2.2%            

Commonwealth of Massachusetts, GO, Series D, 5.00%, 10/01/52

         2,440          2,673,824  

Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/51

     2,151       2,230,169  
   

 

 

  
      4,903,993  
Michigan — 0.9%            

Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48

     2,148       2,094,663  
   

 

 

  
New York — 2.2%            

New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38

     1,506       1,483,647  

New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/47

     1,590       1,574,100  

Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/51

     1,740       1,866,580  
   

 

 

  
      4,924,327  
Oregon — 0.9%            

Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48

     1,830       2,027,407  
   

 

 

  
South Carolina — 1.9%            

Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54

     3,981       4,295,274  
   

 

 

  
Tennessee — 1.8%            

Tennessee Energy Acquisition Corp., RB, 5.00%, 05/01/52(a)

     3,891       4,134,433  
   

 

 

  
Texas — 5.0%            

City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, Subordinate Lien, (AGM), 5.25%, 07/01/48

     1,280       1,377,119  

City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.50%, 02/01/50

     1,410       1,600,443  

Denton Independent School District, GO, (PSF), 5.00%, 08/15/48

     3,120       3,433,980  

Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51

     2,251       2,404,934  

Texas Water Development Board, RB, 4.80%, 10/15/52

     2,470       2,618,289  
   

 

 

  
      11,434,765  
Virginia — 1.2%            

Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57

     2,840       2,741,062  
   

 

 

  

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

       74,429,765  
   

 

 

  

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

       323,915,092  
   

 

 

  
Security  

 

Shares

     Value  

Short-Term Securities

    
Money Market Funds — 1.9%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09%(k)(l)

     4,287,496     $ 4,287,925  
   

 

 

  

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

       4,287,925  
   

 

 

  

Total Investments — 145.2%
(Cost: $312,955,372)

       328,203,017  

Other Assets Less Liabilities — 0.3%

 

     777,840  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (15.5)%

 

     (35,114,221 ) 

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

 

     (67,800,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $  226,066,636  
   

 

 

  

 

(a) 

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

(b) 

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

(c) 

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

(d) 

Zero-coupon bond.

(e) 

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

(f) 

When-issued security.

(g) 

Issuer filed for bankruptcy and/or is in default.

(h) 

Non-income producing security.

(i) 

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

(j) 

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

(k) 

Affiliate of the Fund.

(l) 

Annualized 7-day yield as of period end.

 

 

 

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

   25

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

   

 

Affiliates

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

 

                   
Affiliated Issuer   Value at
07/31/23		    

Purchases

at Cost

    

Proceeds

from Sale

     Net
Realized
Gain (Loss)		     Change in
Unrealized
Appreciation
(Depreciation)		     Value at
01/31/24		    

Shares

Held at

01/31/24

     Income    

Capital Gain

Distributions

from

Underlying

Funds

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $  755,448     $  3,532,621 (a)    $ —     $ (117 )    $ (27 )    $  4,287,925       4,287,496     $  175,109     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (a)

Represents net amount purchased (sold).

Derivative Financial Instruments Categorized by Risk Exposure

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

 

               
     

Commodity

Contracts

     

Credit

Contracts

     

Equity

Contracts

     

Foreign

Currency

Exchange

Contracts

     

Interest

Rate

Contracts

     

Other

Contracts

      Total  

Net Realized Gain (Loss) from:

                     

Futures contracts

    $ —      $ —      $ —      $ —      $  (543,434 )     $ —      $  (543,434 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net Change in Unrealized Appreciation (Depreciation) on:

                     

Futures contracts

    $ —      $ —      $ —      $ —      $ 32,220      $ —      $ 32,220  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts:

  

Average notional value of contracts — short

   $ 9,338,617  

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

Fair Value Hierarchy as of Period End

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

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

 

         
      Level 1        Level 2        Level 3        Total  

Assets

                  

Investments

                  

Long-Term Investments

                  

Municipal Bonds

    $ —        $ 249,485,327        $ —        $ 249,485,327  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —            74,429,765           —          74,429,765   

Short-Term Securities

                  

Money Market Funds

      4,287,925          —          —          4,287,925  
  

 

 

       

 

 

       

 

 

       

 

 

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

 

 

       

 

 

       

 

 

       

 

 

  

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

 

         
      Level 1        Level 2        Level 3        Total  

Liabilities

                  

TOB Trust Certificates

    $ —        $ (34,892,828 )       $ —        $ (34,892,828 ) 

VMTP Shares at Liquidation Value

      —          (67,800,000 )         —          (67,800,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

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

 

 

       

 

 

       

 

 

       

 

 

  

See notes to financial statements.

 

 

26  

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

Schedule of Investments (unaudited)

January 31, 2024

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

 

Security   Par
(000)		     Value  

Municipal Bonds

    
Alabama — 5.3%            

Alabama Corrections Institution Finance Authority, RB, 5.25%, 07/01/47

   $ 870     $ 959,013  

Black Belt Energy Gas District, RB(a)

    

Series B, 5.25%, 12/01/53

     5,455       5,888,836  

Series C, 5.50%, 10/01/54

        10,000          11,080,814  

Series F, 5.50%, 11/01/53

     795       845,853  

Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54(a)

     5,940       6,602,844  

Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53(a)

     1,345       1,446,749  
   

 

 

  
      26,824,109  
Arizona — 4.7%            

City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47

     3,335       3,799,762  

Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46(b)

     3,400       3,265,847  

Salt Verde Financial Corp., RB

    

5.00%, 12/01/32

     8,000       8,563,473  

5.00%, 12/01/37

     7,460       8,145,619  
   

 

 

  
      23,774,701  
Arkansas — 1.1%            

Arkansas Development Finance Authority, RB

    

Series A, AMT, 4.75%, 09/01/49(b)

     4,665       4,596,845  

AMT, Sustainability Bonds, 5.70%, 05/01/53

     855       875,272  
   

 

 

  
      5,472,117  
California — 5.5%            

California Enterprise Development Authority, RB, 8.00%, 11/15/62(b)

     750       740,733  

California Pollution Control Financing Authority, RB, AMT, 5.00%, 11/21/45(b)

     2,970       2,975,346  

City of Long Beach California Harbor Revenue, ARB, Series B, AMT, Sustainability Bonds, 5.00%, 05/15/43

     2,000       2,067,963  

City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.00%, 05/15/46

     2,325       2,473,773  

CSCDA Community Improvement Authority, RB, M/F Housing(b)

    

Senior Lien, Sustainability Bonds, 3.13%, 06/01/57

     1,155       744,434  

Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58

     585       436,917  

Sustainability Bonds, 4.00%, 12/01/56

     330       229,901  

Riverside County Transportation Commission, RB, CAB(c)

    

Series B, Senior Lien, 0.00%, 06/01/41

     5,000       2,386,383  

Series B, Senior Lien, 0.00%, 06/01/42

     6,000       2,704,287  

Series B, Senior Lien, 0.00%, 06/01/43

     5,000       2,132,693  

San Marcos Unified School District, GO, CAB(c)

    

Series B, Election 2010, 0.00%, 08/01/34

     3,500       2,627,318  

Series B, Election 2010, 0.00%, 08/01/36

     4,000       2,725,403  

Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48

     5,550       5,714,993  
   

 

 

  
      27,960,144  
Security   Par
(000)		     Value  
Colorado — 3.2%            

City & County of Denver Colorado Airport System Revenue, Refunding ARB

    

Series A, AMT, 5.00%, 12/01/43

   $    10,000     $ 10,414,969  

Series D, AMT, 5.75%, 11/15/45

     835       943,836  

Denver City & County School District No. 1, GO, (SAW), 4.00%, 12/01/45

     5,000       5,023,550  
   

 

 

  
         16,382,355  
Delaware — 0.6%            

Delaware River & Bay Authority, Refunding RB, 4.00%, 01/01/44

     2,935       2,943,595  
   

 

 

  
District of Columbia — 5.7%            

District of Columbia Income Tax Revenue, RB

    

Series A, 5.00%, 07/01/47

     2,050       2,233,083  

Series C, 4.00%, 05/01/45

     2,480       2,468,906  

District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40

     22,365       23,089,845  

Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48

     1,000       1,075,690  
   

 

 

  
      28,867,524  
Florida — 1.5%            

County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/38

     4,760       4,830,105  

Florida Development Finance Corp., RB, Series A, 5.00%, 06/15/56

     210       203,376  

Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54

     415       434,903  

Stevens Plantation Community Development District, SAB, Series A, 7.10%, 05/01/35(d)(e)

     3,159       2,116,314  
   

 

 

  
      7,584,698  
Georgia — 1.9%            

Main Street Natural Gas, Inc., RB, Series A, 5.00%, 06/01/53(a)

     9,000       9,520,020  
   

 

 

  
Illinois — 4.2%            

Chicago Board of Education, GO

    

Series A, 5.00%, 12/01/42

     1,065       1,065,397  

Series C, 5.25%, 12/01/35

     2,905       2,918,542  

Series D, 5.00%, 12/01/46

     3,805       3,807,931  

Series H, 5.00%, 12/01/36

     920       941,125  

Chicago Board of Education, Refunding GO, Series G, 5.00%, 12/01/34

     915       936,733  

Chicago O’Hare International Airport, ARB, Series D, AMT, Senior Lien, 5.00%, 01/01/47

     5,205       5,280,571  

Cook County Community College District No. 508, GO, 5.50%, 12/01/38

     1,525       1,530,738  

Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/44

     2,000       2,013,275  

State of Illinois, GO, 5.00%, 02/01/39

     2,990       2,996,345  
   

 

 

  
      21,490,657  
Indiana — 2.2%            

City of Valparaiso Indiana, RB

    

AMT, 6.75%, 01/01/34

     1,525       1,527,443  
 

 

 

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

   27

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Indiana (continued)            

City of Valparaiso Indiana, RB (continued)

    

AMT, 7.00%, 01/01/44

   $     3,680     $     3,684,888  

Indiana Municipal Power Agency, Refunding RB, Series A, 5.00%, 01/01/42

     5,570       5,710,186  
   

 

 

  
      10,922,517  
Iowa — 0.7%            

University of Iowa Facilities Corp., RB

    

5.00%, 06/01/47

     1,890       2,105,009  

5.00%, 06/01/48

     1,190       1,320,662  
   

 

 

  
      3,425,671  
Kentucky — 2.5%            

Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52(a)

     9,000       8,973,811  

Kentucky Public Transportation Infrastructure Authority, RB, CAB, Convertible, 6.75%, 07/01/43(f)

     2,325       2,728,440  

Kentucky State Property & Building Commission, RB, Series A, 5.50%, 11/01/42

     875       1,009,336  
   

 

 

  
      12,711,587  
Louisiana — 0.2%            

Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35

     805       805,761  
   

 

 

  
Massachusetts — 1.2%            

Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/47

     1,815       1,890,811  

Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46

     4,245       4,452,066  
   

 

 

  
      6,342,877  
Michigan — 6.4%            

Lansing Community College, GO, 5.00%, 05/01/44

     5,070       5,380,626  

Michigan Finance Authority, RB, Series S, 5.00%, 11/01/44

     5,000       5,040,153  

Michigan Finance Authority, Refunding RB, Series MI1, 5.00%, 12/01/48

     2,000       2,088,301  

Michigan State Building Authority, Refunding RB

    

Series I, 5.00%, 10/15/45

     6,300       6,424,328  

Series I, 5.00%, 10/15/46

     1,000       1,030,896  

Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47

     10,000       10,198,662  

Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43

     2,120       2,137,972  
   

 

 

  
      32,300,938  
Minnesota — 0.6%            

Duluth Economic Development Authority, Refunding RB, Series A, 5.25%, 02/15/58

     2,940       2,997,091  
   

 

 

  
New Hampshire(b) — 0.8%            

New Hampshire Business Finance Authority, Refunding RB

    

Series B, 4.63%, 11/01/42

     3,055       2,593,485  

Series C, AMT, 4.88%, 11/01/42

     1,585       1,449,998  
   

 

 

  
      4,043,483  
New Jersey — 10.4%            

Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37(d)(e)

     3,680       45,448  

New Jersey Economic Development Authority, ARB, Series B, AMT, 5.63%, 11/15/30

     2,035       2,050,714  

New Jersey Economic Development Authority, RB

    

Class A, 5.25%, 11/01/47

     3,415       3,765,090  

Series EEE, 5.00%, 06/15/48

     11,690       12,198,715  
Security   Par
(000)		     Value  
New Jersey (continued)            

New Jersey Economic Development Authority, RB (continued)

    

AMT, 5.38%, 01/01/43

   $     2,285     $     2,287,022  

New Jersey Economic Development Authority, Refunding SAB, 6.50%, 04/01/28

     5,975       6,062,418  

New Jersey Health Care Facilities Financing Authority, Refunding RB, 5.00%, 07/01/44

     475       477,370  

New Jersey Higher Education Student Assistance Authority, Refunding RB, Series C, AMT, Subordinate, 5.00%, 12/01/52

     2,485       2,514,987  

New Jersey Transportation Trust Fund Authority, RB, Series S, 5.00%, 06/15/46

     2,800       2,934,865  

South Jersey Port Corp., ARB

    

Series A, 5.00%, 01/01/49

     2,000       2,073,829  

Series B, AMT, 5.00%, 01/01/42

     4,000       4,113,304  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/46

     3,075       3,132,535  

Sub-Series B, 5.00%, 06/01/46

     10,900       11,011,498  
   

 

 

  
      52,667,795  
New York — 11.5%            

Metropolitan Transportation Authority, Refunding RB

    

Series C-1, Sustainability Bonds, 4.75%, 11/15/45

     3,210       3,312,173  

Series C-1, Sustainability Bonds, 5.25%, 11/15/55

     1,545       1,627,972  

New York City Municipal Water Finance Authority, RB

    

Series GG, 5.00%, 06/15/48

     3,000       3,239,425  

Series GG, 5.00%, 06/15/50

     8,000       8,607,666  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB

    

Series D-1, 5.25%, 11/01/48

     5,000       5,624,562  

Series A-1, Subordinate, 4.00%, 08/01/48

     2,000       1,992,868  

New York Counties Tobacco Trust II, RB, 5.75%, 06/01/43

     810       811,544  

New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(b)

     3,200       3,201,111  

New York Counties Tobacco Trust VI, Refunding RB, Series A-2B, 5.00%, 06/01/51

     6,395       5,787,049  

New York Liberty Development Corp., Refunding RB(b)

    

Class 1, 5.00%, 11/15/44

     6,230       6,222,212  

Class 2, 5.38%, 11/15/40

     1,655       1,657,068  

New York State Dormitory Authority, RB

    

Series A, 5.00%, 03/15/44

     1,610       1,694,094  

Series B, 5.00%, 02/15/35

     7,500       7,680,828  

New York State Dormitory Authority, Refunding RB, Series E, 4.00%, 03/15/44

     1,520       1,522,251  

New York Transportation Development Corp., ARB

    

AMT, 5.63%, 04/01/40

     915       990,762  

Series A, AMT, 5.00%, 07/01/46

     1,165       1,165,392  

New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35

     2,125       2,218,452  

Port Authority of New York & New Jersey, Refunding RB, 4.00%, 09/01/39

     1,110       1,132,872  
   

 

 

  
      58,488,301  
Ohio — 1.7%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55

     4,880       4,596,765  

Miami University/Oxford Ohio, Refunding RB, Series A, 4.00%, 09/01/45

     2,670       2,676,787  

University of Cincinnati, Refunding RB, Series A, 5.00%, 06/01/44

     1,390       1,454,604  
   

 

 

  
      8,728,156  
 

 

 

28  

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

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Oklahoma — 0.3%            

Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52

   $     1,735     $     1,732,928  
   

 

 

  
Pennsylvania — 2.1%            

Allegheny County Hospital Development Authority, Refunding RB, Series A, 5.00%, 04/01/47

     5,000       5,101,197  

Geisinger Authority, Refunding RB, Series A-1, 5.00%, 02/15/45

     4,725       4,825,165  

Montgomery County Higher Education and Health Authority, Refunding RB, 5.00%, 09/01/48

     715       731,903  
   

 

 

  
      10,658,265  
Puerto Rico — 5.2%            

Commonwealth of Puerto Rico, GO

    

Series A-1, Restructured, 5.63%, 07/01/29

     2,810       3,036,454  

Series A-1, Restructured, 5.75%, 07/01/31

     2,536       2,809,148  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

    

Series A-1, Restructured, 4.75%, 07/01/53

     4,044       3,962,190  

Series A-1, Restructured, 5.00%, 07/01/58

     10,387       10,386,866  

Series A-2, Restructured, 4.78%, 07/01/58

     3,325       3,250,187  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c)

     10,165       3,124,829  
   

 

 

  
      26,569,674  
Tennessee — 5.3%            

City of Memphis Tennessee Electric System Revenue, RB, Series A, 4.00%, 12/01/45

     1,500       1,507,916  

Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/45

     2,545       2,661,638  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB

    

5.25%, 05/01/48

     2,500       2,704,869  

Series A, 5.00%, 07/01/46

     6,590       6,632,027  

Metropolitan Government Nashville & Davidson County Sports Authority, RB, Series B, Subordinate, (AGM), 5.25%, 07/01/48

     2,900       3,212,291  

Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a)

     7,260       7,532,870  

Tennessee Housing Development Agency, Refunding RB, S/F Housing, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 01/01/54

     2,200       2,449,832  
   

 

 

  
      26,701,443  
Texas — 16.1%            

Arlington Higher Education Finance Corp., RB(b)

    

7.50%, 04/01/62

     845       822,285  

7.88%, 11/01/62

     720       730,693  

Arlington Independent School District, Refunding GO, (PSF), 4.00%, 02/15/48

     6,000       5,991,813  

City of Austin Texas Airport System Revenue, ARB

    

Series B, AMT, 5.00%, 11/15/44

     3,630       3,783,268  

Series B, AMT, 5.00%, 11/15/48

     2,850       2,941,508  

City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB, 5.00%, 10/01/46

     3,550       3,726,995  

Dallas Fort Worth International Airport, Refunding ARB, Series B, 5.00%, 11/01/47

     1,625       1,751,468  

Dallas Independent School District, Refunding GO, (PSF), 5.00%, 02/15/49(g)

     8,500       9,321,397  

Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42

     470       470,075  
Security   Par
(000)		     Value  
Texas (continued)            

Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48

   $     4,900     $     4,902,491  

Harris County Municipal Utility District No. 534, GO

    

(AGM), 5.00%, 09/01/47

     1,750       1,840,845  

(BAM), 5.00%, 09/01/47

     1,100       1,157,103  

Harris County-Houston Sports Authority, Refunding RB(c)

    

Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24(h)

     6,000       2,726,102  

Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/37

     10,120       4,517,617  

Series H, Junior Lien, (NPFGC), 0.00%, 11/15/35

     5,000       2,861,726  

Series A, Senior Lien, (AGM NPFGC), 0.00%, 11/15/38

     12,580       5,653,422  

Little Elm Independent School District, GO, (PSF), 5.00%, 08/15/46

     3,170       3,330,642  

Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(c)(h)

     15,200       7,026,220  

North Texas Tollway Authority, Refunding RB, Series B, 5.00%, 01/01/43

     3,900       4,043,306  

Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA), 5.75%, 03/01/54

     4,970       5,411,202  

Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58

     2,310       2,336,824  

Texas Water Development Board, RB, 4.00%, 10/15/44

     2,500       2,512,883  

Thrall Independent School District, GO, (PSF), 5.25%, 02/15/48

     3,525       3,925,912  
   

 

 

  
      81,785,797  
Utah — 0.3%            

County of Utah, RB, Series A, 4.00%, 05/15/43

     1,500       1,494,475  
   

 

 

  
Virginia — 1.0%            

Fairfax County Industrial Development Authority,

    

Refunding RB, 4.00%, 05/15/42

     4,950       4,952,605  
   

 

 

  
Washington — 0.6%            

Washington Health Care Facilities Authority, RB,

    

Series A, 5.00%, 08/15/45

     3,000       3,025,831  
   

 

 

  

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

       521,175,115  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(i)

 

California — 7.1%            

City of Los Angeles Department of Airports, ARB

    

Series B, AMT, 5.00%, 05/15/46

     8,800       8,957,143  

Sub-Series A, AMT, 5.00%, 05/15/42

     11,420       11,893,837  

San Diego County Regional Airport Authority, ARB, AMT, 5.00%, 07/01/48

     14,500       15,436,773  
   

 

 

  
      36,287,753  
Colorado — 2.5%            

Denver City & County School District No. 1, GO, Series A, (SAW), 5.00%, 12/01/45

     11,625       12,827,373  
   

 

 

  
Illinois — 2.6%            

Illinois State Toll Highway Authority, RB, Series B, 5.00%, 01/01/41

     13,000       13,490,639  
   

 

 

  
Indiana — 2.5%            

Indianapolis Local Public Improvement Bond Bank, Refunding RB, Series A, 5.00%, 02/01/49

     11,970       12,601,809  
   

 

 

  
 

 

 

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

   29

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Massachusetts — 2.1%            

Commonwealth of Massachusetts, GO, Series D, 5.00%, 09/01/51

   $    10,000     $    10,785,208  
   

 

 

  
Michigan — 2.2%            

State of Michigan Trunk Line Revenue, RB, 5.00%, 11/15/46

     10,000       11,162,938  
   

 

 

  
Nevada — 4.1%            

County of Clark Nevada, GO, Series A, 5.00%, 05/01/48

     19,650       20,663,858  
   

 

 

  
New Jersey — 2.1%            

New Jersey Turnpike Authority, RB, Series A, 5.00%, 01/01/48

     10,000       10,578,021  
   

 

 

  
New York — 6.6%            

New York City Municipal Water Finance Authority, RB, Series DD1, 5.00%, 06/15/48

     10,000       10,491,438  

New York City Municipal Water Finance Authority, Refunding RB, Series DD, 5.25%, 06/15/46

     10,000       11,397,681  

New York State Urban Development Corp., Refunding RB, 5.00%, 03/15/47

     10,535       11,389,560  
   

 

 

  
      33,278,679  
Oregon — 2.8%            

Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48

     12,705       14,075,520  
   

 

 

  
South Carolina — 3.5%            

Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54

     16,400       17,566,123  
   

 

 

  
Texas — 2.6%            

Texas Water Development Board, RB, Series A, 5.25%, 10/15/51

     11,775       13,200,451  
   

 

 

  
Washington — 4.4%            

Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43

     10,975       11,237,205  

State of Washington, GO, Series C, 5.00%, 02/01/47

     10,000       10,962,432  
   

 

 

  
      22,199,637  
   

 

 

  

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

       228,718,009  
   

 

 

  

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

       749,893,124  
   

 

 

  
Security    
Shares		     Value  

Short-Term Securities

    
Money Market Funds — 1.0%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09%(j)(k)

     5,134,844     $ 5,135,357  
   

 

 

  

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

       5,135,357  
   

 

 

  

Total Investments — 148.9%
(Cost: $727,452,046)

       755,028,481  

Other Assets Less Liabilities — 2.7%

       13,437,011  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (21.2)%

 

     (107,267,468 ) 

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (30.4)%

 

     (154,100,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $  507,098,024  
   

 

 

  

 

(a) 

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

(b) 

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

(c) 

Zero-coupon bond.

(d) 

Issuer filed for bankruptcy and/or is in default.

(e) 

Non-income producing security.

(f) 

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

(g) 

When-issued security.

(h) 

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

(i) 

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

(j) 

Affiliate of the Fund.

(k) 

Annualized 7-day yield as of period end.

 

Affiliates

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

 

Affiliated Issuer  

Value at

07/31/23

    

Purchases

at Cost

    

Proceeds

from Sale

    

Net

Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

01/31/24

    

Shares

Held at

01/31/24

     Income    

Capital Gain

Distributions

from

Underlying

Funds

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $  24,056,456     $ —     $  (18,922,198 )(a)    $ 1,070     $ 29     $  5,135,357       5,134,844     $  353,787     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (a)

Represents net amount purchased (sold).

 

 

30  

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

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock Municipal Income Trust (BFK)

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

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

Net Realized Gain (Loss) from:

                     

Futures contracts

    $ —      $ —      $ —      $ —      $ 747,107      $ —      $ 747,107  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net Change in Unrealized Appreciation (Depreciation) on:

                     

Futures contracts

    $ —      $ —      $ —      $ —      $  (321,145 )     $ —      $  (321,145 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts:

   

Average notional value of contracts — short

    $ 18,587,321  

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

Fair Value Hierarchy as of Period End

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

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

 

                                                                                           
         
      Level 1        Level 2        Level 3        Total  

Assets

                  

Investments

                  

Long-Term Investments

                  

Municipal Bonds

    $ —        $  521,175,115         $ —        $  521,175,115   

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          228,718,009          —          228,718,009  

Short-Term Securities

                  

Money Market Funds

      5,135,357          —          —          5,135,357  
  

 

 

       

 

 

       

 

 

       

 

 

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

 

 

       

 

 

       

 

 

       

 

 

  

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

 

                                                                                                   
      Level 1        Level 2        Level 3        Total  

Liabilities

                  

TOB Trust Certificates

    $    —        $ (106,689,984 )       $ —        $ (106,689,984 ) 

VMTP Shares at Liquidation Value

      —          (154,100,000 )         —          (154,100,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

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

 

 

       

 

 

       

 

 

       

 

 

  

See notes to financial statements.

 

 

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

   31

Schedule of Investments (unaudited) 

January 31, 2024

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

    
Alabama — 2.8%            

Black Belt Energy Gas District, RB, 4.00%, 10/01/52(a)

   $ 2,925     $ 2,920,570  

County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53

     4,580       5,024,018  

Lower Alabama Gas District, RB,
Series A, 5.00%, 09/01/46

          1,170          1,235,432  

Southeast Energy Authority A Cooperative District, RB(a)

    

Series A, 4.00%, 11/01/51

     5,290       5,277,479  

Series A-1, 5.50%, 01/01/53

     1,960       2,108,274  
   

 

 

  
      16,565,773  
Arizona — 2.9%            

Arizona Industrial Development Authority, RB(b)

    

4.38%, 07/01/39

     225       200,356  

Series A, 5.00%, 07/01/49

     210       190,313  

Series A, 5.00%, 07/01/54

     165       146,879  

Arizona Industrial Development Authority, Refunding RB, Series A, 5.38%, 07/01/50(b)

     1,185       1,154,772  

City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47

     1,740       1,982,485  

Glendale Industrial Development Authority, RB, 5.00%, 05/15/56

     500       390,311  

Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46(b)

     1,825       1,752,991  

Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/49(b)

     350       315,896  

Maricopa County Industrial Development Authority, RB, 6.38%, 07/01/58(b)

     620       629,597  

Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38

     820       829,839  

Maricopa County Pollution Control Corp., Refunding RB, Series B, 3.60%, 04/01/40

     1,250       1,096,094  

Salt Verde Financial Corp., RB

    

5.00%, 12/01/32

     5,635       6,031,896  

5.00%, 12/01/37

     2,000       2,183,812  
   

 

 

  
      16,905,241  
Arkansas — 0.7%            

Arkansas Development Finance Authority, RB

    

Series A, AMT, 4.50%, 09/01/49(b)

     1,920       1,863,111  

Series A, AMT, 4.75%, 09/01/49(b)

     1,175       1,157,833  

AMT, Sustainability Bonds, 5.70%, 05/01/53

     975       998,117  
   

 

 

  
      4,019,061  
California — 4.8%            

California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/36

     350       350,001  

California Educational Facilities Authority, RB, Series U-7, 5.00%, 06/01/46

     2,315       2,872,230  

California Enterprise Development Authority, RB, 8.00%, 11/15/62(b)

     855       844,435  

California Health Facilities Financing Authority, Refunding RB, Sustainability Bonds, 5.00%, 08/01/55

     1,500       1,514,934  

California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47

     780       700,131  

California Municipal Finance Authority, RB, S/F Housing

    

Series A, 5.25%, 08/15/39

     205       205,711  

Series A, 5.25%, 08/15/49

     510       512,165  
Security  

Par

(000)

     Value  
California (continued)            

California Pollution Control Financing Authority, RB, AMT, 5.00%, 11/21/45(b)

   $ 2,130     $ 2,133,834  

California School Finance Authority, Refunding RB, Series A, 5.00%, 07/01/51(b)

          1,700          1,696,777  

City of Los Angeles Department of Airports, ARB, AMT, Sustainability Bonds, 5.25%, 05/15/47

     4,265       4,575,778  

City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.00%, 05/15/46

     1,265       1,345,945  

CSCDA Community Improvement Authority, RB, M/F Housing(b)

    

4.00%, 10/01/56

     245       200,201  

Senior Lien, Sustainability Bonds, 3.13%, 06/01/57

     1,290       831,446  

Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58

     655       489,198  

Sustainability Bonds, 4.00%, 12/01/56

     355       247,318  

Series A, Sustainability Bonds, 4.00%, 06/01/58

     780       564,457  

Indio Finance Authority, Refunding RB, Series A, (BAM), 4.50%, 11/01/52

     2,405       2,459,683  

Riverside County Transportation Commission, Refunding RB, Class B1, Senior Lien, 4.00%, 06/01/46

     2,255       2,217,935  

San Marcos Unified School District, GO, CAB(c)

    

Series B, Election 2010, 0.00%, 08/01/33

     3,000       2,338,736  

Series B, Election 2010, 0.00%, 08/01/43

     2,500       1,209,021  

Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/40

     830       838,135  
   

 

 

  
      28,148,071  
Colorado — 1.4%            

Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b)

     250       227,027  

City & County of Denver Colorado Airport System Revenue, Refunding ARB

    

Series A, AMT, 4.13%, 11/15/53

     1,290       1,203,679  

Series D, AMT, 5.75%, 11/15/45

     1,315       1,486,401  

City & County of Denver Colorado Pledged Excise Tax Revenue, RB, CAB, Series A-2, 0.00%, 08/01/38(c)

    1,835       972,251  

Colorado Educational & Cultural Facilities Authority, RB, 5.00%, 03/01/50(b)

     320       323,486  

Colorado Health Facilities Authority, RB
5.25%, 11/01/39

     595       644,779  

5.50%, 11/01/47

     370       401,736  

5.25%, 11/01/52

     920       979,932  

Colorado Health Facilities Authority, Refunding RB, Series A, 5.00%, 08/01/44

     495       514,262  

Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40

     1,325       1,330,427  
   

 

 

  
      8,083,980  
District of Columbia — 5.4%            

District of Columbia Income Tax Revenue, RB, Series A, 5.25%, 05/01/48

     2,590       2,903,151  

District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40

     11,165       11,526,856  

District of Columbia, Refunding RB, 5.00%, 10/01/48

     2,525       2,571,317  

District of Columbia, TA, 5.13%, 06/01/41

     540       541,068  

Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48

     5,280       5,679,642  
 

 

 

32  

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

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
District of Columbia (continued)            

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49

   $ 5,985     $ 5,510,510  

Washington Metropolitan Area Transit Authority Dedicated Revenue, RB

    

Series A, Sustainability Bonds, 4.00%, 07/15/46

     1,310       1,300,151  

Series A, Sustainability Bonds, 4.13%, 07/15/47

     1,285       1,289,852  
   

 

 

  
      31,322,547  
Florida — 4.9%            

Brevard County Health Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/47

          2,460          2,617,658  

Capital Trust Agency, Inc., RB(b)

    

Series A, 5.00%, 06/01/45

     190       164,318  

Series A, 5.50%, 06/01/57

     100       87,906  

Celebration Pointe Community Development District No. 1, SAB

    

5.00%, 05/01/32

     200       200,518  

5.00%, 05/01/48

     530       494,791  

City of Fort Lauderdale Florida Water & Sewer Revenue, RB, Series B, 5.50%, 09/01/48

     2,920       3,390,325  

City of Tampa Florida, RB, CAB, Series A, 0.00%, 09/01/45(c)

     6,275       2,272,587  

County of Lee Florida Airport Revenue, ARB, Series B, AMT, 5.00%, 10/01/46

     2,230       2,328,848  

County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52

     1,455       1,545,433  

County of Pasco Florida, RB

    

(AGM), 5.00%, 09/01/48

     5,330       5,730,939  

(AGM), 5.75%, 09/01/54

     955       1,077,089  

Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45

     5,675       5,040,994  

Florida Development Finance Corp., RB

    

6.50%, 06/30/57(b)

     750       719,660  

Series A, 5.00%, 06/15/56

     115       111,373  

AMT, 5.00%, 05/01/29(b)

     180       173,514  

Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50(b)

     105       90,241  

Lakewood Ranch Stewardship District, SAB

    

5.25%, 05/01/37

     180       180,941  

5.38%, 05/01/47

     185       182,664  

6.30%, 05/01/54

     480       503,021  

Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40

     15       15,016  

Osceola Chain Lakes Community Development District, SAB

    

4.00%, 05/01/40

     270       235,369  

4.00%, 05/01/50

     260       204,487  

Stevens Plantation Community Development District, SAB, Series A, 7.10%,
05/01/35(d)(e)

     1,670       1,118,935  
   

 

 

  
      28,486,627  
Georgia — 3.5%            

East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)

     435       394,303  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/38

     325       343,640  

Series A, 5.00%, 05/15/49

     7,195       7,826,074  

Series B, 5.00%, 12/01/52(a)

     5,000       5,249,000  

Municipal Electric Authority of Georgia, RB 4.00%, 01/01/49

     1,200       1,077,603  
Security  

Par

(000)

     Value  
Georgia (continued)            

Municipal Electric Authority of Georgia, RB (continued)

    

4.00%, 01/01/59

   $ 3,525     $ 3,230,668  

Series A, 5.00%, 07/01/52

          1,870          1,927,152  

Municipal Electric Authority of Georgia, Refunding RB, 4.00%, 01/01/51

     520       456,967  
   

 

 

