# EDGAR Filing Document

**Accession Number:** 0001528437
**File Stem:** 0001193125-26-145007
**Filing Date:** 2026-4
**Character Count:** 510404
**Document Hash:** 2c5d39dbe630cd779e67bb63b32bdc1b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-145007.hdr.sgml**: 20260407

**ACCESSION NUMBER**: 0001193125-26-145007

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260407

**DATE AS OF CHANGE**: 20260407

**EFFECTIVENESS DATE**: 20260407

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Municipal 2030 Target Term Trust
- **CENTRAL INDEX KEY:** 0001528437

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22603
- **FILM NUMBER:** 26843710

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809-3700
- **BUSINESS PHONE:** (800) 882-0052

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809-3700

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock Municipal Target Term Trust
- **DATE OF NAME CHANGE:** 20120625

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock Municipal 2027 Term Trust
- **DATE OF NAME CHANGE:** 20110823

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: 811-22603

Name of Fund: BlackRock Municipal 2030 Target Term Trust (BTT)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal 2030 Target Term Trust, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 07/31/2026

Date of reporting period: 01/31/2026

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Item 1 – Reports to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Reports to Shareholders are attached herewith.

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![](g71392img3b6709f51.jpg)

January 31, 2026

2026 Semi-Annual Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **BlackRock California Municipal Income Trust (BFZ)** |
| **BlackRock Municipal 2030 Target Term Trust (BTT)** |
| **BlackRock Municipal Income Quality Trust (BYM)** |
| **BlackRock MuniHoldings California Quality Fund, Inc. (MUC)** |
| **BlackRock MuniHoldings Quality Fund II, Inc. (MUE)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

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**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| **[Semi-Annual](#xx_f01612d9-8f88-4d19-be44-4667013a326e_munmmkt-footer-fundbookname-971_1)[Report:](#xx_f01612d9-8f88-4d19-be44-4667013a326e_munmmkt-footer-fundbookname-971_1)**  |  |
| [Municipal Market Overview](#xx_f01612d9-8f88-4d19-be44-4667013a326e_munmmkt-footer-fundbookname-971_1)  | 3 |
| [The Benefits and Risks of Leveraging](#xx_f01612d9-8f88-4d19-be44-4667013a326e_rskderiv-footer-fundbookname-971_1)  | 4 |
| [Derivative Financial Instruments](#xx_f01612d9-8f88-4d19-be44-4667013a326e_rskderiv-footer-fundbookname-971_1)  | 4 |
| [Trust Summary](#xx_f01612d9-8f88-4d19-be44-4667013a326e_fsm-footer-fundbookname-971_1)  | 5 |
| [Financial Statements:](#xx_f01612d9-8f88-4d19-be44-4667013a326e_soi-footer-fundbookname-971_1)  |  |
| &nbsp;&nbsp;&nbsp; [Schedules of Investments](#xx_f01612d9-8f88-4d19-be44-4667013a326e_soi-footer-fundbookname-971_1)  | 16 |
| &nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#xx_f01612d9-8f88-4d19-be44-4667013a326e_fs-footer-fundbookname-971_1)  | 50 |
| &nbsp;&nbsp;&nbsp; [Statements of Operations](#xx_f01612d9-8f88-4d19-be44-4667013a326e_fs-footer-fundbookname-971_3)  | 52 |
| &nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#xx_f01612d9-8f88-4d19-be44-4667013a326e_fs-footer-fundbookname-971_5)  | 54 |
| &nbsp;&nbsp;&nbsp; [Statements of Cash Flows](#xx_f01612d9-8f88-4d19-be44-4667013a326e_fs-footer-fundbookname-971_8)  | 57 |
| [Financial Highlights](#xx_f01612d9-8f88-4d19-be44-4667013a326e_fihi-footer-fundbookname-971_1)  | 59 |
| [Notes to Financial Statements](#xx_f01612d9-8f88-4d19-be44-4667013a326e_ntf-footer-fundbookname-971_1)  | 67 |
| [Additional Information](#xx_f01612d9-8f88-4d19-be44-4667013a326e_addinfo-footer-fundbookname-971_1)  | 79 |
| [Glossary of Terms Used in this Report](#xx_f01612d9-8f88-4d19-be44-4667013a326e_terms-footer-fundbookname-971_1)  | 83 |

---

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Municipal Market Overview For the Reporting Period Ended January 31, 2026

**Municipal Market Conditions**

The first half of 2025 was defined by the Trump administration's announcement of reciprocal tariffs in early April that spurred extreme volatility, dislocations across global markets, and a reset of municipal valuations to historically attractive levels. Markets ultimately stabilized and positive absolute returns soon followed, but elevated municipal supply throughout the period was a primary driver of relative underperformance vs. other fixed income asset classes. A softening labor market, the longest government shutdown in history, and a lack of material economic data for the market (and Federal Reserve) to lean on framed the second half of the year. An increasingly dovish central bank cut rates at three consecutive meetings during the period, reducing the Federal Funds rate from 4.50% to 3.75% and creating a strong backdrop for rates. Municipals then leveraged an exceptionally positive technical landscape to start 2026 on a strong note. The belly of the curve, double-A rated credits, and the housing, IDR/PCR, and leasing sectors outperformed.

---

| | | |
|:---|:---|:---|
| Bloomberg Municipal Bond Index<sup>(a)</sup>  | Bloomberg Municipal Bond Index<sup>(a)</sup>  | Bloomberg Municipal Bond Index<sup>(a)</sup>  |
| &nbsp;&nbsp;&nbsp; Total Returns as of January 31, 2026 | &nbsp;&nbsp;&nbsp; Total Returns as of January 31, 2026 | &nbsp;&nbsp;&nbsp; Total Returns as of January 31, 2026 |
| &nbsp;&nbsp;&nbsp; 6 | months: | 5.80% |
| &nbsp;&nbsp;&nbsp; 12 | months: | 4.70% |

---

During the 12-months ended January 31, 2026, municipal bond funds experienced net inflows totaling $69 billion (based on data from the Investment Company Institute), with demand concentrated primarily in ETFs, investment-grade, and long-term funds. At the same time, the market absorbed $564 billion in issuance, a 14% increase year-over-year (period ending January 2025). Issuance was boosted by an increased need for infrastructure spending, a <br>pull-forward in perceived vulnerable sectors to front-run potential new legislation, and declining COVID stimulus cash <br>available to municipalities.

**A Closer Look at Yields**

**AAA Municipal Yield Curves**

![](g71392img2b59384f2.jpg)

*Source: Thomson Municipal Market Data.*

From January 31, 2025, to January 31, 2026, yields on AAA-rated 30-year municipal bonds increased by 32 basis points (bps) from 3.97% to 4.29%, ten-year yields decreased by 34 bps from 2.97% to 2.63%, five-year yields decreased by 53 bps from 2.77% to 2.24%, and two-year yields decreased by 49 bps from 2.67% to 2.18% (as measured by Refinitiv Municipal Market Data). As a result, the municipal yield curve steepened over the 12-month period with the spread between two- and 30-year maturities steepening by 81 bps to a slope of 211 bps, slightly outpacing the 76 bps of steepening experienced in the Treasury curve.

Municipal curves remain steeper than their 1-, 3-, and 5-year averages, offering investors who are looking for duration an attractive entry point.

**Financial Conditions of Municipal Issuers** 

Municipal credit fundamentals remain exceptionally strong heading into year-end, supported by solid revenue growth, disciplined fiscal management, and historically low leverage. State revenues rose 6.3% year over year in the June quarter, led by an 11.0% increase in personal income taxes and continued strength in corporate receipts, while sales taxes reflected moderating consumer activity. Debt service remains low at 9.77% of revenues, providing states with flexibility as economic growth cools. Quarterly volatility across states largely reflects timing and policy effects rather than credit deterioration. Revenue gains in Oregon, New Hampshire, California, and Nebraska were influenced by tax settlement timing or expiring credits, while softness in energy-producing and consumption-dependent states was cyclical. Policy changes in 2025—including tax adjustments in Maryland, New York, Illinois, Georgia, and Arizona—demonstrate an active but balanced fiscal environment. We enter 2026 seeing value in AMT bonds, where limited applicability has created compelling opportunities for additional spread pickup. We favor higher coupons and sectors providing high quality carry, such as transportation, housing, prepaid gas, and healthcare.

The opinions expressed are those of BlackRock as of January 31, 2026 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.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> 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.

Municipal Market Overview

------

The Benefits and Risks of Leveraging

The Trusts 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 Trust on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of each Trust (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Trust'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 Trust'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 Trust'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 Trust with the proceeds from leverage earn income based on longer-term interest rates. In this case, a Trust's financing cost of leverage is significantly lower than the income earned on a Trust'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 Trust's return on assets purchased with leverage proceeds, income to shareholders is lower than if a Trust had not used leverage. In such circumstance, the investment adviser may nevertheless determine to maintain a Trust's leverage if it deems such action to be appropriate. Furthermore, the value of the Trusts' 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 Trust'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 Trusts' 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 Trust's intended leveraging strategy will be successful.

The use of leverage also generally causes greater changes in each Trust'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 Trust's Common Shares than if the Trust were not leveraged. In addition, each Trust 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 Trust to incur losses. The use of leverage may limit a Trust's ability to invest in certain types of securities or use certain types of hedging strategies. Each Trust 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 Trust's investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Trusts' investment adviser will be higher than if the Trusts did not use leverage.

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

Under the Investment Company Act of 1940, as amended (the "1940 Act"), each Trust 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 Trust may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In addition, a Trust 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 Trusts 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 Trusts 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 Trusts' 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 Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trusts' investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

2026 BlackRock Semi-Annual Report to Shareholders

------

Trust Summary as of January 31, 2026

**BlackRock California Municipal Income Trust (BFZ)**

**Investment Objective**

**BlackRock California Municipal Income Trust's (BFZ) (the "Trust")** investment objective is to provide current income exempt from regular U.S. federal income and California income taxes. The Trust seeks to achieve its investment objective by investing primarily in municipal obligations exempt from U.S. federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and California income taxes. The Trust invests, under normal market conditions, at least 80% of its assets in municipal obligations that are investment grade quality, or are considered by the Trust's investment adviser to be of comparable quality, at the time of investment. The Trust may invest directly in securities or synthetically through the use of derivatives.

No assurance can be given that the Trust's investment objective will be achieved.

On June 9, 2025, the Board of Trustees of BlackRock California Municipal Income Trust (BFZ) and the Board of Directors of BlackRock MuniHoldings California Quality Fund, Inc. (MUC) each approved the reorganization of BFZ into MUC, with MUC continuing as the surviving Fund. Subsequently, the respective common and preferred shareholders of BFZ and MUC approved the reorganization, which was completed in the first quarter of 2026.

**Trust Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BFZ |
| Initial Offering Date | July 27, 2001 |
| Yield on Closing Market Price as of January 31, 2026 ($11.21)<sup>(a)</sup> | 5.43% |
| Tax Equivalent Yield<sup>(b)</sup> | 11.83% |
| Current Monthly Distribution per Common Share<sup>(c)</sup> | $0.050700 |
| Current Annualized Distribution per Common Share<sup>(c)</sup> | $0.608400 |
| Leverage as of January 31, 2026<sup>(d)</sup> | 41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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.

<sup>(b)</sup> Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 54.1%, 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. 

<sup>(c)</sup> 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.

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *01/31/26* | *07/31/25* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $11.21  | &nbsp;&nbsp;&nbsp;&nbsp; $10.44  | &nbsp;&nbsp;&nbsp;&nbsp; 7.38<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.21  | &nbsp;&nbsp;&nbsp;&nbsp; $10.27  |
| Net Asset Value | 12.08 | &nbsp;&nbsp;&nbsp;&nbsp;11.36 | &nbsp;&nbsp;&nbsp;&nbsp;6.34 | &nbsp;&nbsp;&nbsp;&nbsp;12.18 | &nbsp;&nbsp;&nbsp;&nbsp;11.35 |

---

**Performance**

Returns for the period ended January 31, 2026 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *6-month* | *1 Year* | *5 Years* | *10 Years* |
| Trust at NAV<sup>(a)(b)(c)</sup> | 9.67<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.86<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.97)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> % <br>|
| Trust at Market Price<sup>(b)(c)</sup> | 10.74 | &nbsp;&nbsp;&nbsp;&nbsp;5.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| **California Customized Reference Benchmark**<sup>(d)</sup> | 5.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Bloomberg Municipal Bond Index**<sup>(e)</sup> | 5.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. 

<sup>(b)</sup> All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares. 

<sup>(c)</sup> The Trust's discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.

<sup>(d)</sup> The California Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond: California Exempt Total Return Index Unhedged (90%) and the California Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The California Customized Reference Benchmark commenced on September 30, 2016. 

<sup>(e)</sup> A benchmark that is designed to track the USD-denominated 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. <br>Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust 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 Trust's investment strategies, portfolio components or past or future performance.

Trust Summary

------

Trust Summary as of January 31, 2026(continued)

**BlackRock California Municipal Income Trust (BFZ)**

**The following discussion relates to the Trust's absolute performance based on NAV:**

The Trust's return reflected contributions from both portfolio income and rising municipal bond prices. Holdings in school districts, utilities, transportation, and healthcare were the largest contributors to absolute returns on a sector basis. On the other hand, the Trust's yield curve positioning detracted from performance. A position in the bonds of Brightline West, which were issued to finance a high-speed rail project, was a notable detractor at the individual security level.

*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.* <br>*These views are not intended to be a forecast of future events and are no guarantee of future results.*

**Overview of the Trust's Total Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **SECTOR ALLOCATION** | **SECTOR ALLOCATION** |
| *Sector*<sup>(a)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| Transportation | 24.0<br> %<br>|
| County/City/Special District/School District | 22.7 |
| Corporate | 12.6 |
| Health | 10.0 |
| Education | 9.9 |
| Utilities | 9.4 |
| State | 6.9 |
| Tobacco | 3.4 |
| Housing | 1.1 |
| Construction & Engineering | &nbsp;&nbsp; — <br><sup>(c)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **CALL/MATURITY SCHEDULE** | **CALL/MATURITY SCHEDULE** |
| *Calendar Year Ended December 31,*<sup>(d)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| 2026 | 5.4<br> %<br>|
| 2027 | 10.9 |
| 2028 | 10.1 |
| 2029 | 9.3 |
| 2030 | 6.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** |
| *Credit Rating*<sup>(e)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| AAA/Aaa | 8.5<br> %<br>|
| AA/Aa | 70.2 |
| A | 12.5 |
| BBB/Baa | 3.4 |
| BB/Ba | &nbsp;&nbsp; — <br><sup>(c)</sup><br>|
| N/R | 5.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> For purposes of this report, sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

<sup>(b)</sup> Excludes short-term securities.

<sup>(c)</sup> Rounds to less than 0.1%.

<sup>(d)</sup> Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

<sup>(e)</sup> For purposes of this report, 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. 

2026 BlackRock Semi-Annual Report to Shareholders

------

Trust Summary as of January 31, 2026

**BlackRock Municipal 2030 Target Term Trust (BTT)**

**Investment Objective**

**BlackRock Municipal 2030 Target Term Trust's (BTT) (the "Trust")** investment objectives are to provide current income exempt from regular U.S. federal income tax (but which may be subject to the federal alternative minimum tax in certain circumstances) and to return $25.00 per common share (the initial offering price per share) to holders of common shares on or about December 31, 2030. The Trust seeks to achieve its investment objectives 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 federal alternative minimum tax). The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality, or are considered by the Trust's investment adviser to be of comparable quality, at the time of investment. The Trust actively manages the maturity of its bonds to seek to have a dollar weighted average effective maturity approximately equal to the Trust's maturity date. The Trust may invest directly in securities or synthetically through the use of derivatives.

There is no assurance that the Trust will achieve its investment objectives, including its investment objective of returning $25.00 per share.

**Trust Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BTT |
| Initial Offering Date | August 30, 2012 |
| Termination Date (on or about) | December 31, 2030 |
| Yield on Closing Market Price as of January 31, 2026 ($22.79)<sup>(a)</sup> | 2.44% |
| Tax Equivalent Yield<sup>(b)</sup> | 4.12% |
| Current Monthly Distribution per Common Share<sup>(c)</sup> | $0.046400 |
| Current Annualized Distribution per Common Share<sup>(c)</sup> | $0.556800 |
| Leverage as of January 31, 2026<sup>(d)</sup> | 35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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.

<sup>(b)</sup> 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. 

<sup>(c)</sup> The distribution rate is not constant and is subject to change.

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *01/31/26* | *07/31/25* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $22.79  | &nbsp;&nbsp;&nbsp;&nbsp; $22.16  | &nbsp;&nbsp;&nbsp;&nbsp; 2.84<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $22.83  | &nbsp;&nbsp;&nbsp;&nbsp; $22.16  |
| Net Asset Value | 24.80 | &nbsp;&nbsp;&nbsp;&nbsp;24.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;24.80 | &nbsp;&nbsp;&nbsp;&nbsp;24.23 |

---

**Performance**

Returns for the period ended January 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *6-month* | *1 Year* | *5 Years* | *10 Years* |
| Trust at NAV<sup>(a)(b)</sup> | 3.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.05<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.54<br> % <br>|
| Trust at Market Price<sup>(a)(b)</sup> | 4.11 | &nbsp;&nbsp;&nbsp;&nbsp;11.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 |
| **Customized Reference Benchmark**<sup>(c)</sup> | 2.64 | &nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Bloomberg Municipal Bond Index**<sup>(d)</sup> | 5.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares. 

<sup>(b)</sup> The Trust's discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.

<sup>(c)</sup> The Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond 2030 Index (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) 2030 Total Return Index (10%). The Customized Reference Benchmark commenced on September 30, 2016. 

<sup>(d)</sup> A benchmark that is designed to track the USD-denominated 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. <br>Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust 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 Trust's investment strategies, portfolio components or past or future performance.

More information about the Trust's historical performance can be found in the "Closed End Funds" section of **blackrock.com**.

Trust Summary

------

Trust Summary as of January 31, 2026(continued)

**BlackRock Municipal 2030 Target Term Trust (BTT)**

**The following discussion relates to the Trust's absolute performance based on NAV:**

At a time of positive performance for the broader market, the Trust's largest sector, rating, and maturity allocations had the greatest positive impact on absolute returns.

Revenue sectors such as corporate backed, transportation, and healthcare were the leading absolute contributors, reflecting the investment adviser's preference for revenue bonds with resilient cash flows and stronger fundamentals. On a ratings basis, A and AA-rated holdings were the largest contributors.

The Trust's cash position, while modest, detracted from results in the rising market. A very small position in the bonds of Brightline West, which were issued to finance a high-speed rail project between Las Vegas and Southern California, was a notable detractor at the individual security level.

*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.* <br>*These views are not intended to be a forecast of future events and are no guarantee of future results.*

**Overview of the Trust's Total Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **SECTOR ALLOCATION** | **SECTOR ALLOCATION** |
| *Sector*<sup>(a)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| Corporate | 24.0<br> %<br>|
| Transportation | 19.6 |
| Health | 17.2 |
| State | 11.7 |
| County/City/Special District/School District | 10.6 |
| Housing | 5.8 |
| Utilities | 5.1 |
| Education | 4.0 |
| Tobacco | 2.0 |
| Construction & Engineering | &nbsp;&nbsp; — <br><sup>(c)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **CALL/MATURITY SCHEDULE** | **CALL/MATURITY SCHEDULE** |
| *Calendar Year Ended December 31,*<sup>(d)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| 2026 | 21.5<br> %<br>|
| 2027 | 11.9 |
| 2028 | 14.2 |
| 2029 | 11.6 |
| 2030 | 29.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** |
| *Credit Rating*<sup>(e)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| AAA/Aaa | 2.1<br> %<br>|
| AA/Aa | 44.3 |
| A | 31.4 |
| BBB/Baa | 10.3 |
| BB/Ba | 3.5 |
| B | 0.7 |
| CCC/Caa | 0.1 |
| N/R | 7.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> For purposes of this report, sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

<sup>(b)</sup> Excludes short-term securities.

<sup>(c)</sup> Rounds to less than 0.1%.

<sup>(d)</sup> Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

<sup>(e)</sup> For purposes of this report, 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. 

2026 BlackRock Semi-Annual Report to Shareholders

------

Trust Summary as of January 31, 2026

**BlackRock Municipal Income Quality Trust (BYM)**

**Investment Objective**

**BlackRock Municipal Income Quality Trust's (BYM) (the "Trust")** investment objective is to provide current income exempt from U.S. federal income taxes, including the alternative minimum tax. The Trust seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its managed assets in municipal bonds exempt from U.S. federal income taxes, including the U.S. federal alternative minimum tax. The Trust also invests 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 Trust may invest up to 20% of its managed assets in securities that are rated below investment grade, or are considered by BlackRock to be of comparable quality, at the time of purchase. The Trust may invest directly in securities or synthetically through the use of derivatives.

No assurance can be given that the Trust's investment objective will be achieved.

On January 20, 2025, the Board of Trustees of each of BlackRock Municipal Income Quality Trust (BYM), BlackRock Municipal Income Trust (BFK) and BlackRock Municipal Income Trust II (BLE) (individually the "Target Fund") and the Board of Directors of BlackRock MuniHoldings Fund, Inc. (MHD) each approved the reorganization of BYM, BFK and BLE into MHD, with MHD continuing as the surviving Fund.

On June 6, 2025, the Board of Directors of BlackRock MuniHoldings Quality Fund II, Inc. (MUE) (the "Target Fund") and the Board of Directors of MHD each approved the reorganization of MUE into MHD, with MHD continuing as the surviving Fund.

Subsequently, the respective common and preferred shareholders of each Target Fund and MHD approved the reorganizations, which were completed in the first quarter of 2026.

**Trust Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BYM |
| Initial Offering Date | October 31, 2002 |
| Yield on Closing Market Price as of January 31, 2026 ($11.15)<sup>(a)</sup> | 5.97% |
| Tax Equivalent Yield<sup>(b)</sup> | 10.08% |
| Current Monthly Distribution per Common Share | $0.055500 |
| Current Annualized Distribution per Common Share<sup>(c)</sup> | $0.666000 |
| Leverage as of January 31, 2026<sup>(d)</sup> | 41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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.

<sup>(d)</sup> Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, 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 Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *01/31/26* | *07/31/25* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $11.15  | &nbsp;&nbsp;&nbsp;&nbsp; $10.42  | &nbsp;&nbsp;&nbsp;&nbsp; 7.01<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.15  | &nbsp;&nbsp;&nbsp;&nbsp; $10.42  |
| Net Asset Value | 12.00 | &nbsp;&nbsp;&nbsp;&nbsp;11.39 | &nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp;&nbsp;&nbsp;12.19 | &nbsp;&nbsp;&nbsp;&nbsp;11.39 |

---

Trust Summary

------

Trust Summary as of January 31, 2026(continued)

**BlackRock Municipal Income Quality Trust (BYM)**

**Performance**

Returns for the period ended January 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *6-month* | *1 Year* | *5 Years* | *10 Years* |
| Trust at NAV<sup>(a)(b)</sup> | 8.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.48<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.71)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.30<br> % <br>|
| Trust at Market Price<sup>(a)(b)</sup> | 10.30 | &nbsp;&nbsp;&nbsp;&nbsp;5.86 | &nbsp;&nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.18 |
| **Customized Reference Benchmark**<sup>(c)</sup> | 5.74 | &nbsp;&nbsp;&nbsp;&nbsp;4.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Bloomberg Municipal Bond Index**<sup>(d)</sup> | 5.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares. 

<sup>(b)</sup> The Trust's discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.

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

<sup>(d)</sup> A benchmark that is designed to track the USD-denominated 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. <br>Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust 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 Trust's investment strategies, portfolio components or past or future performance.

**The following discussion relates to the Trust's absolute performance based on NAV:**

The Trust's return reflected contributions from both portfolio income and rising municipal bond prices. The Trust's use of leverage, which augmented income and amplified price gains, was a key contributor in this environment. All sectors and rating categories produced positive absolute returns in the period. While there were a limited number of detractors given the market's strong performance, specific individual holdings in the transportation and charter schools sectors finished with negative returns.

*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.* <br>*These views are not intended to be a forecast of future events and are no guarantee of future results.*

2026 BlackRock Semi-Annual Report to Shareholders

------

Trust Summary as of January 31, 2026(continued)

**BlackRock Municipal Income Quality Trust (BYM)**

**Overview of the Trust's Total Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **SECTOR ALLOCATION** | **SECTOR ALLOCATION** |
| *Sector*<sup>(a)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| County/City/Special District/School District | 19.7<br> %<br>|
| State | 14.3 |
| Corporate | 13.4 |
| Utilities | 12.8 |
| Transportation | 12.0 |
| Health | 9.4 |
| Housing | 8.9 |
| Education | 6.2 |
| Tobacco | 3.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **CALL/MATURITY SCHEDULE** | **CALL/MATURITY SCHEDULE** |
| *Calendar Year Ended December 31,*<sup>(c)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| 2026 | 4.1<br> %<br>|
| 2027 | 2.3 |
| 2028 | 11.9 |
| 2029 | 5.7 |
| 2030 | 8.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** |
| *Credit Rating*<sup>(d)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| AAA/Aaa | 15.9<br> %<br>|
| AA/Aa | 47.5 |
| A | 20.9 |
| BBB/Baa | 3.6 |
| BB/Ba | 2.4 |
| B | 0.3 |
| N/R | 9.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> For purposes of this report, sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

<sup>(b)</sup> Excludes short-term securities.

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

<sup>(d)</sup> For purposes of this report, 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. 

Trust Summary

------

Trust Summary as of January 31, 2026

**BlackRock MuniHoldings California Quality Fund, Inc. (MUC)**

**Investment Objective**

**BlackRock MuniHoldings California Quality Fund, Inc.'s (MUC) (the "Trust")** investment objective is to provide shareholders with current income exempt from U.S. federal income taxes and California personal income taxes. The Trust seeks to achieve its investment objective by investing primarily 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) and California personal income taxes. Under normal market conditions, the Trust invests at least 80% of its assets in investment grade municipal obligations with remaining maturities of one year or more at the time of investment. The municipal obligations in which the Trust primarily invests are either rated investment grade quality, or are considered by the Trust's investment adviser to be of comparable quality, at the time of investment. The Trust may invest up to 20% of its managed assets in securities that are rated below investment grade, or are considered by the Trust's investment adviser to be of comparable quality, at the time of purchase. The Trust may invest directly in securities or synthetically through the use of derivatives.

No assurance can be given that the Trust's investment objective will be achieved.

On June 6, 2025, the Board of Directors of BlackRock MuniHoldings California Quality Fund, Inc. (MUC) and the Board of Trustees of BlackRock California Municipal Income Trust (BFZ) each approved the reorganization of BFZ into MUC, with MUC continuing as the surviving Fund. Subsequently, the respective common and preferred shareholders of MUC and BFZ approved the reorganization, which was completed in the first quarter of 2026.

**Trust Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | MUC |
| Initial Offering Date | February 27, 1998 |
| Yield on Closing Market Price as of January 31, 2026 ($11.02)<sup>(a)</sup> | 5.83% |
| Tax Equivalent Yield<sup>(b)</sup> | 12.70% |
| Current Monthly Distribution per Common Share | $0.053500 |
| Current Annualized Distribution per Common Share<sup>(c)</sup> | $0.642000 |
| Leverage as of January 31, 2026<sup>(d)</sup> | 40% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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.

<sup>(b)</sup> Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 54.1%, 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. 

<sup>(c)</sup> 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.

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *01/31/26* | *07/31/25* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $11.02  | &nbsp;&nbsp;&nbsp;&nbsp; $10.06  | &nbsp;&nbsp;&nbsp;&nbsp; 9.54<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.02  | &nbsp;&nbsp;&nbsp;&nbsp; $10.06  |
| Net Asset Value | 11.79 | &nbsp;&nbsp;&nbsp;&nbsp;11.17 | &nbsp;&nbsp;&nbsp;&nbsp;5.55 | &nbsp;&nbsp;&nbsp;&nbsp;11.93 | &nbsp;&nbsp;&nbsp;&nbsp;11.15 |

---

**Performance**

Returns for the period ended January 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *6-month* | *1 Year* | *5 Years* | *10 Years* |
| Trust at NAV<sup>(a)(b)</sup> | 8.75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.32)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> % <br>|
| Trust at Market Price<sup>(a)(b)</sup> | 12.87 | &nbsp;&nbsp;&nbsp;&nbsp;7.87 | &nbsp;&nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.66 |
| **California Customized Reference Benchmark**<sup>(c)</sup> | 5.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Bloomberg Municipal Bond Index**<sup>(d)</sup> | 5.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares. 

<sup>(b)</sup> The Trust's discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.

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

<sup>(d)</sup> A benchmark that is designed to track the USD-denominated 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. <br>Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust 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 Trust's investment strategies, portfolio components or past or future performance.

More information about the Trust's historical performance can be found in the "Closed End Funds" section of **blackrock.com**.

2026 BlackRock Semi-Annual Report to Shareholders

------

Trust Summary as of January 31, 2026(continued)

**BlackRock MuniHoldings California Quality Fund, Inc. (MUC)**

**The following discussion relates to the Trust's absolute performance based on NAV:**

Holdings in high-quality AA rated bonds with maturities of 20 years and longer were the largest contributors to absolute performance due to the combination of positive price action and their above-average yields. At the sector level, transportation was the largest contributor thanks in part to strength in airport bonds. General obligation school district bonds and public university issues also contributed.

Prepaid gas bonds constitute most of the Trust's holdings on the front end of the yield curve (10-year maturities and below) due to their wider spreads and higher yields. These holdings further contributed to performance.

Positions in BBB rated securities and high yield bonds contributed, albeit to a lesser extent due to weakness in specific holdings in these areas. Select long-term tobacco zero coupon bonds detracted as consumption numbers continue to decline. A position in the bonds of Brightline West, which were issued to finance a high-speed rail project between Las Vegas and Southern California, was a notable detractor at the individual security level amid investor pessimism about government funding.

The Trust's use of leverage, which augmented income and amplified price gains, contributed to performance in the positive market environment.

*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.* <br>*These views are not intended to be a forecast of future events and are no guarantee of future results.*

**Overview of the Trust's Total Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **SECTOR ALLOCATION** | **SECTOR ALLOCATION** |
| *Sector*<sup>(a)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| Transportation | 24.0<br> %<br>|
| County/City/Special District/School District | 21.9 |
| Corporate | 16.9 |
| Education | 11.2 |
| State | 8.7 |
| Utilities | 7.7 |
| Tobacco | 3.3 |
| Housing | 3.3 |
| Health | 3.0 |
| Construction & Engineering | &nbsp;&nbsp; — <br><sup>(c)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **CALL/MATURITY SCHEDULE** | **CALL/MATURITY SCHEDULE** |
| *Calendar Year Ended December 31,*<sup>(d)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| 2026 | 3.2<br> %<br>|
| 2027 | 6.0 |
| 2028 | 10.8 |
| 2029 | 6.1 |
| 2030 | 9.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** |
| *Credit Rating*<sup>(e)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| AAA/Aaa | 2.7<br> %<br>|
| AA/Aa | 66.7 |
| A | 18.5 |
| BBB/Baa | 4.2 |
| BB/Ba | 0.2 |
| CCC/Caa | 0.1 |
| N/R | 7.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> For purposes of this report, sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

<sup>(b)</sup> Excludes short-term securities.

<sup>(c)</sup> Rounds to less than 0.1%.

<sup>(d)</sup> Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

<sup>(e)</sup> For purposes of this report, 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. 

Trust Summary

------

Trust Summary as of January 31, 2026

**BlackRock MuniHoldings Quality Fund II, Inc. (MUE)**

**Investment Objective**

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

No assurance can be given that the Trust's investment objective will be achieved.

On June 6, 2025, the Board of Directors of BlackRock MuniHoldings Quality Fund II, Inc. (MUE) and the Board of Directors of BlackRock MuniHoldings Fund, Inc. (MHD) each approved the reorganization of MUE into MHD, with MHD continuing as the surviving Fund. Subsequently, the respective common and preferred shareholders of MUE and MHD approved the reorganization, which was completed in the first quarter of 2026.

**Trust Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | MUE |
| Initial Offering Date | February 26, 1999 |
| Yield on Closing Market Price as of January 31, 2026 ($10.15)<sup>(a)</sup> | 6.03% |
| Tax Equivalent Yield<sup>(b)</sup> | 10.19% |
| Current Monthly Distribution per Common Share | $0.051000 |
| Current Annualized Distribution per Common Share<sup>(c)</sup> | $0.612000 |
| Leverage as of January 31, 2026<sup>(d)</sup> | 42% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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.

<sup>(d)</sup> Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, 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 Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. 

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *01/31/26* | *07/31/25* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $10.15  | &nbsp;&nbsp;&nbsp;&nbsp; $9.40  | &nbsp;&nbsp;&nbsp;&nbsp; 7.98<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.20  | &nbsp;&nbsp;&nbsp;&nbsp; $9.39  |
| Net Asset Value | 10.95 | &nbsp;&nbsp;&nbsp;&nbsp;10.33 | &nbsp;&nbsp;&nbsp;&nbsp;6.00 | &nbsp;&nbsp;&nbsp;&nbsp;11.16 | &nbsp;&nbsp;&nbsp;&nbsp;10.31 |

---

**Performance**

Returns for the period ended January 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *6-month* | *1 Year* | *5 Years* | *10 Years* |
| Trust at NAV<sup>(a)(b)</sup> | 9.29<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.79<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.48)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> % <br>|
| Trust at Market Price<sup>(a)(b)</sup> | 11.33 | &nbsp;&nbsp;&nbsp;&nbsp;4.41 | &nbsp;&nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.05 |
| **National Customized Reference Benchmark**<sup>(c)</sup> | 5.76 | &nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Bloomberg Municipal Bond Index**<sup>(d)</sup> | 5.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares. 

<sup>(b)</sup> The Trust's discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.

<sup>(c)</sup> 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. 

<sup>(d)</sup> A benchmark that is designed to track the USD-denominated 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. <br>Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust 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 Trust's investment strategies, portfolio components or past or future performance.

2026 BlackRock Semi-Annual Report to Shareholders

------

Trust Summary as of January 31, 2026(continued)

**BlackRock MuniHoldings Quality Fund II, Inc. (MUE)**

**The following discussion relates to the Trust's absolute performance based on NAV:**

The Trust's return reflected contributions from both portfolio income and rising municipal bond prices. The Trust's use of leverage, which augmented income and amplified price gains, was a key contributor in this environment. All sectors and rating categories produced positive absolute returns in the period. While there were a limited number of detractors given the market's strong performance, specific individual holdings in the transportation and charter schools sectors finished with negative returns.

*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.* <br>*These views are not intended to be a forecast of future events and are no guarantee of future results.*

**Overview of the Trust's Total Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **SECTOR ALLOCATION** | **SECTOR ALLOCATION** |
| *Sector*<sup>(a)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| Transportation | 23.8<br> %<br>|
| County/City/Special District/School District | 15.5 |
| Utilities | 12.2 |
| State | 11.9 |
| Corporate | 10.9 |
| Health | 10.5 |
| Housing | 9.0 |
| Education | 4.4 |
| Tobacco | 1.8 |
| Construction & Engineering | &nbsp;&nbsp; — <br><sup>(c)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **CALL/MATURITY SCHEDULE** | **CALL/MATURITY SCHEDULE** |
| *Calendar Year Ended December 31,*<sup>(d)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| 2026 | 7.1<br> %<br>|
| 2027 | 1.8 |
| 2028 | 5.5 |
| 2029 | 3.6 |
| 2030 | 8.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** |
| *Credit Rating*<sup>(e)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(b)</sup> <br>|
| AAA/Aaa | 9.2<br> %<br>|
| AA/Aa | 53.4 |
| A | 20.3 |
| BBB/Baa | 6.3 |
| BB/Ba | 1.2 |
| B | 0.4 |
| N/R | 9.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> For purposes of this report, sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

<sup>(b)</sup> Excludes short-term securities.

<sup>(c)</sup> Rounds to less than 0.1%.

<sup>(d)</sup> Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.

<sup>(e)</sup> For purposes of this report, 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. 

Trust Summary

------

Schedule of Investments (unaudited)

January 31, 2026

**BlackRock California Municipal Income Trust (BFZ)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **California — 117.3%** | **California — 117.3%** |  |
| **Corporate**<sup>(a)</sup> **— 21.0%** | **Corporate**<sup>(a)</sup> **— 21.0%** |  |
| California Community Choice Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.00%, 07/01/53 | $12000 | &nbsp;&nbsp; $12691259  |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.00%, 12/01/53 | 6020 | &nbsp;&nbsp; 6332328 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.50%, 10/01/54 | 9935 | &nbsp;&nbsp; 10806506 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.00%, 01/01/56 | 2250 | &nbsp;&nbsp; 2387573 |
| &nbsp;&nbsp;&nbsp; Series A-1, Sustainability Bonds, 4.00%, 05/01/53 | 15000 | &nbsp;&nbsp; 15280409 |
| &nbsp;&nbsp;&nbsp; Series B, Sustainability Bonds, 5.00%, 01/01/55 | 5500 | &nbsp;&nbsp; 5804002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Class B, Sustainability Bonds, 5.00%, <br> 03/01/56<br>| 3000 | &nbsp;&nbsp; 3276325 |
| &nbsp;&nbsp;&nbsp; Series E-1, Sustainability Bonds, 5.00%, 02/01/54 | 3000 | &nbsp;&nbsp; 3204433 |
| &nbsp;&nbsp;&nbsp; Series G, Sustainability Bonds, 5.00%, 11/01/55 | 4705 | &nbsp;&nbsp; 4955678 |
| Central Valley Energy Authority, RB, 5.00%, 12/01/55 | 10845 | &nbsp;&nbsp; 11720892 |
|  |  | &nbsp;&nbsp; 76459405 |
| **County/City/Special District/School District — 28.9%** | **County/City/Special District/School District — 28.9%** |  |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, ST, Series A, <br> 5.13%, 09/01/59<br>| 305 | &nbsp;&nbsp; 298895 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, <br> Refunding RB, 5.00%, 11/21/45<sup>(b)</sup><br>| 2500 | &nbsp;&nbsp; 2537289 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development <br> Authority, SAB, Series B, 5.00%, 09/02/52<br>| 565 | &nbsp;&nbsp; 566502 |
| &nbsp;&nbsp;&nbsp; Chabot-Las Positas Community College District, GO, <br> Series C, Election 2016, 5.25%, 08/01/48<br>| 6925 | &nbsp;&nbsp; 7410475 |
| &nbsp;&nbsp;&nbsp; City & County of San Francisco California, Refunding <br> COP, Class A, Sustainability Bonds, 4.00%, 04/01/40<br>| 6635 | &nbsp;&nbsp; 6661281 |
| &nbsp;&nbsp;&nbsp; Corona-Norco Unified School District, GO, Series D, <br> Election 2014, 5.00%, 08/01/49<sup>(c)</sup><br>| 2510 | &nbsp;&nbsp; 2655891 |
| &nbsp;&nbsp;&nbsp; Dublin Unified School District, GO, Series B, Election <br> 2020, 4.00%, 08/01/45<br>| 4000 | &nbsp;&nbsp; 3958222 |
| &nbsp;&nbsp;&nbsp; Folsom Cordova Unified School District School Facilities <br> Improvement Dist No. 5, GO, Series B, Election 2014, <br> 4.25%, 10/01/41<br>| 6000 | &nbsp;&nbsp; 6012647 |
| &nbsp;&nbsp;&nbsp; Fremont Union High School District, GO, Election 2022, <br> 4.00%, 08/01/48<br>| 3685 | &nbsp;&nbsp; 3610553 |
| &nbsp;&nbsp;&nbsp; Grossmont Union High School District, GO, Series I-2, <br> 4.00%, 08/01/44<br>| 5115 | &nbsp;&nbsp; 5051648 |
| &nbsp;&nbsp;&nbsp; Los Angeles Unified School District, GO, Series QRR, <br> Sustainability Bonds, 5.25%, 07/01/48<br>| 2995 | &nbsp;&nbsp; 3236966 |
| &nbsp;&nbsp;&nbsp; Menlo Park City School District, GO, Series A, Election <br> 2024, 5.00%, 07/01/50<br>| 2700 | &nbsp;&nbsp; 2861939 |
| Mt San Antonio Community College District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series D, Election 2018, 4.00%, 08/01/49 | 3500 | &nbsp;&nbsp; 3376102 |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 5.00%, 08/01/50 | 3600 | &nbsp;&nbsp; 3837196 |
| &nbsp;&nbsp;&nbsp; Municipal Improvement Corp of Los Angeles, RB, 5.50%, <br> 05/01/55<br>| 2335 | &nbsp;&nbsp; 2527599 |
| &nbsp;&nbsp;&nbsp; Sacramento Area Flood Control Agency, Refunding SAB, <br> 5.00%, 10/01/47<br>| 4000 | &nbsp;&nbsp; 4042284 |
| &nbsp;&nbsp;&nbsp; Salinas Union High School District, GO, Series A, <br> Election 2024, 5.00%, 08/01/50<br>| 1500 | &nbsp;&nbsp; 1590369 |
| &nbsp;&nbsp;&nbsp; San Diego Public Facilities Financing Authority, <br> Refunding RB, Series A, 5.00%, 10/15/50<br>| 5000 | &nbsp;&nbsp; 5277668 |
| San Diego Unified School District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series O-2, Election 2008, Sustainability Bonds, <br> 5.00%, 07/01/49<br>| 2375 | &nbsp;&nbsp; 2520624 |
| &nbsp;&nbsp;&nbsp; Series A-3, Sustainability Bonds, 5.00%, 07/01/48 | 3000 | &nbsp;&nbsp; 3178443 |
| &nbsp;&nbsp;&nbsp; San Francisco Bay Area Rapid Transit District, GO, <br> Series A, Election 2016, Sustainability Bonds, 5.00%, <br> 08/01/47<br>| 2290 | &nbsp;&nbsp; 2327404 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** |  |
| &nbsp;&nbsp;&nbsp; San Jose Evergreen Community College District, GO, <br> Series C, Election 2016, 4.00%, 09/01/45<br>| 3740 | &nbsp;&nbsp; $3745377  |
| &nbsp;&nbsp;&nbsp; San Mateo Foster City School District, GO, Series C, <br> Election 2020, 5.00%, 08/01/51<br>| 1825 | &nbsp;&nbsp; 1922171 |
| &nbsp;&nbsp;&nbsp; San Mateo Joint Powers Financing Authority, RB, <br> Series A, 5.00%, 07/15/43<br>| 1965 | &nbsp;&nbsp; 2032759 |
| &nbsp;&nbsp;&nbsp; Santa Clara County Financing Authority, RB, Series A, <br> 4.00%, 05/01/45<br>| 3575 | &nbsp;&nbsp; 3533100 |
| &nbsp;&nbsp;&nbsp; Sequoia Union High School District, GO, Election 2022, <br> 5.00%, 07/01/48<br>| 2195 | &nbsp;&nbsp; 2344350 |
| Tamalpais Union High School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 4.00%, 08/01/47 | 4670 | &nbsp;&nbsp; 4662968 |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 4.13%, 08/01/49 | 2500 | &nbsp;&nbsp; 2507221 |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 4.13%, 08/01/50 | 6605 | &nbsp;&nbsp; 6610968 |
| &nbsp;&nbsp;&nbsp; West Valley-Mission Community College District, GO, <br> Series A, 4.00%, 08/01/44<br>| 4000 | &nbsp;&nbsp; 4007046 |
|  |  | &nbsp;&nbsp; 104905957 |
| **Education — 7.7%** | **Education — 7.7%** |  |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, RB, 8.00%, <br> 11/15/62<sup>(b)</sup><br>| 540 | &nbsp;&nbsp; 534372 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Refunding <br> RB<sup>(b)(d)(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/39 | 325 | &nbsp;&nbsp; 244521 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/48 | 510 | &nbsp;&nbsp; 340150 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, RB, Series A, <br> 5.00%, 06/01/58<sup>(b)</sup><br>| 2120 | &nbsp;&nbsp; 1979384 |
| California School Finance Authority, Refunding RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.50%, 08/01/43 | 130 | &nbsp;&nbsp; 133413 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.50%, 08/01/47 | 125 | &nbsp;&nbsp; 125656 |
| California State University, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 11/01/48 | 3010 | &nbsp;&nbsp; 3262050 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/49 | 745 | &nbsp;&nbsp; 827946 |
| &nbsp;&nbsp;&nbsp; California State University, Refunding RB, Series A, <br> 5.25%, 11/01/50<br>| 13640 | &nbsp;&nbsp; 14942668 |
| University of California, RB, Series AV, 5.00%, 05/15/47 | 5440 | &nbsp;&nbsp; 5512221 |
|  |  | &nbsp;&nbsp; 27902381 |
| **Health — 9.4%** | **Health — 9.4%** |  |
| California Health Facilities Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/48 | 6190 | &nbsp;&nbsp; 6237926 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/49 | 2095 | &nbsp;&nbsp; 2208371 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/48 | 9550 | &nbsp;&nbsp; 9625571 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/51 | 5000 | &nbsp;&nbsp; 5205134 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, RB, Series A, 6.38%, <br> 06/01/59<sup>(b)</sup><br>| 2225 | &nbsp;&nbsp; 2124302 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development <br> Authority, Refunding RB, Series A, 5.00%, 08/15/51<br>| 250 | &nbsp;&nbsp; 250484 |
| &nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center <br> Pooled Revenue, RB, Series P, 5.00%, 05/15/47<br>| 8045 | &nbsp;&nbsp; 8452144 |
|  |  | &nbsp;&nbsp; 34103932 |
| **Housing — 0.4%** | **Housing — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; California Housing Finance Agency, RB, M/F Housing, <br> Series A, 4.25%, 01/15/35<br>| 1 | &nbsp;&nbsp; 635 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, RB, M/F <br> Housing, Mezzanine Lien, 4.00%, 05/01/57<sup>(b)</sup><br>| 1840 | &nbsp;&nbsp; 1288829 |
|  |  | &nbsp;&nbsp; 1289464 |

