# EDGAR Filing Document

**Accession Number:** 0001176194
**File Stem:** 0001193125-26-144951
**Filing Date:** 2026-4
**Character Count:** 693083
**Document Hash:** b28e07a934ffe0982ddc93cb751b42b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-144951.hdr.sgml**: 20260407

**ACCESSION NUMBER**: 0001193125-26-144951

**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 INCOME TRUST II
- **CENTRAL INDEX KEY:** 0001176194

**ORGANIZATION NAME:**
- **EIN:** 010722216
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21126
- **FILM NUMBER:** 26843656

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 888-441-7762

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

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: 811-21126

Name of Fund: BlackRock Municipal Income Trust II (BLE)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal Income Trust II, 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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![](g67171img6079c9ff1.jpg)

January 31, 2026

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

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

---

| |
|:---|
| **BlackRock Investment Quality Municipal Trust, Inc. (BKN)** |
| **BlackRock Municipal Income Trust (BFK)** |
| **BlackRock Municipal Income Trust II (BLE)** |
| **BlackRock MuniHoldings Fund, Inc. (MHD)** |
| **BlackRock MuniVest Fund, Inc. (MVF)** |
| **BlackRock MuniVest Fund II, Inc. (MVT)** |
| **BlackRock MuniYield Quality Fund II, Inc. (MQT)** |

---

&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**

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---

| | |
|:---|:---|
| **[Semi-Annual](#xx_922d4113-bb23-415f-992e-1893927320a9_munmmkt-footer-fundbookname-957_1)[Report:](#xx_922d4113-bb23-415f-992e-1893927320a9_munmmkt-footer-fundbookname-957_1)**  |  |
| [Municipal Market Overview](#xx_922d4113-bb23-415f-992e-1893927320a9_munmmkt-footer-fundbookname-957_1)  | 3 |
| [The Benefits and Risks of Leveraging](#xx_922d4113-bb23-415f-992e-1893927320a9_rskderiv-footer-fundbookname-957_1)  | 4 |
| [Derivative Financial Instruments](#xx_922d4113-bb23-415f-992e-1893927320a9_rskderiv-footer-fundbookname-957_1)  | 4 |
| [Fund Summary](#xx_922d4113-bb23-415f-992e-1893927320a9_fsm-footer-fundbookname-957_1)  | 5 |
| [Financial Statements:](#xx_922d4113-bb23-415f-992e-1893927320a9_soi-footer-fundbookname-957_1)  |  |
| &nbsp;&nbsp;&nbsp; [Schedules of Investments](#xx_922d4113-bb23-415f-992e-1893927320a9_soi-footer-fundbookname-957_1)  | 19 |
| &nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#xx_922d4113-bb23-415f-992e-1893927320a9_fs-footer-fundbookname-957_1)  | 69 |
| &nbsp;&nbsp;&nbsp; [Statements of Operations](#xx_922d4113-bb23-415f-992e-1893927320a9_fs-footer-fundbookname-957_3)  | 71 |
| &nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#xx_922d4113-bb23-415f-992e-1893927320a9_fs-footer-fundbookname-957_5)  | 73 |
| &nbsp;&nbsp;&nbsp; [Statements of Cash Flows](#xx_922d4113-bb23-415f-992e-1893927320a9_fs-footer-fundbookname-957_9)  | 77 |
| [Financial Highlights](#xx_922d4113-bb23-415f-992e-1893927320a9_fihi-footer-fundbookname-957_1)  | 79 |
| [Notes to Financial Statements](#xx_922d4113-bb23-415f-992e-1893927320a9_ntf-footer-fundbookname-978_1)  | 92 |
| [Additional Information](#xx_922d4113-bb23-415f-992e-1893927320a9_addinfo-footer-fundbookname-957_1)  | 103 |
| [Glossary of Terms Used in this Report](#xx_922d4113-bb23-415f-992e-1893927320a9_terms-footer-fundbookname-957_1)  | 109 |

---

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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**

![](g67171imgb1ea43d62.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 Funds may utilize leverage to seek to enhance the distribution rate on, and net asset value ("NAV") of, their common shares ("Common Shares"). However, there is no guarantee that these objectives can be achieved in all interest rate environments.

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

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

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

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

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

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

Derivative Financial Instruments

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

2026 BlackRock Semi-Annual Report to Shareholders

------

Fund Summary as of January 31, 2026

**BlackRock Investment Quality Municipal Trust, Inc. (BKN)**

**Investment Objective**

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

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

On January 20, 2025, the Board of Directors of each of BlackRock Investment Quality Municipal Trust, Inc. (BKN), BlackRock MuniYield Quality Fund II, Inc. (MQT) and BlackRock MuniYield Fund, Inc. (MYD) (individually the "Target Fund") and the Board of Directors of BlackRock MuniYield Quality Fund, Inc. (MQY) each approved the reorganization of BKN, MQT and MYD into MQY, with MQY continuing as the surviving Fund. Subsequently, the respective common and preferred shareholders of each Target Fund and MQY approved the reorganizations, which were completed in the first quarter of 2026.

**Fund Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BKN |
| Initial Offering Date | February 28, 1993 |
| Yield on Closing Market Price as of January 31, 2026 ($11.45)<sup>(a)</sup> | 5.97% |
| Tax Equivalent Yield<sup>(b)</sup> | 10.08% |
| Current Monthly Distribution per Common Share<sup>(c)</sup> | $0.057000 |
| Current Annualized Distribution per Common Share<sup>(c)</sup> | $0.684000 |
| 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 Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *01/31/26* | *07/31/25* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $11.45  | &nbsp;&nbsp;&nbsp;&nbsp; $10.63  | &nbsp;&nbsp;&nbsp;&nbsp; 7.71<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $11.45  | &nbsp;&nbsp;&nbsp;&nbsp; $10.63  |
| Net Asset Value | 12.27 | &nbsp;&nbsp;&nbsp;&nbsp;11.62 | &nbsp;&nbsp;&nbsp;&nbsp;5.59 | &nbsp;&nbsp;&nbsp;&nbsp;12.43 | &nbsp;&nbsp;&nbsp;&nbsp;11.61 |

---

**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* |
| Fund at NAV<sup>(a)(b)</sup> | 8.86<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.94<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.10)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.47<br> % <br>|
| Fund at Market Price<sup>(a)(b)</sup> | 11.04 | &nbsp;&nbsp;&nbsp;&nbsp;5.92 | &nbsp;&nbsp;&nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.31 |
| **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 Fund's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. 

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

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

Fund Summary

------

Fund Summary as of January 31, 2026(continued)

**BlackRock Investment Quality Municipal Trust, Inc. (BKN)**

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

The Fund's return reflected contributions from both portfolio income and rising municipal bond prices. The Fund'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 Fund'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 | 20.9 |
| Utilities | 13.4 |
| Corporate | 13.4 |
| State | 8.1 |
| Health | 8.0 |
| Housing | 7.0 |
| Education | 2.9 |
| Tobacco | 2.3 |
| 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 | 4.5<br> %<br>|
| 2027 | 6.5 |
| 2028 | 4.6 |
| 2029 | 4.2 |
| 2030 | 5.4 |

---

&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 | 8.2<br> %<br>|
| AA/Aa | 50.6 |
| A | 23.9 |
| BBB/Baa | 7.1 |
| BB/Ba | 1.7 |
| B | 1.4 |
| N/R | 7.1 |

---

&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 Fund 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

------

Fund Summary as of January 31, 2026

**BlackRock Municipal Income Trust (BFK)**

**Investment Objective**

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

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

On January 20, 2025, the Board of Trustees of each of BlackRock Municipal Income Trust (BFK), BlackRock Municipal Income Quality Trust (BYM) 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 BFK, BYM 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.

**Fund Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BFK |
| Initial Offering Date | July 31, 2001 |
| Yield on Closing Market Price as of January 31, 2026 ($10.17)<sup>(a)</sup> | 5.90% |
| Tax Equivalent Yield<sup>(b)</sup> | 9.97% |
| Current Monthly Distribution per Common Share<sup>(c)</sup> | $0.050000 |
| Current Annualized Distribution per Common Share<sup>(c)</sup> | $0.600000 |
| Leverage as of January 31, 2026<sup>(d)</sup> | 42% |

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *01/31/26* | *07/31/25* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $10.17  | &nbsp;&nbsp;&nbsp;&nbsp; $9.57  | &nbsp;&nbsp;&nbsp;&nbsp; 6.27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.20  | &nbsp;&nbsp;&nbsp;&nbsp; $9.55  |
| Net Asset Value | 10.89 | &nbsp;&nbsp;&nbsp;&nbsp;10.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;11.01 | &nbsp;&nbsp;&nbsp;&nbsp;10.38 |

---

**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* |
| Fund at NAV<sup>(a)(b)(c)</sup> | 7.89<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.66<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.15)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> % <br>|
| Fund at Market Price<sup>(b)(c)</sup> | 9.49 | &nbsp;&nbsp;&nbsp;&nbsp;5.40 | &nbsp;&nbsp;&nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| **National Customized Reference Benchmark**<sup>(d)</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>(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 Fund's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. 

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

<sup>(d)</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>(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.

Fund Summary

------

Fund Summary as of January 31, 2026(continued)

**BlackRock Municipal Income Trust (BFK)**

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

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

The Fund's return reflected contributions from both portfolio income and rising municipal bond prices. The Fund'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 Fund'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 | 24.3<br> %<br>|
| County/City/Special District/School District | 16.3 |
| State | 12.8 |
| Health | 12.0 |
| Corporate | 10.6 |
| Utilities | 9.4 |
| Housing | 6.9 |
| Tobacco | 4.9 |
| Education | 2.8 |
| 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 | 9.9<br> %<br>|
| 2027 | 8.1 |
| 2028 | 13.7 |
| 2029 | 3.3 |
| 2030 | 3.8 |

---

&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 | 13.5<br> %<br>|
| AA/Aa | 47.3 |
| A | 25.3 |
| BBB/Baa | 6.1 |
| BB/Ba | 1.9 |
| B | 0.5 |
| 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 Fund 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

------

Fund Summary as of January 31, 2026

**BlackRock Municipal Income Trust II (BLE)**

**Investment Objective**

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

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

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

**Fund Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BLE |
| Initial Offering Date | July 30, 2002 |
| Yield on Closing Market Price as of January 31, 2026 ($10.58)<sup>(a)</sup> | 6.12% |
| Tax Equivalent Yield<sup>(b)</sup> | 10.34% |
| Current Monthly Distribution per Common Share<sup>(c)</sup> | $0.054000 |
| Current Annualized Distribution per Common Share<sup>(c)</sup> | $0.648000 |
| 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 Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *01/31/26* | *07/31/25* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $10.58  | &nbsp;&nbsp;&nbsp;&nbsp; $9.82  | &nbsp;&nbsp;&nbsp;&nbsp; 7.74<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.60  | &nbsp;&nbsp;&nbsp;&nbsp; $9.78  |
| Net Asset Value | 11.40 | &nbsp;&nbsp;&nbsp;&nbsp;10.75 | &nbsp;&nbsp;&nbsp;&nbsp;6.05 | &nbsp;&nbsp;&nbsp;&nbsp;11.60 | &nbsp;&nbsp;&nbsp;&nbsp;10.74 |

---

**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* |
| Fund at NAV<sup>(a)(b)</sup> | 9.39<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.77<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.64)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.17<br> % <br>|
| Fund at Market Price<sup>(a)(b)</sup> | 11.14 | &nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| **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 Fund's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. 

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

<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.

Fund Summary

------

Fund Summary as of January 31, 2026(continued)

**BlackRock Municipal Income Trust II (BLE)**

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

**The following discussion relates to the Fund'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 Fund'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 | 27.0<br> %<br>|
| County/City/Special District/School District | 16.0 |
| State | 11.6 |
| Health | 10.8 |
| Housing | 9.5 |
| Corporate | 9.1 |
| Utilities | 8.7 |
| Education | 4.8 |
| Tobacco | 2.5 |
| 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 | 4.8<br> %<br>|
| 2027 | 2.5 |
| 2028 | 7.5 |
| 2029 | 3.9 |
| 2030 | 6.2 |

---

&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 | 8.3<br> %<br>|
| AA/Aa | 52.2 |
| A | 23.2 |
| BBB/Baa | 7.3 |
| BB/Ba | 1.9 |
| B | 0.6 |
| N/R | 6.5 |

---

&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 Fund 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

------

Fund Summary as of January 31, 2026

**BlackRock MuniHoldings Fund, Inc. (MHD)**

**Investment Objective**

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

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

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

On June 6, 2025, the Board of Directors of MHD and the Board of Directors of BlackRock MuniHoldings Quality Fund II, Inc. (MUE) (the "Target Fund") 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.

**Fund Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | MHD |
| Initial Offering Date | May 2, 1997 |
| Yield on Closing Market Price as of January 31, 2026 ($11.94)<sup>(a)</sup> | 5.98% |
| Tax Equivalent Yield<sup>(b)</sup> | 10.10% |
| Current Monthly Distribution per Common Share<sup>(c)</sup> | $0.059500 |
| Current Annualized Distribution per Common Share<sup>(c)</sup> | $0.714000 |
| 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 Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *01/31/26* | *07/31/25* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $11.94  | &nbsp;&nbsp;&nbsp;&nbsp; $11.12  | &nbsp;&nbsp;&nbsp;&nbsp; 7.37<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $12.01  | &nbsp;&nbsp;&nbsp;&nbsp; $11.01  |
| Net Asset Value | 12.83 | &nbsp;&nbsp;&nbsp;&nbsp;12.10 | &nbsp;&nbsp;&nbsp;&nbsp;6.03 | &nbsp;&nbsp;&nbsp;&nbsp;13.03 | &nbsp;&nbsp;&nbsp;&nbsp;12.07 |

---

**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* |
| Fund at NAV<sup>(a)(b)</sup> | 9.32<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.05<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.22)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br> % <br>|
| Fund at Market Price<sup>(a)(b)</sup> | 10.70 | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.51 |
| **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 Fund's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. 

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

<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.

Fund Summary

------

Fund Summary as of January 31, 2026(continued)

**BlackRock MuniHoldings Fund, Inc. (MHD)**

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

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

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

The Fund's return reflected contributions from both portfolio income and rising municipal bond prices. The Fund'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 Fund'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 | 26.2<br> %<br>|
| County/City/Special District/School District | 16.7 |
| Utilities | 13.2 |
| Corporate | 13.2 |
| State | 10.3 |
| Health | 7.8 |
| Housing | 7.5 |
| Education | 3.4 |
| Tobacco | 1.7 |
| 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 | 4.5<br> %<br>|
| 2027 | 2.8 |
| 2028 | 6.4 |
| 2029 | 4.9 |
| 2030 | 5.9 |

---

&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 | 9.3<br> %<br>|
| AA/Aa | 48.0 |
| A | 27.1 |
| BBB/Baa | 6.7 |
| BB/Ba | 1.6 |
| B | 0.8 |
| N/R | 6.5 |

---

&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 Fund 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

------

Fund Summary as of January 31, 2026

**BlackRock MuniVest Fund, Inc. (MVF)**

**Investment Objective**

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

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

On June 6, 2025, the Board of Directors of each of BlackRock MuniVest Fund, Inc. (MVF), BlackRock MuniVest Fund II, Inc. (MVT) and BlackRock MuniYield Michigan Quality Fund, Inc. (MIY) (individually the "Target Fund") and the Board of Directors of BlackRock MuniYield Quality Fund III, Inc. (MYI) each approved the reorganization of MVF, MVT and MIY into MYI, with MYI continuing as the surviving Fund. Subsequently, the respective common and preferred shareholders of each of MVF, MVT and MYI approved the reorganizations, which were completed in the first quarter of 2026. The requisite approvals were not received for MIY and the reorganization of MIY will not occur.

**Fund Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | MVF |
| Initial Offering Date | September 29, 1988 |
| Yield on Closing Market Price as of January 31, 2026 ($7.02)<sup>(a)</sup> | 6.15% |
| Tax Equivalent Yield<sup>(b)</sup> | 10.39% |
| Current Monthly Distribution per Common Share<sup>(c)</sup> | $0.036000 |
| Current Annualized Distribution per Common Share<sup>(c)</sup> | $0.432000 |
| 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 Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *01/31/26* | *07/31/25* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $7.02  | &nbsp;&nbsp;&nbsp;&nbsp; $6.61  | &nbsp;&nbsp;&nbsp;&nbsp; 6.20<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.07  | &nbsp;&nbsp;&nbsp;&nbsp; $6.53  |
| Net Asset Value | 7.52 | &nbsp;&nbsp;&nbsp;&nbsp;7.08 | &nbsp;&nbsp;&nbsp;&nbsp;6.21 | &nbsp;&nbsp;&nbsp;&nbsp;7.67 | &nbsp;&nbsp;&nbsp;&nbsp;7.08 |

---

**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* |
| Fund at NAV<sup>(a)(b)</sup> | 9.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.87)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> % <br>|
| Fund at Market Price<sup>(a)(b)</sup> | 9.57 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| **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 Fund's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. 

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

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

Fund Summary

------

Fund Summary as of January 31, 2026(continued)

**BlackRock MuniVest Fund, Inc. (MVF)**

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

The Fund's return reflected contributions from both portfolio income and rising municipal bond prices. The Fund'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 Fund'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 | 25.4<br> %<br>|
| County/City/Special District/School District | 15.9 |
| Health | 12.5 |
| Corporate | 12.2 |
| State | 12.0 |
| Housing | 8.1 |
| Utilities | 7.2 |
| Education | 3.4 |
| Tobacco | 3.3 |
| 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 | 11.4<br> %<br>|
| 2027 | 4.9 |
| 2028 | 5.0 |
| 2029 | 3.0 |
| 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 | 7.8<br> %<br>|
| AA/Aa | 49.8 |
| A | 21.4 |
| BBB/Baa | 6.0 |
| BB/Ba | 3.1 |
| B | 2.3 |
| N/R | 9.6 |

---

&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 Fund 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

------

Fund Summary as of January 31, 2026

**BlackRock MuniVest Fund II, Inc. (MVT)**

**Investment Objective**

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

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

On June 6, 2025, the Board of Directors of each of BlackRock MuniVest Fund II, Inc. (MVT), BlackRock MuniVest Fund, Inc. (MVF) and BlackRock MuniYield Michigan Quality Fund, Inc. (MIY) (individually the "Target Fund") and the Board of Directors of BlackRock MuniYield Quality Fund III, Inc. (MYI) each approved the reorganization of MVT, MVF and MIY into MYI, with MYI continuing as the surviving Fund. Subsequently, the respective common and preferred shareholders of each of MVT, MVF and MYI approved the reorganizations, which were completed in the first quarter of 2026. The requisite approvals were not received for MIY and the reorganization of MIY will not occur.

**Fund Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | MVT |
| Initial Offering Date | March 29, 1993 |
| Yield on Closing Market Price as of January 31, 2026 ($10.91)<sup>(a)</sup> | 5.94% |
| Tax Equivalent Yield<sup>(b)</sup> | 10.03% |
| Current Monthly Distribution per Common Share<sup>(c)</sup> | $0.054000 |
| Current Annualized Distribution per Common Share<sup>(c)</sup> | $0.648000 |
| 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 Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *01/31/26* | *07/31/25* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $10.91  | &nbsp;&nbsp;&nbsp;&nbsp; $10.07  | &nbsp;&nbsp;&nbsp;&nbsp; 8.34<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.91  | &nbsp;&nbsp;&nbsp;&nbsp; $10.07  |
| Net Asset Value | 11.68 | &nbsp;&nbsp;&nbsp;&nbsp;11.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.89 | &nbsp;&nbsp;&nbsp;&nbsp;11.87 | &nbsp;&nbsp;&nbsp;&nbsp;11.02 |

---

**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* |
| Fund at NAV<sup>(a)(b)</sup> | 9.14<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.79<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.94)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> % <br>|
| Fund at Market Price<sup>(a)(b)</sup> | 11.66 | &nbsp;&nbsp;&nbsp;&nbsp;8.09 | &nbsp;&nbsp;&nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| **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 Fund's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. 

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

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

Fund Summary

------

Fund Summary as of January 31, 2026(continued)

**BlackRock MuniVest Fund II, Inc. (MVT)**

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

The Fund's return reflected contributions from both portfolio income and rising municipal bond prices. The Fund'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 Fund'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 | 25.7<br> %<br>|
| County/City/Special District/School District | 15.5 |
| Utilities | 13.1 |
| State | 12.8 |
| Corporate | 10.7 |
| Housing | 8.3 |
| Health | 8.1 |
| Tobacco | 3.0 |
| Education | 2.8 |
| 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 | 3.7<br> %<br>|
| 2027 | 1.8 |
| 2028 | 7.4 |
| 2029 | 5.2 |
| 2030 | 4.6 |

---

&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 | 8.1<br> %<br>|
| AA/Aa | 49.7 |
| A | 25.9 |
| BBB/Baa | 5.7 |
| BB/Ba | 2.6 |
| B | 1.3 |
| N/R | 6.7 |

---

&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 Fund 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

------

Fund Summary as of January 31, 2026

**BlackRock MuniYield Quality Fund II, Inc. (MQT)**

**Investment Objective**

**BlackRock MuniYield Quality Fund II, Inc.'s (MQT) (the "Fund")** investment objective is to provide shareholders with as high a level of current income exempt from U.S federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S federal alternative minimum tax). Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in "investment grade" securities. The Fund may invest up to 20% of its managed assets in securities that are rated below investment grade, or are considered by the investment adviser to be of comparable quality, at the time of purchase. The Fund may invest directly in such securities or synthetically through the use of derivatives.

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

On January 20, 2025, the Board of Directors of each of BlackRock MuniYield Quality Fund II, Inc. (MQT), BlackRock Investment Quality Municipal Trust, Inc. (BKN) and BlackRock MuniYield Fund, Inc. (MYD) (individually the "Target Fund") and the Board of Directors of BlackRock MuniYield Quality Fund, Inc. (MQY) each approved the reorganization of MQT, BKN and MYD into MQY, with MQY continuing as the surviving Fund. Subsequently, the respective common and preferred shareholders of each Target Fund and MQY approved the reorganizations, which were completed in the first quarter of 2026.

**Fund Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | MQT |
| Initial Offering Date | August 28, 1992 |
| Yield on Closing Market Price as of January 31, 2026 ($10.23)<sup>(a)</sup> | 5.98% |
| Tax Equivalent Yield<sup>(b)</sup> | 10.10% |
| Current Monthly Distribution per Common Share<sup>(c)</sup> | $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 Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *01/31/26* | *07/31/25* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $10.23  | &nbsp;&nbsp;&nbsp;&nbsp; $9.44  | &nbsp;&nbsp;&nbsp;&nbsp; 8.37<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $10.23  | &nbsp;&nbsp;&nbsp;&nbsp; $9.41  |
| Net Asset Value | 10.96 | &nbsp;&nbsp;&nbsp;&nbsp;10.36 | &nbsp;&nbsp;&nbsp;&nbsp;5.79 | &nbsp;&nbsp;&nbsp;&nbsp;11.12 | &nbsp;&nbsp;&nbsp;&nbsp;10.35 |

---

**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* |
| Fund at NAV<sup>(a)(b)</sup> | 9.06<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.05<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.73)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.44<br> % <br>|
| Fund at Market Price<sup>(a)(b)</sup> | 11.72 | &nbsp;&nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.24 |
| **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 Fund's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. 

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

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

Fund Summary

------

Fund Summary as of January 31, 2026(continued)

**BlackRock MuniYield Quality Fund II, Inc. (MQT)**

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

The Fund's return reflected contributions from both portfolio income and rising municipal bond prices. The Fund'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 Fund'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 | 32.6<br> %<br>|
| County/City/Special District/School District | 14.9 |
| Utilities | 12.3 |
| Corporate | 11.6 |
| State | 8.2 |
| Health | 7.8 |
| Housing | 7.7 |
| Education | 3.4 |
| Tobacco | 1.5 |
| 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 | 4.7<br> %<br>|
| 2027 | 3.6 |
| 2028 | 6.1 |
| 2029 | 6.3 |
| 2030 | 5.2 |

---

&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 | 9.5<br> %<br>|
| AA/Aa | 45.6 |
| A | 25.8 |
| BBB/Baa | 6.7 |
| BB/Ba | 1.1 |
| B | 0.4 |
| N/R | 10.9 |

---

&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 Fund 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

------

Schedule of Investments (unaudited)