  
      20,505,407  
Hawaii — 0.2%            

State of Hawaii Airports System Revenue, COP

    

AMT, 5.25%, 08/01/25

     250       250,192  

AMT, 5.25%, 08/01/26

     810       810,629  
   

 

 

  
      1,060,821  
Idaho — 0.6%            

Idaho Housing & Finance Association, RB, (GTD), 5.50%, 05/01/52

     1,250       1,324,568  

Idaho Housing & Finance Association, Refunding RB

    

(GTD), 4.00%, 05/01/42

     1,400       1,336,533  

(GTD), 4.00%, 05/01/52

     1,095       965,789  
   

 

 

  
      3,626,890  
Illinois — 11.0%            

Chicago Board of Education, GO

    

Series A, 5.00%, 12/01/34

     1,035       1,089,600  

Series A, 5.00%, 12/01/40

     535       549,391  

Series A, 5.00%, 12/01/47

     100       102,240  

Series C, 5.25%, 12/01/35

     2,790       2,803,006  

Series D, 5.00%, 12/01/46

     3,605       3,607,779  

Series H, 5.00%, 12/01/36

     495       506,366  

Chicago Board of Education, Refunding GO

    

Series D, 5.00%, 12/01/27

     1,600       1,657,859  

Series D, 5.00%, 12/01/31

     150       155,322  

Series G, 5.00%, 12/01/34

     710       726,864  

Chicago Midway International Airport, Refunding ARB, Series A, AMT, 2nd Lien, 5.00%, 01/01/41

     1,010       1,010,582  

Chicago O’Hare International Airport, ARB, Class A, AMT, Senior Lien, 5.50%, 01/01/55

     2,565       2,758,292  

Chicago Transit Authority Sales Tax Receipts Fund, RB, 2nd Lien, 5.00%, 12/01/46

     1,385       1,399,088  

Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, Senior Lien, 4.00%, 12/01/49

     2,210       1,995,760  

City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/48

     2,665       2,936,325  

City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/48

     5,125       5,643,155  

Cook County Community College District No. 508, GO

    

5.50%, 12/01/38

     2,670       2,680,047  

5.25%, 12/01/43

     3,850       3,862,361  

Illinois Finance Authority, RB, Series A, 5.00%, 02/15/37

     480       483,263  

Illinois Finance Authority, Refunding RB

    

Series A, 4.00%, 07/15/47

     3,920       3,787,139  

Series C, 4.00%, 02/15/41

     1,405       1,373,646  

Series C, 5.00%, 02/15/41

     1,600       1,644,967  

Illinois Housing Development Authority, RB, S/F Housing

    

Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 10/01/52

     3,495       3,765,125  

Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 04/01/54

     1,875       2,057,879  
 

 

 

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

   33

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Illinois (continued)            

Metropolitan Pier & Exposition Authority, RB

    

5.00%, 06/15/57

   $ 2,745     $ 2,800,201  

Series A, 5.50%, 06/15/53

     280       285,802  

Metropolitan Pier & Exposition Authority, RB, CAB, (BAM-TCRS), 0.00%, 12/15/56(c)

     2,165       449,113  

Metropolitan Pier & Exposition Authority, Refunding RB

    

4.00%, 06/15/50

          1,680          1,549,569  

Series B, (AGM), 0.00%, 06/15/44(c)

     8,680       3,548,788  

Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54(c)

     3,020       663,371  

State of Illinois, GO

    

5.25%, 02/01/31

     730       731,199  

5.25%, 02/01/32

     2,500       2,504,170  

5.00%, 02/01/39

     1,640       1,643,480  

Series B, 5.25%, 05/01/43

     1,115       1,222,127  

Series D, 5.00%, 11/01/28

     505       538,864  

State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27

     180       192,102  

University of Illinois, RB, Series A, 5.00%, 04/01/44

     1,360       1,361,241  
   

 

 

  
      64,086,083  
Indiana — 1.0%            

City of Valparaiso Indiana, RB

    

AMT, 6.75%, 01/01/34

     1,090       1,091,746  

AMT, 7.00%, 01/01/44

     4,625       4,631,143  
   

 

 

  
      5,722,889  
Iowa — 0.5%            

Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46(f)

     2,735       2,539,366  

Iowa Student Loan Liquidity Corp., Refunding RB, Series B, AMT, 3.00%, 12/01/39

     225       219,937  
   

 

 

  
      2,759,303  
Kansas — 0.1%            

City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43

     400       373,904  
   

 

 

  
Kentucky — 2.4%            

Kentucky Economic Development Finance Authority, Refunding RB, Series A, 5.00%, 08/01/44

     1,115       1,154,656  

Kentucky Economic Development Finance Authority, Refunding RB, CAB, Series B, (NPFGC), 0.00%, 10/01/24(c)

     5,000       4,891,686  

Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52(a)

     6,085       6,067,294  

Kentucky Public Transportation Infrastructure Authority, RB, CAB, Convertible, 6.75%, 07/01/43(g)

     1,655       1,942,180  
   

 

 

  
      14,055,816  
Louisiana — 1.1%            

Lafayette Parish School Board Sale Tax Revenue, RB, 4.00%, 04/01/48

     555       554,500  

Lake Charles Harbor & Terminal District, ARB, Series B, AMT, (AGM), 5.50%, 01/01/29

     1,000       1,001,595  

Louisiana Public Facilities Authority, RB, 5.25%, 10/01/53

     2,705       2,869,112  
Security  

Par

(000)

     Value  
Louisiana (continued)            

New Orleans Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/48

   $ 995     $ 1,007,001  

Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35

     780       780,738  
   

 

 

  
      6,212,946  
Maryland — 0.3%            

City of Baltimore Maryland, Refunding RB, Series A, 4.50%, 09/01/33

            135            129,949  

Maryland Economic Development Corp., RB, Class B, AMT, Sustainability Bonds, 5.25%, 06/30/47

     1,550       1,594,557  
   

 

 

  
      1,724,506  
Massachusetts — 2.0%            

Commonwealth of Massachusetts, GO

    

Series C, 5.00%, 10/01/47

     1,810       1,989,884  

Series C, 5.00%, 10/01/52

     1,875       2,035,348  

Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47

     4,555       4,583,752  

Massachusetts Development Finance Agency, Refunding RB

    

5.00%, 01/01/41

     525       526,271  

5.00%, 01/01/45

     375       375,844  

Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47

     645       628,426  

Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46

     1,220       1,279,510  
   

 

 

  
      11,419,035  
Michigan — 3.1%            

City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36

     5       5,014  

City of Lansing Michigan, Refunding GO, Series B, (AGM), 5.00%, 06/01/48

     3,450       3,729,233  

Grand Traverse County Hospital Finance Authority, RB, Series A, 5.00%, 07/01/44

     1,110       1,152,272  

Lansing Board of Water & Light, Refunding RB, Series A, 5.25%, 07/01/54

     5,195       5,804,485  

Michigan Finance Authority, RB, 4.00%, 02/15/50

     5,250       4,963,654  

Michigan State Building Authority, Refunding RB, Series I, 4.00%, 10/15/52

     555       529,720  

Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43

     1,680       1,694,242  
   

 

 

  
      17,878,620  
Minnesota — 2.2%            

Duluth Economic Development Authority, Refunding RB

    

Series A, 4.25%, 02/15/48

     5,685       5,294,855  

Series A, 5.25%, 02/15/53

     615       627,656  

Series A, 5.25%, 02/15/58

     3,050       3,109,227  

Minnesota Higher Education Facilities Authority, RB, Series A, Sustainability Bonds, 5.00%, 10/01/47

     1,495       1,551,226  

Minnesota Housing Finance Agency, RB, S/F Housing, Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, 01/01/53

     2,115       2,267,251  
   

 

 

  
      12,850,215  
Mississippi — 0.2%            

Mississippi Development Bank, RB, (AGM), 6.88%, 12/01/40

     1,190       1,192,558  
   

 

 

  
 

 

 

34  

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

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Missouri — 1.5%            

Health & Educational Facilities Authority of the State of Missouri, Refunding RB

    

Series A, 4.00%, 07/01/46

   $ 1,830     $ 1,798,613  

Series C, 4.00%, 11/15/49

     3,455       3,305,139  

Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54

          3,435          3,488,029  

St Louis County Industrial Development Authority, Refunding RB, 5.00%, 09/01/37

     500       485,230  
   

 

 

  
      9,077,011  
New Hampshire(b) — 0.6%            

New Hampshire Business Finance Authority, Refunding RB

    

Series B, 4.63%, 11/01/42

     2,350       1,994,989  

Series C, AMT, 4.88%, 11/01/42

     1,260       1,152,680  

Series B, AMT, Sustainability Bonds, 3.75%, 07/01/45(a)

     270       211,768  
   

 

 

  
      3,359,437  
New Jersey — 11.5%            

Casino Reinvestment Development Authority, Inc., Refunding RB

    

5.25%, 11/01/39

     2,390       2,410,416  

5.25%, 11/01/44

     2,250       2,262,593  

Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37(d)(e)

     645       7,966  

New Jersey Economic Development Authority, RB

    

5.00%, 12/15/28(h)

     1,375       1,531,408  

5.00%, 06/15/43

     2,335       2,471,424  

Series EEE, 5.00%, 06/15/48

     6,405       6,683,727  

AMT, (AGM), 5.00%, 01/01/31

     530       530,324  

AMT, 5.38%, 01/01/43

     1,500       1,501,328  

New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47

     1,570       1,572,811  

New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26(h)

     775       835,474  

New Jersey Economic Development Authority, Refunding SAB

    

6.50%, 04/01/28

     5,584       5,664,572  

5.75%, 04/01/31

     705       653,870  

New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51

     4,980       4,830,320  

New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50

     1,810       1,620,292  

New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49

     665       522,033  

New Jersey Transportation Trust Fund Authority, RB

    

Series AA, 5.00%, 06/15/45

     415       421,386  

Series AA, 4.00%, 06/15/50

     1,730       1,655,938  

Series BB, 5.00%, 06/15/46

     3,465       3,780,377  

Series S, 5.25%, 06/15/43

     1,145       1,229,090  

Series S, 5.00%, 06/15/46

     4,980       5,219,866  

New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 4.25%, 06/15/40

     7,330       7,696,256  

New Jersey Turnpike Authority, RB, Series B, 5.00%, 01/01/46

     5,385       5,936,714  

Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/48

     655       642,312  

Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/46

     275       280,145  
Security  

Par

(000)

     Value  
New Jersey (continued)            

Tobacco Settlement Financing Corp., Refunding RB (continued)

    

Series A, 5.25%, 06/01/46

   $ 4,140     $ 4,270,781  

Sub-Series B, 5.00%, 06/01/46

     2,955       2,985,227  
   

 

 

  
      67,216,650  
New Mexico — 0.0%            

City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44

            100             84,684  
   

 

 

  
New York — 15.6%            

Buffalo & Erie County Industrial Land Development Corp., Refunding RB, Series A, 5.00%, 06/01/35

     500       512,581  

City of New York, GO

    

Series A-1, 4.00%, 09/01/46

     1,550       1,578,907  

Series B, 5.25%, 10/01/39

     1,030       1,192,481  

Series B, 5.25%, 10/01/40

     790       910,330  

Metropolitan Transportation Authority, RB

    

Series B, 5.25%, 11/15/39

     910       912,058  

Series C, 4.00%, 11/15/33

     90       90,038  

Metropolitan Transportation Authority, Refunding RB

    

Series C-1, Sustainability Bonds, 5.00%, 11/15/25

     100       103,253  

Series C-1, Sustainability Bonds, 5.00%, 11/15/26

     65       68,586  

Series C-1, Sustainability Bonds, 4.75%, 11/15/45

     6,795       7,011,283  

Series C-1, Sustainability Bonds, 5.00%, 11/15/50

     575       599,083  

Monroe County Industrial Development Corp., Refunding RB, Series A, 4.00%, 07/01/50

     1,760       1,760,961  

New York City Municipal Water Finance Authority, RB, Series AA-1, 5.25%, 06/15/52

     1,080       1,211,226  

New York City Municipal Water Finance Authority, Refunding RB

    

Series BB-1, 4.00%, 06/15/45

     810       812,229  

Series DD, 4.13%, 06/15/46

     7,250       7,443,266  

Series DD, 4.13%, 06/15/47

     3,430       3,484,642  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB

    

Series A-1, Subordinate, 4.00%, 08/01/48

     2,240       2,232,012  

Series B-1, Subordinate, 4.00%, 08/01/48

     2,500       2,456,932  

Series F-1, Subordinate, 5.00%, 02/01/47

     3,260       3,579,584  

New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(b)

     3,200       3,201,111  

New York Liberty Development Corp., Refunding RB

    

Class 1, 5.00%, 11/15/44(b)

     4,910       4,903,862  

Class 2, 5.38%, 11/15/40(b)

     1,175       1,176,468  

Series A, Sustainability Bonds, 3.00%, 11/15/51

     2,040       1,524,651  

Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51

     1,270       924,422  

New York State Dormitory Authority, Refunding RB

    

Series A, 4.00%, 03/15/44

     1,200       1,211,728  

Series A, 4.00%, 03/15/47

     3,830       3,791,700  

New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/49

     4,625       4,562,885  

New York State Urban Development Corp., Refunding RB

    

4.00%, 03/15/45

     6,575       6,655,838  

4.00%, 03/15/49

     2,205       2,161,515  

New York Transportation Development Corp., ARB

    

AMT, 5.63%, 04/01/40

     1,050       1,136,940  

AMT, 5.00%, 12/01/40

     2,250       2,368,256  

Series A, AMT, 5.00%, 07/01/46

     1,600       1,600,538  

New York Transportation Development Corp., RB

    

AMT, 5.00%, 10/01/35

     1,910       1,993,997  
 

 

 

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

   35

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
New York (continued)            

New York Transportation Development Corp., RB (continued)

    

AMT, 4.00%, 10/31/46

   $ 425     $ 385,050  

Port Authority of New York & New Jersey, ARB, Series 218, AMT, 4.00%, 11/01/47

     380       364,283  

Port Authority of New York & New Jersey, Refunding ARB, Series 223, AMT, 4.00%, 07/15/41

          1,150          1,134,251  

Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB

    

Series A, 4.00%, 05/15/48

     6,855       6,823,070  

Series A, 5.25%, 05/15/52

     900       1,002,011  

Triborough Bridge & Tunnel Authority, Refunding RB, Series C, 5.00%, 05/15/47

     6,930       7,577,801  

Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42

     190       189,972  
   

 

 

  
      90,649,801  
North Carolina — 0.4%            

North Carolina Housing Finance Agency, RB, S/F Housing, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%, 07/01/53

     2,290       2,454,582  
   

 

 

  
North Dakota — 0.2%            

County of Cass North Dakota, Refunding RB, Series B, 5.25%, 02/15/58

     1,035       1,067,208  
   

 

 

  
Ohio — 1.6%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB
Series A-2, Class 1, 4.00%, 06/01/48

     915       829,263  

Series B-2, Class 2, 5.00%, 06/01/55

     5,320       5,011,227  

County of Franklin Ohio, RB, Series A, 5.00%, 12/01/47

     435       450,785  

County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49

     590       660,315  

County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50

     2,415       2,277,169  
   

 

 

  
      9,228,759  
Oklahoma — 0.5%            

Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52

     1,640       1,638,041  

Oklahoma Water Resources Board, RB, 4.00%, 04/01/48

     240       235,101  

Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45

     1,435       1,387,810  
   

 

 

  
      3,260,952  
Oregon — 0.1%            

Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(c)

     1,445       753,903  
   

 

 

  
Pennsylvania — 3.8%            

Allegheny County Airport Authority, ARB, Series A, AMT, (AGM), 5.50%, 01/01/48

     535       584,719  

Montgomery County Higher Education and Health Authority, Refunding RB, 5.00%, 09/01/48

     385       394,102  

Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45

     205       208,020  

Pennsylvania Economic Development Financing Authority, RB
5.00%, 06/30/42

     3,680       3,683,467  

AMT, 5.75%, 06/30/48

     1,405       1,549,078  
Security  

Par

(000)

     Value  
Pennsylvania (continued)            

Pennsylvania Economic Development Financing Authority, RB (continued)

    

AMT, 5.25%, 06/30/53

   $ 2,330     $ 2,502,644  

Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44

     480       474,913  

Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44

          3,695          3,681,738  

Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series B, 4.00%, 12/01/53

     2,990       2,807,221  

Pennsylvania Turnpike Commission, RB
Sub-Series B-1, 5.25%, 06/01/47

     2,500       2,601,705  

Series A, Subordinate, 4.00%, 12/01/46

     2,065       2,000,852  

Pennsylvania Turnpike Commission, Refunding RB, Series C, 4.00%, 12/01/51

     1,050       1,033,620  

Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52

     440       460,619  
   

 

 

  
      21,982,698  
Puerto Rico — 4.5%            

Commonwealth of Puerto Rico, GO,
Series A-1, Restructured, 5.75%, 07/01/31

     1,596       1,768,208  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

    

Series A-1, Restructured, 4.75%, 07/01/53

     5,908       5,788,481  

Series A-1, Restructured, 5.00%, 07/01/58

     11,913       11,912,846  

Series A-2, Restructured, 4.78%, 07/01/58

     3,256       3,182,740  

Series B-2, Restructured, 4.78%, 07/01/58

     159       154,348  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c)

     12,023       3,695,998  
   

 

 

  
      26,502,621  
Rhode Island — 0.0%            

Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37

     250       235,913  
   

 

 

  
South Carolina — 1.4%            

South Carolina Jobs-Economic Development Authority, RB, 5.00%, 01/01/55(b)

     335       292,822  

South Carolina Jobs-Economic Development Authority, Refunding RB

    

Series A, 5.00%, 05/01/43

     2,430       2,491,604  

Series A, 5.00%, 05/01/48

     3,395       3,459,593  

South Carolina Public Service Authority, Refunding RB, Series B, 5.00%, 12/01/51

     1,785       1,870,180  
   

 

 

  
      8,114,199  
Tennessee — 1.0%            

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 10/01/49

     445       386,897  

Metropolitan Nashville Airport Authority, ARB

    

Series B, AMT, 5.25%, 07/01/35

     950       1,054,638  

Series B, AMT, 5.50%, 07/01/36

     795       892,790  

Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)

     3,130       3,355,693  
   

 

 

  
      5,690,018  
Texas — 14.6%            

Arlington Higher Education Finance Corp., RB(b)

    

7.50%, 04/01/62

     965       939,059  

7.88%, 11/01/62

     815       827,104  
 

 

 

36  

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

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Texas (continued)            

City of Austin Texas Airport System Revenue, ARB, Series B, AMT, 5.00%, 11/15/44

   $      1,980     $    2,063,601  

City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48

     425       426,810  

City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, 1st Lien, Subordinate, (AGM), 5.25%, 07/01/48

     5,180       5,573,027  

City of Houston Texas Airport System Revenue, Refunding RB, AMT, 5.00%, 07/01/29

     595       594,256  

City of Houston Texas, Refunding GO, Series A, 5.25%, 03/01/42

     470       538,052  

Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/43

     230       230,471  

County of Harris Texas, Refunding GO, Series A, 4.25%, 09/15/48

     890       902,976  

Crowley Independent School District, GO, (PSF), 5.00%, 02/01/48

     3,455       3,795,833  

Cypress-Fairbanks Independent School District, GO, (PSF), 4.00%, 02/15/48

     1,415       1,406,400  

Denton Independent School District, GO, (PSF), 5.00%, 08/15/48

     2,975       3,274,388  

Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48

     670       670,341  

Harris County-Houston Sports Authority, Refunding RB(c)

    

Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24(h)

     2,300       1,109,621  

Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/36

     13,075       6,198,799  

Series A, Senior Lien, (AGM NPFGC), 0.00%, 11/15/38

     4,750       2,134,639  

Hutto Independent School District, GO, (PSF), 5.00%, 08/01/48

     200       220,387  

Klein Independent School District, GO, (PSF), 4.00%, 08/01/47

     5,185       5,160,931  

Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(c)(h)

     10,540       5,781,736  

New Caney Independent School District, Refunding GO, (PSF), 5.00%, 02/15/48

     11,750       12,968,583  

New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(b)

     180       161,826  

North Texas Tollway Authority, RB, Series B, 0.00%, 09/01/31(c)(h)

     640       325,886  

North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49

     2,610       2,617,121  

Port Authority of Houston of Harris County Texas, ARB 4.00%, 10/01/46

     2,110       2,069,787  

1st Lien, 5.00%, 10/01/48

     1,470       1,615,267  

Tarrant County Cultural Education Facilities Finance Corp., RB
5.00%, 11/15/51

     1,280       1,367,762  

Series A, 4.00%, 07/01/53

     1,435       1,287,382  

Series A, 5.00%, 07/01/53

     880       914,026  

Series B, 5.00%, 07/01/48

     4,955       5,098,884  

Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45

     95       83,880  

Texas Department of Housing & Community Affairs, RB, S/F Housing

    

Series A, (GNMA), 3.75%, 09/01/49

     1,240       1,145,237  

Series C, (GNMA), 5.00%, 09/01/48

     3,650       3,796,000  

Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58

     3,110       3,146,114  
Security  

Par

(000)

     Value  
Texas (continued)            

Texas Transportation Commission State Highway 249 System, RB, CAB(c)
0.00%, 08/01/40

   $        500     $      236,094  

0.00%, 08/01/41

     2,000       892,970  

0.00%, 08/01/42

     2,345       988,402  

Texas Water Development Board, RB
4.45%, 10/15/36

     675       748,292  

4.00%, 10/15/45

     1,810       1,811,615  

Waller Consolidated Independent School District, GO, Series A, (PSF), 4.00%, 02/15/48

     1,710       1,709,449  
   

 

 

  
      84,833,008  
Utah — 1.2%            

City of Salt Lake City Utah Airport Revenue, ARB
Series A, AMT, 5.00%, 07/01/48

     955       979,050  

Series A, AMT, 5.25%, 07/01/48

     5,235       5,602,945  

Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/39(b)

     100       95,463  

Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/40(b)

     135       131,483  
   

 

 

  
      6,808,941  
Vermont — 0.0%            

Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36

     200       196,682  
   

 

 

  
Virginia — 1.4%            

Ballston Quarter Community Development Authority, TA(d)(e)

    

Series A, 5.00%, 03/01/26

     290       282,174  

Series A, 5.13%, 03/01/31

     755       647,213  

Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47

     1,010       951,908  

Virginia Housing Development Authority, RB, M/F Housing, Series G, 5.05%, 11/01/47

     1,825       1,897,603  

Virginia Small Business Financing Authority, Refunding RB, 4.00%, 12/01/49

     4,585       4,422,213  
   

 

 

  
      8,201,111  
Washington — 0.6%            

Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43

     1,615       1,653,585  

Washington State Housing Finance Commission, Refunding RB, 5.00%, 01/01/43(b)

     2,165       1,813,050  
   

 

 

  
      3,466,635  
West Virginia — 0.7%            

City of Martinsburg West Verginia, RB, M/F Housing, Series A-1, 4.63%, 12/01/43

     570       494,410  

Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48

     3,525       3,421,113  
   

 

 

  
      3,915,523  
Wisconsin — 1.9%            

Public Finance Authority, RB

    

Series A, 5.00%, 07/01/55(b)

     120       99,689  

Series A-1, 4.50%, 01/01/35(b)

     205       183,698  

AMT, 4.00%, 09/30/51

     5,615       4,585,366  

AMT, 4.00%, 03/31/56

     1,835       1,446,330  

Public Finance Authority, Refunding RB, 5.00%, 09/01/49(b)

     120       96,969  

Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/51

     3,280       3,103,963  
 

 

 

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

   37

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Wisconsin (continued)            

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

   $        720     $ 757,929  

Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.70%, 07/01/47

     660       667,727  
   

 

 

  
      10,941,671  
   

 

 

  

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

        665,042,300  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(i)

 

Alabama(a) — 3.5%            

Black Belt Energy Gas District, RB

    

Series B, 5.25%, 12/01/53

     12,500       13,494,125  

Series C-1, 5.25%, 02/01/53

     6,702       7,137,333  
   

 

 

  
      20,631,458  
California — 1.9%            

California Community Choice Financing Authority, RB, Sustainability Bonds, 5.00%, 02/01/54

     10,000       10,732,016  
   

 

 

  
Colorado — 1.4%            

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53

     7,685       8,364,370  
   

 

 

  
District of Columbia — 0.4%            

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

     2,361       2,367,629  
   

 

 

  
Florida — 1.3%            

City of Melbourne Florida Water & Sewer Revenue, RB, 5.00%, 11/15/50

     6,910       7,586,502  
   

 

 

  
Iowa — 0.2%            

Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46

     1,370       1,370,000  
   

 

 

  
Michigan — 2.3%            

Michigan State Building Authority, RB, M/F Housing, Series A, 5.00%, 10/01/48

     12,964       13,559,978  
   

 

 

  
Nebraska — 0.9%            

Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53(a)

     5,240       5,482,582  
   

 

 

  
New York — 5.7%            

New York City Housing Development Corp., RB, M/F Housing, Series E-1, Sustainability Bonds, 4.70%, 11/01/48

     5,540       5,627,794  

New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38

     4,810       4,736,901  

New York City Transitional Finance Authority, RB, 5.25%, 05/01/48

     9,510       10,796,414  

New York State Dormitory Authority, Refunding RB, Series E, 5.00%, 03/15/46

     8,820       9,275,908  

Port Authority of New York & New Jersey, RB, Series 221, AMT, 4.00%, 07/15/55

     2,820       2,586,604  
   

 

 

  
      33,023,621  
Oregon — 2.2%            

Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48

     11,628       12,882,433  
   

 

 

  
Security  

Par

(000)

     Value  
Pennsylvania — 3.5%            

Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 143A, Sustainability Bonds, 6.25%, 10/01/53

   $     11,111     $ 12,231,067  

Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/47

     7,107       7,945,685  
   

 

 

  
      20,176,752  
South Carolina — 0.9%            

Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54

     4,842       5,224,475  
   

 

 

  
Wisconsin — 1.0%            

Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing, Series A, 4.10%, 11/01/43

     2,658       5,786,869  
   

 

 

  

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

       147,188,685  
   

 

 

  

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

        812,230,985  
   

 

 

  
     Shares         

Short-Term Securities

 

  
Money Market Funds — 1.8%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09%(j)(k)

     10,122,667       10,123,679  
   

 

 

  

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

       10,123,679  
   

 

 

  

Total Investments — 141.2%
(Cost: $804,827,504)

       822,354,664  
Other Assets Less Liabilities — 2.0%         11,775,033  

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

 

     (77,523,843 ) 

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

 

     (174,100,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $  582,505,854  
   

 

 

  

 

(a) 

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

(b) 

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

(c) 

Zero-coupon bond.

(d) 

Issuer filed for bankruptcy and/or is in default.

(e) 

Non-income producing security.

(f) 

When-issued security.

(g) 

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

(h) 

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

(i) 

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

(j) 

Affiliate of the Fund.

(k) 

Annualized 7-day yield as of period end.

 

 

 

38  

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

Schedule of Investments (unaudited) (continued)

January 31, 2024

 

   

BlackRock Municipal Income Trust II (BLE)

 

Affiliates

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

 

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

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $  37,886,667     $ —     $  (27,763,789 )(a)    $ 2,337     $ (1,536 )    $  10,123,679       10,122,667     $  570,839     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (a)

Represents net amount purchased (sold).

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

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

Net Realized Gain (Loss) from:

                     

Futures contracts

    $ —      $ —      $ —      $ —      $  2,460,561      $ —      $ 2,460,561  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net Change in Unrealized Appreciation (Depreciation) on:

                     

Futures contracts

    $ —      $ —      $ —      $ —      $ (592,079 )     $ —      $ (592,079 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

  

Futures contracts:

  

Average notional value of contracts — short

   $ — (a) 

 

  

 

  (a)

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

 

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

Fair Value Hierarchy as of Period End

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

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

 

                                                                                       
         
      Level 1        Level 2        Level 3        Total  

Assets

                  

Investments

                  

Long-Term Investments

                  

Municipal Bonds

    $ —        $ 665,042,300        $ —        $ 665,042,300  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          147,188,685          —          147,188,685  

Short-Term Securities

                  

Money Market Funds

      10,123,679          —          —          10,123,679  
  

 

 

       

 

 

       

 

 

       

 

 

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

 

 

       

 

 

       

 

 

       

 

 

  

 

 

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

   39

Schedule of Investments (unaudited) (continued)

January 31, 2024

 

   

BlackRock Municipal Income Trust II (BLE)

 

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

 

                                                                                               
         
      Level 1        Level 2        Level 3        Total  

Liabilities

                  

TOB Trust Certificates

    $ —        $ (77,008,589 )       $ —        $ (77,008,589 ) 

VMTP Shares at Liquidation Value

      —          (174,100,000 )         —          (174,100,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

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

 

 

       

 

 

       

 

 

       

 

 

  

See notes to financial statements.

 

 

40  

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

Schedule of Investments (unaudited)

January 31, 2024

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds

    
Alabama — 4.2%            

Black Belt Energy Gas District, RB(a)

    

Series A, 5.25%, 01/01/54

   $     2,450     $    2,638,313  

Series F, 5.50%, 11/01/53

     1,115       1,186,322  

Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51(a)

     9,590       9,602,371  

County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53

     4,715       5,172,106  

Southeast Energy Authority A Cooperative District, RB(a)

    

Series A-1, 5.50%, 01/01/53

     1,890       2,032,979  

Series B, 5.00%, 01/01/54

     4,595       4,868,724  

Series B-1, 5.00%, 05/01/53

     4,510       4,687,898  
   

 

 

  
      30,188,713  
Arizona — 2.8%            

Arizona Industrial Development Authority, RB

    

4.38%, 07/01/39(b)

     575       512,021  

Series A, (BAM), 4.00%, 06/01/44

     425       408,787  

Series A, 5.00%, 07/01/49(b)

     550       498,437  

Series A, 5.00%, 07/01/54(b)

     425       378,325  

Arizona Industrial Development Authority, Refunding RB(b)

    

Series A, 5.50%, 07/01/52

     130       123,790  

Series G, 5.00%, 07/01/47

     435       407,678  

City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47

     2,425       2,762,946  

Glendale Industrial Development Authority, RB, 5.00%, 05/15/56

     640       499,598  

Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46(b)

    2,120       2,036,352  

Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/34(b)

     400       400,083  

Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/49(b)

     300       274,283  

Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38

     775       784,299  

Maricopa County Pollution Control Corp., Refunding RB, Series B, 3.60%, 04/01/40

     1,400       1,227,626  

Salt Verde Financial Corp., RB

    

5.00%, 12/01/32

     3,500       3,746,519  

5.00%, 12/01/37

     5,235       5,716,128  
   

 

 

  
      19,776,872  
Arkansas — 1.5%            

Arkansas Development Finance Authority, RB

    

Series A, AMT, 4.50%, 09/01/49(b)

     380       368,741  

Series A, AMT, 4.75%, 09/01/49(b)

     4,235       4,173,127  

AMT, Sustainability Bonds, 5.70%, 05/01/53

     1,170       1,197,741  

City of Benton Arkansas Sales & Use Tax, RB, (AGM), 4.00%, 06/01/39

     505       505,346  

City of Fort Smith Arkansas Water & Sewer Revenue, Refunding RB, Subordinate, 4.00%, 10/01/40

     840       828,268  

City of Springdale Arkansas Sales & Use Tax Revenue, RB, Series B, (BAM), 4.13%, 08/01/47

     3,085       3,062,271  

Pulaski County Public Facilities Board, RB, 5.00%, 12/01/42

     465       469,210  
   

 

 

  
      10,604,704  
California — 6.5%            

Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/47

     3,170       3,180,864  
Security   Par
(000)		     Value  
California (continued)            

California Enterprise Development Authority, RB, 8.00%, 11/15/62(b)

   $     1,025     $    1,012,335  

California Health Facilities Financing Authority, Refunding RB, Series A, 4.00%, 08/15/48

     3,675       3,654,289  

California Municipal Finance Authority, ARB, AMT, Senior Lien, 5.00%, 12/31/43

     800       813,456  

California Municipal Finance Authority, RB, S/F Housing

    

Series A, 5.25%, 08/15/39

     185       185,642  

Series A, 5.25%, 08/15/49

     460       461,953  

California Pollution Control Financing Authority, RB, AMT, 5.00%, 11/21/45(b)

     1,755       1,758,159  

California Statewide Communities Development Authority, Refunding RB, 4.00%, 03/01/42

     1,000       964,358  

Carlsbad Unified School District, GO, Series B, 6.00%, 05/01/34(a)

     1,000       1,006,264  

City of Los Angeles Department of Airports, ARB, Series A, AMT, 4.00%, 05/15/42

     3,700       3,695,404  

City of Los Angeles Department of Airports, Refunding ARB

    

AMT, 5.00%, 05/15/46

     830       883,110  

Series D, AMT, Subordinate, 4.00%, 05/15/51

     1,755       1,644,778  

CSCDA Community Improvement Authority, RB, M/F Housing(b)

    

4.00%, 10/01/56

     305       249,229  

Senior Lien, Sustainability Bonds, 3.13%, 06/01/57

     1,595       1,028,028  

Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58

     845       631,103  

Sustainability Bonds, 4.00%, 12/01/56

     440       306,535  

Series A, Sustainability Bonds, 4.00%, 06/01/58

     970       701,953  

Hartnell Community College District, GO, Series D, 7.00%, 08/01/34(a)

     1,650       1,915,670  

Norwalk-La Mirada Unified School District, Refunding GO, Series E, Election 2002, (AGC), 0.00%, 08/01/38(c)

     8,000       4,415,784  

Palomar Community College District, GO

    

Series B, Convertible, 6.20%, 08/01/39(a)

     2,605       3,063,715  

Series B, Election 2006, 0.00%, 08/01/30(c)

     1,500       1,277,279  

San Diego Community College District, GO, Election 2002, 6.00%, 08/01/27(a)(d)

     2,800       3,136,642  

San Diego County Regional Airport Authority, ARB

    

Series B, AMT, 5.00%, 07/01/47

     1,515       1,558,987  

Series B, AMT, Subordinate, 5.00%, 07/01/56

     2,150       2,232,879  

San Diego Unified School District, GO(c)(e)

    

Class A, 0.00%, 07/01/29

     5,315       4,506,955  

Series A, 0.00%, 07/01/29

     685       580,859  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, Series A, AMT, 5.25%, 05/01/33

     850       850,325  

Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/40

     920       929,017  
   

 

 

  
      46,645,572  
Colorado — 3.0%            

Board of Governors of Colorado State University System, Refunding RB, Series C, 4.00%, 03/01/47

     5,650       5,515,906  

City & County of Denver Colorado Airport System Revenue, ARB

    

Series A, AMT, 5.50%, 11/15/28

     1,000       1,000,613  

Series A, AMT, 5.50%, 11/15/30

     340       340,211  

Series A, AMT, 5.50%, 11/15/31

     405       405,279  
 

 

 

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

   41

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Colorado (continued)            

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series D, AMT, 5.75%, 11/15/45

   $      1,160     $     1,311,198  

City & County of Denver Colorado Pledged Excise Tax Revenue, RB, CAB(c)

    

Series A-2, 0.00%, 08/01/37

     1,490       823,933  

Series A-2, 0.00%, 08/01/38

     915       484,801  

Colorado Educational & Cultural Facilities Authority, RB

    

5.50%, 07/01/40

     2,510       2,513,978  

5.00%, 03/01/50(b)

     360       363,922  

Colorado Health Facilities Authority, RB

    

5.50%, 11/01/47

     480       521,171  

5.25%, 11/01/52

     1,000       1,065,143  

Colorado Health Facilities Authority, Refunding RB

    

Series A, 5.00%, 08/01/44

     2,420       2,514,173  

Series A, 4.00%, 11/15/46

     1,610       1,556,139  

Series A, 4.00%, 08/01/49

     1,950       1,811,766  

Series A, 4.00%, 11/15/50

     1,480       1,393,175  
   

 

 

  
      21,621,408  
Connecticut — 0.1%            

Connecticut State Health & Educational Facilities Authority, RB

    

5.25%, 07/15/48

     390       422,173  

4.25%, 07/15/53

     525       512,229  
   

 

 

  
      934,402  
Delaware — 0.5%            

County of Kent Delaware, RB

    

5.00%, 07/01/53

     775       732,383  

Series A, 5.00%, 07/01/40

     330       330,430  

Delaware State Health Facilities Authority, RB, 5.00%, 06/01/48

     2,180       2,183,165  
   

 

 

  
      3,245,978  
District of Columbia — 3.9%            

District of Columbia Income Tax Revenue, RB, Series A, 5.25%, 05/01/48

     3,490       3,911,968  

District of Columbia, Refunding RB, 5.00%, 10/01/48

     1,695       1,726,092  

District of Columbia, TA, 5.13%, 06/01/41

     1,195       1,197,363  

Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB

    

Series A, AMT, 4.00%, 10/01/39

     1,060       1,061,018  

Series A, AMT, 5.25%, 10/01/48

     1,395       1,500,587  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB

    

Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/34(c)

     10,170       7,067,168  

Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/35(c)

     13,485       8,905,808  

Series B, Subordinate, 4.00%, 10/01/49

     2,000       1,841,440  

Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Series A, Sustainability Bonds, 4.00%, 07/15/46

     875       868,421  
   

 

 

  
      28,079,865  
Florida — 4.8%            

Broward County Florida Water & Sewer Utility

    

Revenue, RB, Series A, 4.00%, 10/01/45

     585       588,453  

Capital Trust Agency, Inc., RB(b)

    

5.00%, 01/01/55

     305       232,044  

Series A, 5.00%, 06/01/45

     480       415,119  
Security  

Par

(000)

     Value  
Florida (continued)            

Capital Trust Agency, Inc., RB(b) (continued)

    

Series A, 5.50%, 06/01/57

   $        170     $       149,440  

City of Gainesville Florida Utilities System Revenue, Refunding RB, Series A, 5.00%, 10/01/47

     4,115       4,310,327  

City of South Miami Health Facilities Authority, Inc., Refunding RB, 5.00%, 08/15/42

     1,290       1,320,259  

City of Tampa Florida, RB, Series A, 4.00%, 11/15/46 .