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2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock California Municipal Income Trust (BFZ)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **State — 4.9%** | **State — 4.9%** |  |
| California State Public Works Board, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/49 | $4890 | &nbsp;&nbsp; $5163140  |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/01/50 | 5910 | &nbsp;&nbsp; 6251475 |
| State of California, GO, 5.00%, 11/01/50 | 5985 | &nbsp;&nbsp; 6355364 |
|  |  | &nbsp;&nbsp; 17769979 |
| **Tobacco — 5.6%** | **Tobacco — 5.6%** |  |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, <br> Refunding RB, CAB<sup>(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/01/55 | 2425 | &nbsp;&nbsp; 478568 |
| &nbsp;&nbsp;&nbsp; Series B-2, Subordinate, 0.00%, 06/01/55 | 1755 | &nbsp;&nbsp; 329963 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Refunding <br> RB, Series B, 5.00%, 06/01/51<br>| 12250 | &nbsp;&nbsp; 12024579 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Refunding <br> RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66<sup>(f)</sup><br>| 16050 | &nbsp;&nbsp; 1683210 |
| &nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California, <br> Refunding RB, 5.00%, 06/01/48<br>| 6000 | &nbsp;&nbsp; 6004450 |
|  |  | &nbsp;&nbsp; 20520770 |
| **Transportation — 27.1%** | **Transportation — 27.1%** |  |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, <br> Refunding RB, AMT, Sustainability Bonds, 12.00%, <br> 01/01/65<sup>(a)(b)</sup><br>| 10340 | &nbsp;&nbsp; 7755000 |
| &nbsp;&nbsp;&nbsp; City of Long Beach California Harbor Revenue, ARB, <br> Series A, AMT, 5.00%, 05/15/40<br>| 5000 | &nbsp;&nbsp; 5094776 |
| &nbsp;&nbsp;&nbsp; City of Long Beach California Harbor Revenue, <br> Refunding ARB, Series C, 5.00%, 05/15/47<br>| 1480 | &nbsp;&nbsp; 1500771 |
| City of Los Angeles Department of Airports, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 05/15/36 | 1090 | &nbsp;&nbsp; 1094476 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 05/15/41 | 6000 | &nbsp;&nbsp; 6016535 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 05/15/46 | 7860 | &nbsp;&nbsp; 7866670 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, Subordinate, 5.00%, 05/15/44 | 4130 | &nbsp;&nbsp; 4173889 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.00%, 05/15/47 | 1365 | &nbsp;&nbsp; 1403708 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.25%, 05/15/47 | 3900 | &nbsp;&nbsp; 4059857 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.50%, 05/15/40 | 3490 | &nbsp;&nbsp; 3849459 |
| &nbsp;&nbsp;&nbsp; AMT, 5.50%, 05/15/47 | 4250 | &nbsp;&nbsp; 4484542 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 05/15/48 | 1500 | &nbsp;&nbsp; 1513121 |
| &nbsp;&nbsp;&nbsp; Series S, AMT, 5.00%, 05/15/40 | 4450 | &nbsp;&nbsp; 4752511 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series D, Subordinate, 5.25%, 05/15/51 | 5000 | &nbsp;&nbsp; 5427934 |
| &nbsp;&nbsp;&nbsp; Series D, Class D, Subordinate, 5.00%, 05/15/48 | 5000 | &nbsp;&nbsp; 5377440 |
| &nbsp;&nbsp;&nbsp; County of Sacramento California Airport System <br> Revenue, ARB, 5.25%, 07/01/49<br>| 1310 | &nbsp;&nbsp; 1408099 |
| &nbsp;&nbsp;&nbsp; County of Sacramento California Airport System <br> Revenue, Refunding RB, Series C, AMT, 5.00%, <br> 07/01/39<br>| 1000 | &nbsp;&nbsp; 1030843 |
| &nbsp;&nbsp;&nbsp; Norman Y Mineta San Jose International Airport SJC, <br> Refunding RB, Series A, AMT, 5.00%, 03/01/37<br>| 1280 | &nbsp;&nbsp; 1296599 |
| San Diego County Regional Airport Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/47 | 3000 | &nbsp;&nbsp; 3012963 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/48 | 6890 | &nbsp;&nbsp; 7101703 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.25%, 07/01/50 | 9300 | &nbsp;&nbsp; 9751243 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/01/49 | 4000 | &nbsp;&nbsp; 4032537 |
| &nbsp;&nbsp;&nbsp; Series D, AMT, 5.00%, 05/01/43 | 6130 | &nbsp;&nbsp; 6266153 |
|  |  | &nbsp;&nbsp; 98270829 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Utilities — 12.3%** | **Utilities — 12.3%** |  |
| &nbsp;&nbsp;&nbsp; Coachella Valley Water District Stormwater System <br> Revenue, COP, Series A, 5.00%, 08/01/47<br>| $1250 | &nbsp;&nbsp; $1320710  |
| &nbsp;&nbsp;&nbsp; Contra Costa Water District, Refunding RB, Series V, <br> 5.00%, 10/01/44<br>| 2310 | &nbsp;&nbsp; 2417876 |
| &nbsp;&nbsp;&nbsp; East Bay Municipal Utility District Wastewater System <br> Revenue, RB, Series A, Sustainability Bonds, 5.00%, <br> 06/01/50<br>| 1435 | &nbsp;&nbsp; 1537515 |
| &nbsp;&nbsp;&nbsp; East Bay Municipal Utility District Water System <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 4.00%, 06/01/45 | 1730 | &nbsp;&nbsp; 1730249 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.00%, 06/01/55 | 1760 | &nbsp;&nbsp; 1870742 |
| &nbsp;&nbsp;&nbsp; Ontario Public Financing Authority, RB, Series A, 5.00%, <br> 08/01/49<br>| 1625 | &nbsp;&nbsp; 1721935 |
| &nbsp;&nbsp;&nbsp; Puente Basin Water Agency, RB, Series A, 5.00%, <br> 06/01/49<br>| 2620 | &nbsp;&nbsp; 2788758 |
| Sacramento Municipal Utility District, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series H, Sustainability Bonds, 4.00%, 08/15/45 | 15000 | &nbsp;&nbsp; 14823022 |
| &nbsp;&nbsp;&nbsp; Series M, Sustainability Bonds, 5.00%, 11/15/45 | 1000 | &nbsp;&nbsp; 1086178 |
| &nbsp;&nbsp;&nbsp; Series M, Sustainability Bonds, 5.00%, 11/15/49 | 2770 | &nbsp;&nbsp; 2937603 |
| &nbsp;&nbsp;&nbsp; San Diego Public Facilities Financing Authority, RB, <br> Series A, 5.00%, 05/15/49<br>| 1160 | &nbsp;&nbsp; 1237738 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Public Utilities Commission <br> Wastewater Revenue, Refunding RB, Series C, <br> Sustainability Bonds, 5.00%, 10/01/49<br>| 1975 | &nbsp;&nbsp; 2103503 |
| &nbsp;&nbsp;&nbsp; San Mateo Foster City Public Financing Authority, RB, <br> 4.00%, 08/01/44<br>| 7500 | &nbsp;&nbsp; 7474592 |
| &nbsp;&nbsp;&nbsp; Santa Ana Public Financing Authority, Refunding RB, <br> 5.00%, 09/01/49<br>| 1685 | &nbsp;&nbsp; 1783785 |
|  |  | &nbsp;&nbsp; 44834206 |
| **Total Municipal Bonds in California** | **Total Municipal Bonds in California** | &nbsp;&nbsp; 426056923 |
| **New Hampshire — 1.4%** | **New Hampshire — 1.4%** |  |
| **Housing — 1.4%** | **Housing — 1.4%** |  |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, M/F <br> Housing, Series 2, Sustainability Bonds, 3.92%, <br> 07/20/39<sup>(a)</sup><br>| 5284 | &nbsp;&nbsp; 5205438 |
| **Puerto Rico — 4.1%** | **Puerto Rico — 4.1%** |  |
| **State — 4.1%** | **State — 4.1%** |  |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.75%, 07/01/53 | 1719 | &nbsp;&nbsp; 1658024 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 9405 | &nbsp;&nbsp; 9205179 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 2530 | &nbsp;&nbsp; 2413420 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB, CAB, Series A-1, Restructured, 0.00%, <br> 07/01/46<sup>(f)</sup><br>| 4520 | &nbsp;&nbsp; 1566096 |
| **Total Municipal Bonds in Puerto Rico** | **Total Municipal Bonds in Puerto Rico** | &nbsp;&nbsp; 14842719 |
| **Total Municipal Bonds — 122.8%** <br>**(Cost: $441,575,517)** | **Total Municipal Bonds — 122.8%** <br>**(Cost: $441,575,517)** | &nbsp;&nbsp; 446105080 |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(g)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(g)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(g)</sup> |
| **California — 44.3%** | **California — 44.3%** | **California — 44.3%** |
| **County/City/Special District/School District — 9.0%** | **County/City/Special District/School District — 9.0%** |  |
| &nbsp;&nbsp;&nbsp; Clovis Unified School District, GO, Election 2020, <br> Series B, 5.00%, 08/01/47<br>| 10000 | &nbsp;&nbsp; 10406790 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock California Municipal Income Trust (BFZ)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** |  |
| &nbsp;&nbsp;&nbsp; Los Angeles County Metropolitan Transportation <br> Authority Sales Tax Revenue, Refunding RB, <br> Sustainability Bonds, Series A, 5.00%, 07/01/44<br>| 11200 | &nbsp;&nbsp; $11663879  |
| &nbsp;&nbsp;&nbsp; Los Angeles Unified School District, GO, Sustainability <br> Bonds, Series QRR, 5.25%, 07/01/47<br>| 10000 | &nbsp;&nbsp; 10750317 |
|  |  | &nbsp;&nbsp; 32820986 |
| **Education — 8.9%** | **Education — 8.9%** |  |
| California State University, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/48 | 10070 | &nbsp;&nbsp; 10328330 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 11/01/50<sup>(h)</sup> | 20000 | &nbsp;&nbsp; 21910070 |
|  |  | &nbsp;&nbsp; 32238400 |
| **Health — 7.4%** | **Health — 7.4%** |  |
| &nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center <br> Pooled Revenue, RB, Series P, 5.00%, 05/15/47<br>| 25625 | &nbsp;&nbsp; 26921839 |
| **State — 2.6%** | **State — 2.6%** |  |
| State of California, Refunding GO, 5.00%, 03/01/49 | 8750 | &nbsp;&nbsp; 9359305 |
| **Transportation — 13.0%** | **Transportation — 13.0%** |  |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB, AMT, Sustainability Bonds, Series A, 5.25%, <br> 05/15/50<br>| 19365 | &nbsp;&nbsp; 20308682 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding ARB, AMT, <br> Series A, 5.00%, 05/01/47<sup>(h)</sup><br>| 16735 | &nbsp;&nbsp; 16772286 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding RB, AMT, <br> Series C, 5.75%, 05/01/48<sup>(h)</sup><br>| 9600 | &nbsp;&nbsp; 10293133 |
|  |  | &nbsp;&nbsp; 47374101 |
| **Utilities — 3.4%** | **Utilities — 3.4%** |  |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Public Utilities Commission <br> Wastewater Revenue, Refunding RB, Sustainability <br> Bonds, Series A, 4.00%, 10/01/49<br>| 12790 | &nbsp;&nbsp; 12169432 |
| **Total Municipal Bonds in California** | **Total Municipal Bonds in California** | &nbsp;&nbsp; 160884063 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 44.3%** <br>**(Cost: $159,374,414)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 44.3%** <br>**(Cost: $159,374,414)** | &nbsp;&nbsp; 160884063 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Warrants** | **Warrants** | **Warrants** |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Brightline West, (Expires 11/26/35, Strike Price USD <br> 5.00)<sup>(e)(i)</sup><br>| 86114 | &nbsp;&nbsp; 172228 |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** | &nbsp;&nbsp; 172228 |
| **Total Long-Term Investments — 167.1%** <br>**(Cost: $600,949,931)** | **Total Long-Term Investments — 167.1%** <br>**(Cost: $600,949,931)** | &nbsp;&nbsp; 607161371 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.8%** | **Money Market Funds — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.03%<sup>(j)(k)</sup><br>| 6351793 | &nbsp;&nbsp; $6352429 |
| **Total Short-Term Securities — 1.8%** <br>**(Cost: $6,352,429)** | **Total Short-Term Securities — 1.8%** <br>**(Cost: $6,352,429)** | &nbsp;&nbsp; 6352429 |
| **Total Investments — 168.9%** <br>**(Cost: $607,302,360)** | **Total Investments — 168.9%** <br>**(Cost: $607,302,360)** | &nbsp;&nbsp; 613513800 |
| **Other Assets Less Liabilities — 0.4%** | **Other Assets Less Liabilities — 0.4%** | &nbsp;&nbsp; 1881427 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (22.2)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (22.2)%** | &nbsp;&nbsp; (80785975)<br>|
| **VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(47.1)%** | **VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(47.1)%** | &nbsp;&nbsp; (171300000)<br>|
| **Net Assets Applicable to Common Shares — 100.0%** | **Net Assets Applicable to Common Shares — 100.0%** | &nbsp;&nbsp; $363309252 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> When-issued security.

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

<sup>(e)</sup> Non-income producing security.

<sup>(f)</sup> Zero-coupon bond.

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

<sup>(h)</sup> All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between November 1, 2026 to May 1, 2033, is $24,423,240. See Note 4 of the Notes to Financial Statements for details. 

<sup>(i)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(j)</sup> Affiliate of the Trust.

<sup>(k)</sup> Annualized 7-day yield as of period end.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock California Municipal Income Trust (BFZ)** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, MuniCash, Institutional Shares | $7622997 | $—<br> $(1270568 )<sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $6352429 | 6351793 | $50563 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended January 31, 2026, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $105154 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $105154 |

---

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $446105080  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $446105080  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 160884063 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 160884063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 172228 | &nbsp;&nbsp;&nbsp;&nbsp; 172228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 6352429 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6352429 |
|  | &nbsp;&nbsp; $6352429 | &nbsp;&nbsp;&nbsp;&nbsp; $606989143 | &nbsp;&nbsp;&nbsp;&nbsp; $172228 | &nbsp;&nbsp;&nbsp;&nbsp; $613513800 |

---

The Trust 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TOB Trust Certificates | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(80299992)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(80299992)<br>|
| &nbsp;&nbsp;&nbsp; VRDP Shares at Liquidation Value | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (171300000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (171300000)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(251599992)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(251599992)<br>|