January 31, 2026

**BlackRock Investment Quality Municipal Trust, Inc. (BKN)** 

**(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 — 4.4%** | **Alabama — 4.4%** |  |
| Black Belt Energy Gas District, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/54 | $760 | &nbsp;&nbsp; $813500  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/56 | 950 | &nbsp;&nbsp; 987948 |
| &nbsp;&nbsp;&nbsp; Series F, 5.50%, 11/01/53 | 735 | &nbsp;&nbsp; 777061 |
| &nbsp;&nbsp;&nbsp; County of Jefferson Alabama Sewer Revenue, Refunding <br> RB, 5.25%, 10/01/49<br>| 1505 | &nbsp;&nbsp; 1563561 |
| &nbsp;&nbsp;&nbsp; Lower Alabama Gas District, RB, Series A, 5.00%, <br> 09/01/46<br>| 1265 | &nbsp;&nbsp; 1335495 |
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Refunding RB, <br> Series B, 5.00%, 06/01/49<sup>(a)</sup><br>| 900 | &nbsp;&nbsp; 963442 |
| Southeast Energy Authority A Cooperative District, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/56 | 1560 | &nbsp;&nbsp; 1624047 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.50%, 01/01/53 | 670 | &nbsp;&nbsp; 716378 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 03/01/55 | 405 | &nbsp;&nbsp; 428618 |
|  |  | &nbsp;&nbsp; 9210050 |
| **Arizona — 4.2%** | **Arizona — 4.2%** |  |
| Arizona Industrial Development Authority, Refunding RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/52 | 215 | &nbsp;&nbsp; 201345 |
| &nbsp;&nbsp;&nbsp; Series G, 5.00%, 07/01/47 | 430 | &nbsp;&nbsp; 406755 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., ARB, Series B, <br> AMT, Junior Lien, 5.00%, 07/01/44<br>| 910 | &nbsp;&nbsp; 929090 |
| Salt Verde Financial Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/32 | 1035 | &nbsp;&nbsp; 1136857 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/37 | 4585 | &nbsp;&nbsp; 5030636 |
| Town of Queen Creek, COP, 5.50%, 10/01/65<sup>(c)</sup> | 1135 | &nbsp;&nbsp; 1201195 |
|  |  | &nbsp;&nbsp; 8905878 |
| **Arkansas — 0.2%** | **Arkansas — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, RB, AMT, <br> Sustainability Bonds, 5.70%, 05/01/53<br>| 380 | &nbsp;&nbsp; 386165 |
| **California — 11.9%** | **California — 11.9%** |  |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, RB, 8.00%, <br> 11/15/62<sup>(b)</sup><br>| 335 | &nbsp;&nbsp; 331509 |
| &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>| 740 | &nbsp;&nbsp; 555000 |
| &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; Hartnell Community College District, GO, Series D, <br> 7.00%, 08/01/34<sup>(d)</sup><br>| 2475 | &nbsp;&nbsp; 2646319 |
| &nbsp;&nbsp;&nbsp; Norwalk-La Mirada Unified School District, Refunding GO, <br> Series E, Election 2002, (AGM), 0.00%, 08/01/38<sup>(e)</sup><br>| 12000 | &nbsp;&nbsp; 7374097 |
| Palomar Community College District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series B, Convertible, 6.20%, 08/01/39<sup>(d)</sup> | 4000 | &nbsp;&nbsp; 5156082 |
| &nbsp;&nbsp;&nbsp; Series B, Election 2006, 0.00%, 08/01/30<sup>(e)</sup> | 2270 | &nbsp;&nbsp; 2032232 |
| &nbsp;&nbsp;&nbsp; San Diego Community College District, GO, Election <br> 2002, 6.00%, 08/01/27<sup>(d)(f)</sup><br>| 4200 | &nbsp;&nbsp; 4449375 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, ARB, <br> Series B, AMT, Subordinate, 5.00%, 07/01/56<br>| 685 | &nbsp;&nbsp; 689956 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San Francisco <br> International Airport, Refunding ARB, Series D, AMT, <br> 5.25%, 05/01/55<br>| 1390 | &nbsp;&nbsp; 1446155 |
|  |  | &nbsp;&nbsp; 25085616 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **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>| $590 | &nbsp;&nbsp; $592163  |
| Colorado Health Facilities Authority, RB, 5.50%, 11/01/47 | 1550 | &nbsp;&nbsp; 1632266 |
|  |  | &nbsp;&nbsp; 2224429 |
| **Connecticut — 0.1%** | **Connecticut — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities <br> Authority, RB, 4.25%, 07/15/53<br>| 175 | &nbsp;&nbsp; 161961 |
| **District of Columbia — 1.4%** | **District of Columbia — 1.4%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Income Tax Revenue, Refunding RB, <br> Series A, 5.25%, 06/01/50<br>| 905 | &nbsp;&nbsp; 965910 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Refunding GO, Series A, 5.25%, <br> 01/01/48<br>| 1190 | &nbsp;&nbsp; 1258597 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 10/01/49 | 380 | &nbsp;&nbsp; 394176 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.50%, 10/01/54 | 395 | &nbsp;&nbsp; 413171 |
|  |  | &nbsp;&nbsp; 3031854 |
| **Florida — 13.7%** | **Florida — 13.7%** |  |
| &nbsp;&nbsp;&nbsp; Brevard County Health Facilities Authority, Refunding RB, <br> Series A, 5.00%, 04/01/47<br>| 2725 | &nbsp;&nbsp; 2776797 |
| &nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., RB, Series A, 5.00%, <br> 06/15/49<sup>(b)</sup><br>| 100 | &nbsp;&nbsp; 90006 |
| &nbsp;&nbsp;&nbsp; City of Gainesville Florida Utilities System Revenue, <br> Refunding RB, Series A, 5.00%, 10/01/29<sup>(f)</sup><br>| 5 | &nbsp;&nbsp; 5456 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Aviation Revenue, <br> Refunding ARB, Series A, AMT, 5.00%, 10/01/44<br>| 475 | &nbsp;&nbsp; 484662 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Water & Sewer System <br> Revenue, RB, 4.00%, 10/01/48<br>| 1350 | &nbsp;&nbsp; 1242096 |
| County of Miami-Dade Florida, RB<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/32 | 5000 | &nbsp;&nbsp; 4100726 |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/33 | 15375 | &nbsp;&nbsp; 12167996 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Seaport Department, Refunding <br> RB, Series A, AMT, 5.00%, 10/01/41<br>| 325 | &nbsp;&nbsp; 341143 |
| &nbsp;&nbsp;&nbsp; County of Osceola Florida Transportation Revenue, <br> Refunding RB, CAB<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-2, 0.00%, 10/01/46 | 420 | &nbsp;&nbsp; 144878 |
| &nbsp;&nbsp;&nbsp; Series A-2, 0.00%, 10/01/47 | 680 | &nbsp;&nbsp; 219157 |
| County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54 | 165 | &nbsp;&nbsp; 177341 |
| Florida Development Finance Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.00%, 07/01/44 | 2090 | &nbsp;&nbsp; 2067698 |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.25%, 07/01/47 | 500 | &nbsp;&nbsp; 492642 |
| &nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., RB, S/F Housing, <br> Series 5, (FHLMC, FNMA, GNMA), 5.05%, 01/01/56<br>| 835 | &nbsp;&nbsp; 837485 |
| Greater Orlando Aviation Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Sub-Series A, AMT, 5.00%, 10/01/47 | 1130 | &nbsp;&nbsp; 1132647 |
| &nbsp;&nbsp;&nbsp; AMT, Subordinate, 5.25%, 10/01/51 | 710 | &nbsp;&nbsp; 735432 |
| &nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, SAB, 6.30%, <br> 05/01/54<br>| 190 | &nbsp;&nbsp; 199158 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, RB, Series A, <br> 5.00%, 10/01/53<br>| 1590 | &nbsp;&nbsp; 1614326 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 15, SAB, <br> 5.25%, 05/01/54<sup>(b)</sup><br>| 190 | &nbsp;&nbsp; 190560 |
|  |  | &nbsp;&nbsp; 29020206 |
| **Georgia — 1.0%** | **Georgia — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; City of Atlanta Georgia Department of Aviation, Refunding <br> ARB, Series B, AMT, 5.00%, 07/01/52<br>| 480 | &nbsp;&nbsp; 485100 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Investment Quality Municipal Trust, Inc. (BKN)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Georgia (continued)** | **Georgia (continued)** |  |
| &nbsp;&nbsp;&nbsp; East Point Business & Industrial Development Authority, <br> RB, Series A, 5.25%, 06/15/62<sup>(b)</sup><br>| 175 | &nbsp;&nbsp; $105000  |
| &nbsp;&nbsp;&nbsp; Gainesville & Hall County Hospital Authority, RB, Series A, <br> 4.00%, 02/15/51<br>| 780 | &nbsp;&nbsp; 688201 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., RB, Series A, 5.00%, <br> 06/01/53<sup>(a)</sup><br>| 565 | &nbsp;&nbsp; 599819 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, RB, Class A, <br> 5.50%, 07/01/63<br>| 310 | &nbsp;&nbsp; 318958 |
|  |  | &nbsp;&nbsp; 2197078 |
| **Hawaii — 0.6%** | **Hawaii — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; State of Hawaii Airports System Revenue, ARB, Series B, <br> 5.00%, 07/01/49<br>| 1295 | &nbsp;&nbsp; 1373337 |
| **Idaho — 0.2%** | **Idaho — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, Refunding RB, Series A, <br> Class A, 4.38%, 03/01/53<br>| 350 | &nbsp;&nbsp; 329713 |
| **Illinois — 5.7%** | **Illinois — 5.7%** |  |
| Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.25%, 12/01/50 | 1000 | &nbsp;&nbsp; 1058324 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 12/01/35 | 420 | &nbsp;&nbsp; 420006 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/01/46 | 1635 | &nbsp;&nbsp; 1558866 |
| Chicago Board of Education, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 6.00%, 12/01/43 | 235 | &nbsp;&nbsp; 248672 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/34 | 370 | &nbsp;&nbsp; 372516 |
| Chicago O'Hare International Airport, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, AMT, Senior Lien, 4.63%, 01/01/53 | 1690 | &nbsp;&nbsp; 1614810 |
| &nbsp;&nbsp;&nbsp; Series B, Senior Lien, 4.50%, 01/01/56 | 1670 | &nbsp;&nbsp; 1597060 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Refunding ARB, <br> Series A, AMT, Senior Lien, 5.25%, 01/01/48<br>| 525 | &nbsp;&nbsp; 540129 |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, <br> Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57<br>| 620 | &nbsp;&nbsp; 621783 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Refunding RB, Series A, 5.00%, <br> 11/15/45<br>| 945 | &nbsp;&nbsp; 944953 |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, RB, 5.00%, <br> 06/15/57<br>| 590 | &nbsp;&nbsp; 575512 |
| State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/39 | 1610 | &nbsp;&nbsp; 1730679 |
| &nbsp;&nbsp;&nbsp; Series F, 5.25%, 09/01/47 | 740 | &nbsp;&nbsp; 770539 |
|  |  | &nbsp;&nbsp; 12053849 |
| **Indiana — 0.7%** | **Indiana — 0.7%** |  |
| Indiana Finance Authority, RB, Series A, 5.00%, 10/01/53 | 680 | &nbsp;&nbsp; 692760 |
| Indiana Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/46 | 560 | &nbsp;&nbsp; 597894 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/47 | 195 | &nbsp;&nbsp; 207439 |
|  |  | &nbsp;&nbsp; 1498093 |
| **Kentucky — 1.4%** | **Kentucky — 1.4%** |  |
| &nbsp;&nbsp;&nbsp; City of Henderson Kentucky, RB, Series A, AMT, 4.70%, <br> 01/01/52<sup>(b)</sup><br>| 135 | &nbsp;&nbsp; 127006 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority, <br> RB, CAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Convertible, 6.45%, 07/01/34 | 1000 | &nbsp;&nbsp; 1170751 |
| &nbsp;&nbsp;&nbsp; Convertible, 6.60%, 07/01/39 | 1395 | &nbsp;&nbsp; 1607951 |
|  |  | &nbsp;&nbsp; 2905708 |
| **Louisiana — 1.7%** | **Louisiana — 1.7%** |  |
| Louisiana Public Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/53 | 1170 | &nbsp;&nbsp; 1161693 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Louisiana (continued)** | **Louisiana (continued)** |  |
| Louisiana Public Facilities Authority, RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 09/01/64 | 1280 | &nbsp;&nbsp; $1318827  |
| &nbsp;&nbsp;&nbsp; Louisiana Stadium & Exposition District, Refunding RB, <br> Series A, 5.25%, 07/01/53<br>| 1115 | &nbsp;&nbsp; 1150013 |
|  |  | &nbsp;&nbsp; 3630533 |
| **Massachusetts — 1.3%** | **Massachusetts — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/40 | 600 | &nbsp;&nbsp; 600003 |
| &nbsp;&nbsp;&nbsp; (AGM), 5.50%, 07/01/50 | 990 | &nbsp;&nbsp; 1062983 |
| &nbsp;&nbsp;&nbsp; (AGM), 5.50%, 07/01/55 | 990 | &nbsp;&nbsp; 1051789 |
|  |  | &nbsp;&nbsp; 2714775 |
| **Michigan — 1.3%** | **Michigan — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, RB, Sustainability Bonds, <br> 5.50%, 02/28/57<br>| 490 | &nbsp;&nbsp; 507788 |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, RB, S/F <br> Housing, Series D, Sustainability Bonds, 5.10%, <br> 12/01/37<br>| 1560 | &nbsp;&nbsp; 1675946 |
| Michigan Strategic Fund, RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/31/43 | 135 | &nbsp;&nbsp; 135600 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 06/30/48 | 500 | &nbsp;&nbsp; 486466 |
|  |  | &nbsp;&nbsp; 2805800 |
| **Minnesota — 1.7%** | **Minnesota — 1.7%** |  |
| City of Spring Lake Park Minnesota, RB, 5.00%, 06/15/39 | 1760 | &nbsp;&nbsp; 1750786 |
| &nbsp;&nbsp;&nbsp; Housing & Redevelopment Authority of The City of St. <br> Paul Minnesota, RB, Series A, 5.50%, 07/01/52<sup>(b)</sup><br>| 305 | &nbsp;&nbsp; 287169 |
| &nbsp;&nbsp;&nbsp; Minneapolis-St Paul Metropolitan Airports Commission, <br> ARB, Series B, AMT, Subordinate, 5.25%, 01/01/49<br>| 1055 | &nbsp;&nbsp; 1083503 |
| &nbsp;&nbsp;&nbsp; Minnesota Agricultural & Economic Development Board, <br> RB, 5.25%, 01/01/54<br>| 520 | &nbsp;&nbsp; 535336 |
|  |  | &nbsp;&nbsp; 3656794 |
| **Missouri — 1.2%** | **Missouri — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., Refunding RB, <br> Series B, AMT, 5.00%, 03/01/39<br>| 575 | &nbsp;&nbsp; 594544 |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of <br> Missouri, Refunding RB, Series A, 4.25%, 04/01/55<br>| 2080 | &nbsp;&nbsp; 1925973 |
|  |  | &nbsp;&nbsp; 2520517 |
| **Nevada — 0.1%** | **Nevada — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; State of Nevada Department of Business & Industry, RB, <br> Series A, 5.00%, 07/15/37<br>| 125 | &nbsp;&nbsp; 125023 |
| **New Hampshire — 2.6%** | **New Hampshire — 2.6%** |  |
| New Hampshire Business Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, 4.17%, 01/20/41<sup>(a)</sup> | 318 | &nbsp;&nbsp; 317318 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.50%, 06/01/55 | 1625 | &nbsp;&nbsp; 1676362 |
| &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 | 485 | &nbsp;&nbsp; 510822 |
| &nbsp;&nbsp;&nbsp; Series 2025, Subordinate, 5.15%, 09/28/37 | 760 | &nbsp;&nbsp; 776005 |
| &nbsp;&nbsp;&nbsp; Class A-1, Sustainability Bonds, 4.22%, 11/20/42<sup>(a)</sup> | 1922 | &nbsp;&nbsp; 1889246 |
| &nbsp;&nbsp;&nbsp; Series 2, Sustainability Bonds, 4.25%, 07/20/41 | 303 | &nbsp;&nbsp; 307535 |
|  |  | &nbsp;&nbsp; 5477288 |
| **New Jersey — 4.6%** | **New Jersey — 4.6%** |  |
| &nbsp;&nbsp;&nbsp; Camden County Improvement Authority, RB, Sustainability <br> Bonds, 6.00%, 06/15/62<br>| 165 | &nbsp;&nbsp; 169964 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, ARB, <br> Series B, AMT, 5.63%, 11/15/30<br>| 990 | &nbsp;&nbsp; 993958 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, RB, AMT, <br> (AGM), 5.13%, 07/01/42<br>| 300 | &nbsp;&nbsp; 301600 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Investment Quality Municipal Trust, Inc. (BKN)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New Jersey (continued)** | **New Jersey (continued)** |  |
| New Jersey Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series AA, 5.00%, 06/15/45 | 1350 | &nbsp;&nbsp; $1350496  |
| &nbsp;&nbsp;&nbsp; Series AA, 5.00%, 06/15/46 | 600 | &nbsp;&nbsp; 600179 |
| &nbsp;&nbsp;&nbsp; Series AA, 5.00%, 06/15/50 | 1525 | &nbsp;&nbsp; 1578096 |
| &nbsp;&nbsp;&nbsp; Series BB, 4.00%, 06/15/50 | 1200 | &nbsp;&nbsp; 1097317 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, RB, CAB, <br> Series A, 0.00%, 12/15/35<sup>(e)</sup><br>| 1600 | &nbsp;&nbsp; 1158640 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, RB, Series A, 5.25%, <br> 01/01/55<br>| 940 | &nbsp;&nbsp; 998096 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Refunding RB, <br> Series A, 5.25%, 06/01/46<br>| 1400 | &nbsp;&nbsp; 1394220 |
|  |  | &nbsp;&nbsp; 9642566 |
| **New York — 10.9%** | **New York — 10.9%** |  |
| City of New York, GO, Series G-1, 5.25%, 02/01/53 | 175 | &nbsp;&nbsp; 183345 |
| &nbsp;&nbsp;&nbsp; Erie Tobacco Asset Securitization Corp., Refunding RB, <br> Series A, 5.00%, 06/01/45<br>| 1825 | &nbsp;&nbsp; 1503806 |
| Metropolitan Transportation Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C-1, Sustainability Bonds, 5.00%, 11/15/50 | 550 | &nbsp;&nbsp; 556782 |
| &nbsp;&nbsp;&nbsp; Series C-1, Sustainability Bonds, 5.25%, 11/15/55 | 810 | &nbsp;&nbsp; 826606 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., RB, M/F <br> Housing, Series A, Sustainability Bonds, (FHLMC, <br> FNMA, GNMA), 4.70%, 08/01/54<br>| 810 | &nbsp;&nbsp; 797951 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB, Series A-1, Subordinate, <br> 5.25%, 05/01/52<br>| 720 | &nbsp;&nbsp; 755579 |
| &nbsp;&nbsp;&nbsp; New York Counties Tobacco Trust IV, Refunding RB, <br> Series A, 6.25%, 06/01/41<sup>(b)</sup><br>| 1277 | &nbsp;&nbsp; 1253797 |
| &nbsp;&nbsp;&nbsp; New York Counties Tobacco Trust VI, Refunding RB, <br> Series C, 4.00%, 06/01/51<br>| 1000 | &nbsp;&nbsp; 712390 |
| New York Liberty Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, <br> 11/15/51<br>| 1785 | &nbsp;&nbsp; 1296854 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 3.00%, 11/15/51 | 560 | &nbsp;&nbsp; 402643 |
| &nbsp;&nbsp;&nbsp; New York Power Authority, Refunding RB, Series A, <br> Sustainability Bonds, 4.00%, 11/15/55<br>| 205 | &nbsp;&nbsp; 182795 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Refunding RB, <br> Class A, 5.25%, 05/01/54<br>| 690 | &nbsp;&nbsp; 712292 |
| New York Transportation Development Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/01/36 | 400 | &nbsp;&nbsp; 432843 |
| &nbsp;&nbsp;&nbsp; AMT, 5.63%, 04/01/40 | 420 | &nbsp;&nbsp; 445903 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, (AGM), 6.00%, 06/30/60 | 900 | &nbsp;&nbsp; 967173 |
| New York Transportation Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/35 | 630 | &nbsp;&nbsp; 668886 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, (AGM), 5.25%, 06/30/60 | 1545 | &nbsp;&nbsp; 1562353 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.50%, 06/30/60 | 2625 | &nbsp;&nbsp; 2657408 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Refunding <br> RB, Series A, AMT, Sustainability Bonds, 5.50%, <br> 12/31/60<br>| 1040 | &nbsp;&nbsp; 1050480 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, ARB, <br> Series 218, AMT, 5.00%, 11/01/49<br>| 1330 | &nbsp;&nbsp; 1352081 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority Sales Tax Revenue, <br> RB, Series A, 4.25%, 05/15/58<br>| 2105 | &nbsp;&nbsp; 1927230 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, RB, Series A, <br> 5.00%, 11/15/49<br>| 1645 | &nbsp;&nbsp; 1691904 |
| &nbsp;&nbsp;&nbsp; Westchester Tobacco Asset Securitization Corp., <br> Refunding RB, Sub-Series C, 5.13%, 06/01/51<br>| 1160 | &nbsp;&nbsp; 991091 |
|  |  | &nbsp;&nbsp; 22932192 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **North Carolina — 0.6%** | **North Carolina — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, RB, S/F <br> Housing, Series 54-A, (FHLMC, FNMA, GNMA), <br> 4.70%, 07/01/50<br>| $455 | &nbsp;&nbsp; $453314  |
| North Carolina Medical Care Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 10/01/56 | 250 | &nbsp;&nbsp; 250722 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/56 | 440 | &nbsp;&nbsp; 441841 |
| &nbsp;&nbsp;&nbsp; University of North Carolina at Chapel Hill, RB, 5.00%, <br> 02/01/49<br>| 145 | &nbsp;&nbsp; 159790 |
|  |  | &nbsp;&nbsp; 1305667 |
| **North Dakota — 0.4%** | **North Dakota — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, RB, S/F Housing, <br> Series C, Sustainability Bonds, 4.75%, 07/01/49<br>| 820 | &nbsp;&nbsp; 823404 |
| **Ohio — 2.2%** | **Ohio — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55<br>| 1695 | &nbsp;&nbsp; 1394012 |
| &nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority, Refunding ARB, <br> Series A, Class A, AMT, 5.50%, 01/01/55<br>| 2110 | &nbsp;&nbsp; 2205857 |
| &nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, RB, S/F Housing, <br> Series B, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 4.65%, 09/01/49<br>| 995 | &nbsp;&nbsp; 996188 |
|  |  | &nbsp;&nbsp; 4596057 |
| **Oklahoma — 0.4%** | **Oklahoma — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Oklahoma Turnpike Authority, RB, Series A, (AGM), <br> 4.25%, 01/01/55<br>| 310 | &nbsp;&nbsp; 305424 |
| &nbsp;&nbsp;&nbsp; Tulsa Municipal Airport Trust Trustees, Refunding, ARB, <br> AMT, 6.25%, 12/01/35<br>| 425 | &nbsp;&nbsp; 493397 |
|  |  | &nbsp;&nbsp; 798821 |
| **Oregon — 0.4%** | **Oregon — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Port of Portland Oregon Airport Revenue, ARB, <br> Series 24B, AMT, 5.00%, 07/01/47<br>| 780 | &nbsp;&nbsp; 781017 |
| **Pennsylvania — 5.7%** | **Pennsylvania — 5.7%** |  |
| &nbsp;&nbsp;&nbsp; Allegheny County Airport Authority, ARB, Series A, AMT, <br> 5.00%, 01/01/51<br>| 1785 | &nbsp;&nbsp; 1797275 |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, <br> Refunding RB, Series A, (AGM-CR), 5.00%, 04/01/47<br>| 1625 | &nbsp;&nbsp; 1644240 |
| &nbsp;&nbsp;&nbsp; Mckeesport Area School District, Refunding GO, (FGIC, <br> SAW), 0.00%, 10/01/31<sup>(e)(g)</sup><br>| 500 | &nbsp;&nbsp; 418081 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/30/42 | 1585 | &nbsp;&nbsp; 1586659 |
| &nbsp;&nbsp;&nbsp; AMT, 5.50%, 06/30/41 | 810 | &nbsp;&nbsp; 876490 |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 06/30/48 | 700 | &nbsp;&nbsp; 734255 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, <br> Refunding RB, AMT, 5.50%, 11/01/44<br>| 810 | &nbsp;&nbsp; 810361 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, RB, <br> 4.00%, 08/15/49<br>| 145 | &nbsp;&nbsp; 129506 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/55 | 610 | &nbsp;&nbsp; 658928 |
| &nbsp;&nbsp;&nbsp; Series B2, 4.38%, 11/01/54 | 590 | &nbsp;&nbsp; 531925 |
| &nbsp;&nbsp;&nbsp; Series B2, 5.50%, 11/01/54 | 720 | &nbsp;&nbsp; 751652 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, S/F Housing, <br> Series 145A, Sustainability Bonds, 4.75%, 10/01/49<br>| 1780 | &nbsp;&nbsp; 1787572 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Refunding RB, <br> S/F Housing, Series 142-A, Sustainability Bonds, <br> 5.00%, 10/01/50<br>| 370 | &nbsp;&nbsp; 372945 |
|  |  | &nbsp;&nbsp; 12099889 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Investment Quality Municipal Trust, Inc. (BKN)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Puerto Rico — 4.3%** | **Puerto Rico — 4.3%** |  |
| &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 | $951 | &nbsp;&nbsp; $917267  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 5966 | &nbsp;&nbsp; 5839245 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 1459 | &nbsp;&nbsp; 1391770 |
| &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>(e)</sup><br>| 2865 | &nbsp;&nbsp; 992669 |
|  |  | &nbsp;&nbsp; 9140951 |
| **South Carolina — 3.1%** | **South Carolina — 3.1%** |  |
| &nbsp;&nbsp;&nbsp; Charleston County Airport District, ARB, Series A, AMT, <br> 5.25%, 07/01/54<br>| 355 | &nbsp;&nbsp; 364575 |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, RB, Series A1, <br> 5.25%, 10/01/54<sup>(a)</sup><br>| 520 | &nbsp;&nbsp; 559301 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/55<sup>(b)</sup> | 755 | &nbsp;&nbsp; 629767 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/50 | 445 | &nbsp;&nbsp; 473602 |
| &nbsp;&nbsp;&nbsp; Series A, 4.50%, 11/01/54 | 1050 | &nbsp;&nbsp; 1020959 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/54 | 860 | &nbsp;&nbsp; 904991 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, RB, Series A, <br> 4.00%, 12/01/55<br>| 2500 | &nbsp;&nbsp; 2185484 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Refunding RB, <br> Series B, 5.00%, 12/01/46<br>| 305 | &nbsp;&nbsp; 316871 |
| &nbsp;&nbsp;&nbsp; South Carolina State Housing Finance & Development <br> Authority, Refunding RB, Series A, 4.95%, 07/01/53<br>| 100 | &nbsp;&nbsp; 99881 |
|  |  | &nbsp;&nbsp; 6555431 |
| **Tennessee — 2.1%** | **Tennessee — 2.1%** |  |
| &nbsp;&nbsp;&nbsp; Knox County Health Educational & Housing Facility Board, <br> RB, Series A-1, (BAM), 5.50%, 07/01/59<br>| 135 | &nbsp;&nbsp; 141281 |
| &nbsp;&nbsp;&nbsp; Memphis-Shelby County Airport Authority, ARB, Series A, <br> AMT, 5.00%, 07/01/49<br>| 885 | &nbsp;&nbsp; 893969 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Health & Educational Fcilities Board, RB, 5.25%, <br> 05/01/48<br>| 180 | &nbsp;&nbsp; 185452 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Health & Educational Fcilities Board, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/58 | 725 | &nbsp;&nbsp; 680972 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/45 | 1000 | &nbsp;&nbsp; 947522 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County <br> TN Water & Sewer Revenue, Refunding RB, 5.25%, <br> 07/01/55<br>| 550 | &nbsp;&nbsp; 581486 |
| Tennergy Corp., RB, Series A, 5.50%, 10/01/53<sup>(a)</sup> | 950 | &nbsp;&nbsp; 1016365 |
|  |  | &nbsp;&nbsp; 4447047 |
| **Texas — 12.7%** | **Texas — 12.7%** |  |
| &nbsp;&nbsp;&nbsp; Alamo Heights Independent School District, GO, (PSF), <br> 4.00%, 02/01/51<br>| 415 | &nbsp;&nbsp; 378051 |
| Arlington Higher Education Finance Corp., RB<sup>(b)(h)(i)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/62 | 380 | &nbsp;&nbsp; 190000 |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62 | 330 | &nbsp;&nbsp; 198000 |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Airport System Revenue, ARB, AMT, <br> 5.25%, 11/15/47<br>| 795 | &nbsp;&nbsp; 820675 |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Water & Wastewater System <br> Revenue, Refunding RB, 5.00%, 11/15/53<br>| 570 | &nbsp;&nbsp; 593686 |
| &nbsp;&nbsp;&nbsp; City of Galveston Texas Wharves & Terminal Revenue, <br> ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 1st Lien, 5.50%, 08/01/43 | 100 | &nbsp;&nbsp; 106071 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 1st Lien, 5.50%, 08/01/44 | 100 | &nbsp;&nbsp; 105313 |
| &nbsp;&nbsp;&nbsp; City of Garland Texas Electric Utility System Revenue, <br> Refunding RB, (AGM), 4.25%, 03/01/48<br>| 100 | &nbsp;&nbsp; 94960 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| 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 | 210 | &nbsp;&nbsp; 228800 |
| &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>| 1185 | &nbsp;&nbsp; 1243052 |
| &nbsp;&nbsp;&nbsp; Eagle Mountain & Saginaw Independent School District, <br> GO, (PSF), 4.00%, 08/15/54<br>| 145 | &nbsp;&nbsp; 130329 |
| &nbsp;&nbsp;&nbsp; Fort Bend Independent School District, Refunding GO, <br> Series A, (PSF), 4.00%, 08/15/49<br>| 315 | &nbsp;&nbsp; 294230 |
| &nbsp;&nbsp;&nbsp; Greenwood Independent School District, GO, (PSF), <br> 4.00%, 02/15/54<br>| 1030 | &nbsp;&nbsp; 936443 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., <br> Refunding RB, Class A, 4.13%, 07/01/52<br>| 255 | &nbsp;&nbsp; 229458 |
| &nbsp;&nbsp;&nbsp; Harris County-Houston Sports Authority, Refunding RB, <br> Series A, Senior Lien, (Remove), 0.00%, 11/15/38<sup>(e)</sup><br>| 5000 | &nbsp;&nbsp; 2529045 |
| &nbsp;&nbsp;&nbsp; Midland County Fresh Water Supply District No. 1, RB, <br> CAB, Series A, 0.00%, 09/15/27<sup>(e)(f)</sup><br>| 16780 | &nbsp;&nbsp; 9270192 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., <br> RB, Series A, 5.50%, 08/15/49<br>| 1315 | &nbsp;&nbsp; 1427989 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Refunding RB, 4.25%, <br> 01/01/49<br>| 825 | &nbsp;&nbsp; 747341 |
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, GO, (PSF), <br> 5.25%, 02/15/55<br>| 605 | &nbsp;&nbsp; 637547 |
| Port Authority of Houston of Harris County Texas, ARB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/51 | 585 | &nbsp;&nbsp; 600005 |
| &nbsp;&nbsp;&nbsp; 1st Lien, 5.00%, 10/01/53 | 435 | &nbsp;&nbsp; 448421 |
| &nbsp;&nbsp;&nbsp; Spring Branch Independent School District, GO, (PSF), <br> 4.00%, 02/01/48<br>| 405 | &nbsp;&nbsp; 380666 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., Refunding RB, 5.00%, 10/01/49<br>| 100 | &nbsp;&nbsp; 99306 |
| Tarrant County Hospital District, GOL, 4.25%, 08/15/53 | 200 | &nbsp;&nbsp; 186198 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp., III, <br> Refunding RB, 5.00%, 12/15/32<br>| 1315 | &nbsp;&nbsp; 1432141 |
| &nbsp;&nbsp;&nbsp; Texas Transportation Commission State Highway <br> 249 System, RB, CAB<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/35 | 420 | &nbsp;&nbsp; 286988 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/36 | 235 | &nbsp;&nbsp; 152095 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/37 | 305 | &nbsp;&nbsp; 186477 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/38 | 315 | &nbsp;&nbsp; 181788 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/44 | 950 | &nbsp;&nbsp; 387002 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/45 | 1800 | &nbsp;&nbsp; 687076 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, RB, Series A, 4.38%, <br> 10/15/59<br>| 1520 | &nbsp;&nbsp; 1427844 |
|  |  | &nbsp;&nbsp; 26726616 |
| **Utah — 1.0%** | **Utah — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Black Desert Public Infrastructure District, SAB, 5.63%, <br> 12/01/53<sup>(b)</sup><br>| 120 | &nbsp;&nbsp; 120673 |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City Utah Airport Revenue, ARB, <br> Series A, AMT, 5.00%, 07/01/51<br>| 425 | &nbsp;&nbsp; 428185 |
| Downtown Revitalization Public Infrastructure District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 1st Lien, (AGM), 5.50%, 06/01/55 | 570 | &nbsp;&nbsp; 608861 |
| &nbsp;&nbsp;&nbsp; Series B, 2nd Lien, (AGM), 5.50%, 06/01/55 | 205 | &nbsp;&nbsp; 218976 |
| Utah Charter School Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/37<sup>(b)</sup> | 205 | &nbsp;&nbsp; 202933 |
| &nbsp;&nbsp;&nbsp; (UT), 4.00%, 04/15/42 | 600 | &nbsp;&nbsp; 559490 |
|  |  | &nbsp;&nbsp; 2139118 |
| **Vermont — 0.1%** | **Vermont — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Vermont Student Assistance Corp., RB, Series A, AMT, <br> 4.25%, 06/15/32<br>| 285 | &nbsp;&nbsp; 281473 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Investment Quality Municipal Trust, Inc. (BKN)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Virginia — 1.2%** | **Virginia — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Ballston Quarter Community Development Authority, TA, <br> Series A-1, 5.50%, 03/01/46<br>| $293 | &nbsp;&nbsp; $291236  |
| &nbsp;&nbsp;&nbsp; Ballston Quarter Community Development Authority, TA, <br> CAB, Series A-2, 7.13%, 03/01/59<sup>(d)</sup><br>| 702 | &nbsp;&nbsp; 647208 |
| &nbsp;&nbsp;&nbsp; Fairfax County Industrial Development Authority, RB, <br> 4.13%, 05/15/54<br>| 185 | &nbsp;&nbsp; 169306 |
| &nbsp;&nbsp;&nbsp; Henrico County Economic Development Authority, <br> Refunding RB, Series A, 5.00%, 11/01/48<br>| 580 | &nbsp;&nbsp; 600407 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Refunding RB, <br> Series B-1, 5.00%, 06/01/47<br>| 1030 | &nbsp;&nbsp; 862332 |
|  |  | &nbsp;&nbsp; 2570489 |
| **Washington — 1.1%** | **Washington — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Port of Seattle Washington, Refunding ARB, Series C, <br> AMT, Intermediate Lien, 5.00%, 08/01/46<br>| 1815 | &nbsp;&nbsp; 1852214 |
| &nbsp;&nbsp;&nbsp; Vancouver Housing Authority, RB, M/F Housing, 5.00%, <br> 08/01/40<br>| 280 | &nbsp;&nbsp; 291957 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Refunding <br> RB, Series A, 5.50%, 09/01/55<br>| 165 | &nbsp;&nbsp; 174506 |
|  |  | &nbsp;&nbsp; 2318677 |
| **Wisconsin — 1.9%** | **Wisconsin — 1.9%** |  |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/36<sup>(b)</sup> | 100 | &nbsp;&nbsp; 93814 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/51<sup>(b)</sup> | 320 | &nbsp;&nbsp; 244856 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/61<sup>(b)</sup> | 405 | &nbsp;&nbsp; 297482 |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 06/30/60 | 835 | &nbsp;&nbsp; 864732 |
| &nbsp;&nbsp;&nbsp; AMT, 6.50%, 12/31/65 | 2370 | &nbsp;&nbsp; 2616436 |
|  |  | &nbsp;&nbsp; 4117320 |
| **Total Municipal Bonds — 109.2%** <br>**(Cost: $218,771,241)** | **Total Municipal Bonds — 109.2%** <br>**(Cost: $218,771,241)** | &nbsp;&nbsp; 230591402 |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(j)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(j)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(j)</sup> |
| **Alabama — 7.2%** | **Alabama — 7.2%** |  |
| Black Belt Energy Gas District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.50%, 10/01/54<sup>(k)</sup> | 3299 | &nbsp;&nbsp; 3635266 |
| &nbsp;&nbsp;&nbsp; Series C-1, 5.25%, 02/01/53 | 6771 | &nbsp;&nbsp; 7138351 |
| &nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District, RB, Series B-1, <br> 5.75%, 04/01/54<br>| 4095 | &nbsp;&nbsp; 4521540 |
|  |  | &nbsp;&nbsp; 15295157 |
| **California — 2.6%** | **California — 2.6%** |  |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB, Series A, AMT, Sustainability Bonds, 5.25%, <br> 05/15/50<br>| 5297 | &nbsp;&nbsp; 5555278 |
| **Colorado — 1.6%** | **Colorado — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB, Series A, AMT, 5.50%, <br> 11/15/53<br>| 3196 | &nbsp;&nbsp; 3338091 |
| **District of Columbia — 1.7%** | **District of Columbia — 1.7%** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB, Series A, 5.00%, 10/01/49<br>| 3556 | &nbsp;&nbsp; 3571975 |
| **Florida — 2.3%** | **Florida — 2.3%** |  |
| &nbsp;&nbsp;&nbsp; Hillsborough County Aviation Authority, ARB, Class B, <br> AMT, 5.50%, 10/01/54<br>| 4660 | &nbsp;&nbsp; 4917394 |
| **Georgia — 6.9%** | **Georgia — 6.9%** |  |
| &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>| 4720 | &nbsp;&nbsp; 4967940 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Georgia (continued)** | **Georgia (continued)** |  |
| &nbsp;&nbsp;&nbsp; County of DeKalb Georgia Water & Sewerage Revenue, <br> RB, Series A, 5.00%, 10/01/55<sup>(k)</sup><br>| 3040 | &nbsp;&nbsp; $3151304  |
| &nbsp;&nbsp;&nbsp; Georgia Housing & Finance Authority, RB, S/F Housing, <br> Series A, 4.65%, 12/01/50<sup>(k)</sup><br>| 3781 | &nbsp;&nbsp; 3756183 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Refunding RB, Series E-1, <br> 5.00%, 12/01/53<sup>(k)</sup><br>| 2476 | &nbsp;&nbsp; 2652213 |
|  |  | &nbsp;&nbsp; 14527640 |
| **Illinois — 5.3%** | **Illinois — 5.3%** |  |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, <br> Refunding RB, Series A, 5.00%, 12/01/49<sup>(k)</sup><br>| 4784 | &nbsp;&nbsp; 4924702 |
| &nbsp;&nbsp;&nbsp; City of Chicago Illinois Wastewater Transmission <br> Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, <br> 01/01/58<br>| 4302 | &nbsp;&nbsp; 4454286 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Refunding RB, Series A, 5.00%, <br> 08/15/51<br>| 1711 | &nbsp;&nbsp; 1723818 |
|  |  | &nbsp;&nbsp; 11102806 |
| **Maryland — 1.8%** | **Maryland — 1.8%** |  |
| Maryland Stadium Authority, RB, 5.00%, 06/01/54 | 3600 | &nbsp;&nbsp; 3703809 |
| **Massachusetts — 2.2%** | **Massachusetts — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GOL, Series A, 5.00%, <br> 05/01/48<br>| 2438 | &nbsp;&nbsp; 2546393 |
| &nbsp;&nbsp;&nbsp; Massachusetts Port Authority, ARB, Series E, AMT, <br> 5.00%, 07/01/51<br>| 2151 | &nbsp;&nbsp; 2167992 |
|  |  | &nbsp;&nbsp; 4714385 |
| **Michigan — 0.9%** | **Michigan — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, RB, M/F <br> Housing, Series A, 4.05%, 10/01/48<br>| 2148 | &nbsp;&nbsp; 1940196 |
| **Missouri — 1.0%** | **Missouri — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, RB, S/F <br> Housing, Series E, 4.60%, 11/01/49<br>| 2022 | &nbsp;&nbsp; 2011800 |
| **Nebraska — 2.3%** | **Nebraska — 2.3%** |  |
| &nbsp;&nbsp;&nbsp; Nebraska Investment Finance Authority, RB, S/F Housing, <br> Series E, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 4.80%, 09/01/54<br>| 1888 | &nbsp;&nbsp; 1890467 |
| &nbsp;&nbsp;&nbsp; Omaha Public Power District, Refunding RB, Series B, <br> 5.25%, 02/01/48<br>| 2820 | &nbsp;&nbsp; 2990318 |
|  |  | &nbsp;&nbsp; 4880785 |
| **New York — 7.3%** | **New York — 7.3%** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority Dedicated Tax Fund, <br> Refunding RB, Series B-1, Sustainability Bonds, 5.00%, <br> 11/15/49<br>| 3268 | &nbsp;&nbsp; 3389399 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, RB, <br> Series AA, Subordinate, 5.00%, 06/15/51<br>| 2444 | &nbsp;&nbsp; 2524826 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 05/01/55 | 3597 | &nbsp;&nbsp; 3765360 |
| &nbsp;&nbsp;&nbsp; Series H, Subordinate, 5.25%, 11/01/48 | 2280 | &nbsp;&nbsp; 2417552 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Refunding RB, <br> Series A, 4.00%, 03/15/47<br>| 1590 | &nbsp;&nbsp; 1460827 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, RB, Series A, <br> 5.00%, 11/15/51<br>| 1740 | &nbsp;&nbsp; 1774901 |
|  |  | &nbsp;&nbsp; 15332865 |
| **Oregon — 0.9%** | **Oregon — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Port of Portland Oregon Airport Revenue, Refunding ARB, <br> Series 29, AMT, Sustainability Bonds, 5.50%, 07/01/48<br>| 1830 | &nbsp;&nbsp; 1928024 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Investment Quality Municipal Trust, Inc. (BKN)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Rhode Island — 1.5%** | **Rhode Island — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; Rhode Island Housing & Mortgage Finance Corp., RB, S/F <br> Housing, Series 82-A, Sustainability Bonds, (GNMA), <br> 4.60%, 10/01/49<br>| $3256 | &nbsp;&nbsp; $3244364 |
| **South Carolina — 2.0%** | **South Carolina — 2.0%** |  |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, Refunding RB, <br> Series B-1, 5.25%, 02/01/54<sup>(k)</sup><br>| 3989 | &nbsp;&nbsp; 4307792 |
| **Tennessee — 2.0%** | **Tennessee — 2.0%** |  |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., RB, Series A, <br> 5.00%, 05/01/52<sup>(k)</sup><br>| 3885 | &nbsp;&nbsp; 4170353 |
| **Texas — 9.1%** | **Texas — 9.1%** |  |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, Refunding <br> ARB, Series A, AMT, Subordinate Lien, (AGM), 5.25%, <br> 07/01/53<br>| 1180 | &nbsp;&nbsp; 1209427 |
| &nbsp;&nbsp;&nbsp; City of San Antonio Texas Electric & Gas Systems <br> Revenue, Refunding RB, Series A, 5.50%, 02/01/50<br>| 1410 | &nbsp;&nbsp; 1514730 |
| County of Bexar Texas, GOL, 5.00%, 06/15/49 | 3120 | &nbsp;&nbsp; 3251905 |
| &nbsp;&nbsp;&nbsp; Crowley Independent School District, GO, (PSF), 5.25%, <br> 02/01/53<br>| 1874 | &nbsp;&nbsp; 1960179 |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District, RB, 5.00%, <br> 06/01/50<sup>(k)</sup><br>| 3618 | &nbsp;&nbsp; 3751808 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., RB, 5.00%, 11/15/51<br>| 2251 | &nbsp;&nbsp; 2300969 |
| Texas Water Development Board, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 10/15/52 | 2475 | &nbsp;&nbsp; 2503719 |
| &nbsp;&nbsp;&nbsp; Series A, 4.38%, 10/15/59 | 2848 | &nbsp;&nbsp; 2675021 |
|  |  | &nbsp;&nbsp; 19167758 |
| **Washington — 2.2%** | **Washington — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; City of Seattle WA Municipal Light & Power Revenue, <br> Refunding RB, 5.00%, 10/01/54<br>| 4500 | &nbsp;&nbsp; 4677813 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 60.8%** <br>**(Cost: $125,998,800)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 60.8%** <br>**(Cost: $125,998,800)** | &nbsp;&nbsp; 128388285 |

---

&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>(i)(l)</sup><br>| 6126 | &nbsp;&nbsp; 12252 |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** | &nbsp;&nbsp; 12252 |
| **Total Long-Term Investments — 170.0%** <br>**(Cost: $344,770,041)** | **Total Long-Term Investments — 170.0%** <br>**(Cost: $344,770,041)** | &nbsp;&nbsp; 358991939 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.9%** | **Money Market Funds — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.03%<sup>(m)(n)</sup><br>| 1849343 | &nbsp;&nbsp; $1849528 |
| **Total Short-Term Securities — 0.9%** <br>**(Cost: $1,849,528)** | **Total Short-Term Securities — 0.9%** <br>**(Cost: $1,849,528)** | &nbsp;&nbsp; 1849528 |
| **Total Investments — 170.9%** <br>**(Cost: $346,619,569)** | **Total Investments — 170.9%** <br>**(Cost: $346,619,569)** | &nbsp;&nbsp; 360841467 |
| **Other Assets Less Liabilities — 0.4%** | **Other Assets Less Liabilities — 0.4%** | &nbsp;&nbsp; 819127 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (39.2)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (39.2)%** | &nbsp;&nbsp; (82708507)<br>|
| **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(32.1)%** | **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(32.1)%** | &nbsp;&nbsp; (67800000)<br>|
| **Net Assets Applicable to Common Shares — 100.0%** | **Net Assets Applicable to Common Shares — 100.0%** | &nbsp;&nbsp; $211152087 |

---

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

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

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

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

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

<sup>(k)</sup> All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between February 1, 2029 to May 1, 2052, is $20,562,618. See Note 4 of the Notes to Financial Statements for details. 

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

<sup>(m)</sup> Affiliate of the Fund.