     1,930       1,830,322  

City of Tampa Florida, RB, CAB(c)

    

Series A, 0.00%, 09/01/49

     285       81,653  

Series A, 0.00%, 09/01/53

     160       36,936  

County of Broward Florida Airport System Revenue, ARB

    

Series A, AMT, 5.00%, 10/01/45

     2,845       2,859,528  

Series A, AMT, 5.00%, 10/01/49

     1,000       1,015,286  

County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/44

     3,525       3,661,711  

County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series A, AMT, 5.00%, 10/01/28

     2,650       2,674,922  

County of Miami-Dade Seaport Department, Refunding RB, Series A-1, AMT, (AGM), 4.00%, 10/01/45

     2,180       2,018,903  

County of Osceola Florida Transportation Revenue, Refunding RB, CAB(c)

    

Series A-2, 0.00%, 10/01/46

     885       270,110  

Series A-2, 0.00%, 10/01/47

     1,040       298,672  

Series A-2, 0.00%, 10/01/49

     355       90,429  

County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54

     500       563,921  

Cypress Bluff Community Development District, SAB, Series A, 3.80%, 05/01/50(b)

     430       318,880  

Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45

     1,765       1,567,816  

Esplanade Lake Club Community Development District, SAB, Series A-1, 4.13%, 11/01/50

     615       492,425  

Florida Development Finance Corp., RB

    

6.50%, 06/30/57(b)

     925       887,581  

Series A, 5.00%, 06/15/56

     75       72,634  

AMT, 5.00%, 05/01/29(b)

     270       260,271  

Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50(b)

     270       232,049  

Hillsborough County Aviation Authority, ARB, AMT, 5.00%, 10/01/48

     1,730       1,758,948  

Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54

     575       602,577  

Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40

     20       20,022  

Orange County Health Facilities Authority, RB, 5.00%, 10/01/53

     1,075       1,147,468  

Palm Beach County Health Facilities Authority, Refunding RB, 4.00%, 08/15/49

     1,185       1,091,773  

Southern Groves Community Development District No. 5, Refunding SAB, 4.00%, 05/01/43

     220       185,360  

Stevens Plantation Community Development District, SAB, Series A, 7.10%, 05/01/35(f)(g)

     800       536,091  

Trout Creek Community Development District, SAB

    

4.00%, 05/01/40

     630       542,348  

4.00%, 05/01/51

     1,050       799,929  
 

 

 

42  

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

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Florida (continued)            

Village Community Development District No. 15, SAB, 5.25%, 05/01/54(b)

   $        600     $       594,637  

Westside Community Development District, SAB, 4.00%, 05/01/50

     815       641,644  
   

 

 

  
      34,170,488  
Georgia — 3.9%            

City of Atlanta Georgia Department of Aviation, Refunding ARB, Series B, AMT, 5.00%, 07/01/52

     1,520       1,604,379  

Cobb County Kennestone Hospital Authority, RB, 4.00%, 04/01/52

     3,165       2,987,658  

Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48

     2,615       2,495,934  

Development Authority for Fulton County, RB, 5.00%, 06/15/56

     7,240       7,870,821  

East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)

     535       484,947  

Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51

     1,460       1,372,855  

Main Street Natural Gas, Inc., RB, Series A, 5.00%, 06/01/53(a)

     7,815       8,266,551  

Municipal Electric Authority of Georgia, RB

    

4.00%, 01/01/49

     1,135       1,019,233  

4.00%, 01/01/59

     1,335       1,223,530  

Series A, 5.00%, 01/01/59

     480       487,286  
   

 

 

  
      27,813,194  
Hawaii — 0.1%            

State of Hawaii Airports System Revenue, COP

    

AMT, 5.25%, 08/01/25

     425       425,326  

AMT, 5.25%, 08/01/26

     460       460,358  
   

 

 

  
      885,684  
Idaho — 0.3%            

Power County Industrial Development Corp., RB, AMT, 6.45%, 08/01/32

     2,000       2,003,089  
   

 

 

  
Illinois — 8.8%            

Chicago Board of Education, GO

    

Series A, 5.00%, 12/01/34

     1,760       1,852,847  

Series A, 5.00%, 12/01/40

     1,410       1,447,929  

Series A, 5.00%, 12/01/42

     1,480       1,480,552  

Series C, 5.25%, 12/01/35

     2,655       2,667,377  

Series D, 5.00%, 12/01/46

     3,480       3,482,682  

Series H, 5.00%, 12/01/36

     585       598,432  

Chicago Board of Education, Refunding GO

    

Series C, 5.00%, 12/01/27

     500       518,081  

Series C, 5.00%, 12/01/34

     475       485,727  

Series G, 5.00%, 12/01/34

     315       322,482  

Chicago Midway International Airport, Refunding ARB

    

Series B, 5.00%, 01/01/46

     1,670       1,702,514  

Series A, AMT, 2nd Lien, 5.00%, 01/01/41

     1,620       1,620,933  

Chicago O’Hare International Airport, Refunding ARB

    

Series A, AMT, Senior Lien, 4.38%, 01/01/53

     1,390       1,327,886  

Series B, Senior Lien, 5.00%, 01/01/53

     1,040       1,079,331  

City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/58

     885       966,587  

City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/53

     1,445       1,572,565  

Cook County Community College District No. 508, GO

    

5.50%, 12/01/38

     3,075       3,086,571  

5.25%, 12/01/43

     2,935       2,944,424  
Security  

Par

(000)

     Value  
Illinois (continued)            

Illinois Finance Authority, RB

    

Series A, 5.00%, 02/15/37

   $        820     $       825,575  

Series A, 5.00%, 02/15/50

     130       121,601  

Illinois Finance Authority, Refunding RB

    

Series A, 4.00%, 07/15/47

     1,485       1,434,669  

Series C, 4.00%, 02/15/41

     1,945       1,901,595  

Series C, 5.00%, 02/15/41

     555       570,598  

Illinois State Toll Highway Authority, RB

    

Series A, 5.00%, 01/01/40

     5,625       5,761,773  

Series B, 5.00%, 01/01/40

     2,250       2,315,200  

Metropolitan Pier & Exposition Authority, RB, 5.00%, 06/15/57

     2,370       2,417,660  

Metropolitan Pier & Exposition Authority, Refunding RB(c)

    

Series B, (AGM), 0.00%, 06/15/44

     3,765       1,539,307  

Series B, (AGM), 0.00%, 06/15/47

     22,775       7,887,352  

State of Illinois, GO

    

5.25%, 02/01/31

     1,485       1,487,439  

5.25%, 02/01/32

     2,365       2,368,944  

5.00%, 02/01/39

     1,910       1,914,053  

5.50%, 05/01/39

     795       880,719  

Series B, 5.25%, 05/01/41

     1,770       1,949,809  

Series D, 5.00%, 11/01/28

     900       960,351  

State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27

     90       96,051  

University of Illinois, RB, Series A, 5.00%, 04/01/44

     1,225       1,226,117  
   

 

 

  
      62,815,733  
Indiana — 1.2%            

City of Valparaiso Indiana, RB

    

AMT, 6.75%, 01/01/34

     975       976,562  

AMT, 7.00%, 01/01/44

     2,355       2,358,128  

Indianapolis Local Public Improvement Bond Bank, RB

    

5.25%, 02/01/48

     665       747,323  

(BAM), 5.00%, 03/01/53

     3,950       4,147,497  
   

 

 

  
      8,229,510  
Iowa — 0.2%            

Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46(h)

     1,450       1,346,282  

Iowa Student Loan Liquidity Corp., Refunding RB, Series B, AMT, 3.00%, 12/01/39

     175       171,062  
   

 

 

  
      1,517,344  
Kansas — 0.1%            

Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52

     705       643,966  
   

 

 

  
Kentucky — 1.4%            

County of Boyle Kentucky, Refunding RB, 5.00%, 06/01/37

     2,500       2,607,198  

Fayette County School District Finance Corp., RB

    

(NGFGC), 5.00%, 06/01/44

     860       933,058  

(BAM-TCRS), 5.00%, 06/01/46

     760       818,650  

(BAM-TCRS), 5.00%, 06/01/47

     1,155       1,240,506  

Kentucky Economic Development Finance Authority, Refunding RB, Series A, 5.00%, 08/01/44

     735       761,141  

Kentucky Public Transportation Infrastructure Authority, RB, CAB(a) Convertible, 6.75%, 07/01/43

     1,770       2,077,135  
 

 

 

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

   43

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Kentucky (continued)            

Kentucky Public Transportation Infrastructure Authority, RB, CAB(a) (continued)

    

Series C, Convertible, 6.45%, 07/01/34

   $        500     $       601,641  

Series C, Convertible, 6.60%, 07/01/39

     830       977,713  
   

 

 

  
      10,017,042  
Louisiana — 1.7%            

Lafayette Parish School Board Sale Tax Revenue,

    

RB, 4.00%, 04/01/53

     995       990,107  

Lake Charles Harbor & Terminal District, ARB, Series B, AMT, (AGM), 5.50%, 01/01/29

     1,500       1,502,393  

Louisiana Public Facilities Authority, RB

    

5.25%, 10/01/48

     1,330       1,410,333  

5.25%, 10/01/53

     2,810       2,980,483  

Louisiana Public Facilities Authority, Refunding RB, 5.00%, 05/15/47

     1,635       1,663,786  

Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48

     2,990       3,205,142  

Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35

     495       495,468  
   

 

 

  
      12,247,712  
Maryland — 0.8%            

Anne Arundel County Consolidated Special Taxing District, ST

    

5.13%, 07/01/36

     170       170,407  

5.25%, 07/01/44

     170       170,261  

Howard County Housing Commission, RB, M/F Housing, 5.00%, 12/01/42

     1,430       1,477,636  

Maryland Health & Higher Educational Facilities Authority, RB

    

Series B, 4.00%, 04/15/50

     1,645       1,533,105  

Series C, 5.00%, 05/15/45

     2,125       2,156,021  
   

 

 

  
      5,507,430  
Massachusetts — 2.7%            

Commonwealth of Massachusetts, GO

    

Series C, 5.00%, 10/01/47

     1,195       1,313,763  

Series C, 5.00%, 10/01/52

     1,240       1,346,044  

Massachusetts Development Finance Agency, RB

    

5.00%, 01/01/48

     1,115       1,124,077  

5.00%, 10/01/48

     830       800,578  

Series A, 5.25%, 01/01/42

     1,110       1,129,151  

Series A, 5.00%, 01/01/47

     5,005       5,036,592  

Massachusetts Development Finance Agency, Refunding RB

    

4.00%, 07/01/39

     1,140       1,040,185  

5.00%, 04/15/40

     400       401,706  

Series A, 5.00%, 10/01/35

     500       505,620  

Series A, 5.00%, 10/01/43

     750       751,242  

Series P, 5.45%, 05/15/59

     2,010       2,239,765  

Massachusetts Educational Financing Authority, RB, Series B, AMT, 2.63%, 07/01/36

     25       24,797  

Massachusetts Educational Financing Authority, Refunding RB, Series B, AMT, 3.63%, 07/01/34

     30       30,908  

Massachusetts Housing Finance Agency, RB, M/F Housing, Series A, 3.80%, 12/01/43

     160       144,215  

Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46

     3,100       3,251,214  
   

 

 

  
      19,139,857  
Security  

Par

(000)

     Value  
Michigan — 5.9%            

City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36

   $         5     $         5,014  

City of Lansing Michigan, Refunding GO, Series B, (AGM), 4.13%, 06/01/48

     1,360       1,328,987  

Eastern Michigan University, RB, Series A, 4.00%, 03/01/28(d)

     45       47,525  

Great Lakes Water Authority Sewage Disposal System Revenue, RB

    

Series B, 2nd Lien, 5.25%, 07/01/47

     1,490       1,632,605  

Series B, 2nd Lien, 5.50%, 07/01/52

     3,525       3,887,979  

Series A, Senior Lien, 5.25%, 07/01/52

     3,525       3,879,538  

Great Lakes Water Authority Water Supply System Revenue, RB

    

Series A, Senior Lien, 5.25%, 07/01/52

     3,525       3,879,538  

Series B, Senior Lien, 5.50%, 07/01/52

     3,525       3,894,175  

Michigan Finance Authority, RB

    

4.00%, 02/15/47

     4,815       4,611,030  

4.00%, 02/15/50

     3,140       2,968,738  

4.00%, 02/15/44

     3,785       3,649,406  

Michigan Finance Authority, Refunding RB

    

4.00%, 11/15/46

     570       540,718  

Series A, 4.00%, 12/01/49

     4,100       3,937,866  

Michigan State Building Authority, Refunding RB, Series I, 4.00%, 10/15/52

     710       677,660  

Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47

     215       225,904  

Michigan State Housing Development Authority, RB, M/F Housing, Series A, AMT, 3.80%, 10/01/38

     1,690       1,635,848  

Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43

     1,795       1,810,217  

State of Michigan Trunk Line Revenue, RB

    

4.00%, 11/15/46

     905       919,986  

5.00%, 11/15/46

     1,980       2,210,262  
   

 

 

  
      41,742,996  
Minnesota — 1.1%            

City of Otsego Minnesota, Refunding RB, Series A, 5.00%, 09/01/44

     425       391,529  

City of Spring Lake Park Minnesota, RB, 5.00%, 06/15/39

     1,080       1,031,003  

Duluth Economic Development Authority, Refunding RB

    

Series A, 4.25%, 02/15/48

     3,800       3,539,217  

Series A, 5.25%, 02/15/53

     415       423,540  

Series A, 5.25%, 02/15/58

     1,605       1,636,167  

Housing & Redevelopment Authority of The City of St. Paul Minnesota, Refunding RB, Series A, 4.00%, 11/15/43

     575       503,307  

Minneapolis-St Paul Metropolitan Airports Commission, Refunding RB, Sub Series D, AMT, 5.00%, 01/01/41

     290       298,537  
   

 

 

  
      7,823,300  
Mississippi — 0.5%            

Mississippi Development Bank, RB, (AGM), 6.88%, 12/01/40

     3,595       3,602,727  
   

 

 

  
 

 

 

44  

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

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Missouri — 0.8%            

Health & Educational Facilities Authority of the State of Missouri, Refunding RB, Series A, 4.00%, 02/15/49

   $     1,910     $    1,806,010  

Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54

     3,530       3,584,495  
   

 

 

  
      5,390,505  
Montana — 0.0%            

Montana Board of Housing, RB, S/F Housing

    

Series B-2, 3.50%, 12/01/42

     60       60,333  

Series B-2, 3.60%, 12/01/47

     100       88,300  
   

 

 

  
      148,633  
Nebraska — 0.1%            

Douglas County Hospital Authority No. 3, Refunding RB, 5.00%, 11/01/45

     400       406,460  
   

 

 

  
Nevada — 0.7%            

Carson City Nevada, Refunding RB, 5.00%, 09/01/42

     650       659,236  

County of Clark Department of Aviation, Refunding RB, Series A-2, Sub Lien, 4.25%, 07/01/36

     1,000       1,005,117  

Las Vegas Valley Water District, GO, Series A, 4.00%, 06/01/51

     2,690       2,612,981  

Tahoe-Douglas Visitors Authority, RB

    

5.00%, 07/01/40

     595       617,698  

5.00%, 07/01/45

     420       430,002  
   

 

 

  
      5,325,034  
New Hampshire — 0.5%            

New Hampshire Business Finance Authority, Refunding RB(b)

    

Series B, 4.63%, 11/01/42

     2,095       1,778,511  

Series C, AMT, 4.88%, 11/01/42

     1,140       1,042,901  

Series B, AMT, Sustainability Bonds, 3.75%, 07/01/45(a)

     395       309,809  

New Hampshire Housing Finance Authority, RB, M/F Housing, Series 1, 4.00%, 07/01/52

     800       699,049  
   

 

 

  
      3,830,270  
New Jersey — 7.7%            

Casino Reinvestment Development Authority, Inc., Refunding RB

    

5.25%, 11/01/39

     1,265       1,275,806  

5.25%, 11/01/44

     1,885       1,895,550  

New Jersey Economic Development Authority, ARB, Series B, AMT, 5.63%, 11/15/30

     660       665,096  

New Jersey Economic Development Authority, RB

    

5.00%, 12/15/28(d)

     60       66,825  

5.00%, 06/15/36

     460       508,456  

5.00%, 06/15/43

     100       105,843  

Class A, 5.25%, 11/01/47

     4,795       5,286,562  

Series A, 5.00%, 06/15/47

     2,500       2,592,223  

Series B, 4.50%, 06/15/40

     1,270       1,323,472  

Series EEE, 5.00%, 06/15/48

     4,275       4,461,036  

Series LLL, 5.00%, 06/15/34

     365       406,431  

Series UU, 5.00%, 06/15/24(d)

     80       80,547  

Series UU, 5.00%, 06/15/40

     345       347,162  

AMT, (AGM), 5.00%, 01/01/31

     790       790,482  

AMT, (AGM), 5.13%, 07/01/42

     200       200,125  

AMT, 5.38%, 01/01/43

     3,000       3,002,655  

New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47

     1,060       1,061,898  

New Jersey Economic Development Authority, Refunding SAB

    

6.50%, 04/01/28

     3,735       3,789,011  
Security  

Par

(000)

     Value  
New Jersey (continued)            

New Jersey Economic Development Authority, Refunding SAB (continued)

    

5.75%, 04/01/31

   $     2,675     $    2,480,998  

New Jersey Higher Education Student Assistance Authority, Refunding RB

    

Series B, AMT, 4.00%, 12/01/41

     3,390       3,379,985  

Series C, AMT, Subordinate, 5.00%, 12/01/52

     3,425       3,466,331  

New Jersey Housing & Mortgage Finance Agency, Refunding RB, Series A, AMT, 3.80%, 10/01/32

     1,100       1,051,554  

New Jersey Transportation Trust Fund Authority, RB

    

5.00%, 06/15/48

     4,075       4,374,576  

Series AA, 4.13%, 06/15/39

     1,040       1,055,651  

Series AA, 5.00%, 06/15/45

     900       913,848  

Series AA, 5.00%, 06/15/46

     400       405,777  

Series S, 5.25%, 06/15/43

     2,810       3,016,369  

Series S, 5.00%, 06/15/46

     2,070       2,169,703  

New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35(c)

     1,000       648,494  

New Jersey Transportation Trust Fund Authority, Refunding RB

    

Series A, 5.00%, 06/15/37

     1,440       1,663,498  

Series A, 5.25%, 06/15/42

     575       654,692  

Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/53

     645       624,553  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/46

     650       662,162  

Series A, 5.25%, 06/01/46

     715       737,587  
   

 

 

  
      55,164,958  
New Mexico — 0.0%            

City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44

     200       169,369  
   

 

 

  
New York — 11.9%            

City of New York, GO

    

Series A, 5.00%, 08/01/46

     2,265       2,524,956  

Series A, 5.00%, 08/01/48

     4,750       5,265,498  

Series A-1, 4.00%, 09/01/46

     2,175       2,215,563  

Series C, 5.00%, 08/01/43

     805       878,490  

Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45

     3,585       3,494,881  

Metropolitan Transportation Authority, Refunding RB

    

Series C-1, 5.00%, 11/15/56

     2,670       2,718,142  

Series C-1, 5.25%, 11/15/56

     10       10,253  

Series C-1, Sustainability Bonds, 4.75%, 11/15/45

     1,950       2,012,068  

Series C-1, Sustainability Bonds, 5.00%, 11/15/50

     370       385,497  

Series C-1, Sustainability Bonds, 5.25%, 11/15/55

     1,040       1,095,852  

New York City Housing Development Corp., RB, M/F Housing, Series E-1, Sustainability Bonds, 4.85%, 11/01/53

     2,165       2,207,706  

New York City Municipal Water Finance Authority, Refunding RB, Series BB-1, 4.00%, 06/15/45

     855       857,352  

New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, Subordinate, (SAW), 4.00%, 07/15/42

     1,015       1,015,066  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F-1, Subordinate, 4.00%, 02/01/51

     6,500       6,562,161  

New York Counties Tobacco Trust IV, Refunding RB

    

Series A, 5.00%, 06/01/38

     1,385       1,375,407  

Series A, 6.25%, 06/01/41(b)

     3,000       3,001,042  

New York Counties Tobacco Trust VI, Refunding RB

    

Series A-2B, 5.00%, 06/01/45

     255       236,560  

Series A-2B, 5.00%, 06/01/51

     245       221,709  
 

 

 

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

   45

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
New York (continued)            

New York Liberty Development Corp., Refunding RB

    

Class 1, 5.00%, 11/15/44(b)

   $      3,920     $     3,915,100  

Class 2, 5.38%, 11/15/40(b)

     1,450       1,451,812  

Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51

     4,565       3,322,825  

Series A, Sustainability Bonds, 3.00%, 11/15/51

     2,825       2,111,342  

New York Power Authority, RB, Sustainability Bonds, (AGM), 5.13%, 11/15/58

     1,305       1,428,789  

New York Power Authority, Refunding RB, Series A, Sustainability Bonds, 4.00%, 11/15/55

     1,160       1,117,215  

New York State Dormitory Authority, RB, Series A, 4.00%, 03/15/47

     545       533,180  

New York State Urban Development Corp., RB

    

Series A, 4.00%, 03/15/45

     3,000       3,002,382  

Series A, 4.00%, 03/15/49

     1,600       1,578,511  

New York State Urban Development Corp., Refunding RB

    

4.00%, 03/15/49

     1,850       1,813,516  

Series A, 4.00%, 03/15/44

     7,275       7,287,153  

New York Transportation Development Corp., ARB, AMT, 5.63%, 04/01/40

     1,265       1,369,742  

New York Transportation Development Corp., RB

    

AMT, 5.00%, 10/01/35

     1,910       1,993,997  

AMT, Sustainability Bonds, 6.00%, 06/30/54

     3,880       4,267,258  

Port Authority of New York & New Jersey, Refunding ARB

    

Series 198, 5.25%, 11/15/56

     715       740,267  

AMT, 5.00%, 01/15/47

     4,860       5,175,000  

Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 4.13%, 05/15/53

     6,415       6,449,993  

TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41

     535       539,471  

Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42

     290       289,957  
   

 

 

  
      84,465,713  
North Carolina — 0.6%            

Greater Asheville Regional Airport Authority, ARB, AMT, (AGM), 5.25%, 07/01/48

     3,755       4,032,704  

University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49

     460       515,604  
   

 

 

  
      4,548,308  
Ohio — 2.0%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB

    

Series A-2, Class 1, 4.00%, 06/01/48

     610       552,842  

Series B-2, Class 2, 5.00%, 06/01/55

     9,165       8,633,063  

County of Franklin Ohio, RB

    

Series A, 4.00%, 12/01/44

     365       358,625  

Series A, 5.00%, 12/01/47

     290       300,523  

County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49

     550       615,548  

County of Hamilton Ohio, Refunding RB

    

4.00%, 08/15/50

     1,085       1,023,076  

Series A, 3.75%, 08/15/50

     755       677,826  
Security  

Par

(000)

     Value  
Ohio (continued)            

Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48

   $    50     $        50,105  

State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50

     2,250       2,107,843  
   

 

 

  
      14,319,451  
Oklahoma — 0.4%            

Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52

     1,080       1,078,710  

Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48

     640       638,886  

Oklahoma Water Resources Board, RB, 4.00%, 04/01/48

     950       930,607  
   

 

 

  
      2,648,203  
Oregon — 0.1%            

Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(c)

     510       266,083  

State of Oregon Housing & Community Services Department, RB, S/F Housing, Series C, 3.95%, 07/01/43

     110       101,031  
   

 

 

  
      367,114  
Pennsylvania — 5.5%            

Allegheny County Airport Authority, ARB, Series A, AMT, (AGM-CR), 4.00%, 01/01/56

     1,670       1,569,059  

Commonwealth of Pennsylvania, GO, Series 1, 4.00%, 03/01/38

     3,650       3,745,505  

Lancaster Industrial Development Authority, RB, 5.00%, 12/01/44

     780       781,325  

Montgomery County Higher Education and Health Authority, Refunding RB

    

4.00%, 09/01/51

     1,430       1,316,989  

5.00%, 09/01/48

     980       1,003,168  

Series A, 4.00%, 09/01/49

     1,380       1,268,439  

Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45

     605       613,914  

Northampton County General Purpose Authority, Refunding RB, 4.00%, 11/01/38

     2,595       2,625,087  

Pennsylvania Economic Development Financing Authority, RB

    

5.00%, 06/30/42

     390       390,367  

Series A-1, 4.00%, 04/15/50

     470       437,411  

AMT, 5.50%, 06/30/40

     2,000       2,193,962  

AMT, 5.75%, 06/30/48

     3,150       3,473,022  

Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44

     1,905       1,884,811  

Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47

     100       75,763  

Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 142-A, Sustainability Bonds, 5.00%, 10/01/50

     1,130       1,164,432  

Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB

    

Series A, 4.00%, 12/01/51

     9,445       9,146,355  

Series B, 4.00%, 12/01/53

     1,435       1,347,278  

Pennsylvania Turnpike Commission, RB

    

Series A, 5.00%, 12/01/44

     1,380       1,396,121  

Sub-Series B-1, 5.25%, 06/01/47

     1,170       1,217,598  
 

 

 

46  

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

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Pennsylvania (continued)            

Pennsylvania Turnpike Commission, RB (continued)

    

Series A, Subordinate, 4.00%, 12/01/50

   $      1,075     $     1,021,407  

Series A, Subordinate, (BAM-TCRS), 4.00%, 12/01/50

     535       520,300  

Series B, Subordinate, 4.00%, 12/01/51

     610       576,932  

Pennsylvania Turnpike Commission, Refunding RB, Series C, 4.00%, 12/01/51

     1,555       1,530,742  
   

 

 

  
      39,299,987  
Puerto Rico — 5.2%            

Commonwealth of Puerto Rico, GO

    

Series A-1, Restructured, 5.63%, 07/01/29

     3,910       4,225,901  

Series A-1, Restructured, 5.75%, 07/01/31

     3,524       3,903,054  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

    

Series A-1, Restructured, 4.75%, 07/01/53

     9,243       9,056,013  

Series A-1, Restructured, 5.00%, 07/01/58

     11,123       11,122,857  

Series A-2, Restructured, 4.78%, 07/01/58

     2,097       2,049,817  

Series B-2, Restructured, 4.78%, 07/01/58

     412       399,945  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c)

     19,562       6,013,567  
   

 

 

  
      36,771,154  
Rhode Island — 0.6%            

Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47

     1,975       1,925,502  

Rhode Island Health and Educational Building Corp., Refunding RB, Series A, (AGM), 3.75%, 05/15/32

     1,155       1,184,048  

Rhode Island Housing & Mortgage Finance Corp., RB, M/F Housing, Series 3-B, 4.13%, 10/01/49

     295       269,608  

Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37

     735       693,586  
   

 

 

  
      4,072,744  
South Carolina — 1.5%            

County of Berkeley South Carolina, SAB

    

4.25%, 11/01/40

     315       281,231  

4.38%, 11/01/49

     470       389,411  

Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a)

     1,575       1,686,990  

South Carolina Jobs-Economic Development Authority, RB, 5.00%, 01/01/55(b)

     845       738,610  

South Carolina Jobs-Economic Development Authority, Refunding RB

    

4.00%, 12/01/44

     2,015       1,924,351  

Series A, 5.00%, 05/01/43

     1,680       1,722,591  

Series A, 4.25%, 05/01/48

     1,445       1,369,253  

South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49

     1,745       1,577,342  

South Carolina Public Service Authority, RB, Series E, 5.00%, 12/01/48

     440       440,152  

South Carolina Public Service Authority, Refunding RB, Series A, 5.00%, 12/01/36

     175       180,948  

South Carolina State Housing Finance & Development Authority, Refunding RB, S/F Housing, Series A, 4.95%, 07/01/53

     210       217,080  
   

 

 

  
      10,527,959  
South Dakota — 0.1%            

City of Rapid City South Dakota Sales Tax Revenue, RB, 4.00%, 12/01/26(d)

     740       766,810  
   

 

 

  
Security  

Par

(000)

     Value  
Tennessee — 2.7%            

Knox County Health Educational & Housing Facility Board, RB, Series A-1, (BAM), 5.50%, 07/01/59

   $        430     $       468,107  

Memphis-Shelby County Airport Authority, ARB

    

Series A, AMT, 5.00%, 07/01/45

     3,515       3,676,094  

Series A, AMT, 5.00%, 07/01/49

     11,275       11,694,662  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, 5.25%, 05/01/48

     555       600,481  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB

    

5.25%, 10/01/58

     2,280       2,332,303  

Series A, 4.00%, 10/01/49

     230       199,969  
   

 

 

  
      18,971,616  
Texas — 8.2%            

Arlington Higher Education Finance Corp., RB(b)

    

7.50%, 04/01/62

     1,165       1,133,683  

7.88%, 11/01/62

     1,005       1,019,926  

City of Austin Texas Airport System Revenue, ARB

    

AMT, 5.25%, 11/15/47

     2,500       2,693,701  

Series B, AMT, 5.00%, 11/15/44

     1,290       1,344,467  

City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48

     275       276,171  

City of Houston Texas Airport System Revenue, Refunding RB

    