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

January 31, 2026

**BlackRock Municipal 2030 Target Term Trust (BTT)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 10.2%** | **Alabama — 10.2%** |  |
| &nbsp;&nbsp;&nbsp; Alabama Economic Settlement Authority, RB, Series A, <br> 4.00%, 09/15/33<br>| $5000 | &nbsp;&nbsp; $5009449  |
| &nbsp;&nbsp;&nbsp; Alabama Public School and College Authority, <br> Refunding RB, Series A, Sustainability Bonds, <br> 5.00%, 11/01/30<br>| 11900 | &nbsp;&nbsp; 13327868 |
| &nbsp;&nbsp;&nbsp; Baldwin County Industrial Development Authority, RB, <br> Series A, AMT, 5.00%, 06/01/55<sup>(a)(b)</sup><br>| 5000 | &nbsp;&nbsp; 5109596 |
| Birmingham-Jefferson Civic Center Authority, ST |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/31 | 1100 | &nbsp;&nbsp; 1153660 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/32 | 1150 | &nbsp;&nbsp; 1204005 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/33 | 1600 | &nbsp;&nbsp; 1671960 |
| Black Belt Energy Gas District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/30 | 4380 | &nbsp;&nbsp; 4540491 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/54<sup>(a)</sup> | 10000 | &nbsp;&nbsp; 10703940 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/55<sup>(a)</sup> | 2005 | &nbsp;&nbsp; 2162990 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 12/01/53<sup>(a)</sup> | 3500 | &nbsp;&nbsp; 3773811 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 03/01/55<sup>(a)</sup> | 6245 | &nbsp;&nbsp; 6744607 |
| &nbsp;&nbsp;&nbsp; Series E, 5.00%, 05/01/30 | 1675 | &nbsp;&nbsp; 1797164 |
| &nbsp;&nbsp;&nbsp; Series F, 5.00%, 12/01/30 | 1210 | &nbsp;&nbsp; 1294124 |
| &nbsp;&nbsp;&nbsp; County of Jefferson Alabama Sewer Revenue, <br> Refunding RB, 5.00%, 10/01/30<br>| 2500 | &nbsp;&nbsp; 2755007 |
| &nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District, RB, Series B, <br> 5.25%, 07/01/54<sup>(a)</sup><br>| 3095 | &nbsp;&nbsp; 3357948 |
| &nbsp;&nbsp;&nbsp; Health Care Authority of the City of Huntsville, <br> Refunding RB, Series A, 5.00%, 06/01/53<sup>(a)</sup><br>| 20000 | &nbsp;&nbsp; 21872802 |
| &nbsp;&nbsp;&nbsp; Homewood Educational Building Authority, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/33 | 1010 | &nbsp;&nbsp; 1023381 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/34 | 1380 | &nbsp;&nbsp; 1396912 |
| &nbsp;&nbsp;&nbsp; Hoover Industrial Development Board, RB, AMT, <br> Sustainability Bonds, 6.38%, 11/01/50<sup>(a)</sup><br>| 1965 | &nbsp;&nbsp; 2157378 |
| &nbsp;&nbsp;&nbsp; Orange Beach Water Sewer & Fire <br> Protection Authority, RB, 4.00%, 05/15/30<br>| 510 | &nbsp;&nbsp; 540995 |
| Southeast Energy Authority A Cooperative District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/56<sup>(a)</sup> | 1230 | &nbsp;&nbsp; 1280498 |
| &nbsp;&nbsp;&nbsp; Series A-2, 4.87%, 01/01/53<sup>(a)</sup> | 30265 | &nbsp;&nbsp; 31810152 |
| &nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 05/01/53<sup>(a)</sup> | 9375 | &nbsp;&nbsp; 9762366 |
| &nbsp;&nbsp;&nbsp; Series E, 5.00%, 10/01/30 | 25000 | &nbsp;&nbsp; 27142667 |
|  |  | &nbsp;&nbsp; 161593771 |
| **Arizona — 1.2%** | **Arizona — 1.2%** |  |
| Arizona Industrial Development Authority, RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/29 | 465 | &nbsp;&nbsp; 464486 |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/29 | 555 | &nbsp;&nbsp; 555700 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/29 | 2935 | &nbsp;&nbsp; 2935626 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 4.00%, 07/01/30 | 410 | &nbsp;&nbsp; 402615 |
| Chandler Industrial Development Authority, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; AMT, 4.10%, 12/01/37 | 3570 | &nbsp;&nbsp; 3614431 |
| &nbsp;&nbsp;&nbsp; AMT, 4.00%, 06/01/49 | 5000 | &nbsp;&nbsp; 5100040 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/29<sup>(b)</sup> | 820 | &nbsp;&nbsp; 828159 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/31 | 4280 | &nbsp;&nbsp; 4379838 |
|  |  | &nbsp;&nbsp; 18280895 |
| **California — 12.2%** | **California — 12.2%** |  |
| &nbsp;&nbsp;&nbsp; Alameda Corridor Transportation Authority, Refunding <br> RB, Series A, Sub Lien, (AMBAC), 0.00%, <br> 10/01/30<sup>(c)</sup><br>| 10530 | &nbsp;&nbsp; 9208608 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **California (continued)** | **California (continued)** |  |
| &nbsp;&nbsp;&nbsp; Bay Area Toll Authority, RB, Class A, 3.53%, <br> 04/01/36<sup>(a)</sup><br>| $3000 | &nbsp;&nbsp; $3005349  |
| &nbsp;&nbsp;&nbsp; Bay Area Toll Authority, Refunding RB, Series E, <br> 2.69%, 04/01/56<sup>(a)</sup><br>| 3250 | &nbsp;&nbsp; 3203139 |
| California Community Choice Financing Authority, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 4.40%, 12/01/53 | 6750 | &nbsp;&nbsp; 6868128 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.50%, 10/01/54 | 2465 | &nbsp;&nbsp; 2681232 |
| &nbsp;&nbsp;&nbsp; Series E-2, Sustainability Bonds, 4.12%, 02/01/54 | 9780 | &nbsp;&nbsp; 9930185 |
| &nbsp;&nbsp;&nbsp; Series G, Sustainability Bonds, 5.25%, 11/01/54 | 1785 | &nbsp;&nbsp; 1917810 |
| California Health Facilities Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/32 | 1600 | &nbsp;&nbsp; 1670818 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/33 | 1855 | &nbsp;&nbsp; 1934599 |
| &nbsp;&nbsp;&nbsp; California Housing Finance Agency, RB, M/F Housing, <br> Series 2021-1, Class A, 3.50%, 11/20/35<br>| 3471 | &nbsp;&nbsp; 3465545 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank, Refunding RB, AMT, Sustainability Bonds, <br> 12.00%, 01/01/65<sup>(a)(b)</sup><br>| 4130 | &nbsp;&nbsp; 3097500 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, ARB, AMT, <br> Senior Lien, 5.00%, 12/31/33<br>| 4000 | &nbsp;&nbsp; 4133181 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, Series A, <br> AMT, 4.00%, 07/15/29<br>| 3900 | &nbsp;&nbsp; 3933632 |
| California Municipal Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/30 | 1200 | &nbsp;&nbsp; 1226257 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/31 | 1050 | &nbsp;&nbsp; 1072224 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, RB, <br> Series A, AMT, 4.25%, 11/01/38<sup>(a)</sup><br>| 8350 | &nbsp;&nbsp; 8645725 |
| California School Finance Authority, RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/30 | 565 | &nbsp;&nbsp; 565989 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/29 | 195 | &nbsp;&nbsp; 195796 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/01/31 | 240 | &nbsp;&nbsp; 181873 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/32 | 985 | &nbsp;&nbsp; 1000347 |
| &nbsp;&nbsp;&nbsp; City of Long Beach California Harbor Revenue, ARB, <br> Series A, AMT, 5.00%, 05/15/34<br>| 1650 | &nbsp;&nbsp; 1694468 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, ARB, AMT, <br> Sustainability Bonds, 5.00%, 05/15/30<br>| 13250 | &nbsp;&nbsp; 14546458 |
| Compton Unified School District, GO, CAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, (BAM), 0.00%, 06/01/33 | 1000 | &nbsp;&nbsp; 784073 |
| &nbsp;&nbsp;&nbsp; Series B, (BAM), 0.00%, 06/01/34 | 1125 | &nbsp;&nbsp; 847719 |
| &nbsp;&nbsp;&nbsp; Series B, (BAM), 0.00%, 06/01/35 | 1000 | &nbsp;&nbsp; 721376 |
| &nbsp;&nbsp;&nbsp; Series B, (BAM), 0.00%, 06/01/36 | 1000 | &nbsp;&nbsp; 687177 |
| &nbsp;&nbsp;&nbsp; El Camino Community College District Fountation, GO, <br> CAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, Election 2002, 0.00%, 08/01/30 | 9090 | &nbsp;&nbsp; 8112620 |
| &nbsp;&nbsp;&nbsp; Series C, Election 2002, 0.00%, 08/01/31 | 12465 | &nbsp;&nbsp; 10800413 |
| &nbsp;&nbsp;&nbsp; Series C, Election 2002, 0.00%, 08/01/32 | 17435 | &nbsp;&nbsp; 14620400 |
| &nbsp;&nbsp;&nbsp; Monterey Peninsula Community College District, <br> Refunding GO, CAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/30 | 3500 | &nbsp;&nbsp; 3054695 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/31 | 5940 | &nbsp;&nbsp; 4999893 |
| &nbsp;&nbsp;&nbsp; M-S-R Energy Authority, RB, Series C, 6.13%, <br> 11/01/29<br>| 1640 | &nbsp;&nbsp; 1741157 |
| &nbsp;&nbsp;&nbsp; Norman Y Mineta San Jose International Airport SJC, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 03/01/30 | 500 | &nbsp;&nbsp; 511054 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 03/01/31 | 1500 | &nbsp;&nbsp; 1530846 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 03/01/32 | 1000 | &nbsp;&nbsp; 1018988 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 03/01/33 | 975 | &nbsp;&nbsp; 992049 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 03/01/34 | 1250 | &nbsp;&nbsp; 1270887 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 03/01/35 | 2000 | &nbsp;&nbsp; 2031639 |
| &nbsp;&nbsp;&nbsp; Northern California Energy Authority, Refunding RB, <br> 5.00%, 12/01/54<sup>(a)</sup><br>| 23035 | &nbsp;&nbsp; 24759333 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal 2030 Target Term Trust (BTT)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **California (continued)** | **California (continued)** |  |
| Poway Unified School District, GO<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1-A, Election 2008, 0.00%, 08/01/30 | 10000 | &nbsp;&nbsp; $8922946  |
| &nbsp;&nbsp;&nbsp; Series 1-A, Election 2008, 0.00%, 08/01/32 | 7500 | &nbsp;&nbsp; 6283629 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, ARB, <br> Sub-Series B, AMT, 5.00%, 07/01/33<br>| 1000 | &nbsp;&nbsp; 1027038 |
| &nbsp;&nbsp;&nbsp; San Rafael City Elementary School District, GO, <br> Series C, Election 2002, (NPFGC), 0.00%, <br> 08/01/30<sup>(c)</sup><br>| 6350 | &nbsp;&nbsp; 5652154 |
| &nbsp;&nbsp;&nbsp; Washington Township Health Care District, Refunding <br> RB, Series B, 3.00%, 07/01/28<br>| 750 | &nbsp;&nbsp; 742546 |
| &nbsp;&nbsp;&nbsp; Wiseburn School District, GO, Series A, Election 2007, <br> (NPFGC), 0.00%, 08/01/30<sup>(c)</sup><br>| 7505 | &nbsp;&nbsp; 6701018 |
|  |  | &nbsp;&nbsp; 191992513 |
| **Colorado — 4.5%** | **Colorado — 4.5%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 12/01/30 | 12780 | &nbsp;&nbsp; 14068252 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 12/01/33 | 25000 | &nbsp;&nbsp; 26283835 |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Pledged Excise Tax <br> Revenue, RB, CAB, Series A-2, 0.00%, 08/01/30<sup>(c)</sup><br>| 1000 | &nbsp;&nbsp; 843756 |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado, Refunding RB, <br> AMT, 5.00%, 10/01/32<br>| 2500 | &nbsp;&nbsp; 2503231 |
| &nbsp;&nbsp;&nbsp; Colorado Educational & Cultural Facilities Authority, <br> Refunding RB, 4.00%, 12/01/30<sup>(b)</sup><br>| 830 | &nbsp;&nbsp; 809899 |
| Colorado Health Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/30 | 1000 | &nbsp;&nbsp; 1107644 |
| &nbsp;&nbsp;&nbsp; Class A, 5.00%, 11/15/60<sup>(a)</sup> | 9560 | &nbsp;&nbsp; 10540254 |
| &nbsp;&nbsp;&nbsp; Series B, 2.63%, 05/15/29 | 1875 | &nbsp;&nbsp; 1869127 |
| &nbsp;&nbsp;&nbsp; Series D, 2.83%, 05/15/61<sup>(a)</sup> | 7000 | &nbsp;&nbsp; 6997947 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Refunding RB, <br> Series A, 4.00%, 08/01/37<br>| 3000 | &nbsp;&nbsp; 3028789 |
| &nbsp;&nbsp;&nbsp; E-470 Public Highway Authority, Refunding RB, <br> Series B, 3.20%, 09/01/39<sup>(a)</sup><br>| 3160 | &nbsp;&nbsp; 3155002 |
|  |  | &nbsp;&nbsp; 71207736 |
| **Connecticut — 0.4%** | **Connecticut — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Capital Region Development Authority, Refunding RB, <br> (SAP), 5.00%, 06/15/31<br>| 1125 | &nbsp;&nbsp; 1191566 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities <br> Authority, RB, Series A, 5.00%, 01/01/30<sup>(b)</sup><br>| 240 | &nbsp;&nbsp; 241526 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities <br> Authority, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series G-1, 5.00%, 07/01/27<sup>(b)</sup> | 225 | &nbsp;&nbsp; 228539 |
| &nbsp;&nbsp;&nbsp; Series G-1, 5.00%, 07/01/28<sup>(b)</sup> | 300 | &nbsp;&nbsp; 307998 |
| &nbsp;&nbsp;&nbsp; Series G-1, 5.00%, 07/01/29<sup>(b)</sup> | 300 | &nbsp;&nbsp; 311143 |
| &nbsp;&nbsp;&nbsp; Series G-1, 5.00%, 07/01/34<sup>(b)</sup> | 355 | &nbsp;&nbsp; 364614 |
| &nbsp;&nbsp;&nbsp; Series I-1, 5.00%, 07/01/35 | 400 | &nbsp;&nbsp; 410615 |
| State of Connecticut, GO, Series A, 5.00%, 04/15/33 | 3600 | &nbsp;&nbsp; 3793005 |
|  |  | &nbsp;&nbsp; 6849006 |
| **Delaware — 0.4%** | **Delaware — 0.4%** |  |
| County of Kent Delaware, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/26 | 850 | &nbsp;&nbsp; 853584 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/27 | 890 | &nbsp;&nbsp; 902551 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/28 | 935 | &nbsp;&nbsp; 952830 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Delaware (continued)** | **Delaware (continued)** |  |
| &nbsp;&nbsp;&nbsp; Delaware State Health Facilities Authority, RB, 4.00%, <br> 06/01/35<br>| 1370 | &nbsp;&nbsp; $1371127  |
| &nbsp;&nbsp;&nbsp; Delaware Transportation Authority, Refunding RB, <br> 5.00%, 09/01/30<br>| 2000 | &nbsp;&nbsp; 2226954 |
|  |  | &nbsp;&nbsp; 6307046 |
| **District of Columbia — 1.6%** | **District of Columbia — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Housing Finance Agency, RB, M/F <br> Housing, Series A-2, (Remove), 3.60%, 03/01/46<sup>(a)</sup><br>| 5500 | &nbsp;&nbsp; 5585053 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB, Series A, AMT, 5.00%, <br> 10/01/30<br>| 18325 | &nbsp;&nbsp; 20126741 |
|  |  | &nbsp;&nbsp; 25711794 |
| **Florida — 9.2%** | **Florida — 9.2%** |  |
| &nbsp;&nbsp;&nbsp; Ave Maria Stewardship Community District Special <br> Assessment, 4.00%, 05/01/30<br>| 465 | &nbsp;&nbsp; 467238 |
| &nbsp;&nbsp;&nbsp; Bella Tara Community Development District, SAB, <br> 5.00%, 05/01/30<br>| 885 | &nbsp;&nbsp; 889657 |
| &nbsp;&nbsp;&nbsp; Capital Projects Finance Authority, RB, Series A-1, <br> 5.00%, 10/01/30<br>| 1000 | &nbsp;&nbsp; 1073240 |
| Capital Trust Agency, Inc., RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/15/29 | 940 | &nbsp;&nbsp; 930875 |
| &nbsp;&nbsp;&nbsp; Series A-1, 3.38%, 07/01/31 | 1420 | &nbsp;&nbsp; 1373082 |
| &nbsp;&nbsp;&nbsp; Capital Trust Authority, Refunding RB, Series A, <br> (AGM), 5.00%, 12/01/30<br>| 12000 | &nbsp;&nbsp; 13242199 |
| &nbsp;&nbsp;&nbsp; Center Lake Ranch West Community Development <br> District, SAB, 4.00%, 05/01/30<sup>(b)</sup><br>| 300 | &nbsp;&nbsp; 301440 |
| &nbsp;&nbsp;&nbsp; City of Lakeland Florida, Refunding RB, 5.00%, <br> 11/15/30<br>| 3750 | &nbsp;&nbsp; 3807930 |
| &nbsp;&nbsp;&nbsp; City Of South Miami Health Facilities Authority, Inc., <br> RB, 5.00%, 08/15/65<sup>(a)</sup><br>| 3000 | &nbsp;&nbsp; 3229594 |
| &nbsp;&nbsp;&nbsp; City Of South Miami Health Facilities Authority, Inc., <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/30 | 3245 | &nbsp;&nbsp; 3369629 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/31 | 3130 | &nbsp;&nbsp; 3247736 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/34 | 6475 | &nbsp;&nbsp; 6689776 |
| &nbsp;&nbsp;&nbsp; Connerton East Community Development District <br> Special Assessment, 4.00%, 06/15/30<br>| 250 | &nbsp;&nbsp; 251594 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Aviation Revenue, <br> Refunding RB, Series A, AMT, 5.00%, 10/01/30<br>| 4285 | &nbsp;&nbsp; 4704338 |
| County of Miami-Dade Florida, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 4.00%, 04/01/30 | 12305 | &nbsp;&nbsp; 12329565 |
| &nbsp;&nbsp;&nbsp; Series B, 4.00%, 04/01/32 | 6690 | &nbsp;&nbsp; 6701968 |
| &nbsp;&nbsp;&nbsp; County of St. Johns Florida Water & Sewer Revenue, <br> Refunding RB, CAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 0.00%, 06/01/30 | 2000 | &nbsp;&nbsp; 1762304 |
| &nbsp;&nbsp;&nbsp; Series B, 0.00%, 06/01/31 | 1295 | &nbsp;&nbsp; 1102454 |
| &nbsp;&nbsp;&nbsp; Series B, 0.00%, 06/01/32 | 2495 | &nbsp;&nbsp; 2046248 |
| &nbsp;&nbsp;&nbsp; Double Branch Community Development District, <br> Refunding SAB, Series A-1, Senior Lien, 4.13%, <br> 05/01/31<br>| 1200 | &nbsp;&nbsp; 1200417 |
| &nbsp;&nbsp;&nbsp; Firethorn Community Development District Special <br> Assessment, 4.10%, 05/01/30<br>| 475 | &nbsp;&nbsp; 477888 |
| Florida Development Finance Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 05/01/29<sup>(b)</sup> | 1500 | &nbsp;&nbsp; 1516852 |
| &nbsp;&nbsp;&nbsp; AMT, 3.00%, 06/01/32 | 2665 | &nbsp;&nbsp; 2482663 |
| &nbsp;&nbsp;&nbsp; AMT, 4.45%, 07/01/37<sup>(a)(b)</sup> | 5000 | &nbsp;&nbsp; 5059876 |
| Florida Development Finance Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/26<sup>(b)</sup> | 110 | &nbsp;&nbsp; 110099 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal 2030 Target Term Trust (BTT)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Refunding <br> RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/15/30<sup>(b)</sup> | 430 | &nbsp;&nbsp; $422896  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 07/01/34 | 2500 | &nbsp;&nbsp; 1875000 |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.00%, 07/01/44 | 4685 | &nbsp;&nbsp; 4635008 |
| &nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority RB, AMT, 5.25%, <br> 11/01/34<br>| 2500 | &nbsp;&nbsp; 2692550 |
| &nbsp;&nbsp;&nbsp; Harvest Hills South Community Development District, <br> SAB, 4.25%, 05/01/30<br>| 300 | &nbsp;&nbsp; 302230 |
| Hillsborough County Aviation Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/30 | 2325 | &nbsp;&nbsp; 2551461 |
| &nbsp;&nbsp;&nbsp; Class B, AMT, 5.00%, 10/01/30 | 9145 | &nbsp;&nbsp; 10035746 |
| &nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, Refunding SAB, <br> 3.20%, 05/01/30<sup>(b)</sup><br>| 540 | &nbsp;&nbsp; 532900 |
| &nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, SAB, 5.40%, <br> 05/01/28<br>| 780 | &nbsp;&nbsp; 796804 |
| &nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, SAB, S/F <br> Housing, 3.40%, 05/01/30<br>| 375 | &nbsp;&nbsp; 373881 |
| &nbsp;&nbsp;&nbsp; Lee County Industrial Development Authority, RB, <br> Series B-3, 4.13%, 11/15/29<br>| 3415 | &nbsp;&nbsp; 3437916 |
| &nbsp;&nbsp;&nbsp; LT Ranch Community Development District, SAB, <br> 3.40%, 05/01/30<br>| 985 | &nbsp;&nbsp; 973628 |
| &nbsp;&nbsp;&nbsp; Miami Beach Health Facilities Authority, Refunding RB, <br> 5.00%, 11/15/30<br>| 1000 | &nbsp;&nbsp; 1001482 |
| &nbsp;&nbsp;&nbsp; New Port Corners Community Development District, <br> SAB, 4.00%, 06/15/30<sup>(b)</sup><br>| 225 | &nbsp;&nbsp; 226426 |
| &nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, <br> Refunding RB, 5.00%, 11/15/32<br>| 18130 | &nbsp;&nbsp; 18393210 |
| &nbsp;&nbsp;&nbsp; Sarasota National Community Development District, <br> Refunding SAB, 3.50%, 05/01/31<br>| 1000 | &nbsp;&nbsp; 1008887 |
| &nbsp;&nbsp;&nbsp; School Board of Miami-Dade County, Refunding COP, <br> Series A, 5.00%, 05/01/32<br>| 9000 | &nbsp;&nbsp; 9052864 |
| &nbsp;&nbsp;&nbsp; St. Johns County Industrial Development Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/28 | 200 | &nbsp;&nbsp; 200799 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/29 | 215 | &nbsp;&nbsp; 216112 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/30 | 195 | &nbsp;&nbsp; 196065 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/31 | 205 | &nbsp;&nbsp; 205548 |
| &nbsp;&nbsp;&nbsp; Tolomato Community Development District, Refunding <br> SAB, Sub-Series A-2, 3.85%, 05/01/29<br>| 410 | &nbsp;&nbsp; 414483 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 15, SAB, <br> 4.25%, 05/01/28<sup>(b)</sup><br>| 560 | &nbsp;&nbsp; 567677 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 16, SAB, <br> 3.55%, 05/01/30<br>| 1050 | &nbsp;&nbsp; 1058439 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 5, <br> Refunding SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/01/28 | 2645 | &nbsp;&nbsp; 2644937 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/33 | 925 | &nbsp;&nbsp; 925087 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/34 | 1825 | &nbsp;&nbsp; 1825085 |
|  |  | &nbsp;&nbsp; 144935783 |
| **Georgia — 7.8%** | **Georgia — 7.8%** |  |
| &nbsp;&nbsp;&nbsp; Atlanta Urban Residential Finance Authority, RB, M/F <br> Housing, (HUD SECT 8), 3.15%, 12/01/29<sup>(a)</sup><br>| 3550 | &nbsp;&nbsp; 3573513 |
| &nbsp;&nbsp;&nbsp; DeKalb County Housing Authority, RB, M/F Housing, <br> Series A, 4.00%, 12/01/33<br>| 6870 | &nbsp;&nbsp; 7043690 |
| &nbsp;&nbsp;&nbsp; DeKalb County Housing Authority, Refunding RB, <br> 4.13%, 12/01/34<br>| 1460 | &nbsp;&nbsp; 1478429 |
| Georgia Ports Authority, ARB, 5.00%, 07/01/30 | 1175 | &nbsp;&nbsp; 1308372 |
| Main Street Natural Gas, Inc., RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/29 | 1250 | &nbsp;&nbsp; 1321796 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/30 | 8000 | &nbsp;&nbsp; 8455059 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Georgia (continued)** | **Georgia (continued)** |  |
| Main Street Natural Gas, Inc., RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 09/01/52<sup>(a)</sup> | 15000 | &nbsp;&nbsp; $15328887  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/53<sup>(a)</sup> | 31375 | &nbsp;&nbsp; 33308538 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/53<sup>(a)</sup> | 8910 | &nbsp;&nbsp; 9434206 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 09/01/53<sup>(a)</sup> | 6290 | &nbsp;&nbsp; 6686109 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 05/01/54<sup>(a)</sup> | 9325 | &nbsp;&nbsp; 9878957 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Refunding RB, <br> Series E-1, 5.00%, 12/01/53<sup>(a)</sup><br>| 9865 | &nbsp;&nbsp; 10567164 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, RB, Series A, <br> 5.00%, 01/01/34<br>| 8000 | &nbsp;&nbsp; 8379661 |
| Municipal Electric Authority of Georgia, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/29 | 2000 | &nbsp;&nbsp; 2140976 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/30 | 1905 | &nbsp;&nbsp; 2075353 |
| &nbsp;&nbsp;&nbsp; Series A-R, Subordinate, 5.00%, 01/01/30 | 1250 | &nbsp;&nbsp; 1361780 |
|  |  | &nbsp;&nbsp; 122342490 |
| **Guam — 0.2%** | **Guam — 0.2%** |  |
| Territory of Guam, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series F, 5.00%, 01/01/30 | 1160 | &nbsp;&nbsp; 1251959 |
| &nbsp;&nbsp;&nbsp; Series F, 5.00%, 01/01/31 | 1250 | &nbsp;&nbsp; 1367218 |
|  |  | &nbsp;&nbsp; 2619177 |
| **Idaho — 0.0%** | **Idaho — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Idaho Housing & Finance Association, RB, Series A, <br> 4.63%, 07/01/29<sup>(b)</sup><br>| 115 | &nbsp;&nbsp; 115862 |
| **Illinois — 6.4%** | **Illinois — 6.4%** |  |
| Chicago Board of Education, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 12/01/30 | 515 | &nbsp;&nbsp; 542273 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 12/01/30 | 810 | &nbsp;&nbsp; 852896 |
| Chicago Housing Authority, RB, M/F Housing |  |  |
| &nbsp;&nbsp;&nbsp; Series A, (HUD SEC 8), 5.00%, 01/01/33 | 3000 | &nbsp;&nbsp; 3106526 |
| &nbsp;&nbsp;&nbsp; Series A, (HUD SEC 8), 5.00%, 01/01/35 | 1500 | &nbsp;&nbsp; 1551250 |
| &nbsp;&nbsp;&nbsp; Chicago Midway International Airport, Refunding ARB, <br> Series A, AMT, Senior Lien, 5.00%, 01/01/30<br>| 2500 | &nbsp;&nbsp; 2691860 |
| &nbsp;&nbsp;&nbsp; City of Chicago Illinois, Refunding GO, Series B, <br> 4.00%, 01/01/30<br>| 1053 | &nbsp;&nbsp; 1066853 |
| Illinois Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/01/24 | 425 | &nbsp;&nbsp; 294313 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/26<sup>(d)(e)</sup> | 460 | &nbsp;&nbsp; 318550 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/28<sup>(d)(e)</sup> | 1745 | &nbsp;&nbsp; 1208413 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/29<sup>(d)(e)</sup> | 1840 | &nbsp;&nbsp; 1274200 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/30<sup>(d)(e)</sup> | 1935 | &nbsp;&nbsp; 1339987 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 10/01/32 | 1000 | &nbsp;&nbsp; 1004412 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 02/01/33 | 12850 | &nbsp;&nbsp; 12859860 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/15/30 | 3205 | &nbsp;&nbsp; 3281671 |
| &nbsp;&nbsp;&nbsp; Series B, 2.98%, 05/01/42<sup>(a)</sup> | 1750 | &nbsp;&nbsp; 1746163 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 02/15/30 | 12000 | &nbsp;&nbsp; 12291607 |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, Refunding RB, <br> Series A, 4.00%, 12/01/31<br>| 20000 | &nbsp;&nbsp; 20019772 |
| &nbsp;&nbsp;&nbsp; Kane McHenry Cook & De Kalb Counties Unit School <br> District No. 300, Refunding GO, Series A, 5.00%, <br> 01/01/30<br>| 6350 | &nbsp;&nbsp; 6504881 |
| Metropolitan Pier & Exposition Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/28 | 1200 | &nbsp;&nbsp; 1245974 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/30 | 1385 | &nbsp;&nbsp; 1434414 |
| &nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp., Refunding RB, <br> Series A, 2nd Lien, 5.00%, 01/01/30<br>| 10000 | &nbsp;&nbsp; 10870527 |
| State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/28 | 7450 | &nbsp;&nbsp; 7758550 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal 2030 Target Term Trust (BTT)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Illinois (continued)** | **Illinois (continued)** |  |
| State of Illinois, GO (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/01/30 | 7500 | &nbsp;&nbsp; $8258786  |
| &nbsp;&nbsp;&nbsp; Upper Illinois River Valley Development Authority, <br> Refunding RB, 4.00%, 01/01/31<sup>(b)</sup><br>| 150 | &nbsp;&nbsp; 149076 |
|  |  | &nbsp;&nbsp; 101672814 |
| **Indiana — 1.2%** | **Indiana — 1.2%** |  |
| Indiana Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.13%, 12/01/26 | 3665 | &nbsp;&nbsp; 3676660 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/15/29 | 1165 | &nbsp;&nbsp; 1213435 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/15/30 | 1220 | &nbsp;&nbsp; 1282056 |
| &nbsp;&nbsp;&nbsp; Series B, 2.58%, 03/01/39<sup>(a)</sup> | 920 | &nbsp;&nbsp; 916272 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 10/01/64<sup>(a)</sup> | 8335 | &nbsp;&nbsp; 8963338 |
| Northern Indiana Commuter Transportation District, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/32 | 1000 | &nbsp;&nbsp; 1007812 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/33 | 1400 | &nbsp;&nbsp; 1410068 |
|  |  | &nbsp;&nbsp; 18469641 |
| **Kansas — 0.1%** | **Kansas — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; City of Manhattan Kansas, Refunding RB, Series A, <br> 4.00%, 06/01/26<br>| 315 | &nbsp;&nbsp; 315221 |
| City of Shawnee Kansas, RB, 4.00%, 08/01/31<sup>(b)</sup> | 400 | &nbsp;&nbsp; 383996 |
| &nbsp;&nbsp;&nbsp; Wyandotte County-Kansas City Unified Government <br> Utility System Revenue, RB, Series A, 5.00%, <br> 09/01/33<br>| 1370 | &nbsp;&nbsp; 1372249 |
|  |  | &nbsp;&nbsp; 2071466 |
| **Kentucky — 1.0%** | **Kentucky — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, RB, Series A-1, <br> 4.00%, 08/01/52<sup>(a)</sup><br>| 6545 | &nbsp;&nbsp; 6597607 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority, <br> RB, CAB, 0.00%, 07/01/30<sup>(c)</sup><br>| 1230 | &nbsp;&nbsp; 1001105 |
| &nbsp;&nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government, <br> Refunding RB, Series A, 5.00%, 10/01/32<br>| 7300 | &nbsp;&nbsp; 7396766 |
|  |  | &nbsp;&nbsp; 14995478 |
| **Louisiana — 1.2%** | **Louisiana — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & <br> Community Development Authority, RB, 5.00%, <br> 08/15/30<br>| 4700 | &nbsp;&nbsp; 4859879 |
| &nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & <br> Community Development Authority, Refunding RB, <br> Series A, 2.00%, 06/01/30<br>| 1250 | &nbsp;&nbsp; 1180772 |
| Louisiana Public Facilities Authority, RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/29 | 465 | &nbsp;&nbsp; 470891 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/30 | 375 | &nbsp;&nbsp; 377481 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/31 | 500 | &nbsp;&nbsp; 490275 |
| Parish of St. James Louisiana, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.10%, 06/01/38<sup>(b)</sup> | 9875 | &nbsp;&nbsp; 10945749 |
| &nbsp;&nbsp;&nbsp; 3.70%, 08/01/41 | 1000 | &nbsp;&nbsp; 1020704 |
|  |  | &nbsp;&nbsp; 19345751 |
| **Maine — 0.1%** | **Maine — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; City of Portland Maine General Airport Revenue, <br> Refunding RB, Sustainability Bonds, 4.00%, <br> 01/01/35<br>| 1000 | &nbsp;&nbsp; 1025710 |
| **Maryland — 1.9%** | **Maryland — 1.9%** |  |
| &nbsp;&nbsp;&nbsp; City of Baltimore Maryland, Refunding RB, Convertible, <br> 5.00%, 09/01/31<br>| 1250 | &nbsp;&nbsp; 1272461 |
| &nbsp;&nbsp;&nbsp; County of Prince George's Maryland, TA, 5.00%, <br> 07/01/30<sup>(b)</sup><br>| 585 | &nbsp;&nbsp; 592850 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Maryland (continued)** | **Maryland (continued)** |  |
| &nbsp;&nbsp;&nbsp; Howard County Housing Commission, RB, M/F <br> Housing, 5.00%, 12/01/33<br>| 1765 | &nbsp;&nbsp; $1831558  |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities <br> Authority, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/30 | 3525 | &nbsp;&nbsp; 3884590 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/33 | 1385 | &nbsp;&nbsp; 1420369 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/34 | 775 | &nbsp;&nbsp; 798452 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/31 | 2865 | &nbsp;&nbsp; 2889548 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/32 | 3010 | &nbsp;&nbsp; 3035131 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/33 | 3165 | &nbsp;&nbsp; 3190505 |
| &nbsp;&nbsp;&nbsp; State of Maryland Department of Transportation, ARB, <br> 5.00%, 09/01/29<br>| 5470 | &nbsp;&nbsp; 5699404 |
| State of Maryland, GO, Series 1, 3.00%, 03/15/34 | 5000 | &nbsp;&nbsp; 4994994 |
|  |  | &nbsp;&nbsp; 29609862 |
| **Massachusetts — 1.8%** | **Massachusetts — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GOL, Series I, <br> 5.00%, 12/01/33<br>| 5000 | &nbsp;&nbsp; 5097012 |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority Sales Tax <br> Revenue, Refunding RB, Series B, 5.25%, 07/01/30<br>| 1900 | &nbsp;&nbsp; 2063445 |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority Sales Tax <br> Revenue, Refunding RB, CAB, Series A, 0.00%, <br> 07/01/32<sup>(c)</sup><br>| 4000 | &nbsp;&nbsp; 3293216 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, RB, <br> Series A, 5.00%, 01/01/33<br>| 1070 | &nbsp;&nbsp; 1083636 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/32 | 2020 | &nbsp;&nbsp; 2079094 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/33 | 1500 | &nbsp;&nbsp; 1540789 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/34 | 2085 | &nbsp;&nbsp; 2137692 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/35 | 2000 | &nbsp;&nbsp; 2046145 |
| &nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, RB, M/F <br> Housing, Sustainability Bonds, 3.15%, 06/01/30<br>| 8500 | &nbsp;&nbsp; 8566205 |
|  |  | &nbsp;&nbsp; 27907234 |
| **Michigan — 3.3%** | **Michigan — 3.3%** |  |
| City of Detroit Michigan, GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/27 | 580 | &nbsp;&nbsp; 593530 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/28 | 665 | &nbsp;&nbsp; 693687 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/29 | 665 | &nbsp;&nbsp; 694070 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/30 | 510 | &nbsp;&nbsp; 532208 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/31 | 735 | &nbsp;&nbsp; 766312 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/32 | 625 | &nbsp;&nbsp; 650721 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/33 | 830 | &nbsp;&nbsp; 862409 |
| &nbsp;&nbsp;&nbsp; Kalamazoo Hospital Finance Authority, Refunding RB, <br> 5.00%, 05/15/28<br>| 5655 | &nbsp;&nbsp; 5693685 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Refunding RB, 3.03%, <br> 04/15/47<sup>(a)</sup><br>| 16595 | &nbsp;&nbsp; 16554556 |
| Michigan Strategic Fund, RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 06/30/30 | 1325 | &nbsp;&nbsp; 1387085 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/31/32 | 2000 | &nbsp;&nbsp; 2081065 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 4.00%, 10/01/61<sup>(a)</sup> | 3690 | &nbsp;&nbsp; 3687503 |
| Saginaw Valley State University, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/31 | 2070 | &nbsp;&nbsp; 2089685 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/32 | 1430 | &nbsp;&nbsp; 1443121 |
| &nbsp;&nbsp;&nbsp; Wayne County Airport Authority, Refunding RB, <br> Class G, AMT, 5.00%, 12/01/30<br>| 12500 | &nbsp;&nbsp; 13712573 |
|  |  | &nbsp;&nbsp; 51442210 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal 2030 Target Term Trust (BTT)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Minnesota — 0.5%** | **Minnesota — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; City of Spring Lake Park Minnesota, RB, 4.00%, <br> 06/15/29<br>| $820 | &nbsp;&nbsp; $816869  |
| Minnesota Housing Finance Agency, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series L, AMT, Sustainability Bonds, (FHLMC, <br> FNMA, GNMA), 4.90%, 01/01/30<br>| 440 | &nbsp;&nbsp; 461048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series L, AMT, Sustainability Bonds, (FHLMC, <br> FNMA, GNMA), 4.95%, 07/01/30<br>| 465 | &nbsp;&nbsp; 490265 |
| &nbsp;&nbsp;&nbsp; Sartell-St Stephen Independent School District No. <br> 748, GO, CAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, (Remove), 0.00%, 02/01/30 | 3915 | &nbsp;&nbsp; 3409441 |
| &nbsp;&nbsp;&nbsp; Series B, (Remove), 0.00%, 02/01/31 | 2190 | &nbsp;&nbsp; 1835855 |
| &nbsp;&nbsp;&nbsp; Series B, (Remove), 0.00%, 02/01/32 | 1450 | &nbsp;&nbsp; 1166826 |
|  |  | &nbsp;&nbsp; 8180304 |
| **Mississippi — 1.2%** | **Mississippi — 1.2%** |  |
| Mississippi Development Bank, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, (AGM), 5.00%, 03/01/30 | 2280 | &nbsp;&nbsp; 2283791 |
| &nbsp;&nbsp;&nbsp; Series A, (AGM), 5.00%, 03/01/31 | 1595 | &nbsp;&nbsp; 1597457 |
| &nbsp;&nbsp;&nbsp; Series A, (AGM), 5.00%, 03/01/32 | 2000 | &nbsp;&nbsp; 2002882 |
| &nbsp;&nbsp;&nbsp; Series A, (AGM), 5.00%, 03/01/33 | 1275 | &nbsp;&nbsp; 1276685 |
| &nbsp;&nbsp;&nbsp; State of Mississippi Gaming Tax Revenue, RB, <br> Series E, 5.00%, 10/15/33<br>| 12225 | &nbsp;&nbsp; 12241005 |
|  |  | &nbsp;&nbsp; 19401820 |
| **Missouri — 0.6%** | **Missouri — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of <br> Missouri, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/30 | 5000 | &nbsp;&nbsp; 5034391 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/32 | 1680 | &nbsp;&nbsp; 1684439 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/33 | 2000 | &nbsp;&nbsp; 2004233 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 02/01/30 | 485 | &nbsp;&nbsp; 515224 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of St. Louis <br> Missouri, Refunding RB, Series A, 3.88%, 11/15/29<br>| 635 | &nbsp;&nbsp; 614422 |
| &nbsp;&nbsp;&nbsp; St. Louis Land Clearance for Redevelopment Authority, <br> Refunding RB, 3.88%, 10/01/35<br>| 270 | &nbsp;&nbsp; 273425 |
|  |  | &nbsp;&nbsp; 10126134 |
| **Montana — 0.6%** | **Montana — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; City of Forsyth Montana, Refunding RB, Series A, <br> 3.90%, 03/01/31<sup>(a)</sup><br>| 10050 | &nbsp;&nbsp; 10053656 |
| **Nebraska — 0.0%** | **Nebraska — 0.0%** |  |
| Elkhorn School District, GO, 4.00%, 12/15/33 | 375 | &nbsp;&nbsp; 389639 |
| **Nevada — 0.3%** | **Nevada — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; County of Clark Nevada, Refunding GOL, Series B, <br> 4.00%, 11/01/34<br>| 5000 | &nbsp;&nbsp; 5035306 |
| &nbsp;&nbsp;&nbsp; State of Nevada Department of Business & Industry, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/15/27 | 150 | &nbsp;&nbsp; 150088 |
| &nbsp;&nbsp;&nbsp; Series A, 4.50%, 12/15/29<sup>(b)</sup> | 310 | &nbsp;&nbsp; 310091 |
|  |  | &nbsp;&nbsp; 5495485 |
| **New Hampshire — 1.5%** | **New Hampshire — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; National Finance Authority Affordable Housing <br> Certificates, RB, Series 2024-1, 4.15%, 10/20/40<br>| 19102 | &nbsp;&nbsp; 19166137 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, <br> Series A, Sustainability Bonds, 5.00%, 06/01/30<br>| 400 | &nbsp;&nbsp; 433835 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/28 | 285 | &nbsp;&nbsp; 288119 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New Hampshire (continued)** | **New Hampshire (continued)** |  |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Refunding <br> RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/29 | 300 | &nbsp;&nbsp; $304931  |
| &nbsp;&nbsp;&nbsp; Class A, AMT, 4.00%, 10/01/33<sup>(a)</sup> | 3895 | &nbsp;&nbsp; 3906168 |
|  |  | &nbsp;&nbsp; 24099190 |
| **New Jersey — 13.2%** | **New Jersey — 13.2%** |  |
| New Jersey Economic Development Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/15/29 | 4590 | &nbsp;&nbsp; 4596965 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.63%, 11/15/30 | 1740 | &nbsp;&nbsp; 1746957 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.63%, 11/15/30 | 1315 | &nbsp;&nbsp; 1320258 |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/29 | 235 | &nbsp;&nbsp; 235620 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/32 | 4500 | &nbsp;&nbsp; 4699545 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 06/15/32 | 3600 | &nbsp;&nbsp; 3759636 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 01/01/28 | 4705 | &nbsp;&nbsp; 4715078 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; (AGM), 5.00%, 06/01/28 | 1000 | &nbsp;&nbsp; 1031368 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/29 | 1225 | &nbsp;&nbsp; 1263083 |
| &nbsp;&nbsp;&nbsp; (AGM), 5.00%, 06/01/30 | 1500 | &nbsp;&nbsp; 1544794 |
| &nbsp;&nbsp;&nbsp; (AGM), 5.00%, 06/01/31 | 1750 | &nbsp;&nbsp; 1801109 |
| &nbsp;&nbsp;&nbsp; (AGM), 4.00%, 06/01/32 | 2125 | &nbsp;&nbsp; 2150480 |
| &nbsp;&nbsp;&nbsp; Series MMM, 4.00%, 06/15/35 | 5000 | &nbsp;&nbsp; 5149374 |
| &nbsp;&nbsp;&nbsp; Sub-Series A, 4.00%, 07/01/32 | 9855 | &nbsp;&nbsp; 9944209 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 2.20%, 10/01/39<sup>(a)</sup> | 4000 | &nbsp;&nbsp; 3793902 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, <br> Refunding SAB, 5.75%, 04/01/31<br>| 5000 | &nbsp;&nbsp; 5073409 |
| &nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Refunding <br> RB, Series C, 5.00%, 07/01/32<br>| 1500 | &nbsp;&nbsp; 1554304 |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/29 | 2900 | &nbsp;&nbsp; 2928558 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/30 | 2400 | &nbsp;&nbsp; 2423817 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/30 | 11245 | &nbsp;&nbsp; 11355659 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 12/01/32 | 360 | &nbsp;&nbsp; 360215 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 12/01/33 | 295 | &nbsp;&nbsp; 295133 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 12/01/34 | 145 | &nbsp;&nbsp; 145044 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 12/01/35 | 145 | &nbsp;&nbsp; 145018 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 12/01/30 | 10000 | &nbsp;&nbsp; 10837456 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance <br> Authority, Refunding RB, Series A, AMT, 5.00%, <br> 12/01/30<br>| 1875 | &nbsp;&nbsp; 2032023 |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, RB, <br> M/F Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 12/01/43<sup>(a)</sup> | 3250 | &nbsp;&nbsp; 3267010 |
| &nbsp;&nbsp;&nbsp; Series B, Sustainability Bonds, 3.05%, 11/01/29 | 7000 | &nbsp;&nbsp; 7029093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-1, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 3.05%, 11/01/29<br>| 485 | &nbsp;&nbsp; 487359 |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, RB, <br> S/F Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series M, Sustainability Bonds, 3.55%, 04/01/30 | 250 | &nbsp;&nbsp; 255179 |
| &nbsp;&nbsp;&nbsp; Series M, Sustainability Bonds, 3.60%, 10/01/30 | 425 | &nbsp;&nbsp; 434017 |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, <br> Refunding RB, Series A, AMT, 3.80%, 10/01/32<br>| 10165 | &nbsp;&nbsp; 10192103 |
| New Jersey Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/30 | 2550 | &nbsp;&nbsp; 2572301 |
| &nbsp;&nbsp;&nbsp; Series A, 0.00%, 12/15/30<sup>(c)</sup> | 2150 | &nbsp;&nbsp; 1886259 |
| &nbsp;&nbsp;&nbsp; Series BB, 5.00%, 12/15/28<sup>(f)</sup> | 230 | &nbsp;&nbsp; 247981 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal 2030 Target Term Trust (BTT)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New Jersey (continued)** | **New Jersey (continued)** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, <br> RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series BB, 5.00%, 06/15/30 | 1270 | &nbsp;&nbsp; $1363074  |
| &nbsp;&nbsp;&nbsp; Series C, (NPFGC), 0.00%, 12/15/30<sup>(c)</sup> | 35000 | &nbsp;&nbsp; 30706547 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, <br> Refunding RB, Series A, 5.00%, 06/15/30<br>| 11600 | &nbsp;&nbsp; 11701448 |
| &nbsp;&nbsp;&nbsp; Newark Housing Authority, Refunding RB, (NPFGC), <br> 5.25%, 01/01/27<br>| 5000 | &nbsp;&nbsp; 5096075 |
| State of New Jersey, GO, Series A, 4.00%, 06/01/30 | 21000 | &nbsp;&nbsp; 22487963 |
| Tobacco Settlement Financing Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/30 | 16740 | &nbsp;&nbsp; 17603357 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/32 | 8270 | &nbsp;&nbsp; 8614063 |
|  |  | &nbsp;&nbsp; 208846843 |
| **New Mexico — 0.8%** | **New Mexico — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; City of Santa Fe New Mexico, Refunding RB, 5.00%, <br> 05/15/32<br>| 1000 | &nbsp;&nbsp; 1000915 |
| New Mexico Educational Assistance Foundation, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, AMT, (GTD STD LNS), 3.75%, 09/01/31 | 100 | &nbsp;&nbsp; 100056 |
| &nbsp;&nbsp;&nbsp; Series A-1, AMT, (GTD STD LNS), 3.88%, 04/01/34 | 20 | &nbsp;&nbsp; 19994 |
| &nbsp;&nbsp;&nbsp; Series A-2, AMT, (GTD STD LNS), 3.80%, 11/01/32 | 100 | &nbsp;&nbsp; 100051 |
| &nbsp;&nbsp;&nbsp; Series A-2, AMT, (GTD STD LNS), 3.80%, 09/01/33 | 100 | &nbsp;&nbsp; 100012 |
| &nbsp;&nbsp;&nbsp; New Mexico Municipal Energy Acquisition Authority, <br> Refunding RB, 5.00%, 06/01/54<sup>(a)</sup><br>| 10000 | &nbsp;&nbsp; 10664550 |
|  |  | &nbsp;&nbsp; 11985578 |
| **New York — 10.2%** | **New York — 10.2%** |  |
| City of New York, GO, Series B-1, 5.00%, 12/01/33 | 4000 | &nbsp;&nbsp; 4078086 |
| &nbsp;&nbsp;&nbsp; Genesee County Funding Corp., Refunding RB, <br> Series A, 5.00%, 12/01/30<br>| 500 | &nbsp;&nbsp; 544002 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority Dedicated Tax <br> Fund, Refunding RB, CAB, Series A, 0.00%, <br> 11/15/30<sup>(c)</sup><br>| 13000 | &nbsp;&nbsp; 11486845 |
| Metropolitan Transportation Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 2nd Sub Series, (AGM), 3.24%, 11/01/32<sup>(a)</sup> | 2875 | &nbsp;&nbsp; 2875175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-Series C-1, Sustainability Bonds, 5.00%, <br> 11/15/34<br>| 10000 | &nbsp;&nbsp; 10474059 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., RB, M/F <br> Housing, Series C-2, Sustainability Bonds, 3.75%, <br> 05/01/65<sup>(a)</sup><br>| 12075 | &nbsp;&nbsp; 12314054 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future <br> Tax Secured Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Sub-Series B-1, 5.00%, 08/01/30 | 4980 | &nbsp;&nbsp; 5165854 |
| &nbsp;&nbsp;&nbsp; Series H-1, Subordinate, 5.00%, 11/01/30 | 1400 | &nbsp;&nbsp; 1566246 |
| New York State Environmental Facilities Corp., RB<sup>(a)(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; AMT, 3.13%, 12/01/44 | 3000 | &nbsp;&nbsp; 2992142 |
| &nbsp;&nbsp;&nbsp; AMT, 4.25%, 09/01/50 | 2000 | &nbsp;&nbsp; 2030996 |
| &nbsp;&nbsp;&nbsp; AMT, 5.13%, 09/01/50 | 2250 | &nbsp;&nbsp; 2362772 |
| &nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, RB, M/F <br> Housing<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series E, (SONYMA), 3.15%, 11/01/65 | 10000 | &nbsp;&nbsp; 10049141 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, (SONYMA), 3.13%, 05/01/56 | 5000 | &nbsp;&nbsp; 5017522 |
| &nbsp;&nbsp;&nbsp; Series A-2, Sustainability Bonds, 3.45%, 06/15/54 | 5580 | &nbsp;&nbsp; 5663823 |
| New York Transportation Development Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 01/01/30 | 2590 | &nbsp;&nbsp; 2682271 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 01/01/31 | 7595 | &nbsp;&nbsp; 7863236 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 07/01/32 | 5500 | &nbsp;&nbsp; 5499952 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 07/01/33 | 6000 | &nbsp;&nbsp; 6000028 |
| New York Transportation Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 4.00%, 10/01/30 | 15090 | &nbsp;&nbsp; 15316105 |
| &nbsp;&nbsp;&nbsp; AMT, 4.00%, 10/31/34 | 350 | &nbsp;&nbsp; 355230 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., <br> Refunding ARB, AMT, 3.00%, 08/01/31<br>| 2775 | &nbsp;&nbsp; $2650473  |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., <br> Refunding RB, AMT, 5.00%, 08/01/31<br>| 5000 | &nbsp;&nbsp; 5005324 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Refunding <br> ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 207, AMT, 4.00%, 03/15/30 | 10445 | &nbsp;&nbsp; 10689725 |
| &nbsp;&nbsp;&nbsp; Series 223, AMT, 5.00%, 07/15/30 | 3730 | &nbsp;&nbsp; 4079532 |
| &nbsp;&nbsp;&nbsp; Series 246, AMT, 5.00%, 09/01/30 | 10000 | &nbsp;&nbsp; 10959857 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Refunding <br> RB, Series 227, AMT, 3.00%, 10/01/30<br>| 13990 | &nbsp;&nbsp; 13984765 |
|  |  | &nbsp;&nbsp; 161707215 |
| **North Carolina — 2.4%** | **North Carolina — 2.4%** |  |
| &nbsp;&nbsp;&nbsp; City of Raleigh North Carolina Combined Enterprise <br> System Revenue, Refunding RB, Series A, 4.00%, <br> 12/01/35<br>| 7315 | &nbsp;&nbsp; 7319872 |
| North Carolina Medical Care Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 11/01/30 | 4115 | &nbsp;&nbsp; 4130425 |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/33 | 180 | &nbsp;&nbsp; 184259 |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/34 | 185 | &nbsp;&nbsp; 188699 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 06/01/55<sup>(a)</sup> | 23900 | &nbsp;&nbsp; 26033950 |
| &nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, Refunding RB, CAB, <br> Series C, (SAP), 0.00%, 07/01/30<sup>(c)</sup><br>| 550 | &nbsp;&nbsp; 453879 |
|  |  | &nbsp;&nbsp; 38311084 |
| **Ohio — 1.3%** | **Ohio — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Allen County Port Authority, Refunding RB, Series A, <br> 4.00%, 12/01/31<br>| 425 | &nbsp;&nbsp; 425248 |
| Ohio Air Quality Development Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/01/29 | 4450 | &nbsp;&nbsp; 4455408 |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/30<sup>(a)</sup> | 1650 | &nbsp;&nbsp; 1677530 |
| &nbsp;&nbsp;&nbsp; AMT, 4.25%, 11/01/40<sup>(a)</sup> | 2150 | &nbsp;&nbsp; 2187756 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.25%, 11/01/39<sup>(a)</sup> | 1525 | &nbsp;&nbsp; 1549380 |
| &nbsp;&nbsp;&nbsp; Ohio State University, RB, Class A, Sustainability <br> Bonds, 5.00%, 12/01/30<br>| 3320 | &nbsp;&nbsp; 3732507 |
| State of Ohio, RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.00%, 12/31/29 | 1625 | &nbsp;&nbsp; 1627897 |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.00%, 12/31/30 | 4585 | &nbsp;&nbsp; 4592589 |
|  |  | &nbsp;&nbsp; 20248315 |
| **Oklahoma — 0.2%** | **Oklahoma — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Oklahoma Capitol Improvement Authority, RB, <br> Series B, 5.00%, 07/01/30<br>| 2150 | &nbsp;&nbsp; 2385261 |
| **Oregon — 2.1%** | **Oregon — 2.1%** |  |
| &nbsp;&nbsp;&nbsp; Oregon Health & Science University, Refunding RB, <br> Series B, 5.00%, 07/01/35<br>| 7390 | &nbsp;&nbsp; 7452254 |
| &nbsp;&nbsp;&nbsp; Port of Morrow Oregon, GOL, Series A, 5.15%, <br> 10/01/26<sup>(b)</sup><br>| 17000 | &nbsp;&nbsp; 17004729 |
| &nbsp;&nbsp;&nbsp; Port of Morrow Oregon, Refunding ARB, Series A, <br> 4.00%, 06/01/30<br>| 1205 | &nbsp;&nbsp; 1226301 |
| &nbsp;&nbsp;&nbsp; Port of Morrow Oregon, Refunding GOL, Series D, <br> 4.00%, 12/01/30<br>| 880 | &nbsp;&nbsp; 897032 |
| &nbsp;&nbsp;&nbsp; State of Oregon Housing & Community Services <br> Department, RB, M/F Housing, Class R, 4.00%, <br> 01/10/48<sup>(a)</sup><br>| 6000 | &nbsp;&nbsp; 6136809 |
|  |  | &nbsp;&nbsp; 32717125 |
| **Pennsylvania — 16.0%** | **Pennsylvania — 16.0%** |  |
| &nbsp;&nbsp;&nbsp; Allegheny County Higher Education Building Authority, <br> Refunding RB, 2.85%, 02/01/33<sup>(a)</sup><br>| 5485 | &nbsp;&nbsp; 5471692 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal 2030 Target Term Trust (BTT)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** |  |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, RB, <br> Series D2, 2.98%, 11/15/47<sup>(a)</sup><br>| $5205 | &nbsp;&nbsp; $5161415  |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/31 | 3075 | &nbsp;&nbsp; 3221233 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/35 | 1000 | &nbsp;&nbsp; 1038783 |
| &nbsp;&nbsp;&nbsp; Allentown City School District, Refunding GOL, <br> Series B, (BAM SAW), 5.00%, 02/01/31<br>| 4000 | &nbsp;&nbsp; 4312097 |
| &nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone <br> Development Authority, RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/28 | 520 | &nbsp;&nbsp; 540914 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/32 | 9310 | &nbsp;&nbsp; 9502676 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/33 | 1900 | &nbsp;&nbsp; 1964069 |
| &nbsp;&nbsp;&nbsp; Chester County Health and Education Facilities <br> Authority, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/30 | 550 | &nbsp;&nbsp; 592340 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/30 | 2180 | &nbsp;&nbsp; 2055554 |
| &nbsp;&nbsp;&nbsp; Chester County Industrial Development Authority, SAB, <br> 4.38%, 03/01/28<sup>(b)</sup><br>| 96 | &nbsp;&nbsp; 96290 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Pennsylvania Airport Revenue, <br> Refunding RB, Series A, 5.00%, 07/01/30<br>| 5000 | &nbsp;&nbsp; 5561537 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Pennsylvania, Refunding GO, <br> (AGM), 4.00%, 08/01/32<br>| 6000 | &nbsp;&nbsp; 6108802 |
| &nbsp;&nbsp;&nbsp; Clarion County Industrial Development Authority, <br> Refunding RB, AMT, 2.45%, 12/01/39<sup>(a)</sup><br>| 4200 | &nbsp;&nbsp; 3915504 |
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, RB, 5.00%, <br> 06/01/32<br>| 8055 | &nbsp;&nbsp; 8459677 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania, GO, 1st Series, <br> 5.00%, 08/15/30<br>| 7500 | &nbsp;&nbsp; 8360695 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania, Refunding GO, 1st <br> Series, 4.00%, 01/01/29<br>| 1525 | &nbsp;&nbsp; 1546378 |
| Cumberland County Municipal Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/29 | 385 | &nbsp;&nbsp; 385521 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/30 | 875 | &nbsp;&nbsp; 876174 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/32 | 1510 | &nbsp;&nbsp; 1511878 |
| &nbsp;&nbsp;&nbsp; Dauphin County General Authority, Refunding RB, <br> Series A, 4.00%, 06/01/31<br>| 2275 | &nbsp;&nbsp; 2281810 |
| &nbsp;&nbsp;&nbsp; East Hempfield Township Industrial Development <br> Authority, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/28 | 370 | &nbsp;&nbsp; 370288 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/30 | 135 | &nbsp;&nbsp; 135105 |
| Geisinger Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/43<sup>(a)</sup> | 2000 | &nbsp;&nbsp; 2151286 |
| &nbsp;&nbsp;&nbsp; Series A-2, 5.00%, 02/15/32 | 4000 | &nbsp;&nbsp; 4097662 |
| &nbsp;&nbsp;&nbsp; Series A-2, 5.00%, 02/15/34 | 1750 | &nbsp;&nbsp; 1789586 |
| &nbsp;&nbsp;&nbsp; Lancaster County Hospital Authority, Refunding RB, <br> 3.00%, 08/15/30<br>| 2535 | &nbsp;&nbsp; 2540283 |
| Lancaster Municipal Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/29 | 190 | &nbsp;&nbsp; 201170 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/01/30 | 195 | &nbsp;&nbsp; 209466 |
| &nbsp;&nbsp;&nbsp; Lehigh County Industrial Development Authority, <br> Refunding RB, Series A, 3.00%, 09/01/29<br>| 12250 | &nbsp;&nbsp; 12376923 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health <br> Authority, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/35 | 1735 | &nbsp;&nbsp; 1765051 |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/36 | 1500 | &nbsp;&nbsp; 1516631 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/31 | 1750 | &nbsp;&nbsp; 1848943 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/32 | 1315 | &nbsp;&nbsp; 1385083 |
| &nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, <br> Refunding RB, 5.00%, 01/01/30<br>| 1640 | &nbsp;&nbsp; 1641504 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** |  |
| &nbsp;&nbsp;&nbsp; Northampton County General Purpose Authority, <br> Refunding RB, 5.00%, 11/01/34<br>| $1400 | &nbsp;&nbsp; $1450660  |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/31/29 | 5000 | &nbsp;&nbsp; 5028659 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/31/30 | 13100 | &nbsp;&nbsp; 13167633 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/31/34 | 16500 | &nbsp;&nbsp; 16569399 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 04/15/30 | 2500 | &nbsp;&nbsp; 2749580 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 05/15/31 | 5715 | &nbsp;&nbsp; 6332135 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/31/29 | 3750 | &nbsp;&nbsp; 4039178 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 06/30/30 | 3500 | &nbsp;&nbsp; 3791990 |
| &nbsp;&nbsp;&nbsp; Class A, AMT, 4.00%, 06/01/41<sup>(a)</sup> | 3795 | &nbsp;&nbsp; 3799087 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, Refunding RB, 5.00%, 03/15/60<sup>(a)</sup><br>| 3500 | &nbsp;&nbsp; 3763288 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Education Assistance Agency, <br> RB, Series 1A, AMT, 5.00%, 06/01/30<br>| 3500 | &nbsp;&nbsp; 3723994 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, <br> RB, Series AT-1, 5.00%, 06/15/30<br>| 6625 | &nbsp;&nbsp; 6680622 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/31 | 275 | &nbsp;&nbsp; 275924 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/33 | 3320 | &nbsp;&nbsp; 3329432 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/35 | 1000 | &nbsp;&nbsp; 1002376 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, M/F <br> Housing, (HUD SECT 8), 3.15%, 01/01/46<sup>(a)</sup><br>| 7300 | &nbsp;&nbsp; 7350202 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, S/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 137, Sustainability Bonds, 1.90%, 04/01/30 | 1625 | &nbsp;&nbsp; 1543580 |
| &nbsp;&nbsp;&nbsp; Series 137, Sustainability Bonds, 1.95%, 10/01/30 | 875 | &nbsp;&nbsp; 828160 |
| &nbsp;&nbsp;&nbsp; Series 149A, Sustainability Bonds, 5.25%, 04/01/30 | 200 | &nbsp;&nbsp; 218909 |
| &nbsp;&nbsp;&nbsp; Series 149A, Sustainability Bonds, 5.25%, 10/01/30 | 500 | &nbsp;&nbsp; 550500 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Refunding RB, <br> Series 125A, AMT, 3.40%, 10/01/32<br>| 8890 | &nbsp;&nbsp; 8795027 |
| Pennsylvania Turnpike Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp; Sub-Series B-1, 5.00%, 06/01/31 | 3000 | &nbsp;&nbsp; 3102611 |
| &nbsp;&nbsp;&nbsp; Sub-Series B-1, 5.00%, 06/01/32 | 4075 | &nbsp;&nbsp; 4208913 |
| Pennsylvania Turnpike Commission, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 2nd Sub Series, 5.00%, 12/01/32 | 1000 | &nbsp;&nbsp; 1044103 |
| &nbsp;&nbsp;&nbsp; 2nd Sub Series, 5.00%, 12/01/33 | 1815 | &nbsp;&nbsp; 1892567 |
| &nbsp;&nbsp;&nbsp; 2nd Sub Series, 5.00%, 12/01/34 | 1500 | &nbsp;&nbsp; 1561186 |
| &nbsp;&nbsp;&nbsp; 2nd Sub Series, 5.00%, 12/01/35 | 2005 | &nbsp;&nbsp; 2082807 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, RB, <br> 4.00%, 06/15/29<br>| 200 | &nbsp;&nbsp; 198739 |
| &nbsp;&nbsp;&nbsp; Philadelphia Gas Works Co., Refunding RB, <br> Series 14-T, 5.00%, 10/01/30<br>| 425 | &nbsp;&nbsp; 432169 |
| School District of Philadelphia, GOL |  |  |
| &nbsp;&nbsp;&nbsp; Series A, (SAW), 5.00%, 09/01/26 | 3250 | &nbsp;&nbsp; 3299264 |
| &nbsp;&nbsp;&nbsp; Series A, (SAW), 5.00%, 09/01/27 | 2675 | &nbsp;&nbsp; 2784811 |
| &nbsp;&nbsp;&nbsp; Series A, (SAW), 5.00%, 09/01/28 | 1630 | &nbsp;&nbsp; 1732672 |
| &nbsp;&nbsp;&nbsp; Southeastern Pennsylvania Transportation Authority, <br> RB, 5.00%, 06/01/30<br>| 5000 | &nbsp;&nbsp; 5509618 |
| &nbsp;&nbsp;&nbsp; Wayne County Hospital & Health Facilities Authority, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, (GTD), 5.00%, 07/01/31 | 105 | &nbsp;&nbsp; 108092 |
| &nbsp;&nbsp;&nbsp; Series A, (GTD), 4.00%, 07/01/33 | 440 | &nbsp;&nbsp; 443994 |
| &nbsp;&nbsp;&nbsp; West Cornwall Township Municipal Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/15/27 | 130 | &nbsp;&nbsp; 130400 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/15/28 | 105 | &nbsp;&nbsp; 105553 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/15/29 | 140 | &nbsp;&nbsp; 141030 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal 2030 Target Term Trust (BTT)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** |  |
| &nbsp;&nbsp;&nbsp; West Cornwall Township Municipal Authority, <br> Refunding RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/15/31 | 200 | &nbsp;&nbsp; $201831  |
| &nbsp;&nbsp;&nbsp; Westmoreland County Municipal Authority, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; (BAM), 5.00%, 08/15/31 | 5000 | &nbsp;&nbsp; 5196304 |
| &nbsp;&nbsp;&nbsp; (BAM), 5.00%, 08/15/32 | 17945 | &nbsp;&nbsp; 18622470 |
|  |  | &nbsp;&nbsp; 252783489 |
| **Puerto Rico — 3.7%** | **Puerto Rico — 3.7%** |  |
| Commonwealth of Puerto Rico, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.63%, 07/01/27 | 6990 | &nbsp;&nbsp; 7147369 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.63%, 07/01/29 | 1533 | &nbsp;&nbsp; 1629354 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB, CAB<sup>(c)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/29 | 14055 | &nbsp;&nbsp; 12569035 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 0.00%, 07/01/31 | 33523 | &nbsp;&nbsp; 27757530 |
| &nbsp;&nbsp;&nbsp; Series B-1, Restructured, 0.00%, 07/01/31 | 5755 | &nbsp;&nbsp; 4765224 |
| &nbsp;&nbsp;&nbsp; Series B-1, Restructured, 0.00%, 07/01/33 | 6477 | &nbsp;&nbsp; 4952681 |
|  |  | &nbsp;&nbsp; 58821193 |
| **Rhode Island — 1.0%** | **Rhode Island — 1.0%** |  |
| Rhode Island Student Loan Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 12/01/29 | 1950 | &nbsp;&nbsp; 2087730 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 12/01/30 | 1300 | &nbsp;&nbsp; 1393193 |
| Tobacco Settlement Financing Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/28 | 2750 | &nbsp;&nbsp; 2761029 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/29 | 4500 | &nbsp;&nbsp; 4517931 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/30 | 4215 | &nbsp;&nbsp; 4231364 |
|  |  | &nbsp;&nbsp; 14991247 |
| **South Carolina — 1.2%** | **South Carolina — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; County of Charleston South Carolina, GO, Series A, <br> (SAW), 4.00%, 11/01/30<br>| 4885 | &nbsp;&nbsp; 5003827 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> Refunding RB, Series A, 5.00%, 05/01/35<br>| 10000 | &nbsp;&nbsp; 10452539 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Refunding RB, <br> Series A, 5.00%, 12/01/31<br>| 2800 | &nbsp;&nbsp; 3100548 |
|  |  | &nbsp;&nbsp; 18556914 |
| **Tennessee — 1.3%** | **Tennessee — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Chattanooga Health Educational & Housing Facility <br> Board, Refunding RB, Series A, 4.00%, 08/01/36<br>| 2000 | &nbsp;&nbsp; 2027894 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Health & Educational Fcilities Board, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class A, 5.00%, 07/01/29 | 7500 | &nbsp;&nbsp; 8094438 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/31 | 1300 | &nbsp;&nbsp; 1312762 |
| &nbsp;&nbsp;&nbsp; Rutherford County Health & Educational Facilities <br> Board, Refunding RB, 5.00%, 11/15/48<sup>(a)</sup><br>| 3325 | &nbsp;&nbsp; 3649976 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., RB, Series A, <br> 5.00%, 05/01/52<sup>(a)</sup><br>| 5000 | &nbsp;&nbsp; 5367250 |
|  |  | &nbsp;&nbsp; 20452320 |
| **Texas — 11.1%** | **Texas — 11.1%** |  |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Airport System Revenue, ARB, <br> AMT, 5.00%, 11/15/30<br>| 2000 | &nbsp;&nbsp; 2193439 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, ARB, <br> Series C, AMT, 5.00%, 07/15/28<br>| 3000 | &nbsp;&nbsp; 3088387 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Sub-Series D, 5.00%, 07/01/33 | 7000 | &nbsp;&nbsp; 7366922 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 07/01/29 | 11490 | &nbsp;&nbsp; 11505073 |
| &nbsp;&nbsp;&nbsp; Sub-Series A, AMT, 5.00%, 07/01/30 | 1200 | &nbsp;&nbsp; 1307380 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Combined Utility System <br> Revenue, Refunding RB, Series B, 1st Lien, <br> Subordinate, 5.00%, 11/15/34<br>| 7315 | &nbsp;&nbsp; $7443403  |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., Refunding RB, <br> Series A, 3.95%, 12/01/32<br>| 1335 | &nbsp;&nbsp; 1335402 |
| &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, ARB, <br> Series A-2, AMT, 5.00%, 11/01/50<sup>(a)</sup><br>| 7500 | &nbsp;&nbsp; 7992300 |
| &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, Refunding RB, <br> 5.00%, 11/01/32<br>| 2500 | &nbsp;&nbsp; 2768909 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance <br> Corp., RB, 5.00%, 07/01/38<br>| 2275 | &nbsp;&nbsp; 2289759 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance <br> Corp., Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/28 | 735 | &nbsp;&nbsp; 732340 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/33 | 65 | &nbsp;&nbsp; 65038 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/33 | 3000 | &nbsp;&nbsp; 2925718 |
| &nbsp;&nbsp;&nbsp; Love Field Airport Modernization Corp., ARB, AMT, <br> 5.00%, 11/01/26<br>| 430 | &nbsp;&nbsp; 437283 |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority, Refunding RB, <br> Series A, 5.00%, 05/15/30<br>| 3415 | &nbsp;&nbsp; 3767579 |
| &nbsp;&nbsp;&nbsp; Matagorda County Navigation District No. 1, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, (AMBAC), 4.40%, 05/01/30 | 7885 | &nbsp;&nbsp; 8280286 |
| &nbsp;&nbsp;&nbsp; Series B, (AMBAC), 4.55%, 05/01/30 | 12055 | &nbsp;&nbsp; 12671876 |
| &nbsp;&nbsp;&nbsp; Series B-2, 4.00%, 06/01/30 | 10100 | &nbsp;&nbsp; 10105455 |
| &nbsp;&nbsp;&nbsp; AMT, 4.25%, 05/01/30 | 6855 | &nbsp;&nbsp; 7183106 |
| &nbsp;&nbsp;&nbsp; Midland County Fresh Water Supply District No. 1, RB, <br> CAB, Series A, 0.00%, 09/15/27<sup>(c)(f)</sup><br>| 20370 | &nbsp;&nbsp; 15705476 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., <br> RB, Series A, 4.00%, 08/15/29<sup>(b)</sup><br>| 225 | &nbsp;&nbsp; 225790 |
| &nbsp;&nbsp;&nbsp; Port Authority of Houston of Harris County Texas, ARB, <br> 1st Lien, 5.00%, 10/01/30<br>| 2000 | &nbsp;&nbsp; 2228690 |
| &nbsp;&nbsp;&nbsp; Socorro Independent School District, Refunding GO, <br> Series B, (PSF), 4.00%, 08/15/34<br>| 2275 | &nbsp;&nbsp; 2301045 |
| &nbsp;&nbsp;&nbsp; Spring Branch Independent School District, GO, (PSF), <br> 3.00%, 02/01/33<br>| 5000 | &nbsp;&nbsp; 5023764 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class F, 5.00%, 11/15/52<sup>(a)</sup> | 3585 | &nbsp;&nbsp; 3918703 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/35 | 9435 | &nbsp;&nbsp; 9948125 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. III, <br> Refunding RB, 5.00%, 12/15/30<br>| 8935 | &nbsp;&nbsp; 9651707 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. IV, <br> RB, Series A, 5.50%, 01/01/54<sup>(a)</sup><br>| 13000 | &nbsp;&nbsp; 13879415 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. V, RB, <br> 5.00%, 01/01/55<sup>(a)</sup><br>| 8100 | &nbsp;&nbsp; 8763864 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp., III, <br> Refunding RB, 5.00%, 12/15/32<br>| 9080 | &nbsp;&nbsp; 9888854 |
|  |  | &nbsp;&nbsp; 174995088 |
| **Utah — 0.3%** | **Utah — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City Utah Airport Revenue, ARB, <br> Series A, AMT, 5.00%, 07/01/30<br>| 3495 | &nbsp;&nbsp; 3815329 |
| &nbsp;&nbsp;&nbsp; Downtown Revitalization Public Infrastructure District, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 1st Lien, (AGM), 5.00%, 06/01/30 | 700 | &nbsp;&nbsp; 770500 |
| &nbsp;&nbsp;&nbsp; Series B, 2nd Lien, (AGM), 5.00%, 06/01/30 | 760 | &nbsp;&nbsp; 834251 |
|  |  | &nbsp;&nbsp; 5420080 |
| **Vermont — 0.3%** | **Vermont — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Vermont Economic Development Authority, RB, AMT, <br> 5.00%, 06/01/52<sup>(a)(b)</sup><br>| 4000 | &nbsp;&nbsp; 4044974 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal 2030 Target Term Trust (BTT)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Virginia — 1.3%** | **Virginia — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Hanover County Economic Development Authority, <br> Refunding RB, 4.00%, 07/01/30<sup>(b)</sup><br>| $1000 | &nbsp;&nbsp; $1019760  |
| &nbsp;&nbsp;&nbsp; Roanoke Economic Development Authority, RB, <br> 5.00%, 07/01/30<br>| 4665 | &nbsp;&nbsp; 5147038 |
| &nbsp;&nbsp;&nbsp; Roanoke Economic Development Authority, Refunding <br> RB, 5.00%, 07/01/53<sup>(a)</sup><br>| 7960 | &nbsp;&nbsp; 8634418 |
| &nbsp;&nbsp;&nbsp; Virginia Commonwealth Transportation Board, RB, <br> 5.00%, 09/15/30<br>| 5000 | &nbsp;&nbsp; 5078226 |
|  |  | &nbsp;&nbsp; 19879442 |
| **Washington — 3.4%** | **Washington — 3.4%** |  |
| &nbsp;&nbsp;&nbsp; County of King Washington Sewer Revenue, <br> Refunding RB, Series A, Junior Lien, 2.51%, <br> 01/01/40<sup>(a)</sup><br>| 4050 | &nbsp;&nbsp; 4020272 |
| Port of Seattle Washington, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series C, AMT, Intermediate Lien, 5.00%, 05/01/33 | 6695 | &nbsp;&nbsp; 6859073 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, Intermediate Lien, 5.00%, 05/01/34 | 6000 | &nbsp;&nbsp; 6139619 |
| Port of Seattle Washington, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, Intermediate Lien, 5.00%, 07/01/30 | 3000 | &nbsp;&nbsp; 3280181 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, Intermediate Lien, 5.00%, 08/01/30 | 2695 | &nbsp;&nbsp; 2950810 |
| &nbsp;&nbsp;&nbsp; Washington Economic Development Finance Authority, <br> RB, AMT, 5.88%, 12/01/45<br>| 1000 | &nbsp;&nbsp; 1008362 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, RB, <br> Class B, 5.00%, 10/01/30<br>| 10000 | &nbsp;&nbsp; 10995637 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/30 | 1600 | &nbsp;&nbsp; 1767068 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 08/15/35 | 9485 | &nbsp;&nbsp; 9783237 |
| &nbsp;&nbsp;&nbsp; Washington State Convention Center Public Facilities <br> District, RB, Sustainability Bonds, 4.00%, 07/01/31<br>| 4240 | &nbsp;&nbsp; 4409114 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/26 | 285 | &nbsp;&nbsp; 287107 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/27 | 350 | &nbsp;&nbsp; 358822 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/28 | 550 | &nbsp;&nbsp; 573422 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/29 | 775 | &nbsp;&nbsp; 821221 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/30 | 815 | &nbsp;&nbsp; 876580 |
|  |  | &nbsp;&nbsp; 54130525 |
| **West Virginia — 0.2%** | **West Virginia — 0.2%** |  |
| West Virginia Hospital Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/31 | 1950 | &nbsp;&nbsp; 2000473 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/33 | 1100 | &nbsp;&nbsp; 1124765 |
|  |  | &nbsp;&nbsp; 3125238 |
| **Wisconsin — 2.3%** | **Wisconsin — 2.3%** |  |
| Public Finance Authority, RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/30 | 1500 | &nbsp;&nbsp; 1410788 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/30 | 2173 | &nbsp;&nbsp; 2178098 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/31 | 650 | &nbsp;&nbsp; 658499 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/15/29 | 395 | &nbsp;&nbsp; 395785 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/01/30 | 970 | &nbsp;&nbsp; 964267 |
| &nbsp;&nbsp;&nbsp; Series A, 3.75%, 06/01/30 | 335 | &nbsp;&nbsp; 321538 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/31 | 695 | &nbsp;&nbsp; 706433 |
| Public Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/30 | 240 | &nbsp;&nbsp; 260582 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Wisconsin (continued)** | **Wisconsin (continued)** |  |
| Public Finance Authority, Refunding RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Class A, 3.00%, 12/01/26<sup>(b)</sup> | 125 | &nbsp;&nbsp; $122969  |
| &nbsp;&nbsp;&nbsp; Class C, 4.00%, 10/01/41<sup>(a)</sup> | 4230 | &nbsp;&nbsp; 4391739 |
| &nbsp;&nbsp;&nbsp; Class B, AMT, 4.00%, 10/01/46<sup>(a)</sup> | 1750 | &nbsp;&nbsp; 1806308 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.25%, 07/01/28 | 755 | &nbsp;&nbsp; 755836 |
| &nbsp;&nbsp;&nbsp; Waunakee Community School District, RB, 3.63%, <br> 04/01/30<br>| 11820 | &nbsp;&nbsp; 12009090 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, <br> RB, Series B-2, 4.20%, 08/15/28<br>| 1085 | &nbsp;&nbsp; 1085212 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, <br> Refunding RB, 5.00%, 04/01/35<br>| 2500 | &nbsp;&nbsp; 2626433 |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority <br> Home Ownership Revenue, RB, S/F Housing, <br> Series D, (FNMA), 3.00%, 09/01/32<br>| 7265 | &nbsp;&nbsp; 7243726 |
|  |  | &nbsp;&nbsp; 36937303 |
| **Total Municipal Bonds — 141.7%** <br>**(Cost: $2,218,000,979)** | **Total Municipal Bonds — 141.7%** <br>**(Cost: $2,218,000,979)** | &nbsp;&nbsp; 2236581701 |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(a)(g)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(a)(g)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(a)(g)</sup> |
| **Colorado**<sup>(h)</sup> **— 0.7%** | **Colorado**<sup>(h)</sup> **— 0.7%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 11/15/31 | 8085 | &nbsp;&nbsp; 8090400 |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 11/15/32 | 2230 | &nbsp;&nbsp; 2231621 |
|  |  | &nbsp;&nbsp; 10322021 |
| **Florida**<sup>(h)</sup> **— 6.0%** | **Florida**<sup>(h)</sup> **— 6.0%** |  |
| &nbsp;&nbsp;&nbsp; County of Broward Florida Airport System Revenue, <br> ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series Q-1, 4.00%, 10/01/29 | 17200 | &nbsp;&nbsp; 17211268 |
| &nbsp;&nbsp;&nbsp; Series Q-1, 4.00%, 10/01/30 | 18095 | &nbsp;&nbsp; 18106881 |
| &nbsp;&nbsp;&nbsp; Series Q-1, 4.00%, 10/01/31 | 18820 | &nbsp;&nbsp; 18832349 |
| &nbsp;&nbsp;&nbsp; Series Q-1, 4.00%, 10/01/32 | 19575 | &nbsp;&nbsp; 19587838 |
| &nbsp;&nbsp;&nbsp; Series Q-1, 4.00%, 10/01/33 | 20355 | &nbsp;&nbsp; 20368359 |
|  |  | &nbsp;&nbsp; 94106695 |
| **Georgia — 1.2%** | **Georgia — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., RB, Series C, 5.00%, <br> 09/01/53<br>| 18465 | &nbsp;&nbsp; 19627821 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 7.9%** <br>**(Cost: $123,578,895)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 7.9%** <br>**(Cost: $123,578,895)** | &nbsp;&nbsp; 124056537 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal 2030 Target Term Trust (BTT)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Warrants** | **Warrants** | **Warrants** |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Brightline West, (Expires 11/26/35, Strike Price USD <br> 5.00)<sup>(e)(i)</sup><br>| 34392 | &nbsp;&nbsp; $68784 |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** | &nbsp;&nbsp; 68784 |
| **Total Long-Term Investments — 149.6%** <br>**(Cost: $2,341,579,874)** | **Total Long-Term Investments — 149.6%** <br>**(Cost: $2,341,579,874)** | &nbsp;&nbsp; 2360707022 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.8%** | **Money Market Funds — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.03%<sup>(j)(k)</sup><br>| 27628324 | &nbsp;&nbsp; 27631087 |
| **Total Short-Term Securities — 1.8%** <br>**(Cost: $27,631,087)** | **Total Short-Term Securities — 1.8%** <br>**(Cost: $27,631,087)** | &nbsp;&nbsp; 27631087 |
| **Total Investments — 151.4%** <br>**(Cost: $2,369,210,961)** | **Total Investments — 151.4%** <br>**(Cost: $2,369,210,961)** | &nbsp;&nbsp; 2388338109 |
| **Other Assets Less Liabilities — 1.4%** | **Other Assets Less Liabilities — 1.4%** | &nbsp;&nbsp; 23115759 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (5.3)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (5.3)%** | &nbsp;&nbsp; (84138752)<br>|
| **VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(47.5)%** | **VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(47.5)%** | &nbsp;&nbsp; (749321858)<br>|
| **Net Assets Applicable to Common Shares — 100.0%** | **Net Assets Applicable to Common Shares — 100.0%** | &nbsp;&nbsp; $1577993258 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> Zero-coupon bond.