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 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 | $1849347<br> $181 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $1849528 | 1849343 | $27746 | $— |

---

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

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

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Investment Quality Municipal Trust, Inc. (BKN)** 

**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 Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &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; $230591402  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $230591402  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 128388285 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 128388285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12252 | &nbsp;&nbsp;&nbsp;&nbsp; 12252 |
| &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; 1849528 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1849528 |
|  | &nbsp;&nbsp; $1849528 | &nbsp;&nbsp;&nbsp;&nbsp; $358979687 | &nbsp;&nbsp;&nbsp;&nbsp; $12252 | &nbsp;&nbsp;&nbsp;&nbsp; $360841467 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TOB Trust Certificates | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(82211395)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(82211395)<br>|
| &nbsp;&nbsp;&nbsp; VMTP Shares at Liquidation Value | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (67800000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (67800000)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(150011395)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(150011395)<br>|

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

January 31, 2026

**BlackRock Municipal Income Trust (BFK)** 

**(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 — 5.7%** | **Alabama — 5.7%** |  |
| Black Belt Energy Gas District, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/56 | $2160 | &nbsp;&nbsp; $2246283  |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 12/01/53 | 5455 | &nbsp;&nbsp; 5881753 |
| &nbsp;&nbsp;&nbsp; Series C, 5.50%, 10/01/54 | 10000 | &nbsp;&nbsp; 11019105 |
| &nbsp;&nbsp;&nbsp; Series F, 5.50%, 11/01/53 | 795 | &nbsp;&nbsp; 840495 |
| &nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District, RB, Series B-1, <br> 5.75%, 04/01/54<sup>(a)</sup><br>| 3500 | &nbsp;&nbsp; 3864564 |
| &nbsp;&nbsp;&nbsp; Mobile County Industrial Development Authority, RB, <br> Series A, AMT, 5.00%, 06/01/54<br>| 2080 | &nbsp;&nbsp; 2000837 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, RB, <br> Series A-1, 5.50%, 01/01/53<sup>(a)</sup><br>| 1345 | &nbsp;&nbsp; 1438102 |
|  |  | &nbsp;&nbsp; 27291139 |
| **Arizona — 6.0%** | **Arizona — 6.0%** |  |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., ARB, Junior <br> Lien, 5.00%, 07/01/49<br>| 2325 | &nbsp;&nbsp; 2367622 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., RB, Junior <br> Lien, 5.25%, 07/01/47<br>| 3335 | &nbsp;&nbsp; 3586458 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of Phoenix <br> Arizona, RB, Series A, 5.00%, 07/01/46<sup>(b)</sup><br>| 3400 | &nbsp;&nbsp; 3231350 |
| Salt Verde Financial Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/32 | 8000 | &nbsp;&nbsp; 8787302 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/37 | 7460 | &nbsp;&nbsp; 8185070 |
| Town of Queen Creek, COP, 5.50%, 10/01/65<sup>(c)</sup> | 2570 | &nbsp;&nbsp; 2719888 |
|  |  | &nbsp;&nbsp; 28877690 |
| **Arkansas — 0.2%** | **Arkansas — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, RB, AMT, <br> Sustainability Bonds, 5.70%, 05/01/53<br>| 855 | &nbsp;&nbsp; 868871 |
| **California — 8.6%** | **California — 8.6%** |  |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, RB, 8.00%, <br> 11/15/62<sup>(b)</sup><br>| 750 | &nbsp;&nbsp; 742183 |
| &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>| 1685 | &nbsp;&nbsp; 1263750 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, M/F Housing, <br> Series A, 6.10%, 12/01/37<br>| 800 | &nbsp;&nbsp; 809782 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, S/F Housing, <br> Series 2025-1, 3.54%, 02/20/41<sup>(a)</sup><br>| 5386 | &nbsp;&nbsp; 5091038 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, RB, AMT, <br> 5.00%, 11/21/45<sup>(b)</sup><br>| 4970 | &nbsp;&nbsp; 4973675 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, ARB, AMT, <br> Sustainability Bonds, 5.00%, 05/15/47<br>| 2325 | &nbsp;&nbsp; 2390931 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB, Series A, AMT, Sustainability Bonds, 5.50%, <br> 05/15/55<br>| 2105 | &nbsp;&nbsp; 2229547 |
| &nbsp;&nbsp;&nbsp; Hartnell Community College District, GO, Sustainability <br> Bonds, 4.00%, 07/01/53<br>| 3455 | &nbsp;&nbsp; 3262549 |
| &nbsp;&nbsp;&nbsp; Riverside County Transportation Commission, RB, <br> CAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, Senior Lien, 0.00%, 06/01/41 | 5000 | &nbsp;&nbsp; 2667248 |
| &nbsp;&nbsp;&nbsp; Series B, Senior Lien, 0.00%, 06/01/42 | 6000 | &nbsp;&nbsp; 2990840 |
| &nbsp;&nbsp;&nbsp; Series B, Senior Lien, 0.00%, 06/01/43 | 5000 | &nbsp;&nbsp; 2323039 |
| &nbsp;&nbsp;&nbsp; Sacramento Metropolitan Fire District, GO, Series A, <br> Election 2024, 4.00%, 08/01/55<br>| 2940 | &nbsp;&nbsp; 2728467 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding ARB, <br> Series D, AMT, 5.25%, 05/01/55<br>| 3135 | &nbsp;&nbsp; 3261651 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **California (continued)** | **California (continued)** |  |
| San Marcos Unified School District, GO, CAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, Election 2010, 0.00%, 08/01/34 | 3500 | &nbsp;&nbsp; $2703098  |
| &nbsp;&nbsp;&nbsp; Series B, Election 2010, 0.00%, 08/01/36 | 4000 | &nbsp;&nbsp; 2831709 |
| &nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California, <br> Refunding RB, 5.00%, 06/01/48<br>| 1000 | &nbsp;&nbsp; 1000742 |
|  |  | &nbsp;&nbsp; 41270249 |
| **Colorado — 0.2%** | **Colorado — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB, Series D, AMT, 5.75%, <br> 11/15/45<br>| 835 | &nbsp;&nbsp; 902834 |
| **District of Columbia — 4.7%** | **District of Columbia — 4.7%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Income Tax Revenue, RB, Series A, <br> 5.00%, 07/01/47<br>| 2050 | &nbsp;&nbsp; 2129222 |
| &nbsp;&nbsp;&nbsp; District of Columbia Tobacco Settlement Financing Corp., <br> Refunding RB, 6.75%, 05/15/40<br>| 16240 | &nbsp;&nbsp; 16777510 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 10/01/48 | 1000 | &nbsp;&nbsp; 1033561 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.50%, 10/01/55 | 2255 | &nbsp;&nbsp; 2403571 |
|  |  | &nbsp;&nbsp; 22343864 |
| **Florida — 4.8%** | **Florida — 4.8%** |  |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., RB, Series A, <br> 5.00%, 06/15/56<br>| 210 | &nbsp;&nbsp; 195759 |
| Florida Housing Finance Corp., RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp; Series 5, (FHLMC, FNMA, GNMA), 5.00%, 07/01/50 | 2940 | &nbsp;&nbsp; 2960953 |
| &nbsp;&nbsp;&nbsp; Series 5, (FHLMC, FNMA, GNMA), 5.05%, 01/01/56 | 1890 | &nbsp;&nbsp; 1895624 |
| &nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 11/15/49 | 3010 | &nbsp;&nbsp; 3186376 |
| &nbsp;&nbsp;&nbsp; Series C, 4.13%, 11/15/51 | 5000 | &nbsp;&nbsp; 4541180 |
| &nbsp;&nbsp;&nbsp; Series C, 5.50%, 11/15/54 | 3500 | &nbsp;&nbsp; 3739410 |
| &nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, SAB, 6.30%, <br> 05/01/54<br>| 410 | &nbsp;&nbsp; 429762 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Refunding RB, <br> Series A, 5.25%, 10/01/56<br>| 3805 | &nbsp;&nbsp; 3939508 |
| &nbsp;&nbsp;&nbsp; Stevens Plantation Community Development District, <br> SAB, Series A, 7.10%, 05/01/35<sup>(e)(f)</sup><br>| 3159 | &nbsp;&nbsp; 2147900 |
|  |  | &nbsp;&nbsp; 23036472 |
| **Georgia — 3.4%** | **Georgia — 3.4%** |  |
| &nbsp;&nbsp;&nbsp; Georgia Housing & Finance Authority, RB, S/F Housing, <br> Series C, 5.13%, 12/01/50<br>| 6640 | &nbsp;&nbsp; 6770401 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., RB, Series A, 5.00%, <br> 06/01/53<sup>(a)</sup><br>| 9000 | &nbsp;&nbsp; 9554640 |
|  |  | &nbsp;&nbsp; 16325041 |
| **Illinois — 2.7%** | **Illinois — 2.7%** |  |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education, GO, Series A, 6.25%, <br> 12/01/50<br>| 1870 | &nbsp;&nbsp; 1979065 |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education, Refunding GO, Series B, <br> 6.00%, 12/01/43<br>| 785 | &nbsp;&nbsp; 830669 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, ARB, Series E, <br> AMT, Senior Lien, 5.50%, 01/01/60<br>| 9840 | &nbsp;&nbsp; 10214623 |
|  |  | &nbsp;&nbsp; 13024357 |
| **Indiana — 1.6%** | **Indiana — 1.6%** |  |
| Indiana Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/46 | 1290 | &nbsp;&nbsp; 1377291 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal Income Trust (BFK)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Indiana (continued)** | **Indiana (continued)** |  |
| Indiana Finance Authority, Refunding RB (continued) |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/47 | 445 | &nbsp;&nbsp; $473386  |
| &nbsp;&nbsp;&nbsp; Indiana Municipal Power Agency, Refunding RB, <br> Series A, 5.00%, 01/01/42<br>| 5570 | &nbsp;&nbsp; 5604309 |
|  |  | &nbsp;&nbsp; 7454986 |
| **Iowa — 0.7%** | **Iowa — 0.7%** |  |
| University of Iowa Facilities Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/47 | 1890 | &nbsp;&nbsp; 1975510 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/48 | 1190 | &nbsp;&nbsp; 1240133 |
|  |  | &nbsp;&nbsp; 3215643 |
| **Kentucky — 0.8%** | **Kentucky — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority, <br> RB, CAB, Convertible, 6.75%, 07/01/43<sup>(g)</sup><br>| 2325 | &nbsp;&nbsp; 2628192 |
| &nbsp;&nbsp;&nbsp; Kentucky State Property & Building Commission, RB, <br> Series A, 5.50%, 11/01/42<br>| 875 | &nbsp;&nbsp; 988742 |
|  |  | &nbsp;&nbsp; 3616934 |
| **Louisiana — 0.7%** | **Louisiana — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, RB, AMT, 5.75%, <br> 09/01/64<br>| 3365 | &nbsp;&nbsp; 3467074 |
| **Maryland — 0.5%** | **Maryland — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., RB, Class B, <br> AMT, Sustainability Bonds, 5.25%, 06/30/55<br>| 2530 | &nbsp;&nbsp; 2509568 |
| **Massachusetts — 1.9%** | **Massachusetts — 1.9%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GOL, Series A, <br> 5.00%, 01/01/49<br>| 3000 | &nbsp;&nbsp; 3132661 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Refunding <br> RB, 5.00%, 07/01/47<br>| 1815 | &nbsp;&nbsp; 1832149 |
| &nbsp;&nbsp;&nbsp; Massachusetts Port Authority, ARB, Series E, AMT, <br> 5.00%, 07/01/46<br>| 4245 | &nbsp;&nbsp; 4339526 |
|  |  | &nbsp;&nbsp; 9304336 |
| **Michigan — 2.2%** | **Michigan — 2.2%** |  |
| Lansing Community College, GOL, 5.00%, 05/01/44 | 5070 | &nbsp;&nbsp; 5239345 |
| Michigan Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/28<sup>(h)</sup> | 45 | &nbsp;&nbsp; 48011 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/48 | 1955 | &nbsp;&nbsp; 1970097 |
| &nbsp;&nbsp;&nbsp; Michigan State Building Authority, Refunding RB, <br> Series I, 5.00%, 10/15/46<br>| 1000 | &nbsp;&nbsp; 1004842 |
| Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 | 2120 | &nbsp;&nbsp; 2129421 |
|  |  | &nbsp;&nbsp; 10391716 |
| **Minnesota — 0.6%** | **Minnesota — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Duluth Economic Development Authority, Refunding RB, <br> Series A, 5.25%, 02/15/58<br>| 2940 | &nbsp;&nbsp; 2950705 |
| **Missouri — 1.1%** | **Missouri — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of <br> Missouri, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 04/01/45 | 1365 | &nbsp;&nbsp; 1283895 |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 04/01/55 | 3435 | &nbsp;&nbsp; 3180634 |
| &nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, RB, S/F <br> Housing, Series C, (FHLMC, FNMA, GNMA), 5.00%, <br> 11/01/55<br>| 785 | &nbsp;&nbsp; 787705 |
|  |  | &nbsp;&nbsp; 5252234 |
| **New Hampshire — 2.3%** | **New Hampshire — 2.3%** |  |
| New Hampshire Business Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, 4.17%, 01/20/41<sup>(a)</sup> | 720 | &nbsp;&nbsp; 718924 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.50%, 06/01/55 | 2860 | &nbsp;&nbsp; 2950397 |

---

---

| | | |
|:---|:---|:---|
| *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<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1st Series, Class B, 5.75%, 04/28/42 | 1110 | &nbsp;&nbsp; $1169099  |
| &nbsp;&nbsp;&nbsp; Series 2025, Subordinate, 5.15%, 09/28/37 | 1725 | &nbsp;&nbsp; 1761327 |
| &nbsp;&nbsp;&nbsp; Class A-1, Sustainability Bonds, 4.22%, 11/20/42<sup>(a)</sup> | 4371 | &nbsp;&nbsp; 4297300 |
|  |  | &nbsp;&nbsp; 10897047 |
| **New Jersey — 10.2%** | **New Jersey — 10.2%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, ARB, <br> Series B, AMT, 5.63%, 11/15/30<br>| 2035 | &nbsp;&nbsp; 2043136 |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, 5.25%, 11/01/47 | 3415 | &nbsp;&nbsp; 3595280 |
| &nbsp;&nbsp;&nbsp; Series EEE, 5.00%, 06/15/48 | 11690 | &nbsp;&nbsp; 11930773 |
| &nbsp;&nbsp;&nbsp; AMT, 5.38%, 01/01/43 | 2285 | &nbsp;&nbsp; 2287609 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Refunding <br> SAB, 6.50%, 04/01/28<br>| 3548 | &nbsp;&nbsp; 3663156 |
| &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>| 2500 | &nbsp;&nbsp; 2543695 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, RB, <br> Series CC, 5.25%, 06/15/55<br>| 5090 | &nbsp;&nbsp; 5343527 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, RB, Series A, 5.25%, <br> 01/01/55<br>| 2180 | &nbsp;&nbsp; 2314734 |
| &nbsp;&nbsp;&nbsp; South Jersey Port Corp., ARB, Series B, AMT, 5.00%, <br> 01/01/42<br>| 4000 | &nbsp;&nbsp; 4056375 |
| Tobacco Settlement Financing Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/46 | 4140 | &nbsp;&nbsp; 4074274 |
| &nbsp;&nbsp;&nbsp; Sub-Series B, 5.00%, 06/01/46 | 7365 | &nbsp;&nbsp; 7148516 |
|  |  | &nbsp;&nbsp; 49001075 |
| **New York — 9.8%** | **New York — 9.8%** |  |
| City of New York, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series C-1, 5.25%, 09/01/50 | 2565 | &nbsp;&nbsp; 2686201 |
| &nbsp;&nbsp;&nbsp; Series G-1, 5.25%, 02/01/53 | 400 | &nbsp;&nbsp; 419073 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Refunding RB, <br> Series C-1, Sustainability Bonds, 5.25%, 11/15/55<br>| 1545 | &nbsp;&nbsp; 1576674 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Sustainability Bonds, (HUD SECT 8), <br> 5.00%, 05/01/56<br>| 2485 | &nbsp;&nbsp; 2491847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Sustainability Bonds, (HUD SECT 8), 5.00%, <br> 08/01/55<br>| 3615 | &nbsp;&nbsp; 3620266 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Subordinate, 5.25%, 05/01/52 | 1625 | &nbsp;&nbsp; 1705299 |
| &nbsp;&nbsp;&nbsp; Series F-1, Subordinate, 4.00%, 02/01/51 | 3455 | &nbsp;&nbsp; 3163725 |
| &nbsp;&nbsp;&nbsp; New York Counties Tobacco Trust II, RB, 5.75%, <br> 06/01/43<br>| 700 | &nbsp;&nbsp; 714178 |
| &nbsp;&nbsp;&nbsp; New York Counties Tobacco Trust IV, Refunding RB, <br> Series A, 6.25%, 06/01/41<sup>(b)</sup><br>| 3045 | &nbsp;&nbsp; 2989674 |
| &nbsp;&nbsp;&nbsp; New York Counties Tobacco Trust VI, Refunding RB, <br> Series A-2B, 5.00%, 06/01/51<br>| 6395 | &nbsp;&nbsp; 5368151 |
| &nbsp;&nbsp;&nbsp; New York Liberty Development Corp., Refunding RB, <br> Class 2, 5.38%, 11/15/40<sup>(b)</sup><br>| 1655 | &nbsp;&nbsp; 1655083 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, RB, Series A, <br> 5.00%, 03/15/44<br>| 1610 | &nbsp;&nbsp; 1659518 |
| New York Transportation Development Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.63%, 04/01/40 | 915 | &nbsp;&nbsp; 971432 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/46 | 1165 | &nbsp;&nbsp; 1164941 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 6.00%, 06/30/55 | 1000 | &nbsp;&nbsp; 1059819 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 6.00%, 06/30/59 | 3620 | &nbsp;&nbsp; 3821251 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, (AGM), 6.00%, 06/30/60 | 2050 | &nbsp;&nbsp; 2203005 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal Income Trust (BFK)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., RB, AMT, <br> 5.00%, 10/01/35<br>| 1410 | &nbsp;&nbsp; $1497032  |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Refunding <br> RB, Series A, AMT, Sustainability Bonds, 5.50%, <br> 12/31/60<br>| 5000 | &nbsp;&nbsp; 5050386 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority Sales Tax <br> Revenue, RB, Series A, 4.13%, 05/15/53<br>| 3075 | &nbsp;&nbsp; 2837010 |
|  |  | &nbsp;&nbsp; 46654565 |
| **North Carolina — 0.2%** | **North Carolina — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, RB, 5.25%, <br> 11/01/56<br>| 995 | &nbsp;&nbsp; 999164 |
| **Ohio — 1.4%** | **Ohio — 1.4%** |  |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55<br>| 2000 | &nbsp;&nbsp; 1644852 |
| &nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority, Refunding ARB, <br> Series A, Class A, AMT, 5.50%, 01/01/55<br>| 2100 | &nbsp;&nbsp; 2195402 |
| &nbsp;&nbsp;&nbsp; Columbus-Franklin County Finance Authority, RB, M/F <br> Housing, (FNMA), 4.82%, 11/01/43<br>| 1430 | &nbsp;&nbsp; 1511071 |
| &nbsp;&nbsp;&nbsp; University of Cincinnati, Refunding RB, Series A, 5.00%, <br> 06/01/44<br>| 1390 | &nbsp;&nbsp; 1419595 |
|  |  | &nbsp;&nbsp; 6770920 |
| **Oklahoma — 0.6%** | **Oklahoma — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, RB, Series B, <br> 5.50%, 08/15/52<br>| 1735 | &nbsp;&nbsp; 1733397 |
| &nbsp;&nbsp;&nbsp; Tulsa Municipal Airport Trust Trustees, Refunding, ARB, <br> AMT, 6.25%, 12/01/35<br>| 985 | &nbsp;&nbsp; 1143520 |
|  |  | &nbsp;&nbsp; 2876917 |
| **Pennsylvania — 4.7%** | **Pennsylvania — 4.7%** |  |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 04/01/47 | 5000 | &nbsp;&nbsp; 5024005 |
| &nbsp;&nbsp;&nbsp; Series A, (AGM-CR), 5.00%, 04/01/47 | 2525 | &nbsp;&nbsp; 2554894 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Pennsylvania Water & Wastewater <br> Revenue, RB, Series A, 5.00%, 10/01/47<br>| 2225 | &nbsp;&nbsp; 2250568 |
| &nbsp;&nbsp;&nbsp; Geisinger Authority, Refunding RB, Series A-1, 5.00%, <br> 02/15/45<br>| 4725 | &nbsp;&nbsp; 4760388 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health <br> Authority, Refunding RB, 5.00%, 09/01/48<br>| 715 | &nbsp;&nbsp; 718197 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B-1, (AGM), 4.25%, 11/01/48 | 3450 | &nbsp;&nbsp; 3204371 |
| &nbsp;&nbsp;&nbsp; Series B-1, (AGM), 5.00%, 11/01/51 | 3790 | &nbsp;&nbsp; 3838034 |
|  |  | &nbsp;&nbsp; 22350457 |
| **Puerto Rico — 5.2%** | **Puerto Rico — 5.2%** |  |
| Commonwealth of Puerto Rico, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.63%, 07/01/29 | 2810 | &nbsp;&nbsp; 2985251 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.75%, 07/01/31 | 2536 | &nbsp;&nbsp; 2799603 |
| &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 | 2191 | &nbsp;&nbsp; 2113282 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 12148 | &nbsp;&nbsp; 11889900 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Puerto Rico (continued)** | **Puerto Rico (continued)** |  |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 3325 | &nbsp;&nbsp; $3171786  |
| &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>(d)</sup><br>| 6010 | &nbsp;&nbsp; 2082354 |
|  |  | &nbsp;&nbsp; 25042176 |
| **South Carolina — 1.6%** | **South Carolina — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> RB, Series A, 5.50%, 11/01/49<br>| 3900 | &nbsp;&nbsp; 4156141 |
| &nbsp;&nbsp;&nbsp; South Carolina State Housing Finance & Development <br> Authority, RB, S/F Housing, Series B, (FHLMC, <br> FNMA, GNMA), 5.00%, 07/01/50<br>| 3280 | &nbsp;&nbsp; 3302141 |
|  |  | &nbsp;&nbsp; 7458282 |
| **Tennessee — 4.3%** | **Tennessee — 4.3%** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Health & Educational Fcilities Board, RB, Series A, <br> 5.00%, 07/01/46<br>| 6590 | &nbsp;&nbsp; 6593845 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Sports Authority, RB, Series B, Subordinate, (AGM), <br> 5.25%, 07/01/48<br>| 2900 | &nbsp;&nbsp; 3060896 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson <br> County TN Water & Sewer Revenue, Refunding RB, <br> 5.25%, 07/01/55<br>| 1270 | &nbsp;&nbsp; 1342704 |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Refunding RB, <br> Series A-1, 5.00%, 05/01/53<sup>(a)</sup><br>| 7260 | &nbsp;&nbsp; 7524025 |
| &nbsp;&nbsp;&nbsp; Tennessee Housing Development Agency, Refunding <br> RB, S/F Housing, Series 3A, Sustainability Bonds, <br> 6.25%, 01/01/54<br>| 1915 | &nbsp;&nbsp; 2092402 |
|  |  | &nbsp;&nbsp; 20613872 |
| **Texas — 11.2%** | **Texas — 11.2%** |  |
| Arlington Higher Education Finance Corp., RB<sup>(b)(e)(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/62 | 845 | &nbsp;&nbsp; 422500 |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62 | 720 | &nbsp;&nbsp; 432000 |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Water & Wastewater System <br> Revenue, Refunding RB, 5.00%, 11/15/53<br>| 1290 | &nbsp;&nbsp; 1343606 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, ARB, <br> Series B, AMT, 5.50%, 07/15/39<br>| 600 | &nbsp;&nbsp; 647552 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, <br> Refunding ARB, Series A, AMT, Subordinate Lien, <br> 5.50%, 07/01/55<br>| 2910 | &nbsp;&nbsp; 3052558 |
| &nbsp;&nbsp;&nbsp; Conroe Independent School District, GO, (PSF), 4.00%, <br> 02/15/50<br>| 2020 | &nbsp;&nbsp; 1877355 |
| &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 | 2955 | &nbsp;&nbsp; 2758044 |
| &nbsp;&nbsp;&nbsp; Series A, 1st Lien, 4.00%, 08/15/54 | 2105 | &nbsp;&nbsp; 1918534 |
| &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, Refunding ARB, <br> Series B, 5.00%, 11/01/47<br>| 1625 | &nbsp;&nbsp; 1696170 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance <br> Corp., Refunding RB, Class A, 4.13%, 07/01/52<br>| 2270 | &nbsp;&nbsp; 2042627 |
| Harris County Municipal Utility District No. 534, GO |  |  |
| &nbsp;&nbsp;&nbsp; (AGM), 5.00%, 09/01/47 | 1750 | &nbsp;&nbsp; 1774327 |
| &nbsp;&nbsp;&nbsp; (BAM), 5.00%, 09/01/47 | 1100 | &nbsp;&nbsp; 1115291 |
| &nbsp;&nbsp;&nbsp; Leander Independent School District, Refunding GO, <br> Series A, (PSF), 5.00%, 08/15/50<br>| 2710 | &nbsp;&nbsp; 2824469 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal Income Trust (BFK)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; Midland County Fresh Water Supply District No. 1, RB, <br> CAB, Series A, 0.00%, 09/15/27<sup>(d)(h)</sup><br>| 15200 | &nbsp;&nbsp; $7450474  |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Refunding RB, Series B, <br> 5.00%, 01/01/43<br>| 3900 | &nbsp;&nbsp; 3945179 |
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, GO, (PSF), <br> 5.25%, 02/15/55<br>| 1380 | &nbsp;&nbsp; 1454240 |
| &nbsp;&nbsp;&nbsp; Sunnyvale Independent School District, Refunding GO, <br> (PSF), 4.25%, 02/15/55<br>| 1960 | &nbsp;&nbsp; 1851109 |
| Tarrant County Hospital District, GOL, 4.25%, 08/15/53 | 5645 | &nbsp;&nbsp; 5255446 |
| &nbsp;&nbsp;&nbsp; Texas Department of Housing & Community Affairs, RB, <br> S/F Housing, Series A, (GNMA), 5.75%, 03/01/54<br>| 4500 | &nbsp;&nbsp; 4969668 |
| Texas Water Development Board, RB, 4.75%, 10/15/55 | 3000 | &nbsp;&nbsp; 3007647 |
| &nbsp;&nbsp;&nbsp; Thrall Independent School District, GO, (PSF), 5.25%, <br> 02/15/48<br>| 3525 | &nbsp;&nbsp; 3701030 |
|  |  | &nbsp;&nbsp; 53539826 |
| **Utah — 1.1%** | **Utah — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Black Desert Public Infrastructure District, SAB, 5.63%, <br> 12/01/53<sup>(b)</sup><br>| 280 | &nbsp;&nbsp; 281570 |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City Utah Airport Revenue, ARB, <br> Series A, AMT, 5.50%, 07/01/55<br>| 2855 | &nbsp;&nbsp; 2994863 |
| Downtown Revitalization Public Infrastructure District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 1st Lien, (AGM), 5.50%, 06/01/55 | 1310 | &nbsp;&nbsp; 1399313 |
| &nbsp;&nbsp;&nbsp; Series B, 2nd Lien, (AGM), 5.50%, 06/01/55 | 465 | &nbsp;&nbsp; 496703 |
|  |  | &nbsp;&nbsp; 5172449 |
| **Virginia — 1.0%** | **Virginia — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Fairfax County Industrial Development Authority, RB, <br> 4.13%, 05/15/54<br>| 5220 | &nbsp;&nbsp; 4777176 |
| **Washington — 1.4%** | **Washington — 1.4%** |  |
| &nbsp;&nbsp;&nbsp; Vancouver Housing Authority, RB, M/F Housing, 5.00%, <br> 08/01/40<br>| 2310 | &nbsp;&nbsp; 2408643 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Refunding <br> RB, Series A, 5.50%, 09/01/55<br>| 1820 | &nbsp;&nbsp; 1924858 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, RB, <br> M/F Housing, Series A-1, 4.08%, 11/20/41<sup>(a)</sup><br>| 2311 | &nbsp;&nbsp; 2242094 |
|  |  | &nbsp;&nbsp; 6575595 |
| **West Virginia — 0.6%** | **West Virginia — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, RB, Class A, <br> 4.38%, 06/01/53<br>| 3000 | &nbsp;&nbsp; 2773441 |
| **Wisconsin — 1.1%** | **Wisconsin — 1.1%** |  |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 6.50%, 06/30/60 | 580 | &nbsp;&nbsp; 640309 |
| &nbsp;&nbsp;&nbsp; AMT, 6.50%, 12/31/65 | 4040 | &nbsp;&nbsp; 4460085 |
|  |  | &nbsp;&nbsp; 5100394 |
| **Total Municipal Bonds — 103.1%** <br>**(Cost: $477,358,577)** | **Total Municipal Bonds — 103.1%** <br>**(Cost: $477,358,577)** | &nbsp;&nbsp; 492707069 |
| **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> |
| **California — 7.4%** | **California — 7.4%** |  |
| City of Los Angeles Department of Airports, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 05/15/46 | 8800 | &nbsp;&nbsp; 8807468 |
| &nbsp;&nbsp;&nbsp; Sub-Series A, AMT, 5.00%, 05/15/42 | 11420 | &nbsp;&nbsp; 11552366 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, ARB, <br> Series B, AMT, 5.00%, 07/01/48<br>| 14500 | &nbsp;&nbsp; 14945530 |
|  |  | &nbsp;&nbsp; 35305364 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Colorado — 2.1%** | **Colorado — 2.1%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB, Series A, AMT, 5.00%, <br> 12/01/43<sup>(j)</sup><br>| $10000 | &nbsp;&nbsp; $10196266 |
| **Florida — 5.1%** | **Florida — 5.1%** |  |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Transit System, RB, <br> 5.00%, 07/01/51<br>| 10510 | &nbsp;&nbsp; 10660400 |
| &nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority, ARB, Series A, AMT, <br> 5.00%, 10/01/42<br>| 13280 | &nbsp;&nbsp; 13454461 |
|  |  | &nbsp;&nbsp; 24114861 |
| **Illinois — 4.9%** | **Illinois — 4.9%** |  |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, RB, Series B, 5.00%, <br> 01/01/41<br>| 13000 | &nbsp;&nbsp; 13072946 |
| &nbsp;&nbsp;&nbsp; Regional Transportation Authority, RB, Series A, 5.00%, <br> 06/01/50<sup>(j)</sup><br>| 10000 | &nbsp;&nbsp; 10243353 |
|  |  | &nbsp;&nbsp; 23316299 |
| **Indiana — 2.7%** | **Indiana — 2.7%** |  |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, RB, Series A, 5.00%, <br> 10/01/53<br>| 12775 | &nbsp;&nbsp; 13014721 |
| **Massachusetts — 2.2%** | **Massachusetts — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund <br> Revenue, RB, Series B, 5.00%, 06/01/52<br>| 10000 | &nbsp;&nbsp; 10313443 |
| **Michigan — 4.3%** | **Michigan — 4.3%** |  |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Refunding <br> RB, 5.00%, 11/15/47<sup>(a)</sup><br>| 10000 | &nbsp;&nbsp; 10204494 |
| &nbsp;&nbsp;&nbsp; State of Michigan Trunk Line Revenue, RB, 5.00%, <br> 11/15/46<br>| 10000 | &nbsp;&nbsp; 10529036 |
|  |  | &nbsp;&nbsp; 20733530 |
| **Nevada — 4.2%** | **Nevada — 4.2%** |  |
| &nbsp;&nbsp;&nbsp; County of Clark Nevada, GOL, Series A, 5.00%, <br> 05/01/48<br>| 19650 | &nbsp;&nbsp; 19995691 |
| **New Jersey — 3.9%** | **New Jersey — 3.9%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, RB, <br> Series AA, 5.00%, 06/15/55<br>| 8320 | &nbsp;&nbsp; 8551789 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, RB, Series A, 5.00%, <br> 01/01/48<br>| 10000 | &nbsp;&nbsp; 10233704 |
|  |  | &nbsp;&nbsp; 18785493 |
| **New York — 12.2%** | **New York — 12.2%** |  |
| &nbsp;&nbsp;&nbsp; County of Nassau New York, GOL, Series A, 5.00%, <br> 04/01/55<sup>(j)</sup><br>| 11235 | &nbsp;&nbsp; 11735852 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., 5.00%, <br> 11/01/55<sup>(a)</sup><br>| 4780 | &nbsp;&nbsp; 4795214 |
| New York City Municipal Water Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series DD1, 5.00%, 06/15/48 | 10000 | &nbsp;&nbsp; 10146130 |
| &nbsp;&nbsp;&nbsp; Series GG, 5.00%, 06/15/48 | 10000 | &nbsp;&nbsp; 10265028 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, <br> Refunding RB, Series DD, 5.25%, 06/15/46<br>| 10000 | &nbsp;&nbsp; 10670886 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB, Series D-1, 5.25%, 11/01/48<br>| 5000 | &nbsp;&nbsp; 5228602 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Refunding RB, <br> Series A, 5.25%, 03/15/52<sup>(j)</sup><br>| 5000 | &nbsp;&nbsp; 5243735 |
|  |  | &nbsp;&nbsp; 58085447 |
| **Oregon — 2.8%** | **Oregon — 2.8%** |  |
| &nbsp;&nbsp;&nbsp; Port of Portland Oregon Airport Revenue, Refunding <br> ARB, Series 29, AMT, Sustainability Bonds, 5.50%, <br> 07/01/48<br>| 12705 | &nbsp;&nbsp; 13385542 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal Income Trust (BFK)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **South Carolina — 3.7%** | **South Carolina — 3.7%** |  |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, RB, Series A1, <br> 5.25%, 10/01/54<sup>(a)</sup><br>| $16400 | &nbsp;&nbsp; $17639486 |
| **Tennessee — 2.7%** | **Tennessee — 2.7%** |  |
| &nbsp;&nbsp;&nbsp; Tennessee State School Bond Authority, RB, Series A, <br> (NPFGC), 5.00%, 11/01/52<br>| 12500 | &nbsp;&nbsp; 12965986 |
| **Texas — 3.9%** | **Texas — 3.9%** |  |
| &nbsp;&nbsp;&nbsp; Terrell Independent School District, GO, (PSF), 5.25%, <br> 08/01/55<sup>(j)</sup><br>| 5740 | &nbsp;&nbsp; 6075202 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, RB, Series A, 5.25%, <br> 10/15/51<br>| 11775 | &nbsp;&nbsp; 12429124 |
|  |  | &nbsp;&nbsp; 18504326 |
| **Washington — 4.5%** | **Washington — 4.5%** |  |
| &nbsp;&nbsp;&nbsp; Port of Seattle Washington, ARB, Series A, AMT, 5.00%, <br> 05/01/43<br>| 10975 | &nbsp;&nbsp; 11089224 |
| State of Washington, GO, Series C, 5.00%, 02/01/47 | 10000 | &nbsp;&nbsp; 10403725 |
|  |  | &nbsp;&nbsp; 21492949 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 66.6%** <br>**(Cost: $313,345,338)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 66.6%** <br>**(Cost: $313,345,338)** | &nbsp;&nbsp; 317849404 |

---

&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>(f)(k)</sup><br>| 13996 | &nbsp;&nbsp; 27992 |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** | &nbsp;&nbsp; 27992 |
| **Total Long-Term Investments — 169.7%** <br>**(Cost: $790,703,915)** | **Total Long-Term Investments — 169.7%** <br>**(Cost: $790,703,915)** | &nbsp;&nbsp; 810584465 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.9%** | **Money Market Funds — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.03%<sup>(l)(m)</sup><br>| 4567377 | &nbsp;&nbsp; 4567834 |
| **Total Short-Term Securities — 0.9%** <br>**(Cost: $4,567,794)** | **Total Short-Term Securities — 0.9%** <br>**(Cost: $4,567,794)** | &nbsp;&nbsp; 4567834 |
| **Total Investments — 170.6%** <br>**(Cost: $795,271,709)** | **Total Investments — 170.6%** <br>**(Cost: $795,271,709)** | &nbsp;&nbsp; 815152299 |
| **Other Assets Less Liabilities — 0.4%** | **Other Assets Less Liabilities — 0.4%** | &nbsp;&nbsp; 1703145 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (38.7)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (38.7)%** | &nbsp;&nbsp; (184990412)<br>|
| **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(32.3)%** | **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(32.3)%** | &nbsp;&nbsp; (154100000)<br>|
| **Net Assets Applicable to Common Shares — 100.0%** | **Net Assets Applicable to Common Shares — 100.0%** | &nbsp;&nbsp; $477765032 |

---

&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> Zero-coupon bond.

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

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

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

<sup>(j)</sup> All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between December 1, 2027 to August 1, 2033, is $30,072,320. See Note 4 of the Notes to Financial Statements for details. 

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

<sup>(l)</sup> Affiliate of the Fund.