Sub-Series A, AMT, 4.00%, 07/01/40

     1,525       1,489,246  

Sub-Series A, AMT, 4.00%, 07/01/46

     1,390       1,312,670  

Sub-Series A, AMT, 4.00%, 07/01/48

     3,420       3,169,023  

Dallas Fort Worth International Airport, Refunding RB, Series B, 4.00%, 11/01/45

     5,000       4,907,758  

Gunter Independent School District, GO, (PSF), 4.00%, 02/15/53

     470       451,052  

Harris County Cultural Education Facilities Finance Corp., Refunding RB, 4.00%, 10/01/47

     655       628,556  

Harris County Flood Control District, Refunding GO, Series A, Sustainability Bonds, 4.00%, 09/15/48

     1,340       1,317,252  

Harris County-Houston Sports Authority, Refunding RB, Series G, Senior Lien, (NPFGC), 0.00%, 11/15/41(c)

     10,690       3,760,934  

Hutto Independent School District, GO, (PSF), 5.00%, 08/01/48

     155       170,800  

Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24(c)(d)

     370       218,504  

Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(c)(d)

     14,680       7,417,970  

New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(b)

     455       409,061  

North Texas Tollway Authority, RB, Series B, 0.00%, 09/01/31(c)(d)

     2,415       1,229,712  

North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49

     2,835       2,842,734  

Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/53

     1,375       1,495,825  

San Antonio Public Facilities Corp., Refunding RB, Convertible, 4.00%, 09/15/42

     5,150       5,149,830  

Spring Branch Independent School District, GO, (PSF), 4.00%, 02/01/48

     1,275       1,275,108  

Tarrant County Cultural Education Facilities Finance Corp., RB

    

Series A, 4.00%, 07/01/53

     6,695       6,006,286  

Series A, 5.00%, 07/01/53

     2,080       2,160,425  
 

 

 

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

   47

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Texas (continued)            

Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45

   $        255     $       225,152  

Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA), 3.75%, 09/01/49

     850       785,042  

Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58

     2,080       2,104,153  

Texas Transportation Commission State Highway 249 System, RB, CAB(c)

    

0.00%, 08/01/35

     270       169,373  

0.00%, 08/01/36

     145       85,960  

0.00%, 08/01/37

     195       108,877  

0.00%, 08/01/38

     200       105,427  

0.00%, 08/01/39

     1,000       499,120  

0.00%, 08/01/43

     795       316,888  

0.00%, 08/01/44

     605       227,298  

0.00%, 08/01/45

     1,135       402,645  

Texas Water Development Board, RB, 4.00%, 10/15/45

     1,195       1,196,066  
   

 

 

  
      58,106,695  
Utah — 0.6%            

City of Salt Lake City Utah Airport Revenue, ARB

    

Series A, AMT, 5.00%, 07/01/48

     1,565       1,604,412  

Series A, AMT, 5.00%, 07/01/51

     1,340       1,391,284  

Utah Charter School Finance Authority, RB

    

(UT CSCE), 5.00%, 10/15/48

     360       367,479  

Series A, 5.00%, 06/15/39(b)

     200       190,927  

Utah Charter School Finance Authority, Refunding RB

    

5.00%, 06/15/40(b)

     150       146,092  

(UT CSCE), 4.00%, 04/15/42

     400       385,053  

5.00%, 06/15/55(b)

     385       352,365  
   

 

 

  
      4,437,612  
Vermont — 0.0%            

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

     285       285,868  
   

 

 

  
Virginia — 1.3%            

Ballston Quarter Community Development Authority, TA, Series A, 5.38%, 03/01/36(f)(g)

     465       372,697  

Fairfax County Industrial Development Authority, Refunding RB, 4.00%, 05/15/42

     4,870       4,872,563  

Roanoke Economic Development Authority, Refunding RB, 3.00%, 07/01/45

     1,385       1,115,592  

Virginia Beach Development Authority, Refunding RB

    

5.00%, 09/01/40

     520       476,920  

4.00%, 09/01/48

     375       274,698  

Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/52

     2,330       2,336,281  
   

 

 

  
      9,448,751  
Washington — 1.9%            

Port of Seattle Washington, ARB

    

Series A, AMT, 5.00%, 05/01/43

     1,470       1,505,121  

Series C, AMT, Intermediate Lien, 5.00%, 05/01/42

     2,565       2,631,567  

Port of Seattle Washington, Refunding ARB, Series C, AMT, Intermediate Lien, 5.00%, 08/01/46

     5,645       5,864,790  
Security  

Par

(000)

     Value  
Washington (continued)            

Washington State Convention Center Public Facilities District, RB, Class B, Sustainability Bonds, 3.00%, 07/01/58

   $      3,715     $     2,596,595  

Washington State Housing Finance Commission, Refunding RB(b)

    

5.00%, 01/01/38

     600       526,414  

5.00%, 01/01/43

     900       753,693  
   

 

 

  
      13,878,180  
West Virginia — 0.6%            

Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48

     1,510       1,465,498  

West Virginia Hospital Finance Authority, RB, Series A, 4.00%, 06/01/51

     2,910       2,708,792  
   

 

 

  
      4,174,290  
Wisconsin — 0.7%            

Public Finance Authority, RB

    

Class A, 6.00%, 06/15/52

     385       347,389  

Class A, 6.13%, 06/15/57

     435       395,060  

Series A, 5.00%, 10/15/40(b)

     425       387,467  

Series A, 5.00%, 10/15/50(b)

     540       458,324  

Series A, 5.00%, 07/01/55(b)

     300       249,222  

Series A, 5.00%, 10/15/55(b)

     560       465,151  

Series A-1, 4.50%, 01/01/35(b)

     220       197,139  

Public Finance Authority, Refunding RB

    

5.00%, 09/01/49(b)

     305       246,462  

AMT, 4.00%, 08/01/35

     280       249,590  

Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 04/01/44

     2,005       2,130,142  

Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing, Series A, 4.45%, 05/01/57

     90       89,096  
   

 

 

  
      5,215,042  
   

 

 

  

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

       781,998,312  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(i)

 

Alabama — 5.7%            

Black Belt Energy Gas District, RB

    

Series C, 5.50%, 10/01/54

     10,400       11,524,044  

Series C-1, 5.25%, 02/01/53

     14,173       15,093,920  

Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54

     12,454       13,843,475  
   

 

 

  
      40,461,439  
Arizona — 1.8%            

Salt River Project Agricultural Improvement & Power District, RB, Series B, 5.00%, 01/01/48

     11,390       12,671,889  
   

 

 

  
Colorado — 1.5%            

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53

     10,090       10,981,798  
   

 

 

  
 

 

 

48  

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

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniHoldings Fund, Inc. (MHD)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
District of Columbia — 1.8%            

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

   $      1,300     $     1,303,684  

Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/49

     11,190       11,570,872  
   

 

 

  
      12,874,556  
Florida — 1.5%            

City of Fort Lauderdale Florida Water & Sewer Revenue, RB, 5.50%, 09/01/53

     9,064       10,390,775  
   

 

 

  
Georgia — 1.4%            

Main Street Natural Gas, Inc., RB, Series C, 5.00%, 09/01/53

     9,240       9,810,570  
   

 

 

  
Iowa — 0.1%            

Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46

     725       725,000  
   

 

 

  
Massachusetts — 1.2%            

Commonwealth of Massachusetts, GO, Series D, 5.00%, 10/01/52

     7,710       8,448,847  
   

 

 

  
Michigan — 0.3%            

Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48

     2,338       2,279,772  
   

 

 

  
New York — 3.7%            

New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38

     2,710       2,668,940  

New York City Municipal Water Finance Authority, RB, Series AA-1, 5.25%, 06/15/52

     10,990       12,325,351  

New York City Transitional Finance Authority, RB, 5.25%, 05/01/48

     10,070       11,432,165  
   

 

 

  
          26,426,456  
Oklahoma — 1.3%            

Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53

     8,123       9,070,510  
   

 

 

  
Oregon — 0.9%            

Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48

     5,620       6,226,245  
   

 

 

  
Pennsylvania — 1.3%            

Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/52

     8,294       9,153,431  
   

 

 

  
South Carolina — 1.9%            

Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54

     12,603       13,598,105  
   

 

 

  
Tennessee — 1.7%            

Tennessee Energy Acquisition Corp., RB, 5.00%, 05/01/52

     11,643       12,371,414  
   

 

 

  
Texas — 4.9%            

City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, Subordinate Lien, (AGM), 5.25%, 07/01/48

     6,450       6,939,386  

City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.50%, 02/01/50

     4,400       4,994,292  
Security  

Par

(000)

     Value  
Texas (continued)            

Denton Independent School District, GO, (PSF), 5.00%, 08/15/48

   $ 9,840     $ 10,830,245  

Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51

     4,041       4,318,193  

Texas Water Development Board, RB, 4.80%, 10/15/52

     7,790       8,257,679  
   

 

 

  
      35,339,795  
Wisconsin — 0.4%            

Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing, Series A, 4.10%, 11/01/43

     3,020       2,922,465  
   

 

 

  

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

 

     223,753,067  
   

 

 

  

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

       1,005,751,379  
   

 

 

  
    

 

Shares

         

Short-Term Securities

    
Money Market Funds — 2.3%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09%(j)(k)

     16,324,782       16,326,415  
   

 

 

  

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

 

     16,326,415  
   

 

 

  

Total Investments — 143.4%
(Cost: $989,590,320)

 

     1,022,077,794  

Other Assets Less Liabilities — 1.2%

 

     8,699,474  

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

 

     (103,835,478 ) 

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

 

     (214,000,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $   712,941,790  
   

 

 

  

 

(a) 

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

(b) 

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

(c) 

Zero-coupon bond.

(d) 

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

(e) 

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

(f) 

Issuer filed for bankruptcy and/or is in default.

(g) 

Non-income producing security.

(h) 

When-issued security.

(i) 

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

(j) 

Affiliate of the Fund.

(k) 

Annualized 7-day yield as of period end.

 

 

 

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

   49

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniHoldings Fund, Inc. (MHD)

 

Affiliates

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

 

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

BlackRock Liquidity Funds, MuniCash, Institutional Class.

   $ 38,863,368     $ —     $ (22,537,486 )(a)    $ 3,103     $ (2,570 )    $ 16,326,415       16,324,782     $ 567,805     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (a)

Represents net amount purchased (sold).

Derivative Financial Instruments Categorized by Risk Exposure

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

 

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

Net Realized Gain (Loss) from:

                     

Futures contracts

    $ —      $ —      $ —      $ —      $ (1,772,521 )     $ —      $ (1,772,521 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net Change in Unrealized Appreciation (Depreciation) on:

                     

Futures contracts

    $ —      $ —      $ —      $ —      $ 99,877      $ —      $ 99,877  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts:

  

Average notional value of contracts — short

   $ 27,853,992  

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

Fair Value Hierarchy as of Period End

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

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

 

         
      Level 1        Level 2        Level 3        Total  

Assets

                  

Investments

                  

Long-Term Investments

                  

Municipal Bonds

    $ —        $ 781,998,312        $     —        $ 781,998,312  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          223,753,067          —          223,753,067  

Short-Term Securities

                  

Money Market Funds

      16,326,415          —          —          16,326,415  
  

 

 

       

 

 

       

 

 

       

 

 

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

 

 

       

 

 

       

 

 

       

 

 

  

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

 

      Level 1        Level 2        Level 3        Total  

Liabilities

                  

TOB Trust Certificates

    $ —        $ (103,207,179 )       $     —        $ (103,207,179 ) 

VMTP Shares at Liquidation Value

      —          (214,000,000 )         —          (214,000,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

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

 

 

       

 

 

       

 

 

       

 

 

  

See notes to financial statements.

 

 

50  

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

Schedule of Investments (unaudited)

January 31, 2024

   

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

    
Alabama — 3.8%            

Black Belt Energy Gas District, RB(a)

    

Series A, 5.25%, 01/01/54

   $ 4,765     $ 5,131,250  

Series F, 5.50%, 11/01/53

     1,590       1,691,705  

County of Jefferson Alabama Sewer Revenue, Refunding RB

    

5.00%, 10/01/26

     290       304,024  

5.25%, 10/01/49

     1,060       1,148,515  

Southeast Energy Authority A Cooperative District, RB, Series A-2, 6.01%, 01/01/53(a)

          9,645          9,811,748  

Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44(b)

     1,610       1,554,942  
   

 

 

  
      19,642,184  
Arizona — 2.1%            

Arizona Health Facilities Authority, RB, 4.80%, 01/01/46(a)

     1,685       1,672,763  

Arizona Industrial Development Authority, RB, Series A, (BAM), 4.00%, 06/01/44

     1,435       1,380,256  

Arizona Industrial Development Authority, Refunding RB(b)

    

Series A, 5.38%, 07/01/50

     2,500       2,436,225  

Series G, 5.00%, 07/01/47

     715       670,092  

Chandler Industrial Development Authority, RB, AMT, 4.10%, 12/01/37(a)

     895       899,932  

Glendale Industrial Development Authority, RB, 5.00%, 05/15/56

     1,030       804,041  

Industrial Development Authority of the City of Phoenix Arizona, Refunding RB, 5.00%, 07/01/45(b)

     700       675,003  

Salt Verde Financial Corp., RB, 5.00%, 12/01/37

     1,805       1,970,890  
   

 

 

  
      10,509,202  
Arkansas — 0.8%            

Arkansas Development Finance Authority, RB Series A, AMT, 4.75%, 09/01/49(b)

     3,550       3,498,135  

AMT, Sustainability Bonds, 5.70%, 05/01/53

     810       829,205  
   

 

 

  
      4,327,340  
California — 4.8%            

Bay Area Toll Authority, Refunding RB, Series C, 5.00%, 04/01/56

     2,000       1,966,661  

California Community Choice Financing Authority, RB

    

Sustainability Bonds, 5.23%, 02/01/54(a)

     3,045       3,041,384  

Series B-2, Sustainability Bonds, 5.00%, 02/01/52

     3,500       3,109,966  

California Enterprise Development Authority, RB, 8.00%, 11/15/62(b)

     715       706,165  

California Health Facilities Financing Authority, Refunding RB, Series A, 3.00%, 08/15/51

     5,395       4,190,142  

California Municipal Finance Authority, ARB, AMT, Senior Lien, 5.00%, 12/31/43

     2,800       2,847,096  

CSCDA Community Improvement Authority, RB, M/F Housing(b)

    

4.00%, 10/01/56

     205       167,515  

Senior Lien, Sustainability Bonds, 3.13%, 06/01/57

     1,080       696,095  

Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58

     535       399,574  

Sustainability Bonds, 4.00%, 12/01/56

     315       219,451  

Series A, Sustainability Bonds, 4.00%, 06/01/58

     665       481,236  
Security  

Par

(000)

     Value  
California (continued)            

Poway Unified School District, Refunding GO, Series B, 0.00%, 08/01/46(c)

   $ 10,000     $ 3,784,702  

San Diego County Regional Airport Authority, ARB, Series B, AMT, 4.00%, 07/01/51

     2,880       2,736,333  
   

 

 

  
      24,346,320  
Colorado — 2.2%            

Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b)

          1,025       930,809  

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.00%, 12/01/48

     3,300       3,412,932  

Colorado Health Facilities Authority, RB, 5.50%, 11/01/47

     395       428,880  

Colorado Health Facilities Authority, Refunding RB, Series A, 5.00%, 08/01/44

     3,840       3,989,431  

Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40

     2,000       2,008,191  

E-470 Public Highway Authority, Refunding RB, Series B, 3.96%, 09/01/39(a)

     510       508,584  
   

 

 

  
        11,278,827  
Connecticut — 0.7%            

State of Connecticut Special Tax Revenue, RB, Series A, 5.25%, 07/01/42

     3,275       3,741,033  
   

 

 

  
Delaware — 0.5%            

Delaware State Health Facilities Authority, RB, 5.00%, 06/01/48

     2,670       2,673,877  
   

 

 

  
District of Columbia — 1.6%            

Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48

     910       978,878  

Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, 5.25%, 07/15/53

     6,630       7,301,856  
   

 

 

  
      8,280,734  
Florida — 8.5%            

Celebration Pointe Community Development District No. 1, SAB

    

5.00%, 05/01/32

     790       792,044  

5.00%, 05/01/48

     2,160       2,016,506  

City of Fort Lauderdale Florida Water & Sewer Revenue, RB, 5.50%, 09/01/53

     3,370       3,863,444  

County of Broward Florida Tourist Development Tax Revenue, Refunding RB, Convertible, 4.00%, 09/01/51

     3,300       3,109,926  

County of Miami-Dade Seaport Department, Refunding RB

    

Series A-2, (AGM), 4.00%, 10/01/49

     3,300       3,216,975  

Series A, AMT, 5.00%, 10/01/38

     1,800       1,920,634  

Series A-1, AMT, (AGM), 4.00%, 10/01/45

     6,400       5,927,054  

Florida Development Finance Corp., RB, 6.50%, 06/30/57(b)

     645       618,908  

Greater Orlando Aviation Authority, ARB, Series A, AMT, 4.00%, 10/01/52

     5,000       4,646,233  

Lakewood Ranch Stewardship District, SAB

    

4.63%, 05/01/27

     205       205,541  

5.25%, 05/01/37

     470       472,457  

5.38%, 05/01/47

     770       760,279  

6.30%, 05/01/54

     410       429,663  
 

 

 

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

   51

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Florida (continued)            

Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/45

   $ 4,625     $ 4,636,518  

Miami-Dade County Expressway Authority, Refunding RB, Series A, (AGM), 5.00%, 07/01/35

     8,900       8,914,853  

Palm Beach County Health Facilities Authority, RB, Series B, 4.00%, 11/15/41

     300       272,376  

Sarasota County Health Facilities Authority, RB, 5.00%, 05/15/48

     605       541,528  

University of Florida Department of Housing & Residence Education Hsg Sys Rev, RB, Series A, (BAM-TCRS), 3.00%, 07/01/51

          1,000       788,504  
   

 

 

  
        43,133,443  
Georgia — 2.5%            

East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)

     375       339,916  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/49

     1,855       2,017,702  

Series A, 5.00%, 06/01/53(a)

     4,130       4,368,632  

Main Street Natural Gas, Inc., Refunding RB, Series E-2, 5.26%, 12/01/53(a)

     5,565       5,834,176  
   

 

 

  
      12,560,426  
Illinois — 7.9%            

Chicago Board of Education, GO

    

Series C, 5.25%, 12/01/35

     2,785       2,797,983  

Series D, 5.00%, 12/01/46

     3,570       3,572,750  

Series H, 5.00%, 12/01/36

     865       884,862  

Chicago Board of Education, Refunding GO, Series G, 5.00%, 12/01/34

     865       885,546  

City of Chicago Illinois Wastewater Transmission Revenue, Refunding RB, Series C, 2nd Lien, 5.00%, 01/01/39

     1,000       1,017,397  

Cook County Community College District No. 508, GO, 5.25%, 12/01/31

     5,000       5,016,054  

Illinois Finance Authority, Refunding RB, Series C, 4.00%, 02/15/41

     1,500       1,466,526  

Illinois Housing Development Authority, RB, S/F Housing, Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.85%, 10/01/42

     985       1,017,106  

Illinois State Toll Highway Authority, RB

    

Series A, 5.00%, 01/01/40

     8,710       8,921,786  

Series A, 5.00%, 01/01/45

     1,000       1,083,537  

Series A, 4.00%, 01/01/46

     1,500       1,464,989  

Metropolitan Pier & Exposition Authority, RB, CAB, (BAM-TCRS), 0.00%, 12/15/56(c)

     8,755       1,816,160  

Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, (BAM-TCRS), 0.00%, 12/15/54(c)

     12,215       2,813,120  

State of Illinois, GO, Series D, 5.00%, 11/01/27

     6,965       7,440,405  
   

 

 

  
      40,198,221  
Indiana — 0.4%            

City of Valparaiso Indiana, RB, AMT, 6.75%, 01/01/34

     2,250       2,253,604  
   

 

 

  
Kansas — 0.3%            

City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43

     1,530       1,430,182  
   

 

 

  
Maryland — 3.8%            

City of Baltimore Maryland, Refunding RB, Series A, 4.50%, 09/01/33

     545       524,610  
Security  

Par

(000)

     Value  
Maryland (continued)            

Howard County Housing Commission, RB, M/F Housing, 5.00%, 12/01/42

   $ 4,935     $ 5,099,394  

Maryland Community Development Administration, Refunding RB, S/F Housing, Series C, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.50%, 09/01/49

     2,155       2,141,938  

Maryland Economic Development Corp., RB, Class B, AMT, Sustainability Bonds, 5.00%, 12/31/40

     1,500       1,540,726  

Maryland Health & Higher Educational Facilities Authority, Refunding RB, 5.00%, 07/01/40

     6,350       6,399,717  

Maryland Stadium Authority, RB, Series A, (NGFGC), 5.00%, 05/01/47

          3,630       3,786,896  
   

 

 

  
        19,493,281  
Massachusetts — 1.6%            

Commonwealth of Massachusetts, GO

    

Series B, 3.00%, 04/01/49

     2,680       2,068,438  

Series D, 4.00%, 02/01/43

     3,135       3,137,010  

Massachusetts Development Finance Agency, RB

    

Series A, 5.25%, 01/01/42

     1,895       1,927,695  

Series A, 5.00%, 01/01/47

     845       850,334  
   

 

 

  
      7,983,477  
Michigan — 1.5%            

Michigan Finance Authority, RB, 4.00%, 02/15/44

     5,000       4,820,880  

Michigan Finance Authority, Refunding RB, 4.00%, 09/01/46

     1,200       1,103,435  

Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43

     1,775       1,790,048  
   

 

 

  
      7,714,363  
Minnesota — 1.3%            

City of Cologne Minnesota, RB, Series A, 5.00%, 07/01/45

     1,500       1,281,381  

Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB, Series A, 5.50%, 07/01/52(b)

     695       665,598  

Housing & Redevelopment Authority of The City of St. Paul Minnesota, Refunding RB, Series A, 4.00%, 11/15/43

     1,940       1,698,114  

Minnesota Housing Finance Agency, RB, S/F Housing, Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.10%, 07/01/42

     2,945       3,146,045  
   

 

 

  
      6,791,138  
Mississippi — 1.6%            

Mississippi Development Bank, Refunding RB, Series A, (AGM), 4.00%, 03/01/41

     3,000       2,961,400  

State of Mississippi Gaming Tax Revenue, RB, Series A, 4.00%, 10/15/38

     5,535       5,234,313  
   

 

 

  
      8,195,713  
Missouri — 1.8%            

Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53

     10,000       9,349,362  
   

 

 

  
Montana — 0.1%            

Montana Board of Housing, RB, S/F Housing, Series B-2, 3.60%, 12/01/47

     310       273,729  
   

 

 

  
Nevada — 3.0%            

Carson City Nevada, Refunding RB, 5.00%, 09/01/42

     2,250       2,281,971  
 

 

 

52  

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

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Nevada (continued)            

City of Reno Nevada, Refunding RB, Series A-1, (AGM), 4.00%, 06/01/43

   $ 5,230     $ 5,159,599  

Las Vegas Valley Water District, GO, Series A, 4.00%, 06/01/51

     7,875       7,649,526  
   

 

 

  
        15,091,096  
New Jersey — 8.1%            

Casino Reinvestment Development Authority, Inc., Refunding RB, 5.25%, 11/01/44

     1,400       1,407,836  

New Jersey Economic Development Authority, ARB, Series A, AMT, 5.63%, 11/15/30

     1,530       1,537,198  

New Jersey Economic Development Authority, RB

    

Series UU, 5.00%, 06/15/40

     2,755       2,772,265  

AMT, 5.13%, 01/01/34

     1,050       1,050,713  

AMT, 5.38%, 01/01/43

         10,000       10,008,851  

New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51

     2,500       2,424,859  

New Jersey Higher Education Student Assistance Authority, Refunding RB

    

Series B, AMT, 4.00%, 12/01/41

     2,305       2,298,190  

Series C, AMT, Subordinate, 5.00%, 12/01/52

     2,615       2,646,556  

New Jersey Housing & Mortgage Finance Agency, Refunding RB, Series A, AMT, 3.80%, 10/01/32

     3,755       3,589,622  

New Jersey Transportation Trust Fund Authority, RB

    

Class BB, 4.00%, 06/15/50

     1,000       954,721  

Series AA, 5.25%, 06/15/41

     780       794,690  

Series AA, 5.00%, 06/15/44

     4,450       4,486,906  

New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/38(c)

     7,260       4,005,108  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/46

     3,000       3,056,132  

Sub-Series B, 5.00%, 06/01/46

     515       520,268  
   

 

 

  
      41,553,915  
New York — 11.3%            

Build NYC Resource Corp., Refunding RB, AMT, 5.00%, 01/01/35(b)

     2,145       2,161,771  

City of New York, GO

    

Series C, 4.00%, 08/01/37

     4,000       4,151,280  

Series F-1, 4.00%, 08/01/41

     3,355       3,449,310  

Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45

     4,435       4,323,514  

New York Counties Tobacco Trust IV, Refunding RB

    

Series A, 5.00%, 06/01/38

     3,595       3,570,100  

Series A, 6.25%, 06/01/41(b)

     3,200       3,201,111  

New York Liberty Development Corp., Refunding RB

    

Class 2, 5.38%, 11/15/40(b)

     1,145       1,146,431  

Series 1, 4.00%, 02/15/43

     4,250       4,224,289  

Series A, Sustainability Bonds, 3.00%, 11/15/51

     415       310,162  

New York State Dormitory Authority, Refunding RB

    

4.00%, 03/15/49

     5,000       4,941,364  

Series A, 4.00%, 03/15/41

     3,750       3,829,352  

New York State Thruway Authority, RB, Series 2, Sustainability Bonds, 4.13%, 03/15/56

     3,325       3,331,364  

New York Transportation Development Corp., ARB, AMT, 5.63%, 04/01/40

     905       979,934  

New York Transportation Development Corp., RB

    

AMT, 5.00%, 10/01/35

     1,975       2,061,855  

AMT, 4.00%, 04/30/53

     1,175       978,316  
Security  

Par

(000)

     Value  
New York (continued)            

New York Transportation Development Corp., RB (continued)

    

AMT, Sustainability Bonds, 5.38%, 06/30/60

   $ 9,950     $ 10,399,425  

TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41

     1,785       1,799,918  

Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51

          2,740       2,761,721  
   

 

 

  
        57,621,217  
North Carolina — 2.0%            

University of North Carolina at Chapel Hill, Refunding RB, Series A, 4.26%, 12/01/41(a)

     9,935       9,987,291  
   

 

 

  
North Dakota — 0.4%            

City of Grand Forks North Dakota, RB

    

Series A, (AGM), 5.00%, 12/01/53

     1,125       1,183,618  

Series B, (AGM), 5.00%, 12/01/48

     640       677,488  
   

 

 

  
      1,861,106  
Ohio — 3.1%            

Allen County Port Authority, Refunding RB, Series A, 4.00%, 12/01/40

     950       825,795  

Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55

     5,870       5,529,305  

County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49

     525       587,569  

Ohio Higher Educational Facility Commission, Refunding RB, Series B, 4.78%, 12/01/42

     4,665       4,584,722  

State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50

     4,420       4,140,741  
   

 

 

  
      15,668,132  
Oklahoma — 2.4%            

Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52

     1,625       1,623,059  

Oklahoma Turnpike Authority, RB

    

5.50%, 01/01/53

     4,070       4,544,383  

Series A, 4.00%, 01/01/48

     6,000       5,989,554  
   

 

 

  
      12,156,996  
Oregon — 0.4%            

Port of Portland Oregon Airport Revenue, ARB, Series 24B, AMT, 5.00%, 07/01/42

     2,000       2,038,337  
   

 

 

  
Pennsylvania — 15.2%            

Allegheny County Airport Authority, ARB, Series A, AMT, (AGM), 5.50%, 01/01/53

     1,330       1,442,970  

Allentown Neighborhood Improvement Zone Development Authority, RB, 5.00%, 05/01/42(b)

     4,270       4,307,448  

City of Philadelphia Pennsylvania Water & Wastewater Revenue, Refunding RB

    

Series B, (AGM), 4.50%, 09/01/48

     2,785       2,876,700  

Series B, (AGM), 5.50%, 09/01/53

     5,565       6,227,286  

Commonwealth of Pennsylvania, GO, Series 1, 4.00%, 03/01/38

     7,250       7,439,702  

Geisinger Authority, Refunding RB

    

4.00%, 02/15/47

     5,670       5,505,240  

Series A, 4.00%, 04/01/50

     5,000       4,782,540  
 

 

 

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

   53

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Pennsylvania (continued)            

Hospitals & Higher Education Facilities Authority of Philadelphia, Refunding RB, (AGM), 4.00%, 07/01/40

   $ 2,360     $ 2,344,894  

Lancaster Industrial Development Authority, RB, 5.00%, 12/01/44

          1,000       1,001,698  

Montgomery County Higher Education and Health Authority, Refunding RB, 4.00%, 09/01/51

     4,000          3,683,886  

Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45

     1,095       1,111,133  

Montgomery County Industrial Development Authority, Refunding RB, 5.25%, 01/01/40

     4,170       3,733,145  

Northampton County General Purpose Authority, Refunding RB, 4.00%, 11/01/38

     1,855       1,876,507  

Pennsylvania Economic Development Financing Authority, RB

    

5.00%, 06/30/42

     2,565       2,567,416  

AMT, 5.50%, 06/30/43

     985       1,086,646  

Pennsylvania Housing Finance Agency, RB, S/F Housing

    

Series 125B, AMT, 3.65%, 10/01/42

     7,000       6,232,164  

Series 143A, Sustainability Bonds, 5.38%, 10/01/46

     8,050       8,553,242  

Pennsylvania Turnpike Commission, RB

    

Series A-1, 5.00%, 12/01/41

     440       455,369  

Sub-Series B-1, 5.25%, 06/01/47

     5,680       5,911,075  

Series A, Subordinate, 5.00%, 12/01/37

     940       1,024,021  

Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52

     2,440       2,554,340  

Pittsburgh School District, GO, (SAW), 3.00%, 09/01/41

     2,315       1,898,119  

School District of Philadelphia, GO, Series A, (SAW), 5.50%, 09/01/48

     710       788,414  
   

 

 

  
      77,403,955  
Puerto Rico — 4.7%            

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

    

Series A-1, Restructured, 4.75%, 07/01/53

     3,376       3,307,703  

Series A-1, Restructured, 5.00%, 07/01/58

     10,292       10,291,867  

Series A-2, Restructured, 4.78%, 07/01/58

     3,133       3,062,507  

Series A-2, Restructured, 4.33%, 07/01/40

     4,240       4,209,260  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c)

     10,130       3,114,070  
   

 

 

  
      23,985,407  
South Carolina — 1.3%            

Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a)

     3,905       4,182,665  

South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/43

     2,190       2,245,520  
   

 

 

  
      6,428,185  
Tennessee — 0.4%            

Metropolitan Government Nashville & Davidson County Sports Authority, RB, Series A, Senior Lien, (AGM), 5.25%, 07/01/48

     2,010       2,228,644  
   

 

 

  
Texas — 9.0%            

Arlington Higher Education Finance Corp., RB(b)

    

7.50%, 04/01/62

     790       768,763  

7.88%, 11/01/62

     685       695,173  
Security  

Par

(000)

     Value  
Texas (continued)            

Aubrey Independent School District, GO, (PSF), 4.00%, 02/15/52

   $ 1,500     $ 1,470,467  

City of Austin Texas Airport System Revenue, ARB, AMT, 5.00%, 11/15/52

     1,550       1,612,438  

City of Houston Texas Airport System Revenue, Refunding RB, AMT, 5.00%, 07/01/29

     2,135       2,132,331  

City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, 4.00%, 02/01/42

     5,000       5,028,414  

Dallas Independent School District, Refunding GO, (PSF), 4.00%, 02/15/53

     1,600       1,550,434  

Del Valle Independent School District Texas, GO, (PSF), 4.00%, 06/15/47

          2,795          2,770,287  

Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48

     1,695       1,695,862  

Gunter Independent School District, GO, (PSF), 4.00%, 02/15/53

     1,575       1,511,505  

North Texas Tollway Authority, Refunding RB

    

Series A, 5.00%, 01/01/38

     5,000       5,079,195  

Series A, 5.00%, 01/01/43

     4,210       4,415,319  

Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51

     3,070       3,280,492  

Tarrant County Cultural Education Facilities Finance Corp., Refunding RB

    

5.00%, 11/15/40

     3,250       2,961,134  

5.00%, 10/01/49

     3,500       3,142,194  

Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32

     5,740       6,116,314  

Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.50%, 12/31/58

     1,315       1,415,938  
   

 

 

  
      45,646,260  
Utah — 1.0%            

City of Salt Lake City Utah Airport Revenue, ARB

    

Series A, AMT, 5.25%, 07/01/48

     1,150       1,230,829  

Series A, AMT, 5.50%, 07/01/53

     1,325       1,445,957  

County of Utah Utah, RB, Series B, 4.00%, 05/15/47

     2,650       2,548,971  
   

 

 

  
      5,225,757  
Virginia — 1.9%            

Ballston Quarter Community Development Authority, TA(d)(e)

    

Series A, 5.38%, 03/01/36

     405       324,607  

Series A, 5.50%, 03/01/46

     1,415       998,100  

Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47

     3,665       3,454,200  

Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/52

     4,975       4,988,411  
   

 

 

  
      9,765,318  
Washington — 2.9%            

Central Puget Sound Regional Transit Authority, RB, Series 2015, Class 2A, Sustainability Bonds, 4.75%, 11/01/45

     6,000       5,876,158  

County of King Washington Sewer Revenue, Refunding RB, Series A, Junior Lien, 4.78%, 01/01/40

     1,825       1,782,210  

Port of Seattle Washington, ARB

    

Series A, AMT, 5.00%, 05/01/43

     1,295       1,325,939  

Series C, AMT, Intermediate Lien, 5.00%, 05/01/42

     1,450       1,487,631  

Washington Health Care Facilities Authority, Refunding RB 4.00%, 09/01/50

     2,000       1,843,997  
 

 

 

54  

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

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Washington (continued)            

Washington Health Care Facilities Authority, Refunding RB (continued)

    

Series A, 5.00%, 08/01/44

   $ 1,750     $ 1,814,646  

Washington State Housing Finance Commission, Refunding RB

    

Series A, 5.00%, 07/01/43

     425       431,978  

Series A, 5.00%, 07/01/48

     400       400,922  
   

 

 

  
        14,963,481  
West Virginia — 0.9%            

West Virginia Parkways Authority, RB, Senior Lien, 4.00%, 06/01/51

          5,000       4,804,151  
   

 

 

  
Wisconsin — 0.5%            

Public Finance Authority, RB(b)

    

Series A, 5.00%, 06/01/36

     200       196,879  

Series A, 5.00%, 06/01/51

     680       607,117  

Series A, 5.00%, 06/01/61

     870       755,578  

Public Finance Authority, Refunding RB, Series B, AMT, 5.00%, 07/01/42

     1,000       1,000,448  
   

 

 

  
      2,560,022  
Wyoming — 0.4%            

University of Wyoming, RB, Series C, (AGM), 4.00%, 06/01/51

     1,690       1,592,873  

Wyoming Community Development Authority, Refunding RB, S/F Housing, Series 1, 4.40%, 12/01/43

     500       492,081  
   

 

 

  
      2,084,954  
   

 

 

  

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

       595,250,680  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(f)

 

Massachusetts — 4.3%            

Commonwealth of Massachusetts, GO, Series D, 5.00%, 10/01/51

     19,995       21,866,985  
   

 

 

  
New York — 8.8%            

New York Power Authority, RB, Sustainability Bonds, (AGM), 5.13%, 11/15/63

     6,627       7,299,178  

New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47

     10,000       9,883,800  

New York Transportation Development Corp., RB, AMT, Sustainability Bonds, (AGM), 5.13%, 06/30/60

     10,000       10,317,434  

Triborough Bridge & Tunnel Authority, RB, Series A, 4.50%, 05/15/63

     16,736       17,023,684  
   

 

 

  
      44,524,096  
Oregon — 0.1%            

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

     600       600,009  
   

 

 

  
Security  

Par

(000)

     Value  
Pennsylvania — 2.2%            

Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/52

   $ 10,005     $ 11,042,179  
   

 

 

  
South Carolina — 4.2%            

Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54

     19,995       21,573,806  
   

 

 

  
Texas — 6.4%            

Harris County Health Facilities Development Corp., Refunding RB, Series B, 5.75%, 07/01/27

     16,860       17,808,496  

North Fort Bend Water Authority, Refunding RB, Series A, 4.00%, 12/15/58

     15,945       14,987,132  
   

 

 

  
      32,795,628  
   

 

 

  

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

 

     132,402,703  
   

 

 

  

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

 

     727,653,383  
   

 

 

  
     Shares         

Short-Term Securities

    
Money Market Funds — 2.1%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09%(g)(h)

     10,693,984       10,695,053  
   

 

 

  

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

 

     10,695,053  
   

 

 

  

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

 

     738,348,436  

Other Assets Less Liabilities — 0.6%

 

     2,818,917  

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

 

     (77,749,839 ) 

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

 

     (153,600,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $  509,817,514  
   

 

 

  

 

(a) 

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

(b) 

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

(c) 

Zero-coupon bond.