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

<sup>(e)</sup> Non-income producing security.

<sup>(f)</sup> 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. 

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

<sup>(h)</sup> All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between October 1, 2029 to November 15, 2032, is $71,728,412. See Note 4 of the Notes to Financial Statements for details. 

<sup>(i)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(j)</sup> Affiliate of the Trust.

<sup>(k)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/25*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, MuniCash, Institutional Shares | $19711831<br> $7919256 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $27631087 | 27628324 | $160662 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $2236581701  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $2236581701  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124056537 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124056537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68784 | &nbsp;&nbsp;&nbsp;&nbsp; 68784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 27631087 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27631087 |
|  | &nbsp;&nbsp; $27631087 | &nbsp;&nbsp;&nbsp;&nbsp; $2360638238 | &nbsp;&nbsp;&nbsp;&nbsp; $68784 | &nbsp;&nbsp;&nbsp;&nbsp; $2388338109 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal 2030 Target Term Trust (BTT)** 

The Trust 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TOB Trust Certificates | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(83414981)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(83414981)<br>|
| &nbsp;&nbsp;&nbsp; VRDP Shares at Liquidation Value | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (750000000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (750000000)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(833414981)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(833414981)<br>|

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)

January 31, 2026

**BlackRock Municipal Income Quality Trust (BYM)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 7.9%** | **Alabama — 7.9%** |  |
| Black Belt Energy Gas District, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/54 | $3875 | &nbsp;&nbsp; $4147777  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/55 | 1385 | &nbsp;&nbsp; 1494136 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/56 | 1400 | &nbsp;&nbsp; 1455924 |
| &nbsp;&nbsp;&nbsp; County of Jefferson Alabama Sewer Revenue, <br> Refunding RB, 5.25%, 10/01/49<br>| 1100 | &nbsp;&nbsp; 1142802 |
| &nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District, RB, <br> Series B-1, 5.75%, 04/01/54<sup>(a)</sup><br>| 6980 | &nbsp;&nbsp; 7707044 |
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Refunding RB, <br> Series B, 5.00%, 06/01/49<sup>(a)</sup><br>| 3140 | &nbsp;&nbsp; 3361340 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, <br> RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/56 | 3165 | &nbsp;&nbsp; 3294941 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/54 | 755 | &nbsp;&nbsp; 799980 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 03/01/55 | 1100 | &nbsp;&nbsp; 1164148 |
|  |  | &nbsp;&nbsp; 24568092 |
| **Arizona — 2.8%** | **Arizona — 2.8%** |  |
| Arizona Industrial Development Authority, RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/01/39 | 725 | &nbsp;&nbsp; 675138 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/49 | 690 | &nbsp;&nbsp; 625829 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/54 | 530 | &nbsp;&nbsp; 470521 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., ARB, Junior <br> Lien, 5.00%, 07/01/49<br>| 1510 | &nbsp;&nbsp; 1537681 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., RB, Junior <br> Lien, 5.25%, 07/01/47<br>| 835 | &nbsp;&nbsp; 897959 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima, <br> Refunding RB, 5.00%, 06/15/49<sup>(b)</sup><br>| 685 | &nbsp;&nbsp; 613829 |
| &nbsp;&nbsp;&nbsp; Maricopa County & Phoenix Industrial Development <br> Authorities, RB, S/F Housing, Series A, (GNMA), <br> 6.50%, 03/01/55<br>| 1475 | &nbsp;&nbsp; 1660792 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, <br> Refunding RB, 5.00%, 07/01/54<sup>(b)</sup><br>| 360 | &nbsp;&nbsp; 335783 |
| Town of Queen Creek, COP, 10/01/65<sup>(c)</sup> | 1675 | &nbsp;&nbsp; 1772690 |
|  |  | &nbsp;&nbsp; 8590222 |
| **California — 7.3%** | **California — 7.3%** |  |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, RB, <br> 8.00%, 11/15/62<sup>(b)</sup><br>| 475 | &nbsp;&nbsp; 470049 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank, RB, Series A, 1st Lien, (AMBAC), 5.00%, <br> 01/01/28<sup>(d)</sup><br>| 10100 | &nbsp;&nbsp; 10663230 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, M/F <br> Housing, Series A, 6.10%, 12/01/37<br>| 500 | &nbsp;&nbsp; 506113 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, RB, M/F <br> Housing, Sustainability Bonds, 5.00%, 09/01/37<sup>(b)</sup><br>| 100 | &nbsp;&nbsp; 102583 |
| &nbsp;&nbsp;&nbsp; Hartnell Community College District, GO, Series C, <br> Election 2008, 0.00%, 07/01/38<sup>(e)</sup><br>| 2000 | &nbsp;&nbsp; 1327872 |
| &nbsp;&nbsp;&nbsp; Mt San Antonio Community College District, Refunding <br> GO, CAB, Series A, Convertible, Election 2008, <br> 6.25%, 08/01/43<sup>(f)</sup><br>| 1580 | &nbsp;&nbsp; 1616908 |
| &nbsp;&nbsp;&nbsp; San Diego Unified School District, Refunding GO, CAB, <br> Series R-1, 0.00%, 07/01/31<sup>(e)</sup><br>| 1400 | &nbsp;&nbsp; 1224583 |
| &nbsp;&nbsp;&nbsp; Yosemite Community College District, GO, Series D, <br> Election 2004, 0.00%, 08/01/37<sup>(e)</sup><br>| 10000 | &nbsp;&nbsp; 6911307 |
|  |  | &nbsp;&nbsp; 22822645 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Colorado — 0.1%** | **Colorado — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Colorado Housing and Finance Authority, RB, M/F <br> Housing, Series A, Class A, Sustainability Bonds, <br> (FNMA), 4.48%, 03/01/44<br>| $315 | &nbsp;&nbsp; $314906 |
| **Connecticut — 0.7%** | **Connecticut — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities <br> Authority, RB, 4.25%, 07/15/53<br>| 1170 | &nbsp;&nbsp; 1082824 |
| &nbsp;&nbsp;&nbsp; Waterbury Housing Authority, RB, M/F Housing, <br> Series A, (HUD SECT 8), 4.50%, 02/01/42<br>| 935 | &nbsp;&nbsp; 953178 |
|  |  | &nbsp;&nbsp; 2036002 |
| **Delaware — 0.8%** | **Delaware — 0.8%** |  |
| County of Kent Delaware, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/40 | 770 | &nbsp;&nbsp; 774320 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/53 | 1810 | &nbsp;&nbsp; 1660937 |
|  |  | &nbsp;&nbsp; 2435257 |
| **District of Columbia — 3.5%** | **District of Columbia — 3.5%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Housing Finance Agency, RB, M/F <br> Housing, Series A, Sustainability Bonds, (FNMA), <br> 4.88%, 09/01/45<br>| 720 | &nbsp;&nbsp; 740864 |
| &nbsp;&nbsp;&nbsp; District of Columbia Tobacco Settlement Financing <br> Corp., Refunding RB, 6.75%, 05/15/40<br>| 6695 | &nbsp;&nbsp; 6916590 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Refunding GO, Series A, 5.25%, <br> 01/01/48<br>| 1985 | &nbsp;&nbsp; 2099424 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority <br> Dedicated Revenue, RB, Sustainability Bonds, <br> 5.00%, 07/15/45<br>| 1210 | &nbsp;&nbsp; 1267350 |
|  |  | &nbsp;&nbsp; 11024228 |
| **Florida — 5.1%** | **Florida — 5.1%** |  |
| Capital Trust Agency, Inc., RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/45 | 615 | &nbsp;&nbsp; 549862 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 06/01/57 | 220 | &nbsp;&nbsp; 196936 |
| City of Miami Florida, RB, Series A, 5.00%, 03/01/48 | 1800 | &nbsp;&nbsp; 1852607 |
| &nbsp;&nbsp;&nbsp; Escambia County Health Facilities Authority, Refunding <br> RB, 5.00%, 08/15/40<br>| 1050 | &nbsp;&nbsp; 1076251 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Refunding RB, <br> 5.00%, 09/15/40<sup>(b)</sup><br>| 340 | &nbsp;&nbsp; 332206 |
| &nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., RB, S/F Housing, <br> Series 1, (FHLMC, FNMA, GNMA), 4.55%, 01/01/49<br>| 1720 | &nbsp;&nbsp; 1695605 |
| &nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, <br> Refunding RB, Series C, 5.25%, 11/15/49<br>| 465 | &nbsp;&nbsp; 492248 |
| &nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, SAB, 6.30%, <br> 05/01/54<br>| 260 | &nbsp;&nbsp; 272532 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, RB, Series A, <br> 5.00%, 10/01/53<br>| 4000 | &nbsp;&nbsp; 4061196 |
| &nbsp;&nbsp;&nbsp; Preserve at South Branch Community Development <br> District, SAB, 4.00%, 11/01/50<br>| 500 | &nbsp;&nbsp; 430872 |
| &nbsp;&nbsp;&nbsp; Tampa-Hillsborough County Expressway Authority, RB, <br> 5.00%, 07/01/47<br>| 1895 | &nbsp;&nbsp; 1914348 |
| &nbsp;&nbsp;&nbsp; Two Lakes Community Development District, SAB, <br> 5.00%, 05/01/55<br>| 1540 | &nbsp;&nbsp; 1523559 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 15, SAB, <br> 5.25%, 05/01/54<sup>(b)</sup><br>| 270 | &nbsp;&nbsp; 270796 |
| &nbsp;&nbsp;&nbsp; Volusia County Educational Facility Authority, RB, <br> 5.25%, 06/01/49<br>| 810 | &nbsp;&nbsp; 824794 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal Income Quality Trust (BYM)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| &nbsp;&nbsp;&nbsp; Westside Community Development District, Refunding <br> SAB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 05/01/37 | 260 | &nbsp;&nbsp; $258645  |
| &nbsp;&nbsp;&nbsp; 4.13%, 05/01/38 | 260 | &nbsp;&nbsp; 256118 |
|  |  | &nbsp;&nbsp; 16008575 |
| **Georgia — 2.6%** | **Georgia — 2.6%** |  |
| &nbsp;&nbsp;&nbsp; East Point Business & Industrial Development Authority, <br> RB, Series A, 5.25%, 06/15/62<sup>(b)</sup><br>| 245 | &nbsp;&nbsp; 147000 |
| &nbsp;&nbsp;&nbsp; Georgia Housing & Finance Authority, RB, S/F Housing, <br> Series G, (FNMA, GNMA), 4.90%, 12/01/50<br>| 3175 | &nbsp;&nbsp; 3194720 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., RB, Series A, 5.00%, <br> 06/01/53<sup>(a)</sup><br>| 4355 | &nbsp;&nbsp; 4623384 |
|  |  | &nbsp;&nbsp; 7965104 |
| **Idaho — 1.2%** | **Idaho — 1.2%** |  |
| Idaho Housing & Finance Association, RB |  |  |
| &nbsp;&nbsp;&nbsp; (GTD), 5.50%, 05/01/57 | 1510 | &nbsp;&nbsp; 1531561 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/48 | 2015 | &nbsp;&nbsp; 2118534 |
|  |  | &nbsp;&nbsp; 3650095 |
| **Illinois — 7.7%** | **Illinois — 7.7%** |  |
| Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/34 | 1265 | &nbsp;&nbsp; 1295159 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/40 | 520 | &nbsp;&nbsp; 519350 |
| &nbsp;&nbsp;&nbsp; Series A, 6.25%, 12/01/50 | 740 | &nbsp;&nbsp; 783160 |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education, Refunding GO, Series B, <br> 6.00%, 12/01/43<br>| 440 | &nbsp;&nbsp; 465598 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, ARB, Series C, <br> Senior Lien, 5.25%, 01/01/54<br>| 2250 | &nbsp;&nbsp; 2358893 |
| &nbsp;&nbsp;&nbsp; City of Chicago Illinois Wastewater Transmission <br> Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, <br> 01/01/53<br>| 1290 | &nbsp;&nbsp; 1338854 |
| &nbsp;&nbsp;&nbsp; City of Chicago Illinois Waterworks Revenue, RB, <br> Series A, 2nd Lien, (AGM), 5.50%, 11/01/62<br>| 3220 | &nbsp;&nbsp; 3394360 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, Refunding RB, <br> Series H, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 4.65%, 10/01/43<br>| 1905 | &nbsp;&nbsp; 1944392 |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, RB, Series A, <br> 5.00%, 01/01/40<br>| 7020 | &nbsp;&nbsp; 7028461 |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, RB, 5.00%, <br> 06/15/57<br>| 670 | &nbsp;&nbsp; 653548 |
| State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/39 | 1840 | &nbsp;&nbsp; 1977919 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 05/01/44 | 1360 | &nbsp;&nbsp; 1447174 |
| &nbsp;&nbsp;&nbsp; Series F, 5.25%, 09/01/48 | 815 | &nbsp;&nbsp; 845737 |
|  |  | &nbsp;&nbsp; 24052605 |
| **Indiana — 0.4%** | **Indiana — 0.4%** |  |
| Indiana Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/46 | 820 | &nbsp;&nbsp; 875487 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/47 | 285 | &nbsp;&nbsp; 303180 |
|  |  | &nbsp;&nbsp; 1178667 |
| **Iowa — 0.4%** | **Iowa — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, RB, S/F Housing, Series A, <br> Sustainability Bonds, (FHLMC, FNMA, GNMA), <br> 4.75%, 07/01/49<br>| 1270 | &nbsp;&nbsp; 1275273 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Kentucky — 0.7%** | **Kentucky — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Sewer <br> District, Refunding RB, Series C, 5.00%, 05/15/49<br>| $2000 | &nbsp;&nbsp; $2069002 |
| **Louisiana — 1.2%** | **Louisiana — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, RB, 5.25%, <br> 10/01/53<br>| 2085 | &nbsp;&nbsp; 2070196 |
| &nbsp;&nbsp;&nbsp; Louisiana Stadium & Exposition District, Refunding RB, <br> Series A, 5.25%, 07/01/53<br>| 1640 | &nbsp;&nbsp; 1691499 |
|  |  | &nbsp;&nbsp; 3761695 |
| **Massachusetts — 2.6%** | **Massachusetts — 2.6%** |  |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, RB, <br> 5.00%, 10/01/48<br>| 1970 | &nbsp;&nbsp; 1789547 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; (AGM), 5.50%, 07/01/50 | 2740 | &nbsp;&nbsp; 2941995 |
| &nbsp;&nbsp;&nbsp; (AGM-CR), 5.50%, 07/01/55 | 1640 | &nbsp;&nbsp; 1745489 |
| &nbsp;&nbsp;&nbsp; (AGM), 5.50%, 07/01/55 | 1465 | &nbsp;&nbsp; 1556435 |
|  |  | &nbsp;&nbsp; 8033466 |
| **Michigan — 0.4%** | **Michigan — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; State of Michigan Trunk Line Revenue, RB, 5.25%, <br> 11/15/49<br>| 1145 | &nbsp;&nbsp; 1216298 |
| **Mississippi — 0.2%** | **Mississippi — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Mississippi Home Corp., RB, Series 2025-06FN, <br> Class PT, 4.55%, 04/01/42<br>| 495 | &nbsp;&nbsp; 506842 |
| **Missouri — 0.9%** | **Missouri — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of <br> Missouri, Refunding RB, Series A, 4.25%, 04/01/55<br>| 1775 | &nbsp;&nbsp; 1643559 |
| &nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, RB, M/F <br> Housing, Sustainability Bonds, (FNMA), 4.39%, <br> 09/01/42<br>| 892 | &nbsp;&nbsp; 914112 |
| &nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, RB, S/F <br> Housing, Series A, (FHLMC, FNMA, GNMA), 4.60%, <br> 11/01/49<br>| 175 | &nbsp;&nbsp; 174103 |
|  |  | &nbsp;&nbsp; 2731774 |
| **Nebraska — 0.3%** | **Nebraska — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Omaha Public Power District, RB, Series A, 5.25%, <br> 02/01/48<br>| 950 | &nbsp;&nbsp; 1007377 |
| **Nevada — 0.6%** | **Nevada — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; City of Las Vegas Nevada Special Improvement District <br> No. 611, SAB, 4.13%, 06/01/50<br>| 1065 | &nbsp;&nbsp; 898515 |
| Tahoe-Douglas Visitors Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/40 | 400 | &nbsp;&nbsp; 414406 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/45 | 530 | &nbsp;&nbsp; 533777 |
|  |  | &nbsp;&nbsp; 1846698 |
| **New Hampshire — 2.8%** | **New Hampshire — 2.8%** |  |
| New Hampshire Business Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, 4.17%, 01/20/41<sup>(a)</sup> | 467 | &nbsp;&nbsp; 466061 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.50%, 06/01/55 | 3130 | &nbsp;&nbsp; 3228931 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1st Series, Class B, 5.75%, 04/28/42 | 705 | &nbsp;&nbsp; 742536 |
| &nbsp;&nbsp;&nbsp; Series 2025, Subordinate, 5.15%, 09/28/37 | 1120 | &nbsp;&nbsp; 1143586 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal Income Quality Trust (BYM)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New Hampshire (continued)** | **New Hampshire (continued)** |  |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, M/F <br> Housing (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2, Sustainability Bonds, 4.25%, 07/20/41 | 1796 | &nbsp;&nbsp; $1821056  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class 3-A, Sustainability Bonds, 4.16%, <br> 10/01/51<sup>(a)</sup><br>| 1332 | &nbsp;&nbsp; 1343360 |
|  |  | &nbsp;&nbsp; 8745530 |
| **New Jersey — 5.7%** | **New Jersey — 5.7%** |  |
| &nbsp;&nbsp;&nbsp; Camden County Improvement Authority, RB, <br> Sustainability Bonds, 6.00%, 06/15/62<br>| 500 | &nbsp;&nbsp; 515042 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, RB, <br> Series BB, 4.00%, 06/15/50<br>| 3000 | &nbsp;&nbsp; 2743293 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, RB, <br> CAB<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 0.00%, 12/15/35 | 4050 | &nbsp;&nbsp; 2932807 |
| &nbsp;&nbsp;&nbsp; Series A, 0.00%, 12/15/38 | 5845 | &nbsp;&nbsp; 3661590 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, RB, Series A, 5.25%, <br> 01/01/55<br>| 1385 | &nbsp;&nbsp; 1470599 |
| Tobacco Settlement Financing Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/46 | 820 | &nbsp;&nbsp; 806982 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/01/46 | 2055 | &nbsp;&nbsp; 2046516 |
| &nbsp;&nbsp;&nbsp; Sub-Series B, 5.00%, 06/01/46 | 3810 | &nbsp;&nbsp; 3698011 |
|  |  | &nbsp;&nbsp; 17874840 |
| **New Mexico — 0.1%** | **New Mexico — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; City of Santa Fe New Mexico, RB, Series A, 5.00%, <br> 05/15/44<br>| 175 | &nbsp;&nbsp; 173366 |
| **New York — 6.6%** | **New York — 6.6%** |  |
| City of New York, GO, Series G-1, 5.25%, 02/01/53 | 255 | &nbsp;&nbsp; 267159 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Refunding RB, <br> Series C-1, Sustainability Bonds, 5.25%, 11/15/55<br>| 1135 | &nbsp;&nbsp; 1158269 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.00%, 11/01/60 | 1690 | &nbsp;&nbsp; 1696458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Sustainability Bonds, (HUD SECT 8), <br> 5.00%, 08/01/55<br>| 2355 | &nbsp;&nbsp; 2358431 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, RB, <br> Series BB, 5.25%, 06/15/55<br>| 310 | &nbsp;&nbsp; 326527 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, <br> Refunding RB, Series DD, 4.13%, 06/15/46<br>| 5670 | &nbsp;&nbsp; 5431506 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Subordinate, 4.00%, 08/01/48 | 1320 | &nbsp;&nbsp; 1219328 |
| &nbsp;&nbsp;&nbsp; Series B, Subordinate, 5.00%, 05/01/46 | 1520 | &nbsp;&nbsp; 1588521 |
| &nbsp;&nbsp;&nbsp; Series E, Subordinate, 5.00%, 11/01/53 | 925 | &nbsp;&nbsp; 946544 |
| &nbsp;&nbsp;&nbsp; New York Counties Tobacco Trust VI, Refunding RB, <br> Series B, 5.00%, 06/01/41<br>| 550 | &nbsp;&nbsp; 550298 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Refunding RB, <br> Class A, 5.25%, 05/01/54<br>| 2750 | &nbsp;&nbsp; 2838843 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority Sales Tax <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/15/52 | 1000 | &nbsp;&nbsp; 1040003 |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 05/15/58 | 1000 | &nbsp;&nbsp; 915549 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Refunding RB, <br> Series A-1, 5.00%, 05/15/51<br>| 230 | &nbsp;&nbsp; 236109 |
|  |  | &nbsp;&nbsp; 20573545 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **North Carolina — 0.2%** | **North Carolina — 0.2%** |  |
| North Carolina Medical Care Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/56 | $645 | &nbsp;&nbsp; $647699  |
| &nbsp;&nbsp;&nbsp; Series A, 5.13%, 10/01/54 | 110 | &nbsp;&nbsp; 110276 |
|  |  | &nbsp;&nbsp; 757975 |
| **North Dakota — 0.3%** | **North Dakota — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, RB, S/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 4.70%, 07/01/49 | 270 | &nbsp;&nbsp; 270928 |
| &nbsp;&nbsp;&nbsp; Series C, Sustainability Bonds, 6.25%, 01/01/55 | 535 | &nbsp;&nbsp; 601959 |
|  |  | &nbsp;&nbsp; 872887 |
| **Ohio — 0.7%** | **Ohio — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55<br>| 2515 | &nbsp;&nbsp; 2068401 |
| **Oklahoma — 0.7%** | **Oklahoma — 0.7%** |  |
| Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53 | 1960 | &nbsp;&nbsp; 2079615 |
| **Oregon — 0.9%** | **Oregon — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Clackamas County School District No. 12 North <br> Clackamas, GO, CAB<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, (GTD), 0.00%, 06/15/27<sup>(d)</sup> | 120 | &nbsp;&nbsp; 71035 |
| &nbsp;&nbsp;&nbsp; Series A, (GTD), 0.00%, 06/15/38 | 995 | &nbsp;&nbsp; 578695 |
| &nbsp;&nbsp;&nbsp; State of Oregon Housing & Community Services <br> Department, RB, M/F Housing, Series K1, (FNMA), <br> 4.33%, 11/01/43<br>| 2290 | &nbsp;&nbsp; 2279466 |
|  |  | &nbsp;&nbsp; 2929196 |
| **Pennsylvania — 4.7%** | **Pennsylvania — 4.7%** |  |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, <br> RB, 4.00%, 08/15/49<br>| 5000 | &nbsp;&nbsp; 4465733 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/55 | 900 | &nbsp;&nbsp; 972189 |
| &nbsp;&nbsp;&nbsp; Series B-1, (AGM), 5.00%, 11/01/51 | 1085 | &nbsp;&nbsp; 1098751 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, <br> Series 2024-26FN, Class PT, 4.63%, 02/01/42<br>| 1780 | &nbsp;&nbsp; 1852404 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, S/F <br> Housing, Series 145A, Sustainability Bonds, 4.75%, <br> 10/01/49<br>| 4390 | &nbsp;&nbsp; 4408674 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Refunding RB, <br> S/F Housing, Series 142-A, Sustainability Bonds, <br> 5.00%, 10/01/43<br>| 1895 | &nbsp;&nbsp; 1967634 |
|  |  | &nbsp;&nbsp; 14765385 |
| **Puerto Rico — 4.7%** | **Puerto Rico — 4.7%** |  |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.75%, 07/01/53 | 4577 | &nbsp;&nbsp; 4414647 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 7050 | &nbsp;&nbsp; 6900213 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 349 | &nbsp;&nbsp; 332918 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.33%, 07/01/40 | 935 | &nbsp;&nbsp; 929337 |
| &nbsp;&nbsp;&nbsp; Series B-1, Restructured, 4.75%, 07/01/53 | 391 | &nbsp;&nbsp; 377131 |
| &nbsp;&nbsp;&nbsp; Series B-2, Restructured, 4.78%, 07/01/58 | 520 | &nbsp;&nbsp; 496039 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB, CAB, Series A-1, Restructured, <br> 0.00%, 07/01/46<sup>(e)</sup><br>| 3635 | &nbsp;&nbsp; 1259460 |
|  |  | &nbsp;&nbsp; 14709745 |
| **South Carolina — 2.9%** | **South Carolina — 2.9%** |  |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, RB, <br> Series A1, 5.25%, 10/01/54<sup>(a)</sup><br>| 5685 | &nbsp;&nbsp; 6114663 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal Income Quality Trust (BYM)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **South Carolina (continued)** | **South Carolina (continued)** |  |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/55<sup>(b)</sup> | 1095 | &nbsp;&nbsp; $913371  |
| &nbsp;&nbsp;&nbsp; 7.50%, 08/15/62<sup>(b)</sup> | 505 | &nbsp;&nbsp; 451090 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/50 | 540 | &nbsp;&nbsp; 574708 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Refunding RB, <br> Series B, (AGM), 5.00%, 12/01/54<br>| 900 | &nbsp;&nbsp; 928008 |
|  |  | &nbsp;&nbsp; 8981840 |
| **Tennessee — 3.6%** | **Tennessee — 3.6%** |  |
| &nbsp;&nbsp;&nbsp; Knox County Health Educational & Housing Facility <br> Board, RB, Series A-1, (BAM), 5.50%, 07/01/54<br>| 490 | &nbsp;&nbsp; 515001 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Health & Educational Fcilities Board, Refunding RB, <br> 5.25%, 10/01/58<br>| 2465 | &nbsp;&nbsp; 2315306 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson <br> County TN Water & Sewer Revenue, Refunding RB, <br> 5.25%, 07/01/55<br>| 805 | &nbsp;&nbsp; 851084 |
| Tennergy Corp., RB, Series A, 5.50%, 10/01/53<sup>(a)</sup> | 1575 | &nbsp;&nbsp; 1685026 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., RB, Series A, <br> 5.00%, 05/01/52<sup>(a)</sup><br>| 2560 | &nbsp;&nbsp; 2748032 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Refunding RB, <br> Series A-1, 5.00%, 05/01/53<sup>(a)</sup><br>| 3000 | &nbsp;&nbsp; 3109101 |
|  |  | &nbsp;&nbsp; 11223550 |
| **Texas — 20.2%** | **Texas — 20.2%** |  |
| Arlington Higher Education Finance Corp., RB<sup>(b)(g)(h)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/62 | 530 | &nbsp;&nbsp; 265000 |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62 | 450 | &nbsp;&nbsp; 270000 |
| &nbsp;&nbsp;&nbsp; Bexar Management And Development Corp., RB, M/F <br> Housing, (FNMA), 4.61%, 07/01/44<br>| 2285 | &nbsp;&nbsp; 2308791 |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Airport System Revenue, ARB, <br> Series A, 5.00%, 11/15/41<br>| 1990 | &nbsp;&nbsp; 2010937 |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Water & Wastewater System <br> Revenue, Refunding RB, 5.00%, 11/15/53<br>| 820 | &nbsp;&nbsp; 854075 |
| City of Houston Texas, GOL |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 03/01/49 | 475 | &nbsp;&nbsp; 506195 |
| &nbsp;&nbsp;&nbsp; Series A, 4.13%, 03/01/51 | 1775 | &nbsp;&nbsp; 1643247 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas, Refunding GOL, Series A, <br> 5.25%, 03/01/43<br>| 810 | &nbsp;&nbsp; 881150 |
| &nbsp;&nbsp;&nbsp; Coppell Independent School District, Refunding GO, <br> (PSF), 0.00%, 08/15/30<sup>(e)</sup><br>| 10030 | &nbsp;&nbsp; 8793418 |
| &nbsp;&nbsp;&nbsp; County of Harris Texas Toll Road Revenue, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 1st Lien, 4.00%, 08/15/49 | 805 | &nbsp;&nbsp; 751345 |
| &nbsp;&nbsp;&nbsp; Series A, 1st Lien, 4.00%, 08/15/54 | 575 | &nbsp;&nbsp; 524065 |
| &nbsp;&nbsp;&nbsp; County of Harris Texas, Refunding GOL, (NPFGC), <br> 0.00%, 08/15/28<sup>(e)</sup><br>| 10915 | &nbsp;&nbsp; 10175030 |
| &nbsp;&nbsp;&nbsp; Crowley Independent School District, GO, (PSF), <br> 4.25%, 02/01/53<br>| 310 | &nbsp;&nbsp; 295731 |
| &nbsp;&nbsp;&nbsp; Fort Bend Independent School District, Refunding GO, <br> Series A, (PSF), 4.00%, 08/15/49<br>| 745 | &nbsp;&nbsp; 695877 |
| &nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., RB, CAB, <br> Series B, Convertible, 5.80%, 10/01/46<sup>(f)</sup><br>| 2365 | &nbsp;&nbsp; 2483342 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance <br> Corp., Refunding RB, Class A, 4.13%, 07/01/52<br>| 2840 | &nbsp;&nbsp; 2555533 |
| Hidalgo County Regional Mobility Authority, RB, CAB<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 0.00%, 12/01/42 | 500 | &nbsp;&nbsp; 225820 |
| &nbsp;&nbsp;&nbsp; Series A, 0.00%, 12/01/43 | 1000 | &nbsp;&nbsp; 417992 |
| &nbsp;&nbsp;&nbsp; Leander Independent School District, Refunding GO, <br> Series A, (PSF), 5.00%, 08/15/50<br>| 1715 | &nbsp;&nbsp; 1787441 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; Lower Colorado River Authority, Refunding RB, (AGM), <br> 5.00%, 05/15/49<br>| 3055 | &nbsp;&nbsp; $3143784  |
| &nbsp;&nbsp;&nbsp; Marshall Independent School District, GO, (PSF), <br> 4.00%, 02/15/45<br>| 380 | &nbsp;&nbsp; 370019 |
| &nbsp;&nbsp;&nbsp; Mesquite Housing Finance Corp., RB, M/F Housing, <br> Series A, Sustainability Bonds, (FNMA), 4.53%, <br> 02/01/44<br>| 2900 | &nbsp;&nbsp; 2902642 |
| &nbsp;&nbsp;&nbsp; Midland County Fresh Water Supply District No. 1, RB, <br> CAB, Series A, 0.00%, 09/15/27<sup>(d)(e)</sup><br>| 2340 | &nbsp;&nbsp; 1437568 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., <br> RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/50 | 580 | &nbsp;&nbsp; 493023 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/51 | 1535 | &nbsp;&nbsp; 1417664 |
| North Texas Tollway Authority, RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 0.00%, 09/01/31<sup>(e)</sup> | 1975 | &nbsp;&nbsp; 1077610 |
| &nbsp;&nbsp;&nbsp; Series C, Convertible, 6.75%, 09/01/31<sup>(f)</sup> | 2500 | &nbsp;&nbsp; 3045956 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Refunding RB, Series B, <br> 5.00%, 01/01/43<br>| 3795 | &nbsp;&nbsp; 3838963 |
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, GO, (PSF), <br> 5.25%, 02/15/55<br>| 885 | &nbsp;&nbsp; 932611 |
| &nbsp;&nbsp;&nbsp; San Antonio Housing Trust Public Facility Corp., RB, <br> Series 2024-11FN, Class PT, 4.45%, 04/01/43<br>| 405 | &nbsp;&nbsp; 410173 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., Refunding RB, 5.00%, 10/01/49<br>| 325 | &nbsp;&nbsp; 322743 |
| Tarrant County Hospital District, GOL, 4.25%, 08/15/53 | 1725 | &nbsp;&nbsp; 1605960 |
| &nbsp;&nbsp;&nbsp; Texas City Industrial Development Corp., RB, <br> Series 2012, 4.13%, 12/01/45<br>| 330 | &nbsp;&nbsp; 292102 |
| &nbsp;&nbsp;&nbsp; Texas Department of Housing & Community Affairs, RB, <br> S/F Housing, Series A, (GNMA), 5.13%, 01/01/54<br>| 540 | &nbsp;&nbsp; 556279 |
| &nbsp;&nbsp;&nbsp; Texas State University System, Refunding RB, 4.00%, <br> 03/15/49<br>| 1695 | &nbsp;&nbsp; 1527140 |
| Texas Water Development Board, RB, 4.75%, 10/15/55 | 1960 | &nbsp;&nbsp; 1964996 |
|  |  | &nbsp;&nbsp; 62784222 |
| **Utah — 0.6%** | **Utah — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Black Desert Public Infrastructure District, SAB, 5.63%, <br> 12/01/53<sup>(b)</sup><br>| 180 | &nbsp;&nbsp; 181009 |
| &nbsp;&nbsp;&nbsp; Downtown Revitalization Public Infrastructure District, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 1st Lien, (AGM), 5.50%, 06/01/55 | 830 | &nbsp;&nbsp; 886588 |
| &nbsp;&nbsp;&nbsp; Series B, 2nd Lien, (AGM), 5.50%, 06/01/55 | 295 | &nbsp;&nbsp; 315112 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, Refunding RB, <br> 5.00%, 06/15/55<sup>(b)</sup><br>| 450 | &nbsp;&nbsp; 392586 |
|  |  | &nbsp;&nbsp; 1775295 |
| **Virginia — 3.2%** | **Virginia — 3.2%** |  |
| &nbsp;&nbsp;&nbsp; Fairfax County Industrial Development Authority, RB, <br> 4.13%, 05/15/54<br>| 1595 | &nbsp;&nbsp; 1459693 |
| Henrico County Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, 5.00%, 10/01/47 | 4580 | &nbsp;&nbsp; 4626452 |
| &nbsp;&nbsp;&nbsp; Class A, 5.00%, 10/01/52 | 1170 | &nbsp;&nbsp; 1171439 |
| &nbsp;&nbsp;&nbsp; Henrico County Economic Development Authority, <br> Refunding RB, Series A, 5.00%, 11/01/48<br>| 845 | &nbsp;&nbsp; 874730 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Refunding RB, <br> Series B-1, 5.00%, 06/01/47<br>| 1225 | &nbsp;&nbsp; 1025589 |
| &nbsp;&nbsp;&nbsp; Virginia Housing Development Authority, RB, M/F <br> Housing, Series G, 5.15%, 11/01/52<br>| 505 | &nbsp;&nbsp; 515691 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal Income Quality Trust (BYM)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Virginia (continued)** | **Virginia (continued)** |  |
| &nbsp;&nbsp;&nbsp; Virginia Housing Development Authority, RB, S/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series E-2, 4.40%, 10/01/44 | 100 | &nbsp;&nbsp; $100030  |
| &nbsp;&nbsp;&nbsp; Series E-2, 4.55%, 10/01/49 | 230 | &nbsp;&nbsp; 226651 |
|  |  | &nbsp;&nbsp; 10000275 |
| **Washington — 0.7%** | **Washington — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Vancouver Housing Authority, RB, M/F Housing, 5.00%, <br> 08/01/40<br>| 410 | &nbsp;&nbsp; 427508 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Refunding <br> RB, Series A, 5.50%, 09/01/55<br>| 1185 | &nbsp;&nbsp; 1253273 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, RB, <br> M/F Housing, Series 2, Class 1, Sustainability <br> Bonds, 4.22%, 03/01/50<sup>(a)</sup><br>| 441 | &nbsp;&nbsp; 434406 |
|  |  | &nbsp;&nbsp; 2115187 |
| **Wisconsin — 1.5%** | **Wisconsin — 1.5%** |  |
| Public Finance Authority, RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Class A, 5.00%, 06/15/51 | 305 | &nbsp;&nbsp; 251391 |
| &nbsp;&nbsp;&nbsp; Class A, 5.00%, 06/15/56 | 400 | &nbsp;&nbsp; 322792 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/55 | 395 | &nbsp;&nbsp; 338233 |
| &nbsp;&nbsp;&nbsp; Series A-1, 4.50%, 01/01/35 | 575 | &nbsp;&nbsp; 571435 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, RB, <br> Series A, 5.75%, 08/15/54<br>| 265 | &nbsp;&nbsp; 273082 |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority <br> Home Ownership Revenue, RB, S/F Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 4.85%, 09/01/43<br>| 430 | &nbsp;&nbsp; 442213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 4.75%, 09/01/50<br>| 2535 | &nbsp;&nbsp; 2529449 |
|  |  | &nbsp;&nbsp; 4728595 |
| **Total Municipal Bonds — 107.5%** <br>**(Cost: $322,817,307)** | **Total Municipal Bonds — 107.5%** <br>**(Cost: $322,817,307)** | &nbsp;&nbsp; 334254272 |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(i)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(i)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(i)</sup> |
| **Alabama**<sup>(a)</sup> **— 5.2%** | **Alabama**<sup>(a)</sup> **— 5.2%** |  |
| Black Belt Energy Gas District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.50%, 10/01/54 | 10000 | &nbsp;&nbsp; 11019103 |
| &nbsp;&nbsp;&nbsp; Series C-1, 5.25%, 02/01/53 | 5020 | &nbsp;&nbsp; 5292397 |
|  |  | &nbsp;&nbsp; 16311500 |
| **District of Columbia — 3.9%** | **District of Columbia — 3.9%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Income Tax Revenue, Refunding <br> RB, Series A, 5.00%, 06/01/50<br>| 5840 | &nbsp;&nbsp; 6090285 |
| &nbsp;&nbsp;&nbsp; District of Columbia Water & Sewer Authority, <br> Refunding RB, Series B, 5.00%, 10/01/49<br>| 6035 | &nbsp;&nbsp; 6106276 |
|  |  | &nbsp;&nbsp; 12196561 |
| **Florida — 2.4%** | **Florida — 2.4%** |  |
| &nbsp;&nbsp;&nbsp; City of Fort Lauderdale Florida Water & Sewer <br> Revenue, RB, Series B, 5.50%, 09/01/53<br>| 7045 | &nbsp;&nbsp; 7618090 |
| **Georgia — 3.3%** | **Georgia — 3.3%** |  |
| &nbsp;&nbsp;&nbsp; County of DeKalb Georgia Water & Sewerage <br> Revenue, RB, Series A, 5.00%, 10/01/55<br>| 9757 | &nbsp;&nbsp; 10113659 |
| **Illinois — 2.0%** | **Illinois — 2.0%** |  |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, <br> Refunding RB, Series A, 5.00%, 12/01/49<sup>(j)</sup><br>| 6000 | &nbsp;&nbsp; 6176394 |
| **Indiana — 3.1%** | **Indiana — 3.1%** |  |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, RB, Series A, 4.00%, <br> 11/01/51<br>| 10685 | &nbsp;&nbsp; 9508871 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Maryland — 2.0%** | **Maryland — 2.0%** |  |
| Maryland Stadium Authority, RB, 5.00%, 06/01/54 | $6014 | &nbsp;&nbsp; $6187857 |
| **Massachusetts — 3.3%** | **Massachusetts — 3.3%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GOL, Series D, <br> 5.00%, 10/01/51<br>| 10000 | &nbsp;&nbsp; 10360420 |
| **Nevada — 3.2%** | **Nevada — 3.2%** |  |
| &nbsp;&nbsp;&nbsp; Las Vegas Valley Water District, GOL, Series A, 5.00%, <br> 06/01/49<br>| 9500 | &nbsp;&nbsp; 9856028 |
| **New York — 21.7%** | **New York — 21.7%** |  |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., RB, Series A, 5.00%, <br> 03/15/50<br>| 8000 | &nbsp;&nbsp; 8275373 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, <br> Refunding RB, Series DD, 5.00%, 06/15/47<br>| 9705 | &nbsp;&nbsp; 10117806 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB, Series D, 5.00%, 05/01/50<sup>(j)</sup><br>| 10000 | &nbsp;&nbsp; 10280799 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, RB, <br> 5.00%, 05/01/47<br>| 8480 | &nbsp;&nbsp; 8838612 |
| New York State Dormitory Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/53<sup>(j)</sup> | 3973 | &nbsp;&nbsp; 4094553 |
| &nbsp;&nbsp;&nbsp; Series C, 4.00%, 07/01/49 | 8955 | &nbsp;&nbsp; 8160211 |
| Triborough Bridge & Tunnel Authority, Refunding RB<sup>(j)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.00%, 05/15/51 | 12685 | &nbsp;&nbsp; 13021936 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 05/15/52 | 4340 | &nbsp;&nbsp; 4504936 |
|  |  | &nbsp;&nbsp; 67294226 |
| **South Carolina — 3.5%** | **South Carolina — 3.5%** |  |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, Refunding <br> RB, Series B-1, 5.25%, 02/01/54<sup>(a)(j)</sup><br>| 10000 | &nbsp;&nbsp; 10799022 |
| **Texas — 1.2%** | **Texas — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; San Antonio Water System, Refunding RB, Series A, <br> Junior Lien, 5.25%, 05/15/48<br>| 3660 | &nbsp;&nbsp; 3882442 |
| **Washington — 3.4%** | **Washington — 3.4%** |  |
| &nbsp;&nbsp;&nbsp; State of Washington, GO, Series 2024-A, 5.00%, <br> 08/01/48<br>| 10000 | &nbsp;&nbsp; 10455067 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 58.2%** <br>**(Cost: $177,844,347)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 58.2%** <br>**(Cost: $177,844,347)** | &nbsp;&nbsp; 180760137 |
| **Total Long-Term Investments — 165.7%** <br>**(Cost: $500,661,654)** | **Total Long-Term Investments — 165.7%** <br>**(Cost: $500,661,654)** | &nbsp;&nbsp; 515014409 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal Income Quality Trust (BYM)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.7%** | **Money Market Funds — 4.7%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.03%<sup>(k)(l)</sup><br>| 14512365 | &nbsp;&nbsp; $14513816 |
| **Total Short-Term Securities — 4.7%** <br>**(Cost: $14,513,772)** | **Total Short-Term Securities — 4.7%** <br>**(Cost: $14,513,772)** | &nbsp;&nbsp; 14513816 |
| **Total Investments — 170.4%** <br>**(Cost: $515,175,426)** | **Total Investments — 170.4%** <br>**(Cost: $515,175,426)** | &nbsp;&nbsp; 529528225 |
| **Other Assets Less Liabilities — 0.5%** | **Other Assets Less Liabilities — 0.5%** | &nbsp;&nbsp; 1439695 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (39.5)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (39.5)%** | &nbsp;&nbsp; (122633237)<br>|
| **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(31.4)%** | **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(31.4)%** | &nbsp;&nbsp; (97600000)<br>|
| **Net Assets Applicable to Common Shares — 100.0%** | **Net Assets Applicable to Common Shares — 100.0%** | &nbsp;&nbsp; $310734683 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(c)</sup> When-issued security.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Zero-coupon bond.