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

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal Income Trust (BFK)** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund 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 | $7786970 | $—<br> $(3219136 )<sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $4567834 | 4567377 | $66989 | $— |

---

&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 Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &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; $492707069  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $492707069  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 317849404 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 317849404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27992 | &nbsp;&nbsp;&nbsp;&nbsp; 27992 |
| &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; 4567834 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4567834 |
|  | &nbsp;&nbsp; $4567834 | &nbsp;&nbsp;&nbsp;&nbsp; $810556473 | &nbsp;&nbsp;&nbsp;&nbsp; $27992 | &nbsp;&nbsp;&nbsp;&nbsp; $815152299 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TOB Trust Certificates | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(183974987)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(183974987)<br>|
| &nbsp;&nbsp;&nbsp; VMTP Shares at Liquidation Value | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (154100000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (154100000)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(338074987)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(338074987)<br>|

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

January 31, 2026

**BlackRock Municipal Income Trust II (BLE)** 

**(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 — 3.5%** | **Alabama — 3.5%** |  |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, RB, Series A, 5.25%, <br> 05/01/56<sup>(a)</sup><br>| $2440 | &nbsp;&nbsp; $2537468  |
| &nbsp;&nbsp;&nbsp; County of Jefferson Alabama Sewer Revenue, <br> Refunding RB, 5.25%, 10/01/49<br>| 4580 | &nbsp;&nbsp; 4758212 |
| &nbsp;&nbsp;&nbsp; Lower Alabama Gas District, RB, Series A, 5.00%, <br> 09/01/46<br>| 7465 | &nbsp;&nbsp; 7881005 |
| &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 | 1720 | &nbsp;&nbsp; 1790616 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.50%, 01/01/53 | 1960 | &nbsp;&nbsp; 2095672 |
|  |  | &nbsp;&nbsp; 19062973 |
| **Arizona — 3.3%** | **Arizona — 3.3%** |  |
| Arizona Industrial Development Authority, RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/01/39 | 225 | &nbsp;&nbsp; 209526 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/49 | 210 | &nbsp;&nbsp; 190469 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/54 | 165 | &nbsp;&nbsp; 146483 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Refunding <br> RB, Series A, 5.38%, 07/01/50<sup>(b)</sup><br>| 1185 | &nbsp;&nbsp; 1169406 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., RB, Junior <br> Lien, 5.25%, 07/01/47<br>| 1740 | &nbsp;&nbsp; 1871195 |
| &nbsp;&nbsp;&nbsp; Glendale Industrial Development Authority, RB, 5.00%, <br> 05/15/56<br>| 100 | &nbsp;&nbsp; 85910 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of Phoenix <br> Arizona, RB, Series A, 5.00%, 07/01/46<sup>(b)</sup><br>| 1825 | &nbsp;&nbsp; 1734474 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima, <br> RB, 5.00%, 07/01/49<sup>(b)</sup><br>| 350 | &nbsp;&nbsp; 320822 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, RB, <br> 6.38%, 07/01/58<sup>(b)</sup><br>| 620 | &nbsp;&nbsp; 604834 |
| Salt Verde Financial Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/32 | 5635 | &nbsp;&nbsp; 6189556 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/37 | 2000 | &nbsp;&nbsp; 2194389 |
| Town of Queen Creek, COP, 5.50%, 10/01/65<sup>(c)</sup> | 2935 | &nbsp;&nbsp; 3106176 |
|  |  | &nbsp;&nbsp; 17823240 |
| **Arkansas — 0.2%** | **Arkansas — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, RB, AMT, <br> Sustainability Bonds, 5.70%, 05/01/53<br>| 975 | &nbsp;&nbsp; 990817 |
| **California — 6.6%** | **California — 6.6%** |  |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, RB, <br> Series B, Class B, Sustainability Bonds, 5.00%, <br> 03/01/56<sup>(a)</sup><br>| 2035 | &nbsp;&nbsp; 2222441 |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, <br> Refunding RB, Series A, 5.00%, 06/01/36<br>| 300 | &nbsp;&nbsp; 295394 |
| &nbsp;&nbsp;&nbsp; California Educational Facilities Authority, RB, <br> Series U-7, 5.00%, 06/01/46<br>| 2315 | &nbsp;&nbsp; 2644446 |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, RB, <br> 8.00%, 11/15/62<sup>(b)</sup><br>| 855 | &nbsp;&nbsp; 846089 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, <br> Refunding RB, Sustainability Bonds, 5.00%, <br> 08/01/55<br>| 1500 | &nbsp;&nbsp; 1503154 |
| &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>| 1845 | &nbsp;&nbsp; 1383750 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, ARB, AMT, <br> Senior Lien, 4.00%, 12/31/47<br>| 780 | &nbsp;&nbsp; 683678 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, M/F <br> Housing, Series A, 6.10%, 12/01/37<br>| 900 | &nbsp;&nbsp; 911004 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, RB, <br> AMT, 5.00%, 11/21/45<sup>(b)</sup><br>| 2130 | &nbsp;&nbsp; 2131575 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **California (continued)** | **California (continued)** |  |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, Refunding RB, <br> Series A, 5.00%, 07/01/51<sup>(b)</sup><br>| 1700 | &nbsp;&nbsp; $1655994  |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, ARB, AMT, <br> Sustainability Bonds, 5.00%, 05/15/47<br>| 1265 | &nbsp;&nbsp; 1300872 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB, Series A, AMT, Sustainability Bonds, 5.50%, <br> 05/15/55<br>| 2320 | &nbsp;&nbsp; 2457268 |
| &nbsp;&nbsp;&nbsp; Indio Finance Authority, Refunding RB, Series A, <br> (BAM), 4.50%, 11/01/52<br>| 2405 | &nbsp;&nbsp; 2428479 |
| &nbsp;&nbsp;&nbsp; Pleasanton Unified School District, GO, Election 2022, <br> 4.25%, 08/01/50<br>| 5300 | &nbsp;&nbsp; 5202317 |
| &nbsp;&nbsp;&nbsp; Riverside County Transportation Commission, <br> Refunding RB, Class B1, Senior Lien, 4.00%, <br> 06/01/46<br>| 2255 | &nbsp;&nbsp; 2044636 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding ARB, <br> Series D, AMT, 5.25%, 05/01/55<br>| 3570 | &nbsp;&nbsp; 3714225 |
| San Marcos Unified School District, GO, CAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, Election 2010, 0.00%, 08/01/33 | 3000 | &nbsp;&nbsp; 2406476 |
| &nbsp;&nbsp;&nbsp; Series B, Election 2010, 0.00%, 08/01/43 | 2500 | &nbsp;&nbsp; 1204572 |
| &nbsp;&nbsp;&nbsp; Washington Township Health Care District, GO, <br> Series B, Election 2004, 5.50%, 08/01/40<br>| 830 | &nbsp;&nbsp; 835222 |
|  |  | &nbsp;&nbsp; 35871592 |
| **Colorado — 0.9%** | **Colorado — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Centerra Metropolitan District No. 1, TA, 5.00%, <br> 12/01/47<sup>(b)</sup><br>| 250 | &nbsp;&nbsp; 245989 |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 4.13%, 11/15/53 | 1290 | &nbsp;&nbsp; 1145331 |
| &nbsp;&nbsp;&nbsp; Series D, AMT, 5.75%, 11/15/45 | 1315 | &nbsp;&nbsp; 1421829 |
| Colorado Health Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/39 | 595 | &nbsp;&nbsp; 657880 |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/47 | 370 | &nbsp;&nbsp; 389638 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/52 | 920 | &nbsp;&nbsp; 941143 |
|  |  | &nbsp;&nbsp; 4801810 |
| **District of Columbia — 3.4%** | **District of Columbia — 3.4%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Housing Finance Agency, RB, M/F <br> Housing, Series B-2, (Remove), 4.10%, 09/01/39<br>| 145 | &nbsp;&nbsp; 145057 |
| &nbsp;&nbsp;&nbsp; District of Columbia Tobacco Settlement Financing <br> Corp., Refunding RB, 6.75%, 05/15/40<br>| 8110 | &nbsp;&nbsp; 8378424 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Refunding GO, Series A, 5.25%, <br> 01/01/48<br>| 2780 | &nbsp;&nbsp; 2940251 |
| District of Columbia, TA, 5.13%, 06/01/41 | 540 | &nbsp;&nbsp; 540588 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll <br> Road Revenue, Refunding RB, Series B, <br> Subordinate, 4.00%, 10/01/49<br>| 5985 | &nbsp;&nbsp; 5240459 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority <br> Dedicated Revenue, RB, Series A, Sustainability <br> Bonds, 4.13%, 07/15/47<br>| 1285 | &nbsp;&nbsp; 1219755 |
|  |  | &nbsp;&nbsp; 18464534 |
| **Florida — 5.8%** | **Florida — 5.8%** |  |
| Capital Trust Agency, Inc., RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/45 | 190 | &nbsp;&nbsp; 169876 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 06/01/57 | 100 | &nbsp;&nbsp; 89516 |
| &nbsp;&nbsp;&nbsp; Celebration Pointe Community Development District <br> No. 1, SAB<sup>(e)(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/32 | 180 | &nbsp;&nbsp; 144000 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/48 | 530 | &nbsp;&nbsp; 424000 |
| &nbsp;&nbsp;&nbsp; City of Fort Lauderdale Florida Water & Sewer <br> Revenue, RB, Series B, 5.50%, 09/01/48<br>| 2920 | &nbsp;&nbsp; 3190680 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal Income Trust II (BLE)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| &nbsp;&nbsp;&nbsp; City of Tampa Florida, RB, CAB, Series A, 0.00%, <br> 09/01/45<sup>(d)</sup><br>| 6275 | &nbsp;&nbsp; $2478329  |
| &nbsp;&nbsp;&nbsp; County of Broward Florida Airport System Revenue, <br> ARB, Series A, AMT, 5.00%, 10/01/44<br>| 600 | &nbsp;&nbsp; 613427 |
| &nbsp;&nbsp;&nbsp; County of Lee Florida Airport Revenue, ARB, AMT, <br> 5.25%, 10/01/49<br>| 2050 | &nbsp;&nbsp; 2124270 |
| County of Pasco Florida, RB |  |  |
| &nbsp;&nbsp;&nbsp; (AGM), 5.00%, 09/01/48 | 5085 | &nbsp;&nbsp; 5176961 |
| &nbsp;&nbsp;&nbsp; (AGM), 5.75%, 09/01/54 | 955 | &nbsp;&nbsp; 1026430 |
| Florida Development Finance Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/56 | 115 | &nbsp;&nbsp; 107201 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 05/01/29<sup>(b)(e)(f)</sup> | 180 | &nbsp;&nbsp; 182022 |
| &nbsp;&nbsp;&nbsp; Florida State Board of Governors, RB, Series A, (BAM), <br> 4.25%, 10/01/53<br>| 7000 | &nbsp;&nbsp; 6537562 |
| &nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 11/15/49 | 465 | &nbsp;&nbsp; 492247 |
| &nbsp;&nbsp;&nbsp; Series C, 4.13%, 11/15/51 | 2050 | &nbsp;&nbsp; 1861884 |
| Lakewood Ranch Stewardship District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/37 | 180 | &nbsp;&nbsp; 182770 |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/01/47 | 185 | &nbsp;&nbsp; 185669 |
| &nbsp;&nbsp;&nbsp; 6.30%, 05/01/54 | 475 | &nbsp;&nbsp; 497895 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Refunding <br> RB, Series A, 5.25%, 10/01/56<br>| 4270 | &nbsp;&nbsp; 4420945 |
| &nbsp;&nbsp;&nbsp; Osceola Chain Lakes Community Development District, <br> SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/40 | 270 | &nbsp;&nbsp; 258378 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/50 | 260 | &nbsp;&nbsp; 215965 |
| &nbsp;&nbsp;&nbsp; Stevens Plantation Community Development District, <br> SAB, Series A, 7.10%, 05/01/35<sup>(e)(f)</sup><br>| 1670 | &nbsp;&nbsp; 1135635 |
|  |  | &nbsp;&nbsp; 31515662 |
| **Georgia — 1.4%** | **Georgia — 1.4%** |  |
| &nbsp;&nbsp;&nbsp; East Point Business & Industrial Development Authority, <br> RB, Series A, 5.25%, 06/15/62<sup>(b)</sup><br>| 435 | &nbsp;&nbsp; 261000 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., RB, Series B, 5.00%, <br> 12/01/52<sup>(a)</sup><br>| 5000 | &nbsp;&nbsp; 5241986 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, RB, Series A, <br> 5.00%, 07/01/52<br>| 1870 | &nbsp;&nbsp; 1880445 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Refunding RB, <br> Series A, 4.00%, 01/01/51<br>| 520 | &nbsp;&nbsp; 450948 |
|  |  | &nbsp;&nbsp; 7834379 |
| **Hawaii — 0.1%** | **Hawaii — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; State of Hawaii Airports System Revenue, ARB, AMT, <br> 5.25%, 08/01/26<br>| 810 | &nbsp;&nbsp; 811679 |
| **Idaho — 1.4%** | **Idaho — 1.4%** |  |
| Idaho Health Facilities Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; (AGM-CR), 4.38%, 03/01/53 | 2220 | &nbsp;&nbsp; 2153534 |
| &nbsp;&nbsp;&nbsp; Series A, Class A, 4.38%, 03/01/53 | 895 | &nbsp;&nbsp; 843122 |
| Idaho Housing & Finance Association, RB |  |  |
| &nbsp;&nbsp;&nbsp; (GTD), 5.50%, 05/01/52 | 1250 | &nbsp;&nbsp; 1272179 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 08/15/48 | 3250 | &nbsp;&nbsp; 3454420 |
|  |  | &nbsp;&nbsp; 7723255 |
| **Illinois — 7.0%** | **Illinois — 7.0%** |  |
| Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/40 | 200 | &nbsp;&nbsp; 199750 |
| &nbsp;&nbsp;&nbsp; Series A, 6.25%, 12/01/50 | 2310 | &nbsp;&nbsp; 2444728 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 12/01/35 | 945 | &nbsp;&nbsp; 945012 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/01/46 | 3605 | &nbsp;&nbsp; 3437133 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Illinois (continued)** | **Illinois (continued)** |  |
| Chicago Board of Education, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 6.00%, 12/01/43 | 1100 | &nbsp;&nbsp; $1163995  |
| &nbsp;&nbsp;&nbsp; Series G, 5.00%, 12/01/34 | 710 | &nbsp;&nbsp; 714828 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, ARB, Series E, <br> AMT, Senior Lien, 5.50%, 01/01/60<br>| 9310 | &nbsp;&nbsp; 9664445 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Refunding ARB, <br> Series A, AMT, Senior Lien, 5.00%, 01/01/48<br>| 1000 | &nbsp;&nbsp; 1000299 |
| Illinois Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/15/47 | 3920 | &nbsp;&nbsp; 3505554 |
| &nbsp;&nbsp;&nbsp; Series C, 4.00%, 02/15/27<sup>(g)</sup> | 45 | &nbsp;&nbsp; 45756 |
| &nbsp;&nbsp;&nbsp; Series C, 4.00%, 02/15/41 | 5 | &nbsp;&nbsp; 4948 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, RB, S/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 6.25%, 10/01/52<br>| 2640 | &nbsp;&nbsp; 2835380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 6.25%, 04/01/54<br>| 1600 | &nbsp;&nbsp; 1749775 |
| Metropolitan Pier & Exposition Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/57 | 2155 | &nbsp;&nbsp; 2102083 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 06/15/53 | 280 | &nbsp;&nbsp; 280059 |
| Metropolitan Pier & Exposition Authority, RB, CAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; (BAM-TCRS), 0.00%, 12/15/56 | 2165 | &nbsp;&nbsp; 466564 |
| &nbsp;&nbsp;&nbsp; Series A, 0.00%, 12/15/56 | 3020 | &nbsp;&nbsp; 622088 |
| Metropolitan Pier & Exposition Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/50 | 1680 | &nbsp;&nbsp; 1442525 |
| &nbsp;&nbsp;&nbsp; Series B, (AGM), 0.00%, 06/15/44<sup>(d)</sup> | 8680 | &nbsp;&nbsp; 3847049 |
| State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 05/01/43 | 1115 | &nbsp;&nbsp; 1178973 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/28 | 505 | &nbsp;&nbsp; 525268 |
|  |  | &nbsp;&nbsp; 38176212 |
| **Indiana — 0.4%** | **Indiana — 0.4%** |  |
| Indiana Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/46 | 1440 | &nbsp;&nbsp; 1537441 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/47 | 495 | &nbsp;&nbsp; 526575 |
|  |  | &nbsp;&nbsp; 2064016 |
| **Kansas — 0.1%** | **Kansas — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; City of Lenexa Kansas, Refunding RB, Series A, 5.00%, <br> 05/15/43<br>| 400 | &nbsp;&nbsp; 400364 |
| **Kentucky — 1.0%** | **Kentucky — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority, <br> RB, CAB, Convertible, 6.75%, 07/01/43<sup>(h)</sup><br>| 1655 | &nbsp;&nbsp; 1870821 |
| University of Kentucky, RB, Class A, 5.00%, 04/01/55 | 3605 | &nbsp;&nbsp; 3687272 |
|  |  | &nbsp;&nbsp; 5558093 |
| **Louisiana — 1.5%** | **Louisiana — 1.5%** |  |
| Louisiana Public Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/53 | 2275 | &nbsp;&nbsp; 2258848 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 09/01/66 | 3085 | &nbsp;&nbsp; 2904492 |
| &nbsp;&nbsp;&nbsp; Parish of East Baton Rouge Capital Improvements <br> District, RB, 5.00%, 08/01/46<br>| 1370 | &nbsp;&nbsp; 1433414 |
| &nbsp;&nbsp;&nbsp; Port New Orleans Board of Commissioners, ARB, <br> Series E, AMT, 5.00%, 04/01/44<br>| 1485 | &nbsp;&nbsp; 1508076 |
|  |  | &nbsp;&nbsp; 8104830 |
| **Maryland — 0.6%** | **Maryland — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; City of Baltimore Maryland, Refunding RB, Series A, <br> 4.50%, 09/01/33<br>| 135 | &nbsp;&nbsp; 136035 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal Income Trust II (BLE)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Maryland (continued)** | **Maryland (continued)** |  |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., RB, Class B, <br> AMT, Sustainability Bonds, 5.25%, 06/30/47<br>| 1550 | &nbsp;&nbsp; $1556112  |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities <br> Authority, Refunding RB, Series A, 5.25%, <br> 08/15/54<sup>(c)</sup><br>| 1555 | &nbsp;&nbsp; 1612171 |
|  |  | &nbsp;&nbsp; 3304318 |
| **Massachusetts — 3.5%** | **Massachusetts — 3.5%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund <br> Revenue, RB, Series B, 5.00%, 06/01/52<br>| 1875 | &nbsp;&nbsp; 1933770 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GOL, Series D, <br> 5.00%, 10/01/50<br>| 1810 | &nbsp;&nbsp; 1882603 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, RB, <br> Series A, 5.00%, 01/01/47<br>| 2580 | &nbsp;&nbsp; 2488566 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; (AGM), 5.50%, 07/01/50 | 4770 | &nbsp;&nbsp; 5121648 |
| &nbsp;&nbsp;&nbsp; (AGM-CR), 5.50%, 07/01/55 | 2860 | &nbsp;&nbsp; 3043963 |
| &nbsp;&nbsp;&nbsp; (AGM), 5.50%, 07/01/55 | 2545 | &nbsp;&nbsp; 2703841 |
| &nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, Refunding <br> RB, Series A, AMT, 4.50%, 12/01/47<br>| 645 | &nbsp;&nbsp; 592522 |
| &nbsp;&nbsp;&nbsp; Massachusetts Port Authority, ARB, Series E, AMT, <br> 5.00%, 07/01/46<br>| 1220 | &nbsp;&nbsp; 1247166 |
|  |  | &nbsp;&nbsp; 19014079 |
| **Michigan — 0.8%** | **Michigan — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; City of Detroit Michigan Water Supply System Revenue, <br> RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36<br>| 5 | &nbsp;&nbsp; 5016 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, RB, Sustainability Bonds, <br> 5.50%, 02/28/57<br>| 870 | &nbsp;&nbsp; 901582 |
| &nbsp;&nbsp;&nbsp; Michigan State Building Authority, Refunding RB, <br> Series I, 4.00%, 10/15/52<br>| 555 | &nbsp;&nbsp; 505617 |
| Michigan Strategic Fund, RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/31/43 | 1680 | &nbsp;&nbsp; 1687466 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 06/30/48 | 1295 | &nbsp;&nbsp; 1259948 |
|  |  | &nbsp;&nbsp; 4359629 |
| **Minnesota — 1.8%** | **Minnesota — 1.8%** |  |
| Duluth Economic Development Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 02/15/48 | 5685 | &nbsp;&nbsp; 5154268 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 02/15/58 | 3050 | &nbsp;&nbsp; 3061105 |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, RB, S/F Housing, <br> Series M, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 6.00%, 01/01/53<br>| 1555 | &nbsp;&nbsp; 1669946 |
|  |  | &nbsp;&nbsp; 9885319 |
| **Mississippi — 0.2%** | **Mississippi — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, RB, (AGM), 6.88%, <br> 12/01/40<br>| 1190 | &nbsp;&nbsp; 1211028 |
| **Missouri — 1.9%** | **Missouri — 1.9%** |  |
| &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 | 4380 | &nbsp;&nbsp; 4055655 |
| &nbsp;&nbsp;&nbsp; Series C, 4.00%, 11/15/49 | 3455 | &nbsp;&nbsp; 2990902 |
| Kansas City Industrial Development Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Class B, AMT, (AGM), 5.00%, 03/01/49 | 1710 | &nbsp;&nbsp; 1718918 |
| &nbsp;&nbsp;&nbsp; Class B, AMT, (AGM), 5.00%, 03/01/55 | 1725 | &nbsp;&nbsp; 1730044 |
|  |  | &nbsp;&nbsp; 10495519 |
| **Nevada — 0.6%** | **Nevada — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Las Vegas Valley Water District, GOL, Series A, 5.25%, <br> 06/01/55<br>| 3145 | &nbsp;&nbsp; 3328318 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New Hampshire — 1.4%** | **New Hampshire — 1.4%** |  |
| New Hampshire Business Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, 4.17%, 01/20/41<sup>(a)</sup> | $824 | &nbsp;&nbsp; $823044  |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.50%, 06/01/55 | 3215 | &nbsp;&nbsp; 3316618 |
| &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 | 1245 | &nbsp;&nbsp; 1311286 |
| &nbsp;&nbsp;&nbsp; Series 2025, Subordinate, 5.15%, 09/28/37 | 1950 | &nbsp;&nbsp; 1991066 |
|  |  | &nbsp;&nbsp; 7442014 |
| **New Jersey — 8.5%** | **New Jersey — 8.5%** |  |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/43 | 2335 | &nbsp;&nbsp; 2414725 |
| &nbsp;&nbsp;&nbsp; Series EEE, 5.00%, 06/15/48 | 6405 | &nbsp;&nbsp; 6536921 |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.00%, 01/01/31 | 530 | &nbsp;&nbsp; 533316 |
| &nbsp;&nbsp;&nbsp; AMT, 5.38%, 01/01/43 | 1500 | &nbsp;&nbsp; 1501712 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, <br> Refunding SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/01/28 | 3316 | &nbsp;&nbsp; 3422761 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/31 | 705 | &nbsp;&nbsp; 715351 |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, <br> RB, 4.00%, 07/01/51<br>| 4980 | &nbsp;&nbsp; 4528151 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance <br> Authority, RB, Series C, AMT, Subordinate, 4.25%, <br> 12/01/50<br>| 1810 | &nbsp;&nbsp; 1558325 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance <br> Authority, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1-B, AMT, 4.50%, 12/01/45 | 690 | &nbsp;&nbsp; 714359 |
| &nbsp;&nbsp;&nbsp; Sub-Series C, AMT, 3.63%, 12/01/49 | 665 | &nbsp;&nbsp; 503016 |
| New Jersey Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series AA, 5.00%, 06/15/45 | 415 | &nbsp;&nbsp; 415152 |
| &nbsp;&nbsp;&nbsp; Series AA, 4.00%, 06/15/50 | 1730 | &nbsp;&nbsp; 1581965 |
| &nbsp;&nbsp;&nbsp; Series AA, 5.25%, 06/15/50 | 1580 | &nbsp;&nbsp; 1679146 |
| &nbsp;&nbsp;&nbsp; Series BB, 5.00%, 06/15/46 | 3465 | &nbsp;&nbsp; 3625609 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, <br> Refunding RB, Series A, 4.25%, 06/15/40<br>| 7330 | &nbsp;&nbsp; 7512543 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, RB, Series A, 5.25%, <br> 01/01/55<br>| 2430 | &nbsp;&nbsp; 2580185 |
| Tobacco Settlement Financing Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/46 | 275 | &nbsp;&nbsp; 270634 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/01/46 | 3835 | &nbsp;&nbsp; 3819168 |
| &nbsp;&nbsp;&nbsp; Sub-Series B, 5.00%, 06/01/46 | 2600 | &nbsp;&nbsp; 2523577 |
|  |  | &nbsp;&nbsp; 46436616 |
| **New Mexico — 0.0%** | **New Mexico — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; City of Santa Fe New Mexico, RB, Series A, 5.00%, <br> 05/15/44<br>| 100 | &nbsp;&nbsp; 99066 |
| **New York — 13.6%** | **New York — 13.6%** |  |
| &nbsp;&nbsp;&nbsp; Buffalo & Erie County Industrial Land Development <br> Corp., Refunding RB, Series A, 5.00%, 06/01/35<br>| 500 | &nbsp;&nbsp; 509053 |
| City of New York, GO, Series G-1, 5.25%, 02/01/53 | 445 | &nbsp;&nbsp; 466219 |
| Metropolitan Transportation Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C-1, Sustainability Bonds, 5.00%, 11/15/26 | 65 | &nbsp;&nbsp; 66386 |
| &nbsp;&nbsp;&nbsp; Series C-1, Sustainability Bonds, 5.00%, 11/15/50 | 575 | &nbsp;&nbsp; 582090 |
| &nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., <br> Refunding RB, Series A, 4.00%, 07/01/50<br>| 1760 | &nbsp;&nbsp; 1586444 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, RB, <br> Series BB, 5.25%, 06/15/55<br>| 1075 | &nbsp;&nbsp; 1132312 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series DD, 4.13%, 06/15/46 | 825 | &nbsp;&nbsp; 790298 |
| &nbsp;&nbsp;&nbsp; Series DD, 4.13%, 06/15/47 | 7920 | &nbsp;&nbsp; 7527419 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal Income Trust II (BLE)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| &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 | 2240 | &nbsp;&nbsp; $2069163  |
| &nbsp;&nbsp;&nbsp; Series B-1, Subordinate, 4.00%, 08/01/48 | 2500 | &nbsp;&nbsp; 2282026 |
| &nbsp;&nbsp;&nbsp; Series E, Subordinate, 5.00%, 11/01/53 | 1615 | &nbsp;&nbsp; 1652615 |
| &nbsp;&nbsp;&nbsp; New York Counties Tobacco Trust IV, Refunding RB, <br> Series A, 6.25%, 06/01/41<sup>(b)</sup><br>| 3045 | &nbsp;&nbsp; 2989674 |
| New York Liberty Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Class 2, 5.38%, 11/15/40<sup>(b)</sup> | 1175 | &nbsp;&nbsp; 1175059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, <br> 11/15/51<br>| 1270 | &nbsp;&nbsp; 922692 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 3.00%, 11/15/51 | 1040 | &nbsp;&nbsp; 747765 |
| New York State Dormitory Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, 5.25%, 05/01/54 | 4800 | &nbsp;&nbsp; 4955072 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/15/47 | 2910 | &nbsp;&nbsp; 2673589 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/15/54 | 2940 | &nbsp;&nbsp; 2661384 |
| New York Transportation Development Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.63%, 04/01/40 | 1050 | &nbsp;&nbsp; 1114758 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/01/40 | 2250 | &nbsp;&nbsp; 2375899 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/46 | 1600 | &nbsp;&nbsp; 1599919 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 6.00%, 06/30/55 | 1210 | &nbsp;&nbsp; 1282381 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, (AGM), 6.00%, 06/30/60 | 2310 | &nbsp;&nbsp; 2482411 |
| New York Transportation Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/35 | 1270 | &nbsp;&nbsp; 1348390 |
| &nbsp;&nbsp;&nbsp; AMT, 4.00%, 10/31/46 | 425 | &nbsp;&nbsp; 376108 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, (AGM), 5.25%, 06/30/60 | 4380 | &nbsp;&nbsp; 4429194 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.50%, 06/30/60 | 2525 | &nbsp;&nbsp; 2556174 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., <br> Refunding RB, Series A, AMT, Sustainability Bonds, <br> (AGM), 5.25%, 12/31/54<br>| 3430 | &nbsp;&nbsp; 3484723 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, ARB, <br> Series 218, AMT, 4.00%, 11/01/47<br>| 380 | &nbsp;&nbsp; 338864 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Refunding <br> ARB, Series 223, AMT, 4.00%, 07/15/41<br>| 1150 | &nbsp;&nbsp; 1143508 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority Sales Tax <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 05/15/48 | 6855 | &nbsp;&nbsp; 6365208 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/15/52 | 900 | &nbsp;&nbsp; 936003 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, RB, Series A-1, <br> 4.00%, 11/15/54<br>| 2590 | &nbsp;&nbsp; 2318857 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Refunding RB, <br> Series C, 5.00%, 05/15/47<br>| 6930 | &nbsp;&nbsp; 7177265 |
| &nbsp;&nbsp;&nbsp; Westchester Tobacco Asset Securitization Corp., <br> Refunding RB, Sub-Series C, 4.00%, 06/01/42<br>| 190 | &nbsp;&nbsp; 155548 |
|  |  | &nbsp;&nbsp; 74274470 |
| **North Carolina — 0.6%** | **North Carolina — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, RB, S/F <br> Housing, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 6.00%, 07/01/53<br>| 1750 | &nbsp;&nbsp; 1871630 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, RB, 5.25%, <br> 11/01/56<br>| 1130 | &nbsp;&nbsp; 1134729 |
|  |  | &nbsp;&nbsp; 3006359 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **North Dakota — 0.9%** | **North Dakota — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; County of Cass North Dakota, Refunding RB, Series B, <br> 5.25%, 02/15/58<br>| $1035 | &nbsp;&nbsp; $1038768  |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, RB, S/F <br> Housing, Series C, Sustainability Bonds, 4.75%, <br> 07/01/49<br>| 3985 | &nbsp;&nbsp; 4001545 |
|  |  | &nbsp;&nbsp; 5040313 |
| **Ohio — 1.1%** | **Ohio — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-2, Class 1, 4.00%, 06/01/48 | 915 | &nbsp;&nbsp; 787899 |
| &nbsp;&nbsp;&nbsp; Series B-2, Class 2, 5.00%, 06/01/55 | 3000 | &nbsp;&nbsp; 2467278 |
| &nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority, Refunding ARB, <br> Series A, Class A, AMT, 5.50%, 01/01/55<br>| 2330 | &nbsp;&nbsp; 2435851 |
| &nbsp;&nbsp;&nbsp; County of Franklin Ohio, RB, Series A, 5.00%, <br> 12/01/47<br>| 435 | &nbsp;&nbsp; 438269 |
|  |  | &nbsp;&nbsp; 6129297 |
| **Oklahoma — 0.8%** | **Oklahoma — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, RB, <br> Series B, 5.50%, 08/15/52<br>| 1640 | &nbsp;&nbsp; 1638485 |
| &nbsp;&nbsp;&nbsp; Tulsa County Industrial Authority, Refunding RB, 5.25%, <br> 11/15/45<br>| 1435 | &nbsp;&nbsp; 1436734 |
| &nbsp;&nbsp;&nbsp; Tulsa Municipal Airport Trust Trustees, Refunding, ARB, <br> AMT, 6.25%, 12/01/35<br>| 1095 | &nbsp;&nbsp; 1271223 |
|  |  | &nbsp;&nbsp; 4346442 |
| **Oregon**<sup>(d)</sup> **— 0.2%** | **Oregon**<sup>(d)</sup> **— 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Clackamas County School District No. 12 North <br> Clackamas, GO, CAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, (GTD), 0.00%, 06/15/27<sup>(g)</sup> | 155 | &nbsp;&nbsp; 91753 |
| &nbsp;&nbsp;&nbsp; Series A, (GTD), 0.00%, 06/15/38 | 1290 | &nbsp;&nbsp; 750269 |
|  |  | &nbsp;&nbsp; 842022 |
| **Pennsylvania — 4.8%** | **Pennsylvania — 4.8%** |  |
| &nbsp;&nbsp;&nbsp; Allegheny County Airport Authority, ARB, Series A, AMT, <br> (AGM), 5.50%, 01/01/48<br>| 535 | &nbsp;&nbsp; 559761 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Pennsylvania Water & Wastewater <br> Revenue, RB, Series C, (AGM), 5.25%, 09/01/54<br>| 5165 | &nbsp;&nbsp; 5454340 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health <br> Authority, Refunding RB, 5.00%, 09/01/48<br>| 385 | &nbsp;&nbsp; 386721 |
| &nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, <br> RB, Series C, 5.00%, 11/15/45<br>| 205 | &nbsp;&nbsp; 207739 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 06/30/48 | 1405 | &nbsp;&nbsp; 1473756 |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 06/30/53 | 2330 | &nbsp;&nbsp; 2353554 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, Refunding RB, AMT, 5.50%, 11/01/44<br>| 480 | &nbsp;&nbsp; 480214 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/55 | 1565 | &nbsp;&nbsp; 1690529 |
| &nbsp;&nbsp;&nbsp; Series B-1, (AGM), 4.25%, 11/01/51 | 4635 | &nbsp;&nbsp; 4289508 |
| &nbsp;&nbsp;&nbsp; Series B-1, (AGM), 5.00%, 11/01/51 | 1075 | &nbsp;&nbsp; 1088625 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, RB, Sub-<br> Series B-1, 5.25%, 06/01/47<br>| 2500 | &nbsp;&nbsp; 2534652 |
| Philadelphia Authority for Industrial Development, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/52 | 440 | &nbsp;&nbsp; 449580 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal Income Trust II (BLE)** 