(d) 

Issuer filed for bankruptcy and/or is in default.

(e) 

Non-income producing security.

(f) 

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

(g) 

Affiliate of the Fund.

(h) 

Annualized 7-day yield as of period end.

 

 

 

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

   55

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniVest Fund, Inc. (MVF)

 

Affiliates

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

 

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

BlackRock Liquidity Funds, MuniCash, Institutional Class.

   $ 91,513,818     $ —     $  (80,822,662 )(a)    $ 12,013     $ (8,116 )    $ 10,695,053       10,693,984     $ 758,814     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

Fair Value Hierarchy as of Period End

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

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

 

                                                                                       
     Level 1        Level 2        Level 3        Total  

Assets

                 

Investments

                 

Long-Term Investments

                 

Municipal Bonds

   $ —        $ 595,250,680        $ —        $ 595,250,680  

Municipal Bonds Transferred to Tender Option Bond Trusts

     —          132,402,703          —          132,402,703  

Short-Term Securities

                 

Money Market Funds

     10,695,053          —          —          10,695,053  
 

 

 

       

 

 

       

 

 

       

 

 

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

 

 

       

 

 

       

 

 

       

 

 

  

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

 

                                                                                       
     Level 1        Level 2      Level 3        Total  

Liabilities

               

TOB Trust Certificates

   $ —        $ (77,373,088 )     $ —        $ (77,373,088 ) 

VMTP Shares at Liquidation Value

     —          (153,600,000 )       —          (153,600,000 ) 
 

 

 

       

 

 

     

 

 

       

 

 

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

 

 

       

 

 

     

 

 

       

 

 

  

See notes to financial statements.

 

 

56  

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

Schedule of Investments (unaudited) 

January 31, 2024

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

    
Alabama — 1.3%            

Black Belt Energy Gas District, RB, Series F, 5.50%, 11/01/53(a)

   $ 405     $ 430,907  

County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53

          2,035          2,232,288  

Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53(a)

     685       736,820  
   

 

 

  
      3,400,015  
Arizona — 2.1%            

City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47

     760       865,913  

Glendale Industrial Development Authority, RB, 5.00%, 05/15/56

     450       351,280  

Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46(b)

     1,685       1,618,515  

Maricopa County Industrial Development Authority, RB, Series A, 4.00%, 01/01/44

     2,675       2,627,346  
   

 

 

  
      5,463,054  
Arkansas — 1.0%            

Arkansas Development Finance Authority, RB Series A, AMT, 4.75%, 09/01/49(b)

     2,305       2,271,324  

AMT, Sustainability Bonds, 5.70%, 05/01/53

     435       445,314  
   

 

 

  
      2,716,638  
California — 4.2%            

California Educational Facilities Authority, RB, Series U-7, 5.00%, 06/01/46

     920       1,141,448  

California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47

     1,475       1,323,966  

California Municipal Finance Authority, RB, S/F Housing

    

Series A, 5.25%, 08/15/39

     145       145,503  

Series A, 5.25%, 08/15/49

     370       371,571  

California Pollution Control Financing Authority, RB, AMT, 5.00%, 11/21/45(b)

     1,495       1,497,691  

City of Los Angeles Department of Airports, ARB, Series A, AMT, 4.00%, 05/15/42

     1,345       1,343,329  

City of Los Angeles Department of Airports, Refunding ARB

    

AMT, 5.00%, 05/15/46

     1,155       1,228,907  

Series D, AMT, Subordinate, 4.00%, 05/15/51

     635       595,119  

San Marcos Unified School District, GO, CAB, Series B, Election 2010, 0.00%, 08/01/42(c)

     2,000       989,447  

Val Verde Unified School District, GO, Series G, Election 2012, (AGM), 4.00%, 08/01/48

     2,340       2,334,119  
   

 

 

  
      10,971,100  
Colorado — 0.8%            

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series D, AMT, 5.75%, 11/15/45

     425       480,396  

Colorado Health Facilities Authority, RB

    

5.50%, 11/01/47

     175       190,010  

5.25%, 11/01/52

     360       383,452  
Security  

Par

(000)

     Value  
Colorado (continued)            

Colorado Health Facilities Authority, Refunding RB

    

Series A, 5.00%, 08/01/44

   $ 450     $ 467,511  

Series A, 4.00%, 11/15/50

     540       508,321  
   

 

 

  
      2,029,690  
Delaware — 1.2%            

Delaware River & Bay Authority, Refunding RB, 4.00%, 01/01/44

     1,500       1,504,393  

Delaware State Health Facilities Authority, Refunding RB, 4.00%, 10/01/49

          1,770          1,714,211  
   

 

 

  
      3,218,604  
District of Columbia — 8.6%            

District of Columbia Income Tax Revenue, RB, Series A, 5.25%, 05/01/48

     1,110       1,244,208  

District of Columbia, Refunding RB, 5.00%, 10/01/48

     2,315       2,357,465  

Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB

    

Series A, AMT, 4.00%, 10/01/39

     380       380,365  

Series A, AMT, 5.25%, 10/01/48

     2,355       2,533,249  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB

    

Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/33(c)

     6,590       4,782,532  

Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/34(c)

     4,830       3,356,384  

Series B, 2nd Senior Lien, (AGC), 0.00%, 10/01/35(c)

     6,515       4,302,658  

Series B, Subordinate, 4.00%, 10/01/49

     1,790       1,648,089  

Washington Metropolitan Area Transit Authority Dedicated Revenue, RB

    

Series A, Sustainability Bonds, 4.00%, 07/15/46

     1,205       1,195,940  

Series A, Sustainability Bonds, 4.13%, 07/15/47

     575       577,171  
   

 

 

  
      22,378,061  
Florida — 6.9%            

Broward County Florida Water & Sewer Utility Revenue, RB, Series A, 4.00%, 10/01/45

     210       211,239  

Celebration Pointe Community Development District No. 1, SAB

    

5.00%, 05/01/32

     415       416,074  

5.00%, 05/01/48

     1,120       1,045,596  

City of Fort Lauderdale Florida Water & Sewer Revenue, RB, Series B, 5.50%, 09/01/48

     1,280       1,486,170  

County of Lee Florida Airport Revenue, ARB, Series B, AMT, 5.00%, 10/01/46

     995       1,039,105  

County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52

     480       509,833  

County of Pasco Florida, RB

    

(AGM), 5.00%, 09/01/48

     2,380       2,559,031  

(AGM), 5.75%, 09/01/54

     425       479,333  

Florida Development Finance Corp., RB, Series A, 5.00%, 06/15/56

     105       101,688  

Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54

     212       222,691  

Orange County Health Facilities Authority, RB, 5.00%, 10/01/53

     1,495       1,595,781  
 

 

 

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

   57

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Florida (continued)            

Palm Beach County Health Facilities Authority, RB, 5.00%, 11/15/45

   $ 3,150     $ 3,184,172  

Tampa-Hillsborough County Expressway Authority, RB, 5.00%, 07/01/47

          5,000       5,103,657  
   

 

 

  
        17,954,370  
Georgia — 2.6%            

Cobb County Kennestone Hospital Authority, RB, 4.00%, 04/01/52

     1,145       1,080,843  

Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51

     530       498,365  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/38

     295       311,920  

Series A, 5.00%, 05/15/49

     985       1,071,394  

Series A, 5.00%, 06/01/53(a)

     2,185       2,311,249  

Municipal Electric Authority of Georgia, RB, 4.00%, 01/01/49

     1,560       1,400,884  
   

 

 

  
      6,674,655  
Illinois — 9.6%            

Chicago Board of Education, GO

    

Series A, 5.00%, 12/01/42

     540       540,201  

Series C, 5.25%, 12/01/35

     1,465       1,471,830  

Series D, 5.00%, 12/01/46

     1,915       1,916,478  

Series H, 5.00%, 12/01/36

     450       460,333  

Chicago Board of Education, Refunding GO, Series G, 5.00%, 12/01/34

     450       460,689  

Chicago Transit Authority Sales Tax Receipts Fund, RB, 2nd Lien, 5.00%, 12/01/46

     615       621,256  

City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, 5.00%, 01/01/47

     2,500       2,592,358  

City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/48

     1,655       1,822,326  

Cook County Community College District No. 508, GO, 5.50%, 12/01/38

     805       808,029  

Illinois Finance Authority, RB, Series A, 5.00%, 02/15/50

     130       121,601  

Illinois Finance Authority, Refunding RB, Series C, 4.00%, 02/15/41

     2,940       2,874,390  

Illinois Housing Development Authority, RB, S/F Housing, Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.25%, 04/01/54

     830       910,954  

Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46

     4,400       4,297,301  

Metropolitan Pier & Exposition Authority, RB, 5.00%, 06/15/57

     870       887,496  

Metropolitan Pier & Exposition Authority, Refunding RB, Series B, (AGM), 0.00%, 06/15/44(c)

     5,175       2,115,781  

State of Illinois, GO

    

5.00%, 02/01/39

     1,540       1,543,268  

Series B, 5.25%, 05/01/43

     500       548,039  

University of Illinois, RB, Series A, 5.00%, 04/01/44

     985       985,898  
   

 

 

  
      24,978,228  
Indiana — 1.0%            

City of Valparaiso Indiana, RB

    

AMT, 6.75%, 01/01/34

     790       791,265  

AMT, 7.00%, 01/01/44

     1,905       1,907,531  
   

 

 

  
      2,698,796  
Security  

Par

(000)

     Value  
Kansas — 0.1%            

Ellis County Unified School District No. 489 Hays, Refunding GO, Series B, (AGM), 4.00%, 09/01/52

   $ 260     $ 237,491  
   

 

 

  
Kentucky — 0.9%            

Kentucky Economic Development Finance Authority, Refunding RB, Series A, 5.00%, 08/01/44

     1,010       1,045,922  

Kentucky Public Transportation Infrastructure Authority, RB, CAB, Convertible, 6.75%, 07/01/43(d)

          1,200       1,408,227  
   

 

 

  
         2,454,149  
Louisiana — 1.0%            

Louisiana Public Facilities Authority, RB, 5.25%, 10/01/53

     1,200       1,272,804  

Louisiana Public Facilities Authority, Refunding RB, Class A, 4.00%, 12/15/27(e)

     60       63,165  

New Orleans Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/48

     915       926,035  

Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.25%, 05/15/35

     410       410,388  
   

 

 

  
      2,672,392  
Maryland — 0.2%            

Maryland Health & Higher Educational Facilities Authority, RB, Series B, 4.00%, 04/15/50

     595       554,527  
   

 

 

  
Massachusetts — 2.2%            

Commonwealth of Massachusetts, GO

    

Series C, 5.00%, 10/01/47

     1,285       1,412,707  

Series C, 5.00%, 10/01/52

     1,335       1,449,168  

Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47

     1,150       1,157,259  

Massachusetts Development Finance Agency, Refunding RB(b)

    

4.00%, 10/01/32

     215       203,252  

4.13%, 10/01/42

     470       402,054  

Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46

     1,110       1,164,144  
   

 

 

  
      5,788,584  
Michigan — 6.3%            

City of Lansing Michigan, Refunding GO, Series B, (AGM), 5.00%, 06/01/48

     1,550       1,675,452  

Great Lakes Water Authority Sewage Disposal System Revenue, RB

    

Series B, 2nd Lien, 5.25%, 07/01/47

     545       597,161  

Series B, 2nd Lien, 5.50%, 07/01/52

     1,290       1,422,835  

Series A, Senior Lien, 5.25%, 07/01/52

     1,290       1,419,746  

Great Lakes Water Authority Water Supply System Revenue, RB

    

Series A, Senior Lien, 5.25%, 07/01/52

     1,290       1,419,746  

Series B, Senior Lien, 5.50%, 07/01/52

     1,290       1,425,102  

Lansing Board of Water & Light, Refunding RB, Series A, 5.25%, 07/01/54

     2,305       2,575,426  

Michigan Finance Authority, RB

    

4.00%, 02/15/47

     395       378,267  

4.00%, 02/15/50

     2,235       2,113,098  

4.00%, 02/15/44

     810       780,982  

Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/49

     1,480       1,421,474  

Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43

     1,070       1,079,071  
   

 

 

  
      16,308,360  
 

 

 

58  

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

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Minnesota — 1.5%            

Duluth Economic Development Authority, Refunding RB

    

Series A, 4.25%, 02/15/48

   $ 1,995     $ 1,858,089  

Series A, 5.25%, 02/15/53

     565       576,627  

Series A, 5.25%, 02/15/58

     1,480       1,508,740  
   

 

 

  
      3,943,456  
Missouri — 2.5%            

Health & Educational Facilities Authority of the State of Missouri, Refunding RB

    

Series A, 4.00%, 02/15/49

     2,630       2,486,809  

Series C, 5.00%, 11/15/42

     2,570       2,662,669  

Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54

          1,280       1,299,760  
   

 

 

  
         6,449,238  
New Hampshire(b) — 0.8%            

New Hampshire Business Finance Authority, Refunding RB

    

Series B, 4.63%, 11/01/42

     1,545       1,311,599  

Series C, AMT, 4.88%, 11/01/42

     805       736,434  
   

 

 

  
      2,048,033  
New Jersey — 11.6%            

Casino Reinvestment Development Authority, Inc., Refunding RB

    

5.25%, 11/01/39

     1,675       1,689,309  

5.25%, 11/01/44

     1,525       1,533,535  

New Jersey Economic Development Authority, RB

    

Class A, 5.25%, 11/01/47

     1,740       1,918,377  

Series EEE, 5.00%, 06/15/48

     5,845       6,099,358  

New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47

     1,425       1,427,551  

New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31

     2,240       2,077,546  

New Jersey Higher Education Student Assistance Authority, Refunding RB

    

Series B, AMT, 4.00%, 12/01/41

     1,230       1,226,366  

Series C, AMT, Subordinate, 5.00%, 12/01/52

     1,245       1,260,024  

New Jersey Transportation Trust Fund Authority, RB

    

Series BB, 5.00%, 06/15/46

     1,485       1,620,162  

Series S, 5.00%, 06/15/46

     1,225       1,284,003  

New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 4.25%, 06/15/40

     3,225       3,386,143  

Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/48

     290       284,382  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/46

     255       259,771  

Series A, 5.25%, 06/01/46

     270       278,529  

Sub-Series B, 5.00%, 06/01/46

     5,660       5,717,897  
   

 

 

  
      30,062,953  
New York — 16.2%            

City of New York, GO, Series A-1, 4.00%, 09/01/46

     800       814,920  

Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45

     1,960       1,910,730  

Metropolitan Transportation Authority, Refunding RB

    

Series C-1, Sustainability Bonds, 4.75%, 11/15/45

     1,585       1,635,450  

Series C-1, Sustainability Bonds, 5.00%, 11/15/50

     515       536,570  

Series C-1, Sustainability Bonds, 5.25%, 11/15/55

     760       800,815  

New York City Housing Development Corp., RB, M/F Housing, Sustainability Bonds, 4.80%, 02/01/53

     5,000       5,055,199  

New York City Municipal Water Finance Authority, Refunding RB Series BB-1, 4.00%, 06/15/45

     740       742,036  
Security  

Par

(000)

     Value  
New York (continued)            

New York City Municipal Water Finance Authority, Refunding RB (continued)

    

Series DD, 4.13%, 06/15/46

   $ 4,410     $ 4,527,559  

Series DD, 4.13%, 06/15/47

     4,535       4,607,245  

New York Counties Tobacco Trust IV, Refunding RB

    

Series A, 5.00%, 06/01/38

     1,875       1,862,013  

Series A, 6.25%, 06/01/41(b)

     1,800       1,800,625  

New York Liberty Development Corp., Refunding RB 3.13%, 09/15/50

     315       243,240  

Class 1, 5.00%, 11/15/44(b)

     2,260       2,257,175  

Class 2, 5.38%, 11/15/40(b)

     850       851,062  

Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51

     2,370       1,725,103  

New York State Dormitory Authority, Refunding RB

    

Series A, 4.00%, 03/15/44

          1,080          1,090,555  

Series A, 4.00%, 03/15/47

     3,855       3,856,446  

New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/49

     860       848,450  

New York State Urban Development Corp., Refunding RB, 4.00%, 03/15/49

     990       970,476  

New York Transportation Development Corp., ARB, AMT, 5.63%, 04/01/40

     470       508,916  

New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35

     1,050       1,096,176  

Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB

    

Series A, 4.00%, 05/15/48

     3,055       3,040,770  

Series A, 5.25%, 05/15/52

     400       445,338  

Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/56

     825       880,865  
   

 

 

  
      42,107,734  
Ohio — 1.7%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB

    

Series A-2, Class 1, 4.00%, 06/01/48

     830       752,228  

Series B-2, Class 2, 5.00%, 06/01/55

     2,295       2,161,798  

County of Franklin Ohio, RB, Series A, 5.00%, 12/01/47

     400       414,515  

County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49

     530       593,164  

County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50

     590       556,327  
   

 

 

  
      4,478,032  
Pennsylvania — 2.5%            

Allegheny County Airport Authority, ARB

    

Series A, AMT, (AGM), 5.50%, 01/01/48

     235       256,839  

Series A, AMT, (AGM-CR), 4.00%, 01/01/56

     605       568,432  

Lancaster Industrial Development Authority, RB, 5.00%, 12/01/44

     1,070       1,071,817  

Montgomery County Higher Education and Health Authority, Refunding RB

    

4.00%, 09/01/51

     510       469,695  

5.00%, 09/01/48

     345       353,156  

Pennsylvania Economic Development Financing Authority, RB, 5.00%, 06/30/42

     850       850,801  

Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44

     1,035       1,024,031  
 

 

 

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

   59

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Pennsylvania (continued)            

Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series B, 4.00%, 12/01/53

   $ 1,090     $ 1,023,368  

Pennsylvania Turnpike Commission, Refunding RB, Series C, 4.00%, 12/01/51

     950       935,180  
   

 

 

  
      6,553,319  
Puerto Rico — 5.7%            

Commonwealth of Puerto Rico, GO

    

Series A-1, Restructured, 5.63%, 07/01/29

     1,435       1,550,597  

Series A-1, Restructured, 5.75%, 07/01/31

     1,295       1,434,385  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

    

Series A-1, Restructured, 4.75%, 07/01/53

     1,843       1,805,716  

Series A-1, Restructured, 5.00%, 07/01/58

     5,562       5,561,928  

Series A-2, Restructured, 4.78%, 07/01/58

     2,941       2,874,827  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c)

          5,051       1,552,731  
   

 

 

  
        14,780,184  
South Carolina — 2.0%            

South Carolina Jobs-Economic Development Authority, Refunding RB

    

4.00%, 12/01/44

     1,820       1,738,123  

5.00%, 11/15/47

     1,350       1,359,076  

Series A, 5.00%, 05/01/48

     1,505       1,533,634  

South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49

     650       587,549  
   

 

 

  
      5,218,382  
Tennessee — 1.2%            

Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/45

     1,275       1,333,434  

Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)

     1,640       1,758,255  
   

 

 

  
      3,091,689  
Texas — 15.1%            

Arlington Higher Education Finance Corp., RB(b)

    

7.50%, 04/01/62

     435       423,305  

7.88%, 11/01/62

     370       375,495  

City of Austin Texas Airport System Revenue, ARB, Series B, AMT, 5.00%, 11/15/44

     1,795       1,870,790  

City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48

     190       190,809  

City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, 1st Lien, Subordinate, (AGM), 5.25%, 07/01/48

     4,065       4,373,427  

City of Houston Texas Airport System Revenue, Refunding RB, AMT, 5.00%, 07/01/29

     775       774,031  

City of Houston Texas, Refunding GO, Series A, 5.25%, 03/01/42

     210       240,406  

City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.25%, 02/01/46

     4,500       5,084,525  

Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/43

     745       746,527  

County of Harris Texas, Refunding GO, Series A, 4.25%, 09/15/48

     390       395,686  

Crowley Independent School District, GO, (PSF), 5.00%, 02/01/48

     1,545       1,697,413  

Denton Independent School District, GO, (PSF), 5.00%, 08/15/48

     1,335       1,469,347  

Fort Bend County Industrial Development Corp., RB, Series B, 4.75%, 11/01/42

     670       670,107  
Security  

Par

(000)

     Value  
Texas (continued)            

Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48

   $ 140     $ 140,071  

Hutto Independent School District, GO, (PSF), 5.00%, 08/01/48

     90       99,174  

Klein Independent School District, GO, (PSF), 4.00%, 08/01/47

     2,315       2,304,254  

New Caney Independent School District, Refunding GO, (PSF), 5.00%, 02/15/48

     5,250       5,794,473  

Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/48

     645       708,740  

Tarrant County Cultural Education Facilities Finance Corp., RB

    

Series A, 4.00%, 07/01/53

     620       556,221  

Series A, 5.00%, 07/01/53

     760       789,386  

Series B, 5.00%, 07/01/48

     4,545       4,676,979  

Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.00%, 10/01/49

     1,000       897,770  

Texas Department of Housing & Community Affairs, RB, S/F Housing, Series C, (GNMA), 5.00%, 09/01/48

     1,620       1,684,800  

Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58

     1,140       1,153,238  

Texas Water Development Board, RB, 4.00%, 10/15/45

     1,285       1,286,146  

Waller Consolidated Independent School District, GO, Series A, (PSF), 4.00%, 02/15/48

     750       749,758  
   

 

 

  
      39,152,878  
Utah — 2.1%            

City of Salt Lake City Utah Airport Revenue, ARB

    

Series A, AMT, 5.00%, 07/01/46

     1,950       2,041,863  

Series A, AMT, 5.00%, 07/01/48

     875       897,035  

Series A, AMT, 5.25%, 07/01/48

          2,330       2,493,766  
   

 

 

  
      5,432,664  
Washington — 0.6%            

Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43

     1,465          1,500,001  
   

 

 

  
Wisconsin — 0.1%            

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

     320       336,858  
   

 

 

  

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

       295,654,135  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(f)

 

Alabama — 8.3%            

Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54

     10,000       11,115,900  

Southeast Energy Authority A Cooperative District, RB, Series A, 5.25%, 01/01/54

     10,000       10,640,200  
   

 

 

  
      21,756,100  
Florida — 1.3%            

City of Melbourne Florida Water & Sewer Revenue, RB, 5.00%, 11/15/50

     3,090       3,392,518  
   

 

 

  
Michigan — 1.0%            

Michigan State Building Authority, RB, M/F Housing, Series A, 5.00%, 10/01/48

     2,551       2,668,051  
   

 

 

  
 

 

 

60  

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

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

New York — 4.4%

    

New York City Housing Development Corp., RB, M/F Housing, Series E-1, Sustainability Bonds, 4.70%, 11/01/48

   $ 2,460     $ 2,498,984  

New York City Transitional Finance Authority, RB, 5.25%, 05/01/48

     4,240       4,813,543  

New York State Dormitory Authority, Refunding RB, Series E, 5.00%, 03/15/46

     3,940       4,143,659  
   

 

 

  
      11,456,186  
Oregon — 3.1%            

Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48

     7,232       8,012,042  
   

 

 

  
Pennsylvania — 3.5%            

Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 143A, Sustainability Bonds, 6.25%, 10/01/53

     4,964       5,463,540  

Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/47

     3,178       3,553,766  
   

 

 

  
      9,017,306  
South Carolina — 2.7%            

Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54

     6,463       6,973,163  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 24.3%
(Cost: $60,786,256)

 

     63,275,366  
   

 

 

  

Total Long-Term Investments — 137.9%
(Cost: $347,425,422)

 

     358,929,501  
   

 

 

  
     Shares         

Short-Term Securities

    
Money Market Funds — 1.0%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09%(g)(h)

      2,566,712       2,566,968  
   

 

 

  

Total Short-Term Securities — 1.0%
(Cost: $2,566,352)

 

     2,566,968  
   

 

 

  

Total Investments — 138.9%
(Cost: $349,991,774)

 

     361,496,469  

Other Assets Less Liabilities — 3.2%

 

     8,229,673  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (12.2)%

 

     (31,793,925 ) 

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

 

     (77,700,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $  260,232,217  
   

 

 

  

 

(a) 

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

(b) 

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

(c) 

Zero-coupon bond.

(d) 

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

(e) 

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

(f) 

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

(g) 

Affiliate of the Fund.

(h) 

Annualized 7-day yield as of period end.

 

 

 

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

   61

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniVest Fund II, Inc. (MVT)

 

Affiliates

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

 

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

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $ 17,478,788     $ —     $ (14,911,680 )(a)    $ (12 )    $ (128 )    $ 2,566,968       2,566,712     $ 281,007     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

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

Net Realized Gain (Loss) from:

                   

Futures contracts

   $ —      $ —      $ —      $ —      $ 2,263,558     $ —      $ 2,263,558  
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Net Change in Unrealized Appreciation (Depreciation) on:

                   

Futures contracts

   $ —      $ —      $ —      $ —      $ (499,448 )    $ —      $ (499,448 ) 
 

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

  

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

  

Futures contracts:

  

Average notional value of contracts — short

   $ — (a) 

 

  

 

  (a) 

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

 

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

Fair Value Hierarchy as of Period End

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

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

 

     Level 1        Level 2        Level 3        Total  

Assets

                 

Investments

                 

Long-Term Investments

                 

Municipal Bonds

   $ —        $ 295,654,135        $ —        $ 295,654,135  

Municipal Bonds Transferred to Tender Option Bond Trusts

     —          63,275,366          —          63,275,366  

Short-Term Securities

                 

Money Market Funds

     2,566,968          —          —          2,566,968  
 

 

 

       

 

 

       

 

 

       

 

 

  
  $  2,566,968        $ 358,929,501        $   —        $ 361,496,469  
 

 

 

       

 

 

       

 

 

       

 

 

  

 

 

62  

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

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniVest Fund II, Inc. (MVT)

 

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

 

                                                                                               
     Level 1        Level 2      Level 3        Total  

Liabilities

               

TOB Trust Certificates

   $ —        $ (31,622,503 )     $ —        $ (31,622,503 ) 

VMTP Shares at Liquidation Value

     —          (77,700,000 )       —          (77,700,000 ) 
 

 

 

       

 

 

     

 

 

       

 

 

  
  $ —        $ (109,322,503 )     $ —        $ (109,322,503 ) 
 

 

 

       

 

 

     

 

 

       

 

 

  

See notes to financial statements.