<sup>(f)</sup> 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. 

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

<sup>(h)</sup> Non-income producing security.

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

<sup>(j)</sup> All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between August 1, 2029 to June 1, 2043, is $42,883,657. See Note 4 of the Notes to Financial Statements for details. 

<sup>(k)</sup> Affiliate of the Trust.

<sup>(l)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/25*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, MuniCash, Institutional Shares | $2897815<br> $11616001 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $14513816 | 14512365 | $72005 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $334254272  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $334254272  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 180760137 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 180760137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 14513816 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14513816 |
|  | &nbsp;&nbsp; $14513816 | &nbsp;&nbsp;&nbsp;&nbsp; $515014409 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $529528225 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal Income Quality Trust (BYM)** 

The Trust 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TOB Trust Certificates | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(121843531)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(121843531)<br>|
| &nbsp;&nbsp;&nbsp; VMTP Shares at Liquidation Value | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (97600000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (97600000)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(219443531)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(219443531)<br>|

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

January 31, 2026

**BlackRock MuniHoldings California Quality Fund, Inc. (MUC)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **California — 126.8%** | **California — 126.8%** |  |
| **Corporate — 27.3%** | **Corporate — 27.3%** |  |
| California Community Choice Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.00%, 12/01/35 | $23975 | &nbsp;&nbsp; $26654535  |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.00%, 07/01/53<sup>(a)</sup> | 45200 | &nbsp;&nbsp; 47803741 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.50%, 10/01/54<sup>(a)</sup> | 39485 | &nbsp;&nbsp; 42948656 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.00%, 01/01/56<sup>(a)</sup> | 10000 | &nbsp;&nbsp; 10611435 |
| &nbsp;&nbsp;&nbsp; Series B, Sustainability Bonds, 5.00%, 01/01/55<sup>(a)</sup> | 32815 | &nbsp;&nbsp; 34628787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Class B, Sustainability Bonds, 5.00%, <br> 03/01/56<sup>(a)</sup><br>| 20000 | &nbsp;&nbsp; 21842168 |
| &nbsp;&nbsp;&nbsp; Series E, Sustainability Bonds, 5.00%, 02/01/55<sup>(a)</sup> | 5000 | &nbsp;&nbsp; 5361294 |
| &nbsp;&nbsp;&nbsp; Series E-1, Sustainability Bonds, 5.00%, 02/01/54<sup>(a)</sup> | 15480 | &nbsp;&nbsp; 16534872 |
| &nbsp;&nbsp;&nbsp; Series G, Sustainability Bonds, 5.25%, 11/01/54<sup>(a)</sup> | 50000 | &nbsp;&nbsp; 53720175 |
| &nbsp;&nbsp;&nbsp; Series G, Sustainability Bonds, 5.00%, 11/01/55<sup>(a)</sup> | 27415 | &nbsp;&nbsp; 28875644 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, Series A, <br> AMT, 4.38%, 09/01/53<sup>(a)</sup><br>| 2935 | &nbsp;&nbsp; 3045431 |
| &nbsp;&nbsp;&nbsp; Central Valley Energy Authority, RB, 5.00%, <br> 12/01/55<sup>(a)</sup><br>| 10000 | &nbsp;&nbsp; 10807646 |
|  |  | &nbsp;&nbsp; 302834384 |
| **County/City/Special District/School District — 25.9%** | **County/City/Special District/School District — 25.9%** |  |
| &nbsp;&nbsp;&nbsp; Anaheim City School District, GO, (AGM), 5.00%, <br> 08/01/51<br>| 5615 | &nbsp;&nbsp; 5834101 |
| Antelope Valley Union High School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 5.00%, 08/01/50 | 5000 | &nbsp;&nbsp; 5289196 |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 5.00%, 08/01/54 | 2000 | &nbsp;&nbsp; 2106658 |
| &nbsp;&nbsp;&nbsp; Berkeley Unified School District, GO, Series F, Election <br> 2020, 5.00%, 08/01/54<br>| 10000 | &nbsp;&nbsp; 10581246 |
| &nbsp;&nbsp;&nbsp; Butte-Glenn Community College District, GO, Series D, <br> Election 2016, 5.00%, 08/01/50<br>| 2375 | &nbsp;&nbsp; 2527646 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, ST, Series A, <br> 5.13%, 09/01/59<br>| 945 | &nbsp;&nbsp; 926083 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development <br> Authority, SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 09/02/52 | 1785 | &nbsp;&nbsp; 1789744 |
| &nbsp;&nbsp;&nbsp; Series C, 4.00%, 09/02/50 | 4985 | &nbsp;&nbsp; 4268559 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development <br> Authority, SAB, M/F Housing, 5.00%, 09/02/39<br>| 1060 | &nbsp;&nbsp; 1111105 |
| &nbsp;&nbsp;&nbsp; Chabot-Las Positas Community College District, GO, <br> Series C, Election 2016, 5.25%, 08/01/48<br>| 13355 | &nbsp;&nbsp; 14291248 |
| Chaffey Joint Union High School District, GO, CAB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series H, Election 2012, 0.00%, 08/01/48 | 4000 | &nbsp;&nbsp; 1401766 |
| &nbsp;&nbsp;&nbsp; Series H, Election 2012, 0.00%, 08/01/49 | 3750 | &nbsp;&nbsp; 1254311 |
| City of Los Angeles, COP, (AMBAC), 6.20%, 11/01/31 | 1200 | &nbsp;&nbsp; 1204207 |
| &nbsp;&nbsp;&nbsp; City of Oakland California, GO, Series D, 5.25%, <br> 07/15/48<br>| 3215 | &nbsp;&nbsp; 3412931 |
| Clovis Unified School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series C, Election 2020, 4.00%, 08/01/48 | 7275 | &nbsp;&nbsp; 6949976 |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 5.00%, 08/01/50 | 2335 | &nbsp;&nbsp; 2445918 |
| &nbsp;&nbsp;&nbsp; Corona-Norco Unified School District, GO, Series D, <br> Election 2014, 5.00%, 08/01/49<sup>(c)</sup><br>| 1730 | &nbsp;&nbsp; 1830554 |
| &nbsp;&nbsp;&nbsp; Cupertino Union School District, GO, Series A, Election <br> 2024, 5.75%, 08/01/50<br>| 3775 | &nbsp;&nbsp; 4237758 |
| &nbsp;&nbsp;&nbsp; Dublin Unified School District, GO, Series B, Election <br> 2020, 4.25%, 08/01/53<br>| 5805 | &nbsp;&nbsp; 5712759 |
| &nbsp;&nbsp;&nbsp; El Rancho Unified School District, GO, Series D, <br> Election 2016, (BAM), 5.75%, 08/01/48<br>| 750 | &nbsp;&nbsp; 844641 |
| &nbsp;&nbsp;&nbsp; Etiwanda School District, GO, Series C, 5.25%, <br> 08/01/52<br>| 7175 | &nbsp;&nbsp; 7537267 |
| &nbsp;&nbsp;&nbsp; Indio Finance Authority, Refunding RB, Series A, <br> (BAM), 5.25%, 11/01/52<br>| 7000 | &nbsp;&nbsp; 7394612 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** |  |
| &nbsp;&nbsp;&nbsp; Irvine Facilities Financing Authority, ST, Series A, <br> 5.00%, 09/01/43<br>| $1275 | &nbsp;&nbsp; $1391629  |
| &nbsp;&nbsp;&nbsp; Jurupa Unified School District, GO, Series A, Election <br> 2024, (BAM), 5.25%, 08/01/50<br>| 10000 | &nbsp;&nbsp; 10723584 |
| &nbsp;&nbsp;&nbsp; La Canada Unified School District, GO, Series A, <br> Election 2017, 5.00%, 08/01/47<br>| 6945 | &nbsp;&nbsp; 7108064 |
| &nbsp;&nbsp;&nbsp; La Mesa-Spring Valley School District, GO, Series B, <br> 4.00%, 08/01/51<br>| 625 | &nbsp;&nbsp; 590108 |
| Las Virgenes Unified School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series B, Election 2022, 5.25%, 08/01/51 | 4500 | &nbsp;&nbsp; 4832231 |
| &nbsp;&nbsp;&nbsp; Series B, Election 2022, 5.00%, 08/01/54 | 10000 | &nbsp;&nbsp; 10501464 |
| &nbsp;&nbsp;&nbsp; Long Beach Community College District, GO, Series E, <br> 5.00%, 08/01/52<br>| 1500 | &nbsp;&nbsp; 1583615 |
| &nbsp;&nbsp;&nbsp; Modesto High School District, GO, Series B, Election <br> 2022, 5.25%, 08/01/50<br>| 4295 | &nbsp;&nbsp; 4637050 |
| &nbsp;&nbsp;&nbsp; Municipal Improvement Corp of Los Angeles, RB, <br> 5.50%, 05/01/55<br>| 4665 | &nbsp;&nbsp; 5049786 |
| &nbsp;&nbsp;&nbsp; Napa Valley Unified School District, GO, Series A, <br> Election 2024, 5.25%, 08/01/50<br>| 3500 | &nbsp;&nbsp; 3778737 |
| &nbsp;&nbsp;&nbsp; New Haven Unified School District, GO, Series A, <br> Election 2024, 5.00%, 08/01/50<br>| 13225 | &nbsp;&nbsp; 13937066 |
| &nbsp;&nbsp;&nbsp; Oak Grove School District, GO, Series A-1, 5.00%, <br> 08/01/52<br>| 5835 | &nbsp;&nbsp; 6086981 |
| &nbsp;&nbsp;&nbsp; Ontario Montclair School District, GO, Series C, <br> Election 2016, 5.25%, 08/01/52<br>| 4000 | &nbsp;&nbsp; 4228332 |
| Ontario Public Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/50 | 1525 | &nbsp;&nbsp; 1606271 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 11/01/55 | 2500 | &nbsp;&nbsp; 2670903 |
| &nbsp;&nbsp;&nbsp; Oxnard Union High School District, GO, Series B, <br> 5.00%, 08/01/45<br>| 6560 | &nbsp;&nbsp; 6739844 |
| &nbsp;&nbsp;&nbsp; Pajaro Valley Unified School District, GO, Series A, <br> Election 2024, 5.00%, 08/01/49<br>| 3445 | &nbsp;&nbsp; 3684244 |
| Peralta Community College District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.50%, 08/01/52 | 2500 | &nbsp;&nbsp; 2681729 |
| &nbsp;&nbsp;&nbsp; Series C-1, Election 2018, 5.00%, 08/01/50 | 4580 | &nbsp;&nbsp; 4863293 |
| &nbsp;&nbsp;&nbsp; Ravenswood City School District, GO, Election 2022, <br> (BAM), 5.25%, 08/01/53<br>| 7570 | &nbsp;&nbsp; 7965294 |
| &nbsp;&nbsp;&nbsp; Redwood City School District, GO, Series A, Election <br> 2022, 5.00%, 08/01/52<br>| 6000 | &nbsp;&nbsp; 6294362 |
| &nbsp;&nbsp;&nbsp; Salinas Union High School District, GO, Series B, <br> Election 2020, 5.00%, 08/01/48<br>| 7250 | &nbsp;&nbsp; 7734206 |
| San Diego Unified School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series C-3, Election 2022, 5.00%, 07/01/50 | 8420 | &nbsp;&nbsp; 8956990 |
| &nbsp;&nbsp;&nbsp; Series F-2, Sustainability Bonds, 4.25%, 07/01/52 | 6270 | &nbsp;&nbsp; 6182056 |
| San Francisco Bay Area Rapid Transit District, GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Election 2016, Sustainability Bonds, 5.00%, <br> 08/01/45<br>| 2500 | &nbsp;&nbsp; 2745210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-1, Election 2016, Sustainability Bonds, <br> 4.00%, 08/01/47<br>| 9075 | &nbsp;&nbsp; 8712064 |
| &nbsp;&nbsp;&nbsp; San Marcos Unified School District, GO, Series A, <br> Election 2024, 5.25%, 08/01/55<br>| 2700 | &nbsp;&nbsp; 2902654 |
| &nbsp;&nbsp;&nbsp; San Mateo Joint Powers Financing Authority, RB, <br> Series A, 4.00%, 07/15/52<br>| 14270 | &nbsp;&nbsp; 13362479 |
| &nbsp;&nbsp;&nbsp; Santa Rosa High School District, GO, Series A, <br> Election 2022, 4.00%, 08/01/49<br>| 7050 | &nbsp;&nbsp; 6630313 |
| &nbsp;&nbsp;&nbsp; Scotts Valley Unified School District, GO, Series A-1, <br> Election 2024, 5.25%, 08/01/50<br>| 1100 | &nbsp;&nbsp; 1183146 |
| &nbsp;&nbsp;&nbsp; Sequoia Union High School District, GO, Election <br> 2022, 5.00%, 07/01/50<br>| 5000 | &nbsp;&nbsp; 5307676 |
| &nbsp;&nbsp;&nbsp; South Orange County Public Financing Authority, RB, <br> 5.00%, 06/01/52<br>| 5000 | &nbsp;&nbsp; 5197634 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniHoldings California Quality Fund, Inc. (MUC)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **County/City/Special District/School District (continued)** | **County/City/Special District/School District (continued)** |  |
| Sunnyvale School District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 5.00%, 09/01/50 | 3750 | &nbsp;&nbsp; $3987135  |
| &nbsp;&nbsp;&nbsp; Series A, Election 2024, 5.00%, 09/01/56 | 2500 | &nbsp;&nbsp; 2644520 |
| &nbsp;&nbsp;&nbsp; Val Verde Unified School District, GO, Series C, <br> Election 2020, (AGM), 4.00%, 08/01/49<br>| 5000 | &nbsp;&nbsp; 4740250 |
| &nbsp;&nbsp;&nbsp; Washington Township Health Care District, GO, <br> Series B, Election 2004, 5.50%, 08/01/38<br>| 3250 | &nbsp;&nbsp; 3270416 |
|  |  | &nbsp;&nbsp; 287463622 |
| **Education — 11.5%** | **Education — 11.5%** |  |
| California Educational Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/53 | 10000 | &nbsp;&nbsp; 9853845 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/55 | 11420 | &nbsp;&nbsp; 12009221 |
| &nbsp;&nbsp;&nbsp; Series U-7, 5.00%, 06/01/46 | 7525 | &nbsp;&nbsp; 8595877 |
| California Enterprise Development Authority, RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 11/15/62 | 1760 | &nbsp;&nbsp; 1741656 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/50 | 600 | &nbsp;&nbsp; 557424 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank, RB, 5.00%, 05/15/50<br>| 5000 | &nbsp;&nbsp; 5278129 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Refunding <br> RB<sup>(d)(e)(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/39 | 290 | &nbsp;&nbsp; 218188 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/48 | 350 | &nbsp;&nbsp; 233436 |
| California School Finance Authority, RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/52 | 1875 | &nbsp;&nbsp; 1772832 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/61 | 2950 | &nbsp;&nbsp; 2747173 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/54 | 1150 | &nbsp;&nbsp; 1119527 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/58 | 6615 | &nbsp;&nbsp; 6176238 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/59 | 2565 | &nbsp;&nbsp; 2460713 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/59 | 2365 | &nbsp;&nbsp; 2212508 |
| &nbsp;&nbsp;&nbsp; Series B, 4.00%, 07/01/45 | 965 | &nbsp;&nbsp; 825830 |
| California School Finance Authority, Refunding RB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.88%, 06/01/53 | 700 | &nbsp;&nbsp; 701119 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.50%, 08/01/43 | 420 | &nbsp;&nbsp; 431028 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.50%, 08/01/47 | 400 | &nbsp;&nbsp; 402100 |
| &nbsp;&nbsp;&nbsp; California State University, RB, Series A, 5.50%, <br> 11/01/49<br>| 15000 | &nbsp;&nbsp; 16670049 |
| California State University, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/50 | 9260 | &nbsp;&nbsp; 9480322 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 11/01/50 | 5000 | &nbsp;&nbsp; 5477518 |
| &nbsp;&nbsp;&nbsp; Series A, 4.63%, 11/01/56 | 9500 | &nbsp;&nbsp; 9659582 |
| University of California, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series BE, 4.00%, 05/15/47 | 9000 | &nbsp;&nbsp; 8739766 |
| &nbsp;&nbsp;&nbsp; Series BW, 5.00%, 05/15/54 | 12500 | &nbsp;&nbsp; 13100109 |
| &nbsp;&nbsp;&nbsp; Series O, 5.00%, 05/15/48 | 2990 | &nbsp;&nbsp; 3060687 |
| &nbsp;&nbsp;&nbsp; Series Q, 3.00%, 05/15/51 | 6000 | &nbsp;&nbsp; 4469325 |
|  |  | &nbsp;&nbsp; 127994202 |
| **Health — 4.8%** | **Health — 4.8%** |  |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, RB, <br> Series A, 5.00%, 11/15/48<br>| 3000 | &nbsp;&nbsp; 3023228 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; (BAM-TCRS), 4.00%, 08/15/48 | 5005 | &nbsp;&nbsp; 4779773 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 04/01/45 | 3570 | &nbsp;&nbsp; 3327331 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/48 | 10000 | &nbsp;&nbsp; 10079132 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 08/15/54 | 11000 | &nbsp;&nbsp; 11767724 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health (continued)** | **Health (continued)** |  |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Refunding RB, <br> Series A, 5.00%, 02/01/47<br>| 9250 | &nbsp;&nbsp; $9269689  |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, RB, Series A, <br> 6.38%, 06/01/59<sup>(d)</sup><br>| 6900 | &nbsp;&nbsp; 6587723 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development <br> Authority, RB, Sustainability Bonds, 4.00%, <br> 08/01/45<br>| 5000 | &nbsp;&nbsp; 4402542 |
|  |  | &nbsp;&nbsp; 53237142 |
| **Housing — 4.4%** | **Housing — 4.4%** |  |
| California Housing Finance Agency, RB, M/F Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A, Sustainability Bonds, <br> (FHLMC), 3.75%, 03/25/35<br>| 12673 | &nbsp;&nbsp; 12968906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series U, Sustainability Bonds, (FNMA), 4.10%, <br> 09/01/40<br>| 10000 | &nbsp;&nbsp; 10265636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series V, Sustainability Bonds, (FNMA), 4.10%, <br> 09/01/40<br>| 10000 | &nbsp;&nbsp; 10265636 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, M/F <br> Housing, Series A, (FNMA), 4.88%, 11/01/43<br>| 3100 | &nbsp;&nbsp; 3267760 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, RB, M/F <br> Housing<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 3.00%, 09/01/56 | 1475 | &nbsp;&nbsp; 1004017 |
| &nbsp;&nbsp;&nbsp; Mezzanine Lien, 4.00%, 05/01/57 | 5660 | &nbsp;&nbsp; 3964551 |
| &nbsp;&nbsp;&nbsp; San Diego Housing Authority, Inc., RB, M/F Housing, <br> Series E, (HUD SECT 8), 4.20%, 06/01/40<br>| 3985 | &nbsp;&nbsp; 4058836 |
| &nbsp;&nbsp;&nbsp; Santa Clara County Housing Authority, RB, M/F <br> Housing, Series A, 6.00%, 08/01/41<br>| 3500 | &nbsp;&nbsp; 3567806 |
|  |  | &nbsp;&nbsp; 49363148 |
| **State — 9.6%** | **State — 9.6%** |  |
| California State Public Works Board, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/45 | 8670 | &nbsp;&nbsp; 9473131 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/46 | 14300 | &nbsp;&nbsp; 15433203 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/50 | 19275 | &nbsp;&nbsp; 20334244 |
| &nbsp;&nbsp;&nbsp; Series B, 4.00%, 05/01/46 | 10075 | &nbsp;&nbsp; 9855693 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/47 | 18275 | &nbsp;&nbsp; 19396522 |
| State of California, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/45 | 5000 | &nbsp;&nbsp; 5375176 |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/01/49 | 2000 | &nbsp;&nbsp; 1973717 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/52 | 5000 | &nbsp;&nbsp; 5232186 |
| &nbsp;&nbsp;&nbsp; Series CX, 4.50%, 12/01/50 | 19425 | &nbsp;&nbsp; 19238819 |
|  |  | &nbsp;&nbsp; 106312691 |
| **Tobacco — 5.4%** | **Tobacco — 5.4%** |  |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, RB, <br> Series D, 0.00%, 06/01/55<sup>(b)</sup><br>| 5855 | &nbsp;&nbsp; 453427 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/50 | 4275 | &nbsp;&nbsp; 3977067 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 06/01/49 | 2755 | &nbsp;&nbsp; 2420057 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, <br> Refunding RB, CAB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/01/55 | 7575 | &nbsp;&nbsp; 1494907 |
| &nbsp;&nbsp;&nbsp; Series B-2, Subordinate, 0.00%, 06/01/55 | 8895 | &nbsp;&nbsp; 1672378 |
| California Statewide Financing Authority, RB<sup>(b)(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series D, 0.00%, 06/01/55 | 5000 | &nbsp;&nbsp; 298321 |
| &nbsp;&nbsp;&nbsp; Series L, 0.00%, 06/01/55 | 57200 | &nbsp;&nbsp; 3453971 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniHoldings California Quality Fund, Inc. (MUC)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Tobacco (continued)** | **Tobacco (continued)** |  |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Refunding <br> RB, Series B, 5.00%, 06/01/51<br>| 27635 | &nbsp;&nbsp; $27126469  |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Refunding <br> RB, CAB, Series B-2, Subordinate, 0.00%, <br> 06/01/66<sup>(b)</sup><br>| 48915 | &nbsp;&nbsp; 5129858 |
| &nbsp;&nbsp;&nbsp; Inland Empire Tobacco Securitization Corp., RB, <br> Series C-1, 0.00%, 06/01/36<sup>(b)</sup><br>| 2855 | &nbsp;&nbsp; 1412354 |
| &nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California, <br> Refunding RB, 5.00%, 06/01/48<br>| 8070 | &nbsp;&nbsp; 8034275 |
| &nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California, <br> Refunding RB, CAB, 0.00%, 06/01/54<sup>(b)</sup><br>| 22600 | &nbsp;&nbsp; 4141737 |
|  |  | &nbsp;&nbsp; 59614821 |
| **Transportation — 27.8%** | **Transportation — 27.8%** |  |
| &nbsp;&nbsp;&nbsp; Alameda Corridor Transportation Authority, Refunding <br> RB, Series B, Sub Lien, 5.00%, 10/01/37<br>| 3790 | &nbsp;&nbsp; 3831945 |
| &nbsp;&nbsp;&nbsp; Bay Area Toll Authority, RB, Series F2, Sustainability <br> Bonds, 5.00%, 04/01/47<br>| 5000 | &nbsp;&nbsp; 5379165 |
| &nbsp;&nbsp;&nbsp; Bay Area Toll Authority, Refunding RB, 4.00%, <br> 04/01/47<br>| 20000 | &nbsp;&nbsp; 18924210 |
| &nbsp;&nbsp;&nbsp; Burbank-Glendale-Pasadena Airport Authority Brick <br> Campaign, ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, (AGM), 4.38%, 07/01/49 | 2400 | &nbsp;&nbsp; 2301595 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.25%, 07/01/49 | 5385 | &nbsp;&nbsp; 5628847 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.25%, 07/01/54 | 10000 | &nbsp;&nbsp; 10395771 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank, Refunding RB, AMT, Sustainability Bonds, <br> 12.00%, 01/01/65<sup>(a)(d)</sup><br>| 32445 | &nbsp;&nbsp; 24333750 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, ARB, AMT, <br> Senior Lien, 4.00%, 12/31/47<br>| 21415 | &nbsp;&nbsp; 18770472 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports RB, AMT, <br> Sustainability Bonds, 5.00%, 05/15/52<br>| 4485 | &nbsp;&nbsp; 4551073 |
| City of Los Angeles Department of Airports, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/15/44 | 8525 | &nbsp;&nbsp; 8651000 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.00%, 05/15/49 | 5000 | &nbsp;&nbsp; 4465492 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 05/15/41 | 8500 | &nbsp;&nbsp; 8523424 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.00%, 05/15/47 | 5980 | &nbsp;&nbsp; 6149577 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.50%, 05/15/47 | 2450 | &nbsp;&nbsp; 2585206 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 05/15/52 | 4490 | &nbsp;&nbsp; 4556146 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/15/46 | 12500 | &nbsp;&nbsp; 12837777 |
| &nbsp;&nbsp;&nbsp; AMT, Subordinate, 4.00%, 11/15/31<sup>(g)</sup> | 115 | &nbsp;&nbsp; 121503 |
| &nbsp;&nbsp;&nbsp; County of Sacramento California Airport System <br> Revenue, ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/49 | 8000 | &nbsp;&nbsp; 8441046 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 07/01/50 | 1300 | &nbsp;&nbsp; 1355006 |
| &nbsp;&nbsp;&nbsp; County of Sacramento California Airport System <br> Revenue, Refunding RB, Series C, AMT, 5.00%, <br> 07/01/39<br>| 3000 | &nbsp;&nbsp; 3092530 |
| &nbsp;&nbsp;&nbsp; Foothill-Eastern Transportation Corridor Agency, <br> Refunding RB, Series B-2, 3.50%, 01/15/53<br>| 9000 | &nbsp;&nbsp; 7414100 |
| &nbsp;&nbsp;&nbsp; Norman Y Mineta San Jose International Airport SJC, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 03/01/33 | 2000 | &nbsp;&nbsp; 2183571 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 03/01/41 | 11250 | &nbsp;&nbsp; 11346889 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 03/01/47 | 15140 | &nbsp;&nbsp; 15152354 |
| San Diego County Regional Airport Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/47 | 6485 | &nbsp;&nbsp; 6513021 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.25%, 07/01/50 | 6450 | &nbsp;&nbsp; 6762959 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/53 | 6000 | &nbsp;&nbsp; 6105749 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** |  |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, <br> ARB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, Subordinate, 5.00%, 07/01/51 | 11500 | &nbsp;&nbsp; $11618902  |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2, Class A, AMT, 5.25%, 05/01/49 | 4050 | &nbsp;&nbsp; 4230268 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 05/01/47 | 14220 | &nbsp;&nbsp; 14251688 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 05/01/55 | 6595 | &nbsp;&nbsp; 6861433 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.50%, 05/01/55 | 16120 | &nbsp;&nbsp; 17082956 |
| &nbsp;&nbsp;&nbsp; Series E, AMT, 5.00%, 05/01/45 | 2515 | &nbsp;&nbsp; 2563600 |
| &nbsp;&nbsp;&nbsp; Series E, AMT, 5.00%, 05/01/50 | 24865 | &nbsp;&nbsp; 25049446 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, AMT, 5.75%, 05/01/48 | 6900 | &nbsp;&nbsp; 7398190 |
| &nbsp;&nbsp;&nbsp; Series D, AMT, 5.50%, 05/01/55 | 8755 | &nbsp;&nbsp; 9277995 |
|  |  | &nbsp;&nbsp; 308708656 |
| **Utilities — 10.1%** | **Utilities — 10.1%** |  |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development <br> Bank, RB, Sustainability Bonds, 5.00%, 10/01/48<br>| 10000 | &nbsp;&nbsp; 10186403 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, <br> Refunding RB, 5.00%, 07/01/39<sup>(d)</sup><br>| 1000 | &nbsp;&nbsp; 1032542 |
| &nbsp;&nbsp;&nbsp; City of San Francisco California Public Utilities <br> Commission Water Revenue, RB, Series C, 4.00%, <br> 11/01/50<br>| 15000 | &nbsp;&nbsp; 14222886 |
| &nbsp;&nbsp;&nbsp; City of San Francisco California Public Utilities <br> Commission Water Revenue, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class D, 5.00%, 11/01/55 | 14550 | &nbsp;&nbsp; 15341334 |
| &nbsp;&nbsp;&nbsp; Series D, Class D, 5.00%, 11/01/51 | 5200 | &nbsp;&nbsp; 5523152 |
| &nbsp;&nbsp;&nbsp; Contra Costa Water District, Refunding RB, Series V, <br> 5.00%, 10/01/44<br>| 1260 | &nbsp;&nbsp; 1318841 |
| &nbsp;&nbsp;&nbsp; East Bay Municipal Utility District Water System <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.00%, 06/01/49 | 3835 | &nbsp;&nbsp; 3962280 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.00%, 06/01/55 | 7000 | &nbsp;&nbsp; 7440451 |
| Livermore Valley Water Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/48 | 1795 | &nbsp;&nbsp; 1879616 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/53 | 2740 | &nbsp;&nbsp; 2843456 |
| &nbsp;&nbsp;&nbsp; Mountain House Public Financing Authority, RB, <br> Series A, Sustainability Bonds, (BAM), 4.00%, <br> 12/01/50<br>| 4500 | &nbsp;&nbsp; 4163888 |
| Sacramento Municipal Utility District, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series H, Sustainability Bonds, 5.00%, 08/15/50 | 3730 | &nbsp;&nbsp; 3856170 |
| &nbsp;&nbsp;&nbsp; Series K, Sustainability Bonds, 5.00%, 08/15/53 | 17000 | &nbsp;&nbsp; 17826147 |
| San Diego Public Facilities Financing Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/54 | 10175 | &nbsp;&nbsp; 10673832 |
| &nbsp;&nbsp;&nbsp; Series A, Subordinate, 5.00%, 05/15/52 | 6970 | &nbsp;&nbsp; 7263276 |
| &nbsp;&nbsp;&nbsp; San Mateo Foster City Public Financing Authority, RB, <br> 5.00%, 08/01/49<br>| 4840 | &nbsp;&nbsp; 5007776 |
|  |  | &nbsp;&nbsp; 112542050 |
| **Total Municipal Bonds in California** | **Total Municipal Bonds in California** | &nbsp;&nbsp; 1408070716 |
| **New Hampshire — 0.9%** | **New Hampshire — 0.9%** |  |
| **Housing — 0.9%** | **Housing — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, M/F <br> Housing, Series 2, Sustainability Bonds, 3.92%, <br> 07/20/39<sup>(a)</sup><br>| 9905 | &nbsp;&nbsp; 9757148 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniHoldings California Quality Fund, Inc. (MUC)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Puerto Rico — 4.5%** | **Puerto Rico — 4.5%** |  |
| **State — 4.5%** | **State — 4.5%** |  |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.75%, 07/01/53 | $8403 | &nbsp;&nbsp; $8104933  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 21427 | &nbsp;&nbsp; 20971756 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 2416 | &nbsp;&nbsp; 2304673 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.33%, 07/01/40 | 1804 | &nbsp;&nbsp; 1793073 |
| &nbsp;&nbsp;&nbsp; Series B-1, Restructured, 4.75%, 07/01/53 | 1063 | &nbsp;&nbsp; 1025294 |
| &nbsp;&nbsp;&nbsp; Series B-1, Restructured, 5.00%, 07/01/58 | 7714 | &nbsp;&nbsp; 7443930 |
| &nbsp;&nbsp;&nbsp; Series B-2, Restructured, 4.78%, 07/01/58 | 1535 | &nbsp;&nbsp; 1464268 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB, CAB, Series A-1, Restructured, <br> 0.00%, 07/01/46<sup>(b)</sup><br>| 19743 | &nbsp;&nbsp; 6840584 |
| **Total Municipal Bonds in Puerto Rico** | **Total Municipal Bonds in Puerto Rico** | &nbsp;&nbsp; 49948511 |
| **Total Municipal Bonds — 132.2%** <br>**(Cost: $1,452,496,679)** | **Total Municipal Bonds — 132.2%** <br>**(Cost: $1,452,496,679)** | &nbsp;&nbsp; 1467776375 |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(h)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(h)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(h)</sup> |
| **California — 28.8%** | **California — 28.8%** | **California — 28.8%** |
| **County/City/Special District/School District — 9.3%** | **County/City/Special District/School District — 9.3%** |  |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, 5.00%, <br> 06/01/48<br>| 15000 | &nbsp;&nbsp; 15211871 |
| &nbsp;&nbsp;&nbsp; Irvine Facilities Financing Authority, ST, Series A, <br> 5.00%, 09/01/48<br>| 20000 | &nbsp;&nbsp; 21052501 |
| &nbsp;&nbsp;&nbsp; Los Angeles Unified School District, GO, Sustainability <br> Bonds, 5.25%, 07/01/48<br>| 25000 | &nbsp;&nbsp; 27019747 |
| &nbsp;&nbsp;&nbsp; Mt San Antonio Community College District, GO, <br> Election 2024, Series A, 5.25%, 08/01/55<br>| 12000 | &nbsp;&nbsp; 12920099 |
| &nbsp;&nbsp;&nbsp; Murrieta Valley Unified School District, GO, 5.25%, <br> 09/01/51<br>| 11700 | &nbsp;&nbsp; 12306729 |
| &nbsp;&nbsp;&nbsp; Rio Hondo Community College District, GO, Election <br> 2024, Series A, 5.25%, 08/01/55<br>| 14000 | &nbsp;&nbsp; 15016905 |
|  |  | &nbsp;&nbsp; 103527852 |
| **Education — 6.5%** | **Education — 6.5%** |  |
| &nbsp;&nbsp;&nbsp; California State University, Refunding RB, Series A, <br> 5.25%, 11/01/56<sup>(i)</sup><br>| 13000 | &nbsp;&nbsp; 14092246 |
| &nbsp;&nbsp;&nbsp; University of California, RB, Series BK, 5.00%, <br> 05/15/52<br>| 56410 | &nbsp;&nbsp; 58675214 |
|  |  | &nbsp;&nbsp; 72767460 |
| **Transportation — 10.8%** | **Transportation — 10.8%** |  |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, Sustainability Bonds, 5.50%, <br> 05/15/55<br>| 25000 | &nbsp;&nbsp; 26479183 |
| &nbsp;&nbsp;&nbsp; Series S, AMT, 5.00%, 05/15/51 | 19235 | &nbsp;&nbsp; 19563910 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, ARB, <br> AMT, Series B, 5.00%, 07/01/48<br>| 20795 | &nbsp;&nbsp; 21433951 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2nd Series, Class D, AMT, 5.00%, 05/01/28<sup>(g)(i)</sup> | 20 | &nbsp;&nbsp; 20140 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation (continued)** | **Transportation (continued)** |  |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding <br> ARB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2nd Series, Class D, AMT, 5.00%, 05/01/48 | 30640 | &nbsp;&nbsp; $30853564  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.50%, 05/01/55<sup>(i)</sup> | 20000 | &nbsp;&nbsp; 21194733 |
|  |  | &nbsp;&nbsp; 119545481 |
| **Utilities — 2.2%** | **Utilities — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; City of San Francisco California Public Utilities <br> Commission Water Revenue, RB, Series B, 5.00%, <br> 11/01/50<br>| 11690 | &nbsp;&nbsp; 11832754 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Public Utilities <br> Commission Wastewater Revenue, Refunding RB, <br> Series F, 5.00%, 10/01/54<br>| 11865 | &nbsp;&nbsp; 12459977 |
|  |  | &nbsp;&nbsp; 24292731 |
| **Total Municipal Bonds in California** | **Total Municipal Bonds in California** | &nbsp;&nbsp; 320133524 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 28.8%** <br>**(Cost: $313,437,291)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 28.8%** <br>**(Cost: $313,437,291)** | &nbsp;&nbsp; 320133524 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Warrants** | **Warrants** | **Warrants** |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Brightline West, (Expires 11/26/35, Strike Price USD <br> 5.00)<sup>(f)(j)</sup><br>| 270242 | &nbsp;&nbsp; 540484 |
| **Total Warrants — 0.1%** <br>**(Cost: $—)** | **Total Warrants — 0.1%** <br>**(Cost: $—)** | &nbsp;&nbsp; 540484 |
| **Total Long-Term Investments — 161.1%** <br>**(Cost: $1,765,933,970)** | **Total Long-Term Investments — 161.1%** <br>**(Cost: $1,765,933,970)** | &nbsp;&nbsp; 1788450383 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.1%** | **Money Market Funds — 4.1%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.03%<sup>(k)(l)</sup><br>| 45412305 | &nbsp;&nbsp; 45416846 |
| **Total Short-Term Securities — 4.1%** <br>**(Cost: $45,416,846)** | **Total Short-Term Securities — 4.1%** <br>**(Cost: $45,416,846)** | &nbsp;&nbsp; 45416846 |
| **Total Investments — 165.2%** <br>**(Cost: $1,811,350,816)** | **Total Investments — 165.2%** <br>**(Cost: $1,811,350,816)** | &nbsp;&nbsp; 1833867229 |
| **Other Assets Less Liabilities — 1.4%** | **Other Assets Less Liabilities — 1.4%** | &nbsp;&nbsp; 15526367 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (19.2)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (19.2)%** | &nbsp;&nbsp; (213416715)<br>|
| **VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(47.4)%** | **VRDP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(47.4)%** | &nbsp;&nbsp; (525867893)<br>|
| **Net Assets Applicable to Common Shares — 100.0%** | **Net Assets Applicable to Common Shares — 100.0%** | &nbsp;&nbsp; $1110108988 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. <br> <sup>(b)</sup> Zero-coupon bond.

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniHoldings California Quality Fund, Inc. (MUC)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(c)</sup> When-issued security.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(f)</sup> Non-income producing security.

<sup>(g)</sup> 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. 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(i)</sup> All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between May 1, 2027 to May 1, 2033, is $45,228,797. See Note 4 of the Notes to Financial Statements for details. 

<sup>(j)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(k)</sup> Affiliate of the Trust.