**(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, <br> RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/49 | 3000 | &nbsp;&nbsp; $2760060  |
| &nbsp;&nbsp;&nbsp; Philadelphia Gas Works Co., Refunding RB, Series A, <br> 5.25%, 08/01/49<br>| 2420 | &nbsp;&nbsp; 2543077 |
|  |  | &nbsp;&nbsp; 26272116 |
| **Puerto Rico — 4.5%** | **Puerto Rico — 4.5%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, GO, Series A-1, <br> Restructured, 5.75%, 07/01/31<br>| 1596 | &nbsp;&nbsp; 1762200 |
| &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 | 3475 | &nbsp;&nbsp; 3351737 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 14276 | &nbsp;&nbsp; 13972688 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 3256 | &nbsp;&nbsp; 3105966 |
| &nbsp;&nbsp;&nbsp; Series B-2, Restructured, 4.78%, 07/01/58 | 159 | &nbsp;&nbsp; 151673 |
| &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>(d)</sup><br>| 6943 | &nbsp;&nbsp; 2405621 |
|  |  | &nbsp;&nbsp; 24749885 |
| **South Carolina — 1.6%** | **South Carolina — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/55<sup>(b)</sup> | 335 | &nbsp;&nbsp; 279433 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/48 | 1545 | &nbsp;&nbsp; 1649452 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/49 | 4200 | &nbsp;&nbsp; 4475844 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/50 | 330 | &nbsp;&nbsp; 351211 |
| South Carolina Public Service Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, (AGM), 5.00%, 12/01/55 | 1110 | &nbsp;&nbsp; 1145259 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 12/01/51 | 675 | &nbsp;&nbsp; 681361 |
|  |  | &nbsp;&nbsp; 8582560 |
| **Tennessee — 1.0%** | **Tennessee — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Health & Educational Fcilities Board, Refunding RB, <br> 4.00%, 10/01/49<br>| 445 | &nbsp;&nbsp; 360337 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson <br> County TN Water & Sewer Revenue, Refunding RB, <br> 5.25%, 07/01/55<br>| 1415 | &nbsp;&nbsp; 1496004 |
| Tennergy Corp., RB, Series A, 5.50%, 10/01/53<sup>(a)</sup> | 3130 | &nbsp;&nbsp; 3348654 |
|  |  | &nbsp;&nbsp; 5204995 |
| **Texas — 11.1%** | **Texas — 11.1%** |  |
| Arlington Higher Education Finance Corp., RB<sup>(b)(e)(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/62 | 965 | &nbsp;&nbsp; 482500 |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62 | 815 | &nbsp;&nbsp; 489000 |
| &nbsp;&nbsp;&nbsp; Celina Independent School District, GO, (PSF), 4.00%, <br> 02/15/53<br>| 3450 | &nbsp;&nbsp; 3157385 |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Water & Wastewater System <br> Revenue, Refunding RB, 5.00%, 11/15/53<br>| 1420 | &nbsp;&nbsp; 1479008 |
| &nbsp;&nbsp;&nbsp; City of Corpus Christi Texas Utility System Revenue, <br> Refunding RB, 4.13%, 07/15/53<br>| 2550 | &nbsp;&nbsp; 2345116 |
| &nbsp;&nbsp;&nbsp; City of Garland Texas Electric Utility System Revenue, <br> Refunding RB, (AGM), 4.25%, 03/01/48<br>| 425 | &nbsp;&nbsp; 403581 |
| City of Houston Texas Airport System Revenue, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.50%, 07/15/36 | 200 | &nbsp;&nbsp; 218855 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.50%, 07/15/37 | 520 | &nbsp;&nbsp; 566553 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, <br> Refunding ARB, Series A, AMT, Subordinate Lien, <br> 5.50%, 07/01/55<br>| 2855 | &nbsp;&nbsp; 2994864 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, <br> Refunding RB, AMT, 5.00%, 07/01/29<br>| 485 | &nbsp;&nbsp; $485636  |
| City of Houston Texas, GOL, Series A, 5.25%, 03/01/49 | 3085 | &nbsp;&nbsp; 3287601 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas, Refunding GOL, Series A, <br> 5.25%, 03/01/42<br>| 470 | &nbsp;&nbsp; 514978 |
| City of Hutto Texas, GOL, (BAM), 4.13%, 08/01/49 | 1065 | &nbsp;&nbsp; 1006923 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., Refunding RB, <br> Series A, (PSF), 4.13%, 08/15/49<br>| 2595 | &nbsp;&nbsp; 2478184 |
| &nbsp;&nbsp;&nbsp; Conroe Independent School District, GO, (PSF), 4.00%, <br> 02/15/50<br>| 1375 | &nbsp;&nbsp; 1277903 |
| &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 | 2215 | &nbsp;&nbsp; 2067366 |
| &nbsp;&nbsp;&nbsp; Series A, 1st Lien, 4.00%, 08/15/54 | 1580 | &nbsp;&nbsp; 1440040 |
| &nbsp;&nbsp;&nbsp; Harris County-Houston Sports Authority, Refunding RB, <br> Series A, Senior Lien, (Remove), 0.00%, 11/15/38<sup>(d)</sup><br>| 4750 | &nbsp;&nbsp; 2402592 |
| &nbsp;&nbsp;&nbsp; Longview Independent School District, GO, (PSF), <br> 4.00%, 02/15/49<br>| 2515 | &nbsp;&nbsp; 2350133 |
| &nbsp;&nbsp;&nbsp; Midland County Fresh Water Supply District No. 1, RB, <br> CAB, Series A, 0.00%, 09/15/27<sup>(d)(g)</sup><br>| 10540 | &nbsp;&nbsp; 6130801 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 08/15/49 | 3365 | &nbsp;&nbsp; 3654132 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/50<sup>(b)</sup> | 180 | &nbsp;&nbsp; 153007 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, RB, Series B, 0.00%, <br> 09/01/31<sup>(d)(g)</sup><br>| 640 | &nbsp;&nbsp; 349200 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Refunding RB, 4.25%, <br> 01/01/49<br>| 2340 | &nbsp;&nbsp; 2119731 |
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, GO, (PSF), <br> 5.25%, 02/15/55<br>| 1550 | &nbsp;&nbsp; 1633386 |
| &nbsp;&nbsp;&nbsp; Port Authority of Houston of Harris County Texas, ARB, <br> 5.00%, 10/01/51<br>| 1505 | &nbsp;&nbsp; 1543603 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., RB, 5.00%, 11/15/51<br>| 1280 | &nbsp;&nbsp; 1308634 |
| Tarrant Regional Water District, RB, 4.25%, 09/01/55 | 1405 | &nbsp;&nbsp; 1303263 |
| &nbsp;&nbsp;&nbsp; Texas City Industrial Development Corp., RB, <br> Series 2012, 4.13%, 12/01/45<br>| 95 | &nbsp;&nbsp; 84090 |
| &nbsp;&nbsp;&nbsp; Texas Department of Housing & Community Affairs, RB, <br> S/F Housing, Series C, (GNMA), 5.00%, 09/01/48<br>| 3650 | &nbsp;&nbsp; 3702731 |
| &nbsp;&nbsp;&nbsp; Texas State University System, Refunding RB, 4.00%, <br> 03/15/49<br>| 4690 | &nbsp;&nbsp; 4225537 |
| &nbsp;&nbsp;&nbsp; Texas Transportation Commission State Highway <br> 249 System, RB, CAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/40 | 500 | &nbsp;&nbsp; 256427 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/41 | 2000 | &nbsp;&nbsp; 966302 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/42 | 2345 | &nbsp;&nbsp; 1069284 |
| Texas Water Development Board, RB, 4.45%, 10/15/36 | 675 | &nbsp;&nbsp; 726518 |
| &nbsp;&nbsp;&nbsp; Waller Consolidated Independent School District, GO, <br> Series A, (PSF), 4.00%, 02/15/48<br>| 1710 | &nbsp;&nbsp; 1611454 |
|  |  | &nbsp;&nbsp; 60286318 |
| **Utah — 1.5%** | **Utah — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; Black Desert Public Infrastructure District, SAB, 5.63%, <br> 12/01/53<sup>(b)</sup><br>| 305 | &nbsp;&nbsp; 306710 |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City Utah Airport Revenue, ARB, <br> Series A, AMT, 5.00%, 07/01/43<br>| 1790 | &nbsp;&nbsp; 1819832 |
| &nbsp;&nbsp;&nbsp; Downtown Revitalization Public Infrastructure District, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 1st Lien, (AGM), 5.50%, 06/01/55 | 1455 | &nbsp;&nbsp; 1554199 |
| &nbsp;&nbsp;&nbsp; Series B, 2nd Lien, (AGM), 5.50%, 06/01/50 | 3450 | &nbsp;&nbsp; 3727654 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal Income Trust II (BLE)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Utah (continued)** | **Utah (continued)** |  |
| &nbsp;&nbsp;&nbsp; Downtown Revitalization Public Infrastructure District, <br> RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 2nd Lien, (AGM), 5.50%, 06/01/55 | 515 | &nbsp;&nbsp; $550112  |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, RB, 5.00%, <br> 06/15/39<sup>(b)</sup><br>| 100 | &nbsp;&nbsp; 98903 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, Refunding RB, <br> 5.00%, 06/15/40<sup>(b)</sup><br>| 135 | &nbsp;&nbsp; 134277 |
|  |  | &nbsp;&nbsp; 8191687 |
| **Virginia — 1.5%** | **Virginia — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; Ballston Quarter Community Development Authority, <br> TA, Series A-1, 5.50%, 03/01/46<br>| 416 | &nbsp;&nbsp; 413496 |
| &nbsp;&nbsp;&nbsp; Ballston Quarter Community Development Authority, <br> TA, CAB, Series A-2, 7.13%, 03/01/59<sup>(h)</sup><br>| 997 | &nbsp;&nbsp; 919183 |
| &nbsp;&nbsp;&nbsp; Henrico County Economic Development Authority, <br> Refunding RB, Series A, 5.00%, 11/01/48<br>| 1485 | &nbsp;&nbsp; 1537248 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Refunding RB, <br> Series B-1, 5.00%, 06/01/47<br>| 1010 | &nbsp;&nbsp; 845588 |
| &nbsp;&nbsp;&nbsp; Virginia Housing Development Authority, RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.60%, 09/01/49 | 2330 | &nbsp;&nbsp; 2314225 |
| &nbsp;&nbsp;&nbsp; Series G, 5.05%, 11/01/47 | 1825 | &nbsp;&nbsp; 1863344 |
|  |  | &nbsp;&nbsp; 7893084 |
| **Washington — 0.5%** | **Washington — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Refunding <br> RB, Series A, 5.50%, 09/01/55<br>| 435 | &nbsp;&nbsp; 460062 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, <br> Refunding RB, 5.00%, 01/01/43<sup>(b)</sup><br>| 2165 | &nbsp;&nbsp; 2053689 |
|  |  | &nbsp;&nbsp; 2513751 |
| **West Virginia — 0.1%** | **West Virginia — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; City of Martinsburg West Virginia, RB, M/F Housing, <br> Series A-1, 4.63%, 12/01/43<br>| 570 | &nbsp;&nbsp; 558427 |
| **Wisconsin — 3.2%** | **Wisconsin — 3.2%** |  |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/55<sup>(b)</sup> | 120 | &nbsp;&nbsp; 102754 |
| &nbsp;&nbsp;&nbsp; Series A-1, 4.50%, 01/01/35<sup>(b)</sup> | 185 | &nbsp;&nbsp; 183853 |
| &nbsp;&nbsp;&nbsp; AMT, 6.50%, 06/30/60 | 660 | &nbsp;&nbsp; 728628 |
| &nbsp;&nbsp;&nbsp; AMT, 6.50%, 12/31/65 | 5110 | &nbsp;&nbsp; 5641345 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 4.00%, 09/30/51 | 5615 | &nbsp;&nbsp; 4616734 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 4.00%, 03/31/56 | 1835 | &nbsp;&nbsp; 1471297 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Refunding RB, 5.00%, <br> 09/01/49<sup>(b)</sup><br>| 120 | &nbsp;&nbsp; 110660 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, <br> Refunding RB, 4.00%, 12/01/51<br>| 3280 | &nbsp;&nbsp; 2871864 |
| &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>| 720 | &nbsp;&nbsp; 740450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 4.75%, 03/01/51<br>| 695 | &nbsp;&nbsp; 690826 |
|  |  | &nbsp;&nbsp; 17158411 |
| **Total Municipal Bonds — 102.9%** <br>**(Cost: $552,677,570)** | **Total Municipal Bonds — 102.9%** <br>**(Cost: $552,677,570)** | &nbsp;&nbsp; 559829499 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **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> **— 3.8%** | **Alabama**<sup>(a)</sup> **— 3.8%** |  |
| Black Belt Energy Gas District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 12/01/53 | $12500 | &nbsp;&nbsp; $13477895  |
| &nbsp;&nbsp;&nbsp; Series C-1, 5.25%, 02/01/53 | 6702 | &nbsp;&nbsp; 7065510 |
|  |  | &nbsp;&nbsp; 20543405 |
| **California — 2.0%** | **California — 2.0%** |  |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, RB, <br> Series E-1, Sustainability Bonds, 5.00%, 02/01/54<sup>(a)</sup><br>| 10000 | &nbsp;&nbsp; 10681442 |
| **Colorado — 1.5%** | **Colorado — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB, Series A, AMT, 5.50%, <br> 11/15/53<br>| 7685 | &nbsp;&nbsp; 8026814 |
| **District of Columbia — 6.1%** | **District of Columbia — 6.1%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Income Tax Revenue, Refunding <br> RB, Series A, 5.25%, 06/01/50<br>| 10360 | &nbsp;&nbsp; 11057264 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB, Series A, AMT, 5.50%, <br> 10/01/54<br>| 11620 | &nbsp;&nbsp; 12154565 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority <br> Dedicated Revenue, RB, Series A, 2nd Lien, 5.50%, <br> 07/15/60<br>| 9280 | &nbsp;&nbsp; 9906632 |
|  |  | &nbsp;&nbsp; 33118461 |
| **Florida — 5.9%** | **Florida — 5.9%** |  |
| &nbsp;&nbsp;&nbsp; City of Melbourne Florida Water & Sewer Revenue, RB, <br> 5.00%, 11/15/50<sup>(a)</sup><br>| 6910 | &nbsp;&nbsp; 7181961 |
| City of Tallahassee, RB, 5.25%, 10/01/55 | 7420 | &nbsp;&nbsp; 7817271 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Aviation Revenue, <br> Refunding ARB, Series A, AMT, 5.25%, 10/01/50<br>| 6150 | &nbsp;&nbsp; 6326635 |
| &nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority, ARB, AMT, <br> Subordinate, 5.25%, 10/01/51<br>| 10380 | &nbsp;&nbsp; 10751808 |
|  |  | &nbsp;&nbsp; 32077675 |
| **Michigan — 2.4%** | **Michigan — 2.4%** |  |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, RB, <br> M/F Housing, Series A, 5.00%, 10/01/48<br>| 12964 | &nbsp;&nbsp; 13246140 |
| **Missouri — 1.3%** | **Missouri — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, RB, S/F <br> Housing, Series E, 4.60%, 11/01/49<sup>(a)</sup><br>| 6906 | &nbsp;&nbsp; 6870761 |
| **Nebraska — 1.0%** | **Nebraska — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, RB, Series 1, 5.00%, <br> 05/01/53<sup>(a)</sup><br>| 5240 | &nbsp;&nbsp; 5510826 |
| **New Jersey — 1.0%** | **New Jersey — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, RB, Series B, 5.25%, <br> 01/01/49<br>| 5395 | &nbsp;&nbsp; 5740208 |
| **New York — 15.0%** | **New York — 15.0%** |  |
| City of New York, GO, Series B, 5.25%, 10/01/47 | 6560 | &nbsp;&nbsp; 6845300 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., RB, M/F <br> Housing, Series E-1, Sustainability Bonds, 4.70%, <br> 11/01/48<sup>(a)(j)</sup><br>| 5540 | &nbsp;&nbsp; 5498889 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 05/01/48 | 9510 | &nbsp;&nbsp; 10007670 |
| &nbsp;&nbsp;&nbsp; Series C-1, Subordinate, 5.00%, 05/01/50 | 4736 | &nbsp;&nbsp; 4869395 |
| &nbsp;&nbsp;&nbsp; Series H-1, Subordinate, 5.00%, 11/01/50 | 3060 | &nbsp;&nbsp; 3149429 |
| New York State Dormitory Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/47<sup>(j)</sup> | 10370 | &nbsp;&nbsp; 10859274 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal Income Trust II (BLE)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Refunding <br> RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/53<sup>(j)</sup> | 6971 | &nbsp;&nbsp; $7184781  |
| &nbsp;&nbsp;&nbsp; Series E, 5.00%, 03/15/46<sup>(a)</sup> | 8820 | &nbsp;&nbsp; 9052634 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, ARB, <br> Series 221, AMT, 4.00%, 07/15/55<br>| 2820 | &nbsp;&nbsp; 2429164 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Refunding <br> ARB, AMT, 5.00%, 01/15/47<sup>(j)</sup><br>| 8640 | &nbsp;&nbsp; 8798895 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, RB, Series A, <br> 5.50%, 11/15/57<br>| 5339 | &nbsp;&nbsp; 5662056 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Refunding RB, <br> Series B-1, Sustainability Bonds, 5.25%, 05/15/54<br>| 7056 | &nbsp;&nbsp; 7390165 |
|  |  | &nbsp;&nbsp; 81747652 |
| **Oregon — 2.2%** | **Oregon — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; Port of Portland Oregon Airport Revenue, Refunding <br> ARB, Series 29, AMT, Sustainability Bonds, 5.50%, <br> 07/01/48<br>| 11628 | &nbsp;&nbsp; 12250940 |
| **Pennsylvania — 4.9%** | **Pennsylvania — 4.9%** |  |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, S/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 143A, Sustainability Bonds, 6.25%, 10/01/53 | 10192 | &nbsp;&nbsp; 11108999 |
| &nbsp;&nbsp;&nbsp; Series 145A, Sustainability Bonds, 4.75%, 10/01/49 | 8620 | &nbsp;&nbsp; 8656667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 147 A, Sustainability Bonds, 4.70%, <br> 10/01/49<sup>(j)</sup><br>| 6750 | &nbsp;&nbsp; 6770653 |
|  |  | &nbsp;&nbsp; 26536319 |
| **South Carolina — 1.0%** | **South Carolina — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, Refunding <br> RB, Series B-1, 5.25%, 02/01/54<sup>(a)</sup><br>| 4842 | &nbsp;&nbsp; 5229038 |
| **Texas — 8.7%** | **Texas — 8.7%** |  |
| &nbsp;&nbsp;&nbsp; Austin Community College District, Refunding GOL, <br> 5.25%, 08/01/55<br>| 11740 | &nbsp;&nbsp; 12338101 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, <br> Refunding ARB, Series A, AMT, Subordinate Lien, <br> 5.50%, 07/01/55<br>| 14377 | &nbsp;&nbsp; 15081265 |
| &nbsp;&nbsp;&nbsp; City of San Antonio Texas Electric & Gas Systems <br> Revenue, Refunding RB, Series A, 5.25%, 02/01/49<br>| 6702 | &nbsp;&nbsp; 7115218 |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District, RB, 5.00%, <br> 06/01/50<sup>(a)(j)</sup><br>| 5198 | &nbsp;&nbsp; 5389821 |
| &nbsp;&nbsp;&nbsp; Terrell Independent School District, GO, (PSF), 5.25%, <br> 08/01/55<br>| 7180 | &nbsp;&nbsp; 7599294 |
|  |  | &nbsp;&nbsp; 47523699 |
| **Utah — 1.7%** | **Utah — 1.7%** |  |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City Utah Airport Revenue, ARB, <br> Series A, AMT, 5.50%, 07/01/53<sup>(j)</sup><br>| 9063 | &nbsp;&nbsp; 9440638 |
| **Washington — 3.4%** | **Washington — 3.4%** |  |
| Port of Seattle Washington, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, Intermediate Lien, 5.25%, 07/01/49 | 6240 | &nbsp;&nbsp; 6478422 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, 5.00%, 08/01/46 | 12100 | &nbsp;&nbsp; 12348096 |
|  |  | &nbsp;&nbsp; 18826518 |
| **Wisconsin**<sup>(a)</sup> **— 1.1%** | **Wisconsin**<sup>(a)</sup> **— 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority <br> Housing Revenue, RB, M/F Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.10%, 11/01/43 | 2658 | &nbsp;&nbsp; 2574514 |
| &nbsp;&nbsp;&nbsp; Series A, 4.45%, 05/01/57 | 3322 | &nbsp;&nbsp; 3218142 |
|  |  | &nbsp;&nbsp; 5792656 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 63.0%** <br>**(Cost: $337,789,934)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 63.0%** <br>**(Cost: $337,789,934)** | &nbsp;&nbsp; 343163192 |

---

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

---

| | | |
|:---|:---|:---|
| *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>(f)(k)</sup><br>| 15348 | &nbsp;&nbsp; $30696 |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** | &nbsp;&nbsp; 30696 |
| **Total Long-Term Investments — 165.9%** <br>**(Cost: $890,467,504)** | **Total Long-Term Investments — 165.9%** <br>**(Cost: $890,467,504)** | &nbsp;&nbsp; 903023387 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.6%** | **Money Market Funds — 4.6%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.03%<sup>(l)(m)</sup><br>| 24917747 | &nbsp;&nbsp; 24920239 |
| **Total Short-Term Securities — 4.6%** <br>**(Cost: $24,920,239)** | **Total Short-Term Securities — 4.6%** <br>**(Cost: $24,920,239)** | &nbsp;&nbsp; 24920239 |
| **Total Investments — 170.5%** <br>**(Cost: $915,387,743)** | **Total Investments — 170.5%** <br>**(Cost: $915,387,743)** | &nbsp;&nbsp; 927943626 |
| **Other Assets Less Liabilities — 0.4%** | **Other Assets Less Liabilities — 0.4%** | &nbsp;&nbsp; 1800341 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (38.9)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (38.9)%** | &nbsp;&nbsp; (211430267)<br>|
| **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(32.0)%** | **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(32.0)%** | &nbsp;&nbsp; (174100000)<br>|
| **Net Assets Applicable to Common Shares — 100.0%** | **Net Assets Applicable to Common Shares — 100.0%** | &nbsp;&nbsp; $544213700 |

---

&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> Zero-coupon bond.

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

<sup>(j)</sup> All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between July 1, 2031 to October 1, 2042, is $48,163,478. See Note 4 of the Notes to Financial Statements for details. 

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

<sup>(l)</sup> Affiliate of the Fund.

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

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock Municipal Income Trust II (BLE)** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 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 | $—<br> $24920239 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $24920239 | 24917747 | $18692 | $— |

---

&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 Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &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; $559829499  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $559829499  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 343163192 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 343163192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30696 | &nbsp;&nbsp;&nbsp;&nbsp; 30696 |
| &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; 24920239 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24920239 |
|  | &nbsp;&nbsp; $24920239 | &nbsp;&nbsp;&nbsp;&nbsp; $902992691 | &nbsp;&nbsp;&nbsp;&nbsp; $30696 | &nbsp;&nbsp;&nbsp;&nbsp; $927943626 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TOB Trust Certificates | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(210086628)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(210086628)<br>|
| &nbsp;&nbsp;&nbsp; VMTP Shares at Liquidation Value | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (174100000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (174100000)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(384186628)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(384186628)<br>|

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments (unaudited)