 

 

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

   63

Schedule of Investments (unaudited)

January 31, 2024

   

BlackRock MuniYield Quality Fund II, Inc. (MQT)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  

Municipal Bonds

     
Alabama — 4.1%             

Black Belt Energy Gas District, RB(a)

     

4.00%, 10/01/52

   $ 1,355      $ 1,352,948  

Series A, 5.25%, 01/01/54

     835        899,180  

Series F, 5.50%, 11/01/53

     810        861,812  

County of Jefferson Alabama, Refunding RB, 5.50%, 10/01/53

        1,740        1,908,688  

Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54(a)

     1,815          2,017,536  

Homewood Educational Building Authority, Refunding RB, Series A, 5.00%, 12/01/47

     655        661,749  

Southeast Energy Authority A Cooperative District, RB(a)

     

Series A-1, 5.50%, 01/01/53

     740        795,981  

Series B-1, 5.00%, 05/01/53

     2,055        2,136,060  
    

 

 

  
       10,633,954  
Arizona — 3.4%             

Arizona Industrial Development Authority, RB(b)

     

5.00%, 07/01/54

     545        478,725  

Series A, 5.00%, 07/01/49

     545        493,906  

Series A, 5.00%, 07/01/54

     420        373,874  

City of Phoenix Civic Improvement Corp., ARB, Series B, AMT, Junior Lien, 5.00%, 07/01/44

     1,745        1,825,014  

City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47

     910        1,036,817  

Glendale Industrial Development Authority, RB, 5.00%, 05/15/56

     305        238,090  

Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/39(b)

     500        477,320  

Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/49(b)

     1,025        937,133  

Maricopa County Industrial Development Authority, Refunding RB

     

5.00%, 07/01/54(b)

     290        271,563  

Series A, 5.00%, 09/01/37

     575        607,757  

Salt Verde Financial Corp., RB, 5.00%, 12/01/37

     1,120        1,222,935  

Sierra Vista Industrial Development Authority, RB, 5.75%, 06/15/53(b)

     745        746,199  
    

 

 

  
       8,709,333  
Arkansas — 0.6%             

Arkansas Development Finance Authority, RB Series A, AMT, 4.50%, 09/01/49(b)

     1,275        1,237,222  

AMT, Sustainability Bonds, 5.70%, 05/01/53

     420        429,958  
    

 

 

  
       1,667,180  
California — 5.4%             

California Community Housing Agency, RB, M/F Housing, 3.00%, 08/01/56(b)

     120        84,400  

California Enterprise Development Authority, RB, 8.00%, 11/15/62(b)

     370        365,428  

CSCDA Community Improvement Authority, RB, M/F Housing(b)

     

4.00%, 10/01/56

     155        126,658  

Senior Lien, Sustainability Bonds, 3.13%, 06/01/57

     525        338,379  

Series A, Senior Lien, Sustainability Bonds, 4.00%, 12/01/58

     755        563,885  

Sustainability Bonds, 5.00%, 09/01/37

     100        102,542  

Sustainability Bonds, 4.00%, 12/01/56

     200        139,334  

Series A, Sustainability Bonds, 4.00%, 06/01/58

     490        354,595  
Security  

Par

(000)

      Value  
California (continued)             

Mount San Antonio Community College District, Refunding GO, CAB, Series A, Convertible, Election 2013, 6.25%, 08/01/43

   $ 5,000      $ 4,943,671  

Norman Y Mineta San Jose International Airport SJC, Refunding RB, Series A, AMT, 5.00%, 03/01/41

     765        788,301  

Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53

        1,375          1,364,122  

San Diego Unified School District, GO, Series C, Election 2008, 0.00%, 07/01/38(c)

     1,400        836,515  

San Diego Unified School District, Refunding GO, CAB, Series R-1, 0.00%, 07/01/31(c)

     1,110        889,707  

Yosemite Community College District, GO(c)

     

Series D, Election 2004, 0.00%, 08/01/36

     2,000        1,429,492  

Series D, Election 2004, 0.00%, 08/01/37

     2,790        1,698,706  
    

 

 

  
       14,025,735  
Colorado — 1.7%             

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.00%, 11/15/47

     240        253,206  

City & County of Denver Colorado, COP, Series A, 4.00%, 06/01/48

     695        664,166  

Colorado Health Facilities Authority, RB, Series A, 4.00%, 11/15/46

     945        902,031  

Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44

     940        899,142  

State of Colorado, COP, Series S, 4.00%, 03/15/40

     1,635        1,674,887  
    

 

 

  
       4,393,432  
Connecticut — 0.2%             

Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Series A-1, 3.80%, 11/15/39

     55        52,784  

Connecticut State Health & Educational Facilities Authority, RB

     

5.25%, 07/15/48

     145        156,962  

4.25%, 07/15/53

     190        185,378  
    

 

 

  
       395,124  
District of Columbia — 0.3%             

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49

     875        805,630  
    

 

 

  
Florida — 9.2%             

Capital Trust Agency, Inc., RB(b)

     

5.00%, 01/01/55

     535        407,029  

Series A, 5.00%, 06/01/55

     480        391,751  

Series A, 5.50%, 06/01/57

     170        149,440  

City of South Miami Health Facilities Authority, Inc., Refunding RB, 5.00%, 08/15/42

     2,340        2,394,888  

City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, Sustainability Bonds, 5.25%, 10/01/57

     2,210        2,456,182  

City of Tampa Florida, RB, CAB(c)

     

Series A, 0.00%, 09/01/49

     525        150,414  

Series A, 0.00%, 09/01/53

     295        68,101  

County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 4.00%, 10/01/49

     735        649,627  

County of Broward Florida Port Facilities Revenue, ARB, AMT, 5.25%, 09/01/47

     1,000        1,053,675  

County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/44

     425        441,483  
 

 

 

64  

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

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniYield Quality Fund II, Inc. (MQT)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  
Florida (continued)             

County of Miami-Dade Florida Aviation Revenue, Refunding RB, AMT, 5.00%, 10/01/34

   $ 160      $ 161,522  

County of Miami-Dade Florida Water & Sewer System Revenue, RB, 4.00%, 10/01/48

     1,550        1,525,968  

County of Miami-Dade Seaport Department, Refunding RB

     

Series A, AMT, 5.00%, 10/01/41

     360        382,177  

Series A, AMT, 5.00%, 10/01/47

         2,360           2,470,887  

Series A-1, AMT, (AGM), 4.00%, 10/01/45

     790        731,621  

County of Osceola Florida Transportation Revenue, Refunding RB, CAB(c)

     

Series A-2, 0.00%, 10/01/46

     480        146,500  

Series A-2, 0.00%, 10/01/47

     775        222,568  

County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54

     180        203,012  

Florida Development Finance Corp., RB(b)

     

6.50%, 06/30/57

     340        326,246  

AMT, 5.00%, 05/01/29

     480        462,704  

Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50(b)

     270        232,049  

Greater Orlando Aviation Authority, ARB, Sub-Series A, AMT, 5.00%, 10/01/47

     2,520        2,561,608  

Hillsborough County Aviation Authority, ARB, AMT, 5.00%, 10/01/48

     2,165        2,201,227  

Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54

     210        220,072  

Lakewood Ranch Stewardship District, SAB, S/F Housing

     

4.00%, 05/01/40

     235        202,304  

4.00%, 05/01/50

     395        303,601  

Orange County Health Facilities Authority, RB, 5.00%, 10/01/53

     1,805        1,926,678  

Orange County Housing Finance Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.75%, 09/01/47

     120        115,033  

Palm Beach County Health Facilities Authority, RB,

     

Series B, 4.00%, 11/15/41

     140        127,109  

Seminole Improvement District, RB, 5.30%, 10/01/37

     150        150,099  

Storey Creek Community Development District, SAB, 4.13%, 12/15/49

     500        403,006  

Village Community Development District No. 14, SAB, 5.50%, 05/01/53

     540        544,890  

Village Community Development District No. 15, SAB, 5.25%, 05/01/54(b)

     215        213,078  
    

 

 

  
       23,996,549  
Georgia — 1.9%             

Development Authority for Fulton County, RB, 4.00%, 07/01/49

     500        472,576  

East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)

     200        181,289  

Gainesville & Hall County Hospital Authority, RB, Series A, 4.00%, 02/15/51

     875        822,772  

Main Street Natural Gas, Inc., RB

     

Series A, 5.00%, 05/15/49

     235        255,612  

Series A, 5.00%, 06/01/53(a)

     620        655,824  

Municipal Electric Authority of Georgia, RB

     

Class A, 5.50%, 07/01/63

     345        362,284  

Series A, 5.00%, 01/01/49

     1,190        1,215,269  

Series A, 5.00%, 01/01/59

     880        893,358  
Security  

Par

(000)

      Value  
Georgia (continued)             

Private Colleges & Universities Authority, RB, 5.00%, 04/01/24(d)

   $ 120      $ 120,364  
    

 

 

  
       4,979,348  
Hawaii — 0.9%             

State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/43

     2,315        2,402,062  
    

 

 

  
Illinois — 10.7%             

Chicago Board of Education, GO

     

Series A, 5.00%, 12/01/34

         1,265           1,331,734  

Series A, 5.00%, 12/01/40

     1,195        1,227,145  

Series A, 5.00%, 12/01/47

     360        368,063  

Chicago Board of Education, Refunding GO, Series A, 5.00%, 12/01/30

     135        142,158  

Chicago Midway International Airport, Refunding ARB, Series B, 5.00%, 01/01/46

     1,770        1,804,461  

Chicago O’Hare International Airport, Refunding ARB

     

Series A, AMT, Senior Lien, 5.00%, 01/01/48

     740        750,163  

Series A, AMT, Senior Lien, 4.38%, 01/01/53

     830        792,911  

Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57

     705        720,552  

City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/53

     1,550        1,699,061  

City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/53

     525        571,347  

Illinois Finance Authority, RB, 5.00%, 10/01/48

     475        517,445  

Illinois Finance Authority, Refunding RB

     

Series A, 5.00%, 11/15/45

     1,110        1,117,997  

Series C, 4.13%, 08/15/37

     665        634,236  

Series C, 5.00%, 08/15/44

     305        306,448  

Illinois Housing Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.13%, 10/01/38

     120        116,954  

Illinois State Toll Highway Authority, RB

     

Series A, 5.00%, 01/01/40

     730        747,750  

Series A, 4.00%, 01/01/46

     930        908,293  

Metropolitan Pier & Exposition Authority, RB

     

5.00%, 06/15/57

     670        683,473  

Series A, (NPFGC), 0.00%, 12/15/36(c)

     10,000        6,117,599  

Metropolitan Pier & Exposition Authority, Refunding RB, Series B, (AGM), 0.00%, 06/15/44(c)

     2,980        1,218,363  

Regional Transportation Authority, RB, Series B, (NPFGC), 5.75%, 06/01/33

     2,000        2,364,407  

State of Illinois, GO

     

5.25%, 02/01/32

     870        871,451  

5.25%, 02/01/34

     600        600,691  

Series B, 5.25%, 05/01/41

     635        699,508  

Series B, 5.50%, 05/01/47

     540        591,852  

Series C, 5.00%, 12/01/48(e)

     850        905,933  
    

 

 

  
       27,809,995  
Indiana — 0.7%             

Indianapolis Local Public Improvement Bond Bank, RB

     

5.25%, 02/01/48

     245        275,330  

(BAM), 5.00%, 03/01/53

     1,445        1,517,249  
    

 

 

  
       1,792,579  
 

 

 

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

   65

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniYield Quality Fund II, Inc. (MQT)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  
Kentucky — 1.6%             

City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52(b)

   $ 150      $ 141,539  

County of Boyle Kentucky, Refunding RB

     

Series A, 4.25%, 06/01/46

     200        197,758  

Series A, 5.25%, 06/01/49

     370        396,731  

Fayette County School District Finance Corp., RB

     

(NGFGC), 5.00%, 06/01/44

     545        591,298  

(BAM-TCRS), 5.00%, 06/01/46

     480        517,042  

Kentucky Public Energy Authority, Refunding RB, Series A-1, 5.25%, 04/01/54(a)

         2,205           2,392,866  
    

 

 

  
       4,237,234  
Louisiana — 3.3%             

Louisiana Public Facilities Authority, RB

     

5.25%, 10/01/48

     500        530,200  

5.25%, 10/01/53

     1,025        1,087,187  

Louisiana Public Facilities Authority, Refunding RB, 5.00%, 05/15/42

     2,400        2,472,877  

Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48

     1,095        1,173,790  

New Orleans Aviation Board, ARB

     

Series B, AMT, 5.00%, 01/01/45

     2,380        2,392,029  

Series B, AMT, 5.00%, 01/01/48

     1,010        1,022,182  
    

 

 

  
       8,678,265  
Maryland — 0.6%             

City of Baltimore Maryland, Refunding TA, Series A, Senior Lien, 3.63%, 06/01/46(b)

     655        533,108  

Maryland Economic Development Corp., RB 5.00%, 07/01/56

     145        146,351  

Class B, AMT, Sustainability Bonds, 5.25%, 06/30/55

     800        815,751  
    

 

 

  
       1,495,210  
Massachusetts — 1.2%             

Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47

     1,855        1,866,709  

Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/47

     815        835,021  

Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.45%, 12/01/42

     335        322,096  
    

 

 

  
       3,023,826  
Michigan — 5.6%             

City of Lansing Michigan, Refunding GO, Series B, (AGM), 4.13%, 06/01/48

     880        859,933  

Eastern Michigan University, RB, Series A, (AGM), 4.00%, 03/01/44

     520        506,194  

Michigan Finance Authority, RB

     

4.00%, 02/15/50

     1,885        1,782,188  

Series A, 4.00%, 11/15/50

     2,550        2,362,031  

Michigan Finance Authority, Refunding RB

     

4.00%, 11/15/46

     1,050        996,060  

Series A, 4.00%, 12/01/40

     2,630        2,632,325  

Michigan State Building Authority, Refunding RB, Series II, 4.00%, 10/15/47

     535        529,057  

Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47

     1,300        1,365,932  

Michigan State Housing Development Authority, RB, M/F Housing, Series A, 2.55%, 10/01/51

     645        435,792  

Michigan State Housing Development Authority, RB, S/F Housing, Series B, 2.95%, 12/01/39

     450        388,566  
Security  

Par

(000)

      Value  
Michigan (continued)             

Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43

   $ 1,980      $ 1,996,785  

State of Michigan Trunk Line Revenue, RB, 5.00%, 11/15/46

     725        809,313  
    

 

 

  
       14,664,176  
Minnesota — 0.2%             

Minnesota Higher Education Facilities Authority, RB, Series A, Sustainability Bonds, 5.00%, 10/01/47

     445        461,736  
    

 

 

  
Missouri — 0.5%             

Kansas City Industrial Development Authority, ARB

     

AMT, 5.00%, 03/01/46

     470        480,165  

Series B, AMT, 5.00%, 03/01/39

     670        702,545  
    

 

 

  
       1,182,710  
Nebraska — 0.9%             

Central Plains Energy Project, Refunding RB, Series A, 5.00%, 09/01/37

         1,150           1,273,809  

Omaha Public Power District, Refunding RB, Series A, 4.00%, 02/01/42

     1,140        1,155,873  
    

 

 

  
       2,429,682  
Nevada — 1.1%             

County of Clark Nevada, RB, Subordinate, (AGM), 4.00%, 07/01/40

     2,715        2,772,086  
    

 

 

  
New Jersey — 5.8%             

Camden County Improvement Authority, RB, Sustainability Bonds, 6.00%, 06/15/62

     180        195,437  

Hudson County Improvement Authority, RB, 5.00%, 05/01/46

     730        749,607  

New Jersey Economic Development Authority, RB

     

Series WW, 5.00%, 06/15/25(d)

     180        185,076  

Series WW, 5.25%, 06/15/25(d)

     455        469,425  

AMT, 5.13%, 01/01/34

     610        610,414  

AMT, 5.38%, 01/01/43

     790        790,699  

New Jersey Economic Development Authority, Refunding RB, Sub-Series A, 4.00%, 07/01/32

     295        295,392  

New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50

     800        716,151  

New Jersey Higher Education Student Assistance Authority, Refunding RB, Series B, AMT, 4.00%, 12/01/41

     875        872,415  

New Jersey Transportation Trust Fund Authority, RB

     

5.00%, 06/15/48

     1,490        1,599,538  

Series A, 0.00%, 12/15/29(c)

     225        185,546  

Series AA, 5.00%, 06/15/38

     1,180        1,188,834  

Series AA, 4.00%, 06/15/40

     925        938,882  

Series AA, 5.00%, 06/15/45

     725        775,665  

Series AA, 4.00%, 06/15/50

     560        536,026  

Series BB, 4.00%, 06/15/50

     1,400        1,340,600  

Series D, 5.00%, 06/15/32

     525        533,870  

New Jersey Transportation Trust Fund Authority, Refunding RB

     

Series A, 5.00%, 06/15/37

     525        606,484  

Series A, 5.25%, 06/15/42

     210        239,105  

New Jersey Turnpike Authority, RB, Series A, 4.00%, 01/01/48

     720        717,533  

Passaic Valley Water Commission, RB, (AGM), 4.00%, 12/01/53

     240        232,392  

Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/35

     1,220        1,288,411  
    

 

 

  
       15,067,502  
 

 

 

66  

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

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniYield Quality Fund II, Inc. (MQT)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  
New Mexico — 0.1%             

City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44

   $ 180      $ 152,432  
    

 

 

  
New York — 9.7%             

City of New York, GO

     

Series A-1, 5.00%, 08/01/47

     260        282,957  

Series B, 5.25%, 10/01/41

     545        626,372  

Metropolitan Transportation Authority, RB, Series D-2, Sustainability Bonds, 4.00%, 11/15/48

          1,115            1,041,955  

Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.00%, 11/15/56

     1,330        1,353,981  

New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, Subordinate, (SAW), 4.00%, 07/15/42

     1,105        1,105,072  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F-1, Subordinate, 5.00%, 02/01/43

     2,105        2,370,929  

New York Liberty Development Corp., Refunding RB

     

Class 1, 5.00%, 11/15/44(b)

     775        774,031  

Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, 11/15/51

     2,045        1,488,538  

Series A, Sustainability Bonds, 3.00%, 11/15/51

     1,015        758,588  

New York Power Authority, Refunding RB

     

Series A, Sustainability Bonds, 4.00%, 11/15/55

     230        221,517  

Series A, Sustainability Bonds, 4.00%, 11/15/60

     425        401,627  

New York State Thruway Authority, RB, Series N, 4.00%, 01/01/46

     720        720,670  

New York State Urban Development Corp., Refunding RB, 4.00%, 03/15/46

     660        654,313  

New York Transportation Development Corp., ARB

     

AMT, 5.00%, 12/01/36

     450        484,703  

AMT, 5.63%, 04/01/40

     470        508,916  

New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35

     1,050        1,096,176  

Port Authority of New York & New Jersey, ARB AMT, 5.00%, 11/01/49

     1,535        1,590,464  

Series 221, AMT, 4.00%, 07/15/55

     1,570        1,440,060  

Port Authority of New York & New Jersey, Refunding ARB, Series 197, AMT, 5.00%, 11/15/35

     250        260,366  

Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB

     

Series A, 4.13%, 05/15/53

     3,150        3,167,183  

Series A, 4.50%, 05/15/63

     1,000        1,017,150  

Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/49

     1,900        2,036,335  

Triborough Bridge & Tunnel Authority, Refunding RB, Series A, 5.00%, 05/15/47

     1,705        1,865,224  
    

 

 

  
       25,267,127  
North Carolina — 0.1%             

University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49

     165        184,945  
    

 

 

  
Ohio — 1.9%             

Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55

     4,680        4,408,373  
Security  

Par

(000)

      Value  
Ohio (continued)             

County of Franklin Ohio, RB, 5.00%, 11/01/48

   $ 450      $ 494,491  

Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48

             90               90,188  
    

 

 

  
       4,993,052  
Oklahoma — 0.3%             

Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48

     495        494,138  

Oklahoma Water Resources Board, RB, 4.00%, 04/01/48

     345        337,958  
    

 

 

  
       832,096  
Oregon — 0.3%             

Clackamas Community College District, GO, Series A, 5.00%, 06/15/40

     390        412,795  

Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(c)

     875        456,516  
    

 

 

  
       869,311  
Pennsylvania — 7.3%             

Allegheny County Airport Authority, ARB, Series A, AMT, 5.00%, 01/01/51

     1,010        1,039,672  

Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46

     200        156,244  

Pennsylvania Economic Development Financing Authority, RB

     

5.00%, 06/30/42

     4,450        4,454,192  

Series B, 4.00%, 03/15/40

     3,000        3,012,460  

AMT, 5.50%, 06/30/41

     900        991,768  

AMT, 5.75%, 06/30/48

     780        859,986  

Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47

     180        136,374  

Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 5.00%, 09/01/45

     3,150        3,158,626  

Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 142-A, Sustainability Bonds, 5.00%, 10/01/50

     410        422,493  

Pennsylvania Turnpike Commission, RB

     

Series A, 5.00%, 12/01/38

     550        559,000  

Series A-1, 5.00%, 12/01/41

     1,005        1,040,104  

Series C, 5.00%, 12/01/39

     900        914,764  

Series A, Subordinate, 5.00%, 12/01/44

     1,300        1,373,021  

Pennsylvania Turnpike Commission, Refunding RB, Series A-1, 5.00%, 12/01/40

     680        688,032  

School District of Philadelphia, GO, Series A, (SAW), 5.50%, 09/01/48

     265        294,267  
    

 

 

  
       19,101,003  
Puerto Rico — 5.1%             

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

     

Series A-1, Restructured, 4.75%, 07/01/53

     6,611        6,477,259  

Series A-1, Restructured, 5.00%, 07/01/58

     2,833        2,832,963  

Series A-2, Restructured, 4.78%, 07/01/58

     276        269,790  

Series A-2, Restructured, 4.33%, 07/01/40

     1,324        1,314,401  

Series B-1, Restructured, 4.75%, 07/01/53

     309        301,255  
 

 

 

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

   67

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniYield Quality Fund II, Inc. (MQT)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  
Puerto Rico (continued)             

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued)

     

Series B-2, Restructured, 4.78%, 07/01/58

   $ 411      $ 398,975  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c)

          5,025            1,544,738  
    

 

 

  
       13,139,381  
Rhode Island — 0.1%             

Rhode Island Turnpike & Bridge Authority, Refunding RB, Series A, 5.00%, 10/01/40

     305        315,385  
    

 

 

  
South Carolina — 3.1%             

County of Berkeley South Carolina, SAB

     

4.25%, 11/01/40

     315        281,231  

4.38%, 11/01/49

     465        385,269  

Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a)

     1,650        1,767,323  

South Carolina Jobs-Economic Development Authority, RB

     

5.00%, 11/01/43

     2,010        2,084,295  

5.00%, 01/01/55(b)

     855        747,350  

7.50%, 08/15/62(b)

     405        369,314  

South Carolina Public Service Authority, RB, Series A, 4.00%, 12/01/55

     550        502,952  

South Carolina Public Service Authority, Refunding RB, 5.00%, 12/01/38

     1,840        1,840,644  

South Carolina State Housing Finance & Development Authority, Refunding RB, S/F Housing, Series A, 4.95%, 07/01/53

     100        103,371  
    

 

 

  
       8,081,749  
Tennessee — 1.7%             

Knox County Health Educational & Housing Facility Board, RB, Series A-1, (BAM), 5.50%, 07/01/59

     160        174,179  

Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/49

     1,000        1,037,221  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, 5.25%, 05/01/48

     200        216,389  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, 5.25%, 10/01/58

     835        854,155  

Metropolitan Nashville Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/52

     1,020        1,048,916  

Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)

     1,040        1,114,991  
    

 

 

  
       4,445,851  
Texas — 12.3%             

Arlington Higher Education Finance Corp., RB(b)

     

7.50%, 04/01/62

     420        408,710  

7.88%, 11/01/62

     370        375,495  

Board of Regents of the University of Texas System, Refunding RB, Series B, 5.00%, 08/15/49

     1,180        1,432,287  

Central Texas Turnpike System, RB

     

Series C, 5.00%, 08/15/37

     1,240        1,245,706  

Series C, 5.00%, 08/15/42

     625        627,528  

City of Austin Texas Airport System Revenue, ARB, AMT, 5.25%, 11/15/47

     905        975,120  

City of Corpus Christi Texas Utility System Revenue, Refunding RB, 4.00%, 07/15/48

     500        495,038  
Security  

Par

(000)

      Value  
Texas (continued)             

City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48

   $ 100      $ 100,426  

City of Houston Texas Airport System Revenue, ARB, Series A, AMT, 6.63%, 07/15/38

            405              405,526  

City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27

     230        229,832  

City of Houston Texas Airport System Revenue, Refunding RB

     

Series A, AMT, 5.00%, 07/01/27

     225        225,146  

Sub-Series A, AMT, 4.00%, 07/01/46

     830        783,825  

Sub-Series A, AMT, 4.00%, 07/01/48

     2,510        2,325,803  

County of Harris Texas Toll Road Revenue, Refunding RB, 1st Lien, 4.00%, 08/15/45

     425        419,346  

Dallas Fort Worth International Airport, Refunding RB, Series B, 4.00%, 11/01/45

     1,080        1,060,076  

Denton Independent School District, GO, (PSF), 5.00%, 08/15/48

     665        731,922  

Dickinson Independent School District, GO, (PSF), 4.13%, 02/15/48

     350        352,393  

Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(c)(d)

     1,850        1,071,825  

New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(b)

     450        404,566  

North Texas Tollway Authority, RB, Series C, Convertible, 6.75%, 09/01/31(d)

     10,000        12,856,570  

North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49

     970        972,646  

Port Authority of Houston of Harris County Texas, ARB, 1st Lien, 5.00%, 10/01/53

     500        543,936  

Spring Branch Independent School District, GO, (PSF), 4.00%, 02/01/48

     465        465,040  

Tarrant County Cultural Education Facilities Finance Corp., RB

     

Series A, 4.00%, 07/01/53

     525        470,993  

Series A, 5.00%, 07/01/53

     645        669,940  

Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45

     260        229,567  

Texas Department of Housing & Community Affairs, RB, S/F Housing

     

Series A, (GNMA), 4.25%, 09/01/43

     215        213,413  

Series A, (GNMA), 3.75%, 09/01/49

     365        337,106  

Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32

     1,500        1,598,340  
    

 

 

  
       32,028,121  
Utah — 3.2%             

City of Salt Lake City Utah Airport Revenue, ARB

     

Series A, AMT, 5.00%, 07/01/47

     3,485        3,557,574  

Series A, AMT, 5.25%, 07/01/48

     235        251,517  

Series A, AMT, 5.00%, 07/01/51

     1,450        1,505,494  

County of Utah Utah, RB, Series B, 4.00%, 05/15/47

     2,635        2,534,541  

Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/39(b)

     185        176,607  

Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/40(b)

     335        326,273  
    

 

 

  
       8,352,006  
 

 

 

68  

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

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniYield Quality Fund II, Inc. (MQT)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  
Virginia — 0.5%             

Roanoke Economic Development Authority, Refunding RB, 3.00%, 07/01/45

   $ 490      $ 394,686  

Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47

            965              909,496  
    

 

 

  
       1,304,182  
Washington — 0.4%             

Port of Seattle Washington, ARB, Series C, AMT, Intermediate Lien, 5.00%, 05/01/42

     720        738,686  

Snohomish County Housing Authority, Refunding RB, 4.00%, 04/01/44

     430        395,463  
    

 

 

  
       1,134,149  
Wisconsin — 1.4%             

Public Finance Authority, RB

     

5.00%, 10/15/56(b)

     215        177,675  

Class A, 5.00%, 06/15/51(b)

     555        436,187  

Class A, 6.00%, 06/15/52

     140        126,323  

Class A, 6.13%, 06/15/57

     160        145,310  

Series A, 5.00%, 07/01/40(b)

     300        273,249  

Public Finance Authority, Refunding RB, 5.00%, 09/01/39(b)

     295        261,161  

Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing

     

Series A, 4.15%, 11/01/48

     1,700        1,615,902  

Series A, 4.45%, 05/01/57

     685        678,117  
    

 

 

  
       3,713,924  
    

 

 

  

Total Municipal Bonds — 107.4%
(Cost: $267,549,520)

 

      279,538,062  
    

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(f)

 

Alabama — 4.8%             

Black Belt Energy Gas District, RB

     

Series C, 5.50%, 10/01/54

     3,800        4,210,709  

Series C-1, 5.25%, 02/01/53(a)

     7,721        8,222,797  
    

 

 

  
       12,433,506  
Colorado — 1.5%             

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53

     3,680        4,005,254  
    

 

 

  
District of Columbia — 0.4%             

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

     920        922,607  
    

 

 

  
Florida — 5.0%             

City of Fort Lauderdale Florida Water & Sewer Revenue, RB, 5.50%, 09/01/53

     3,341        3,830,595  

City of Tampa Florida Water & Wastewater System Revenue, RB, Series A, Sustainability Bonds, 5.25%, 10/01/57

     2,150        2,389,499  
Security  

Par

(000)

      Value  
Florida (continued)             

County of Seminole Florida Sales Tax Revenue, Refunding RB, Series B, (NPFGC), 5.25%, 10/01/31

   $ 4,200      $ 4,827,312  

Miami-Dade County Expressway Authority, Refunding RB, Series A, (AGM), 5.00%, 07/01/35

          2,100            2,103,505  
    

 

 

  
       13,150,911  
Georgia — 1.2%             

Main Street Natural Gas, Inc., RB, Series C, 5.00%, 09/01/53

     2,970        3,153,398  
    

 

 

  
Illinois — 7.6%             

City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/58

     4,903        5,354,633  

Illinois Finance Authority, Refunding RB, Series A, 5.00%, 08/15/51

     1,951        2,082,593  

Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/38

     1,858        1,863,345  

Regional Transportation Authority, RB, (NPFGC), 6.50%, 07/01/26

     10,000        10,492,890  
    

 

 

  
       19,793,461  
New York — 6.8%             

New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38

     1,770        1,742,743  

New York City Municipal Water Finance Authority, RB, Series AA-1, 5.25%, 06/15/52

     4,010        4,497,239  

New York City Transitional Finance Authority, RB, 5.25%, 05/01/48

     3,680        4,177,792  

New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/47

     1,810        1,791,900  

Port Authority of New York & New Jersey, Refunding ARB, 5.25%, 10/15/57

     1,910        1,987,807  

Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/51

     1,990        2,134,767  

Triborough Bridge & Tunnel Authority, Refunding RB, Series C, 4.13%, 05/15/52

     1,500        1,504,255  
    

 

 

  
       17,836,503  
Oklahoma — 1.3%             

Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53

     3,001        3,351,174  
    

 

 

  
Oregon — 0.9%             

Port of Portland Oregon Airport Revenue, ARB, Series 29, AMT, 5.50%, 07/01/48

     2,020        2,237,903  
    

 

 

  
Pennsylvania — 1.3%             

Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/52

     3,031        3,345,585  
    

 

 

  
South Carolina — 1.9%             

Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54

     4,591        4,953,595  
    

 

 

  
Tennessee — 1.8%             

Tennessee Energy Acquisition Corp., RB, 5.00%, 05/01/52(a)

     4,401        4,676,479  
    

 

 

  
 

 

 

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

   69

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniYield Quality Fund II, Inc. (MQT)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  
Texas — 2.3%             

City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, Subordinate Lien, (AGM), 5.25%, 07/01/48

   $ 1,430      $ 1,538,500  

City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.50%, 02/01/50

     1,610        1,827,457  

Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51

     2,541        2,714,903  
    

 

 

  
       6,080,860  
Virginia — 1.2%             

Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57

     3,280        3,165,733  
    

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 38.0% (Cost: $94,012,690)

 

      99,106,969  
    

 

 

  

Total Long-Term Investments — 145.4%
(Cost: $361,562,210)

 

      378,645,031  
    

 

 

  
     Shares          

Short-Term Securities

     
Money Market Funds — 1.7%             

BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.09%(g)(h)

     4,272,776        4,273,203  
    

 

 

  

Total Short-Term Securities — 1.7%
(Cost: $4,272,776)

 

      4,273,203  
    

 

 

  

Total Investments — 147.1%
(Cost: $365,834,986)

        382,918,234  

Other Assets Less Liabilities — 1.8%

        4,623,973  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (18.7)%

 

      (48,596,513 ) 

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (30.2)%

 

      (78,600,000 ) 
    

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

    $ 260,345,694  
    

 

 

  
(a) 

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

(b) 

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

(c) 

Zero-coupon bond.

(d) 

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

(e) 

When-issued security.

(f) 

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

(g) 

Affiliate of the Fund.

(h) 

Annualized 7-day yield as of period end.

 

 

Affiliates

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

 

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

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $ 7,783,129     $ —     $ (3,511,062 )(a)    $ 709     $ 427     $ 4,273,203       4,272,776     $ 216,640     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

 

70  

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

Schedule of Investments (unaudited) (continued)

January 31, 2024

   

BlackRock MuniYield Quality Fund II, Inc. (MQT)

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

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

Net Realized Gain (Loss) from:

                     

Futures contracts

    $ —      $ —      $ —      $ —      $ (618,076 )     $ —      $ (618,076 ) 
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net Change in Unrealized Appreciation (Depreciation) on:

                     

Futures contracts

    $ —      $ —      $ —      $ —      $ 36,253      $ —      $ 36,253  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

         

Average notional value of contracts — short

    $ 10,096,688  

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

Fair Value Hierarchy as of Period End

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

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

 

      Level 1        Level 2        Level 3        Total  

Assets

                  

Investments

                  

Long-Term Investments

                  

Municipal Bonds

    $ —        $ 279,538,062        $ —        $ 279,538,062  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          99,106,969          —          99,106,969  

Short-Term Securities

                  

Money Market Funds

      4,273,203          —          —          4,273,203  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 4,273,203        $ 378,645,031        $ —        $ 382,918,234  
  

 

 

       

 

 

       

 

 

       

 

 

  

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

 

      Level 1        Level 2        Level 3        Total  

Liabilities

                  

TOB Trust Certificates

    $ —        $ (48,218,616 )       $ —        $ (48,218,616 ) 

VMTP Shares at Liquidation Value

         —          (78,600,000 )         —          (78,600,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (126,818,616 )       $ —        $ (126,818,616 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

See notes to financial statements.

 

 

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

   71

 

Statements of Assets and Liabilities (unaudited)

January 31, 2024

 

    BKN     BFK     BLE     MHD  

 

  

ASSETS

        

Investments, at value — unaffiliated(a)

   $ 323,915,092     $ 749,893,124     $ 812,230,985     $ 1,005,751,379  

Investments, at value — affiliated(b)

     4,287,925       5,135,357       10,123,679       16,326,415  

Cash

     —       8,030,330       4,647,034       4,728,052  

Receivables:

        

Investments sold

     5,376,029       11,133,486       4,418,188       6,644,572  

Dividends — affiliated

     4,137       5,446       27,952       42,894  

Interest — unaffiliated

     2,821,330       7,653,930       8,262,729       9,972,015  

Deferred offering costs

     86,677       202,929       117,733       —  

Prepaid expenses

     7,151       8,942       9,296       10,174  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

     336,498,341       782,063,544       839,837,596       1,043,475,501  
 

 

 

    

 

 

    

 

 

    

 

 

  

ACCRUED LIABILITIES

        

Bank overdraft

     4,681       —       —       —  

Payables:

        

Investments purchased

     6,278,206       10,791,078       2,631,894       9,316,918  

Accounting services fees

     19,775       22,274       18,290       38,581  

Administration fees

     41,761       —       —       —  

Custodian fees

     1,358       2,624       3,119       3,410  

Income dividend distributions — Common Shares

     980,733       2,192,742       2,481,807       2,737,435  

Interest expense and fees

     221,393       577,484       515,254       628,299  

Investment advisory fees

     97,257       389,335       386,932       477,654  

Directors’ and Officer’s fees

     30,895       133,323       75,590       40,382  

Other accrued expenses

     6,456       6,467       64,313       8,448  

Professional fees

     27,668       37,019       20,292       43,958  

Reorganization costs

     15,937       —       —       —  

Transfer agent fees

     12,757       23,190       25,662       31,447  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total accrued liabilities

     7,738,877       14,175,536       6,223,153       13,326,532  
 

 

 

    

 

 

    

 

 

    

 

 

  

OTHER LIABILITIES

        

TOB Trust Certificates

     34,892,828       106,689,984       77,008,589       103,207,179  

VMTP Shares, at liquidation value of $100,000 per share, net of deferred offering costs(c)(d)(e)

     67,800,000       154,100,000       174,100,000       214,000,000  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total other liabilities

     102,692,828       260,789,984       251,108,589       317,207,179  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total liabilities

     110,431,705       274,965,520       257,331,742       330,533,711  
 

 

 

    

 

 

    

 

 

    

 

 

  

Commitments and contingent liabilities

        

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

   $ 226,066,636     $ 507,098,024     $ 582,505,854     $ 712,941,790  
 

 

 

    

 

 

    

 

 

    

 

 

  

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF

        

Paid-in capital(f)(g)(h)

   $ 238,847,201     $ 578,830,195     $ 654,110,246     $ 793,096,499  

Accumulated loss

     (12,780,565 )      (71,732,171 )      (71,604,392 )      (80,154,709 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

   $  226,066,636     $  507,098,024     $  582,505,854     $ 712,941,790  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value per Common Share

   $ 13.14     $ 11.56     $ 12.20     $ 13.67  
 

 

 

    

 

 

    

 

 

    

 

 

  

(a)   Investments, at cost — unaffiliated

   $ 308,667,447     $ 722,316,729     $ 794,705,678     $ 973,263,905  

(b)   Investments, at cost — affiliated

   $ 4,287,925     $ 5,135,317     $ 10,121,826     $ 16,326,415  

(c)   Preferred Shares outstanding

     678       1,541       1,741       2,140  

(d)   Preferred Shares authorized

     7,121       Unlimited       Unlimited       8,478  

(e)   Par value per Preferred Share

   $ 0.10     $ 0.001     $ 0.001     $ 0.10  

(f)   Common Shares outstanding

     17,205,846       43,854,836       47,727,056       52,141,616  

(g)   Common Shares authorized

     199,992,879       Unlimited       Unlimited       199,991,522  

(h)   Par value per Common Share

   $ 0.01     $ 0.001     $ 0.001     $ 0.10  

See notes to financial statements.