<sup>(l)</sup> Annualized 7-day yield as of period end.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/25*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares<br>| $18804567<br> $26612279 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $45416846 | 45412305 | $494919 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $1467776375  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $1467776375  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 320133524 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 320133524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 540484 | &nbsp;&nbsp;&nbsp;&nbsp; 540484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 45416846 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45416846 |
|  | &nbsp;&nbsp; $45416846 | &nbsp;&nbsp;&nbsp;&nbsp; $1787909899 | &nbsp;&nbsp;&nbsp;&nbsp; $540484 | &nbsp;&nbsp;&nbsp;&nbsp; $1833867229 |

---

The Trust 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TOB Trust Certificates | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(212129988)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(212129988)<br>|
| &nbsp;&nbsp;&nbsp; VRDP Shares at Liquidation Value | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (526400000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (526400000)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(738529988)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(738529988)<br>|

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)

January 31, 2026

**BlackRock MuniHoldings Quality Fund II, Inc. (MUE)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **Alabama — 6.7%** | **Alabama — 6.7%** |  |
| Black Belt Energy Gas District, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/54 | $2000 | &nbsp;&nbsp; $2140788  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/56 | 1075 | &nbsp;&nbsp; 1117942 |
| &nbsp;&nbsp;&nbsp; Series F, 5.50%, 11/01/53 | 840 | &nbsp;&nbsp; 888070 |
| &nbsp;&nbsp;&nbsp; County of Jefferson AL Sewer Revenue, Refunding RB, <br> 5.50%, 10/01/53<br>| 520 | &nbsp;&nbsp; 545397 |
| &nbsp;&nbsp;&nbsp; Lower Alabama Gas District, RB, Series A, 5.00%, <br> 09/01/46<br>| 1205 | &nbsp;&nbsp; 1272151 |
| Mobile County Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 06/01/54 | 2640 | &nbsp;&nbsp; 2539524 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 4.75%, 12/01/54 | 1100 | &nbsp;&nbsp; 1019532 |
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Refunding RB, <br> Series B, 5.00%, 06/01/49<sup>(a)</sup><br>| 470 | &nbsp;&nbsp; 503131 |
| Southeast Energy Authority A Cooperative District, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/56 | 610 | &nbsp;&nbsp; 635044 |
| &nbsp;&nbsp;&nbsp; Series A-2, 4.87%, 01/01/53 | 5090 | &nbsp;&nbsp; 5349865 |
|  |  | &nbsp;&nbsp; 16011444 |
| **Arizona — 1.9%** | **Arizona — 1.9%** |  |
| Arizona Industrial Development Authority, RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/01/39 | 550 | &nbsp;&nbsp; 512174 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/49 | 525 | &nbsp;&nbsp; 476174 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/54 | 405 | &nbsp;&nbsp; 359549 |
| &nbsp;&nbsp;&nbsp; City of Mesa Arizona Utility System Revenue, RB, (AGM), <br> 4.50%, 07/01/49<br>| 445 | &nbsp;&nbsp; 441859 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., ARB, Junior <br> Lien, 5.00%, 07/01/49<br>| 1165 | &nbsp;&nbsp; 1186357 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, <br> Refunding RB, 5.00%, 07/01/54<sup>(b)</sup><br>| 280 | &nbsp;&nbsp; 261165 |
| Town of Queen Creek, COP, 10/01/65<sup>(c)</sup> | 1295 | &nbsp;&nbsp; 1370527 |
|  |  | &nbsp;&nbsp; 4607805 |
| **Arkansas — 0.2%** | **Arkansas — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, RB, AMT, <br> Sustainability Bonds, 5.70%, 05/01/53<br>| 415 | &nbsp;&nbsp; 421733 |
| **California — 5.0%** | **California — 5.0%** |  |
| California Community Choice Financing Authority, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Class B, Sustainability Bonds, 5.00%, <br> 03/01/56<br>| 900 | &nbsp;&nbsp; 982898 |
| &nbsp;&nbsp;&nbsp; Series B-2, Sustainability Bonds, 2.73%, 02/01/52 | 1500 | &nbsp;&nbsp; 1439114 |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, RB, 8.00%, <br> 11/15/62<sup>(b)</sup><br>| 365 | &nbsp;&nbsp; 361196 |
| &nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, <br> Refunding RB, AMT, Sustainability Bonds, 12.00%, <br> 01/01/65<sup>(a)(b)</sup><br>| 805 | &nbsp;&nbsp; 603750 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, M/F Housing, <br> Series A, 6.10%, 12/01/37<br>| 400 | &nbsp;&nbsp; 404891 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, S/F Housing, <br> Series 2025-1, 3.54%, 02/20/41<sup>(a)</sup><br>| 2651 | &nbsp;&nbsp; 2505635 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, RB, AMT, <br> 5.00%, 11/21/45<sup>(b)</sup><br>| 980 | &nbsp;&nbsp; 980725 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, RB, Series A, 6.38%, <br> 06/01/59<sup>(b)</sup><br>| 1325 | &nbsp;&nbsp; 1265034 |
| &nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, RB, M/F <br> Housing, Sustainability Bonds, 5.00%, 09/01/37<sup>(b)</sup><br>| 100 | &nbsp;&nbsp; 102583 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **California (continued)** | **California (continued)** |  |
| &nbsp;&nbsp;&nbsp; Pleasanton Unified School District, GO, Election 2022, <br> 4.25%, 08/01/50<br>| 2330 | &nbsp;&nbsp; $2287056  |
| &nbsp;&nbsp;&nbsp; Washington Township Health Care District, GO, Series B, <br> Election 2004, 5.50%, 08/01/40<br>| 940 | &nbsp;&nbsp; 945914 |
|  |  | &nbsp;&nbsp; 11878796 |
| **Colorado — 1.1%** | **Colorado — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver CO Airport System Revenue, <br> Refunding ARB, Series A, AMT, 5.00%, 12/01/48<br>| 1700 | &nbsp;&nbsp; 1706233 |
| Colorado Health Facilities Authority, RB, 5.50%, 11/01/47 | 205 | &nbsp;&nbsp; 215880 |
| &nbsp;&nbsp;&nbsp; Denver Convention Center Hotel Authority, Refunding RB, <br> Series A, 5.00%, 12/01/40<br>| 830 | &nbsp;&nbsp; 833804 |
|  |  | &nbsp;&nbsp; 2755917 |
| **Connecticut — 0.7%** | **Connecticut — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; State of Connecticut Special Tax Revenue, RB, <br> Series A-2, 5.00%, 07/01/43<br>| 1420 | &nbsp;&nbsp; 1558701 |
| **District of Columbia — 0.0%** | **District of Columbia — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated <br> Revenue, RB, Series A, 2nd Lien, Sustainability Bonds, <br> 4.38%, 07/15/59<br>| 105 | &nbsp;&nbsp; 99267 |
| **Florida — 7.7%** | **Florida — 7.7%** |  |
| Capital Trust Agency, Inc., RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/45 | 465 | &nbsp;&nbsp; 415749 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 06/01/57 | 165 | &nbsp;&nbsp; 147702 |
| &nbsp;&nbsp;&nbsp; City of Fort Lauderdale Florida Water & Sewer Revenue, <br> RB, Series B, 5.50%, 09/01/53<br>| 1700 | &nbsp;&nbsp; 1838290 |
| &nbsp;&nbsp;&nbsp; Collier County Health Facilities Authority, RB, 4.00%, <br> 05/01/52<br>| 1070 | &nbsp;&nbsp; 895674 |
| &nbsp;&nbsp;&nbsp; County of Broward Florida Tourist Development Tax <br> Revenue, Refunding RB, Convertible, 4.00%, 09/01/51<br>| 1700 | &nbsp;&nbsp; 1488989 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Seaport Department, Refunding <br> RB, Series A, AMT, 5.00%, 10/01/38<br>| 950 | &nbsp;&nbsp; 1019175 |
| &nbsp;&nbsp;&nbsp; Cypress Bluff Community Development District, SAB, <br> Series A, 3.80%, 05/01/50<sup>(b)</sup><br>| 725 | &nbsp;&nbsp; 593649 |
| Finley Woods Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/40 | 265 | &nbsp;&nbsp; 253052 |
| &nbsp;&nbsp;&nbsp; 4.20%, 05/01/50 | 450 | &nbsp;&nbsp; 388274 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., RB, AMT, 5.00%, <br> 05/01/29<sup>(b)(d)(e)</sup><br>| 470 | &nbsp;&nbsp; 475280 |
| Florida Development Finance Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.00%, 07/01/44 | 1760 | &nbsp;&nbsp; 1741220 |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.25%, 07/01/47 | 400 | &nbsp;&nbsp; 394114 |
| Florida Housing Finance Corp., RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp; Series 5, (FHLMC, FNMA, GNMA), 5.00%, 07/01/50 | 1475 | &nbsp;&nbsp; 1485512 |
| &nbsp;&nbsp;&nbsp; Series 5, (FHLMC, FNMA, GNMA), 5.05%, 01/01/56 | 950 | &nbsp;&nbsp; 952827 |
| &nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, SAB, 6.30%, <br> 05/01/54<br>| 210 | &nbsp;&nbsp; 220122 |
| Lee County Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series B-2, 4.38%, 11/15/29 | 505 | &nbsp;&nbsp; 508380 |
| &nbsp;&nbsp;&nbsp; Series B-3, 4.13%, 11/15/29 | 525 | &nbsp;&nbsp; 528523 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, RB, 4.00%, <br> 10/01/52<br>| 1000 | &nbsp;&nbsp; 861766 |
| &nbsp;&nbsp;&nbsp; Osceola Chain Lakes Community Development District, <br> SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/40 | 670 | &nbsp;&nbsp; 641160 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/50 | 640 | &nbsp;&nbsp; 531605 |
| &nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Refunding <br> RB, 4.00%, 08/15/49<br>| 2065 | &nbsp;&nbsp; 1820337 |
| &nbsp;&nbsp;&nbsp; Southern Groves Community Development District No. 5, <br> Refunding SAB, 4.00%, 05/01/43<br>| 380 | &nbsp;&nbsp; 344627 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniHoldings Quality Fund II, Inc. (MUE)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| &nbsp;&nbsp;&nbsp; University of Florida Department of Housing & Residence <br> Education Hsg Sys Rev, RB, Series A, (BAM-TCRS), <br> 3.00%, 07/01/51<br>| 1000 | &nbsp;&nbsp; $710278  |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 15, SAB, <br> 5.25%, 05/01/54<sup>(b)</sup><br>| 205 | &nbsp;&nbsp; 205604 |
|  |  | &nbsp;&nbsp; 18461909 |
| **Georgia — 3.1%** | **Georgia — 3.1%** |  |
| &nbsp;&nbsp;&nbsp; DeKalb County Housing Authority, Refunding RB, 4.13%, <br> 12/01/34<br>| 1820 | &nbsp;&nbsp; 1842973 |
| &nbsp;&nbsp;&nbsp; East Point Business & Industrial Development Authority, <br> RB, Series A, 5.25%, 06/15/62<sup>(b)</sup><br>| 195 | &nbsp;&nbsp; 117000 |
| &nbsp;&nbsp;&nbsp; Georgia Housing & Finance Authority, RB, S/F Housing, <br> Series G, (FNMA, GNMA), 4.90%, 12/01/50<br>| 2475 | &nbsp;&nbsp; 2490372 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Refunding RB, Series E-2, <br> 4.15%, 12/01/53<sup>(a)</sup><br>| 2830 | &nbsp;&nbsp; 2937590 |
|  |  | &nbsp;&nbsp; 7387935 |
| **Hawaii — 0.5%** | **Hawaii — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; State of Hawaii Airports System Revenue, ARB, AMT, <br> 5.25%, 08/01/26<br>| 1205 | &nbsp;&nbsp; 1207498 |
| **Illinois — 9.4%** | **Illinois — 9.4%** |  |
| Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/34 | 950 | &nbsp;&nbsp; 972649 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/40 | 395 | &nbsp;&nbsp; 394506 |
| &nbsp;&nbsp;&nbsp; Series A, 6.25%, 12/01/50 | 560 | &nbsp;&nbsp; 592661 |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education, Refunding GO, Series B, <br> 6.00%, 12/01/43<br>| 345 | &nbsp;&nbsp; 365071 |
| Chicago O'Hare International Airport, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, AMT, Senior Lien, 4.50%, 01/01/48 | 4000 | &nbsp;&nbsp; 3808440 |
| &nbsp;&nbsp;&nbsp; Class A, AMT, Senior Lien, 4.63%, 01/01/53 | 1700 | &nbsp;&nbsp; 1624365 |
| &nbsp;&nbsp;&nbsp; Class A, AMT, Senior Lien, (AGM), 5.50%, 01/01/53 | 3700 | &nbsp;&nbsp; 3801446 |
| &nbsp;&nbsp;&nbsp; Series B, Senior Lien, 4.50%, 01/01/56 | 2020 | &nbsp;&nbsp; 1931773 |
| Illinois Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 4.00%, 02/15/27<sup>(f)</sup> | 995 | &nbsp;&nbsp; 1011707 |
| &nbsp;&nbsp;&nbsp; Series C, 4.00%, 02/15/41 | 5 | &nbsp;&nbsp; 4948 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, RB, S/F Housing, <br> Series G, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 4.85%, 10/01/42<br>| 515 | &nbsp;&nbsp; 536817 |
| Illinois State Toll Highway Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/40 | 4885 | &nbsp;&nbsp; 4890888 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/45 | 980 | &nbsp;&nbsp; 1021689 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 01/01/46 | 1000 | &nbsp;&nbsp; 908110 |
| State of Illinois, GO, Series E, 5.00%, 09/01/43 | 755 | &nbsp;&nbsp; 795333 |
|  |  | &nbsp;&nbsp; 22660403 |
| **Indiana — 1.2%** | **Indiana — 1.2%** |  |
| Indiana Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/51 | 220 | &nbsp;&nbsp; 185731 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/56 | 190 | &nbsp;&nbsp; 156148 |
| Indiana Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, 5.50%, 10/01/50 | 665 | &nbsp;&nbsp; 707950 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/46 | 630 | &nbsp;&nbsp; 672631 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/47 | 220 | &nbsp;&nbsp; 234033 |
| &nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, <br> Refunding ARB, Series B1, 5.25%, 01/01/55<br>| 990 | &nbsp;&nbsp; 1034730 |
|  |  | &nbsp;&nbsp; 2991223 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Iowa — 0.3%** | **Iowa — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, Refunding RB, Series A, 5.13%, <br> 05/15/59<br>| $850 | &nbsp;&nbsp; $798313 |
| **Kentucky — 0.5%** | **Kentucky — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; City of Henderson Kentucky, RB, Series A, AMT, 4.70%, <br> 01/01/52<sup>(b)</sup><br>| 150 | &nbsp;&nbsp; 141119 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Refunding RB, <br> Series B, 5.00%, 01/01/55<sup>(a)</sup><br>| 990 | &nbsp;&nbsp; 1066592 |
|  |  | &nbsp;&nbsp; 1207711 |
| **Louisiana — 1.6%** | **Louisiana — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, RB, AMT, 5.00%, <br> 09/01/66<br>| 1810 | &nbsp;&nbsp; 1704094 |
| &nbsp;&nbsp;&nbsp; Louisiana Stadium & Exposition District, Refunding RB, <br> Series A, 5.00%, 07/01/48<br>| 1995 | &nbsp;&nbsp; 2043839 |
|  |  | &nbsp;&nbsp; 3747933 |
| **Maryland — 1.3%** | **Maryland — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Maryland Community Development Administration, <br> Refunding RB, S/F Housing, Series C, Sustainability <br> Bonds, (FHLMC, FNMA, GNMA), 4.50%, 09/01/49<br>| 1095 | &nbsp;&nbsp; 1073939 |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., RB, Class B, <br> AMT, Sustainability Bonds, 5.00%, 12/31/40<br>| 525 | &nbsp;&nbsp; 543232 |
| Maryland Stadium Authority, RB, 5.00%, 06/01/54 | 1480 | &nbsp;&nbsp; 1522677 |
|  |  | &nbsp;&nbsp; 3139848 |
| **Massachusetts — 0.5%** | **Massachusetts — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GOL, Series E, 5.00%, <br> 11/01/49<br>| 1210 | &nbsp;&nbsp; 1256672 |
| **Michigan — 2.1%** | **Michigan — 2.1%** |  |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, RB, Sustainability Bonds, <br> 5.50%, 02/28/57<br>| 1000 | &nbsp;&nbsp; 1036302 |
| Michigan Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/46 | 550 | &nbsp;&nbsp; 474694 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/46 | 1300 | &nbsp;&nbsp; 1161470 |
| Michigan Strategic Fund, RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/31/43 | 895 | &nbsp;&nbsp; 898977 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 06/30/48 | 1510 | &nbsp;&nbsp; 1469128 |
|  |  | &nbsp;&nbsp; 5040571 |
| **Minnesota — 1.5%** | **Minnesota — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; Minneapolis-St Paul Metropolitan Airports Commission, <br> ARB, Series B, AMT, Subordinate, 5.25%, 01/01/49<br>| 1900 | &nbsp;&nbsp; 1951333 |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, RB, S/F Housing, <br> Series M, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 5.10%, 07/01/42<br>| 1475 | &nbsp;&nbsp; 1567490 |
|  |  | &nbsp;&nbsp; 3518823 |
| **Mississippi — 0.9%** | **Mississippi — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, RB, (AGM), 6.88%, <br> 12/01/40<br>| 2225 | &nbsp;&nbsp; 2264316 |
| **Missouri — 1.6%** | **Missouri — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of <br> Missouri, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 04/01/55 | 3350 | &nbsp;&nbsp; 3101928 |
| &nbsp;&nbsp;&nbsp; Series A, Class P, 5.25%, 02/01/54 | 330 | &nbsp;&nbsp; 330739 |
| &nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, RB, S/F <br> Housing, Series C, (FHLMC, FNMA, GNMA), 5.00%, <br> 11/01/55<br>| 380 | &nbsp;&nbsp; 381310 |
|  |  | &nbsp;&nbsp; 3813977 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniHoldings Quality Fund II, Inc. (MUE)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Montana — 0.1%** | **Montana — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Montana Board of Housing, RB, S/F Housing, Series B-2, <br> 3.60%, 12/01/47<br>| $160 | &nbsp;&nbsp; $139418 |
| **Nevada — 0.5%** | **Nevada — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; City of Las Vegas Nevada Special Improvement District <br> No. 814, SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/39 | 120 | &nbsp;&nbsp; 115636 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/44 | 305 | &nbsp;&nbsp; 272066 |
| Tahoe-Douglas Visitors Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/40 | 305 | &nbsp;&nbsp; 315984 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/45 | 400 | &nbsp;&nbsp; 402851 |
|  |  | &nbsp;&nbsp; 1106537 |
| **New Hampshire — 2.1%** | **New Hampshire — 2.1%** |  |
| New Hampshire Business Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, 4.17%, 01/20/41<sup>(a)</sup> | 362 | &nbsp;&nbsp; 361941 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.50%, 06/01/55 | 2180 | &nbsp;&nbsp; 2248904 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1st Series, Class B, 5.75%, 04/28/42 | 545 | &nbsp;&nbsp; 574017 |
| &nbsp;&nbsp;&nbsp; Series 2025, Subordinate, 5.15%, 09/28/37 | 860 | &nbsp;&nbsp; 878111 |
| &nbsp;&nbsp;&nbsp; Series 2, Sustainability Bonds, 4.25%, 07/20/41 | 994 | &nbsp;&nbsp; 1007458 |
|  |  | &nbsp;&nbsp; 5070431 |
| **New Jersey — 7.5%** | **New Jersey — 7.5%** |  |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/34 | 635 | &nbsp;&nbsp; 688207 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/36 | 810 | &nbsp;&nbsp; 870269 |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.00%, 01/01/31 | 1355 | &nbsp;&nbsp; 1363477 |
| &nbsp;&nbsp;&nbsp; AMT, 5.38%, 01/01/43 | 1940 | &nbsp;&nbsp; 1942215 |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, <br> RB, 4.00%, 07/01/51<br>| 1500 | &nbsp;&nbsp; 1363901 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance <br> Authority, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 4.00%, 12/01/41 | 830 | &nbsp;&nbsp; 831675 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, Subordinate, 5.00%, 12/01/52 | 1355 | &nbsp;&nbsp; 1322447 |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, RB, <br> S/F Housing, Series M, Sustainability Bonds, 5.10%, <br> 10/01/50<br>| 1250 | &nbsp;&nbsp; 1271848 |
| New Jersey Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series AA, 5.00%, 06/15/50 | 685 | &nbsp;&nbsp; 708849 |
| &nbsp;&nbsp;&nbsp; Series CC, 5.25%, 06/15/55 | 2550 | &nbsp;&nbsp; 2677012 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, RB, Series A, 5.25%, <br> 01/01/55<br>| 1070 | &nbsp;&nbsp; 1136131 |
| Tobacco Settlement Financing Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/46 | 1000 | &nbsp;&nbsp; 984124 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/01/46 | 2240 | &nbsp;&nbsp; 2230753 |
| &nbsp;&nbsp;&nbsp; Sub-Series B, 5.00%, 06/01/46 | 710 | &nbsp;&nbsp; 689131 |
|  |  | &nbsp;&nbsp; 18080039 |
| **New Mexico — 0.1%** | **New Mexico — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; City of Santa Fe New Mexico, RB, Series A, 5.00%, <br> 05/15/44<br>| 135 | &nbsp;&nbsp; 133740 |
| **New York — 8.6%** | **New York — 8.6%** |  |
| City of New York, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series D, 4.00%, 04/01/50 | 1190 | &nbsp;&nbsp; 1078802 |
| &nbsp;&nbsp;&nbsp; Series G-1, 5.25%, 02/01/53 | 195 | &nbsp;&nbsp; 204298 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., RB, M/F <br> Housing, Sustainability Bonds, 5.00%, 11/01/60<br>| 3190 | &nbsp;&nbsp; 3202191 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series E, Subordinate, 5.00%, 11/01/53 | 715 | &nbsp;&nbsp; 731653 |
| &nbsp;&nbsp;&nbsp; Series G-1, Subordinate, 5.00%, 05/01/47 | 1250 | &nbsp;&nbsp; 1297893 |
| &nbsp;&nbsp;&nbsp; New York Liberty Development Corp., Refunding RB, <br> Series A, Sustainability Bonds, 3.00%, 11/15/51<br>| 210 | &nbsp;&nbsp; 150991 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority, RB, Sustainability <br> Bonds, 4.13%, 03/15/56<br>| 1675 | &nbsp;&nbsp; $1537086  |
| New York Transportation Development Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.63%, 04/01/40 | 465 | &nbsp;&nbsp; 493678 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 6.00%, 06/30/59 | 815 | &nbsp;&nbsp; 860309 |
| New York Transportation Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/35 | 680 | &nbsp;&nbsp; 721973 |
| &nbsp;&nbsp;&nbsp; AMT, 4.00%, 04/30/53 | 605 | &nbsp;&nbsp; 511977 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, (AGM), 5.25%, 06/30/60 | 2055 | &nbsp;&nbsp; 2078080 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.38%, 06/30/60 | 5350 | &nbsp;&nbsp; 5429769 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority Sales Tax Revenue, <br> RB, Series A, 4.13%, 05/15/53<br>| 1535 | &nbsp;&nbsp; 1416198 |
| TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41 | 895 | &nbsp;&nbsp; 900023 |
|  |  | &nbsp;&nbsp; 20614921 |
| **North Carolina — 0.2%** | **North Carolina — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, RB, 5.25%, <br> 11/01/56<br>| 505 | &nbsp;&nbsp; 507113 |
| **North Dakota — 0.4%** | **North Dakota — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; City of Grand Forks North Dakota, RB, Series A, (AGM), <br> 5.00%, 12/01/48<br>| 880 | &nbsp;&nbsp; 896597 |
| **Ohio — 2.5%** | **Ohio — 2.5%** |  |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55<br>| 2050 | &nbsp;&nbsp; 1685973 |
| &nbsp;&nbsp;&nbsp; Columbus-Franklin County Finance Authority, RB, M/F <br> Housing, (FNMA), 4.82%, 11/01/43<br>| 705 | &nbsp;&nbsp; 744969 |
| &nbsp;&nbsp;&nbsp; County of Hamilton Ohio, RB, Series CC, 5.00%, <br> 11/15/49<br>| 270 | &nbsp;&nbsp; 289679 |
| State of Ohio, RB, Series P3, AMT, 5.00%, 12/31/39 | 1325 | &nbsp;&nbsp; 1325281 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Refunding RB, Series A, (BAM-TCRS), <br> 4.00%, 01/15/50<br>| 2275 | &nbsp;&nbsp; 2020131 |
|  |  | &nbsp;&nbsp; 6066033 |
| **Oklahoma — 1.1%** | **Oklahoma — 1.1%** |  |
| Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53 | 2055 | &nbsp;&nbsp; 2180413 |
| &nbsp;&nbsp;&nbsp; Tulsa Municipal Airport Trust Trustees, Refunding, ARB, <br> AMT, 6.25%, 12/01/35<br>| 470 | &nbsp;&nbsp; 545639 |
|  |  | &nbsp;&nbsp; 2726052 |
| **Pennsylvania — 8.8%** | **Pennsylvania — 8.8%** |  |
| &nbsp;&nbsp;&nbsp; Allegheny County Airport Authority, ARB, Series A, AMT, <br> (AGM), 5.50%, 01/01/53<br>| 670 | &nbsp;&nbsp; 698293 |
| &nbsp;&nbsp;&nbsp; Chester County Health and Education Facilities Authority, <br> Refunding RB, Series A, 5.00%, 10/01/52<br>| 2000 | &nbsp;&nbsp; 2009229 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Pennsylvania Water & Wastewater <br> Revenue, Refunding RB, Series B, (AGM), 4.50%, <br> 09/01/48<br>| 1415 | &nbsp;&nbsp; 1425507 |
| Geisinger Authority, Refunding RB, 4.00%, 04/01/50 | 3080 | &nbsp;&nbsp; 2699640 |
| &nbsp;&nbsp;&nbsp; Lancaster Industrial Development Authority, RB, 5.00%, <br> 12/01/44<br>| 675 | &nbsp;&nbsp; 675259 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health <br> Authority, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class B, 5.00%, 05/01/57 | 2500 | &nbsp;&nbsp; 2469260 |
| &nbsp;&nbsp;&nbsp; Series B, (BAM-TCRS), 4.00%, 05/01/52 | 2115 | &nbsp;&nbsp; 1870314 |
| &nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, RB, <br> Series C, 5.00%, 11/15/45<br>| 590 | &nbsp;&nbsp; 597884 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.50%, 06/30/43 | 515 | &nbsp;&nbsp; 546756 |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 06/30/53 | 1000 | &nbsp;&nbsp; 1010109 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, RB, <br> 4.00%, 06/15/55<br>| 1175 | &nbsp;&nbsp; 1059904 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, S/F Housing, <br> Series 143A, Sustainability Bonds, 5.45%, 04/01/51<br>| 3300 | &nbsp;&nbsp; 3413531 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniHoldings Quality Fund II, Inc. (MUE)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** |  |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, RB, <br> 5.25%, 11/01/52<br>| 1285 | &nbsp;&nbsp; $1312978  |
| Pittsburgh School District, GOL, (SAW), 3.00%, 09/01/41 | 1165 | &nbsp;&nbsp; 1025233 |
| &nbsp;&nbsp;&nbsp; School District of Philadelphia, GOL, Series A, (SAW), <br> 5.50%, 09/01/48<br>| 400 | &nbsp;&nbsp; 422673 |
|  |  | &nbsp;&nbsp; 21236570 |
| **Puerto Rico — 5.3%** | **Puerto Rico — 5.3%** |  |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 4.75%, 07/01/53 | 3472 | &nbsp;&nbsp; 3348843 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 5794 | &nbsp;&nbsp; 5670899 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 264 | &nbsp;&nbsp; 251835 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.33%, 07/01/40 | 1709 | &nbsp;&nbsp; 1698649 |
| &nbsp;&nbsp;&nbsp; Series B-2, Restructured, 4.78%, 07/01/58 | 394 | &nbsp;&nbsp; 375845 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB, CAB, Series A-1, Restructured, 0.00%, <br> 07/01/46<sup>(g)</sup><br>| 3957 | &nbsp;&nbsp; 1371027 |
|  |  | &nbsp;&nbsp; 12717098 |
| **Rhode Island — 0.8%** | **Rhode Island — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp., RB, <br> 5.00%, 11/01/53<br>| 1870 | &nbsp;&nbsp; 1908826 |
| **South Carolina — 2.9%** | **South Carolina — 2.9%** |  |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, RB, Series A1, <br> 5.25%, 10/01/54<sup>(a)</sup><br>| 1970 | &nbsp;&nbsp; 2118889 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/55 | 825 | &nbsp;&nbsp; 688156 |
| &nbsp;&nbsp;&nbsp; 7.50%, 08/15/62 | 390 | &nbsp;&nbsp; 348366 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Refunding RB, <br> Series B, 5.00%, 12/01/46<br>| 2080 | &nbsp;&nbsp; 2160959 |
| &nbsp;&nbsp;&nbsp; South Carolina State Housing Finance & Development <br> Authority, RB, S/F Housing, Series B, (FHLMC, FNMA, <br> GNMA), 5.00%, 07/01/50<br>| 1640 | &nbsp;&nbsp; 1651071 |
|  |  | &nbsp;&nbsp; 6967441 |
| **Tennessee — 2.0%** | **Tennessee — 2.0%** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Health & Educational Fcilities Board, Refunding RB, <br> 4.00%, 10/01/54<br>| 3235 | &nbsp;&nbsp; 2973508 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Sports Authority, RB, Series A, Senior Lien, (AGM), <br> 5.25%, 07/01/48<br>| 1020 | &nbsp;&nbsp; 1079385 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County <br> TN Water & Sewer Revenue, Refunding RB, 5.25%, <br> 07/01/55<br>| 615 | &nbsp;&nbsp; 650207 |
|  |  | &nbsp;&nbsp; 4703100 |
| **Texas — 11.5%** | **Texas — 11.5%** |  |
| &nbsp;&nbsp;&nbsp; Alamo Heights Independent School District, GO, (PSF), <br> 4.00%, 02/01/51<br>| 2415 | &nbsp;&nbsp; 2199989 |
| Arlington Higher Education Finance Corp., RB<sup>(b)(d)(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/62 | 410 | &nbsp;&nbsp; 205000 |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62 | 360 | &nbsp;&nbsp; 216000 |
| &nbsp;&nbsp;&nbsp; Aubrey Independent School District, GO, (PSF), 4.00%, <br> 02/15/52<br>| 1000 | &nbsp;&nbsp; 908322 |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Water & Wastewater System <br> Revenue, Refunding RB, 5.00%, 11/15/53<br>| 635 | &nbsp;&nbsp; 661388 |
| City of Houston Texas Airport System Revenue, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.50%, 07/15/36 | 100 | &nbsp;&nbsp; 109427 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.50%, 07/15/37 | 260 | &nbsp;&nbsp; 283276 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, Refunding <br> ARB, Series A, AMT, Subordinate Lien, 5.50%, <br> 07/01/55<br>| 1260 | &nbsp;&nbsp; $1321726  |
| &nbsp;&nbsp;&nbsp; Conroe Independent School District, GO, (PSF), 4.00%, <br> 02/15/50<br>| 600 | &nbsp;&nbsp; 557630 |
| &nbsp;&nbsp;&nbsp; Dallas Independent School District, Refunding GO, (PSF), <br> 4.00%, 02/15/53<br>| 900 | &nbsp;&nbsp; 823666 |
| &nbsp;&nbsp;&nbsp; Del Valle Independent School District Texas, GO, (PSF), <br> 4.00%, 06/15/47<br>| 1410 | &nbsp;&nbsp; 1327564 |
| &nbsp;&nbsp;&nbsp; Eagle Mountain & Saginaw Independent School District, <br> GO, (PSF), 4.00%, 08/15/54<br>| 850 | &nbsp;&nbsp; 763995 |
| &nbsp;&nbsp;&nbsp; EP Royal Estates PFC, RB, M/F Housing, 4.25%, <br> 10/01/39<br>| 335 | &nbsp;&nbsp; 341241 |
| &nbsp;&nbsp;&nbsp; Leander Independent School District, Refunding GO, <br> Series A, (PSF), 5.00%, 08/15/50<br>| 1325 | &nbsp;&nbsp; 1380967 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., <br> RB, Series A, 5.00%, 08/15/50<sup>(b)</sup><br>| 440 | &nbsp;&nbsp; 374017 |
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, GO, (PSF), <br> 5.25%, 02/15/55<br>| 690 | &nbsp;&nbsp; 727120 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., RB, 5.00%, 11/15/51<br>| 1620 | &nbsp;&nbsp; 1656240 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., Refunding RB, 5.00%, 11/15/40<br>| 2500 | &nbsp;&nbsp; 2500977 |
| &nbsp;&nbsp;&nbsp; Texas City Industrial Development Corp., RB, <br> Series 2012, 4.13%, 12/01/45<br>| 255 | &nbsp;&nbsp; 225715 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. IV, RB, <br> Series B, 5.50%, 01/01/54<sup>(a)</sup><br>| 2500 | &nbsp;&nbsp; 2814544 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp., III, <br> Refunding RB, 5.00%, 12/15/32<br>| 2935 | &nbsp;&nbsp; 3196452 |
| &nbsp;&nbsp;&nbsp; Waller Consolidated Independent School District, GO, <br> Series A, (PSF), 4.00%, 02/15/53<br>| 1700 | &nbsp;&nbsp; 1555813 |
| &nbsp;&nbsp;&nbsp; Ysleta Independent School District, GO, (PSF), 4.25%, <br> 08/15/56<br>| 3580 | &nbsp;&nbsp; 3370778 |
|  |  | &nbsp;&nbsp; 27521847 |
| **Utah — 1.6%** | **Utah — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; Black Desert Public Infrastructure District, SAB, 5.63%, <br> 12/01/53<sup>(b)</sup><br>| 135 | &nbsp;&nbsp; 135757 |
| County of Utah, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 3.00%, 05/15/50 | 1840 | &nbsp;&nbsp; 1357734 |
| &nbsp;&nbsp;&nbsp; Series B, 4.00%, 05/15/47 | 1340 | &nbsp;&nbsp; 1216393 |
| Downtown Revitalization Public Infrastructure District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 1st Lien, (AGM), 5.50%, 06/01/55 | 640 | &nbsp;&nbsp; 683634 |
| &nbsp;&nbsp;&nbsp; Series B, 2nd Lien, (AGM), 5.50%, 06/01/55 | 225 | &nbsp;&nbsp; 240340 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, Refunding RB, <br> 5.00%, 06/15/40<sup>(b)</sup><br>| 325 | &nbsp;&nbsp; 323260 |
|  |  | &nbsp;&nbsp; 3957118 |
| **Virginia — 0.8%** | **Virginia — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Refunding RB, <br> Series B-1, 5.00%, 06/01/47<br>| 955 | &nbsp;&nbsp; 799541 |
| &nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, RB, AMT, <br> 5.00%, 12/31/56<br>| 1295 | &nbsp;&nbsp; 1222196 |
|  |  | &nbsp;&nbsp; 2021737 |
| **Washington — 3.2%** | **Washington — 3.2%** |  |
| &nbsp;&nbsp;&nbsp; County of King Washington Sewer Revenue, Refunding <br> RB, Series A, Junior Lien, 2.51%, 01/01/40<sup>(a)</sup><br>| 615 | &nbsp;&nbsp; 610486 |
| &nbsp;&nbsp;&nbsp; Port of Seattle Washington, ARB, Series B, AMT, <br> Intermediate Lien, 5.50%, 10/01/50<br>| 2525 | &nbsp;&nbsp; 2678597 |
| &nbsp;&nbsp;&nbsp; Vancouver Housing Authority, RB, M/F Housing, 5.00%, <br> 08/01/40<br>| 830 | &nbsp;&nbsp; 865443 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniHoldings Quality Fund II, Inc. (MUE)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Washington (continued)** | **Washington (continued)** |  |
| Washington Health Care Facilities Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/44 | 875 | &nbsp;&nbsp; $897959  |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 09/01/55 | 190 | &nbsp;&nbsp; 200947 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, RB, M/F <br> Housing<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 4.08%, 11/20/41 | 1150 | &nbsp;&nbsp; 1116215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class 1, Sustainability Bonds, 4.22%, <br> 03/01/50<br>| 887 | &nbsp;&nbsp; 873694 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/43 | 215 | &nbsp;&nbsp; 220684 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/48 | 205 | &nbsp;&nbsp; 204215 |
|  |  | &nbsp;&nbsp; 7668240 |
| **Wisconsin — 3.1%** | **Wisconsin — 3.1%** |  |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, 5.00%, 06/15/51<sup>(b)</sup> | 550 | &nbsp;&nbsp; 453329 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/55<sup>(b)</sup> | 305 | &nbsp;&nbsp; 261167 |
| &nbsp;&nbsp;&nbsp; Series A-1, 4.50%, 01/01/35<sup>(b)</sup> | 445 | &nbsp;&nbsp; 442241 |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 12/31/65 | 3490 | &nbsp;&nbsp; 3609034 |
| &nbsp;&nbsp;&nbsp; AMT, 6.50%, 12/31/65 | 755 | &nbsp;&nbsp; 833506 |
| Public Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/49<sup>(b)</sup> | 285 | &nbsp;&nbsp; 262819 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/15/55 | 475 | &nbsp;&nbsp; 481175 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/42 | 990 | &nbsp;&nbsp; 990357 |
|  |  | &nbsp;&nbsp; 7333628 |
| **Wyoming — 0.3%** | **Wyoming — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; University of Wyoming, RB, Series C, (AGM), 4.00%, <br> 06/01/51<br>| 855 | &nbsp;&nbsp; 771037 |
| **Total Municipal Bonds — 111.2%** <br>**(Cost: $264,164,379)** | **Total Municipal Bonds — 111.2%** <br>**(Cost: $264,164,379)** | &nbsp;&nbsp; 266978318 |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(h)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(h)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(h)</sup> |
| **District of Columbia — 6.4%** | **District of Columbia — 6.4%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Income Tax Revenue, Refunding RB, <br> Series A, 5.00%, 06/01/50<br>| 4480 | &nbsp;&nbsp; 4672000 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 10/01/50 | 6218 | &nbsp;&nbsp; 6357423 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.50%, 10/01/55 | 4160 | &nbsp;&nbsp; 4434082 |
|  |  | &nbsp;&nbsp; 15463505 |
| **Florida — 5.1%** | **Florida — 5.1%** |  |
| &nbsp;&nbsp;&nbsp; JEA Water & Sewer System Revenue, Refunding RB, <br> Series A, 5.25%, 10/01/49<br>| 4915 | &nbsp;&nbsp; 5205822 |
| Tampa Bay Water, RB, Series A, 5.25%, 10/01/54<sup>(i)</sup> | 6672 | &nbsp;&nbsp; 7049535 |
|  |  | &nbsp;&nbsp; 12255357 |
| **Georgia — 5.6%** | **Georgia — 5.6%** |  |
| &nbsp;&nbsp;&nbsp; City of Atlanta Georgia Department of Aviation, ARB, <br> Series B-1, AMT, Sustainability Bonds, 5.50%, <br> 07/01/55<br>| 5340 | &nbsp;&nbsp; 5620509 |
| &nbsp;&nbsp;&nbsp; County of DeKalb Georgia Water & Sewerage Revenue, <br> RB, Series A, 5.00%, 10/01/55<sup>(i)</sup><br>| 7559 | &nbsp;&nbsp; 7835233 |
|  |  | &nbsp;&nbsp; 13455742 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Massachusetts — 5.3%** | **Massachusetts — 5.3%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GO, Series 2024, <br> 5.00%, 12/01/51<br>| $8800 | &nbsp;&nbsp; $9156822  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GOL, Series A, 5.00%, <br> 04/01/55<br>| 3380 | &nbsp;&nbsp; 3499348 |
|  |  | &nbsp;&nbsp; 12656170 |
| **Missouri — 1.8%** | **Missouri — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of <br> Missouri, RB, 4.00%, 06/01/53<sup>(i)</sup><br>| 5000 | &nbsp;&nbsp; 4287107 |
| **New Jersey — 1.8%** | **New Jersey — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, RB, <br> Series AA, 5.00%, 06/15/55<br>| 4240 | &nbsp;&nbsp; 4358123 |
| **New York — 19.2%** | **New York — 19.2%** |  |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., 5.00%, <br> 11/01/55<br>| 2400 | &nbsp;&nbsp; 2407639 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, RB, <br> Series AA, Subordinate, 5.00%, 06/15/51<sup>(i)</sup><br>| 6895 | &nbsp;&nbsp; 7122551 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, RB, 5.00%, <br> 05/01/47<br>| 6520 | &nbsp;&nbsp; 6795725 |
| &nbsp;&nbsp;&nbsp; New York Power Authority, RB, Series A, Sustainability <br> Bonds, (AGM), 5.13%, 11/15/63<br>| 3373 | &nbsp;&nbsp; 3513524 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Refunding RB, <br> Series A, 5.00%, 03/15/53<sup>(i)</sup><br>| 3073 | &nbsp;&nbsp; 3167484 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., RB, AMT, <br> Sustainability Bonds, (AGM), 5.13%, 06/30/60<br>| 10000 | &nbsp;&nbsp; 9982557 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority Sales Tax Revenue, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.13%, 05/15/53 | 5773 | &nbsp;&nbsp; 5326412 |
| &nbsp;&nbsp;&nbsp; Series A, 4.50%, 05/15/63 | 8264 | &nbsp;&nbsp; 7855587 |
|  |  | &nbsp;&nbsp; 46171479 |
| **Oregon — 2.4%** | **Oregon — 2.4%** |  |
| &nbsp;&nbsp;&nbsp; Port of Portland Oregon Airport Revenue, Refunding ARB, <br> Series 30A, AMT, Sustainability Bonds, 5.25%, <br> 07/01/45<br>| 5320 | &nbsp;&nbsp; 5641383 |
| **Pennsylvania — 5.2%** | **Pennsylvania — 5.2%** |  |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Pennsylvania Water & Wastewater <br> Revenue, Refunding RB, Series B, (AGM), 5.50%, <br> 09/01/53<br>| 2831 | &nbsp;&nbsp; 3019539 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, S/F Housing, <br> Series 143A, Sustainability Bonds, 5.38%, 10/01/46<br>| 3989 | &nbsp;&nbsp; 4158827 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Refunding RB, <br> Series B, 5.25%, 12/01/52<br>| 4995 | &nbsp;&nbsp; 5237152 |
|  |  | &nbsp;&nbsp; 12415518 |
| **South Carolina — 4.5%** | **South Carolina — 4.5%** |  |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, Refunding RB, <br> Series B-1, 5.25%, 02/01/54<sup>(a)</sup><br>| 10005 | &nbsp;&nbsp; 10804423 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 57.3%** <br>**(Cost: $135,802,568)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 57.3%** <br>**(Cost: $135,802,568)** | &nbsp;&nbsp; 137508807 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniHoldings Quality Fund II, Inc. (MUE)** 

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Warrants** | **Warrants** | **Warrants** |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Brightline West, (Expires 11/26/35, Strike Price USD <br> 5.00)<sup>(e)(j)</sup><br>| 6698 | &nbsp;&nbsp; $13396 |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** | &nbsp;&nbsp; 13396 |
| **Total Long-Term Investments — 168.5%** <br>**(Cost: $399,966,947)** | **Total Long-Term Investments — 168.5%** <br>**(Cost: $399,966,947)** | &nbsp;&nbsp; 404500521 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.7%** | **Money Market Funds — 2.7%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.03%<sup>(k)(l)</sup><br>| 6393513 | &nbsp;&nbsp; 6394152 |
| **Total Short-Term Securities — 2.7%** <br>**(Cost: $6,394,152)** | **Total Short-Term Securities — 2.7%** <br>**(Cost: $6,394,152)** | &nbsp;&nbsp; 6394152 |
| **Total Investments — 171.2%** <br>**(Cost: $406,361,099)** | **Total Investments — 171.2%** <br>**(Cost: $406,361,099)** | &nbsp;&nbsp; 410894673 |
| **Other Assets Less Liabilities — 0.8%** | **Other Assets Less Liabilities — 0.8%** | &nbsp;&nbsp; 1864656 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (39.5)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (39.5)%** | &nbsp;&nbsp; (94725211)<br>|
| **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(32.5)%** | **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(32.5)%** | &nbsp;&nbsp; (78000000)<br>|
| **Net Assets Applicable to Common Shares — 100.0%** | **Net Assets Applicable to Common Shares — 100.0%** | &nbsp;&nbsp; $240034118 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> When-issued security.

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

<sup>(e)</sup> Non-income producing security.

<sup>(f)</sup> 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. 

<sup>(g)</sup> Zero-coupon bond.

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

<sup>(i)</sup> All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between October 1, 2032 to June 1, 2046, is $21,121,490. See Note 4 of the Notes to Financial Statements for details. 

<sup>(j)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(k)</sup> Affiliate of the Trust.