January 31, 2026

**BlackRock MuniHoldings Fund, Inc. (MHD)** 

**(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 — 6.4%** | **Alabama — 6.4%** |  |
| Black Belt Energy Gas District, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/54 | $2450 | &nbsp;&nbsp; $2622465  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/56 | 2990 | &nbsp;&nbsp; 3109438 |
| &nbsp;&nbsp;&nbsp; Series F, 5.50%, 11/01/53 | 1115 | &nbsp;&nbsp; 1178807 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Refunding RB, 4.00%, <br> 06/01/51<sup>(a)</sup><br>| 9590 | &nbsp;&nbsp; 9810491 |
| &nbsp;&nbsp;&nbsp; County of Jefferson Alabama Sewer Revenue, <br> Refunding RB, 5.25%, 10/01/49<br>| 4715 | &nbsp;&nbsp; 4898465 |
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Refunding RB, <br> Series B, 5.00%, 06/01/49<sup>(a)</sup><br>| 2825 | &nbsp;&nbsp; 3024136 |
| &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 | 4895 | &nbsp;&nbsp; 5095968 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.50%, 01/01/53 | 1890 | &nbsp;&nbsp; 2020827 |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 01/01/54 | 4595 | &nbsp;&nbsp; 4868753 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 03/01/55 | 1275 | &nbsp;&nbsp; 1349353 |
| &nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 05/01/53 | 4510 | &nbsp;&nbsp; 4696349 |
|  |  | &nbsp;&nbsp; 42675052 |
| **Arizona — 3.0%** | **Arizona — 3.0%** |  |
| Arizona Industrial Development Authority, RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/01/39 | 575 | &nbsp;&nbsp; 535455 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/49 | 550 | &nbsp;&nbsp; 498849 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/54 | 425 | &nbsp;&nbsp; 377304 |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Refunding <br> RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/52 | 130 | &nbsp;&nbsp; 121743 |
| &nbsp;&nbsp;&nbsp; Series G, 5.00%, 07/01/47 | 435 | &nbsp;&nbsp; 411485 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., RB, Junior <br> Lien, 5.25%, 07/01/47<br>| 2425 | &nbsp;&nbsp; 2607844 |
| &nbsp;&nbsp;&nbsp; Glendale Industrial Development Authority, RB, 5.00%, <br> 05/15/56<br>| 65 | &nbsp;&nbsp; 55841 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of Phoenix <br> Arizona, RB, Series A, 5.00%, 07/01/46<sup>(b)</sup><br>| 2120 | &nbsp;&nbsp; 2014842 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of <br> Pima, RB, 5.00%, 07/01/34<sup>(b)</sup><br>| 400 | &nbsp;&nbsp; 401100 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of <br> Pima, Refunding RB, 5.00%, 06/15/49<sup>(b)</sup><br>| 300 | &nbsp;&nbsp; 268830 |
| Salt Verde Financial Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/32 | 3500 | &nbsp;&nbsp; 3844445 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/37 | 4425 | &nbsp;&nbsp; 4855085 |
| Town of Queen Creek, COP, 5.50%, 10/01/65<sup>(c)</sup> | 3605 | &nbsp;&nbsp; 3815251 |
|  |  | &nbsp;&nbsp; 19808074 |
| **Arkansas — 0.6%** | **Arkansas — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, RB, AMT, <br> Sustainability Bonds, 5.70%, 05/01/53<br>| 1170 | &nbsp;&nbsp; 1188981 |
| &nbsp;&nbsp;&nbsp; City of Springdale Arkansas Sales & Use Tax Revenue, <br> RB, Series B, (BAM), 4.13%, 08/01/47<br>| 3085 | &nbsp;&nbsp; 2960168 |
|  |  | &nbsp;&nbsp; 4149149 |
| **California — 6.0%** | **California — 6.0%** |  |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, RB, <br> 8.00%, 11/15/62<sup>(b)</sup><br>| 1025 | &nbsp;&nbsp; 1014317 |
| &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>| 2310 | &nbsp;&nbsp; 1732500 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, ARB, AMT, <br> Senior Lien, 5.00%, 12/31/43<br>| 800 | &nbsp;&nbsp; 807474 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, M/F <br> Housing, Series A, 6.10%, 12/01/37<br>| 1100 | &nbsp;&nbsp; 1113450 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **California (continued)** | **California (continued)** |  |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, RB, <br> AMT, 5.00%, 11/21/45<sup>(b)</sup><br>| 1755 | &nbsp;&nbsp; $1756298  |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, ARB, AMT, <br> Sustainability Bonds, 5.00%, 05/15/47<br>| 830 | &nbsp;&nbsp; 853537 |
| Hartnell Community College District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series D, 7.00%, 08/01/34<sup>(d)</sup> | 1650 | &nbsp;&nbsp; 1764213 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 4.00%, 07/01/53 | 4125 | &nbsp;&nbsp; 3895228 |
| &nbsp;&nbsp;&nbsp; Norwalk-La Mirada Unified School District, Refunding <br> GO, Series E, Election 2002, (AGM), 0.00%, <br> 08/01/38<sup>(e)</sup><br>| 8000 | &nbsp;&nbsp; 4916065 |
| Palomar Community College District, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series B, Convertible, 6.20%, 08/01/39<sup>(d)</sup> | 2605 | &nbsp;&nbsp; 3357898 |
| &nbsp;&nbsp;&nbsp; Series B, Election 2006, 0.00%, 08/01/30<sup>(e)</sup> | 1500 | &nbsp;&nbsp; 1342885 |
| &nbsp;&nbsp;&nbsp; San Diego Community College District, GO, Election <br> 2002, 6.00%, 08/01/27<sup>(d)(f)</sup><br>| 2800 | &nbsp;&nbsp; 2966250 |
| San Diego County Regional Airport Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/47 | 1515 | &nbsp;&nbsp; 1521546 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, Subordinate, 5.00%, 07/01/56 | 2150 | &nbsp;&nbsp; 2165556 |
| San Diego Unified School District, GO<sup>(e)(g)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Class A, 0.00%, 07/01/29 | 5315 | &nbsp;&nbsp; 4875391 |
| &nbsp;&nbsp;&nbsp; Series A, 0.00%, 07/01/29 | 685 | &nbsp;&nbsp; 628343 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San <br> Francisco International Airport, Refunding ARB, <br> Series D, AMT, 5.25%, 05/01/55<br>| 4400 | &nbsp;&nbsp; 4577756 |
| &nbsp;&nbsp;&nbsp; Washington Township Health Care District, GO, <br> Series B, Election 2004, 5.50%, 08/01/40<br>| 920 | &nbsp;&nbsp; 925788 |
|  |  | &nbsp;&nbsp; 40214495 |
| **Colorado — 2.0%** | **Colorado — 2.0%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver CO Airport System Revenue, <br> Refunding ARB, Series A, AMT, 5.00%, 12/01/48<br>| 100 | &nbsp;&nbsp; 100367 |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB, Series D, AMT, 5.75%, <br> 11/15/45<br>| 1160 | &nbsp;&nbsp; 1254236 |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Pledged Excise Tax <br> Revenue, RB, CAB, Series A-2, 0.00%, 08/01/38<sup>(e)</sup><br>| 915 | &nbsp;&nbsp; 539375 |
| &nbsp;&nbsp;&nbsp; Colorado Educational & Cultural Facilities Authority, <br> RB, (Remove), 5.50%, 07/01/40<br>| 2510 | &nbsp;&nbsp; 2511793 |
| Colorado Health Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/47 | 480 | &nbsp;&nbsp; 505476 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/52 | 1000 | &nbsp;&nbsp; 1022982 |
| Colorado Health Facilities Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/15/46 | 1610 | &nbsp;&nbsp; 1483801 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 08/01/49 | 1950 | &nbsp;&nbsp; 1666701 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 05/15/52 | 1500 | &nbsp;&nbsp; 1359707 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/52 | 3000 | &nbsp;&nbsp; 3066203 |
|  |  | &nbsp;&nbsp; 13510641 |
| **Connecticut — 0.1%** | **Connecticut — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities <br> Authority, RB, 4.25%, 07/15/53<br>| 525 | &nbsp;&nbsp; 485882 |
| **Delaware — 0.1%** | **Delaware — 0.1%** |  |
| County of Kent Delaware, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/40 | 330 | &nbsp;&nbsp; 331851 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/53 | 775 | &nbsp;&nbsp; 711175 |
|  |  | &nbsp;&nbsp; 1043026 |
| **District of Columbia — 4.7%** | **District of Columbia — 4.7%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Housing Finance Agency, RB, M/F <br> Housing, Series B-2, (Remove), 4.10%, 09/01/39<br>| 140 | &nbsp;&nbsp; 140055 |
| &nbsp;&nbsp;&nbsp; District of Columbia Income Tax Revenue, Refunding <br> RB, Series A, 5.25%, 06/01/50<br>| 2865 | &nbsp;&nbsp; 3057825 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniHoldings Fund, Inc. (MHD)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **District of Columbia (continued)** | **District of Columbia (continued)** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia, Refunding GO, Series A, 5.25%, <br> 01/01/48<br>| 3745 | &nbsp;&nbsp; $3960878  |
| District of Columbia, TA, 5.13%, 06/01/41 | 1195 | &nbsp;&nbsp; 1196300 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB, Series A, AMT, 5.25%, <br> 10/01/49<br>| 1190 | &nbsp;&nbsp; 1234394 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll <br> Road Revenue, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 2nd Senior Lien, (AGM), 0.00%, <br> 10/01/34<sup>(e)</sup><br>| 10170 | &nbsp;&nbsp; 7633214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 2nd Senior Lien, (AGM), 0.00%, <br> 10/01/35<sup>(e)</sup><br>| 13485 | &nbsp;&nbsp; 9680733 |
| &nbsp;&nbsp;&nbsp; Series B, Subordinate, 4.00%, 10/01/49 | 2000 | &nbsp;&nbsp; 1751198 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority <br> Dedicated Revenue, RB, Series A, 2nd Lien, <br> Sustainability Bonds, 4.38%, 07/15/59<br>| 2690 | &nbsp;&nbsp; 2543117 |
|  |  | &nbsp;&nbsp; 31197714 |
| **Florida — 4.8%** | **Florida — 4.8%** |  |
| Capital Trust Agency, Inc., RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/55 | 305 | &nbsp;&nbsp; 260166 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/45 | 480 | &nbsp;&nbsp; 429161 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 06/01/57 | 170 | &nbsp;&nbsp; 152178 |
| &nbsp;&nbsp;&nbsp; City of Gainesville Florida Utilities System Revenue, <br> Refunding RB, Series A, 5.00%, 10/01/29<sup>(f)</sup><br>| 20 | &nbsp;&nbsp; 21823 |
| &nbsp;&nbsp;&nbsp; Collier County Industrial Development Authority, RB, <br> Series A, (AGM), 5.00%, 10/01/54<br>| 3500 | &nbsp;&nbsp; 3545497 |
| &nbsp;&nbsp;&nbsp; County of Broward Florida Airport System Revenue, <br> ARB, Series A, AMT, 5.00%, 10/01/44<br>| 395 | &nbsp;&nbsp; 403839 |
| &nbsp;&nbsp;&nbsp; County of Broward Florida Water & Sewer Utility <br> Revenue, RB, Series A, 4.00%, 10/01/45<br>| 585 | &nbsp;&nbsp; 562778 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Aviation Revenue, <br> Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 10/01/44 | 3525 | &nbsp;&nbsp; 3596700 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.50%, 10/01/55 | 2840 | &nbsp;&nbsp; 2970114 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Aviation Revenue, <br> Refunding RB, Series B, AMT, 5.00%, 10/01/40<br>| 3120 | &nbsp;&nbsp; 3167941 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Seaport Department, Refunding <br> RB, Series A, AMT, 5.25%, 10/01/52<br>| 1245 | &nbsp;&nbsp; 1261355 |
| &nbsp;&nbsp;&nbsp; County of Osceola Florida Transportation Revenue, <br> Refunding RB, CAB<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-2, 0.00%, 10/01/46 | 260 | &nbsp;&nbsp; 89686 |
| &nbsp;&nbsp;&nbsp; Series A-2, 0.00%, 10/01/47 | 435 | &nbsp;&nbsp; 140196 |
| County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54 | 500 | &nbsp;&nbsp; 537398 |
| &nbsp;&nbsp;&nbsp; Cypress Bluff Community Development District, SAB, <br> Series A, 3.80%, 05/01/50<sup>(b)</sup><br>| 430 | &nbsp;&nbsp; 352095 |
| Florida Development Finance Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/56 | 75 | &nbsp;&nbsp; 69914 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 05/01/29<sup>(b)(h)(i)</sup> | 270 | &nbsp;&nbsp; 273033 |
| Florida Development Finance Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.00%, 07/01/44 | 6495 | &nbsp;&nbsp; 6425694 |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.25%, 07/01/47 | 1600 | &nbsp;&nbsp; 1576456 |
| &nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, SAB, 6.30%, <br> 05/01/54<br>| 570 | &nbsp;&nbsp; 597474 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, RB, <br> Series A, 5.00%, 10/01/53<br>| 1075 | &nbsp;&nbsp; 1091447 |
| &nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, <br> Refunding RB, 4.00%, 08/15/49<br>| 1185 | &nbsp;&nbsp; 1044600 |
| &nbsp;&nbsp;&nbsp; Southern Groves Community Development District No. <br> 5, Refunding SAB, 4.00%, 05/01/43<br>| 220 | &nbsp;&nbsp; 199521 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| &nbsp;&nbsp;&nbsp; Stevens Plantation Community Development District, <br> SAB, Series A, 7.10%, 05/01/35<sup>(h)(i)</sup><br>| 800 | &nbsp;&nbsp; $544093  |
| Trout Creek Community Development District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/40 | 630 | &nbsp;&nbsp; 608058 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/51 | 1050 | &nbsp;&nbsp; 866017 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 15, SAB, <br> 5.25%, 05/01/54<sup>(b)</sup><br>| 585 | &nbsp;&nbsp; 586724 |
| &nbsp;&nbsp;&nbsp; Westside Community Development District, SAB, <br> 4.00%, 05/01/50<br>| 815 | &nbsp;&nbsp; 680895 |
|  |  | &nbsp;&nbsp; 32054853 |
| **Georgia — 2.5%** | **Georgia — 2.5%** |  |
| &nbsp;&nbsp;&nbsp; City of Atlanta Georgia Department of Aviation, <br> Refunding ARB, Series B, AMT, 5.00%, 07/01/52<br>| 1520 | &nbsp;&nbsp; 1536149 |
| &nbsp;&nbsp;&nbsp; County of DeKalb Georgia Water & Sewerage <br> Revenue, Refunding RB, 5.00%, 10/01/48<br>| 3135 | &nbsp;&nbsp; 3251749 |
| &nbsp;&nbsp;&nbsp; Dalton Whitfield County Joint Development Authority, <br> RB, 4.00%, 08/15/48<br>| 2615 | &nbsp;&nbsp; 2364182 |
| &nbsp;&nbsp;&nbsp; East Point Business & Industrial Development <br> Authority, RB, Series A, 5.25%, 06/15/62<sup>(b)</sup><br>| 535 | &nbsp;&nbsp; 321000 |
| &nbsp;&nbsp;&nbsp; Gainesville & Hall County Hospital Authority, RB, <br> Series A, 4.00%, 02/15/51<br>| 1460 | &nbsp;&nbsp; 1288171 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., RB, Series A, 5.00%, <br> 06/01/53<sup>(a)</sup><br>| 7815 | &nbsp;&nbsp; 8296613 |
|  |  | &nbsp;&nbsp; 17057864 |
| **Hawaii — 0.7%** | **Hawaii — 0.7%** |  |
| State of Hawaii Airports System Revenue, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.00%, 07/01/49 | 4090 | &nbsp;&nbsp; 4337411 |
| &nbsp;&nbsp;&nbsp; AMT, 5.25%, 08/01/26 | 460 | &nbsp;&nbsp; 460954 |
|  |  | &nbsp;&nbsp; 4798365 |
| **Idaho — 0.3%** | **Idaho — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Power County Industrial Development Corp., RB, <br> 6.45%, 08/01/32<br>| 2000 | &nbsp;&nbsp; 2008284 |
| **Illinois — 7.5%** | **Illinois — 7.5%** |  |
| Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/34 | 985 | &nbsp;&nbsp; 1008483 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/40 | 615 | &nbsp;&nbsp; 614231 |
| &nbsp;&nbsp;&nbsp; Series A, 6.25%, 12/01/50 | 2955 | &nbsp;&nbsp; 3127347 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 12/01/35 | 900 | &nbsp;&nbsp; 900012 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/01/46 | 3480 | &nbsp;&nbsp; 3317954 |
| Chicago Board of Education, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 6.00%, 12/01/43 | 1100 | &nbsp;&nbsp; 1163995 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 12/01/34 | 475 | &nbsp;&nbsp; 478230 |
| &nbsp;&nbsp;&nbsp; Series G, 5.00%, 12/01/34 | 315 | &nbsp;&nbsp; 317142 |
| Chicago O'Hare International Airport, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, AMT, Senior Lien, 4.63%, 01/01/53 | 5880 | &nbsp;&nbsp; 5618393 |
| &nbsp;&nbsp;&nbsp; Series B, Senior Lien, 4.50%, 01/01/56 | 5265 | &nbsp;&nbsp; 5035042 |
| Chicago O'Hare International Airport, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Senior Lien, 5.25%, 01/01/48 | 1660 | &nbsp;&nbsp; 1707838 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Senior Lien, 4.38%, 01/01/53 | 1390 | &nbsp;&nbsp; 1278593 |
| &nbsp;&nbsp;&nbsp; City of Chicago Illinois Wastewater Transmission <br> Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, <br> 01/01/58<br>| 885 | &nbsp;&nbsp; 916187 |
| Illinois Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/15/47 | 1485 | &nbsp;&nbsp; 1327997 |
| &nbsp;&nbsp;&nbsp; Series C, 4.00%, 02/15/27<sup>(f)</sup> | 60 | &nbsp;&nbsp; 61007 |
| &nbsp;&nbsp;&nbsp; Series C, 4.00%, 02/15/41 | 5 | &nbsp;&nbsp; 4948 |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, RB, Series A, <br> 5.00%, 01/01/40<br>| 5625 | &nbsp;&nbsp; 5631780 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniHoldings Fund, Inc. (MHD)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Illinois (continued)** | **Illinois (continued)** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, RB, 5.00%, <br> 06/15/57<br>| 2370 | &nbsp;&nbsp; $2311804  |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, Refunding <br> RB<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, (AGM), 0.00%, 06/15/44 | 3765 | &nbsp;&nbsp; 1668680 |
| &nbsp;&nbsp;&nbsp; Series B, (AGM), 0.00%, 06/15/47 | 22775 | &nbsp;&nbsp; 8272754 |
| State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/39 | 795 | &nbsp;&nbsp; 854590 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 05/01/41 | 1770 | &nbsp;&nbsp; 1895093 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 11/01/28 | 900 | &nbsp;&nbsp; 936121 |
| &nbsp;&nbsp;&nbsp; Series F, 5.25%, 09/01/48 | 1805 | &nbsp;&nbsp; 1873075 |
|  |  | &nbsp;&nbsp; 50321296 |
| **Indiana — 0.8%** | **Indiana — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; City of Valparaiso Indiana, Refunding RB, AMT, 4.50%, <br> 01/01/34<sup>(b)</sup><br>| 365 | &nbsp;&nbsp; 378452 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, RB, Series A, 5.00%, <br> 10/01/53<br>| 2150 | &nbsp;&nbsp; 2190344 |
| Indiana Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/46 | 1765 | &nbsp;&nbsp; 1884433 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/47 | 610 | &nbsp;&nbsp; 648911 |
|  |  | &nbsp;&nbsp; 5102140 |
| **Kentucky — 1.9%** | **Kentucky — 1.9%** |  |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Refunding RB, <br> Series B, 5.00%, 01/01/55<sup>(a)</sup><br>| 4430 | &nbsp;&nbsp; 4772731 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority, <br> RB, CAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Convertible, 6.45%, 07/01/34 | 500 | &nbsp;&nbsp; 585375 |
| &nbsp;&nbsp;&nbsp; Convertible, 6.60%, 07/01/39 | 830 | &nbsp;&nbsp; 956702 |
| &nbsp;&nbsp;&nbsp; Convertible, 6.75%, 07/01/43 | 1770 | &nbsp;&nbsp; 2000817 |
| University of Kentucky, RB, Class A, 5.00%, 04/01/55 | 4415 | &nbsp;&nbsp; 4515758 |
|  |  | &nbsp;&nbsp; 12831383 |
| **Louisiana — 2.1%** | **Louisiana — 2.1%** |  |
| Louisiana Public Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/53 | 3610 | &nbsp;&nbsp; 3584369 |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 09/01/64 | 4020 | &nbsp;&nbsp; 4141942 |
| Louisiana Stadium & Exposition District, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/48 | 1915 | &nbsp;&nbsp; 1961881 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/01/53 | 3520 | &nbsp;&nbsp; 3630534 |
| &nbsp;&nbsp;&nbsp; Port New Orleans Board of Commissioners, ARB, <br> Series E, AMT, 5.00%, 04/01/44<br>| 965 | &nbsp;&nbsp; 979996 |
|  |  | &nbsp;&nbsp; 14298722 |
| **Maryland — 0.3%** | **Maryland — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities <br> Authority, Refunding RB, Series A, 5.25%, <br> 08/15/54<sup>(c)</sup><br>| 1910 | &nbsp;&nbsp; 1980222 |
| **Massachusetts — 1.9%** | **Massachusetts — 1.9%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund <br> Revenue, RB, Series B, 5.00%, 06/01/52<br>| 1240 | &nbsp;&nbsp; 1278867 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GOL, Series D, <br> 5.00%, 10/01/50<br>| 1195 | &nbsp;&nbsp; 1242934 |
| Massachusetts Development Finance Agency, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/48 | 830 | &nbsp;&nbsp; 753972 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/47 | 3435 | &nbsp;&nbsp; 3313265 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/40 | 400 | &nbsp;&nbsp; 400002 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Massachusetts (continued)** | **Massachusetts (continued)** |  |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, <br> Refunding RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 10/01/35 | 500 | &nbsp;&nbsp; $501180  |
| &nbsp;&nbsp;&nbsp; Series P, 5.45%, 05/15/59 | 2010 | &nbsp;&nbsp; 2153867 |
| &nbsp;&nbsp;&nbsp; Massachusetts Port Authority, ARB, Series E, AMT, <br> 5.00%, 07/01/46<br>| 3100 | &nbsp;&nbsp; 3169029 |
|  |  | &nbsp;&nbsp; 12813116 |
| **Michigan — 1.5%** | **Michigan — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; City of Detroit Michigan Water Supply System <br> Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, <br> 07/01/36<br>| 5 | &nbsp;&nbsp; 5016 |
| &nbsp;&nbsp;&nbsp; City of Lansing Michigan, Refunding GO, Series B, <br> (AGM), 4.13%, 06/01/48<br>| 1280 | &nbsp;&nbsp; 1216392 |
| &nbsp;&nbsp;&nbsp; Eastern Michigan University, RB, Series A, 4.00%, <br> 03/01/28<sup>(f)</sup><br>| 45 | &nbsp;&nbsp; 46505 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, RB, Sustainability Bonds, <br> 5.50%, 02/28/57<br>| 4780 | &nbsp;&nbsp; 4953522 |
| &nbsp;&nbsp;&nbsp; Michigan State Building Authority, Refunding RB, <br> Series I, 4.00%, 10/15/52<br>| 710 | &nbsp;&nbsp; 646826 |
| Michigan Strategic Fund, RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/31/43 | 1795 | &nbsp;&nbsp; 1802977 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 06/30/48 | 1500 | &nbsp;&nbsp; 1459399 |
|  |  | &nbsp;&nbsp; 10130637 |
| **Minnesota — 1.2%** | **Minnesota — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; City of Spring Lake Park Minnesota, RB, 5.00%, <br> 06/15/39<br>| 1080 | &nbsp;&nbsp; 1074346 |
| &nbsp;&nbsp;&nbsp; Duluth Economic Development Authority, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 02/15/48 | 3800 | &nbsp;&nbsp; 3445245 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 02/15/58 | 1605 | &nbsp;&nbsp; 1610844 |
| &nbsp;&nbsp;&nbsp; Minnesota Agricultural & Economic Development <br> Board, RB, 5.25%, 01/01/54<br>| 1660 | &nbsp;&nbsp; 1708957 |
|  |  | &nbsp;&nbsp; 7839392 |
| **Mississippi — 0.8%** | **Mississippi — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, RB, (AGM), 6.88%, <br> 12/01/40<br>| 3595 | &nbsp;&nbsp; 3658524 |
| &nbsp;&nbsp;&nbsp; Mississippi Home Corp., RB, S/F Housing, Series C, <br> (FHLMC, FNMA, GNMA), 4.80%, 12/01/49<br>| 1970 | &nbsp;&nbsp; 1978043 |
|  |  | &nbsp;&nbsp; 5636567 |
| **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, 4.00%, 02/15/49 | 1910 | &nbsp;&nbsp; 1669848 |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 04/01/55 | 4185 | &nbsp;&nbsp; 3875095 |
| Kansas City Industrial Development Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Class B, AMT, (AGM), 5.00%, 03/01/49 | 1755 | &nbsp;&nbsp; 1764152 |
| &nbsp;&nbsp;&nbsp; Class B, AMT, (AGM), 5.00%, 03/01/55 | 1775 | &nbsp;&nbsp; 1780190 |
| &nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, RB, S/F <br> Housing, Series C, (FHLMC, FNMA, GNMA), <br> 4.55%, 11/01/44<br>| 1335 | &nbsp;&nbsp; 1347351 |
|  |  | &nbsp;&nbsp; 10436636 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniHoldings Fund, Inc. (MHD)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Nevada — 0.1%** | **Nevada — 0.1%** |  |
| Tahoe-Douglas Visitors Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/40 | $310 | &nbsp;&nbsp; $321165  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/45 | 420 | &nbsp;&nbsp; 422993 |
|  |  | &nbsp;&nbsp; 744158 |
| **New Hampshire — 3.0%** | **New Hampshire — 3.0%** |  |
| New Hampshire Business Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, 4.17%, 01/20/41<sup>(a)</sup> | 1008 | &nbsp;&nbsp; 1006494 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.50%, 06/01/55 | 8010 | &nbsp;&nbsp; 8263175 |
| &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 | 1525 | &nbsp;&nbsp; 1606194 |
| &nbsp;&nbsp;&nbsp; Series 2025, Subordinate, 5.15%, 09/28/37 | 2395 | &nbsp;&nbsp; 2445437 |
| &nbsp;&nbsp;&nbsp; Class A-1, Sustainability Bonds, 4.22%, 11/20/42<sup>(a)</sup> | 6034 | &nbsp;&nbsp; 5932035 |
| &nbsp;&nbsp;&nbsp; Series 2, Sustainability Bonds, 4.25%, 07/20/41 | 954 | &nbsp;&nbsp; 967247 |
|  |  | &nbsp;&nbsp; 20220582 |
| **New Jersey — 6.6%** | **New Jersey — 6.6%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, ARB, <br> Series B, AMT, 5.63%, 11/15/30<br>| 660 | &nbsp;&nbsp; 662639 |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/34 | 365 | &nbsp;&nbsp; 395584 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/36 | 460 | &nbsp;&nbsp; 494227 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/43 | 100 | &nbsp;&nbsp; 103414 |
| &nbsp;&nbsp;&nbsp; Class A, 5.25%, 11/01/47 | 4795 | &nbsp;&nbsp; 5048131 |
| &nbsp;&nbsp;&nbsp; Series B, 4.50%, 06/15/40 | 1270 | &nbsp;&nbsp; 1291898 |
| &nbsp;&nbsp;&nbsp; Series EEE, 5.00%, 06/15/48 | 4275 | &nbsp;&nbsp; 4363050 |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.00%, 01/01/31 | 790 | &nbsp;&nbsp; 794942 |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.13%, 07/01/42 | 200 | &nbsp;&nbsp; 201066 |
| &nbsp;&nbsp;&nbsp; AMT, 5.38%, 01/01/43 | 3000 | &nbsp;&nbsp; 3003425 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, <br> Refunding SAB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/01/28 | 2218 | &nbsp;&nbsp; 2289472 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/31 | 2675 | &nbsp;&nbsp; 2714274 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance <br> Authority, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1-B, AMT, 4.50%, 12/01/45 | 835 | &nbsp;&nbsp; 864479 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, Subordinate, 5.00%, 12/01/52 | 3425 | &nbsp;&nbsp; 3342716 |
| New Jersey Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/32<sup>(f)</sup> | 4075 | &nbsp;&nbsp; 4752585 |
| &nbsp;&nbsp;&nbsp; Series AA, 5.00%, 06/15/45 | 900 | &nbsp;&nbsp; 900330 |
| &nbsp;&nbsp;&nbsp; Series AA, 5.00%, 06/15/46 | 400 | &nbsp;&nbsp; 400119 |
| &nbsp;&nbsp;&nbsp; Series S, 4.13%, 06/15/39 | 1040 | &nbsp;&nbsp; 1048238 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, RB, <br> CAB, Series A, 0.00%, 12/15/35<sup>(e)</sup><br>| 1000 | &nbsp;&nbsp; 724150 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, RB, Series A, 5.25%, <br> 01/01/55<br>| 2975 | &nbsp;&nbsp; 3158869 |
| Tobacco Settlement Financing Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/46 | 2995 | &nbsp;&nbsp; 2947452 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/01/46 | 4430 | &nbsp;&nbsp; 4411712 |
|  |  | &nbsp;&nbsp; 43912772 |
| **New Mexico — 0.0%** | **New Mexico — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; City of Santa Fe New Mexico, RB, Series A, 5.00%, <br> 05/15/44<br>| 200 | &nbsp;&nbsp; 198133 |
| **New York — 13.5%** | **New York — 13.5%** |  |
| City of New York, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/46 | 2265 | &nbsp;&nbsp; 2349709 |
| &nbsp;&nbsp;&nbsp; Series C-1, 5.25%, 09/01/50 | 5000 | &nbsp;&nbsp; 5236259 |
| &nbsp;&nbsp;&nbsp; Series G-1, 5.25%, 02/01/53 | 550 | &nbsp;&nbsp; 576226 |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., Refunding RB, <br> 4.00%, 03/15/49<br>| 1850 | &nbsp;&nbsp; 1692589 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| &nbsp;&nbsp;&nbsp; Erie Tobacco Asset Securitization Corp., Refunding <br> RB, Series A, 5.00%, 06/01/45<br>| $3585 | &nbsp;&nbsp; $2954052  |
| Metropolitan Transportation Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C-1, 5.25%, 11/15/56 | 10 | &nbsp;&nbsp; 10021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, (BAM), 4.00%, <br> 11/15/48<br>| 2770 | &nbsp;&nbsp; 2508995 |
| &nbsp;&nbsp;&nbsp; Series C-1, Sustainability Bonds, 5.00%, 11/15/50 | 370 | &nbsp;&nbsp; 374562 |
| &nbsp;&nbsp;&nbsp; Series C-1, Sustainability Bonds, 5.25%, 11/15/55 | 1040 | &nbsp;&nbsp; 1061321 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 4.70%, 08/01/54<br>| 2565 | &nbsp;&nbsp; 2526844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Sustainability Bonds, (HUD SECT 8), <br> 5.00%, 08/01/55<br>| 5070 | &nbsp;&nbsp; 5077385 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series DD, 4.13%, 06/15/46 | 1010 | &nbsp;&nbsp; 967517 |
| &nbsp;&nbsp;&nbsp; Series DD, 4.13%, 06/15/47 | 1605 | &nbsp;&nbsp; 1525443 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future <br> Tax Secured Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Subordinate, 5.25%, 05/01/52 | 2255 | &nbsp;&nbsp; 2366430 |
| &nbsp;&nbsp;&nbsp; Series F-1, Subordinate, 4.00%, 02/01/51 | 10500 | &nbsp;&nbsp; 9614795 |
| New York Counties Tobacco Trust IV, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/38 | 1345 | &nbsp;&nbsp; 1247071 |
| &nbsp;&nbsp;&nbsp; Series A, 6.25%, 06/01/41<sup>(b)</sup> | 2849 | &nbsp;&nbsp; 2797235 |
| New York Counties Tobacco Trust VI, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A-2B, 5.00%, 06/01/45 | 255 | &nbsp;&nbsp; 222263 |
| &nbsp;&nbsp;&nbsp; Series A-2B, 5.00%, 06/01/51 | 245 | &nbsp;&nbsp; 205660 |
| New York Liberty Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Class 2, 5.38%, 11/15/40<sup>(b)</sup> | 1450 | &nbsp;&nbsp; 1450073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, (BAM-TCRS), <br> 3.00%, 11/15/51<br>| 4565 | &nbsp;&nbsp; 3316604 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 3.00%, 11/15/51 | 1685 | &nbsp;&nbsp; 1211523 |
| &nbsp;&nbsp;&nbsp; New York Power Authority, RB, Series A, Sustainability <br> Bonds, (AGM), 5.13%, 11/15/58<br>| 1305 | &nbsp;&nbsp; 1363604 |
| &nbsp;&nbsp;&nbsp; New York Power Authority, Refunding RB, Series A, <br> Sustainability Bonds, 4.00%, 11/15/55<br>| 1160 | &nbsp;&nbsp; 1034354 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, RB, Series A, <br> 5.13%, 11/15/55<br>| 700 | &nbsp;&nbsp; 703224 |
| New York State Dormitory Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, 5.25%, 05/01/54 | 2175 | &nbsp;&nbsp; 2245267 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/15/54 | 1600 | &nbsp;&nbsp; 1448372 |
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority, RB, Sustainability <br> Bonds, 4.13%, 03/15/57<br>| 2415 | &nbsp;&nbsp; 2213165 |
| New York Transportation Development Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.63%, 04/01/40 | 1265 | &nbsp;&nbsp; 1343018 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 6.00%, 06/30/55 | 1935 | &nbsp;&nbsp; 2050750 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, (AGM), 6.00%, 06/30/60 | 2840 | &nbsp;&nbsp; 3051968 |
| New York Transportation Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/35 | 1270 | &nbsp;&nbsp; 1348390 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, (AGM), 5.25%, 06/30/60 | 3880 | &nbsp;&nbsp; 3923578 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.50%, 06/30/60 | 7055 | &nbsp;&nbsp; 7142102 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., <br> Refunding RB, Series A, AMT, Sustainability Bonds, <br> 5.50%, 12/31/60<br>| 3275 | &nbsp;&nbsp; 3308003 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Refunding <br> ARB, AMT, 5.00%, 01/15/52<br>| 3000 | &nbsp;&nbsp; 3027302 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority Sales Tax <br> Revenue, RB, Series A, 4.25%, 05/15/58<br>| 6415 | &nbsp;&nbsp; 5873244 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniHoldings Fund, Inc. (MHD)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| &nbsp;&nbsp;&nbsp; TSASC, Inc., Refunding RB, Series A, 5.00%, <br> 06/01/41<br>| 535 | &nbsp;&nbsp; $538002  |
| &nbsp;&nbsp;&nbsp; Westchester Tobacco Asset Securitization Corp., <br> Refunding RB, Sub-Series C, 4.00%, 06/01/42<br>| 290 | &nbsp;&nbsp; 237416 |
|  |  | &nbsp;&nbsp; 90144336 |
| **North Carolina — 0.6%** | **North Carolina — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, RB, S/F <br> Housing, Series 54-A, (FHLMC, FNMA, GNMA), <br> 4.70%, 07/01/50<br>| 1445 | &nbsp;&nbsp; 1439646 |
| North Carolina Medical Care Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 10/01/56 | 790 | &nbsp;&nbsp; 792282 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/56 | 1395 | &nbsp;&nbsp; 1400838 |
| &nbsp;&nbsp;&nbsp; University of North Carolina at Chapel Hill, RB, 5.00%, <br> 02/01/49<br>| 460 | &nbsp;&nbsp; 506918 |
|  |  | &nbsp;&nbsp; 4139684 |
| **North Dakota — 0.4%** | **North Dakota — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, RB, S/F <br> Housing, Series C, Sustainability Bonds, 4.75%, <br> 07/01/49<br>| 2585 | &nbsp;&nbsp; 2595732 |
| **Ohio — 1.6%** | **Ohio — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-2, Class 1, 4.00%, 06/01/48 | 610 | &nbsp;&nbsp; 525266 |
| &nbsp;&nbsp;&nbsp; Series B-2, Class 2, 5.00%, 06/01/55 | 3495 | &nbsp;&nbsp; 2874378 |
| &nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority, Refunding ARB, <br> Series A, Class A, AMT, 5.50%, 01/01/55<br>| 1745 | &nbsp;&nbsp; 1824275 |
| &nbsp;&nbsp;&nbsp; County of Franklin Ohio, RB, Series A, 5.00%, <br> 12/01/47<br>| 290 | &nbsp;&nbsp; 292180 |
| &nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, RB, S/F Housing, <br> Series B, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 4.65%, 09/01/49<br>| 3115 | &nbsp;&nbsp; 3118720 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Refunding RB, Series A, (BAM-TCRS), <br> 4.00%, 01/15/50<br>| 2250 | &nbsp;&nbsp; 1997932 |
|  |  | &nbsp;&nbsp; 10632751 |
| **Oklahoma — 0.7%** | **Oklahoma — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Creek County Educational Facilities Authority, RB, <br> (BAM), 4.13%, 09/01/48<br>| 890 | &nbsp;&nbsp; 842689 |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, RB, <br> Series B, 5.50%, 08/15/52<br>| 1080 | &nbsp;&nbsp; 1079002 |
| &nbsp;&nbsp;&nbsp; Oklahoma Turnpike Authority, RB, Series A, (AGM), <br> 4.25%, 01/01/55<br>| 970 | &nbsp;&nbsp; 955683 |
| &nbsp;&nbsp;&nbsp; Tulsa Municipal Airport Trust Trustees, Refunding, <br> ARB, AMT, 6.25%, 12/01/35<br>| 1335 | &nbsp;&nbsp; 1549847 |
|  |  | &nbsp;&nbsp; 4427221 |
| **Oregon — 0.1%** | **Oregon — 0.1%** |  |
| &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>(f)</sup> | 55 | &nbsp;&nbsp; 32558 |
| &nbsp;&nbsp;&nbsp; Series A, (GTD), 0.00%, 06/15/38 | 455 | &nbsp;&nbsp; 264629 |
| &nbsp;&nbsp;&nbsp; Port of Portland Oregon Airport Revenue, ARB, <br> Series 24B, AMT, 5.00%, 07/01/47<br>| 135 | &nbsp;&nbsp; 135176 |
|  |  | &nbsp;&nbsp; 432363 |
| **Pennsylvania — 4.6%** | **Pennsylvania — 4.6%** |  |
| &nbsp;&nbsp;&nbsp; Allegheny County Airport Authority, ARB, Series A, <br> AMT, (AGM-CR), 4.00%, 01/01/56<br>| 1670 | &nbsp;&nbsp; 1429335 |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, <br> Refunding RB, Series A, (AGM-CR), 5.00%, <br> 04/01/47<br>| 2130 | &nbsp;&nbsp; 2155220 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pennsylvania (continued)** | **Pennsylvania (continued)** |  |
| &nbsp;&nbsp;&nbsp; Lancaster County Hospital Authority, RB, 5.00%, <br> 11/01/51<br>| 2490 | &nbsp;&nbsp; $2493841  |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health <br> Authority, Refunding RB, 4.00%, 09/01/51<br>| 1430 | &nbsp;&nbsp; 1217092 |
| &nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, <br> RB, Series C, 5.00%, 11/15/45<br>| 605 | &nbsp;&nbsp; 613085 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/30/42 | 390 | &nbsp;&nbsp; 390408 |
| &nbsp;&nbsp;&nbsp; AMT, 5.50%, 06/30/38 | 785 | &nbsp;&nbsp; 864532 |
| &nbsp;&nbsp;&nbsp; AMT, 5.50%, 06/30/40 | 2000 | &nbsp;&nbsp; 2173142 |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 06/30/48 | 3150 | &nbsp;&nbsp; 3304150 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, Refunding RB, AMT, 5.50%, 11/01/44<br>| 1905 | &nbsp;&nbsp; 1905849 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/55 | 1925 | &nbsp;&nbsp; 2079405 |
| &nbsp;&nbsp;&nbsp; Series B2, 4.38%, 11/01/54 | 1865 | &nbsp;&nbsp; 1681424 |
| &nbsp;&nbsp;&nbsp; Series B2, 5.50%, 11/01/54 | 2280 | &nbsp;&nbsp; 2380230 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, S/F <br> Housing, Series 145A, Sustainability Bonds, 4.75%, <br> 10/01/49<br>| 5595 | &nbsp;&nbsp; 5618799 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Refunding RB, <br> S/F Housing, Series 142-A, Sustainability Bonds, <br> 5.00%, 10/01/50<br>| 1130 | &nbsp;&nbsp; 1138993 |
| Pennsylvania Turnpike Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, Subordinate, 4.00%, 12/01/50 | 1075 | &nbsp;&nbsp; 969363 |
| &nbsp;&nbsp;&nbsp; Series B, Subordinate, 4.00%, 12/01/51 | 610 | &nbsp;&nbsp; 547280 |
|  |  | &nbsp;&nbsp; 30962148 |
| **Puerto Rico — 5.3%** | **Puerto Rico — 5.3%** |  |
| Commonwealth of Puerto Rico, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.63%, 07/01/29 | 3910 | &nbsp;&nbsp; 4154642 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.75%, 07/01/31 | 3524 | &nbsp;&nbsp; 3889792 |
| &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 | 7770 | &nbsp;&nbsp; 7494387 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 12569 | &nbsp;&nbsp; 12301955 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 2097 | &nbsp;&nbsp; 2000372 |
| &nbsp;&nbsp;&nbsp; Series B-2, Restructured, 4.78%, 07/01/58 | 412 | &nbsp;&nbsp; 393015 |
| &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>| 15519 | &nbsp;&nbsp; 5377046 |
|  |  | &nbsp;&nbsp; 35611209 |
| **Rhode Island — 0.7%** | **Rhode Island — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Rhode Island Housing & Mortgage Finance Corp., RB, <br> S/F Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, (GNMA), 4.60%, 10/01/44 | 2970 | &nbsp;&nbsp; 2992515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, (GNMA), 4.45%, <br> 10/01/44<br>| 1550 | &nbsp;&nbsp; 1556762 |
|  |  | &nbsp;&nbsp; 4549277 |
| **South Carolina — 2.2%** | **South Carolina — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; Charleston County Airport District, ARB, Series A, AMT, <br> 5.25%, 07/01/54<br>| 1150 | &nbsp;&nbsp; 1181019 |
| County of Berkeley South Carolina, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/01/40 | 315 | &nbsp;&nbsp; 301469 |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/01/49 | 470 | &nbsp;&nbsp; 410147 |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, RB, <br> Series A1, 5.25%, 10/01/54<sup>(a)</sup><br>| 1575 | &nbsp;&nbsp; 1694036 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/55<sup>(b)</sup> | 845 | &nbsp;&nbsp; 704839 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniHoldings Fund, Inc. (MHD)** 

**(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 (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/48 | 625 | &nbsp;&nbsp; $667254  |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/50 | 1340 | &nbsp;&nbsp; 1426127 |
| &nbsp;&nbsp;&nbsp; Series A, 4.50%, 11/01/54 | 3310 | &nbsp;&nbsp; 3218451 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/54 | 2285 | &nbsp;&nbsp; 2404540 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> Refunding RB, Series A, 4.25%, 05/01/48<br>| 1385 | &nbsp;&nbsp; 1272211 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Refunding RB, <br> Series B, 5.00%, 12/01/46<br>| 960 | &nbsp;&nbsp; 997366 |
| &nbsp;&nbsp;&nbsp; South Carolina State Housing Finance & Development <br> Authority, Refunding RB, Series A, 4.95%, 07/01/53<br>| 205 | &nbsp;&nbsp; 204755 |
|  |  | &nbsp;&nbsp; 14482214 |
| **Tennessee — 2.2%** | **Tennessee — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; Knox County Health Educational & Housing Facility <br> Board, RB, Series A-1, (BAM), 5.50%, 07/01/59<br>| 430 | &nbsp;&nbsp; 450006 |
| &nbsp;&nbsp;&nbsp; Memphis-Shelby County Airport Authority, ARB, <br> Series A, AMT, 5.00%, 07/01/49<br>| 8775 | &nbsp;&nbsp; 8863932 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Health & Educational Fcilities Board, RB, 5.25%, <br> 05/01/48<br>| 555 | &nbsp;&nbsp; 571811 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Health & Educational Fcilities Board, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/49 | 230 | &nbsp;&nbsp; 186242 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/58 | 2930 | &nbsp;&nbsp; 2752068 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson <br> County TN Water & Sewer Revenue, Refunding RB, <br> 5.25%, 07/01/55<br>| 1730 | &nbsp;&nbsp; 1829037 |
|  |  | &nbsp;&nbsp; 14653096 |
| **Texas — 11.2%** | **Texas — 11.2%** |  |
| &nbsp;&nbsp;&nbsp; Alamo Heights Independent School District, GO, <br> (PSF), 4.00%, 02/01/51<br>| 1300 | &nbsp;&nbsp; 1184259 |
| Arlington Higher Education Finance Corp., RB<sup>(b)(h)(i)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/62 | 1165 | &nbsp;&nbsp; 582500 |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62 | 1005 | &nbsp;&nbsp; 603000 |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Airport System Revenue, ARB, <br> AMT, 5.25%, 11/15/47<br>| 2500 | &nbsp;&nbsp; 2580740 |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Water & Wastewater System <br> Revenue, Refunding RB, 5.00%, 11/15/53<br>| 1750 | &nbsp;&nbsp; 1822721 |
| &nbsp;&nbsp;&nbsp; City of Corpus Christi Texas Utility System Revenue, <br> Refunding RB, 4.13%, 07/15/53<br>| 1255 | &nbsp;&nbsp; 1154165 |
| &nbsp;&nbsp;&nbsp; City of Galveston Texas Wharves & Terminal Revenue, <br> ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 1st Lien, 5.50%, 08/01/43 | 100 | &nbsp;&nbsp; 106070 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 1st Lien, 5.50%, 08/01/44 | 100 | &nbsp;&nbsp; 105313 |
| &nbsp;&nbsp;&nbsp; City of Garland Texas Electric Utility System Revenue, <br> Refunding RB, (AGM), 4.25%, 03/01/48<br>| 275 | &nbsp;&nbsp; 261141 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, ARB, <br> Series B, AMT, 5.50%, 07/15/39<br>| 800 | &nbsp;&nbsp; 863403 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, <br> Refunding ARB, Series A, AMT, Subordinate Lien, <br> 5.50%, 07/01/55<br>| 3755 | &nbsp;&nbsp; 3938954 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Sub-Series A, AMT, 4.00%, 07/01/46 | 1390 | &nbsp;&nbsp; 1246302 |
| &nbsp;&nbsp;&nbsp; Sub-Series A, AMT, 4.00%, 07/01/48 | 3420 | &nbsp;&nbsp; 2996683 |
| &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 | 4355 | &nbsp;&nbsp; 4064731 |
| &nbsp;&nbsp;&nbsp; Series A, 1st Lien, 4.00%, 08/15/54 | 3105 | &nbsp;&nbsp; 2829952 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; Eagle Mountain & Saginaw Independent School <br> District, GO, (PSF), 4.00%, 08/15/54<br>| 455 | &nbsp;&nbsp; $408962  |
| &nbsp;&nbsp;&nbsp; Fort Bend Independent School District, Refunding GO, <br> Series A, (PSF), 4.00%, 08/15/49<br>| 990 | &nbsp;&nbsp; 924723 |
| &nbsp;&nbsp;&nbsp; Greenwood Independent School District, GO, (PSF), <br> 4.00%, 02/15/54<br>| 3220 | &nbsp;&nbsp; 2927520 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance <br> Corp., Refunding RB, Class A, 4.13%, 07/01/52<br>| 800 | &nbsp;&nbsp; 719868 |
| &nbsp;&nbsp;&nbsp; Harris County-Houston Sports Authority, Refunding RB, <br> Series G, Senior Lien, (NPFGC), 0.00%, 11/15/41<sup>(e)</sup><br>| 10690 | &nbsp;&nbsp; 4446133 |
| &nbsp;&nbsp;&nbsp; Longview Independent School District, GO, (PSF), <br> 4.00%, 02/15/49<br>| 1100 | &nbsp;&nbsp; 1027891 |
| &nbsp;&nbsp;&nbsp; Midland County Fresh Water Supply District No. 1, RB, <br> CAB, Series A, 0.00%, 09/15/27<sup>(e)(f)</sup><br>| 14680 | &nbsp;&nbsp; 7865921 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 08/15/49 | 4140 | &nbsp;&nbsp; 4495723 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/50<sup>(b)</sup> | 455 | &nbsp;&nbsp; 386768 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, RB, Series B, 0.00%, <br> 09/01/31<sup>(e)(f)</sup><br>| 2415 | &nbsp;&nbsp; 1317686 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Refunding RB, 4.25%, <br> 01/01/49<br>| 2235 | &nbsp;&nbsp; 2024615 |
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, GO, (PSF), <br> 5.25%, 02/15/55<br>| 1900 | &nbsp;&nbsp; 2002215 |
| Port Authority of Houston of Harris County Texas, ARB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/51 | 1855 | &nbsp;&nbsp; 1902580 |
| &nbsp;&nbsp;&nbsp; 1st Lien, 5.00%, 10/01/53 | 1375 | &nbsp;&nbsp; 1417424 |
| &nbsp;&nbsp;&nbsp; Spring Branch Independent School District, GO, (PSF), <br> 4.00%, 02/01/48<br>| 1275 | &nbsp;&nbsp; 1198394 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., RB, Series A, 4.00%, 07/01/53<br>| 5005 | &nbsp;&nbsp; 4344476 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., Refunding RB, 5.00%, 10/01/49<br>| 285 | &nbsp;&nbsp; 283021 |
| &nbsp;&nbsp;&nbsp; Tarrant County Hospital District, GOL, 4.25%, <br> 08/15/53<br>| 610 | &nbsp;&nbsp; 567905 |
| Tarrant Regional Water District, RB, 4.25%, 09/01/55 | 3395 | &nbsp;&nbsp; 3149165 |
| &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 Transportation Commission State Highway <br> 249 System, RB, CAB<sup>(e)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/35 | 270 | &nbsp;&nbsp; 184492 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/36 | 145 | &nbsp;&nbsp; 93846 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/37 | 195 | &nbsp;&nbsp; 119223 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/38 | 200 | &nbsp;&nbsp; 115421 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/39 | 1000 | &nbsp;&nbsp; 545031 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/43 | 795 | &nbsp;&nbsp; 342766 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/44 | 605 | &nbsp;&nbsp; 246459 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/45 | 1135 | &nbsp;&nbsp; 433240 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, RB, Series A, <br> 4.38%, 10/15/59<br>| 4780 | &nbsp;&nbsp; 4490194 |
| &nbsp;&nbsp;&nbsp; Ysleta Independent School District, GO, (PSF), 4.25%, <br> 08/15/56<br>| 2750 | &nbsp;&nbsp; 2589285 |
|  |  | &nbsp;&nbsp; 75136596 |
| **Utah — 2.2%** | **Utah — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; Black Desert Public Infrastructure District, SAB, 5.63%, <br> 12/01/53<sup>(b)</sup><br>| 375 | &nbsp;&nbsp; 377102 |
| City of Salt Lake City Utah Airport Revenue, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/51 | 1340 | &nbsp;&nbsp; 1350041 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.50%, 07/01/55 | 7020 | &nbsp;&nbsp; 7363903 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniHoldings Fund, Inc. (MHD)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Utah (continued)** | **Utah (continued)** |  |
| &nbsp;&nbsp;&nbsp; Downtown Revitalization Public Infrastructure District, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 1st Lien, (AGM), 5.50%, 06/01/55 | 1785 | &nbsp;&nbsp; $1906698  |
| &nbsp;&nbsp;&nbsp; Series B, 2nd Lien, (AGM), 5.50%, 06/01/55 | 635 | &nbsp;&nbsp; 678293 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, RB, 5.00%, <br> 06/15/39<sup>(b)</sup><br>| 200 | &nbsp;&nbsp; 197805 |
| Utah Charter School Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/40<sup>(b)</sup> | 150 | &nbsp;&nbsp; 149197 |
| &nbsp;&nbsp;&nbsp; (UT), 4.00%, 04/15/42 | 400 | &nbsp;&nbsp; 372993 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/55<sup>(b)</sup> | 385 | &nbsp;&nbsp; 335879 |
| &nbsp;&nbsp;&nbsp; Utah Housing Corp., RB, S/F Housing, Series E, <br> (FHLMC, FNMA, GNMA), 4.70%, 01/01/50<br>| 1780 | &nbsp;&nbsp; 1770812 |
|  |  | &nbsp;&nbsp; 14502723 |
| **Vermont — 0.0%** | **Vermont — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Vermont Student Assistance Corp., RB, Series A, AMT, <br> 4.13%, 06/15/30<br>| 275 | &nbsp;&nbsp; 273427 |
| **Virginia — 0.7%** | **Virginia — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Ballston Quarter Community Development Authority, <br> TA, Series A-1, 5.50%, 03/01/46<br>| 185 | &nbsp;&nbsp; 183887 |
| &nbsp;&nbsp;&nbsp; Ballston Quarter Community Development Authority, <br> TA, CAB, Series A-2, 7.13%, 03/01/59<sup>(d)</sup><br>| 444 | &nbsp;&nbsp; 409345 |
| &nbsp;&nbsp;&nbsp; Fairfax County Industrial Development Authority, RB, <br> 4.13%, 05/15/54<br>| 560 | &nbsp;&nbsp; 512494 |
| &nbsp;&nbsp;&nbsp; Henrico County Economic Development Authority, <br> Refunding RB, Series A, 5.00%, 11/01/48<br>| 1815 | &nbsp;&nbsp; 1878858 |
| &nbsp;&nbsp;&nbsp; Virginia Housing Development Authority, RB, S/F <br> Housing, Series E-2, 4.40%, 10/01/44<br>| 365 | &nbsp;&nbsp; 365109 |
| &nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, RB, AMT, <br> 5.00%, 12/31/56<br>| 1195 | &nbsp;&nbsp; 1127818 |
|  |  | &nbsp;&nbsp; 4477511 |
| **Washington — 1.2%** | **Washington — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Port of Seattle Washington, Refunding ARB, Series C, <br> AMT, Intermediate Lien, 5.00%, 08/01/46<br>| 5645 | &nbsp;&nbsp; 5760744 |
| &nbsp;&nbsp;&nbsp; Vancouver Housing Authority, RB, M/F Housing, <br> 5.00%, 08/01/40<br>| 875 | &nbsp;&nbsp; 912365 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Refunding <br> RB, Series A, 5.50%, 09/01/55<br>| 530 | &nbsp;&nbsp; 560536 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, <br> Refunding RB, 5.00%, 01/01/43<sup>(b)</sup><br>| 900 | &nbsp;&nbsp; 853727 |
|  |  | &nbsp;&nbsp; 8087372 |
| **Wisconsin — 1.0%** | **Wisconsin — 1.0%** |  |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/55<sup>(b)</sup> | 300 | &nbsp;&nbsp; 256886 |
| &nbsp;&nbsp;&nbsp; Series A-1, 4.50%, 01/01/35<sup>(b)</sup> | 190 | &nbsp;&nbsp; 188822 |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 06/30/60 | 2655 | &nbsp;&nbsp; 2749537 |
| &nbsp;&nbsp;&nbsp; AMT, 6.50%, 06/30/60 | 810 | &nbsp;&nbsp; 894225 |
| &nbsp;&nbsp;&nbsp; AMT, 6.50%, 12/31/65 | 2110 | &nbsp;&nbsp; 2329401 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Refunding RB, 5.00%, <br> 09/01/49<sup>(b)</sup><br>| 305 | &nbsp;&nbsp; 281262 |
|  |  | &nbsp;&nbsp; 6700133 |
| **Total Municipal Bonds — 108.7%** <br>**(Cost: $706,186,280)** | **Total Municipal Bonds — 108.7%** <br>**(Cost: $706,186,280)** | &nbsp;&nbsp; 727276948 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(j)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(j)</sup> | **Municipal Bonds Transferred to Tender Option Bond Trusts**<sup>(j)</sup> |
| **Alabama**<sup>(a)</sup> **— 6.0%** | **Alabama**<sup>(a)</sup> **— 6.0%** |  |
| Black Belt Energy Gas District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.50%, 10/01/54<sup>(k)</sup> | $10407 | &nbsp;&nbsp; $11467611  |
| &nbsp;&nbsp;&nbsp; Series C-1, 5.25%, 02/01/53 | 14173 | &nbsp;&nbsp; 14942029 |
| &nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District, RB, <br> Series B-1, 5.75%, 04/01/54<br>| 12450 | &nbsp;&nbsp; 13746806 |
|  |  | &nbsp;&nbsp; 40156446 |
| **California — 2.6%** | **California — 2.6%** |  |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB, Series A, AMT, Sustainability Bonds, 5.25%, <br> 05/15/50<br>| 16742 | &nbsp;&nbsp; 17557617 |
| **Colorado — 1.6%** | **Colorado — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB, Series A, AMT, 5.50%, <br> 11/15/53<br>| 10098 | &nbsp;&nbsp; 10547114 |
| **District of Columbia — 3.7%** | **District of Columbia — 3.7%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Income Tax Revenue, Refunding <br> RB, Series A, 5.25%, 06/01/50<br>| 12640 | &nbsp;&nbsp; 13490716 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB, Series A, 5.00%, <br> 10/01/49<sup>(a)</sup><br>| 11194 | &nbsp;&nbsp; 11243431 |
|  |  | &nbsp;&nbsp; 24734147 |
| **Florida — 3.0%** | **Florida — 3.0%** |  |
| &nbsp;&nbsp;&nbsp; City of Fort Lauderdale Florida Water & Sewer <br> Revenue, RB, Series B, 5.50%, 09/01/53<br>| 9060 | &nbsp;&nbsp; 9797005 |
| City of Tallahassee, RB, 5.25%, 10/01/50<sup>(a)</sup> | 9753 | &nbsp;&nbsp; 10319118 |
|  |  | &nbsp;&nbsp; 20116123 |
| **Georgia — 6.5%** | **Georgia — 6.5%** |  |
| &nbsp;&nbsp;&nbsp; County of DeKalb Georgia Water & Sewerage <br> Revenue, RB, Series A, 5.00%, 10/01/55<br>| 20862 | &nbsp;&nbsp; 21625402 |
| &nbsp;&nbsp;&nbsp; Georgia Housing & Finance Authority, RB, S/F <br> Housing, Series A, 4.65%, 12/01/50<sup>(a)(k)</sup><br>| 11883 | &nbsp;&nbsp; 11805146 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., RB, Series C, 5.00%, <br> 09/01/53<sup>(a)(k)</sup><br>| 9240 | &nbsp;&nbsp; 9821883 |
|  |  | &nbsp;&nbsp; 43252431 |
| **Illinois — 2.3%** | **Illinois — 2.3%** |  |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, <br> Refunding RB, Series A, 5.00%, 12/01/49<sup>(k)</sup><br>| 15102 | &nbsp;&nbsp; 15546004 |
| **Maryland — 1.8%** | **Maryland — 1.8%** |  |
| Maryland Stadium Authority, RB, 5.00%, 06/01/54 | 11400 | &nbsp;&nbsp; 11728729 |
| **Massachusetts — 1.2%** | **Massachusetts — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GOL, Series A, <br> 5.00%, 05/01/48<br>| 7712 | &nbsp;&nbsp; 8056620 |
| **Michigan — 0.3%** | **Michigan — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, RB, <br> M/F Housing, Series A, 4.05%, 10/01/48<sup>(a)</sup><br>| 2338 | &nbsp;&nbsp; 2111655 |
| **Minnesota — 2.3%** | **Minnesota — 2.3%** |  |
| &nbsp;&nbsp;&nbsp; Minneapolis-St. Paul Metropolitan Airports <br> Commission, ARB, AMT, Subordinate, 5.25%, <br> 01/01/49<br>| 15240 | &nbsp;&nbsp; 15652171 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniHoldings Fund, Inc. (MHD)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Missouri — 1.0%** | **Missouri — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, RB, S/F <br> Housing, Series E, 4.60%, 11/01/49<sup>(a)</sup><br>| $6351 | &nbsp;&nbsp; $6318539 |
| **Nebraska — 2.3%** | **Nebraska — 2.3%** |  |
| &nbsp;&nbsp;&nbsp; Nebraska Investment Finance Authority, RB, S/F <br> Housing, Series E, Sustainability Bonds, (FHLMC, <br> FNMA, GNMA), 4.80%, 09/01/54<br>| 5904 | &nbsp;&nbsp; 5911459 |
| &nbsp;&nbsp;&nbsp; Omaha Public Power District, Refunding RB, Series B, <br> 5.25%, 02/01/48<sup>(a)</sup><br>| 8980 | &nbsp;&nbsp; 9522361 |
|  |  | &nbsp;&nbsp; 15433820 |
| **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>| 11680 | &nbsp;&nbsp; 12005397 |
| **New York — 6.1%** | **New York — 6.1%** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority Dedicated Tax <br> Fund, Refunding RB, Series B-1, Sustainability <br> Bonds, 5.00%, 11/15/49<br>| 10344 | &nbsp;&nbsp; 10727914 |
| New York City Municipal Water Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series AA, Subordinate, 5.00%, 06/15/51 | 7722 | &nbsp;&nbsp; 7977212 |
| &nbsp;&nbsp;&nbsp; Series AA-1, 5.25%, 06/15/52 | 10980 | &nbsp;&nbsp; 11529113 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future <br> Tax Secured Revenue, RB, Series C, 5.25%, <br> 05/01/48<br>| 10077 | &nbsp;&nbsp; 10603641 |
|  |  | &nbsp;&nbsp; 40837880 |
| **Oklahoma — 1.3%** | **Oklahoma — 1.3%** |  |
| Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53 | 8126 | &nbsp;&nbsp; 8622284 |
| **Oregon — 0.9%** | **Oregon — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Port of Portland Oregon Airport Revenue, Refunding <br> ARB, Series 29, AMT, Sustainability Bonds, 5.50%, <br> 07/01/48<br>| 5620 | &nbsp;&nbsp; 5921036 |
| **Pennsylvania — 1.3%** | **Pennsylvania — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Refunding RB, <br> Series B, 5.25%, 12/01/52<br>| 8295 | &nbsp;&nbsp; 8697132 |
| **Rhode Island — 1.5%** | **Rhode Island — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; Rhode Island Housing & Mortgage Finance Corp., RB, <br> S/F Housing, Series 82-A, Sustainability Bonds, <br> (GNMA), 4.60%, 10/01/49<br>| 10234 | &nbsp;&nbsp; 10196574 |
| **South Carolina — 2.0%** | **South Carolina — 2.0%** |  |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, Refunding <br> RB, Series B-1, 5.25%, 02/01/54<sup>(a)(k)</sup><br>| 12597 | &nbsp;&nbsp; 13603555 |
| **Tennessee — 1.9%** | **Tennessee — 1.9%** |  |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., RB, Series A, <br> 5.00%, 05/01/52<sup>(a)(k)</sup><br>| 11655 | &nbsp;&nbsp; 12511060 |
| **Texas — 8.8%** | **Texas — 8.8%** |  |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, <br> Refunding ARB, Series A, AMT, Subordinate Lien, <br> (AGM), 5.25%, 07/01/53<br>| 6010 | &nbsp;&nbsp; 6159877 |
| &nbsp;&nbsp;&nbsp; City of San Antonio Texas Electric & Gas Systems <br> Revenue, Refunding RB, Series A, 5.50%, 02/01/50<br>| 11148 | &nbsp;&nbsp; 11975680 |
| County of Bexar Texas, GOL, 5.00%, 06/15/49<sup>(a)</sup> | 9840 | &nbsp;&nbsp; 10256010 |
| &nbsp;&nbsp;&nbsp; Crowley Independent School District, GO, (PSF), <br> 5.25%, 02/01/53<br>| 5967 | &nbsp;&nbsp; 6241208 |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District, RB, 5.00%, <br> 06/01/50<sup>(a)(k)</sup><br>| 11415 | &nbsp;&nbsp; 11836875 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., RB, 5.00%, 11/15/51<br>| 4041 | &nbsp;&nbsp; $4131517  |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, RB, 4.80%, <br> 10/15/52<br>| 7785 | &nbsp;&nbsp; 7875335 |
|  |  | &nbsp;&nbsp; 58476502 |
| **Wisconsin**<sup>(a)</sup> **— 0.4%** | **Wisconsin**<sup>(a)</sup> **— 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority <br> Housing Revenue, RB, M/F Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.10%, 11/01/43 | 1342 | &nbsp;&nbsp; 1300172 |
| &nbsp;&nbsp;&nbsp; Series A, 4.45%, 05/01/57 | 1678 | &nbsp;&nbsp; 1625216 |
|  |  | &nbsp;&nbsp; 2925388 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 60.6%** <br>**(Cost: $397,002,496)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 60.6%** <br>**(Cost: $397,002,496)** | &nbsp;&nbsp; 405008224 |