 

 

72  

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Statements of Assets and Liabilities (unaudited) (continued)

January 31, 2024

 

    MVF     MVT     MQT  

 

  

ASSETS

 

    

Investments, at value — unaffiliated(a)

   $ 727,653,383     $ 358,929,501     $ 378,645,031  

Investments, at value — affiliated(b)

     10,695,053       2,566,968       4,273,203  

Cash

     —       3,819,973       —  

Receivables:

      

Investments sold

     —       2,147,632       3,130,088  

Dividends — affiliated

     39,134       13,082       16,118  

Interest — unaffiliated

     6,791,789       3,530,476       3,712,027  

Prepaid expenses

     8,293       7,536       7,546  
 

 

 

    

 

 

    

 

 

  

Total assets

     745,187,652       371,015,168       389,784,013  
 

 

 

    

 

 

    

 

 

  

ACCRUED LIABILITIES

      

Bank overdraft

     4,590       —       4,681  

Payables:

      

Investments purchased

     1,625,416       —       908,517  

Accounting services fees

     30,507       19,075       18,671  

Custodian fees

     2,292       1,524       1,239  

Income dividend distributions — Common Shares

     1,903,390       1,053,502       1,085,581  

Interest expense and fees

     376,751       171,422       377,897  

Investment advisory fees

     309,517       155,800       163,145  

Directors’ and Officer’s fees

     84,490       1,004       1,040  

Other accrued expenses

     4,729       7,437       7,588  

Professional fees

     30,362       35,690       35,731  

Transfer agent fees

     25,006       14,994       15,613  
 

 

 

    

 

 

    

 

 

  

Total accrued liabilities

     4,397,050       1,460,448       2,619,703  
 

 

 

    

 

 

    

 

 

  

OTHER LIABILITIES

      

TOB Trust Certificates

     77,373,088       31,622,503       48,218,616  

VMTP Shares, at liquidation value of $100,000 per share, net of deferred offering costs(c)(d)(e)

     153,600,000       77,700,000       78,600,000  
 

 

 

    

 

 

    

 

 

  

Total other liabilities

     230,973,088       109,322,503       126,818,616  
 

 

 

    

 

 

    

 

 

  

Total liabilities

     235,370,138       110,782,951       129,438,319  
 

 

 

    

 

 

    

 

 

  

Commitments and contingent liabilities

      

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

   $ 509,817,514     $ 260,232,217     $ 260,345,694  
 

 

 

    

 

 

    

 

 

  

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF

      

Paid-in capital(f)(g)(h)

   $ 565,828,309     $ 283,803,414     $ 275,059,393  

Accumulated loss

     (56,010,795 )      (23,571,197 )      (14,713,699 ) 
 

 

 

    

 

 

    

 

 

  

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

   $  509,817,514     $  260,232,217     $  260,345,694  
 

 

 

    

 

 

    

 

 

  

Net asset value per Common Share

   $ 8.04     $ 12.47     $ 11.75  
 

 

 

    

 

 

    

 

 

  

(a)   Investments, at cost — unaffiliated

   $ 717,342,437     $ 347,425,422     $ 361,562,210  

(b)   Investments, at cost — affiliated

   $ 10,695,053     $ 2,566,352     $ 4,272,776  

(c)   Preferred Shares outstanding

     1,536       777       786  

(d)   Preferred Shares authorized

     10,000,000       8,400       7,565  

(e)   Par value per Preferred Share

   $ 0.10     $ 0.10     $ 0.10  

(f)   Common Shares outstanding

     63,446,349       20,861,423       22,154,712  

(g)   Common Shares authorized

     150,000,000       199,991,600       199,992,435  

(h)   Par value per Common Share

   $ 0.10     $ 0.10     $ 0.10  

See notes to financial statements.

 

 

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

   73

 

Statements of Operations (unaudited)

Six Months Ended January 31, 2024

 

    BKN     BFK     BLE     MHD  

 

  

INVESTMENT INCOME

        

Dividends — affiliated

   $ 175,109     $ 353,787     $ 570,839     $ 567,805  

Interest — unaffiliated

     7,614,649       17,553,932       19,038,558       22,869,447  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total investment income

     7,789,758       17,907,719       19,609,397       23,437,252  
 

 

 

    

 

 

    

 

 

    

 

 

  

EXPENSES

        

Investment advisory

     590,087       2,291,951       2,350,023       2,830,763  

Administration

     252,894       —       —       —  

Reorganization

     58,228       —       —       —  

Accounting services

     34,516       41,769       34,297       70,954  

Professional

     27,204       42,613       46,244       39,248  

Transfer agent

     18,576       20,438       24,673       26,458  

Directors and Officer

     9,916       26,477       23,521       24,658  

Registration

     5,689       7,520       7,682       9,003  

Printing and postage

     5,008       10,607       9,915       4,744  

Custodian

     2,786       5,150       5,588       6,395  

Miscellaneous

     32,798       34,498       35,924       35,167  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses excluding interest expense, fees and amortization of offering costs

     1,037,702       2,481,023       2,537,867       3,047,390  

Interest expense, fees and amortization of offering costs(a)

     2,954,936       6,622,961       7,303,905       8,458,959  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses

     3,992,638       9,103,984       9,841,772       11,506,349  

Less:

        

Fees waived and/or reimbursed by the Manager

     (4,736 )      (9,492 )      (15,707 )      (15,830 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     3,987,902       9,094,492       9,826,065       11,490,519  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income

     3,801,856       8,813,227       9,783,332       11,946,733  
 

 

 

    

 

 

    

 

 

    

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS)

        

Net realized gain (loss) from:

        

Investments — unaffiliated

     (7,499,819 )      (26,803,147 )      (15,865,482 )      (28,275,748 ) 

Investments — affiliated

     (117 )      1,070       2,337       3,103  

Futures contracts

     (543,434 )      747,107       2,460,561       (1,772,521 ) 

Payment by affiliate

     —       —       —       10,016  
 

 

 

    

 

 

    

 

 

    

 

 

  
    (8,043,370 )      (26,054,970 )      (13,402,584 )      (30,035,150 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation) on:

        

Investments — unaffiliated

     7,066,381       21,715,241       19,917,551       31,769,844  

Investments — affiliated

     (27 )      29       (1,536 )      (2,570 ) 

Futures contracts

     32,220       (321,145 )      (592,079 )      99,877  
 

 

 

    

 

 

    

 

 

    

 

 

  
    7,098,574       21,394,125       19,323,936       31,867,151  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net realized and unrealized gain (loss)

     (944,796 )      (4,660,845 )      5,921,352       1,832,001  
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS

   $ 2,857,060     $ 4,152,382     $ 15,704,684     $ 13,778,734  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

(a)   

Related to TOB Trusts and/or VMTP Shares.

See notes to financial statements.

 

 

74  

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

 

Statements of Operations (unaudited) (continued)

Six Months Ended January 31, 2024

 

    MVF     MVT     MQT  

 

  

INVESTMENT INCOME

      

Dividends — affiliated

   $ 758,814     $ 281,007     $ 216,640  

Interest — unaffiliated

     15,777,105       8,241,415       8,628,521  
 

 

 

    

 

 

    

 

 

  

Total investment income

     16,535,919       8,522,422       8,845,161  
 

 

 

    

 

 

    

 

 

  

EXPENSES

      

Investment advisory

     1,835,373       941,121       960,684  

Accounting services

     56,126       34,657       34,527  

Professional

     38,756       32,425       30,522  

Transfer agent

     25,131       15,339       17,350  

Directors and Officer

     21,821       8,396       8,425  

Registration

     11,262       4,185       4,150  

Printing and postage

     5,914       6,788       6,495  

Custodian

     4,167       2,714       3,077  

Miscellaneous

     34,656       33,697       33,626  
 

 

 

    

 

 

    

 

 

  

Total expenses excluding interest expense, fees and amortization of offering costs

     2,033,206       1,079,322       1,098,856  

Interest expense, fees and amortization of offering costs(a)

     5,972,883       3,172,518       3,217,017  
 

 

 

    

 

 

    

 

 

  

Total expenses

     8,006,089       4,251,840       4,315,873  

Less:

      

Fees waived and/or reimbursed by the Manager

     (20,889 )      (7,771 )      (6,119 ) 
 

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

     7,985,200       4,244,069       4,309,754  
 

 

 

    

 

 

    

 

 

  

Net investment income

     8,550,719       4,278,353       4,535,407  
 

 

 

    

 

 

    

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS)

      

Net realized gain (loss) from:

      

Investments — unaffiliated

     (9,347,010 )      (7,950,836 )      (7,276,692 ) 

Investments — affiliated

     12,013       (12 )      709  

Futures contracts

     —       2,263,558       (618,076 ) 
 

 

 

    

 

 

    

 

 

  
    (9,334,997 )      (5,687,290 )      (7,894,059 ) 
 

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation) on:

      

Investments — unaffiliated

     17,887,567       8,529,005       8,915,343  

Investments — affiliated

     (8,116 )      (128 )      427  

Futures contracts

     —       (499,448 )      36,253  
 

 

 

    

 

 

    

 

 

  
    17,879,451       8,029,429       8,952,023  
 

 

 

    

 

 

    

 

 

  

Net realized and unrealized gain

     8,544,454       2,342,139       1,057,964  
 

 

 

    

 

 

    

 

 

  

NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS

   $  17,095,173     $  6,620,492     $  5,593,371  
 

 

 

    

 

 

    

 

 

  

 

(a)   

Related to TOB Trusts and/or VMTP Shares.

See notes to financial statements.

 

 

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

   75

 

Statements of Changes in Net Assets

 

    BKN     BFK  
 

 

 

    

 

 

  
    Six Months Ended           Six Months Ended        
    01/31/24     Year Ended     01/31/24     Year Ended  
    (unaudited)     07/31/23     (unaudited)     07/31/23  

 

  

INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

        

OPERATIONS

        

Net investment income

   $ 3,801,856     $ 9,061,613     $ 8,813,227     $ 18,124,814  

Net realized loss

     (8,043,370 )      (13,703,375 )      (26,054,970 )      (51,126,908 ) 

Net change in unrealized appreciation (depreciation)

     7,098,574       2,995,191       21,394,125       27,744,428  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

     2,857,060       (1,646,571 )      4,152,382       (5,257,666 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

DISTRIBUTIONS TO COMMON SHAREHOLDERS(a)

        

From net investment income

     (4,705,808 )(b)      (8,709,946 )      (9,787,565 )(b)      (15,988,428 ) 

Return of capital

     —       (1,409,697 )      —       (3,249,626 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Decrease in net assets resulting from distributions to Common Shareholders

     (4,705,808 )      (10,119,643 )      (9,787,565 )      (19,238,054 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

CAPITAL SHARE TRANSACTIONS

        

Net proceeds from the issuance of common shares

     —       218,616       —       —  

Reinvestment of common distributions

     —       147,431       —       —  

Redemption of shares resulting from share repurchase program (including transaction costs)

     (2,461,995 )      (2,064,795 )      (5,545,723 )      (5,916,445 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net decrease in net assets derived from capital share transactions

     (2,461,995 )      (1,698,748 )      (5,545,723 )      (5,916,445 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

        

Total decrease in net assets applicable to Common Shareholders

     (4,310,743 )      (13,464,962 )      (11,180,906 )      (30,412,165 ) 

Beginning of period

     230,377,379       243,842,341       518,278,930       548,691,095  
 

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $ 226,066,636     $ 230,377,379     $ 507,098,024     $ 518,278,930  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

(a)   

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(b)   

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

See notes to financial statements.

 

 

76  

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

 

Statements of Changes in Net Assets (continued)

 

    BLE     MHD  
 

 

 

    

 

 

  
    Six Months Ended           Six Months Ended        
    01/31/24     Year Ended     01/31/24     Year Ended  
    (unaudited)     07/31/23     (unaudited)     07/31/23  

 

  

INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

        

OPERATIONS

        

Net investment income

   $ 9,783,332     $ 21,598,450     $ 11,946,733     $ 25,308,154  

Net realized loss

     (13,402,584 )      (42,881,354 )      (30,035,150 )      (54,748,569 ) 

Net change in unrealized appreciation (depreciation)

     19,323,936       18,338,457       31,867,151       17,096,751  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

     15,704,684       (2,944,447 )      13,778,734       (12,343,664 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

DISTRIBUTIONS TO COMMON SHAREHOLDERS(a)

        

From net investment income

     (11,527,548 )(b)      (19,188,396 )      (12,956,991 )(b)      (26,398,031 ) 

Return of capital

     —       (3,788,120 )      —       (1,263,297 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Decrease in net assets resulting from distributions to Common Shareholders

     (11,527,548 )      (22,976,516 )      (12,956,991 )      (27,661,328 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

CAPITAL SHARE TRANSACTIONS

        

Redemption of shares resulting from share repurchase program (including transaction costs)

     (5,278,307 )      (6,114,272 )      (6,897,831 )      (6,750,046 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

        

Total decrease in net assets applicable to Common Shareholders

     (1,101,171 )      (32,035,235 )      (6,076,088 )      (46,755,038 ) 

Beginning of period

     583,607,025       615,642,260       719,017,878       765,772,916  
 

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $  582,505,854     $  583,607,025     $  712,941,790     $  719,017,878  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

(a)   

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(b)   

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

See notes to financial statements.

 

 

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

   77

 

Statements of Changes in Net Assets (continued)

 

    MVF     MVT  
 

 

 

    

 

 

  
    Six Months Ended           Six Months Ended        
    01/31/24     Year Ended     01/31/24     Year Ended  
    (unaudited)     07/31/23     (unaudited)     07/31/23  

 

  

INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

        

OPERATIONS

        

Net investment income

   $ 8,550,719     $ 16,997,519     $ 4,278,353     $ 8,892,992  

Net realized loss

     (9,334,997 )      (28,698,689 )      (5,687,290 )      (24,648,329 ) 

Net change in unrealized appreciation (depreciation)

     17,879,451       (1,042,423 )      8,029,429       12,949,446  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

     17,095,173       (12,743,593 )      6,620,492       (2,805,891 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

DISTRIBUTIONS TO COMMON SHAREHOLDERS(a)

        

From net investment income

     (9,169,592 )(b)      (16,465,493 )      (4,759,653 )(b)      (8,093,467 ) 

Return of capital

     —       (2,175,326 )      —       (1,423,236 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Decrease in net assets resulting from distributions to Common Shareholders

     (9,169,592 )      (18,640,819 )      (4,759,653 )      (9,516,703 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

CAPITAL SHARE TRANSACTIONS

        

Redemption of shares resulting from share repurchase program (including transaction costs)

     (3,869,138 )      (5,324,949 )      (2,399,715 )      (2,806,926 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

        

Total increase (decrease) in net assets applicable to Common Shareholders

     4,056,443       (36,709,361 )      (538,876 )      (15,129,520 ) 

Beginning of period

     505,761,071       542,470,432       260,771,093       275,900,613  
 

 

 

    

 

 

    

 

 

    

 

 

  

End of period

   $  509,817,514     $  505,761,071     $  260,232,217     $  260,771,093  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

(a)   

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(b)   

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

See notes to financial statements.

 

 

78  

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

 

Statements of Changes in Net Assets (continued)

 

    MQT  
 

 

 

  
    Six Months Ended        
    01/31/24     Year Ended  
    (unaudited)     07/31/23  

 

  

INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

    

OPERATIONS

    

Net investment income

   $ 4,535,407     $ 10,200,739  

Net realized loss

     (7,894,059 )      (15,305,002 ) 

Net change in unrealized appreciation (depreciation)

     8,952,023       2,517,622  
 

 

 

    

 

 

  

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

     5,593,371       (2,586,641 ) 
 

 

 

    

 

 

  

DISTRIBUTIONS TO COMMON SHAREHOLDERS(a)

    

From net investment income

     (5,296,901 )(b)      (10,203,174 ) 

Return of capital

     —       (708,109 ) 
 

 

 

    

 

 

  

Decrease in net assets resulting from distributions to Common Shareholders

     (5,296,901 )      (10,911,283 ) 
 

 

 

    

 

 

  

CAPITAL SHARE TRANSACTIONS

    

Reinvestment of common distributions

     —       166,343  

Redemption of shares resulting from share repurchase program (including transaction costs)

     (2,265,141 )      (2,280,782 ) 
 

 

 

    

 

 

  

Net decrease in net assets derived from capital share transactions

     (2,265,141 )      (2,114,439 ) 
 

 

 

    

 

 

  

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

    

Total decrease in net assets applicable to Common Shareholders

     (1,968,671 )      (15,612,363 ) 

Beginning of period

     262,314,365       277,926,728  
 

 

 

    

 

 

  

End of period

   $ 260,345,694     $ 262,314,365  
 

 

 

    

 

 

  

 

(a)   

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(b)   

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

See notes to financial statements.

 

 

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

   79

Statements of Cash Flows (unaudited)

Six Months Ended January 31, 2024

     

 

     BKN     BFK     BLE     MHD  

CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES

        

Net increase in net assets resulting from operations

   $ 2,857,060     $ 4,152,382     $ 15,704,684     $ 13,778,734  

Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:

        

Proceeds from sales of long-term investments

     131,949,484       617,293,871       252,932,658       419,531,699  

Purchases of long-term investments

     (94,917,934 )      (614,619,089 )      (189,442,614 )      (373,916,666 ) 

Net proceeds from sales (purchases) of short-term securities

     (3,532,621 )      18,922,198       27,763,789       22,537,486  

Amortization of premium and accretion of discount on investments and other fees

     (924,499 )      (251,730 )      (1,464 )      (264,650 ) 

Net realized loss on investments

     7,499,936       26,802,077       15,863,145       28,259,678  

Net unrealized appreciation on investments

     (7,066,354 )      (21,715,270 )      (19,916,015 )      (31,767,274 ) 

(Increase) Decrease in Assets

        

Receivables

        

Dividends — affiliated

     750       72,723       62,925       30,913  

Interest — unaffiliated

     174,649       (25,809 )      1,051,640       552,003  

Prepaid expenses

     12,727       7,225       55,773       71,568  

Deferred offering costs

     (817 )      (833 )      —       —  

Increase (Decrease) in Liabilities

        

Payables

        

Accounting services fees

     (7,360 )      (13,390 )      (11,014 )      (21,325 ) 

Administration fees

     (4,509 )      —       —       —  

Custodian fees

     (1,273 )      (2,579 )      (2,203 )      (3,207 ) 

Interest expense and fees

     155,906       577,484       221,903       376,760  

Investment advisory fees

     (10,518 )      (10,476 )      (40,216 )      (31,136 ) 

Directors’ and Officer’s fees

     (12,984 )      (53,843 )      (23,081 )      (12,488 ) 

Other accrued expenses

     (5,321 )      2,493       (586 )      (6,463 ) 

Professional fees

     (29,703 )      (34,264 )      (25,673 )      (35,031 ) 

Reorganization costs

     15,937       —       —       —  

Transfer agent fees

     (1,871 )      (1,459 )      (479 )      918  

Variation margin on futures contracts

     (17,636 )      (37,513 )      (44,117 )      (56,383 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net cash provided by operating activities

     36,133,049       31,064,198       104,149,055       79,025,136  
 

 

 

    

 

 

    

 

 

    

 

 

  

CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES

        

Cash dividends paid to Common Shareholders

     (3,752,179 )      (7,641,687 )      (9,099,345 )      (10,303,865 ) 

Repayments of TOB Trust Certificates

     —       —       (12,245,790 )      (21,375,364 ) 

Net payments on Common Shares redeemed

     (2,520,275 )      (5,732,759 )      (5,434,797 )      (7,148,995 ) 

Payments on redemption of VMTP Shares

     (58,100,000 )      (116,700,000 )      (128,600,000 )      (133,800,000 ) 

Proceeds from TOB Trust Certificates

     28,073,987       106,689,984       55,442,481       97,799,696  

Decrease in bank overdraft

     (43,582 )      (87,406 )      (77,570 )      (121,556 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net cash used for financing activities

     (36,342,049 )      (23,471,868 )      (100,015,021 )      (74,950,084 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

CASH

        

Net increase (decrease) in restricted and unrestricted cash

     (209,000 )      7,592,330       4,134,034       4,075,052  

Restricted and unrestricted cash at beginning of period

     209,000       438,000       513,000       653,000  
 

 

 

    

 

 

    

 

 

    

 

 

  

Restricted and unrestricted cash at end of period

   $ —     $ 8,030,330     $ 4,647,034     $ 4,728,052  
 

 

 

    

 

 

    

 

 

    

 

 

  

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

        

Cash paid during the period for interest expense

   $ 2,799,030     $ 6,045,477     $ 7,082,002     $ 8,082,199  
 

 

 

    

 

 

    

 

 

    

 

 

  

RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES

        

Cash

   $ —     $ 8,030,330     $ 4,647,034     $ 4,728,052  
 

 

 

    

 

 

    

 

 

    

 

 

  

See notes to financial statements.

 

 

80  

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

Statements of Cash Flows (unaudited) (continued)

Six Months Ended January 31, 2024

     

 

     MVF     MVT     MQT  

CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES

      

Net increase in net assets resulting from operations

   $ 17,095,173     $ 6,620,492     $ 5,593,371  

Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:

      

Proceeds from sales of long-term investments

     200,745,417       136,243,692       124,637,693  

Purchases of long-term investments

     (245,450,894 )      (113,065,039 )      (115,252,149 ) 

Net proceeds from sales of short-term securities

     85,871,812       14,911,680       3,511,062  

Amortization of premium and accretion of discount on investments and other fees

     347,468       64,233       (109,918 ) 

Net realized loss on investments

     9,334,997       7,950,848       7,273,198  

Net unrealized appreciation on investments

     (17,879,451 )      (8,528,877 )      (8,915,770 ) 

(Increase) Decrease in Assets

      

Receivables

      

Dividends — affiliated

     166,902       30,839       2,454  

Interest — unaffiliated

     (700,621 )      303,803       65,709  

Prepaid expenses

     4,283       12,405       12,376  

Increase (Decrease) in Liabilities

      

Payables

      

Accounting services fees

     (16,893 )      (10,573 )      (10,298 ) 

Custodian fees

     (1,749 )      (1,527 )      (1,376 ) 

Interest expense and fees

     193,798       139,647       174,721  

Investment advisory fees

     (12,625 )      (14,778 )      (6,066 ) 

Directors’ and Officer’s fees

     (26,891 )      (512 )      (501 ) 

Other accrued expenses

     (5,053 )      (535 )      (1,697 ) 

Professional fees

     (33,442 )      (34,722 )      (33,269 ) 

Transfer agent fees

     (348 )      (193 )      (2,124 ) 

Variation margin on futures contracts

     —       (41,637 )      (20,252 ) 
 

 

 

    

 

 

    

 

 

  

Net cash provided by operating activities

     49,631,883       44,579,246       16,917,164  
 

 

 

    

 

 

    

 

 

  

CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES

      

Cash dividends paid to Common Shareholders

     (7,344,821 )      (3,751,003 )      (4,261,589 ) 

Repayments of TOB Trust Certificates

     (3,625,000 )      (4,307,798 )      (980,000 ) 

Net payments on Common Shares redeemed

     (3,976,665 )      (2,472,176 )      (2,345,633 ) 

Payments on redemption of VMTP Shares

     (90,200,000 )      (62,300,000 )      (37,900,000 ) 

Proceeds from TOB Trust Certificates

     55,568,335       31,622,503       28,370,666  

Decrease in bank overdraft

     (53,732 )      (34,799 )      (37,608 ) 
 

 

 

    

 

 

    

 

 

  

Net cash used for financing activities

     (49,631,883 )      (41,243,273 )      (17,154,164 ) 
 

 

 

    

 

 

    

 

 

  

CASH

      

Net increase (decrease) in restricted and unrestricted cash

     —       3,335,973       (237,000 ) 

Restricted and unrestricted cash at beginning of period

     —       484,000       237,000  
 

 

 

    

 

 

    

 

 

  

Restricted and unrestricted cash at end of period

   $ —     $ 3,819,973     $ —  
 

 

 

    

 

 

    

 

 

  

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

      

Cash paid during the period for interest expense

   $ 5,779,085     $ 3,032,871     $ 3,042,296  
 

 

 

    

 

 

    

 

 

  

RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES

      

Cash

   $ —     $ 3,819,973     $ —  
 

 

 

    

 

 

    

 

 

  

See notes to financial statements.

 

 

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

   81

Financial Highlights

(For a share outstanding throughout each period)

 

           BKN  
    

Six Months Ended

01/31/24

(unaudited)

     Year Ended
07/31/23		     Period from
05/01/22
to 07/31/22		     Year Ended
04/30/22		     Year Ended
04/30/21		     Year Ended
04/30/20		     Year Ended
04/30/19		  
                 

Net asset value, beginning of period

            $ 13.21     $ 13.86     $ 13.79     $ 16.71     $ 14.89     $ 15.75     $ 15.26  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

       0.22       0.52       0.16       0.74       0.81       0.71       0.71  

Net realized and unrealized gain (loss)

       (0.02 )      (0.59 )      0.11       (2.84 )      1.80       (0.88 )      0.46  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) from investment operations

       0.20       (0.07 )      0.27       (2.10 )      2.61       (0.17 )      1.17  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to Common Shareholders(b)

                

From net investment income

       (0.27 )(c)      (0.50 )      (0.20 )      (0.82 )      (0.79 )      (0.69 )      (0.68 ) 

From net realized gain

       —       —       —       —       —       —       (0.00 )(d) 

Return of capital

       —       (0.08 )      —       —       —       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions to Common Shareholders

       (0.27 )      (0.58 )      (0.20 )      (0.82 )      (0.79 )      (0.69 )      (0.68 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of period

     $ 13.14     $ 13.21     $ 13.86     $ 13.79     $ 16.71     $ 14.89     $ 15.75  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price, end of period

     $ 11.71     $ 11.75     $ 14.61     $ 15.14     $ 19.20     $ 14.75     $ 14.31  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Total Return Applicable to Common Shareholders(e)                

Based on net asset value

       1.93 %(f)      (0.06 )%      1.98 %(f)      (13.23 )%      17.68 %      (1.16 )%      8.45 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Based on market price

       2.12 %(f)      (15.67 )%      (2.09 )%(f)      (17.09 )%      36.51 %      7.77 %      10.81 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Ratios to Average Net Assets Applicable to Common Shareholders(g)                

Total expenses

       3.62 %(h)(i)(j)      3.40 %      2.33 %(h)(k)      1.52 %      1.53 %      2.31 %      2.53 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

       3.62 %(h)(i)(j)      3.40 %      2.32 %(h)(k)      1.52 %      1.53 %      2.31 %      2.53 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(l)

       0.92 %(h)(i)(j)      0.93 %      0.99 %(h)(k)      0.92 %      0.93 %      0.93 %      0.94 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income to Common Shareholders

       3.47 %(h)      3.96 %      4.80 %(h)      4.56 %      4.93 %      4.39 %      4.64 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Data

                

Net assets applicable to Common Shareholders, end of period (000)

     $ 226,067     $ 230,377     $ 243,842     $ 237,646     $ 287,404     $ 255,884     $ 270,707  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)

     $ 67,800     $ 125,900     $ 125,900     $ 125,900     $ 125,900     $ 125,900     $ 125,900  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period

     $ 320,138 (m)    $ 273,583 (m)    $ 243,263 (m)    $ 288,757 (n)    $ 328,280 (n)    $ 303,244 (n)    $ 315,017 (n) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOB Trust Certificates, end of period (000)

     $ 34,893     $ 6,819     $ 44,306     $ 47,151     $ 54,214     $ 56,112     $ 51,999  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Asset coverage per $1,000 of TOB Trust Certificates, end of period(o)

     $ 9,422     $ 53,248     $ 9,345       N/A       N/A       N/A       N/A  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Portfolio turnover rate

       30 %      31 %      9 %      17 %      10 %      16 %      29 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a)

Based on average Common Shares outstanding.

(b)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c)

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

(d)

Amount is greater than $(0.005) per share.

(e)

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

(f)

Not annualized.

(g)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(h) 

Annualized.

(i)

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

(j)

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

(k)

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

(l)

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

(m)

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

(n)

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

 

 

82  

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

(o)

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

See notes to financial statements.

 

 

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

   83

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

           BFK  
    

Six Months Ended

01/31/24

(unaudited)

     Year Ended
07/31/23		     Period from
05/01/22
to 07/31/22		     Year Ended
04/30/22		     Year Ended
04/30/21		     Year Ended
04/30/20		     Year Ended
04/30/19		  
                 

Net asset value, beginning of period

     $ 11.66     $ 12.18     $ 12.15     $ 14.74     $ 12.91     $ 14.17     $ 13.98  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

              0.20       0.40       0.13       0.61       0.69       0.67       0.68  

Net realized and unrealized gain (loss)

       (0.08 )      (0.49 )      0.05       (2.50 )      1.83       (1.28 )      0.21  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) from investment operations

       0.12       (0.09 )      0.18       (1.89 )      2.52       (0.61 )      0.89  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to Common Shareholders(b)

                

From net investment income

       (0.22 )(c)      (0.36 )      (0.14 )      (0.70 )      (0.69 )      (0.65 )      (0.70 ) 

Return of capital

       —       (0.07 )      (0.01 )      —       —       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions to Common Shareholders

       (0.22 )      (0.43 )      (0.15 )      (0.70 )      (0.69 )      (0.65 )      (0.70 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of period

     $ 11.56     $ 11.66     $ 12.18     $ 12.15     $ 14.74     $ 12.91     $ 14.17  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price, end of period

     $ 10.11     $ 10.11     $ 11.25     $ 11.69     $ 15.05     $ 12.14     $ 13.79  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return Applicable to Common Shareholders(d)

                

Based on net asset value

       1.43 %(e)      (0.10 )%      1.56 %(e)      (13.35 )%      19.81 %      (4.51 )%      6.98 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Based on market price

       2.31 %(e)      (6.22 )%      (2.51 )%(e)      (18.35 )%      30.10 %      (7.74 )%      13.89 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Ratios to Average Net Assets Applicable to Common Shareholders(f)                

Total expenses

       3.68 %(g)      3.39 %      2.32 %(g)(h)      1.61 %      1.63 %      2.30 %      2.55 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

       3.67 %(g)      3.39 %      2.32 %(g)(h)      1.61 %      1.63 %      2.30 %      2.55 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(i)

       1.00 %(g)      1.03 %      1.06 %(g)(h)      1.03 %      1.05 %      1.02 %      1.04 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income to Common Shareholders

       3.56 %(g)      3.53 %      4.35 %(g)      4.26 %      4.84 %      4.68 %      4.87 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Data

                

Net assets applicable to Common Shareholders, end of period (000)

     $ 507,098     $ 518,279     $ 548,691     $ 547,214     $ 662,092     $ 578,807     $ 635,076  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)

     $ 154,100     $ 270,800     $ 270,800     $ 270,800     $ 270,800     $ 270,800     $ 270,800  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period

     $ 294,447 (j)    $ 291,388 (j)    $ 247,905 (j)    $ 302,073 (k)    $ 344,495 (k)    $ 313,740 (k)    $ 334,518 (k) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOB Trust Certificates, end of period (000)

     $ 106,690     $ —     $ 100,175     $ 120,204     $ 139,150     $ 135,464     $ 119,624  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Asset coverage per $1,000 of TOB Trust Certificates, end of period(l)

     $ 7,197       N/A     $ 9,181       N/A       N/A       N/A       N/A  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Portfolio turnover rate

       80 %      62 %      4 %      15 %      13 %      17 %      19 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a)

Based on average Common Shares outstanding.

(b)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c)

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

(d)

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

(e)

Not annualized.

(f)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) 

Annualized.

(h)

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

(i)

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

(j)

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

(k)

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

(l)

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

See notes to financial statements.

 

 

84  

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

           BLE  
    

Six Months Ended

01/31/24

(unaudited)

     Year Ended
07/31/23		     Period from
09/01/21
to 07/31/22		     Year Ended
08/31/21		     Year Ended
08/31/20		     Year Ended
08/31/19		     Year Ended
08/31/18		  
                 

Net asset value, beginning of period

     $ 12.09     $ 12.60     $ 15.18     $ 14.79     $ 15.16     $ 14.55     $ 15.17  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

       0.20       0.44       0.57       0.69       0.73       0.71       0.76  

Net realized and unrealized gain (loss)

       0.15       (0.48 )      (2.52 )      0.44       (0.40 )      0.60       (0.60 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) from investment operations

              0.35       (0.04 )      (1.95 )      1.13       0.33       1.31       0.16  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to Common Shareholders(b)

                

From net investment income

       (0.24 )(c)      (0.39 )      (0.63 )      (0.74 )      (0.70 )      (0.70 )      (0.78 ) 

Return of capital

       —       (0.08 )      —       —       —       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions to Common Shareholders

       (0.24 )      (0.47 )      (0.63 )      (0.74 )      (0.70 )      (0.70 )      (0.78 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of period

     $ 12.20     $ 12.09     $ 12.60     $ 15.18     $ 14.79     $ 15.16     $ 14.55  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price, end of period

     $ 10.66     $ 10.45     $ 11.77     $ 16.10     $ 14.83     $ 15.48     $ 13.77  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return Applicable to Common Shareholders(d)

                

Based on net asset value

       3.32 %(e)      0.39 %      (12.94 )%(e)      7.82 %      2.37 %      9.52 %      1.35 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Based on market price

       4.45 %(e)      (7.11 )%      (23.32 )%(e)      14.05 %      0.52 %      18.17 %      (5.82 )% 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Ratios to Average Net Assets Applicable to Common Shareholders(f)                

Total expenses

       3.51 %(g)      3.43 %      1.74 %(g)      1.60 %(h)      2.03 %(i)      2.55 %      2.32 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

       3.51 %(g)      3.43 %      1.74 %(g)      1.57 %(h)      2.00 %(i)      2.55 %      2.31 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(j)

       0.90 %(g)      0.96 %      0.94 %(g)      1.00 %(h)      0.99 %(i)      0.98 %      0.98 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income to Common Shareholders

       3.49 %(g)      3.74 %      4.50 %(g)      4.54 %      4.96 %      4.86 %      5.12 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Data

                

Net assets applicable to Common Shareholders, end of period (000)

     $ 582,506     $ 583,607     $ 615,642     $ 738,513     $ 348,328     $ 356,649     $ 342,437  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)

     $ 174,100     $ 302,700     $ 302,700     $ 302,700     $ 151,300     $ 151,300     $ 151,300  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period

     $ 331,973 (k)    $ 273,428 (k)    $ 247,830 (k)    $ 343,975 (l)    $ 330,223 (l)    $ 335,723 (l)    $ 326,330 (l) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOB Trust Certificates, end of period (000)

     $ 77,009     $ 33,812     $ 113,752     $ 155,988     $ 73,763     $ 59,519     $ 67,497  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Asset coverage per $1,000 of TOB Trust Certificates, end of period(m) .