<sup>(l)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended January 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/25*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*01/31/26*<br>| *Shares* <br>*Held at* <br>*01/31/26*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, MuniCash, Institutional Shares | $5043078<br> $1351074 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $6394152 | 6393513 | $78845 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $266978318  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $266978318  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 137508807 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 137508807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13396 | &nbsp;&nbsp;&nbsp;&nbsp; 13396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 6394152 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6394152 |
|  | &nbsp;&nbsp; $6394152 | &nbsp;&nbsp;&nbsp;&nbsp; $404487125 | &nbsp;&nbsp;&nbsp;&nbsp; $13396 | &nbsp;&nbsp;&nbsp;&nbsp; $410894673 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniHoldings Quality Fund II, Inc. (MUE)** 

The Trust 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TOB Trust Certificates | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(94176616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(94176616)<br>|
| &nbsp;&nbsp;&nbsp; VMTP Shares at Liquidation Value | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (78000000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (78000000)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(172176616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(172176616)<br>|

---

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities (unaudited)

January 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BFZ | BTT | BYM | MUC |
| **ASSETS** |  |  |  |  |
| Investments, at value — unaffiliated<sup>(a)</sup> | $607161371 | $2360707022 | $515014409 | $1788450383 |
| Investments, at value — affiliated<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6352429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27631087 | &nbsp;&nbsp;&nbsp;&nbsp; 14513816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45416846 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5938817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44502 |
| &nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp; 8196768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21732343 | &nbsp;&nbsp;&nbsp;&nbsp; 5370131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24372514 |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429375 |
| Total assets | &nbsp;&nbsp; 621798494 | &nbsp;&nbsp; 2416626655 | &nbsp;&nbsp; 534967923 | &nbsp;&nbsp; 1858713620 |
| **ACCRUED LIABILITIES** |  |  |  |  |
| Bank overdraft | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1143493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 798109 |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4133118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1764512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1824925 |
| &nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82903 |
| &nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7420 |
| &nbsp;&nbsp;&nbsp; Income dividend distributions — Common Shares | &nbsp;&nbsp;&nbsp;&nbsp; 1524227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2952219 | &nbsp;&nbsp;&nbsp;&nbsp; 1437635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5038840 |
| &nbsp;&nbsp;&nbsp; Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 723771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1286727 |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 816498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 860323 |
| &nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 623839 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50482 |
| &nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33183 |
| &nbsp;&nbsp;&nbsp; Reorganization costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total accrued liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 6889250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5896558 | &nbsp;&nbsp;&nbsp;&nbsp; 4789709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10606751 |
| **OTHER LIABILITIES** |  |  |  |  |
| TOB Trust Certificates | &nbsp;&nbsp;&nbsp;&nbsp; 80299992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83414981 | &nbsp;&nbsp; 121843531 | &nbsp;&nbsp;&nbsp;&nbsp; 212129988 |
| VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs<sup>(c)(d)(e)</sup> | &nbsp;&nbsp; 171300000 | &nbsp;&nbsp;&nbsp;&nbsp; 749321858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 525867893 |
| VMTP Shares, at liquidation value of $100,000 per share, net of deferred offering costs<sup>(c)(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total other liabilities | &nbsp;&nbsp; 251599992 | &nbsp;&nbsp;&nbsp;&nbsp; 832736839 | &nbsp;&nbsp; 219443531 | &nbsp;&nbsp;&nbsp;&nbsp; 737997881 |
| Total liabilities | &nbsp;&nbsp; 258489242 | &nbsp;&nbsp;&nbsp;&nbsp; 838633397 | &nbsp;&nbsp; 224233240 | &nbsp;&nbsp;&nbsp;&nbsp; 748604632 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | $363309252 | $1577993258 | $310734683 | $1110108988 |
| **NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF** |  |  |  |  |
| Paid-in capital<sup>(f)(g)(h)</sup> | $413139237 | $1549683066 | $349384765 | $1312580227 |
| Accumulated earnings (loss) | &nbsp;&nbsp;&nbsp; (49829985) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28310192 | &nbsp;&nbsp;&nbsp; (38650082) | &nbsp;&nbsp;&nbsp;&nbsp; (202471239) |
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | $363309252 | $1577993258 | $310734683 | $1110108988 |
| Net asset value per Common Share | $12.08 | $24.80 | $12.00 | $11.79 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $600949931 | $2341579874 | $500661654 | $1765933970 |
| <sup>(b)</sup> Investments, at cost—affiliated | $6352429 | $27631087 | $14513772 | $45416846 |
| <sup>(c)</sup> Preferred Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5264 |
| <sup>(d)</sup> Preferred Shares authorized | 3426 | 7650 | Unlimited | 26128 |
| <sup>(e)</sup> Par value per Preferred Share | $0.001 | $0.001 | $0.001 | $0.10 |
| &nbsp;&nbsp; <sup>(f)</sup> Common Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 30063645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63625411 | &nbsp;&nbsp;&nbsp;&nbsp; 25903340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94183923 |
| <sup>(g)</sup> Common Shares authorized | Unlimited | Unlimited | Unlimited | 199973872 |
| <sup>(h)</sup> Par value per Common Share | $0.001 | $0.001 | $0.001 | $0.10 |

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Report to Shareholders

------

Statements of Assets and Liabilities (unaudited) (continued)

January 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | MUE |
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)</sup> | $404500521 |
| Investments, at value — affiliated<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6394152 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp; Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 818011 |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6965 |
| &nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4081311 |
| Total assets | &nbsp;&nbsp; 415800960 |
| **ACCRUED LIABILITIES** |  |
| Bank overdraft | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187221 |
| Payables: |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp; 1364205 |
| &nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27995 |
| &nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1945 |
| &nbsp;&nbsp;&nbsp; Income dividend distributions — Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1117821 |
| &nbsp;&nbsp;&nbsp; Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548595 |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181148 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10754 |
| &nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12746 |
| &nbsp;&nbsp;&nbsp; Reorganization costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135053 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2743 |
| Total accrued liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 3590226 |
| **OTHER LIABILITIES** |  |
| TOB Trust Certificates | &nbsp;&nbsp;&nbsp;&nbsp; 94176616 |
| VMTP Shares, at liquidation value of $100,000 per share, net of deferred offering costs<sup>(c)(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 78000000 |
| Total other liabilities | &nbsp;&nbsp; 172176616 |
| Total liabilities | &nbsp;&nbsp; 175766842 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | $240034118 |
| **NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF** |  |
| Paid-in capital<sup>(f)(g)(h)</sup> | $278680289 |
| Accumulated loss | &nbsp;&nbsp;&nbsp; (38646171) |
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | $240034118 |
| Net asset value per Common Share | $10.95 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $399966947 |
| <sup>(b)</sup> Investments, at cost—affiliated | $6394152 |
| <sup>(c)</sup> Preferred Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780 |
| <sup>(d)</sup> Preferred Shares authorized | 9490 |
| <sup>(e)</sup> Par value per Preferred Share | $0.10 |
| &nbsp;&nbsp; <sup>(f)</sup> Common Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 21918068 |
| <sup>(g)</sup> Common Shares authorized | 199990510 |
| <sup>(h)</sup> Par value per Common Share | $0.10 |

---

*See notes to financial statements.*

Financial Statements

------

Statements of Operations (unaudited)

Six Months Ended January 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BFZ | BTT | BYM | MUC |
| **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; $50563 | &nbsp;&nbsp;&nbsp;&nbsp; $160662 | &nbsp;&nbsp;&nbsp;&nbsp; $72005 | &nbsp;&nbsp;&nbsp;&nbsp; $494919 |
| &nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp; 13733963 | &nbsp;&nbsp;&nbsp;&nbsp; 41433303 | &nbsp;&nbsp;&nbsp;&nbsp; 12331868 | &nbsp;&nbsp;&nbsp;&nbsp; 42887938 |
| Total investment income | &nbsp;&nbsp; 13784526 | &nbsp;&nbsp;&nbsp;&nbsp; 41593965 | &nbsp;&nbsp;&nbsp;&nbsp; 12403873 | &nbsp;&nbsp;&nbsp;&nbsp; 43382857 |
| EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory | &nbsp;&nbsp; 1693124 | &nbsp;&nbsp;&nbsp;&nbsp; 4843122 | &nbsp;&nbsp;&nbsp;&nbsp; 1452859 | &nbsp;&nbsp;&nbsp;&nbsp; 5099448 |
| &nbsp;&nbsp;&nbsp; Liquidity fees | &nbsp;&nbsp; 624211 | &nbsp;&nbsp;&nbsp;&nbsp; 2732975 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1918184 |
| &nbsp;&nbsp;&nbsp; Reorganization | &nbsp;&nbsp; 109849 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 112100 |
| &nbsp;&nbsp;&nbsp; Remarketing fees on Preferred Shares | &nbsp;&nbsp; 86354 | &nbsp;&nbsp;&nbsp;&nbsp; 378082 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 265363 |
| &nbsp;&nbsp;&nbsp; Accounting services | &nbsp;&nbsp; 23139 | &nbsp;&nbsp;&nbsp;&nbsp; 120119 | &nbsp;&nbsp;&nbsp;&nbsp; 34336 | &nbsp;&nbsp;&nbsp;&nbsp; 97073 |
| &nbsp;&nbsp;&nbsp; Professional | &nbsp;&nbsp; 17935 | &nbsp;&nbsp;&nbsp;&nbsp; 47152 | &nbsp;&nbsp;&nbsp;&nbsp; 23710 | &nbsp;&nbsp;&nbsp;&nbsp; 54901 |
| &nbsp;&nbsp;&nbsp; Transfer agent | &nbsp;&nbsp; 14662 | &nbsp;&nbsp;&nbsp;&nbsp; 26792 | &nbsp;&nbsp;&nbsp;&nbsp; 19527 | &nbsp;&nbsp;&nbsp;&nbsp; 44276 |
| &nbsp;&nbsp;&nbsp; Trustees and Officer | &nbsp;&nbsp; 12180 | &nbsp;&nbsp;&nbsp;&nbsp; 46405 | &nbsp;&nbsp;&nbsp;&nbsp; 9959 | &nbsp;&nbsp;&nbsp;&nbsp; 66116 |
| &nbsp;&nbsp;&nbsp; Proxy | &nbsp;&nbsp; 10892 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Registration | &nbsp;&nbsp; 4554 | &nbsp;&nbsp;&nbsp;&nbsp; 11703 | &nbsp;&nbsp;&nbsp;&nbsp; 3924 | &nbsp;&nbsp;&nbsp;&nbsp; 17150 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp; 2943 | &nbsp;&nbsp;&nbsp;&nbsp; 12521 | &nbsp;&nbsp;&nbsp;&nbsp; 1790 | &nbsp;&nbsp;&nbsp;&nbsp; 8149 |
| &nbsp;&nbsp;&nbsp; Printing and postage | &nbsp;&nbsp; 1229 | &nbsp;&nbsp;&nbsp;&nbsp; 6325 | &nbsp;&nbsp;&nbsp;&nbsp; 7857 | &nbsp;&nbsp;&nbsp;&nbsp; 4118 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | &nbsp;&nbsp; 29628 | &nbsp;&nbsp;&nbsp;&nbsp; 51450 | &nbsp;&nbsp;&nbsp;&nbsp; 44968 | &nbsp;&nbsp;&nbsp;&nbsp; 45616 |
| Total expenses excluding interest expense, fees and amortization of offering costs | &nbsp;&nbsp; 2630700 | &nbsp;&nbsp;&nbsp;&nbsp; 8276646 | &nbsp;&nbsp;&nbsp;&nbsp; 1598930 | &nbsp;&nbsp;&nbsp;&nbsp; 7732494 |
| &nbsp;&nbsp;&nbsp; Interest expense, fees and amortization of offering costs<sup>(a)</sup> | &nbsp;&nbsp; 3731993 | &nbsp;&nbsp;&nbsp;&nbsp; 11486205 | &nbsp;&nbsp;&nbsp;&nbsp; 3599376 | &nbsp;&nbsp;&nbsp;&nbsp; 10276776 |
| Total expenses | &nbsp;&nbsp; 6362693 | &nbsp;&nbsp;&nbsp;&nbsp; 19762851 | &nbsp;&nbsp;&nbsp;&nbsp; 5198306 | &nbsp;&nbsp;&nbsp;&nbsp; 18009270 |
| Less fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (2175)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6816)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19068)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20274)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 6360518 | &nbsp;&nbsp;&nbsp;&nbsp; 19756035 | &nbsp;&nbsp;&nbsp;&nbsp; 5179238 | &nbsp;&nbsp;&nbsp;&nbsp; 17988996 |
| Net investment income | &nbsp;&nbsp; 7424008 | &nbsp;&nbsp;&nbsp;&nbsp; 21837930 | &nbsp;&nbsp;&nbsp;&nbsp; 7224635 | &nbsp;&nbsp;&nbsp;&nbsp; 25393861 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; (173170)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1587248)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1424506)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (681283)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; 105154 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (68016)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1587248)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1424506)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (681283)<br>|
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; 24600196 | &nbsp;&nbsp;&nbsp;&nbsp; 33315393 | &nbsp;&nbsp;&nbsp;&nbsp; 18592370 | &nbsp;&nbsp;&nbsp;&nbsp; 63345673 |
| Net realized and unrealized gain | &nbsp;&nbsp; 24532180 | &nbsp;&nbsp;&nbsp;&nbsp; 31728145 | &nbsp;&nbsp;&nbsp;&nbsp; 17167864 | &nbsp;&nbsp;&nbsp;&nbsp; 62664390 |
| &nbsp;&nbsp;&nbsp; NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS <br>RESULTING FROM OPERATIONS<br>| &nbsp;&nbsp; $31956188 | &nbsp;&nbsp;&nbsp;&nbsp; $53566075 | &nbsp;&nbsp;&nbsp;&nbsp; $24392499 | &nbsp;&nbsp;&nbsp;&nbsp; $88058251 |
| <sup>(a)</sup> Related to TOB Trusts, VMTP and/or VRDP Shares. | <sup>(a)</sup> Related to TOB Trusts, VMTP and/or VRDP Shares. | <sup>(a)</sup> Related to TOB Trusts, VMTP and/or VRDP Shares. | <sup>(a)</sup> Related to TOB Trusts, VMTP and/or VRDP Shares. | <sup>(a)</sup> Related to TOB Trusts, VMTP and/or VRDP Shares. |

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Report to Shareholders

------

Statements of Operations (unaudited) (continued)

Six Months Ended January 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | MUE |
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; $78845 |
| &nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp; 9562467 |
| Total investment income | &nbsp;&nbsp; 9641312 |
| EXPENSES |  |
| &nbsp;&nbsp;&nbsp; Investment advisory | &nbsp;&nbsp; 1127343 |
| &nbsp;&nbsp;&nbsp; Reorganization | &nbsp;&nbsp; 105857 |
| &nbsp;&nbsp;&nbsp; Accounting services | &nbsp;&nbsp; 34205 |
| &nbsp;&nbsp;&nbsp; Professional | &nbsp;&nbsp; 25518 |
| &nbsp;&nbsp;&nbsp; Transfer agent | &nbsp;&nbsp; 23870 |
| &nbsp;&nbsp;&nbsp; Trustees and Officer | &nbsp;&nbsp; 6223 |
| &nbsp;&nbsp;&nbsp; Printing and postage | &nbsp;&nbsp; 4899 |
| &nbsp;&nbsp;&nbsp; Registration | &nbsp;&nbsp; 3695 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp; 2730 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | &nbsp;&nbsp; 44690 |
| Total expenses excluding interest expense, fees and amortization of offering costs | &nbsp;&nbsp; 1379030 |
| &nbsp;&nbsp;&nbsp; Interest expense, fees and amortization of offering costs<sup>(a)</sup> | &nbsp;&nbsp; 2816868 |
| Total expenses | &nbsp;&nbsp; 4195898 |
| Less fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (123900)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 4071998 |
| Net investment income | &nbsp;&nbsp; 5569314 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp; Net realized loss from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; (1804791)<br>|
|  | &nbsp;&nbsp; (1804791)<br>|
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; 16545876 |
| Net realized and unrealized gain | &nbsp;&nbsp; 14741085 |
| &nbsp;&nbsp;&nbsp; NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS <br>RESULTING FROM OPERATIONS<br>| &nbsp;&nbsp; $20310399 |
| <sup>(a)</sup> Related to TOB Trusts and VMTP Shares. | <sup>(a)</sup> Related to TOB Trusts and VMTP Shares. |

---

*See notes to financial statements.*

Financial Statements

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BFZ | BFZ | BTT | BTT |
|  | &nbsp;&nbsp; Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp;&nbsp; Six Months Ended <br>01/31/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $7424008 | &nbsp;&nbsp;&nbsp;&nbsp; $13744282 | &nbsp;&nbsp;&nbsp;&nbsp; $21837930 | &nbsp;&nbsp;&nbsp;&nbsp; $40402833 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (68016)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2906423)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1587248)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2223380 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 24600196 | &nbsp;&nbsp;&nbsp;&nbsp; (34648533)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33315393 | &nbsp;&nbsp;&nbsp;&nbsp; 11823880 |
| Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations | &nbsp;&nbsp; 31956188 | &nbsp;&nbsp;&nbsp;&nbsp; (23810674)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 53566075 | &nbsp;&nbsp;&nbsp;&nbsp; 54450093 |
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (10143474 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (12199737)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17761206 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (36332887)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9085324)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Decrease in net assets resulting from distributions to Common Shareholders | &nbsp;&nbsp; (10143474)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21285061)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17761206)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36332887)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Redemption of shares resulting from share repurchase program (including transaction costs) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6859931)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35713944)<br>|
| *NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS* |  |  |  |  |
| Total increase (decrease) in net assets applicable to Common Shareholders | &nbsp;&nbsp; 21812714 | &nbsp;&nbsp;&nbsp;&nbsp; (45095735)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28944938 | &nbsp;&nbsp;&nbsp;&nbsp; (17596738)<br>|
| Beginning of period | &nbsp;&nbsp; 341496538 | &nbsp;&nbsp;&nbsp;&nbsp; 386592273 | &nbsp;&nbsp;&nbsp;&nbsp; 1549048320 | &nbsp;&nbsp;&nbsp;&nbsp; 1566645058 |
| End of period | &nbsp;&nbsp; $363309252 | &nbsp;&nbsp;&nbsp;&nbsp; $341496538 | &nbsp;&nbsp;&nbsp;&nbsp; $1577993258 | &nbsp;&nbsp;&nbsp;&nbsp; $1549048320 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> 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.*

2026 BlackRock Semi-Annual Report to Shareholders

------

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BYM | BYM | MUC | MUC |
|  | &nbsp;&nbsp; Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/25<br>| &nbsp;&nbsp;&nbsp; Six Months Ended <br>01/31/26 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $7224635 | &nbsp;&nbsp;&nbsp;&nbsp; $13110167 | &nbsp;&nbsp;&nbsp;&nbsp; $25393861 | &nbsp;&nbsp;&nbsp;&nbsp; $46024335 |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp; (1424506)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2610319)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (681283)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20230283)<br>|
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 18592370 | &nbsp;&nbsp;&nbsp;&nbsp; (27080244)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63345673 | &nbsp;&nbsp;&nbsp;&nbsp; (100019977)<br>|
| Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations | &nbsp;&nbsp; 24392499 | &nbsp;&nbsp;&nbsp;&nbsp; (16580396)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 88058251 | &nbsp;&nbsp;&nbsp;&nbsp; (74225925)<br>|
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (8625812 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (11973149)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30233039 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (41082868)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5123055)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (18441371)<br>|
| Decrease in net assets resulting from distributions to Common Shareholders | &nbsp;&nbsp; (8625812)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17096204)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30233039)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59524239)<br>|
| *NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS* |  |  |  |  |
| Total increase (decrease) in net assets applicable to Common Shareholders | &nbsp;&nbsp; 15766687 | &nbsp;&nbsp;&nbsp;&nbsp; (33676600)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 57825212 | &nbsp;&nbsp;&nbsp;&nbsp; (133750164)<br>|
| Beginning of period | &nbsp;&nbsp; 294967996 | &nbsp;&nbsp;&nbsp;&nbsp; 328644596 | &nbsp;&nbsp;&nbsp;&nbsp; 1052283776 | &nbsp;&nbsp;&nbsp;&nbsp; 1186033940 |
| End of period | &nbsp;&nbsp; $310734683 | &nbsp;&nbsp;&nbsp;&nbsp; $294967996 | &nbsp;&nbsp;&nbsp;&nbsp; $1110108988 | &nbsp;&nbsp;&nbsp;&nbsp; $1052283776 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> 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.*

Financial Statements

------

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | MUE | MUE |
|  | &nbsp;&nbsp; Six Months Ended <br>01/31/26 <br>(unaudited)<br>| &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS* |  |  |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $5569314 | &nbsp;&nbsp;&nbsp;&nbsp; $9834871 |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp; (1804791)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6643456)<br>|
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 16545876 | &nbsp;&nbsp;&nbsp;&nbsp; (18273606)<br>|
| Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations | &nbsp;&nbsp; 20310399 | &nbsp;&nbsp;&nbsp;&nbsp; (15082191)<br>|
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (6706929 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (8881833)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4269008)<br>|
| Decrease in net assets resulting from distributions to Common Shareholders | &nbsp;&nbsp; (6706929)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13150841)<br>|
| *NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS* |  |  |
| Total increase (decrease) in net assets applicable to Common Shareholders | &nbsp;&nbsp; 13603470 | &nbsp;&nbsp;&nbsp;&nbsp; (28233032)<br>|
| Beginning of period | &nbsp;&nbsp; 226430648 | &nbsp;&nbsp;&nbsp;&nbsp; 254663680 |
| End of period | &nbsp;&nbsp; $240034118 | &nbsp;&nbsp;&nbsp;&nbsp; $226430648 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. <br> <sup>(b)</sup> 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.*

2026 BlackRock Semi-Annual Report to Shareholders

------

Statements of Cash Flows (unaudited)

Six Months Ended January 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BFZ | BTT | BYM | MUC |
| **CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES** |  |  |  |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $31956188 | &nbsp;&nbsp; $53566075 | &nbsp;&nbsp; $24392499 | &nbsp;&nbsp; $88058251 |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) <br> operating activities:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from sales of long-term investments and principal paydowns/payups | &nbsp;&nbsp; 143575085 | &nbsp;&nbsp; 329633767 | &nbsp;&nbsp; 64528811 | &nbsp;&nbsp; 173160167 |
| &nbsp;&nbsp;&nbsp; Purchases of long-term investments | &nbsp;&nbsp; (154667754)<br>| &nbsp;&nbsp; (328747532)<br>| &nbsp;&nbsp; (70577705)<br>| &nbsp;&nbsp; (159198672)<br>|
| &nbsp;&nbsp;&nbsp; Net proceeds from sales (purchases) of short-term securities | &nbsp;&nbsp; 1270568 | &nbsp;&nbsp; (7919256)<br>| &nbsp;&nbsp; (11616001)<br>| &nbsp;&nbsp; (26612279)<br>|
| &nbsp;&nbsp;&nbsp; Amortization of premium and accretion of discount on investments and other fees | &nbsp;&nbsp; 690675 | &nbsp;&nbsp; 6496286 | &nbsp;&nbsp; (733239)<br>| &nbsp;&nbsp; 613032 |
| &nbsp;&nbsp;&nbsp; Net realized loss on investments | &nbsp;&nbsp; 173170 | &nbsp;&nbsp; 1587248 | &nbsp;&nbsp; 1424506 | &nbsp;&nbsp; 681283 |
| &nbsp;&nbsp;&nbsp; Net unrealized (appreciation) depreciation on investments | &nbsp;&nbsp; (24600196)<br>| &nbsp;&nbsp; (33315393)<br>| &nbsp;&nbsp; (18592370)<br>| &nbsp;&nbsp; (63345673)<br>|
| (Increase) Decrease in Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Receivables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; 2627 | &nbsp;&nbsp; 53910 | &nbsp;&nbsp; 986 | &nbsp;&nbsp; (21612)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp; (175170)<br>| &nbsp;&nbsp; (354045)<br>| &nbsp;&nbsp; (124584)<br>| &nbsp;&nbsp; (1774400)<br>|
| &nbsp;&nbsp;&nbsp; Prepaid expenses | &nbsp;&nbsp; 19812 | &nbsp;&nbsp; 722017 | &nbsp;&nbsp; — | &nbsp;&nbsp; (89718)<br>|
| Increase (Decrease) in Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp; (4001)<br>| &nbsp;&nbsp; (18964)<br>| &nbsp;&nbsp; (5929)<br>| &nbsp;&nbsp; (17552)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp; (717)<br>| &nbsp;&nbsp; (1919)<br>| &nbsp;&nbsp; (1345)<br>| &nbsp;&nbsp; (2184)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense and fees | &nbsp;&nbsp; 90390 | &nbsp;&nbsp; 70565 | &nbsp;&nbsp; 146723 | &nbsp;&nbsp; 330909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp; 11956 | &nbsp;&nbsp; 11921 | &nbsp;&nbsp; (370)<br>| &nbsp;&nbsp; 23806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | &nbsp;&nbsp; 749 | &nbsp;&nbsp; (1216)<br>| &nbsp;&nbsp; 57 | &nbsp;&nbsp; (3857)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp; (4076)<br>| &nbsp;&nbsp; (6789)<br>| &nbsp;&nbsp; (18477)<br>| &nbsp;&nbsp; (2670)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp; (14163)<br>| &nbsp;&nbsp; 3502 | &nbsp;&nbsp; (8786)<br>| &nbsp;&nbsp; (131)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reorganization costs | &nbsp;&nbsp; (75925)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (126888)<br>| &nbsp;&nbsp; (83009)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp; 843 | &nbsp;&nbsp; (1660)<br>| &nbsp;&nbsp; 2363 | &nbsp;&nbsp; (11980)<br>|
| Net cash provided by (used for) operating activities | &nbsp;&nbsp; (1749939)<br>| &nbsp;&nbsp; 21778517 | &nbsp;&nbsp; (11309749)<br>| &nbsp;&nbsp; 11703711 |
| **CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES** |  |  |  |  |
| Cash dividends paid to Common Shareholders | &nbsp;&nbsp; (8717858)<br>| &nbsp;&nbsp; (15006589)<br>| &nbsp;&nbsp; (7257702)<br>| &nbsp;&nbsp; (25598108)<br>|
| Repayments of TOB Trust Certificates | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (7500000)<br>| &nbsp;&nbsp; — |
| Net payments on Common Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp; (7291430)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Proceeds from TOB Trust Certificates | &nbsp;&nbsp; 9999000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25835868 | &nbsp;&nbsp; 17748992 |
| Increase (decrease) in bank overdraft | &nbsp;&nbsp; 259719 | &nbsp;&nbsp; 1143493 | &nbsp;&nbsp; 231583 | &nbsp;&nbsp; (3863973)<br>|
| Amortization of deferred offering costs | &nbsp;&nbsp; 209078 | &nbsp;&nbsp; (623991)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 9378 |
| Net cash provided by (used for) for financing activities | &nbsp;&nbsp; 1749939 | &nbsp;&nbsp; (21778517)<br>| &nbsp;&nbsp; 11309749 | &nbsp;&nbsp; (11703711)<br>|
| **CASH** |  |  |  |  |
| Net increase in restricted and unrestricted cash | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Restricted and unrestricted cash at beginning of period | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Restricted and unrestricted cash at end of period  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** |  |  |  |  |
| Cash paid during the period for interest expense | &nbsp;&nbsp; $3432525 | &nbsp;&nbsp; $12039631 | &nbsp;&nbsp; $3452653 | &nbsp;&nbsp; $9936489 |

---

*See notes to financial statements.*

Financial Statements

------

Statements of Cash Flows (unaudited) (continued)

Six Months Ended January 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | MUE |
| **CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES** |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $20310399 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash used for operating activities: |  |
| &nbsp;&nbsp;&nbsp; Proceeds from sales of long-term investments and principal paydowns/payups | &nbsp;&nbsp; 53040002 |
| &nbsp;&nbsp;&nbsp; Purchases of long-term investments | &nbsp;&nbsp; (66464231)<br>|
| &nbsp;&nbsp;&nbsp; Net purchases of short-term securities | &nbsp;&nbsp; (1351074)<br>|
| &nbsp;&nbsp;&nbsp; Amortization of premium and accretion of discount on investments and other fees | &nbsp;&nbsp; 98496 |
| &nbsp;&nbsp;&nbsp; Net realized loss on investments | &nbsp;&nbsp; 1804791 |
| &nbsp;&nbsp;&nbsp; Net unrealized (appreciation) depreciation on investments | &nbsp;&nbsp; (16545876)<br>|
| (Increase) Decrease in Assets |  |
| &nbsp;&nbsp;&nbsp; Receivables |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; 4656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp; (310750)<br>|
| Increase (Decrease) in Liabilities |  |
| &nbsp;&nbsp;&nbsp; Payables |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp; (5059)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp; (207)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense and fees | &nbsp;&nbsp; 224634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp; 2842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | &nbsp;&nbsp; (1552)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp; (24273)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp; (7737)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reorganization costs | &nbsp;&nbsp; 19034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp; (4009)<br>|
| Net cash used for operating activities | &nbsp;&nbsp; (9209914)<br>|
| **CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES** |  |
| Cash dividends paid to Common Shareholders | &nbsp;&nbsp; (5627929)<br>|
| Proceeds from TOB Trust Certificates | &nbsp;&nbsp; 14653493 |
| Increase in bank overdraft | &nbsp;&nbsp; 184350 |
| Net cash provided by financing activities | &nbsp;&nbsp; 9209914 |
| **CASH** |  |
| Net increase in restricted and unrestricted cash | &nbsp;&nbsp; — |
| Restricted and unrestricted cash at beginning of period | &nbsp;&nbsp; — |
| Restricted and unrestricted cash at end of period  | &nbsp;&nbsp; $— |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** |  |
| Cash paid during the period for interest expense | &nbsp;&nbsp; $2592234 |

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Report to Shareholders

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BFZ | BFZ | BFZ | BFZ | BFZ | BFZ |
|  | &nbsp;&nbsp; Six Months Ended <br>01/31/26 <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/21 |
|  | &nbsp;&nbsp; Six Months Ended <br>01/31/26 <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $11.36 | &nbsp;&nbsp;&nbsp;&nbsp; $12.86 | &nbsp;&nbsp;&nbsp;&nbsp; $13.03 | &nbsp;&nbsp;&nbsp;&nbsp; $13.41 | &nbsp;&nbsp;&nbsp;&nbsp; $16.29 | &nbsp;&nbsp;&nbsp;&nbsp; $15.86 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| Net increase (decrease) from investment operations | 1.06 | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| **Distributions to Common Shareholders**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.34 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.48)<br>|
| &nbsp;&nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions to Common Shareholders | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.48)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $12.08 | &nbsp;&nbsp;&nbsp;&nbsp; $11.36 | &nbsp;&nbsp;&nbsp;&nbsp; $12.86 | &nbsp;&nbsp;&nbsp;&nbsp; $13.03 | &nbsp;&nbsp;&nbsp;&nbsp; $13.41 | &nbsp;&nbsp;&nbsp;&nbsp; $16.29 |
| **Market price, end of period** | &nbsp;&nbsp; $11.21 | &nbsp;&nbsp;&nbsp;&nbsp; $10.44 | &nbsp;&nbsp;&nbsp;&nbsp; $12.03 | &nbsp;&nbsp;&nbsp;&nbsp; $11.59 | &nbsp;&nbsp;&nbsp;&nbsp; $11.65 | &nbsp;&nbsp;&nbsp;&nbsp; $15.01 |
| **Total Return Applicable to Common Shareholders**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.67 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.97)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.93)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.24<br> %<br>|
| Based on market price | 10.74 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.63)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.85)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.59<br> %<br>|
| **Ratios to Average Net Assets Applicable to Common Shareholders**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 3.49 %<sup>(g)(h)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.33 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.43 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.95 %<sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 3.48 %<sup>(g)(h)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.20 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.39 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.95 %<sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding interest expense <br> and fees, amortization of offering costs and/or reorganization costs<sup>(m)</sup><br>| 1.39 %<sup>(g)(n)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26 %<sup>(o)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>|
| Net investment income to Common Shareholders | 4.10 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.37<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets applicable to Common Shareholders, end of period (000) | &nbsp;&nbsp; $363309 | &nbsp;&nbsp;&nbsp;&nbsp; $341497 | &nbsp;&nbsp;&nbsp;&nbsp; $386592 | &nbsp;&nbsp;&nbsp;&nbsp; $394327 | &nbsp;&nbsp;&nbsp;&nbsp; $417250 | &nbsp;&nbsp;&nbsp;&nbsp; $510656 |
| VRDP Shares outstanding at $100,000 liquidation value, end of period (000) | &nbsp;&nbsp; $171300 | &nbsp;&nbsp;&nbsp;&nbsp; $171300 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Asset coverage per VRDP Shares at $100,000 liquidation value, end of period | &nbsp;&nbsp; $244400 <br><sup>(p)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $235730 <br><sup>(p)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| VMTP Shares outstanding at $100,000 liquidation value, end of period (000) | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $171300 | &nbsp;&nbsp;&nbsp;&nbsp; $171300 | &nbsp;&nbsp;&nbsp;&nbsp; $171300 | &nbsp;&nbsp;&nbsp;&nbsp; $171300 |
| Asset coverage per VMTP Shares at $100,000 liquidation value, end of period | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $287262 <br><sup>(q)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $291013 <br><sup>(q)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $254015 <br><sup>(q)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $398106 <br><sup>(r)</sup><br>|
| TOB Trust Certificates, end of period (000) | &nbsp;&nbsp; $80300 | &nbsp;&nbsp;&nbsp;&nbsp; $80300 | &nbsp;&nbsp;&nbsp;&nbsp; $35145 | &nbsp;&nbsp;&nbsp;&nbsp; $35140 | &nbsp;&nbsp;&nbsp;&nbsp; $99616 | &nbsp;&nbsp;&nbsp;&nbsp; $143276 |
| Asset coverage per $1,000 of TOB Trust Certificates, end of period<sup>(s)</sup> | &nbsp;&nbsp; $7658 | &nbsp;&nbsp;&nbsp;&nbsp; $7383 | &nbsp;&nbsp;&nbsp;&nbsp; $16874 | &nbsp;&nbsp;&nbsp;&nbsp; $17096 | &nbsp;&nbsp;&nbsp;&nbsp; $6908 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Portfolio turnover rate | &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average Common Shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

<sup>(d)</sup> 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. 

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Includes non-recurring expenses of proxy fees and reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.45% and 3.44%, respectively. 

<sup>(i)</sup> Reorganization costs and proxy costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 3.52% and 3.51%, respectively. 

<sup>(j)</sup> Includes non-recurring expenses of proxy fees and reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.18% and 3.05%, respectively. 

<sup>(k)</sup> Includes non-recurring expenses of proxy fees and reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.24% and 3.20%, respectively. 

<sup>(l)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 2.86% and 2.86%, respectively.

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

<sup>(n)</sup> For the period ended January 31, 2026, the total expense ratio after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees, amortization of offering costs,reorganization costs, liquidity and remarketing fees was 1%. 

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(o)</sup> For the year ended July 31, 2025, the total expense ratio after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees, amortization of offering costs, reorganization costs, liquidity and remarketing fees was 0.94%. 

<sup>(p)</sup> Calculated by subtracting the Trust's total liabilities (not including VRDP Shares) from the Trust's total assets and dividing this by the liquidation value of the VRDP Shares, and by multiplying the results by 100,000. 

<sup>(q)</sup> Calculated by subtracting the Trust's total liabilities (not including VMTP Shares and TOBs) from the Trust's total assets and dividing this by the sum of the amount of TOBs and liquidation valueof the VMTP Shares, and by multiplying the results by 100,000. 

<sup>(r)</sup> Calculated by subtracting the Trust's total liabilities (not including VMTP Shares) from the Trust's total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000. 

<sup>(s)</sup> 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 Trust's total liabilities (not including VRDP/VMTP Shares and TOBs) from the Trust's total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. 

*See notes to financial statements.*

2026 BlackRock Semi-Annual Report to Shareholders

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BTT | BTT | BTT | BTT | BTT | BTT |
|  | &nbsp;&nbsp; Six Months Ended <br>01/31/26 <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/21 |
|  | &nbsp;&nbsp; Six Months Ended <br>01/31/26 <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $24.23 | &nbsp;&nbsp;&nbsp;&nbsp; $23.88 | &nbsp;&nbsp;&nbsp;&nbsp; $23.55 | &nbsp;&nbsp;&nbsp;&nbsp; $24.27 | &nbsp;&nbsp;&nbsp;&nbsp; $27.32 | &nbsp;&nbsp;&nbsp;&nbsp; $26.31 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net increase (decrease) from investment operations | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.76 |
| Distributions to Common Shareholders from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.28 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.75)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $24.80 | &nbsp;&nbsp;&nbsp;&nbsp; $24.23 | &nbsp;&nbsp;&nbsp;&nbsp; $23.88 | &nbsp;&nbsp;&nbsp;&nbsp; $23.55 | &nbsp;&nbsp;&nbsp;&nbsp; $24.27 | &nbsp;&nbsp;&nbsp;&nbsp; $27.32 |
| **Market price, end of period** | &nbsp;&nbsp; $22.79 | &nbsp;&nbsp;&nbsp;&nbsp; $22.16 | &nbsp;&nbsp;&nbsp;&nbsp; $21.12 | &nbsp;&nbsp;&nbsp;&nbsp; $21.00 | &nbsp;&nbsp;&nbsp;&nbsp; $23.65 | &nbsp;&nbsp;&nbsp;&nbsp; $26.27 |
| **Total Return Applicable to Common Shareholders**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 3.62 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.41)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.92<br> %<br>|
| Based on market price | 4.11 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.22)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.17)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.16<br> %<br>|
| **Ratios to Average Net Assets Applicable to Common Shareholders**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 2.50 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 2.50 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding interest <br> expense and fees and amortization of offering costs<sup>(h)</sup><br>| 1.05 %<sup>(g)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Net investment income to Common Shareholders | 2.76 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.74<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets applicable to Common Shareholders, end of period (000) | &nbsp;&nbsp; $1577993 | &nbsp;&nbsp;&nbsp;&nbsp; $1549048 | &nbsp;&nbsp;&nbsp;&nbsp; $1566645 | &nbsp;&nbsp;&nbsp;&nbsp; $1660240 | &nbsp;&nbsp;&nbsp;&nbsp; $1711088 | &nbsp;&nbsp;&nbsp;&nbsp; $1926028 |
| &nbsp;&nbsp;&nbsp; RVMTP Shares outstanding at $5,000,000 liquidation value, end of <br> period (000)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $750000 | &nbsp;&nbsp;&nbsp;&nbsp; $750000 | &nbsp;&nbsp;&nbsp;&nbsp; $750000 |
| &nbsp;&nbsp;&nbsp; Asset coverage per RVMTP Shares at $5,000,000 liquidation value, end of <br> period<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $15128727 <br><sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $13753263 <br><sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $17840188 <br><sup>(l)</sup><br>|
| &nbsp;&nbsp;&nbsp; VRDP Shares outstanding at $100,000 liquidation value, end of <br> period (000)<br>| &nbsp;&nbsp; $750000 | &nbsp;&nbsp;&nbsp;&nbsp; $750000 | &nbsp;&nbsp;&nbsp;&nbsp; $750000 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Asset coverage per VRDP Shares at $100,000 liquidation value, end of <br> period<br>| &nbsp;&nbsp; $289341 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $285868 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $291155 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| TOB Trust Certificates, end of period (000) | &nbsp;&nbsp; $83415 | &nbsp;&nbsp;&nbsp;&nbsp; $83415 | &nbsp;&nbsp;&nbsp;&nbsp; $69570 | &nbsp;&nbsp;&nbsp;&nbsp; $69570 | &nbsp;&nbsp;&nbsp;&nbsp; $227400 | &nbsp;&nbsp;&nbsp;&nbsp; $233220 |
| Asset coverage per $1,000 of TOB Trust Certificates, end of period<sup>(n)</sup> | &nbsp;&nbsp; $28900 | &nbsp;&nbsp;&nbsp;&nbsp; $28561 | &nbsp;&nbsp;&nbsp;&nbsp; $34297 | &nbsp;&nbsp;&nbsp;&nbsp; $35641 | &nbsp;&nbsp;&nbsp;&nbsp; $11822 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Portfolio turnover rate | &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average Common Shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

<sup>(d)</sup> 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. 

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

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

<sup>(i)</sup> For the six months ended January 31, 2026, the total expense ratio after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees, amortization of offering costs, liquidity and remarketing fees was 0.65%. 

<sup>(j)</sup> For the year ended July 31, 2025, the total expense ratio after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees, amortization of offering costs, liquidity and remarketing fees was 0.65%. 

<sup>(k)</sup> Calculated by subtracting the Trust's total liabilities (not including RVMTP Shares and TOBs) from the Trust's total assets and dividing this by the sum of the amount of TOBs and liquidation value of the RVMTP Shares, and by multiplying the results by 5,000,000. 

<sup>(l)</sup> Calculated by subtracting the Trust's total liabilities (not including RVMTP Shares) from the Trust's total assets and dividing this by the liquidation value of the RVMTP Shares, and by multiplying the results by 5,000,000. 

<sup>(m)</sup> Calculated by subtracting the Trust's total liabilities (not including VRDP Shares and TOBs) from the Trust's total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000.

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(n)</sup> 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 Trust's total liabilities (not including VRDP/RVMTP Shares and TOBs) from the Trust's total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000.. 

*See notes to financial statements.*

2026 BlackRock Semi-Annual Report to Shareholders

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BYM | BYM | BYM | BYM | BYM | BYM | BYM |
|  | &nbsp;&nbsp; Six Months Ended <br>01/31/26 <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Period from <br>09/01/21 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>08/31/21 | &nbsp;&nbsp;&nbsp; Year Ended <br>08/31/20 |
|  | &nbsp;&nbsp; Six Months Ended <br>01/31/26 <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Period from <br>09/01/21 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>08/31/21 | &nbsp;&nbsp;&nbsp; Year Ended <br>08/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $11.39 | &nbsp;&nbsp;&nbsp;&nbsp; $12.69 | &nbsp;&nbsp;&nbsp;&nbsp; $12.73 | &nbsp;&nbsp;&nbsp;&nbsp; $13.56 | &nbsp;&nbsp;&nbsp;&nbsp; $15.95 | &nbsp;&nbsp;&nbsp;&nbsp; $15.57 | &nbsp;&nbsp;&nbsp;&nbsp; $15.72 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.66 | &nbsp;&nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp; (0.23)<br>|
| Net increase (decrease) from investment operations | 0.94 | &nbsp;&nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| **Distributions to Common Shareholders**<sup>(b)</sup> <br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.33 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.58)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions to Common Shareholders | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.58)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $12.00 | &nbsp;&nbsp;&nbsp;&nbsp; $11.39 | &nbsp;&nbsp;&nbsp;&nbsp; $12.69 | &nbsp;&nbsp;&nbsp;&nbsp; $12.73 | &nbsp;&nbsp;&nbsp;&nbsp; $13.56 | &nbsp;&nbsp;&nbsp;&nbsp; $15.95 | &nbsp;&nbsp;&nbsp;&nbsp; $15.57 |
| **Market price, end of period** | &nbsp;&nbsp; $11.15 | &nbsp;&nbsp;&nbsp;&nbsp; $10.42 | &nbsp;&nbsp;&nbsp;&nbsp; $11.83 | &nbsp;&nbsp;&nbsp;&nbsp; $11.23 | &nbsp;&nbsp;&nbsp;&nbsp; $13.34 | &nbsp;&nbsp;&nbsp;&nbsp; $16.06 | &nbsp;&nbsp;&nbsp;&nbsp; $14.19 |
| **Total Return Applicable to Common Shareholders**<sup>(d)</sup> <br>|  |  |  |  |  |  |  |
| Based on net asset value | 8.60 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.77)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.81)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.99 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.20<br> %<br>|
| Based on market price | 10.30 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.54)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11.95)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.04 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.19<br> %<br>|
| **Ratios to Average Net Assets Applicable to Common** <br> **Shareholders**<sup>(f)</sup> <br>|  |  |  |  |  |  |  |
| Total expenses | 3.34 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.21 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 3.33 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding <br> interest expense and fees, amortization of offering costs and/or <br> reorganization costs<sup>(i)</sup><br>| 1.01 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>|
| Net investment income to Common Shareholders | 4.64 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.35 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.31<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |  |
| Net assets applicable to Common Shareholders, end of period (000) | &nbsp;&nbsp; $310735 | &nbsp;&nbsp;&nbsp;&nbsp; $294968 | &nbsp;&nbsp;&nbsp;&nbsp; $328645 | &nbsp;&nbsp;&nbsp;&nbsp; $333818 | &nbsp;&nbsp;&nbsp;&nbsp; $358161 | &nbsp;&nbsp;&nbsp;&nbsp; $421245 | &nbsp;&nbsp;&nbsp;&nbsp; $411138 |
| &nbsp;&nbsp;&nbsp; VMTP Shares outstanding at $100,000 liquidation value, end of <br> period (000)<br>| &nbsp;&nbsp; $97600 | &nbsp;&nbsp;&nbsp;&nbsp; $97600 | &nbsp;&nbsp;&nbsp;&nbsp; $97600 | &nbsp;&nbsp;&nbsp;&nbsp; $137200 | &nbsp;&nbsp;&nbsp;&nbsp; $137200 | &nbsp;&nbsp;&nbsp;&nbsp; $137200 | &nbsp;&nbsp;&nbsp;&nbsp; $137200 |
| &nbsp;&nbsp;&nbsp; Asset coverage per VMTP Shares at $100,000 liquidation value, end <br> of period<br>| &nbsp;&nbsp; $241601 <br><sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $246671 <br><sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $305941 <br><sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $288190 <br><sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $258385 <br><sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $407030 <br><sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $399664 <br><sup>(k)</sup><br>|
| TOB Trust Certificates, end of period (000) | &nbsp;&nbsp; $121844 | &nbsp;&nbsp;&nbsp;&nbsp; $103508 | &nbsp;&nbsp;&nbsp;&nbsp; $61982 | &nbsp;&nbsp;&nbsp;&nbsp; $40183 | &nbsp;&nbsp;&nbsp;&nbsp; $88933 | &nbsp;&nbsp;&nbsp;&nbsp; $107358 | &nbsp;&nbsp;&nbsp;&nbsp; $121029 |
| Asset coverage per $1,000 of TOB Trust Certificates, end of period<sup>(l)</sup> | &nbsp;&nbsp; $4351 | &nbsp;&nbsp;&nbsp;&nbsp; $4793 | &nbsp;&nbsp;&nbsp;&nbsp; $7877 | &nbsp;&nbsp;&nbsp;&nbsp; $12722 | &nbsp;&nbsp;&nbsp;&nbsp; $6570 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Portfolio turnover rate | &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average Common Shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

<sup>(d)</sup> 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. 

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.11% and 3.03%,respectively. 

<sup>(i)</sup> Interest expense and fees, 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.

<sup>(j)</sup> Calculated by subtracting the Trust's total liabilities (not including VMTP Shares and TOBs) from the Trust'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.

<sup>(k)</sup> Calculated by subtracting the Trust's total liabilities (not including VMTP Shares) from the Trust's total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000. 

<sup>(l)</sup> 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 Trust's total liabilities (not including VMTP Shares and TOBs) from the Trust's total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | MUC | MUC | MUC | MUC | MUC | MUC |
|  | &nbsp;&nbsp; Six Months Ended <br>01/31/26 <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/21 |
|  | &nbsp;&nbsp; Six Months Ended <br>01/31/26 <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $11.17 | &nbsp;&nbsp;&nbsp;&nbsp; $12.59 | &nbsp;&nbsp;&nbsp;&nbsp; $12.68 | &nbsp;&nbsp;&nbsp;&nbsp; $13.42 | &nbsp;&nbsp;&nbsp;&nbsp; $16.16 | &nbsp;&nbsp;&nbsp;&nbsp; $15.95 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.67 | &nbsp;&nbsp;&nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net increase (decrease) from investment operations | 0.94 | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| **Distributions to Common Shareholders**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.32 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.65)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions to Common Shareholders | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.65)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $11.79 | &nbsp;&nbsp;&nbsp;&nbsp; $11.17 | &nbsp;&nbsp;&nbsp;&nbsp; $12.59 | &nbsp;&nbsp;&nbsp;&nbsp; $12.68 | &nbsp;&nbsp;&nbsp;&nbsp; $13.42 | &nbsp;&nbsp;&nbsp;&nbsp; $16.16 |
| **Market price, end of period** | &nbsp;&nbsp; $11.02 | &nbsp;&nbsp;&nbsp;&nbsp; $10.06 | &nbsp;&nbsp;&nbsp;&nbsp; $11.15 | &nbsp;&nbsp;&nbsp;&nbsp; $10.85 | &nbsp;&nbsp;&nbsp;&nbsp; $12.58 | &nbsp;&nbsp;&nbsp;&nbsp; $16.09 |
| **Total Return Applicable to Common Shareholders**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 8.75 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.97)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.27)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.92)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.78<br> %<br>|
| Based on market price | 12.87 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.37)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.87)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.01)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.52<br> %<br>|
| **Ratios to Average Net Assets Applicable to Common Shareholders**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 3.23 %<sup>(h)(i)(j)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.32 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75 %<sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 3.23 %<sup>(h)(i)(j)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.22 %<sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69 %<sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding interest <br> expense and fees, amortization of offering costs and/or reorganization <br> costs<sup>(m)</sup><br>| 1.37 %<sup>(i)(m)(n)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19 %<sup>(o)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>|
| Net investment income to Common Shareholders | 4.57 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.11<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets applicable to Common Shareholders, end of period (000) | &nbsp;&nbsp; $1110109 | &nbsp;&nbsp;&nbsp;&nbsp; $1052284 | &nbsp;&nbsp;&nbsp;&nbsp; $1186034 | &nbsp;&nbsp;&nbsp;&nbsp; $1209826 | &nbsp;&nbsp;&nbsp;&nbsp; $1309300 | &nbsp;&nbsp;&nbsp;&nbsp; $662892 |
| VRDP Shares outstanding at $100,000 liquidation value, end of period (000) | &nbsp;&nbsp; $526400 | &nbsp;&nbsp;&nbsp;&nbsp; $526400 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Asset coverage per VRDP Shares at $100,000 liquidation value, end of period | &nbsp;&nbsp; $250313 | &nbsp;&nbsp;&nbsp;&nbsp; $244044 <br><sup>(p)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| VMTP Shares outstanding at $100,000 liquidation value, end of period (000) | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $526400 | &nbsp;&nbsp;&nbsp;&nbsp; $526400 | &nbsp;&nbsp;&nbsp;&nbsp; $526400 | &nbsp;&nbsp;&nbsp;&nbsp; $254000 |
| Asset coverage per VMTP Shares at $100,000 liquidation value, end of period | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $276078 <br><sup>(q)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $293143 <br><sup>(q)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $249806 <br><sup>(q)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $360981 <br><sup>(r)</sup><br>|
| TOB Trust Certificates, end of period (000) | &nbsp;&nbsp; $212130 | &nbsp;&nbsp;&nbsp;&nbsp; $204130 | &nbsp;&nbsp;&nbsp;&nbsp; $147185 | &nbsp;&nbsp;&nbsp;&nbsp; $99990 | &nbsp;&nbsp;&nbsp;&nbsp; $347600 | &nbsp;&nbsp;&nbsp;&nbsp; $152145 |
| Asset coverage per $1,000 of TOB Trust Certificates, end of period<sup>(s)</sup> | &nbsp;&nbsp; $8712 | &nbsp;&nbsp;&nbsp;&nbsp; $8731 | &nbsp;&nbsp;&nbsp;&nbsp; $12635 | &nbsp;&nbsp;&nbsp;&nbsp; $18364 | &nbsp;&nbsp;&nbsp;&nbsp; $6281 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Portfolio turnover rate | &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average Common Shares outstanding.

<sup>(b)</sup> Amount is less than $0.005 per share.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

<sup>(e)</sup> 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. 

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Reorganization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 3.24% and 3.24%, respectively. 

<sup>(i)</sup> Annualized.

<sup>(j)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.22% and 3.22%,respectively. 

<sup>(k)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.29% and 3.19%,respectively. 

<sup>(l)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.71% and 1.65%,respectively. 