---

&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>(i)(l)</sup><br>| 19222 | &nbsp;&nbsp; 38444 |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** | &nbsp;&nbsp; 38444 |
| **Total Long-Term Investments — 169.3%** <br>**(Cost: $1,103,188,776)** | **Total Long-Term Investments — 169.3%** <br>**(Cost: $1,103,188,776)** | &nbsp;&nbsp; 1132323616 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.7%** | **Money Market Funds — 1.7%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.03%<sup>(m)(n)</sup><br>| 11458884 | &nbsp;&nbsp; 11460029 |
| **Total Short-Term Securities — 1.7%** <br>**(Cost: $11,460,029)** | **Total Short-Term Securities — 1.7%** <br>**(Cost: $11,460,029)** | &nbsp;&nbsp; 11460029 |
| **Total Investments — 171.0%** <br>**(Cost: $1,114,648,805)** | **Total Investments — 171.0%** <br>**(Cost: $1,114,648,805)** | &nbsp;&nbsp; 1143783645 |
| **Other Assets Less Liabilities — 0.5%** | **Other Assets Less Liabilities — 0.5%** | &nbsp;&nbsp; 3223436 |
| **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; (264272457)<br>|
| **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(32.0)%** | **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(32.0)%** | &nbsp;&nbsp; (214000000)<br>|
| **Net Assets Applicable to Common Shares — 100.0%** | **Net Assets Applicable to Common Shares — 100.0%** | &nbsp;&nbsp; $668734624 |

---

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

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

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniHoldings Fund, Inc. (MHD)** 

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

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

<sup>(k)</sup> All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between February 1, 2029 to May 1, 2052, is $78,853,237. See Note 4 of the Notes to Financial Statements for details. 

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

<sup>(l)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. <br> <sup>(m)</sup> Affiliate of the Fund. <br> <sup>(n)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 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 | $14829555 | $—<br> $(3369526 )<sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $11460029 | 11458884 | $80141 | $— |

---

&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 Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &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; $727276948  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $727276948  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 405008224 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 405008224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38444 | &nbsp;&nbsp;&nbsp;&nbsp; 38444 |
| &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; 11460029 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11460029 |
|  | &nbsp;&nbsp; $11460029 | &nbsp;&nbsp;&nbsp;&nbsp; $1132285172 | &nbsp;&nbsp;&nbsp;&nbsp; $38444 | &nbsp;&nbsp;&nbsp;&nbsp; $1143783645 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TOB Trust Certificates | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(262712859)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(262712859)<br>|
| &nbsp;&nbsp;&nbsp; VMTP Shares at Liquidation Value | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (214000000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (214000000)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(476712859)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(476712859)<br>|

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)

January 31, 2026

**BlackRock MuniVest Fund, Inc. (MVF)** 

**(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 — 7.4%** | **Alabama — 7.4%** |  |
| Black Belt Energy Gas District, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/54 | $4765 | &nbsp;&nbsp; $5100427  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/56 | 1925 | &nbsp;&nbsp; 2001895 |
| &nbsp;&nbsp;&nbsp; Series F, 5.50%, 11/01/53 | 1590 | &nbsp;&nbsp; 1680989 |
| &nbsp;&nbsp;&nbsp; County of Jefferson AL Sewer Revenue, Refunding RB, <br> 5.50%, 10/01/53<br>| 1060 | &nbsp;&nbsp; 1111770 |
| &nbsp;&nbsp;&nbsp; Lower Alabama Gas District, RB, Series A, 5.00%, <br> 09/01/46<br>| 1145 | &nbsp;&nbsp; 1208808 |
| Mobile County Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 06/01/54 | 5325 | &nbsp;&nbsp; 5122336 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 4.75%, 12/01/54 | 2140 | &nbsp;&nbsp; 1983454 |
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Refunding RB, <br> Series B, 5.00%, 06/01/49<sup>(a)</sup><br>| 945 | &nbsp;&nbsp; 1011614 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, RB, <br> Series A-2, 4.87%, 01/01/53<sup>(a)</sup><br>| 9645 | &nbsp;&nbsp; 10137417 |
| &nbsp;&nbsp;&nbsp; Tuscaloosa County Industrial Development Authority, <br> Refunding RB, Series A, 5.25%, 05/01/44<sup>(b)</sup><br>| 1610 | &nbsp;&nbsp; 1619718 |
|  |  | &nbsp;&nbsp; 30978428 |
| **Arizona — 1.7%** | **Arizona — 1.7%** |  |
| &nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Refunding <br> RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.38%, 07/01/50 | 2500 | &nbsp;&nbsp; 2467099 |
| &nbsp;&nbsp;&nbsp; Series G, 5.00%, 07/01/47 | 715 | &nbsp;&nbsp; 676348 |
| &nbsp;&nbsp;&nbsp; City of Mesa Arizona Utility System Revenue, RB, <br> (AGM), 4.50%, 07/01/49<br>| 830 | &nbsp;&nbsp; 824142 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of Phoenix <br> Arizona, Refunding RB, 5.00%, 07/01/45<sup>(b)</sup><br>| 700 | &nbsp;&nbsp; 675752 |
| Town of Queen Creek, COP, 5.50%, 10/01/65<sup>(c)</sup> | 2270 | &nbsp;&nbsp; 2402392 |
|  |  | &nbsp;&nbsp; 7045733 |
| **Arkansas — 0.2%** | **Arkansas — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, RB, AMT, <br> Sustainability Bonds, 5.70%, 05/01/53<br>| 810 | &nbsp;&nbsp; 823141 |
| **California — 3.6%** | **California — 3.6%** |  |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, RB, <br> Series B-2, Sustainability Bonds, 2.73%, 02/01/52<sup>(a)</sup><br>| 3500 | &nbsp;&nbsp; 3357932 |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, RB, 8.00%, <br> 11/15/62<sup>(b)</sup><br>| 715 | &nbsp;&nbsp; 707548 |
| &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>| 1570 | &nbsp;&nbsp; 1177500 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, RB, M/F Housing, <br> Series A, 6.10%, 12/01/37<br>| 700 | &nbsp;&nbsp; 708559 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, RB, Series A, 6.38%, <br> 06/01/59<sup>(b)</sup><br>| 2735 | &nbsp;&nbsp; 2611221 |
| &nbsp;&nbsp;&nbsp; Poway Unified School District, Refunding GO, 0.00%, <br> 08/01/46<sup>(d)</sup><br>| 10000 | &nbsp;&nbsp; 3984653 |
| &nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, ARB, <br> Series B, AMT, Subordinate, 4.00%, 07/01/51<br>| 2880 | &nbsp;&nbsp; 2543652 |
|  |  | &nbsp;&nbsp; 15091065 |
| **Colorado — 1.2%** | **Colorado — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Centerra Metropolitan District No. 1, TA, 5.00%, <br> 12/01/47<sup>(b)</sup><br>| 1025 | &nbsp;&nbsp; 1008556 |
| &nbsp;&nbsp;&nbsp; City & County of Denver CO Airport System Revenue, <br> Refunding ARB, Series A, AMT, 5.00%, 12/01/48<br>| 1800 | &nbsp;&nbsp; 1806600 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Colorado (continued)** | **Colorado (continued)** |  |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, RB, 5.50%, <br> 11/01/47<br>| 395 | &nbsp;&nbsp; $415965  |
| &nbsp;&nbsp;&nbsp; Denver Convention Center Hotel Authority, Refunding <br> RB, Series A, 5.00%, 12/01/40<br>| 2000 | &nbsp;&nbsp; 2009165 |
|  |  | &nbsp;&nbsp; 5240286 |
| **District of Columbia — 1.2%** | **District of Columbia — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority <br> Dedicated Revenue, RB, Series A, 2nd Lien, <br> Sustainability Bonds, 4.38%, 07/15/59<br>| 5195 | &nbsp;&nbsp; 4911336 |
| **Florida — 8.8%** | **Florida — 8.8%** |  |
| &nbsp;&nbsp;&nbsp; Celebration Pointe Community Development District No. <br> 1, SAB<sup>(e)(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/32 | 720 | &nbsp;&nbsp; 576000 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/48 | 2160 | &nbsp;&nbsp; 1728000 |
| &nbsp;&nbsp;&nbsp; City of Fort Lauderdale Florida Water & Sewer Revenue, <br> RB, Series B, 5.50%, 09/01/53<br>| 3370 | &nbsp;&nbsp; 3644140 |
| &nbsp;&nbsp;&nbsp; Collier County Health Facilities Authority, RB, 4.00%, <br> 05/01/52<br>| 2115 | &nbsp;&nbsp; 1770421 |
| &nbsp;&nbsp;&nbsp; County of Broward Florida Tourist Development Tax <br> Revenue, Refunding RB, Convertible, 4.00%, <br> 09/01/51<br>| 3300 | &nbsp;&nbsp; 2890390 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Seaport Department, Refunding <br> RB, Series A, AMT, 5.00%, 10/01/38<br>| 1800 | &nbsp;&nbsp; 1931068 |
| Florida Development Finance Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.00%, 07/01/44 | 3560 | &nbsp;&nbsp; 3522013 |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.25%, 07/01/47 | 800 | &nbsp;&nbsp; 788228 |
| Florida Housing Finance Corp., RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp; Series 5, (FHLMC, FNMA, GNMA), 5.00%, 07/01/50 | 2585 | &nbsp;&nbsp; 2603423 |
| &nbsp;&nbsp;&nbsp; Series 5, (FHLMC, FNMA, GNMA), 5.05%, 01/01/56 | 1665 | &nbsp;&nbsp; 1669954 |
| Lakewood Ranch Stewardship District, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/01/27 | 100 | &nbsp;&nbsp; 101007 |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/37 | 470 | &nbsp;&nbsp; 477232 |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/01/47 | 770 | &nbsp;&nbsp; 772783 |
| &nbsp;&nbsp;&nbsp; 6.30%, 05/01/54 | 405 | &nbsp;&nbsp; 424521 |
| Lee County Industrial Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series B-2, 4.38%, 11/15/29 | 1020 | &nbsp;&nbsp; 1026828 |
| &nbsp;&nbsp;&nbsp; Series B-3, 4.13%, 11/15/29 | 1060 | &nbsp;&nbsp; 1067113 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Expressway Authority, Refunding <br> RB, Series A, (AGM), 5.00%, 07/01/35<br>| 8900 | &nbsp;&nbsp; 8911110 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, RB, 4.00%, <br> 10/01/52<br>| 2000 | &nbsp;&nbsp; 1723531 |
| &nbsp;&nbsp;&nbsp; Sarasota County Health Facilities Authority, RB, 5.00%, <br> 05/15/48<br>| 605 | &nbsp;&nbsp; 587937 |
| &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; 36925977 |
| **Georgia — 3.9%** | **Georgia — 3.9%** |  |
| &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>| 375 | &nbsp;&nbsp; 225000 |
| &nbsp;&nbsp;&nbsp; Georgia Housing & Finance Authority, RB, S/F Housing, <br> Series G, (FNMA, GNMA), 4.90%, 12/01/50<br>| 4350 | &nbsp;&nbsp; 4377018 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., RB, Series A, 5.00%, <br> 06/01/53<sup>(a)</sup><br>| 4130 | &nbsp;&nbsp; 4384518 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Refunding RB, Series E-2, <br> 4.15%, 12/01/53<sup>(a)</sup><br>| 5565 | &nbsp;&nbsp; 5776568 |
|  |  | &nbsp;&nbsp; 16606077 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniVest Fund, Inc. (MVF)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Illinois — 12.8%** | **Illinois — 12.8%** |  |
| Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.25%, 12/01/50 | $1890 | &nbsp;&nbsp; $2000232  |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 12/01/35 | 945 | &nbsp;&nbsp; 945012 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/01/46 | 3570 | &nbsp;&nbsp; 3403764 |
| Chicago Board of Education, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 6.00%, 12/01/43 | 550 | &nbsp;&nbsp; 581997 |
| &nbsp;&nbsp;&nbsp; Series G, 5.00%, 12/01/34 | 865 | &nbsp;&nbsp; 870882 |
| Chicago O'Hare International Airport, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, AMT, Senior Lien, 4.50%, 01/01/48 | 7000 | &nbsp;&nbsp; 6664770 |
| &nbsp;&nbsp;&nbsp; Class A, AMT, Senior Lien, 4.63%, 01/01/53 | 3300 | &nbsp;&nbsp; 3153180 |
| &nbsp;&nbsp;&nbsp; Class A, AMT, Senior Lien, (AGM), 5.50%, 01/01/53 | 6900 | &nbsp;&nbsp; 7089183 |
| &nbsp;&nbsp;&nbsp; Series B, Senior Lien, 4.50%, 01/01/56 | 3750 | &nbsp;&nbsp; 3586212 |
| Illinois Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 4.00%, 02/15/27<sup>(g)</sup> | 1495 | &nbsp;&nbsp; 1520103 |
| &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>| 985 | &nbsp;&nbsp; 1026728 |
| Illinois State Toll Highway Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/40 | 8710 | &nbsp;&nbsp; 8720498 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/45 | 1000 | &nbsp;&nbsp; 1042540 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 01/01/46 | 1500 | &nbsp;&nbsp; 1362165 |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, RB, CAB, (BAM-<br> TCRS), 0.00%, 12/15/56<sup>(d)</sup><br>| 8755 | &nbsp;&nbsp; 1886729 |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, Refunding RB, <br> Series B, (AGM), 0.00%, 06/15/47<sup>(d)</sup><br>| 8000 | &nbsp;&nbsp; 2905907 |
| State of Illinois, GO, Series D, 5.00%, 11/01/27 | 6965 | &nbsp;&nbsp; 7254540 |
|  |  | &nbsp;&nbsp; 54019390 |
| **Indiana — 0.4%** | **Indiana — 0.4%** |  |
| Indiana Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/46 | 1160 | &nbsp;&nbsp; 1238494 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/47 | 400 | &nbsp;&nbsp; 425515 |
|  |  | &nbsp;&nbsp; 1664009 |
| **Iowa — 0.2%** | **Iowa — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, Refunding RB, Series A, 5.13%, <br> 05/15/59<br>| 850 | &nbsp;&nbsp; 798313 |
| **Kansas — 0.4%** | **Kansas — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; City of Lenexa Kansas, Refunding RB, Series A, 5.00%, <br> 05/15/43<br>| 1530 | &nbsp;&nbsp; 1531392 |
| **Kentucky — 0.5%** | **Kentucky — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Refunding RB, <br> Series B, 5.00%, 01/01/55<sup>(a)</sup><br>| 1965 | &nbsp;&nbsp; 2117024 |
| **Louisiana — 0.7%** | **Louisiana — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, RB, AMT, 5.00%, <br> 09/01/66<br>| 3190 | &nbsp;&nbsp; 3003348 |
| **Maryland — 0.9%** | **Maryland — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; City of Baltimore Maryland, Refunding RB, Series A, <br> 4.50%, 09/01/33<br>| 545 | &nbsp;&nbsp; 549177 |
| &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>| 2155 | &nbsp;&nbsp; 2113551 |
| Maryland Stadium Authority, RB, 5.00%, 06/01/54 | 1050 | &nbsp;&nbsp; 1080278 |
|  |  | &nbsp;&nbsp; 3743006 |
| **Massachusetts — 0.9%** | **Massachusetts — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GOL, Series E, <br> 5.00%, 11/01/49<br>| 3790 | &nbsp;&nbsp; 3936188 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Michigan — 2.2%** | **Michigan — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, RB, Sustainability Bonds, <br> 5.50%, 02/28/57<br>| $1420 | &nbsp;&nbsp; $1471548  |
| Michigan Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/46 | 1200 | &nbsp;&nbsp; 1035695 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/46 | 2640 | &nbsp;&nbsp; 2358678 |
| Michigan Strategic Fund, RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/31/43 | 1775 | &nbsp;&nbsp; 1782888 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 06/30/48 | 2655 | &nbsp;&nbsp; 2583136 |
|  |  | &nbsp;&nbsp; 9231945 |
| **Minnesota — 0.9%** | **Minnesota — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Housing & Redevelopment Authority of The City of St. <br> Paul Minnesota, RB, Series A, 5.50%, 07/01/52<sup>(b)</sup><br>| 695 | &nbsp;&nbsp; 654368 |
| &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>| 2790 | &nbsp;&nbsp; 2964947 |
|  |  | &nbsp;&nbsp; 3619315 |
| **Missouri — 1.4%** | **Missouri — 1.4%** |  |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of <br> Missouri, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 04/01/45 | 2625 | &nbsp;&nbsp; 2469029 |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 04/01/55 | 3065 | &nbsp;&nbsp; 2838033 |
| &nbsp;&nbsp;&nbsp; Series A, Class P, 5.25%, 02/01/54 | 665 | &nbsp;&nbsp; 666490 |
|  |  | &nbsp;&nbsp; 5973552 |
| **Montana — 0.1%** | **Montana — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Montana Board of Housing, RB, S/F Housing, <br> Series B-2, 3.60%, 12/01/47<br>| 295 | &nbsp;&nbsp; 257052 |
| **Nebraska — 0.3%** | **Nebraska — 0.3%** |  |
| &nbsp;&nbsp;&nbsp; Nebraska Investment Finance Authority, RB, S/F <br> Housing, Series G, Sustainability Bonds, (FHLMC, <br> FNMA, GNMA), 4.70%, 09/01/51<br>| 1450 | &nbsp;&nbsp; 1437779 |
| **New Hampshire — 2.3%** | **New Hampshire — 2.3%** |  |
| New Hampshire Business Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, 4.17%, 01/20/41<sup>(a)</sup> | 675 | &nbsp;&nbsp; 674301 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.50%, 06/01/55 | 4130 | &nbsp;&nbsp; 4260539 |
| &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 | 1015 | &nbsp;&nbsp; 1069040 |
| &nbsp;&nbsp;&nbsp; Series 2025, Subordinate, 5.15%, 09/28/37 | 1545 | &nbsp;&nbsp; 1577537 |
| &nbsp;&nbsp;&nbsp; Series 2, Sustainability Bonds, 4.25%, 07/20/41 | 2002 | &nbsp;&nbsp; 2029803 |
|  |  | &nbsp;&nbsp; 9611220 |
| **New Jersey — 7.6%** | **New Jersey — 7.6%** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, ARB, <br> Series A, AMT, 5.63%, 11/15/30<br>| 1530 | &nbsp;&nbsp; 1536118 |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.13%, 01/01/34 | 1050 | &nbsp;&nbsp; 1052125 |
| &nbsp;&nbsp;&nbsp; AMT, 5.38%, 01/01/43 | 10000 | &nbsp;&nbsp; 10011417 |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, <br> RB, 4.00%, 07/01/51<br>| 2500 | &nbsp;&nbsp; 2273168 |
| &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 | 1600 | &nbsp;&nbsp; 1603230 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, Subordinate, 5.00%, 12/01/52 | 2615 | &nbsp;&nbsp; 2552176 |
| &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>| 2245 | &nbsp;&nbsp; 2284238 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, RB, <br> Series AA, 5.25%, 06/15/41<br>| 780 | &nbsp;&nbsp; 780714 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, RB, <br> CAB, Series A, 0.00%, 12/15/38<sup>(d)</sup><br>| 7260 | &nbsp;&nbsp; 4548015 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniVest Fund, Inc. (MVF)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New Jersey (continued)** | **New Jersey (continued)** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, RB, Series A, 5.25%, <br> 01/01/55<br>| 1960 | &nbsp;&nbsp; $2081137  |
| Tobacco Settlement Financing Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/46 | 3000 | &nbsp;&nbsp; 2952372 |
| &nbsp;&nbsp;&nbsp; Sub-Series B, 5.00%, 06/01/46 | 450 | &nbsp;&nbsp; 436773 |
|  |  | &nbsp;&nbsp; 32111483 |
| **New York — 12.5%** | **New York — 12.5%** |  |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Refunding RB, AMT, 5.00%, <br> 01/01/35<sup>(b)</sup><br>| 1970 | &nbsp;&nbsp; 1973566 |
| City of New York, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series D, 4.00%, 04/01/50 | 2525 | &nbsp;&nbsp; 2289054 |
| &nbsp;&nbsp;&nbsp; Series G-1, 5.25%, 02/01/53 | 370 | &nbsp;&nbsp; 387643 |
| &nbsp;&nbsp;&nbsp; Erie Tobacco Asset Securitization Corp., Refunding RB, <br> Series A, 5.00%, 06/01/45<br>| 4435 | &nbsp;&nbsp; 3654455 |
| &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 | 4120 | &nbsp;&nbsp; 4135745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Sustainability Bonds, (HUD SECT 8), <br> 5.00%, 05/01/56<br>| 2185 | &nbsp;&nbsp; 2191020 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB, Series A-1, Subordinate, <br> 5.25%, 05/01/52<br>| 1460 | &nbsp;&nbsp; 1532146 |
| New York Counties Tobacco Trust IV, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/38 | 3500 | &nbsp;&nbsp; 3245167 |
| &nbsp;&nbsp;&nbsp; Series A, 6.25%, 06/01/41<sup>(b)</sup> | 3045 | &nbsp;&nbsp; 2989674 |
| New York Liberty Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Class 2, 5.38%, 11/15/40<sup>(b)</sup> | 1145 | &nbsp;&nbsp; 1145057 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 3.00%, 11/15/51 | 415 | &nbsp;&nbsp; 298387 |
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority, RB, Sustainability <br> Bonds, 4.13%, 03/15/56<br>| 3325 | &nbsp;&nbsp; 3051230 |
| New York Transportation Development Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.63%, 04/01/40 | 905 | &nbsp;&nbsp; 960815 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 6.00%, 06/30/59 | 1430 | &nbsp;&nbsp; 1509500 |
| New York Transportation Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/35 | 1310 | &nbsp;&nbsp; 1390859 |
| &nbsp;&nbsp;&nbsp; AMT, 4.00%, 04/30/53 | 1175 | &nbsp;&nbsp; 994336 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, (AGM), 5.25%, 06/30/60 | 4080 | &nbsp;&nbsp; 4125824 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.38%, 06/30/60 | 9950 | &nbsp;&nbsp; 10098356 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority Sales Tax <br> Revenue, RB, Series A, 4.13%, 05/15/53<br>| 2770 | &nbsp;&nbsp; 2555615 |
| TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41 | 1785 | &nbsp;&nbsp; 1795017 |
| &nbsp;&nbsp;&nbsp; Westchester Tobacco Asset Securitization Corp., <br> Refunding RB, Sub-Series C, 5.13%, 06/01/51<br>| 2740 | &nbsp;&nbsp; 2341026 |
|  |  | &nbsp;&nbsp; 52664492 |
| **North Carolina — 0.2%** | **North Carolina — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, RB, 5.25%, <br> 11/01/56<br>| 885 | &nbsp;&nbsp; 888704 |
| **North Dakota — 0.4%** | **North Dakota — 0.4%** |  |
| City of Grand Forks North Dakota, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, (AGM), 5.00%, 12/01/48 | 640 | &nbsp;&nbsp; 652071 |
| &nbsp;&nbsp;&nbsp; Series A, (AGM), 5.00%, 12/01/53 | 1125 | &nbsp;&nbsp; 1134609 |
|  |  | &nbsp;&nbsp; 1786680 |
| **Ohio — 1.6%** | **Ohio — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55<br>| 3605 | &nbsp;&nbsp; 2964845 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Refunding RB, Series A, (BAM-TCRS), <br> 4.00%, 01/15/50<br>| 4420 | &nbsp;&nbsp; 3924826 |
|  |  | &nbsp;&nbsp; 6889671 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oklahoma — 1.7%** | **Oklahoma — 1.7%** |  |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, RB, Series B, <br> 5.50%, 08/15/52<br>| $1625 | &nbsp;&nbsp; $1623498  |
| Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53 | 4070 | &nbsp;&nbsp; 4318385 |
| &nbsp;&nbsp;&nbsp; Tulsa Municipal Airport Trust Trustees, Refunding, ARB, <br> AMT, 6.25%, 12/01/35<br>| 885 | &nbsp;&nbsp; 1027427 |
|  |  | &nbsp;&nbsp; 6969310 |
| **Pennsylvania — 12.6%** | **Pennsylvania — 12.6%** |  |
| &nbsp;&nbsp;&nbsp; Allegheny County Airport Authority, ARB, Series A, AMT, <br> (AGM), 5.50%, 01/01/53<br>| 1330 | &nbsp;&nbsp; 1386165 |
| &nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone <br> Development Authority, RB, 5.00%, 05/01/42<sup>(b)</sup><br>| 4120 | &nbsp;&nbsp; 4245743 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Pennsylvania Water & Wastewater <br> Revenue, RB, Series C, (AGM), 5.25%, 09/01/54<br>| 5540 | &nbsp;&nbsp; 5850347 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Pennsylvania Water & Wastewater <br> Revenue, Refunding RB, Series B, (AGM), 4.50%, <br> 09/01/48<br>| 2785 | &nbsp;&nbsp; 2805681 |
| Geisinger Authority, Refunding RB, 4.00%, 04/01/50 | 5000 | &nbsp;&nbsp; 4382532 |
| &nbsp;&nbsp;&nbsp; Lancaster Industrial Development Authority, RB, 5.00%, <br> 12/01/44<br>| 1000 | &nbsp;&nbsp; 1000384 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health <br> Authority, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/51 | 4000 | &nbsp;&nbsp; 3404454 |
| &nbsp;&nbsp;&nbsp; Class B, 5.00%, 05/01/57 | 5000 | &nbsp;&nbsp; 4938519 |
| &nbsp;&nbsp;&nbsp; Series B, (BAM-TCRS), 4.00%, 05/01/52 | 4585 | &nbsp;&nbsp; 4054558 |
| &nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, <br> RB, Series C, 5.00%, 11/15/45<br>| 1095 | &nbsp;&nbsp; 1109633 |
| &nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, <br> Refunding RB, 5.25%, 01/01/40<br>| 4170 | &nbsp;&nbsp; 4171647 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing <br> Authority, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/30/42 | 2565 | &nbsp;&nbsp; 2567686 |
| &nbsp;&nbsp;&nbsp; AMT, 5.50%, 06/30/43 | 985 | &nbsp;&nbsp; 1045737 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, RB, <br> 4.00%, 06/15/55<br>| 2140 | &nbsp;&nbsp; 1930378 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, S/F <br> Housing, Series 143A, Sustainability Bonds, 5.45%, <br> 04/01/51<br>| 6555 | &nbsp;&nbsp; 6780514 |
| &nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, RB, <br> 5.25%, 11/01/52<br>| 2440 | &nbsp;&nbsp; 2493125 |
| &nbsp;&nbsp;&nbsp; School District of Philadelphia, GOL, Series A, (SAW), <br> 5.50%, 09/01/48<br>| 710 | &nbsp;&nbsp; 750245 |
|  |  | &nbsp;&nbsp; 52917348 |
| **Puerto Rico — 5.2%** | **Puerto Rico — 5.2%** |  |
| &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 | 2038 | &nbsp;&nbsp; 1965709 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 11530 | &nbsp;&nbsp; 11285030 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 3133 | &nbsp;&nbsp; 2988634 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.33%, 07/01/40 | 3729 | &nbsp;&nbsp; 3706414 |
| &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>(d)</sup><br>| 5265 | &nbsp;&nbsp; 1824225 |
|  |  | &nbsp;&nbsp; 21770012 |
| **South Carolina — 1.8%** | **South Carolina — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, RB, Series A1, <br> 5.25%, 10/01/54<sup>(a)</sup><br>| 3235 | &nbsp;&nbsp; 3479496 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Refunding RB, <br> Series B, 5.00%, 12/01/46<br>| 3810 | &nbsp;&nbsp; 3958296 |
|  |  | &nbsp;&nbsp; 7437792 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniVest Fund, Inc. (MVF)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **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>| $5365 | &nbsp;&nbsp; $4931336  |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Sports Authority, RB, Series A, Senior Lien, (AGM), <br> 5.25%, 07/01/48<br>| 2010 | &nbsp;&nbsp; 2127022 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson <br> County TN Water & Sewer Revenue, Refunding RB, <br> 5.25%, 07/01/55<br>| 1125 | &nbsp;&nbsp; 1189403 |
|  |  | &nbsp;&nbsp; 8247761 |
| **Texas — 10.6%** | **Texas — 10.6%** |  |
| &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)(e)(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/62 | 790 | &nbsp;&nbsp; 395000 |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62 | 685 | &nbsp;&nbsp; 411000 |
| &nbsp;&nbsp;&nbsp; Aubrey Independent School District, GO, (PSF), 4.00%, <br> 02/15/52<br>| 1500 | &nbsp;&nbsp; 1362484 |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Water & Wastewater System <br> Revenue, Refunding RB, 5.00%, 11/15/53<br>| 1170 | &nbsp;&nbsp; 1218619 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, ARB, <br> Series B, AMT, 5.50%, 07/15/39<br>| 600 | &nbsp;&nbsp; 647552 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, <br> Refunding ARB, Series A, AMT, Subordinate Lien, <br> 5.50%, 07/01/55<br>| 2615 | &nbsp;&nbsp; 2743106 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, <br> Refunding RB, AMT, 5.00%, 07/01/29<br>| 1750 | &nbsp;&nbsp; 1752296 |
| &nbsp;&nbsp;&nbsp; Conroe Independent School District, GO, (PSF), 4.00%, <br> 02/15/50<br>| 2000 | &nbsp;&nbsp; 1858768 |
| County of Harris Texas, GOL, 4.00%, 09/15/49 | 3480 | &nbsp;&nbsp; 3256078 |
| &nbsp;&nbsp;&nbsp; Dallas Independent School District, Refunding GO, <br> (PSF), 4.00%, 02/15/53<br>| 1600 | &nbsp;&nbsp; 1464294 |
| &nbsp;&nbsp;&nbsp; Del Valle Independent School District Texas, GO, (PSF), <br> 4.00%, 06/15/47<br>| 2795 | &nbsp;&nbsp; 2631589 |
| &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>| 665 | &nbsp;&nbsp; 677389 |
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, GO, (PSF), <br> 5.25%, 02/15/55<br>| 1245 | &nbsp;&nbsp; 1311977 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., RB, 5.00%, 11/15/51<br>| 3070 | &nbsp;&nbsp; 3138676 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., Refunding RB, 5.00%, 11/15/40<br>| 3250 | &nbsp;&nbsp; 3251270 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp., III, <br> Refunding RB, 5.00%, 12/15/32<br>| 5740 | &nbsp;&nbsp; 6251324 |
| &nbsp;&nbsp;&nbsp; Waller Consolidated Independent School District, GO, <br> Series A, (PSF), 4.00%, 02/15/53<br>| 3300 | &nbsp;&nbsp; 3020107 |
| &nbsp;&nbsp;&nbsp; Ysleta Independent School District, GO, (PSF), 4.25%, <br> 08/15/56<br>| 6420 | &nbsp;&nbsp; 6044803 |
|  |  | &nbsp;&nbsp; 44400316 |
| **Utah — 1.0%** | **Utah — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Black Desert Public Infrastructure District, SAB, 5.63%, <br> 12/01/53<sup>(b)</sup><br>| 270 | &nbsp;&nbsp; 271513 |
| County of Utah, RB, Series B, 4.00%, 05/15/47 | 2650 | &nbsp;&nbsp; 2405554 |
| Downtown Revitalization Public Infrastructure District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 1st Lien, (AGM), 5.50%, 06/01/55 | 1175 | &nbsp;&nbsp; 1255109 |
| &nbsp;&nbsp;&nbsp; Series B, 2nd Lien, (AGM), 5.50%, 06/01/55 | 415 | &nbsp;&nbsp; 443294 |
|  |  | &nbsp;&nbsp; 4375470 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Virginia — 1.8%** | **Virginia — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; Ballston Quarter Community Development Authority, TA, <br> Series A-1, 5.50%, 03/01/46<br>| $724 | &nbsp;&nbsp; $719642  |
| &nbsp;&nbsp;&nbsp; Ballston Quarter Community Development Authority, TA, <br> CAB, Series A-2, 7.13%, 03/01/59<sup>(h)</sup><br>| 1739 | &nbsp;&nbsp; 1603269 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Refunding RB, <br> Series B-1, 5.00%, 06/01/47<br>| 3290 | &nbsp;&nbsp; 2754440 |
| &nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, RB, AMT, <br> 5.00%, 12/31/56<br>| 2555 | &nbsp;&nbsp; 2411359 |
|  |  | &nbsp;&nbsp; 7488710 |
| **Washington — 2.3%** | **Washington — 2.3%** |  |
| &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>| 1325 | &nbsp;&nbsp; 1315274 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/50 | 2000 | &nbsp;&nbsp; 1773590 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/01/44 | 1750 | &nbsp;&nbsp; 1795919 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 09/01/55 | 335 | &nbsp;&nbsp; 354301 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, RB, <br> M/F Housing<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, 4.08%, 11/20/41 | 2027 | &nbsp;&nbsp; 1966664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class 1, Sustainability Bonds, 4.22%, <br> 03/01/50<br>| 1764 | &nbsp;&nbsp; 1737626 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/43 | 425 | &nbsp;&nbsp; 436235 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/48 | 400 | &nbsp;&nbsp; 398470 |
|  |  | &nbsp;&nbsp; 9778079 |
| **Wisconsin — 2.8%** | **Wisconsin — 2.8%** |  |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/36<sup>(b)</sup> | 200 | &nbsp;&nbsp; 187628 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/51<sup>(b)</sup> | 680 | &nbsp;&nbsp; 520317 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/61<sup>(b)</sup> | 870 | &nbsp;&nbsp; 639036 |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 06/30/60 | 205 | &nbsp;&nbsp; 212300 |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 12/31/65 | 6470 | &nbsp;&nbsp; 6690674 |
| &nbsp;&nbsp;&nbsp; AMT, 6.50%, 12/31/65 | 1360 | &nbsp;&nbsp; 1501415 |
| Public Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/15/55 | 925 | &nbsp;&nbsp; 937025 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 5.00%, 07/01/42 | 1000 | &nbsp;&nbsp; 1000361 |
|  |  | &nbsp;&nbsp; 11688756 |
| **Wyoming — 0.5%** | **Wyoming — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; University of Wyoming, RB, Series C, (AGM), 4.00%, <br> 06/01/51<br>| 1690 | &nbsp;&nbsp; 1524037 |
| &nbsp;&nbsp;&nbsp; Wyoming Community Development Authority, Refunding <br> RB, S/F Housing, Series 1, 4.40%, 12/01/43<br>| 500 | &nbsp;&nbsp; 501204 |
|  |  | &nbsp;&nbsp; 2025241 |
| **Total Municipal Bonds — 116.6%** <br>**(Cost: $484,038,536)** | **Total Municipal Bonds — 116.6%** <br>**(Cost: $484,038,536)** | &nbsp;&nbsp; 490005401 |
| **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> |
| **Colorado — 2.2%** | **Colorado — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB, Series A, AMT, 4.13%, <br> 11/15/47<br>| 10300 | &nbsp;&nbsp; 9447774 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniVest Fund, Inc. (MVF)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **District of Columbia — 5.1%** | **District of Columbia — 5.1%** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 10/01/50 | $12097 | &nbsp;&nbsp; $12367334  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.50%, 10/01/55 | 8340 | &nbsp;&nbsp; 8889481 |
|  |  | &nbsp;&nbsp; 21256815 |
| **Florida — 2.5%** | **Florida — 2.5%** |  |
| &nbsp;&nbsp;&nbsp; JEA Water & Sewer System Revenue, Refunding RB, <br> Series A, 5.25%, 10/01/49<br>| 9830 | &nbsp;&nbsp; 10411643 |
| **Massachusetts — 5.6%** | **Massachusetts — 5.6%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GO, Series 2024, <br> 5.00%, 12/01/51<br>| 16200 | &nbsp;&nbsp; 16856878 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GOL, Series A, <br> 5.00%, 04/01/55<br>| 6620 | &nbsp;&nbsp; 6853754 |
|  |  | &nbsp;&nbsp; 23710632 |
| **Minnesota — 2.0%** | **Minnesota — 2.0%** |  |
| &nbsp;&nbsp;&nbsp; Minneapolis-St. Paul Metropolitan Airports Commission, <br> ARB, AMT, Subordinate, 5.25%, 01/01/49<br>| 8110 | &nbsp;&nbsp; 8328678 |
| **Missouri — 2.0%** | **Missouri — 2.0%** |  |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of <br> Missouri, RB, 4.00%, 06/01/53<sup>(j)</sup><br>| 10000 | &nbsp;&nbsp; 8574213 |
| **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>| 7380 | &nbsp;&nbsp; 7585602 |
| **New York — 17.0%** | **New York — 17.0%** |  |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., 5.00%, <br> 11/01/55<br>| 4200 | &nbsp;&nbsp; 4213368 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, RB, <br> Series AA, Subordinate, 5.00%, 06/15/51<sup>(j)</sup><br>| 6135 | &nbsp;&nbsp; 6338039 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 05/01/55 | 7173 | &nbsp;&nbsp; 7509802 |
| &nbsp;&nbsp;&nbsp; Series H-1, Subordinate, 5.00%, 11/01/50 | 6060 | &nbsp;&nbsp; 6237105 |
| &nbsp;&nbsp;&nbsp; New York Power Authority, RB, Series A, Sustainability <br> Bonds, (AGM), 5.13%, 11/15/63<br>| 6627 | &nbsp;&nbsp; 6902123 |
| &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 <br> Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.13%, 05/15/53 | 10572 | &nbsp;&nbsp; 9753560 |
| &nbsp;&nbsp;&nbsp; Series A, 4.50%, 05/15/63 | 16736 | &nbsp;&nbsp; 15910772 |
| &nbsp;&nbsp;&nbsp; Series A-1, 4.13%, 05/15/64 | 5150 | &nbsp;&nbsp; 4572309 |
|  |  | &nbsp;&nbsp; 71419635 |
| **Oregon — 2.8%** | **Oregon — 2.8%** |  |
| &nbsp;&nbsp;&nbsp; Port of Portland Oregon Airport Revenue, Refunding <br> ARB, Series 30A, AMT, Sustainability Bonds, 5.25%, <br> 07/01/45<br>| 10560 | &nbsp;&nbsp; 11197934 |
| &nbsp;&nbsp;&nbsp; State of Oregon Housing & Community Services <br> Department, RB, M/F Housing, Series A, 4.95%, <br> 07/01/30<br>| 600 | &nbsp;&nbsp; 604542 |
|  |  | &nbsp;&nbsp; 11802476 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pennsylvania — 4.5%** | **Pennsylvania — 4.5%** |  |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, S/F <br> Housing, Series 143A, Sustainability Bonds, 5.38%, <br> 10/01/46<br>| $8052 | &nbsp;&nbsp; $8395827  |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Refunding RB, <br> Series B, 5.25%, 12/01/52<br>| 10005 | &nbsp;&nbsp; 10490030 |
|  |  | &nbsp;&nbsp; 18885857 |
| **South Carolina — 5.1%** | **South Carolina — 5.1%** |  |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, Refunding RB, <br> Series B-1, 5.25%, 02/01/54<sup>(a)</sup><br>| 19995 | &nbsp;&nbsp; 21592647 |
| **Texas — 2.2%** | **Texas — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; Harris County Health Facilities Development Corp., <br> Refunding RB, Series B, 5.75%, 07/01/27<sup>(k)</sup><br>| 8925 | &nbsp;&nbsp; 9151285 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 52.8%** <br>**(Cost: $219,598,371)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 52.8%** <br>**(Cost: $219,598,371)** | &nbsp;&nbsp; 222167257 |