     $ 10,825     $ 27,213     $ 9,073       N/A       N/A       N/A       N/A  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Portfolio turnover rate

       22 %      37 %      27 %      15 %      19 %      18 %      7 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a)

Based on average Common Shares outstanding.

(b)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c)

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

(d)

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

(e)

Not annualized.

(f)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g)

Annualized.

(h)

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

(i)

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

(j)

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

(k)

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

(l)

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

(m)

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

See notes to financial statements.

 

 

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

   85

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

           MHD  
    

Six Months Ended

01/31/24

(unaudited)

     Year Ended
07/31/23		     Period from
05/01/22
to 07/31/22		     Year Ended
04/30/22		     Year Ended
04/30/21		     Year Ended
04/30/20		     Year Ended
04/30/19		  
                 

Net asset value, beginning of period

     $ 13.62     $ 14.35     $ 14.27     $ 17.30     $ 15.18     $ 16.56     $ 16.41  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

       0.23       0.48       0.16       0.72       0.78       0.74       0.81  

Net realized and unrealized gain (loss)

       0.07       (0.69 )      0.10       (3.02 )      2.07       (1.36 )      0.22  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) from investment operations

              0.30       (0.21 )      0.26       (2.30 )      2.85       (0.62 )      1.03  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to Common Shareholders(b)

                

From net investment income

       (0.25 )(c)      (0.50 )      (0.18 )      (0.73 )      (0.73 )      (0.76 )      (0.83 ) 

From net realized gain

       —       —       —       (0.00 )(d)      —       —       (0.05 ) 

Return of capital

       —       (0.02 )      —       —       —       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions to Common Shareholders

       (0.25 )      (0.52 )      (0.18 )      (0.73 )      (0.73 )      (0.76 )      (0.88 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of period

     $ 13.67     $ 13.62     $ 14.35     $ 14.27     $ 17.30     $ 15.18     $ 16.56  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price, end of period

     $ 11.91     $ 11.84     $ 13.32     $ 12.87     $ 16.33     $ 13.91     $ 15.92  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return Applicable to Common Shareholders(e)

                

Based on net asset value

       2.58 %(f)(g)      (0.82 )%      1.93 %(g)      (13.64 )%      19.31 %      (4.02 )%      6.84 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Based on market price

       2.81 %(g)      (7.12 )%      4.91 %(g)      (17.48 )%      22.90 %      (8.52 )%      12.51 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Ratios to Average Net Assets Applicable to Common Shareholders(h)                

Total expenses

       3.34 %(i)      3.25 %      2.19 %(i)      1.52 %      1.56 %(j)      2.16 %      2.47 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

       3.34 %(i)      3.24 %      2.18 %(i)      1.50 %      1.51 %(j)      2.15 %      2.47 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(k)

       0.88 %(i)      0.94 %      0.96 %(i)      0.93 %      0.98 %(j)      0.97 %      1.00 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income to Common Shareholders

       3.47 %(i)      3.55 %      4.44 %(i)      4.30 %      4.59 %      4.40 %      4.98 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Data

                

Net assets applicable to Common Shareholders, end of period (000)

     $ 712,942     $ 719,018     $ 765,773     $ 761,147     $ 923,079     $ 215,764     $ 235,029  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)

     $ 214,000     $ 347,800     $ 347,800     $ 347,800     $ 347,800     $ 83,700     $ 83,700  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period

     $ 324,756 (l)    $ 291,952 (l)    $ 249,559 (l)    $ 318,846 (m)    $ 365,405 (m)    $ 357,782 (m)    $ 380,799 (m) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOB Trust Certificates, end of period (000)

     $ 103,207     $ 26,783     $ 164,222     $ 176,042     $ 213,104     $ 53,130     $ 52,674  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Asset coverage per $1,000 of TOB Trust Certificates, end of period(n)

     $ 9,981     $ 40,832     $ 7,781       N/A       N/A       N/A       N/A  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Portfolio turnover rate

       38 %      38 %      4 %      15 %      13 %      21 %      17 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a)

Based on average Common Shares outstanding.

(b)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c)

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

(d) 

Amount is greater than $(0.005) per share.

(e)

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

(f)

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

(g) 

Not annualized.

(h)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(i) 

Annualized.

(j)

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

(k)

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

(l)

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

(m)

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

(n)

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

See notes to financial statements.

 

 

86  

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

           MVF  
    

Six Months Ended

01/31/24

(unaudited)

     Year Ended
07/31/23		    

Period from

09/01/21

to 07/31/22

     Year Ended
08/31/21		     Year Ended
08/31/20		     Year Ended
08/31/19		     Year Ended
08/31/18		  
                 

Net asset value, beginning of period

     $ 7.90     $ 8.37     $ 10.08     $ 9.60     $ 9.83     $ 9.35     $ 9.75  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

              0.13       0.26       0.35       0.41       0.43       0.44       0.51  

Net realized and unrealized gain (loss)

       0.15       (0.44 )      (1.69 )      0.47       (0.25 )      0.50       (0.39 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) from investment operations

       0.28       (0.18 )      (1.34 )      0.88       0.18       0.94       0.12  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to Common Shareholders(b)

                

From net investment income

       (0.14 )(c)      (0.26 )      (0.37 )      (0.40 )      (0.41 )      (0.46 )      (0.52 ) 

Return of capital

       —       (0.03 )      —       —       —       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions to Common Shareholders

       (0.14 )      (0.29 )      (0.37 )      (0.40 )      (0.41 )      (0.46 )      (0.52 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of period

     $ 8.04     $ 7.90     $ 8.37     $ 10.08     $ 9.60     $ 9.83     $ 9.35  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price, end of period

     $ 6.97     $ 6.83     $ 7.81     $ 9.80     $ 8.77     $ 9.49     $ 8.81  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return Applicable to Common Shareholders(d)

                

Based on net asset value

       3.98 %(e)      (1.57 )%      (13.30 )%(e)      9.62 %      2.30 %      10.76 %      1.52 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Based on market price

       4.26 %(e)      (8.80 )%      (16.79 )%(e)      16.66 %      (3.19 )%      13.47 %      (5.22 )% 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Ratios to Average Net Assets Applicable to Common Shareholders(f)                

Total expenses

       3.26 %(g)      3.07 %      1.58 %(g)      1.34 %      1.77 %      2.29 %      2.16 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

       3.25 %(g)      3.06 %      1.58 %(g)      1.34 %      1.77 %      2.29 %      2.16 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(h)

       0.82 %(g)      0.85 %      0.86 %(g)      0.84 %      0.85 %      0.87 %      0.89 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income to Common Shareholders

       3.48 %(g)      3.37 %      4.18 %(g)      4.17 %      4.48 %      4.74 %      5.35 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Data

                

Net assets applicable to Common Shareholders, end of period (000)

     $ 509,818     $ 505,761     $ 542,470     $ 653,755     $ 622,750     $ 637,636     $ 605,972  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)

     $ 153,600     $ 243,800     $ 243,800     $ 243,800     $ 243,800     $ 243,800     $ 243,800  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period

     $ 320,726 (i)    $ 287,855 (i)    $ 260,636 (i)    $ 368,152 (j)    $ 355,435 (j)    $ 361,541 (j)    $ 348,553 (j) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOB Trust Certificates, end of period (000)

     $ 77,373     $ 25,430     $ 93,902     $ 106,029     $ 97,266     $ 100,463     $ 112,817  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Asset coverage per $1,000 of TOB Trust Certificates, end of period(k)

     $ 9,574     $ 30,475     $ 9,373       N/A       N/A       N/A       N/A  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Portfolio turnover rate

       29 %      37 %      26 %      13 %      18 %      31 %      21 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) 

Based on average Common Shares outstanding.

(b) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c) 

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

(d) 

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

(e) 

Not annualized.

(f) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g)

Annualized.

(h) 

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

(i) 

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

(j) 

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

(k) 

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

See notes to financial statements.

 

 

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

   87

Financial Highlights (continued)

(For a share outstanding throughout each period)

 

           MVT  
    

Six Months Ended

01/31/24

(unaudited)

     Year Ended
07/31/23		     Period from
05/01/22
to 07/31/22		     Year Ended
04/30/22		     Year Ended
04/30/21		     Year Ended
04/30/20		     Year Ended
04/30/19		  
                 

Net asset value, beginning of period

     $ 12.36     $ 12.91     $ 12.91     $ 15.60     $ 13.60     $ 14.87     $ 14.75  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

       0.20       0.42       0.13       0.65       0.72       0.68       0.74  

Net realized and unrealized gain (loss)

       0.14       (0.52 )      0.03       (2.64 )      1.97       (1.27 )      0.20  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) from investment operations

              0.34       (0.10 )      0.16       (1.99 )      2.69       (0.59 )      0.94  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to Common Shareholders(b)

                

From net investment income

       (0.23 )(c)      (0.38 )      (0.16 )      (0.70 )      (0.69 )      (0.68 )      (0.76 ) 

From net realized gain

       —       —       —       —       —       —       (0.06 ) 

Return of capital

       —       (0.07 )      —       —       —       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions to Common Shareholders

       (0.23 )      (0.45 )      (0.16 )      (0.70 )      (0.69 )      (0.68 )      (0.82 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of period

     $ 12.47     $ 12.36     $ 12.91     $ 12.91     $ 15.60     $ 13.60     $ 14.87  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price, end of period

     $ 10.73     $ 10.66     $ 12.04     $ 11.89     $ 15.15     $ 12.55     $ 14.29  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return Applicable to Common Shareholders(d)

                

Based on net asset value

       3.14 %(e)      (0.14 )%      1.31 %(e)      (13.19 )%      20.22 %      (4.21 )%      6.83 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Based on market price

       2.90 %(e)      (7.65 )%      2.58 %(e)      (17.67 )%      26.52 %      (8.02 )%      7.78 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Ratios to Average Net Assets Applicable to Common Shareholders(f)                

Total expenses

       3.39 %(g)      3.41 %      2.26 %(g)(h)      1.49 %      1.47 %      2.14 %      2.45 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

       3.39 %(g)      3.40 %      2.26 %(g)(h)      1.49 %      1.47 %      2.13 %      2.45 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(i)

       0.86 %(g)      0.92 %      0.96 %(g)(h)      0.90 %      0.90 %      0.89 %      0.91 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income to Common Shareholders

       3.41 %(g)      3.45 %      4.24 %(g)      4.28 %      4.75 %      4.51 %      5.09 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Data

                

Net assets applicable to Common Shareholders, end of period (000)

     $ 260,232     $ 260,771     $ 275,901     $ 275,829     $ 332,905     $ 290,223     $ 317,175  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)

     $ 77,700     $ 140,000     $ 140,000     $ 140,000     $ 140,000     $ 140,000     $ 140,000  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period

     $ 338,039 (j)    $ 280,704 (j)    $ 243,146 (j)    $ 297,021 (k)    $ 337,789 (k)    $ 307,302 (k)    $ 326,553 (k) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOB Trust Certificates, end of period (000)

     $ 31,623     $ 4,308     $ 52,740     $ 60,726     $ 57,997     $ 56,198     $ 47,982  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Asset coverage per $1,000 of TOB Trust Certificates, end of period(l)

     $ 11,686     $ 94,029     $ 8,886       N/A       N/A       N/A       N/A  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Portfolio turnover rate

       28 %      51 %      4 %      14 %      13 %      18 %      25 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) 

Based on average Common Shares outstanding.

(b)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c)

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

(d)

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

(e)

Not annualized.

(f)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g)

Annualized.

(h)

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

(i)

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

(j)

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

(k)

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

(l)

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

See notes to financial statements.

 

 

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

           MQT  
    

Six Months Ended

01/31/24

(unaudited)

     Year Ended
07/31/23		     Period from
05/01/22
to 07/31/22		     Year Ended
04/30/22		     Year Ended
04/30/21		     Year Ended
04/30/20		     Year Ended
04/30/19		  
                 

Net asset value, beginning of period

     $ 11.71     $ 12.30     $ 12.17     $ 14.58     $ 13.02     $ 13.77     $ 13.37  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income(a)

       0.20       0.45       0.14       0.62       0.65       0.57       0.60  

Net realized and unrealized gain (loss)

       0.08       (0.56 )      0.15       (2.38 )      1.53       (0.78 )      0.39  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease) from investment operations

              0.28       (0.11 )      0.29       (1.76 )      2.18       (0.21 )      0.99  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Distributions to Common Shareholders(b)

                

From net investment income

       (0.24 )(c)      (0.45 )      (0.16 )      (0.65 )      (0.62 )      (0.54 )      (0.59 ) 

Return of capital

       —       (0.03 )      —       —       —       —       —  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total distributions to Common Shareholders

       (0.24 )      (0.48 )      (0.16 )      (0.65 )      (0.62 )      (0.54 )      (0.59 ) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of period

     $ 11.75     $ 11.71     $ 12.30     $ 12.17     $ 14.58     $ 13.02     $ 13.77  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Market price, end of period

     $ 10.28     $ 10.17     $ 11.94     $ 11.08     $ 13.92     $ 11.99     $ 12.26  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Return Applicable to Common Shareholders(d)

                

Based on net asset value

       2.79 %(e)      (0.25 )%      2.45 %(e)      (12.49 )%      17.24 %      (1.41 )%      8.21 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Based on market price

       3.55 %(e)      (10.76 )%      9.24 %(e)      (16.55 )%      21.55 %      1.97 %      7.52 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
Ratios to Average Net Assets Applicable to Common Shareholders(f)                

Total expenses

       3.43 %(g)      3.14 %      2.21 %(g)(h)      1.46 %      1.47 %      2.29 %      2.59 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed

       3.43 %(g)      3.14 %      2.20 %(g)(h)      1.46 %      1.47 %      2.29 %      2.58 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(i)

       0.87 %(g)      0.90 %      0.97 %(g)(h)      0.90 %      0.91 %      0.92 %      0.95 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net investment income to Common Shareholders

       3.61 %(g)      3.91 %      4.66 %(g)      4.38 %      4.57 %      4.04 %      4.47 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Supplemental Data

                

Net assets applicable to Common Shareholders, end of period (000)

     $ 260,346     $ 262,314     $ 277,927     $ 275,030     $ 328,873     $ 293,673     $ 310,611  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

VMTP Shares outstanding at $100,000 liquidation value, end of period (000)

     $ 78,600     $ 116,500     $ 116,500     $ 116,500     $ 116,500     $ 116,500     $ 116,500  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Asset coverage per VMTP Shares at $100,000 liquidation value, end of period

     $ 305,289 (j)    $ 291,013 (j)    $ 247,340 (j)    $ 336,077 (k)    $ 382,294 (k)    $ 352,080 (k)    $ 366,619 (k) 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOB Trust Certificates, end of period (000)

     $ 48,219     $ 20,828     $ 72,129     $ 76,171     $ 80,614     $ 82,178     $ 90,517  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Asset coverage per $1,000 of TOB Trust Certificates, end of period(l)

     $ 8,029     $ 19,188     $ 6,468       N/A       N/A       N/A       N/A  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Portfolio turnover rate

       30 %      41 %      8 %      16 %      8 %      19 %      22 % 
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a)

Based on average Common Shares outstanding.

(b)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(c)

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

(d)

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

(e)

Not annualized.

(f)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g)

Annualized.

(h)

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

(i)

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

(j)

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

(k)

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

(l)

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

See notes to financial statements.

 

 

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

   89

Notes to Financial Statements (unaudited)

 

1.

ORGANIZATION

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

 

Fund Name   Herein Referred To As    Organized   

Diversification

Classification

BlackRock Investment Quality Municipal Trust, Inc.

   BKN    Maryland    Diversified

BlackRock Municipal Income Trust

   BFK    Delaware    Diversified

BlackRock Municipal Income Trust II

   BLE    Delaware    Diversified

BlackRock MuniHoldings Fund, Inc.

   MHD    Maryland    Diversified

BlackRock MuniVest Fund, Inc.

   MVF    Maryland    Diversified

BlackRock MuniVest Fund II, Inc.

   MVT    Maryland    Diversified

BlackRock MuniYield Quality Fund II, Inc.

   MQT    Maryland    Diversified

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

On October 30, 2023, the Boards of Directors/Trustees of BKN, BlackRock MuniYield Michigan Quality Fund, Inc. (MIY), BlackRock MuniYield Pennsylvania Quality Fund (MPA), and BlackRock Virgina Municipal Bond Trust (BHV) (collectively, the “Target Funds”) and the Board of Directors of BlackRock Muniyield Quality Fund III, Inc. (MYI) announced the withdrawal of merger proposals that were previously approved by the Boards of Directors/Trustees pursuant to which each of the Target Funds would have been merged into MYI, with MYI contnuing as the surviving fund. While the Board of Directors believe that the mergers would have benefited shareholders for the reasons discussed in the proxy statement, it was determined that the proxy solicitation process and associated costs would be more burdensome and expensive as a result of opposition from an activist shareholder, making the mergers no longer in the best interests of each Fund’s shareholders.

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

 

2.

SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Bank Overdraft: The Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

Distributions: Distributions from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The portion of distributions, if any, that exceeds a fund’s current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

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

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Fund, as applicable. Deferred compensation liabilities, if any, are included in the Directors’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Funds until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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

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

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

 

3.

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

 

  •  

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

 

  •  

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

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

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

 

  •  

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

 

  •  

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

 

  •  

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

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

 

 

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  

 

 

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Notes to Financial Statements (unaudited (continued)

 

For the six months ended January 31, 2024, the following table is a summary of each Fund’s TOB Trusts:

 

Fund Name   Underlying
Municipal Bonds
Transferred to
TOB Trusts(a)		     

Liability for
TOB Trust

Certificates(b)

     

Range of

Interest Rates
on TOB Trust
Certificates at
Period End

     Average
TOB Trust
Certificates
Outstanding		      Daily Weighted
Average Rate
of Interest and
Other Expenses
on TOB Trusts		  

BKN

   $ 74,429,765      $ 34,892,828        4.55% —4.85 %    $ 18,687,721        3.83 % 

BFK

     228,718,009        106,689,984        4.55   —4.65       53,025,264        3.66  

BLE

     147,188,685        77,008,589        4.57   —4.85       48,985,166        3.94  

MHD

     223,753,067        103,207,179        4.55   —4.85       54,685,279        3.79  

MVF

     132,402,703        77,373,088        4.55   —4.61       39,592,185        3.83  

MVT

     63,275,366        31,622,503        4.57   —4.85       14,087,198        3.68  

MQT

     99,106,969        48,218,616        4.57   —4.85       33,754,187        3.99  

 

  (a)

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

 
  (b)

TOB Trusts may be structured on a non-recourse or recourse basis. When a Fund invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a Fund invests in a TOB Trust on a recourse basis, a Fund enters into a reimbursement agreement with the Liquidity Provider where a Fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”). As a result, if a Fund invests in a recourse TOB Trust, a Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Fund at January 31, 2024, in proportion to their participation in the TOB Trust. The recourse TOB Trusts are identified in the Schedules of Investments including the maximum potential amounts owed by a Fund at January 31, 2024.

 

 

5.

DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

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

 

6.

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For such services, BKN, BFK and BLE pays the Manager a monthly fee at an annual rate equal to the following percentages of the average weekly value of each Fund’s managed assets:

 

     BKN     BFK     BLE  

Investment advisory fees

     0.35 %      0.60 %      0.55 % 

 

 

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   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  

 

 

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Notes to Financial Statements (unaudited (continued)

 

8.

INCOME TAX INFORMATION

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

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

 

 

  
Fund Name    

 Non-Expiring
Capital Loss
Carryforwards		  
 
 

 

  

BKN

   $ (19,151,936 ) 

BFK

     (72,136,539 ) 

BLE

     (73,139,451 ) 

MHD

     (80,338,658 ) 

MVF

     (55,735,208 ) 

MVT

     (28,282,519 ) 

MQT

     (22,803,903 ) 

 

  

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

 

Fund Name   Tax Cost      Gross Unrealized
Appreciation		      Gross Unrealized
Depreciation		     Net Unrealized
Appreciation
(Depreciation)		  

BKN

   $ 277,958,130      $ 19,701,257      $ (4,349,198 )    $ 15,352,059  

BFK

     620,386,020        33,999,746        (6,047,269 )      27,952,477  

BLE

     727,894,787        26,965,094        (9,513,807 )      17,451,287  

MHD

     887,592,507        43,231,581        (11,953,473 )      31,278,108  

MVF

     651,119,020        18,369,022        (8,512,694 )      9,856,328  

MVT

     318,477,627        13,947,239        (2,550,900 )      11,396,339  

MQT

     317,949,716        20,613,725        (3,863,823 )      16,749,902  

 

9.

PRINCIPAL RISKS

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

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

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

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

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

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

 

 

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.

 

 

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Notes to Financial Statements (unaudited) (continued)

 

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

MVF is authorized to issue 160 million shares, 150 million of which were initially classified as Common Shares, par value $0.10 per share and 10 million of which were classified as Preferred Shares, par value $0.10 per share.

Common Shares

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

 

Fund Name   Six Months Ended
01/31/24		      Year Ended
07/31/23

BKN

     —      10,958

MQT

     —      13,932

The Funds participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2022 through November 30, 2023, each Fund may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2022, subject to certain conditions. From December 1, 2023 through November 30, 2024, each Fund may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2023, subject to certain conditions. The Repurchase Program has an accretive effect as shares are purchased at a discount to the Fund’s NAV. There is no assurance that the Funds will purchase shares in any particular amounts.

The total cost of the shares repurchased is reflected in Funds’ Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs, were as follows:

 

     BKN
     Shares      Amounts

Six Months Ended January 31, 2024

     233,302      $2,461,995

Year Ended July 31, 2023

     180,126      2,064,795

 

     BFK
     Shares      Amounts

Six Months Ended January 31, 2024

     592,796      $5,545,723

Year Ended July 31, 2023

     593,445      5,916,445

 

     BLE
     Shares      Amounts

Six Months Ended January 31, 2024

     545,996      $5,278,307

Year Ended July 31, 2023

     583,612      6,114,272

 

     MHD
     Shares      Amounts

Six Months Ended January 31, 2024

     637,511      $6,897,831

Year Ended July 31, 2023

     577,661      6,750,046

 

    

MVF

  
     Shares    Amounts  

Six Months Ended January 31, 2024

   604,049    $ 3,869,138  

Year Ended July 31, 2023

   785,973      5,324,949  

 

    

MVT

  
     Shares    Amounts  

Six Months Ended January 31, 2024

   244,533    $ 2,399,715  

Year Ended July 31, 2023

   263,847      2,806,926  

 

     MQT
     Shares      Amounts

Six Months Ended January 31, 2024

     239,935      $2,265,141

Year Ended July 31, 2023

     223,466      2,280,782

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

 

 

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      AA

BFK

     12/20/23        1,541        154,100,000        07/02/25        Aa1      AA

BLE

     12/20/23        1,741        174,100,000        07/02/25        Aa1      AA

MHD

     12/20/23        2,140        214,000,000        07/02/25        Aa1      AA

MVF

     12/20/23        1,536        153,600,000        07/02/25        Aa1      AA

MVT

     12/20/23        777        77,700,000        07/02/25        Aa1      AA

MQT

     12/20/23        786        78,600,000        07/02/25        Aa1      AA

 

  (a) 

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

 

Redemption Terms: A VMTP Fund is required to redeem its VMTP Shares on the term redemption date, unless earlier redeemed or repurchased or unless extended. There is no assurance that a term will be extended further or that any VMTP Shares will be replaced with any other preferred shares or other form of leverage upon the redemption or repurchase of the VMTP Shares. Six months prior to the term redemption date, a VMTP Fund is required to begin to segregate liquid assets with its custodian to fund the redemption. In addition, a VMTP Fund is required to redeem certain of its outstanding VMTP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.

Subject to certain conditions, VMTP Shares may be redeemed, in whole or in part, at any time at the option of the VMTP Fund. With respect to each Fund, the redemption price per VMTP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends and applicable redemption premium. If each Fund redeems the VMTP Shares prior to the term redemption date and the VMTP Shares have long-term ratings above A1/A+ or its equivalent by the ratings agencies then rating the VMTP Shares, then such redemption may be subject to a prescribed redemption premium (up to 1% of the liquidation preference) payable to the holder of the VMTP Shares based on the time remaining until the term redemption date, subject to certain exceptions for redemptions that are required to comply with minimum asset coverage requirements.

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

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

For the six months ended January 31, 2024, the average annualized dividend rates for the VMTP Shares were as follows:

 

     BKN     BFK     BLE     MHD     MVF     MVT     MQT  

Dividend rates

     5.18 %      5.15 %      5.15 %      5.12 %      5.10 %      5.18 %    5.08%

 

 

 

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Notes to Financial Statements (unaudited) (continued)

 

For the six-months ended January 31, 2024, VMTP shares issued and outstanding decreased by the following amounts as a result of redemption of shares.

 

Fund Name   Shares
Redeemed

BKN

   581

BFK

   1,167

BLE

   1,286

MHD

   1,338

MVF

   902

MVT

   623

MQT

   379

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

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

 

Fund Name   Dividends Accrued      Deferred Offering
Costs Amortization

BKN

   $ 2,595,306      $      —

BFK

     5,647,136      —

BLE

     6,333,233      —

MHD

     7,402,955      —

MVF

     5,209,995      —

MVT

     2,911,546      —

MQT

     2,540,572      —

 

11.

SUBSEQUENT EVENTS

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

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

 

Fund Name   Declaration
Date		      Record
Date		      Payable/
Paid Date		      Dividend Per
Common Share

BKN

     11/14/23        01/12/24        02/01/24      $  0.057000
    11/14/23        02/15/24        03/01/24      0.057000
    03/01/24        03/15/24        04/01/24      0.057000

BFK

     11/14/23        01/12/24        02/01/24      0.050000
    11/14/23        02/15/24        03/01/24      0.050000
    03/01/24        03/15/24        04/01/24      0.050000

BLE

     11/14/23        01/12/24        02/01/24      0.052000
    11/14/23        02/15/24        03/01/24      0.052000
    03/01/24        03/15/24        04/01/24      0.052000

MHD

     11/14/23        01/12/24        02/01/24      0.052500
    11/14/23        02/15/24        03/01/24      0.052500
    03/01/24        03/15/24        04/01/24      0.052500

MVF

     11/14/23        01/12/24        02/01/24      0.030000
    11/14/23        02/15/24        03/01/24      0.030000
    03/01/24        03/15/24        04/01/24      0.030000

MVT

     11/14/23        01/12/24        02/01/24      0.050500
    11/14/23        02/15/24        03/01/24      0.050500
    03/01/24        03/15/24        04/01/24      0.050500

MQT

     11/14/23        01/12/24        02/01/24      0.049000
    11/14/23        02/15/24        03/01/24      0.049000
      03/01/24        03/15/24        04/01/24      0.049000

 

 

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

   99

Notes to Financial Statements (unaudited) (continued)

 

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

 

     Preferred Shares(a)
Fund Name   Shares      Series      Declared

BKN

     VMTP        W-7      $262,197

BFK

     VMTP        W-7      595,938

BLE

     VMTP        W-7      673,282

MHD

     VMTP        W-7      827,584

MVF

     VMTP        W-7      594,004

MVT

     VMTP        W-7      300,482

MQT

     VMTP        W-7      303,963

 

  (a) 

Dividends declared for period February 1, 2024 to February 29, 2024.

 

 

 

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Additional Information

 

Fund Certification

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

Environmental, Social and Governance (“ESG”) Integration

Although the Funds do not seek to implement a specific sustainability objective, strategy or process unless otherwise disclosed, Fund management will consider ESG factors as part of the investment process for the Funds. Fund management views ESG integration as the practice of incorporating financially material ESG data or information into investment processes with the objective of enhancing risk-adjusted returns. These ESG considerations will vary depending on the Funds’ particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in the Funds’ investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. Certain of these considerations may affect the Funds’ exposure to certain companies or industries. While Fund management views ESG considerations as having the potential to contribute to the Funds’ long-term performance, there is no guarantee that such results will be achieved.

Dividend Policy

Each Fund’s dividend policy is to make regular monthly cash distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate). Each Fund intends to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In addition, in any monthly period, in order to maintain its declared distribution amount, each Fund may pay out more or less than the entire amount of net investment income earned in any particular month. In the event a Fund distributes more than its net investment income during any yearly period, such distributions may also come from sources other than net income, including a return of capital. The Funds’ current accumulated but undistributed net investment income, if any, is disclosed as accumulated earnings (loss) in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

General Information

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

BKN’s, BFK’s and BLE’s Statement of Additional Information includes additional information about the Board and is available, without charge upon request by calling (800) 882-0052.

The following information is a summary of certain changes since July 31, 2023. This information may not reflect all of the changes that have occurred since you purchased the relevant Fund.

Except if noted otherwise herein, there were no changes to the Funds’ charters or by-laws that would delay or prevent a change of control of the Funds that were not approved by the shareholders.

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

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

Electronic Delivery

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

To enroll in electronic delivery:

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

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

Householding

The Funds will mail only one copy of shareholder documents, including for BKN, BFK and BLE only, prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 882-0052.

 

 

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

   101

Additional Information (continued)

 

Availability of Quarterly Schedule of Investments

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.

Availability of Fund Updates

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

Shelf Offering Program

From time to time, BKN, BFK and BLE may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, BKN, BFK and BLE may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above BKN’s, BFK’s and BLE’s net asset value (“NAV”) per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow BKN, BFK and BLE to pursue additional investment opportunities without the need to sell existing portfolio investments, it could also entail risks – including that the issuance of additional Common Shares may limit the extent to which the Common Shares are able to trade at a premium to NAV in the secondary market.

BKN, BFK and BLE each filed a final prospectus with the SEC in connection with its Shelf Offering on June 6, 2022, March 17, 2022 and November 17, 2021, respectively. This report and the prospectuses of BKN, BFK and BLE are not offers to sell BKN, BFK and BLE Common Shares or solicitations of an offer to buy BKN, BFK and BLE Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectuses of BKN, BFK and BLE contain important information about BKN, BFK and BLE, including their investment objectives, risks, charges and expenses. Investors are urged to read the prospectuses of BKN, BFK and BLE carefully and in their entirety before investing. Copies of the final prospectuses for BKN, BFK and BLE can be obtained from BlackRock at blackrock.com.

BlackRock Privacy Principles

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

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

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

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

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

Fund and Service Providers

 

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

 

 

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Additional Information (continued)

 

Fund and Service Providers (continued)

 

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

 

 

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

   103

Glossary of Terms Used in this Report

 

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

 

 

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Want to know more?

blackrock.com | 800-882-0052

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

CEMUNI7-01/24-SAR

 

LOGO

  LOGO

(b) Not Applicable

Item 2 –

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

 

Item 3 –

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

 

Item 4 –

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

 

Item 5 –

Audit Committee of Listed Registrant – Not Applicable to this semi-annual report

 

Item 6 –

Investments

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

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

 

Item 7 –

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

 

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies –

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

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

 

Item 9 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

 

Period

   (a) Total
Number of
Shares
Purchased1		    (b) Average
Price Paid per
Share		   

(c) Total Number of Shares

Purchased as Part of
Publicly Announced

Plans or Programs1

    (d) Maximum Number of
Shares that May Yet Be
Purchased Under the
Plans or Programs1

August 1-31, 2023

   153,644    $11.2455    153,644    1,936,534

September 1-30, 2023

   156,022    $10.7872    156,022    1,780,512

October 1-31, 2023

   173,551    $10.1299    173,551    1,606,961

November 1-30, 2023

   154,294    $11.1435    154,294    1,452,667

December 1-31, 2023

   0    $—     0    2,607,081

January 1-31, 2024

   0    $—     0    2,607,081

Total:

   637,511    10.8049    637,511    2,607,081

 

  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

 

2

  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

 

3

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

BlackRock MuniHoldings Fund, Inc.

 

   By:     

/s/ John M. Perlowski       

       John M. Perlowski
       Chief Executive Officer (principal executive officer) of
       BlackRock MuniHoldings Fund, 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 MuniHoldings Fund, Inc.

Date: March 22, 2024

 

   By:     

/s/ Trent Walker          

       Trent Walker
       Chief Financial Officer (principal financial officer) of
       BlackRock MuniHoldings Fund, Inc.

Date: March 22, 2024

 

 

4