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

<sup>(n)</sup> For the six months ended January 31, 2026, the total expense ratio after fees waived and/or reimbursed and paid indirectly and excluding interest expense, fees, amortization of offering costs,liquidity and remarketing fees was 0.98%. 

2026 BlackRock Semi-Annual Report to Shareholders

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(o)</sup> For the year ended July 31, 2025, the total expense ratio after fees waived and/or reimbursed and paid indirectly and excluding interest expense and fees, amortization of offering costs,reorganization costs, liquidity and remarketing fees was 0.87%. 

<sup>(p)</sup> Calculated by subtracting the Trust's total liabilities (not including VRDP Shares and TOBs) from the Trust's total assets and dividing this by sum of amount of TOBs and liquidation value ofthe VRDP Shares, and by multiplying the results by 100,000. 

<sup>(q)</sup> Calculated by subtracting the Trust's total liabilities (not including VMTP Shares and TOBs) from the Trust's total assets and dividing this by the sum of the amount of TOBs and liquidationvalue of the VMTP Shares, and by multiplying the results by 100,000. 

<sup>(r)</sup> Calculated by subtracting the Trust's total liabilities (not including VMTP Shares) from the Trust's total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000. 

<sup>(s)</sup> 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 Trust's total liabilities (not including VRDP/VMTP Shares and TOBs) from the Trust's total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. 

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | MUE | MUE | MUE | MUE | MUE | MUE |
|  | &nbsp;&nbsp; Six Months Ended <br>01/31/26 <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/21 |
|  | &nbsp;&nbsp; Six Months Ended <br>01/31/26 <br>(unaudited) | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/25 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/23 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>07/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.33 | &nbsp;&nbsp;&nbsp;&nbsp; $11.62 | &nbsp;&nbsp;&nbsp;&nbsp; $11.42 | &nbsp;&nbsp;&nbsp;&nbsp; $12.10 | &nbsp;&nbsp;&nbsp;&nbsp; $14.49 | &nbsp;&nbsp;&nbsp;&nbsp; $14.17 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.68 | &nbsp;&nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| Net increase (decrease) from investment operations | 0.93 | &nbsp;&nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| **Distributions to Common Shareholders**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.31 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.61)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions to Common Shareholders | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.61)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.95 | &nbsp;&nbsp;&nbsp;&nbsp; $10.33 | &nbsp;&nbsp;&nbsp;&nbsp; $11.62 | &nbsp;&nbsp;&nbsp;&nbsp; $11.42 | &nbsp;&nbsp;&nbsp;&nbsp; $12.10 | &nbsp;&nbsp;&nbsp;&nbsp; $14.49 |
| **Market price, end of period** | &nbsp;&nbsp; $10.15 | &nbsp;&nbsp;&nbsp;&nbsp; $9.40 | &nbsp;&nbsp;&nbsp;&nbsp; $10.45 | &nbsp;&nbsp;&nbsp;&nbsp; $9.93 | &nbsp;&nbsp;&nbsp;&nbsp; $11.45 | &nbsp;&nbsp;&nbsp;&nbsp; $14.41 |
| **Total Return Applicable to Common Shareholders**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 9.29 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.70)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.48)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.21)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.97<br> %<br>|
| Based on market price | 11.33 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.58)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.89<br> %<br>|
| **Ratios to Average Net Assets Applicable to Common Shareholders**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 3.45 %<sup>(g)(h)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.12 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 3.35 %<sup>(g)(h)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.01 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding interest expense <br> and fees, amortization of offering costs and/or reorganization costs<sup>(k)</sup><br>| 0.96 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>|
| Net investment income to Common Shareholders | 4.63 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.55<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets applicable to Common Shareholders, end of period (000) | &nbsp;&nbsp; $240034 | &nbsp;&nbsp;&nbsp;&nbsp; $226431 | &nbsp;&nbsp;&nbsp;&nbsp; $254664 | &nbsp;&nbsp;&nbsp;&nbsp; $254254 | &nbsp;&nbsp;&nbsp;&nbsp; $272564 | &nbsp;&nbsp;&nbsp;&nbsp; $326390 |
| VMTP Shares outstanding at $100,000 liquidation value, end of period (000) | &nbsp;&nbsp; $78000 | &nbsp;&nbsp;&nbsp;&nbsp; $78000 | &nbsp;&nbsp;&nbsp;&nbsp; $78000 | &nbsp;&nbsp;&nbsp;&nbsp; $131000 | &nbsp;&nbsp;&nbsp;&nbsp; $131000 | &nbsp;&nbsp;&nbsp;&nbsp; $131000 |
| Asset coverage per VMTP Shares at $100,000 liquidation value, end of period | &nbsp;&nbsp; $239411 <br><sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $243745 <br><sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $328209 <br><sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $282585 <br><sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $252124 <br><sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $349152 <br><sup>(m)</sup><br>|
| TOB Trust Certificates, end of period (000) | &nbsp;&nbsp; $94177 | &nbsp;&nbsp;&nbsp;&nbsp; $79523 | &nbsp;&nbsp;&nbsp;&nbsp; $33592 | &nbsp;&nbsp;&nbsp;&nbsp; $8253 | &nbsp;&nbsp;&nbsp;&nbsp; $48172 | &nbsp;&nbsp;&nbsp;&nbsp; $59850 |
| Asset coverage per $1,000 of TOB Trust Certificates, end of period<sup>(n)</sup> | &nbsp;&nbsp; $4377 | &nbsp;&nbsp;&nbsp;&nbsp; $4828 | &nbsp;&nbsp;&nbsp;&nbsp; $10903 | &nbsp;&nbsp;&nbsp;&nbsp; $47681 | &nbsp;&nbsp;&nbsp;&nbsp; $9378 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Portfolio turnover rate | &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average Common Shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

<sup>(d)</sup> 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. 

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.40% and 3.30%, respectively. 

<sup>(i)</sup> Reorganization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 3.49% and 3.39%, respectively. 

<sup>(j)</sup> Includes non-recurring expenses of reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.07% and 2.97%, respectively. 

<sup>(k)</sup> Interest expense and fees, 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

<sup>(l)</sup> Calculated by subtracting the Trust's total liabilities (not including VMTP Shares and TOBs) from the Trust'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.

<sup>(m)</sup> Calculated by subtracting the Trust's total liabilities (not including VMTP Shares) from the Trust's total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000. 

<sup>(n)</sup> 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 Trust's total liabilities (not including VMTP Shares and TOBs) from the Trust's total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. 

*See notes to financial statements.*

2026 BlackRock Semi-Annual Report to Shareholders

------

Notes to Financial Statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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 "Trusts", or individually as a "Trust":

---

| | | | |
|:---|:---|:---|:---|
| *Trust Name*  | *Herein Referred To As*  | *Organized*  | &nbsp;&nbsp; *Diversification* <br>*Classification* <br>|
| BlackRock California Municipal Income Trust | BFZ | Delaware | Diversified |
| BlackRock Municipal 2030 Target Term Trust | BTT | Delaware | Diversified |
| BlackRock Municipal Income Quality Trust | BYM | Delaware | Diversified |
| BlackRock MuniHoldings California Quality Fund, Inc. | MUC | Maryland | Diversified |
| BlackRock MuniHoldings Quality Fund II, Inc. | MUE | Maryland | Diversified |

---

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

The Board previously approved the reorganization of BlackRock Municipal Income Trust (BFK), BlackRock Municipal Income Trust II (BLE), MUE and BYM into BlackRock MuniHoldings Fund, Inc. (MHD), with MHD continuing as the surviving fund and the reorganization of BFZ into MUC, with MUC continuing as the surviving fund. Subsequently, each Trust's common and preferred shareholders approved the reorganizations, which were completed in the first quarter of 2026. Costs incurred in connection with the reorganizations were expensed by each respective Trust.

The Trusts, 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 Trust 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.

**Cash:** The Trusts may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Trusts may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Trusts 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 Trusts 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 quarterly 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 trustees who are not "interested persons" of the Trusts, as defined in the 1940 Act ("Independent Trustees"), 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 Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees 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 Trust, as applicable. Deferred compensation liabilities, if any, are included in the Trustees' and Officer's fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Trusts 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 BlackRock Fixed-Income Complex and reflected as Trustees and Officer expense on the Statements of Operations. The Trustees and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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

**Other:** Expenses directly related to a Trust are charged to that Trust. 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.

The Trusts have an arrangement with their custodian whereby credits are earned on uninvested cash balances, which could be used to reduce custody fees and/or overdraft charges.

**Segment Reporting:** The Chief Financial Officer acts as the Trusts' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Trust. The CODM has concluded that each Trust operates as a single operating segment since each Trust has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Trust's financial statements.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Trust 's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Trust 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 Trust's Manager as the valuation designee for each Trust. Each Trust 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 Trust's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fixed-income investments and certain derivative instruments for which market quotations are readily available are generally valued using the last available bid price 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 of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. 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.

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's 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 Trust 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 as of the measurement date.

For investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

2026 BlackRock Semi-Annual Report to Shareholders

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) relevant market news and other public sources.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Trust. Certain information made available by a Private Company is as of a date that is earlier than the date a Trust is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Trust could receive upon the sale of the investment.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – Unadjusted price quotations in active markets/exchanges that each Trust has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (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 Private Companies 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.

***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.

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**Forward Commitments, When-Issued and Delayed Delivery Securities:** The Trusts 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 Trusts 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 Trusts 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 Trusts 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 Trusts' 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 Trusts 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 Bonds Transferred to TOB Trusts:** The Trusts 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

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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 Trusts) 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. Each Trust'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 Trust. A Trust 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 Trust'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 Trust'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 Trust 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 Trust 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Trust Name*  | *Interest Expense*  | *Liquidity Fees*  | *Other Expenses*  | *Total*  |
| BFZ | &nbsp;&nbsp; $1024275  | &nbsp;&nbsp;&nbsp; $145502  | &nbsp;&nbsp;&nbsp; $57924  | &nbsp;&nbsp;&nbsp; $1227701  |
| BTT | &nbsp;&nbsp; 1080335 | &nbsp;&nbsp;&nbsp; 166869 | &nbsp;&nbsp;&nbsp; 74470 | &nbsp;&nbsp;&nbsp; 1321674 |
| BYM | &nbsp;&nbsp; 1508162 | &nbsp;&nbsp;&nbsp; 200405 | &nbsp;&nbsp;&nbsp; 89650 | &nbsp;&nbsp;&nbsp; 1798217 |
| MUC | &nbsp;&nbsp; 2690999 | &nbsp;&nbsp;&nbsp; 381094 | &nbsp;&nbsp;&nbsp; 132125 | &nbsp;&nbsp;&nbsp; 3204218 |
| MUE | &nbsp;&nbsp; 1154367 | &nbsp;&nbsp;&nbsp; 160328 | &nbsp;&nbsp;&nbsp; 61835 | &nbsp;&nbsp;&nbsp; 1376530 |

---

For the six months ended January 31, 2026, the following table is a summary of each Trust's TOB Trusts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Trust Name* | *Underlying* <br>*Municipal Bonds* <br>*Transferred to* <br>*TOB Trusts*<sup>(a)</sup><br>| *Liability for* <br>*TOB Trust* <br>*Certificates*<sup>(b)</sup><br>| &nbsp;&nbsp; *Range of* <br>*Interest Rates* <br>*on TOB Trust* <br>*Certificates at* <br>*Period End*<br>| *Average* <br>*TOB Trust* <br>*Certificates* <br>*Outstanding*<br>| *Daily Weighted* <br>*Average Rate* <br>*of Interest and* <br>*Other Expenses* <br>*on TOB Trusts*<br>|
| BFZ | &nbsp;&nbsp; $160884063  | &nbsp;&nbsp; $80299992 | 2.28% — 2.32% | &nbsp;&nbsp; $80299992 | 3.03<br> % <br>|
| BTT | &nbsp;&nbsp; 124056537 | &nbsp;&nbsp; 83414981 | 2.32 — 2.38 | &nbsp;&nbsp; 83414981 | 3.14 |
| BYM | &nbsp;&nbsp; 180760137 | &nbsp;&nbsp; 121843531 | 2.28 — 2.33 | &nbsp;&nbsp; 118260192 | 3.02 |
| MUC | &nbsp;&nbsp; 320133524 | &nbsp;&nbsp; 212129988 | 2.28 — 2.38 | &nbsp;&nbsp; 210347379 | 3.02 |
| MUE | &nbsp;&nbsp; 137508807 | &nbsp;&nbsp; 94176616 | 2.28 — 2.40 | &nbsp;&nbsp; 90303706 | 3.02 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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 Trusts, 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 Trusts, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts in the Schedules of Investments. 

<sup>(b)</sup> TOB Trusts may be structured on a non-recourse or recourse basis. When a Trust 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 Trust invests in a TOB Trust on a recourse basis, a Trust enters into a reimbursement agreement with the Liquidity Provider where a Trust 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 Trust invests in a recourse TOB Trust, a Trust will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Trust at January 31, 2026, 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 Trust at January 31, 2026. 

2026 BlackRock Semi-Annual Report to Shareholders

------

Notes to Financial Statements (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***5.*** ***DERIVATIVE FINANCIAL INSTRUMENTS***

The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts 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 Trusts 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 Trusts 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 Trusts 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 Trust entered into an Investment Advisory Agreement with the Manager, the Trusts' investment adviser and an indirect, majority-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.

For such services, MUC and MUE pay the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Trust's net assets:

---

| | | |
|:---|:---|:---|
|  | *MUC* | *MUE* |
| Investment advisory fees | 0.55<br> % <br>| 0.55<br> % <br>|

---

For purposes of calculating these fees, "net assets" mean the total assets of the Trust 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 Trust's NAV.

For such services, BFZ and BYM pay the Manager a monthly fee at an annual rate equal to the following percentages of the average weekly value of each Trust's managed assets:

---

| | | |
|:---|:---|:---|
|  | *BFZ* | *BYM* |
| Investment advisory fees | 0.55<br> % <br>| 0.55<br> % <br>|

---

For such services, BTT pays the Manager a monthly fee at an annual rate equal to 0.40% of the average daily value of the Trust's managed assets. For purposes of calculating these fees,"managed assets" are determined as total assets of the Trust (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

**Expense Waivers and Reimbursements:** With respect to each Trust, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2027. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Trust. 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, 2026, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Trust Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| BFZ | &nbsp;&nbsp; $2175  |
| BTT | &nbsp;&nbsp; 6816 |
| BYM | &nbsp;&nbsp; 3082 |
| MUC | &nbsp;&nbsp; 20274 |
| MUE | &nbsp;&nbsp; 3361 |

---

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Trust'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, 2027. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days' notice, each subject to approval by a majority of the Trusts' Independent Trustees. For the six months ended January 31, 2026, there were no fees waived by the Manager pursuant to this arrangement.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

The Manager, for MUE, voluntarily agreed to waive its investment advisory fee on the proceeds of the Preferred Shares and TOB Trusts that exceed 35% of total assets minus the sum of its accrued liabilities (which does not include liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares). The voluntary waiver may be reduced or discontinued at any time without notice.This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2026 the waiver was $109,482.

With respect to BYM and MUE, the Manager voluntarily agreed to waive a portion of its investment advisory fee attributable to each Trust's outstanding preferred shares for each month in which the monthly dividend on the Trust's preferred shares exceeds the calculated value of the Trust's gross monthly income attributable to investments from the proceeds of the Trust's preferred shares (determined by multiplying the Trust's gross monthly income by the ratio of (i) the liquidation preference of any outstanding preferred shares to (ii) 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). This voluntary waiver may be reduced or discontinued at any time without notice. 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, 2026, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Trust Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| BYM | &nbsp;&nbsp; $15986  |
| MUE | &nbsp;&nbsp; 11057 |

---

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

***7.*** ***PURCHASES AND SALES*** 

For the six months ended January 31, 2026, purchases and sales of investments, excluding short-term securities, were as follows:

---

| | | |
|:---|:---|:---|
| *Trust Name*  | *Purchases* | *Sales* |
| BFZ | &nbsp;&nbsp; $135429305  | &nbsp;&nbsp;&nbsp; $143575085  |
| BTT | &nbsp;&nbsp; 314967382 | &nbsp;&nbsp;&nbsp; 335223085 |
| BYM | &nbsp;&nbsp; 72342217 | &nbsp;&nbsp;&nbsp; 64584894 |
| MUC | &nbsp;&nbsp; 125730100 | &nbsp;&nbsp;&nbsp; 162646013 |
| MUE | &nbsp;&nbsp; 67052991 | &nbsp;&nbsp;&nbsp; 50945953 |

---

***8.*** ***INCOME TAX INFORMATION*** 

It is each Trust'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 Trust 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 Trust'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 Trust'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 Trusts as of January 31, 2026, 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 Trusts' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Trusts' NAV.

As of July 31, 2025, the Trusts had non-expiring capital loss carryforwards as follows:

---

| | |
|:---|:---|
| *Trust Name* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| BFZ | &nbsp;&nbsp; $(51719983 )<br>|
| BTT | &nbsp;&nbsp; (5785386)<br>|
| BYM | &nbsp;&nbsp; (48764662)<br>|
| MUC | &nbsp;&nbsp; (212595044)<br>|
| MUE | &nbsp;&nbsp; (39869920)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

As of January 31, 2026, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Trust Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| BFZ | &nbsp;&nbsp; $528432732  | &nbsp;&nbsp;&nbsp; $11413265  | &nbsp;&nbsp;&nbsp; $(6632189 )<br>| &nbsp;&nbsp;&nbsp; $4781076  |
| BTT | &nbsp;&nbsp; 2286223820 | &nbsp;&nbsp;&nbsp; 35033117 | &nbsp;&nbsp;&nbsp; (16333809)<br>| &nbsp;&nbsp;&nbsp; 18699308 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Trust Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized*<br> *Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized*<br> *Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| BYM | &nbsp;&nbsp; $394703389  | &nbsp;&nbsp;&nbsp; $19093176  | &nbsp;&nbsp;&nbsp; $(6111871 )<br>| &nbsp;&nbsp;&nbsp; $12981305  |
| MUC | &nbsp;&nbsp; 1605431189 | &nbsp;&nbsp;&nbsp; 44396072 | &nbsp;&nbsp;&nbsp; (28090020)<br>| &nbsp;&nbsp;&nbsp; 16306052 |
| MUE | &nbsp;&nbsp; 312525253 | &nbsp;&nbsp;&nbsp; 9418931 | &nbsp;&nbsp;&nbsp; (5226127)<br>| &nbsp;&nbsp;&nbsp; 4192804 |

---

***9.*** ***PRINCIPAL RISKS*** 

In the normal course of business, each Trust invests in securities or other instruments and may enter into certain transactions, and such activities subject each Trust 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, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or 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 Trusts and their investments.

The Trusts 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 Trusts 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 Trust.

A Trust 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 Trusts' investments in the TOB Trusts may adversely affect the Trusts' 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 Trusts' 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 Trusts' 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 Trusts, 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.

**Illiquidity Risk:** Each Trust 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 Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust 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 Trust'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 Trust 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 Trust to reinvest in lower yielding securities. Each Trust may also be exposed to reinvestment risk, which is the risk that income from each Trust's portfolio will decline if each Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Trust 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.

**Investment Objective Risk:** There is no assurance that BTT will achieve its investment objectives, including its investment objective of returning $25.00 per share. As BTT approaches its scheduled termination date, it is expected that the maturity of BTT's portfolio securities will shorten, which is likely to reduce BTT's income and distributions to shareholders.

**Valuation Risk:** The price a Trust could receive upon the sale of any particular portfolio investment may differ from a Trust's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Trust's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Trust, and a Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

**Counterparty Credit Risk:** The Trusts 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 Trusts 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 Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts' 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 Trusts.

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

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

**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 Trust's portfolio are disclosed in its Schedule of Investments.

The Trusts invest a substantial amount of their assets in issuers located in a single state or limited number of states. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political or social conditions affecting that state or group of states could 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 states or U.S. territories are presented in the Schedules of Investments.

The Trusts 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 Trust and could affect the income from, or the value or liquidity of, the Trust's portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.

The Trusts 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 Trusts may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Trusts' performance.

The Trusts 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 Trusts invest.

***10.*** ***CAPITAL SHARE TRANSACTIONS*** 

BFZ, BTT and BYM are authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. MUC and MUE are authorized to issue 200 million shares, all of which were initially classified as Common Shares. The par value for each Trust's Common Shares is $0.001 except for MUC and MUE, which $0.10. The par value for each Trust's Preferred Shares outstanding is $0.001 except for MUC and MUE, which is $0.10. Each Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

**Common Shares**

For the six months ended January 31, 2026 and year ended July 31, 2025, shares issued and outstanding remained constant for all Trusts except for BTT.

BTT participated in an open market share repurchase program (the "Repurchase Program") through November 30, 2025. Under the Repurchase Program, the Trust could repurchase up to 5% of its outstanding common shares, based on common shares outstanding on March 31, 2025, subject to certain conditions. On November 14, 2025, the Board reauthorized BTT's Repurchase Program. The Trust may repurchase up to 5% of its outstanding common shares (based on common shares outstanding on November 30, 2025) through November 30, 2026. The Repurchase Program has an accretive effect as shares are purchased at a discount to the Trust's NAV.

2026 BlackRock Semi-Annual Report to Shareholders

------

Notes to Financial Statements (unaudited) (continued)

The total cost of the shares repurchased is reflected in BTT's Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs were as follows:

---

| | | |
|:---|:---|:---|
|  | *BTT* | *BTT* |
|  | *Shares* | *Amounts* |
| Six Months Ended January 31, 2026 | &nbsp;&nbsp; 306341 | &nbsp;&nbsp;&nbsp; $6859931  |
| Year Ended July 31, 2025 | &nbsp;&nbsp; 1680200 | &nbsp;&nbsp;&nbsp; 35713944 |

---

**Preferred Shares**

A Trust's Preferred Shares rank prior to its Common Shares as to the payment of dividends by the Trust and distribution of assets upon dissolution or liquidation of the Trust. The 1940 Act prohibits the declaration of any dividend on Common Shares or the repurchase of Common Shares if the Trust fails to maintain asset coverage of at least 200% of the liquidation preference of the Trust's outstanding Preferred Shares. In addition, pursuant to the Preferred Shares' governing instruments, a Trust 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 Trust 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 Trust's sub-classification as a closed-end investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.

**VRDP Shares**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Trust Name* | *Issue* <br>*Date*<br>| &nbsp;&nbsp; *Shares* <br>*Issued*<br>| &nbsp;&nbsp; *Aggregate* <br>*Principal*<br>| &nbsp;&nbsp; *Maturity* <br>*Date*<br>|
| BFZ | &nbsp;&nbsp; 09/25/24 | &nbsp;&nbsp;&nbsp; 1713 | &nbsp;&nbsp;&nbsp; $171300000  | &nbsp;&nbsp;&nbsp; 09/01/54 |
| BTT | &nbsp;&nbsp; 07/31/24 | &nbsp;&nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp; 750000000 | &nbsp;&nbsp;&nbsp; 12/31/30 |
| MUC | &nbsp;&nbsp; 09/25/24 | &nbsp;&nbsp;&nbsp; 5264 | &nbsp;&nbsp;&nbsp; 526400000 | &nbsp;&nbsp;&nbsp; 09/01/54 |

---

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

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

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

  <u> *BFZ* </u> <u> *BTT* </u> <u> *MUC* </u> <br> Expiration date 09/23/26 07/29/26 09/23/26

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

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

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Trust Name*  | *Moody's Investors* <br>*Service, Inc.* <br>*Long-Term* <br>*Ratings*<br>| &nbsp;&nbsp; *Moody's Investors* <br>*Service, Inc.* <br>*Short-Term* <br>*Ratings*<br>| &nbsp;&nbsp; *S&P Global* <br>*Long-Term* <br>*Ratings*<br>| &nbsp;&nbsp; *S&P Global* <br>*Short-Term* <br>*Ratings*<br>|
| BFZ | &nbsp;&nbsp; Aa2 | &nbsp;&nbsp;&nbsp; P-1 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; A-1 |
| BTT | &nbsp;&nbsp; Aa1 | &nbsp;&nbsp;&nbsp; P-1 | &nbsp;&nbsp;&nbsp; AAA | &nbsp;&nbsp;&nbsp; A-1 |
| MUC | &nbsp;&nbsp; Aa2 | &nbsp;&nbsp;&nbsp; P-1 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; A-1 |

---

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

**Dividends:** Dividends on the VRDP Shares are payable monthly at a variable rate set weekly by the remarketing agent. Such dividend rates are generally based upon a spread over a base rate and cannot exceed a maximum rate. A change in the short-term credit rating of the liquidity provider or the VRDP Shares may adversely affect the dividend rate paid on such shares, although the dividend rate paid on the VRDP Shares is not directly based upon either short-term rating. In the event of a failed remarketing, the dividend rate of the VRDP Shares will be reset to a maximum rate. The maximum rate is determined based on, among other things, the long-term preferred share rating assigned to the VRDP Shares and the length of time that the VRDP Shares fail to be remarketed.

For the six months ended January 31, 2026, the annualized dividend rate for the VRDP Shares were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *BFZ* | *BTT* | *MUC* |
| Dividend rates | 2.66<br> % <br>| 2.67<br> % <br>| 2.66<br> % <br>|

---

For the six months ended January 31, 2026, VRDP Shares issued and outstanding of BFZ, BTT and MUC remained constant.

For the year ended July 31, 2025, VRDP Shares issued and outstanding of BTT remained constant.

During the period ended July 31, 2025, issued and outstanding VRDP Shares of BFZ and MUC increased by 1,713 and 5,264, respectively, from the exchange of VMTP Shares.

**VMTP Shares**

BYM and MUE (for purposes of this section, each a "VMTP Trust") have issued Series W-7 VMTP Shares, $100,000 liquidation preference per share, in one or more privately negotiated offerings to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The VMTP Shares are subject to certain restrictions on transfer, and a VMTP Trust 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Trust Name* | *Issue* <br>*Date*<br>| &nbsp;&nbsp; *Shares* <br>*Issued*<br>| &nbsp;&nbsp; *Aggregate* <br>*Principal*<br>| &nbsp;&nbsp; *Term* <br>*Redemption* <br>*Date*<br>| &nbsp;&nbsp; *Moody's* <br>*Rating*<br>|
| BYM | &nbsp;&nbsp; 12/20/23 | &nbsp;&nbsp;&nbsp; 976 | &nbsp;&nbsp;&nbsp; $97600000  | &nbsp;&nbsp;&nbsp; 04/01/27 | &nbsp;&nbsp;&nbsp; Aa1<br> &nbsp;&nbsp;&nbsp; AA |
| MUE | &nbsp;&nbsp; 12/20/23 | &nbsp;&nbsp;&nbsp; 780 | &nbsp;&nbsp;&nbsp; 78000000 | &nbsp;&nbsp;&nbsp; 04/01/27 | &nbsp;&nbsp;&nbsp; Aa1<br> &nbsp;&nbsp;&nbsp; AA |

---

**Redemption Terms:** A VMTP Trust 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 Trust is required to begin to segregate liquid assets with its custodian to fund the redemption. In addition, a VMTP Trust 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 Trust. With respect to BYM and MUE, the redemption price per VMTP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends and applicable redemption premium. If BYM and MUE 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 Trust 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.

2026 BlackRock Semi-Annual Report to Shareholders

------

Notes to Financial Statements (unaudited) (continued)

For the six months ended January 31, 2026, the average annualized dividend rates for the VMTP Shares were as follows:

---

| | | |
|:---|:---|:---|
|  | *BYM* | *MUE* |
| Dividend rates | 3.66<br> % <br>| 3.66<br> % <br>|

---

For the six months ended January 31, 2026 and year ended July 31, 2025, VMTP Shares issued and outstanding of BYM and MUE remained constant.

During the year ended July 31, 2025, all issued and outstanding VMTP Shares of BFZ and MUC were redeemed in full in exchange for VRDP Shares.

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

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

---

| | | |
|:---|:---|:---|
| *Trust Name* | *Dividends* | &nbsp;&nbsp; *Deferred Offering* <br>*Costs Amortization* <br>|
| BFZ | &nbsp;&nbsp; $2295214  | &nbsp;&nbsp;&nbsp; $209078  |
| BTT | &nbsp;&nbsp; 10080411 | &nbsp;&nbsp;&nbsp; 84120 |
| BYM | &nbsp;&nbsp; 1801159 | &nbsp;&nbsp;&nbsp; — |
| MUC | &nbsp;&nbsp; 7063180 | &nbsp;&nbsp;&nbsp; 9378 |
| MUE | &nbsp;&nbsp; 1440338 | &nbsp;&nbsp;&nbsp; — |

---

***11.*** ***SUBSEQUENT EVENTS***

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Trust Name* | *Declaration* <br>*Date*<br>| &nbsp;&nbsp; *Record* <br>*Date*<br>| &nbsp;&nbsp; *Payable/* <br>*Paid Date*<br>| &nbsp;&nbsp; *Dividend Per* <br>*Common Share*<br>|
| BFZ | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 02/02/26 | &nbsp;&nbsp;&nbsp; $0.050700  |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/06/26 | &nbsp;&nbsp;&nbsp; 03/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.050700 |
| BTT | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 02/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.046400 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/13/26 | &nbsp;&nbsp;&nbsp; 03/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.046400 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp; 04/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.046400 |
|  | &nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp; 04/15/26 | &nbsp;&nbsp;&nbsp; 05/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.046400 |
|  | &nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp; 05/15/26 | &nbsp;&nbsp;&nbsp; 06/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.046400 |
|  | &nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp; 06/15/26 | &nbsp;&nbsp;&nbsp; 07/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.046400 |
| BYM | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 02/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.055500 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/06/26 | &nbsp;&nbsp;&nbsp; 03/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.055500 |
| MUC | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 02/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.053500 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/06/26 | &nbsp;&nbsp;&nbsp; 03/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.053500 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp; 04/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.053500 |
|  | &nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp; 04/15/26 | &nbsp;&nbsp;&nbsp; 05/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.053500 |
|  | &nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp; 05/15/26 | &nbsp;&nbsp;&nbsp; 06/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.053500 |
|  | &nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp; 06/15/26 | &nbsp;&nbsp;&nbsp; 07/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.053500 |
| MUE | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 02/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.051000 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/06/26 | &nbsp;&nbsp;&nbsp; 03/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.051000 |

---

The Trusts declared and paid or will pay distributions to Preferred Shareholders as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Preferred Shares<sup>(a)</sup>  | Preferred Shares<sup>(a)</sup>  | Preferred Shares<sup>(a)</sup>  |
| *Trust Name* | *Shares* | *Series* | *Declared* |
| BFZ | &nbsp;&nbsp;&nbsp; VRDP | &nbsp;&nbsp;&nbsp; W-7 | &nbsp;&nbsp;&nbsp; $77437  |
| BTT | &nbsp;&nbsp;&nbsp; VRDP | &nbsp;&nbsp;&nbsp; W-7 | &nbsp;&nbsp;&nbsp; 1375274 |
| BYM | &nbsp;&nbsp;&nbsp; VMTP | &nbsp;&nbsp;&nbsp; W-7 | &nbsp;&nbsp;&nbsp; 72839 |
| MUC | &nbsp;&nbsp;&nbsp; VRDP | &nbsp;&nbsp;&nbsp; W-7 | &nbsp;&nbsp;&nbsp; 1196582 |

---

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | Preferred Shares<sup>(a)</sup> | Preferred Shares<sup>(a)</sup> | Preferred Shares<sup>(a)</sup> |
| *Trust Name* | *Shares* | *Series* | *Declared* |
| MUE | &nbsp;&nbsp;&nbsp; VMTP | &nbsp;&nbsp;&nbsp; W-7 | &nbsp;&nbsp;&nbsp; $58212  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Dividends declared for period February 1, 2026 to February 28, 2026.

Effective after the close of business on February 6, 2026, BFZ was reorganized into MUC and each of MUE, BFK, BYM and BLE were reorganized into MHD. The reorganizations are discussed in greater detail in Note 1.

Each of MUC and MHD will participate in a discount management program for 2026 which consists of one measurement period beginning on January 1, 2026 and ending on September 30, 2026. Under the program, each Trust intends to offer to repurchase a portion of its common shares via tender offer if the Trust's common shares trade at an average daily discount to NAV of more than 10% during the 9-month measurement period.

2026 BlackRock Semi-Annual Report to Shareholders

------

Additional Information

**Proxy Results**

At a Joint Special Meeting of Shareholders of BlackRock California Municipal Income Trust held on October 15, 2025 and adjourned to November 20, 2025, Fund shareholders were asked to vote on the following proposals:

Common and Preferred Shareholders

Proposal 1(A). The common shareholders and holders of Variable Rate Demand Preferred Shares ("VRDP Shares" and the holders thereof, "VRDP Holders") of BlackRock California Municipal Income Trust (the "Target Fund") are being asked to vote as a single class on a proposal to approve an Agreement and Plan of Reorganization between the Target Fund and BlackRock MuniHoldings California Quality Fund, Inc. (the "Acquiring Fund") (the "Reorganization Agreement") and the transactions contemplated therein, including (i) the acquisition by the Acquiring Fund of substantially all of the Target Fund's assets and the assumption by the Acquiring Fund of substantially all of the Target Fund's liabilities in exchange solely for newly issued common shares and VRDP Shares of the Acquiring Fund, which will be distributed to the common shareholders (although cash may be distributed in lieu of fractional common shares) and VRDP Holders, respectively, of the Target Fund, and which shall constitute the sole consideration to be distributed or paid to the common shareholders (although cash may be distributed in lieu of fractional common shares) and the VRDP Holders in respect of their common shares and VRDP Shares, respectively, and (ii) the termination by the Target Fund of its registration under the Investment Company Act of 1940, as amended, and the liquidation, dissolution and termination of the Target Fund in accordance with its Amended and Restated Agreement and Declaration of Trust and Delaware law (the "Reorganization").

With respect to Proposal 1(A):

<u> *Trust Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> BFZ 12,658,076 2,611,267 534,679

Preferred Shareholders

Proposal 1(B). The VRDP Holders of the Target Fund are being asked to vote as a separate class on a proposal to approve the Reorganization Agreement and the Reorganization.

With respect to Proposal 1(B):

<u> *Trust Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> BFZ 1,713 — —

At a Joint Special Meeting of Shareholders of BlackRock Municipal Income Quality Trust held on October 15, 2025 and adjourned to November 20, 2025, Fund shareholders were asked to vote on the following proposals:

Common and Preferred Shareholders

Proposal 1(C). The common shareholders and holders of Variable Rate Muni Term Preferred Shares ("VMTP Shares" and the holders thereof, "VMTP Holders") of BYM are being asked to vote as a single class on a proposal to approve an Agreement and Plan of Reorganization between BYM and BlackRock MuniHoldings Fund, Inc. (the "Acquiring Fund") (the "BYM Reorganization Agreement") and the transactions contemplated therein, including (i) the acquisition by the Acquiring Fund of substantially all of BYM's assets and the assumption by the Acquiring Fund of substantially all of BYM's liabilities in exchange solely for newly issued common shares and VMTP Shares and VMTP Holders of the Acquiring Fund, which will be distributed to the common shareholders (although cash may be distributed in lieu of fractional common shares) and VMTP Holders, respectively, of BYM, and which shall constitute the sole consideration to be distributed or paid to the common shareholders (although cash may be distributed in lieu of fractional common shares) and the VMTP Holders in respect of their common shares and VMTP Shares, respectively, and (ii) the termination by BYM of its registration under the Investment Company Act of 1940, as amended, and the liquidation, dissolution and termination of BYM in accordance with its Agreement and Declaration of Trust and Delaware law (the "BYM Reorganization").

With respect to Proposal 1(C):

<u> *Trust Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> BYM 12,636,833 803,264 351,168

Preferred Shareholders

Proposal 1(D). The VMTP Holders of BYM are being asked to vote as a separate class on a proposal to approve the BYM Reorganization Agreement and the BYM Reorganization.

With respect to Proposal 1(D):

<u> *Trust Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> BYM 976 — —

Additional Information

------

Additional Information (continued)

At a Joint Special Meeting of Shareholders of BlackRock MuniHoldings California Quality Fund, Inc. (the "Acquiring Fund"), held on October 15, 2025, Fund shareholders were asked to vote on the following proposals:

Common and Preferred Shareholders

Proposal 2. The common shareholders and holders of Variable Rate Demand Preferred Shares of BlackRock MuniHoldings California Quality Fund, Inc. (the "Acquiring Fund") are being asked to vote as a single class on a proposal to approve the issuance of additional common shares of the Acquiring Fund in connection with an Agreement and Plan of Reorganization between BlackRock California Municipal Income Trust and the Acquiring Fund.

With respect to this Proposal, the shares of the Fund were voted as follows:

<u> *Trust Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> MUC 42,275,938 2,131,182 748,539

Preferred Shareholders

Proposal 1(C). The holders of Variable Rate Demand Preferred Shares ("VRDP Shares" and the holders thereof, "VRDP Holders") of BlackRock MuniHoldings California Quality Fund, Inc. (the "Acquiring Fund") are being asked to vote as a separate class on proposal to approve an Agreement and Plan of Reorganization between BlackRock California Municipal Income Trust and the Acquiring Fund (the "Reorganization Agreement") and the transactions contemplated therein, including amendments to the Articles Supplementary of VRDP Shares of the Acquiring Fund, in connection with the issuance of additional Acquiring Fund VRDP Shares.

With respect to this Proposal, the shares of the Fund were voted as follows:

<u> *Trust Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> MUC 5,264 — —

At a Joint Special Meeting of Shareholders of BlackRock MuniHoldings Quality Fund II, Inc. (the "Trust"), held on October 15, 2025, the Trust's shareholders were asked to vote on the following proposals:

Common and Preferred Shareholders

Proposal 1(G). The common shareholders and holders of Variable Rate Muni Term Preferred Shares ("VMTP Shares" and the holders thereof, "VMTP Holders") of MUE are being asked to vote as a single class on a proposal to approve an Agreement and Plan of Reorganization between BlackRock MuniHoldings Fund, Inc. (the "Acquiring Fund") (the "MUE Reorganization Agreement") and the transactions contemplated therein, including (i) the acquisition by the Acquiring Fund of substantially all of MUE's assets and the assumption by the Acquiring Fund of substantially all of MUE's liabilities in exchange solely for newly issued common shares and VMTP Shares and VMTP Holders of the Acquiring Fund, which will be distributed to the common shareholders (although cash may be distributed in lieu of fractional common shares) and VMTP Holders, respectively, of MUE, and which shall constitute the sole consideration to be distributed or paid to the common shareholders (although cash may be distributed in lieu of fractional common shares) and the VMTP Holders in respect of their common shares and VMTP Shares, respectively, and (ii) the termination by MUE of its registration under the Investment Company Act of 1940, as amended, and the liquidation, dissolution and termination of MUE in accordance with its Articles of Incorporation and Maryland law (the "MUE Reorganization").

With respect to this Proposal, the shares of the Trust were voted as follows:

<u> *Trust Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> MUE 11,588,905 439,339 379,913

Preferred Shareholders

Proposal 1(H). The VMTP Holders of MUE are being asked to vote as a separate class on a proposal to approve the MUE Reorganization Agreement and the MUE Reorganization.

With respect to this Proposal, the shares of the Trust were voted as follows:

<u> *Trust Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> MUE 780 — —

**Trust Certification**

The Trusts 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 Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.

2026 BlackRock Semi-Annual Report to Shareholders

------

Additional Information (continued)

**Environmental, Social and Governance ("ESG") Integration**

Although the Trusts do not seek to implement a specific sustainability objective, strategy or process unless otherwise disclosed, Trust management will consider ESG factors as part of the investment process for the Trusts. Trust 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 Trusts' 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 Trusts' 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 Trusts' exposure to certain companies or industries. While Trust management views ESG considerations as having the potential to contribute to the Trusts' long-term performance, there is no guarantee that such results will be achieved.

**Dividend Policy**

Each Trust'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 Trust 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 Trust may pay out more or less than the entire amount of net investment income earned in any particular month. In the event a Trust distributes more than its net investment income during any yearly period, such distributions may also come from sources other than net income, including return of capital. The Trusts' 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 Trusts do not make available copies of their Statements of Additional Information because the Trusts' shares are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of the respective Trust's offerings and the information contained in each Trust's Statement of Additional Information may have become outdated.

The following information is a summary of certain changes since July 31, 2025. This information may not reflect all of the changes that have occurred since you purchased the relevant Trust.

Except if noted otherwise herein, there were no changes to the Trusts' charters or by-laws that would delay or prevent a change of control of the Trusts that were not approved by the shareholders.

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

Quarterly performance, shareholder reports, current net asset value and other information regarding the Trusts 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 Trusts 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 by enrolling in the electronic delivery program. Electronic copies of shareholder reports are available on BlackRock's website.

To enroll in electronic delivery:

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

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

**Householding**

The Trusts will mail only one copy of shareholder documents, 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 Trusts at (800) 882-0052.

**Availability of Quarterly Schedule of Investments**

The Trusts 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 Trusts' Forms N-PORT are available on the SEC's website at **sec.gov**. Additionally, each Trust makes its portfolio holdings for the first and third quarters of each fiscal year available at **blackrock.com/fundreports**.

Additional Information

------

Additional Information (continued)

**Availability of Proxy Voting Policies, Procedures and Voting Records**

The Board of Trustees of the Trusts has delegated the voting of proxies for the Trusts' securities to BlackRock Advisors, LLC (the "Adviser") pursuant to the Closed-End Fund Proxy Voting Policy. The Adviser has adopted the BlackRock Active Investment Stewardship - Global Engagement and Voting Guidelines (the "BAIS Guidelines") with respect to certain funds, including the Trusts. The BAIS Guidelines are available at **www.blackrock.com**.

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities and information about how the Trusts voted proxies relating to securities held in the Trusts' 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 Trust Updates**

BlackRock will update performance and certain other data for the Trusts 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 Trusts. This reference to BlackRock's website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock's website in this report.

**Trust and Service Providers**

**Investment Adviser**

BlackRock Advisors, LLC <br>Wilmington, DE 19809

**Accounting Agent and Custodian**

State Street Bank and Trust Company <br>Boston, MA 02114

**Transfer Agent**

Computershare Trust Company, N.A. <br>Canton, MA 02021

**VRDP Liquidity Provider**<sup>(a)</sup>

Barclays Bank PLC <br>New York, New York 10019

**VRDP Remarketing Agent**<sup>(a)</sup>

Barclays Capital Inc. <br>New York, New York 10019

<sup>(a)</sup> For BFZ, BTT and MUC.

**VRDP Tender and Paying Agent and VMTP Redemption and Paying Agent**

The Bank of New York Mellon <br>New York, NY 10286

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP <br>Boston, MA 02110

**Legal Counsel**

Willkie Farr & Gallagher LLP <br>New York, NY 10019

**Address of the Trusts**

100 Bellevue Parkway <br>Wilmington, DE 19809

2026 BlackRock Semi-Annual Report to Shareholders

------

Glossary of Terms Used in this Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| AGM | Assured Guaranty Municipal Corp. |
| AGM-CR | AGM Insured Custodial Receipt |
| AMBAC | AMBAC Assurance Corp. |
| AMT | Alternative Minimum Tax |
| ARB | Airport Revenue Bonds  |
| BAM | Build America Mutual Assurance Co. |
| BAM-TCRS | &nbsp;&nbsp;&nbsp; Build America Mutual Assurance Co. - Transferable <br> Custodial Receipts<br>|
| CAB | Capital Appreciation Bonds |
| COP | Certificates of Participation |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation Bonds |
| GOL | General Obligation Ltd. |
| GTD | GTD Guaranteed |
| HUD SECT 8 | &nbsp;&nbsp;&nbsp; U.S. Department of Housing and Urban Development <br> Section 8<br>|
| M/F | Multi-Family |
| MT | Mandatory Tender |
| NPFGC | National Public Finance Guarantee Corp. |
| PSF | Permanent School Fund |
| RB | Revenue Bonds |
| S/F | Single-Family |
| SAB | Special Assessment Bonds |
| SAN | State Aid Notes  |
| SAP | Subject to Appropriations |
| SAW | State Aid Withholding |
| SONYMA | State of New York Mortgage Agency |
| ST | Special Tax |
| TA | Tax Allocation |

---

Glossary of Terms Used in this Report

------

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 Trusts 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.

CEMUNI5-01/26-SAR

![](g71392img634304503.jpg)

![](g71392img3b6709f51.jpg)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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

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

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies – Not Applicable

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – Not Applicable

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – Not Applicable

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – Not Applicable

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – Not Applicable

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 13 – Portfolio Managers of Closed-End Management Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not Applicable to this semi-annual report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

------

Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 date 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) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

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

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable

(a)(3) [Section 302 Certifications are attached](d71392dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in Registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Section 906 Certifications are attached](d71392dex99906cert.htm)

------

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.

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| | |
|:---|:---|
| BlackRock Municipal 2030 Target Term Trust | BlackRock Municipal 2030 Target Term Trust |
| By: | <u>/s/ John M. Perlowski</u> |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Municipal 2030 Target Term Trust |

---

Date: March 23, 2026

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: | <u>/s/ John M. Perlowski</u> |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Municipal 2030 Target Term Trust |

---

Date: March 23, 2026

---

| | |
|:---|:---|
| By: | <u>/s/ Trent Walker</u> |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Municipal 2030 Target Term Trust |

---

Date: March 23, 2026

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Municipal 2030 Target Term Trust, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Municipal 2030 Target Term Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 23, 2026

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Municipal 2030 Target Term Trust

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Municipal 2030 Target Term Trust, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Municipal 2030 Target Term Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 23, 2026

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Municipal 2030 Target Term Trust

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Municipal 2030 Target Term Trust (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended January 31, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: March 23, 2026

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Municipal 2030 Target Term Trust

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Municipal 2030 Target Term Trust (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended January 31, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: March 23, 2026

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Municipal 2030 Target Term Trust

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**