---

&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>(f)(l)</sup><br>| 13036 | &nbsp;&nbsp; 26072 |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** | &nbsp;&nbsp; 26072 |
| **Total Long-Term Investments — 169.4%** <br>**(Cost: $703,636,907)** | **Total Long-Term Investments — 169.4%** <br>**(Cost: $703,636,907)** | &nbsp;&nbsp; 712198730 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.2%** | **Money Market Funds — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.03%<sup>(m)(n)</sup><br>| 9154921 | &nbsp;&nbsp; 9155836 |
| **Total Short-Term Securities — 2.2%** <br>**(Cost: $9,155,836)** | **Total Short-Term Securities — 2.2%** <br>**(Cost: $9,155,836)** | &nbsp;&nbsp; 9155836 |
| **Total Investments — 171.6%** <br>**(Cost: $712,792,743)** | **Total Investments — 171.6%** <br>**(Cost: $712,792,743)** | &nbsp;&nbsp; 721354566 |
| **Other Assets Less Liabilities — 1.0%** | **Other Assets Less Liabilities — 1.0%** | &nbsp;&nbsp; 4620685 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (36.1)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (36.1)%** | &nbsp;&nbsp; (151960725)<br>|
| **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(36.5)%** | **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(36.5)%** | &nbsp;&nbsp; (153600000)<br>|
| **Net Assets Applicable to Common Shares — 100.0%** | **Net Assets Applicable to Common Shares — 100.0%** | &nbsp;&nbsp; $420414526 |

---

&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> Zero-coupon bond.

<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. 

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniVest Fund, Inc. (MVF)** 

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

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

<sup>(j)</sup> All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between December 15, 2032 to June 1, 2046, is $9,963,489. See Note 4 of the Notes to Financial Statements for details. 

<sup>(k)</sup> Security is collateralized by municipal bonds or U.S. Treasury obligations.

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

<sup>(l)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. <br> <sup>(m)</sup> Affiliate of the Fund. <br> <sup>(n)</sup> Annualized 7-day yield as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 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 | $7829086<br> $1326750 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $9155836 | 9154921 | $99873 | $— |

---

&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 Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &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; $490005401  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $490005401  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 222167257 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 222167257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26072 | &nbsp;&nbsp;&nbsp;&nbsp; 26072 |
| &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; 9155836 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9155836 |
|  | &nbsp;&nbsp; $9155836 | &nbsp;&nbsp;&nbsp;&nbsp; $712172658 | &nbsp;&nbsp;&nbsp;&nbsp; $26072 | &nbsp;&nbsp;&nbsp;&nbsp; $721354566 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TOB Trust Certificates | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(151126558)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(151126558)<br>|
| &nbsp;&nbsp;&nbsp; VMTP Shares at Liquidation Value | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (153600000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (153600000)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(304726558)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(304726558)<br>|

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)

January 31, 2026

**BlackRock MuniVest Fund II, Inc. (MVT)** 

**(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 — 2.4%** | **Alabama — 2.4%** |  |
| Black Belt Energy Gas District, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/56 | $1090 | &nbsp;&nbsp; $1133541  |
| &nbsp;&nbsp;&nbsp; Series F, 5.50%, 11/01/53 | 405 | &nbsp;&nbsp; 428176 |
| &nbsp;&nbsp;&nbsp; County of Jefferson Alabama Sewer Revenue, Refunding <br> RB, 5.25%, 10/01/49<br>| 2035 | &nbsp;&nbsp; 2114184 |
| &nbsp;&nbsp;&nbsp; Lower Alabama Gas District, RB, Series A, 5.00%, <br> 09/01/46<br>| 610 | &nbsp;&nbsp; 643994 |
| Southeast Energy Authority A Cooperative District, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/56 | 770 | &nbsp;&nbsp; 801613 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.50%, 01/01/53 | 685 | &nbsp;&nbsp; 732416 |
|  |  | &nbsp;&nbsp; 5853924 |
| **Arizona — 1.6%** | **Arizona — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., RB, Junior Lien, <br> 5.25%, 07/01/47<br>| 760 | &nbsp;&nbsp; 817304 |
| &nbsp;&nbsp;&nbsp; Glendale Industrial Development Authority, RB, 5.00%, <br> 05/15/56<br>| 90 | &nbsp;&nbsp; 77318 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of Phoenix <br> Arizona, RB, Series A, 5.00%, 07/01/46<sup>(b)</sup><br>| 1685 | &nbsp;&nbsp; 1601419 |
| Town of Queen Creek, COP, 5.50%, 10/01/65<sup>(c)</sup> | 1315 | &nbsp;&nbsp; 1391694 |
|  |  | &nbsp;&nbsp; 3887735 |
| **Arkansas — 0.2%** | **Arkansas — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, RB, AMT, <br> Sustainability Bonds, 5.70%, 05/01/53<br>| 435 | &nbsp;&nbsp; 442057 |
| **California — 6.2%** | **California — 6.2%** |  |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, RB, <br> Series B, Class B, Sustainability Bonds, 5.00%, <br> 03/01/56<sup>(a)</sup><br>| 910 | &nbsp;&nbsp; 993819 |
| &nbsp;&nbsp;&nbsp; California Educational Facilities Authority, RB, Series U-7, <br> 5.00%, 06/01/46<br>| 920 | &nbsp;&nbsp; 1050924 |
| &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>| 820 | &nbsp;&nbsp; 615000 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, ARB, AMT, Senior <br> Lien, 4.00%, 12/31/47<br>| 1475 | &nbsp;&nbsp; 1292853 |
| &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 Pollution Control Financing Authority, RB, AMT, <br> 5.00%, 11/21/45<sup>(b)</sup><br>| 1495 | &nbsp;&nbsp; 1496106 |
| Central Valley Energy Authority, RB, 5.00%, 12/01/55<sup>(a)</sup> | 475 | &nbsp;&nbsp; 513363 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, ARB, AMT, <br> Sustainability Bonds, 5.00%, 05/15/47<br>| 1155 | &nbsp;&nbsp; 1187753 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB, Series A, AMT, Sustainability Bonds, 5.50%, <br> 05/15/55<br>| 1035 | &nbsp;&nbsp; 1096238 |
| &nbsp;&nbsp;&nbsp; Pleasanton Unified School District, GO, Election 2022, <br> 4.25%, 08/01/50<br>| 2370 | &nbsp;&nbsp; 2326319 |
| &nbsp;&nbsp;&nbsp; Sacramento Metropolitan Fire District, GO, Series A, <br> Election 2024, 4.00%, 08/01/55<br>| 1485 | &nbsp;&nbsp; 1378154 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San Francisco <br> International Airport, Refunding ARB, Series D, AMT, <br> 5.25%, 05/01/55<br>| 1595 | &nbsp;&nbsp; 1659437 |
| &nbsp;&nbsp;&nbsp; San Marcos Unified School District, GO, CAB, Series B, <br> Election 2010, 0.00%, 08/01/42<sup>(d)</sup><br>| 2000 | &nbsp;&nbsp; 1026463 |
|  |  | &nbsp;&nbsp; 15041320 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Colorado — 0.4%** | **Colorado — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB, Series D, AMT, 5.75%, <br> 11/15/45<br>| $425 | &nbsp;&nbsp; $459526  |
| Colorado Health Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/47 | 175 | &nbsp;&nbsp; 184288 |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/52 | 360 | &nbsp;&nbsp; 368274 |
|  |  | &nbsp;&nbsp; 1012088 |
| **Delaware — 0.6%** | **Delaware — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Delaware River & Bay Authority, Refunding RB, 4.00%, <br> 01/01/44<br>| 1500 | &nbsp;&nbsp; 1467492 |
| **District of Columbia — 7.7%** | **District of Columbia — 7.7%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia, Refunding GO, Series A, 5.25%, <br> 01/01/48<br>| 1190 | &nbsp;&nbsp; 1258597 |
| District of Columbia, Refunding RB, 5.00%, 10/01/48 | 805 | &nbsp;&nbsp; 786239 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB, Series A, AMT, 5.50%, <br> 10/01/55<br>| 1120 | &nbsp;&nbsp; 1193791 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll <br> Road Revenue, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 2nd Senior Lien, (AGM), 0.00%, 10/01/33<sup>(d)</sup> | 6590 | &nbsp;&nbsp; 5156728 |
| &nbsp;&nbsp;&nbsp; Series B, 2nd Senior Lien, (AGM), 0.00%, 10/01/34<sup>(d)</sup> | 4830 | &nbsp;&nbsp; 3625213 |
| &nbsp;&nbsp;&nbsp; Series B, 2nd Senior Lien, (AGM), 0.00%, 10/01/35<sup>(d)</sup> | 6515 | &nbsp;&nbsp; 4677047 |
| &nbsp;&nbsp;&nbsp; Series B, Subordinate, 4.00%, 10/01/49 | 1790 | &nbsp;&nbsp; 1567322 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated <br> Revenue, RB, Series A, Sustainability Bonds, 4.13%, <br> 07/15/47<br>| 575 | &nbsp;&nbsp; 545805 |
|  |  | &nbsp;&nbsp; 18810742 |
| **Florida — 4.2%** | **Florida — 4.2%** |  |
| &nbsp;&nbsp;&nbsp; Celebration Pointe Community Development District No. <br> 1, SAB<sup>(e)(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/32 | 380 | &nbsp;&nbsp; 304000 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/48 | 1120 | &nbsp;&nbsp; 896000 |
| &nbsp;&nbsp;&nbsp; City of Fort Lauderdale Florida Water & Sewer Revenue, <br> RB, Series B, 5.50%, 09/01/48<br>| 1280 | &nbsp;&nbsp; 1398654 |
| &nbsp;&nbsp;&nbsp; County of Broward Florida Airport System Revenue, ARB, <br> Series A, AMT, 5.00%, 10/01/44<br>| 545 | &nbsp;&nbsp; 557196 |
| &nbsp;&nbsp;&nbsp; County of Broward Florida Water & Sewer Utility Revenue, <br> RB, Series A, 4.00%, 10/01/45<br>| 210 | &nbsp;&nbsp; 202023 |
| County of Pasco Florida, RB |  |  |
| &nbsp;&nbsp;&nbsp; (AGM), 5.00%, 09/01/48 | 2270 | &nbsp;&nbsp; 2311053 |
| &nbsp;&nbsp;&nbsp; (AGM), 5.75%, 09/01/54 | 425 | &nbsp;&nbsp; 456788 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., RB, Series A, 5.00%, <br> 06/15/56<br>| 105 | &nbsp;&nbsp; 97879 |
| &nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, <br> Refunding RB, Series C, 5.25%, 11/15/49<br>| 205 | &nbsp;&nbsp; 217012 |
| &nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, SAB, 6.30%, <br> 05/01/54<br>| 213 | &nbsp;&nbsp; 222743 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, RB, Series A, <br> 5.00%, 10/01/53<br>| 1495 | &nbsp;&nbsp; 1517872 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Refunding RB, <br> Series A, 5.25%, 10/01/56<br>| 1925 | &nbsp;&nbsp; 1993049 |
|  |  | &nbsp;&nbsp; 10174269 |
| **Georgia — 2.3%** | **Georgia — 2.3%** |  |
| &nbsp;&nbsp;&nbsp; County of DeKalb Georgia Water & Sewerage Revenue, <br> Refunding RB, 5.00%, 10/01/48<br>| 1145 | &nbsp;&nbsp; 1187641 |
| &nbsp;&nbsp;&nbsp; Gainesville & Hall County Hospital Authority, RB, Series A, <br> 4.00%, 02/15/51<br>| 530 | &nbsp;&nbsp; 467624 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniVest Fund II, Inc. (MVT)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Georgia (continued)** | **Georgia (continued)** |  |
| Main Street Natural Gas, Inc., RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/37 | 1500 | &nbsp;&nbsp; $1651875  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/53<sup>(a)</sup> | 2185 | &nbsp;&nbsp; 2319654 |
|  |  | &nbsp;&nbsp; 5626794 |
| **Idaho — 0.8%** | **Idaho — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, Refunding RB, Series A, <br> Class A, 4.38%, 03/01/53<br>| 400 | &nbsp;&nbsp; 376815 |
| &nbsp;&nbsp;&nbsp; Idaho Housing & Finance Association, RB, Series A, <br> 5.25%, 08/15/48<br>| 1455 | &nbsp;&nbsp; 1546517 |
|  |  | &nbsp;&nbsp; 1923332 |
| **Illinois — 5.6%** | **Illinois — 5.6%** |  |
| Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.25%, 12/01/50 | 1125 | &nbsp;&nbsp; 1190614 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 12/01/35 | 495 | &nbsp;&nbsp; 495007 |
| &nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/01/46 | 1915 | &nbsp;&nbsp; 1825829 |
| Chicago Board of Education, Refunding GO |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 6.00%, 12/01/43 | 315 | &nbsp;&nbsp; 333326 |
| &nbsp;&nbsp;&nbsp; Series G, 5.00%, 12/01/34 | 450 | &nbsp;&nbsp; 453060 |
| Chicago O'Hare International Airport, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, AMT, Senior Lien, 4.63%, 01/01/53 | 1260 | &nbsp;&nbsp; 1203941 |
| &nbsp;&nbsp;&nbsp; Series E, AMT, Senior Lien, 5.50%, 01/01/60 | 2615 | &nbsp;&nbsp; 2714557 |
| Illinois Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 4.00%, 02/15/27<sup>(g)</sup> | 90 | &nbsp;&nbsp; 91511 |
| &nbsp;&nbsp;&nbsp; Series C, 4.00%, 02/15/41 | 10 | &nbsp;&nbsp; 9896 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, RB, S/F Housing, <br> Series N, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 6.25%, 04/01/54<br>| 710 | &nbsp;&nbsp; 776463 |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, RB, 5.00%, <br> 06/15/57<br>| 870 | &nbsp;&nbsp; 848637 |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, Refunding RB, <br> Series B, (AGM), 0.00%, 06/15/44<sup>(d)</sup><br>| 5175 | &nbsp;&nbsp; 2293603 |
| State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 05/01/43 | 500 | &nbsp;&nbsp; 528687 |
| &nbsp;&nbsp;&nbsp; Series E, 5.00%, 09/01/43 | 765 | &nbsp;&nbsp; 805867 |
|  |  | &nbsp;&nbsp; 13570998 |
| **Indiana — 0.4%** | **Indiana — 0.4%** |  |
| Indiana Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/46 | 640 | &nbsp;&nbsp; 683307 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/47 | 220 | &nbsp;&nbsp; 234033 |
|  |  | &nbsp;&nbsp; 917340 |
| **Kansas — 0.1%** | **Kansas — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Ellis County Unified School District No. 489 Hays, <br> Refunding GO, Series B, (AGM), 4.00%, 09/01/52<br>| 260 | &nbsp;&nbsp; 237710 |
| **Kentucky — 1.2%** | **Kentucky — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Kentucky Public Transportation Infrastructure Authority, <br> RB, CAB, Convertible, 6.75%, 07/01/43<sup>(h)</sup><br>| 1200 | &nbsp;&nbsp; 1356486 |
| University of Kentucky, RB, Class A, 5.00%, 04/01/55 | 1610 | &nbsp;&nbsp; 1646743 |
|  |  | &nbsp;&nbsp; 3003229 |
| **Louisiana — 2.0%** | **Louisiana — 2.0%** |  |
| Louisiana Public Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/53 | 1005 | &nbsp;&nbsp; 997865 |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 09/01/64 | 495 | &nbsp;&nbsp; 510015 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 09/01/66 | 1380 | &nbsp;&nbsp; 1299254 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Refunding RB, <br> Series A, Class A, 4.00%, 12/15/27<sup>(g)</sup><br>| 60 | &nbsp;&nbsp; 61694 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Louisiana (continued)** | **Louisiana (continued)** |  |
| &nbsp;&nbsp;&nbsp; Parish of East Baton Rouge Capital Improvements <br> District, RB, 5.00%, 08/01/46<br>| 610 | &nbsp;&nbsp; $638236  |
| &nbsp;&nbsp;&nbsp; Port New Orleans Board of Commissioners, ARB, <br> Series E, AMT, 5.00%, 04/01/44<br>| 1345 | &nbsp;&nbsp; 1365900 |
|  |  | &nbsp;&nbsp; 4872964 |
| **Maryland — 0.2%** | **Maryland — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, <br> Refunding RB, 5.25%, 07/01/50<br>| 500 | &nbsp;&nbsp; 515375 |
| **Massachusetts — 2.2%** | **Massachusetts — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund <br> Revenue, RB, Series B, 5.00%, 06/01/52<br>| 1335 | &nbsp;&nbsp; 1376845 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, GOL, Series D, 5.00%, <br> 10/01/50<br>| 1285 | &nbsp;&nbsp; 1336544 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, RB, <br> Series A, 5.00%, 01/01/47<br>| 1150 | &nbsp;&nbsp; 1109244 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Refunding <br> RB, 4.13%, 10/01/42<sup>(b)</sup><br>| 470 | &nbsp;&nbsp; 444530 |
| &nbsp;&nbsp;&nbsp; Massachusetts Port Authority, ARB, Series E, AMT, <br> 5.00%, 07/01/46<br>| 1110 | &nbsp;&nbsp; 1134717 |
|  |  | &nbsp;&nbsp; 5401880 |
| **Michigan — 1.7%** | **Michigan — 1.7%** |  |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, RB, Sustainability Bonds, <br> 5.50%, 02/28/57<br>| 2830 | &nbsp;&nbsp; 2932734 |
| Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 | 1070 | &nbsp;&nbsp; 1074755 |
|  |  | &nbsp;&nbsp; 4007489 |
| **Minnesota — 1.4%** | **Minnesota — 1.4%** |  |
| Duluth Economic Development Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 02/15/48 | 1995 | &nbsp;&nbsp; 1808753 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 02/15/58 | 1480 | &nbsp;&nbsp; 1485389 |
|  |  | &nbsp;&nbsp; 3294142 |
| **Missouri — 3.6%** | **Missouri — 3.6%** |  |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of <br> Missouri, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 02/15/49 | 2630 | &nbsp;&nbsp; 2299320 |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 04/01/55 | 1390 | &nbsp;&nbsp; 1287069 |
| &nbsp;&nbsp;&nbsp; Series C, 5.00%, 11/15/42 | 2570 | &nbsp;&nbsp; 2612495 |
| Kansas City Industrial Development Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Class B, AMT, (AGM), 5.00%, 03/01/49 | 640 | &nbsp;&nbsp; 643338 |
| &nbsp;&nbsp;&nbsp; Class B, AMT, (AGM), 5.00%, 03/01/55 | 640 | &nbsp;&nbsp; 641871 |
| &nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, RB, S/F <br> Housing, Series C, (FHLMC, FNMA, GNMA), 4.70%, <br> 11/01/54<br>| 1310 | &nbsp;&nbsp; 1295392 |
|  |  | &nbsp;&nbsp; 8779485 |
| **Nevada — 0.6%** | **Nevada — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Las Vegas Valley Water District, GOL, Series A, 5.25%, <br> 06/01/55<br>| 1405 | &nbsp;&nbsp; 1486896 |
| **New Hampshire — 1.5%** | **New Hampshire — 1.5%** |  |
| New Hampshire Business Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, 4.17%, 01/20/41<sup>(a)</sup> | 367 | &nbsp;&nbsp; 366899 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.50%, 06/01/55 | 1830 | &nbsp;&nbsp; 1887842 |
| &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 | 555 | &nbsp;&nbsp; 584549 |
| &nbsp;&nbsp;&nbsp; Series 2025, Subordinate, 5.15%, 09/28/37 | 875 | &nbsp;&nbsp; 893427 |
|  |  | &nbsp;&nbsp; 3732717 |
| **New Jersey — 10.4%** | **New Jersey — 10.4%** |  |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, 5.25%, 11/01/47 | 1740 | &nbsp;&nbsp; 1831856 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniVest Fund II, Inc. (MVT)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New Jersey (continued)** | **New Jersey (continued)** |  |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, <br> RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series EEE, 5.00%, 06/15/48 | 5845 | &nbsp;&nbsp; $5965386  |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Refunding <br> SAB, 5.75%, 04/01/31<br>| 2240 | &nbsp;&nbsp; 2272887 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance <br> Authority, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 1-B, AMT, 4.50%, 12/01/45 | 305 | &nbsp;&nbsp; 315768 |
| &nbsp;&nbsp;&nbsp; Series B, AMT, 4.00%, 12/01/41 | 860 | &nbsp;&nbsp; 861736 |
| &nbsp;&nbsp;&nbsp; Series C, AMT, Subordinate, 5.00%, 12/01/52 | 1245 | &nbsp;&nbsp; 1215090 |
| New Jersey Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series AA, 5.00%, 06/15/50 | 1765 | &nbsp;&nbsp; 1826451 |
| &nbsp;&nbsp;&nbsp; Series BB, 5.00%, 06/15/46 | 1485 | &nbsp;&nbsp; 1553832 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, <br> Refunding RB, Series A, 4.25%, 06/15/40<br>| 3225 | &nbsp;&nbsp; 3305314 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, RB, Series A, 5.25%, <br> 01/01/55<br>| 1085 | &nbsp;&nbsp; 1152058 |
| Tobacco Settlement Financing Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/46 | 255 | &nbsp;&nbsp; 250952 |
| &nbsp;&nbsp;&nbsp; Sub-Series B, 5.00%, 06/01/46 | 4975 | &nbsp;&nbsp; 4828767 |
|  |  | &nbsp;&nbsp; 25380097 |
| **New York — 17.4%** | **New York — 17.4%** |  |
| City of New York, GO, Series G-1, 5.25%, 02/01/53 | 200 | &nbsp;&nbsp; 209537 |
| &nbsp;&nbsp;&nbsp; Erie Tobacco Asset Securitization Corp., Refunding RB, <br> Series A, 5.00%, 06/01/45<br>| 1960 | &nbsp;&nbsp; 1615046 |
| Metropolitan Transportation Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C-1, Sustainability Bonds, 5.00%, 11/15/50 | 515 | &nbsp;&nbsp; 521350 |
| &nbsp;&nbsp;&nbsp; Series C-1, Sustainability Bonds, 5.25%, 11/15/55 | 760 | &nbsp;&nbsp; 775581 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., RB, M/F <br> Housing, Sustainability Bonds, (HUD SECT 8), 4.80%, <br> 02/01/53<br>| 5000 | &nbsp;&nbsp; 4921078 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, RB, <br> Series BB, 5.25%, 06/15/55<br>| 475 | &nbsp;&nbsp; 500324 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series DD, 4.13%, 06/15/46 | 370 | &nbsp;&nbsp; 354437 |
| &nbsp;&nbsp;&nbsp; Series DD, 4.13%, 06/15/47 | 6310 | &nbsp;&nbsp; 5997224 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Subordinate, 5.25%, 05/01/52 | 820 | &nbsp;&nbsp; 860520 |
| &nbsp;&nbsp;&nbsp; Series E, Subordinate, 5.00%, 11/01/53 | 725 | &nbsp;&nbsp; 741886 |
| &nbsp;&nbsp;&nbsp; Series F-1, Subordinate, 4.00%, 02/01/51 | 3200 | &nbsp;&nbsp; 2930223 |
| &nbsp;&nbsp;&nbsp; Series H-1, Subordinate, 5.00%, 11/01/50 | 1370 | &nbsp;&nbsp; 1410039 |
| New York Counties Tobacco Trust IV, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/38 | 1825 | &nbsp;&nbsp; 1692123 |
| &nbsp;&nbsp;&nbsp; Series A, 6.25%, 06/01/41<sup>(b)</sup> | 1670 | &nbsp;&nbsp; 1639657 |
| New York Liberty Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 09/15/50 | 315 | &nbsp;&nbsp; 236099 |
| &nbsp;&nbsp;&nbsp; Class 2, 5.38%, 11/15/40<sup>(b)</sup> | 850 | &nbsp;&nbsp; 850043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, <br> 11/15/51<br>| 2370 | &nbsp;&nbsp; 1721873 |
| New York State Dormitory Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, 5.25%, 05/01/54 | 2150 | &nbsp;&nbsp; 2219459 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/15/54 | 545 | &nbsp;&nbsp; 493352 |
| New York Transportation Development Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.63%, 04/01/40 | 470 | &nbsp;&nbsp; 498987 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 6.00%, 06/30/55 | 545 | &nbsp;&nbsp; 577602 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 6.00%, 06/30/59 | 825 | &nbsp;&nbsp; 870865 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, (AGM), 6.00%, 06/30/60 | 1035 | &nbsp;&nbsp; 1112249 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New York (continued)** | **New York (continued)** |  |
| New York Transportation Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/35 | 700 | &nbsp;&nbsp; $743207  |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, (AGM), 5.25%, 06/30/60 | 1950 | &nbsp;&nbsp; 1971901 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.50%, 06/30/60 | 1120 | &nbsp;&nbsp; 1133828 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Refunding <br> RB, Series A, AMT, Sustainability Bonds, (AGM), <br> 5.25%, 12/31/54<br>| 1525 | &nbsp;&nbsp; 1549330 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority Sales Tax Revenue, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 05/15/48 | 3055 | &nbsp;&nbsp; 2836719 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/15/52 | 400 | &nbsp;&nbsp; 416001 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, RB, Series A-1, <br> 4.00%, 11/15/54<br>| 1155 | &nbsp;&nbsp; 1034085 |
|  |  | &nbsp;&nbsp; 42434625 |
| **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 — 0.7%** | **North Dakota — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, RB, S/F Housing, <br> Series C, Sustainability Bonds, 4.75%, 07/01/49<br>| 1770 | &nbsp;&nbsp; 1777348 |
| **Ohio — 1.3%** | **Ohio — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-2, Class 1, 4.00%, 06/01/48 | 830 | &nbsp;&nbsp; 714706 |
| &nbsp;&nbsp;&nbsp; Series B-2, Class 2, 5.00%, 06/01/55 | 1755 | &nbsp;&nbsp; 1443358 |
| County of Franklin Ohio, RB, Series A, 5.00%, 12/01/47 | 400 | &nbsp;&nbsp; 403006 |
| &nbsp;&nbsp;&nbsp; County of Hamilton Ohio, RB, Series CC, 5.00%, <br> 11/15/49<br>| 530 | &nbsp;&nbsp; 568630 |
|  |  | &nbsp;&nbsp; 3129700 |
| **Oklahoma — 0.2%** | **Oklahoma — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Tulsa Municipal Airport Trust Trustees, Refunding, ARB, <br> AMT, 6.25%, 12/01/35<br>| 485 | &nbsp;&nbsp; 563053 |
| **Pennsylvania — 2.7%** | **Pennsylvania — 2.7%** |  |
| Allegheny County Airport Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, (AGM), 5.50%, 01/01/48 | 235 | &nbsp;&nbsp; 245876 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, (AGM-CR), 4.00%, 01/01/56 | 605 | &nbsp;&nbsp; 517813 |
| &nbsp;&nbsp;&nbsp; City of Philadelphia Pennsylvania Water & Wastewater <br> Revenue, RB, Series C, (AGM), 5.25%, 09/01/54<br>| 2295 | &nbsp;&nbsp; 2423564 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health <br> Authority, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/51 | 510 | &nbsp;&nbsp; 434068 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/48 | 345 | &nbsp;&nbsp; 346543 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, <br> Refunding RB, AMT, 5.50%, 11/01/44<br>| 1035 | &nbsp;&nbsp; 1035461 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, <br> Refunding RB, Series B-1, (AGM), 5.00%, 11/01/51<br>| 480 | &nbsp;&nbsp; 486084 |
| &nbsp;&nbsp;&nbsp; Philadelphia Gas Works Co., Refunding RB, Series A, <br> 5.25%, 08/01/49<br>| 1080 | &nbsp;&nbsp; 1134927 |
|  |  | &nbsp;&nbsp; 6624336 |
| **Puerto Rico — 6.0%** | **Puerto Rico — 6.0%** |  |
| Commonwealth of Puerto Rico, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.63%, 07/01/29 | 1435 | &nbsp;&nbsp; 1524450 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.75%, 07/01/31 | 1295 | &nbsp;&nbsp; 1429510 |
| &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 | 1084 | &nbsp;&nbsp; 1045549 |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 6313 | &nbsp;&nbsp; 6178872 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniVest Fund II, Inc. (MVT)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Puerto Rico (continued)** | **Puerto Rico (continued)** |  |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 2941 | &nbsp;&nbsp; $2805481  |
| &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>(d)</sup><br>| 4251 | &nbsp;&nbsp; 1472893 |
|  |  | &nbsp;&nbsp; 14456755 |
| **South Carolina — 3.1%** | **South Carolina — 3.1%** |  |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/48 | 1420 | &nbsp;&nbsp; 1516001 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/49 | 1865 | &nbsp;&nbsp; 1987488 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/50 | 145 | &nbsp;&nbsp; 154320 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> Refunding RB, 5.00%, 11/15/47<br>| 1050 | &nbsp;&nbsp; 1053528 |
| &nbsp;&nbsp;&nbsp; South Carolina Ports Authority, ARB, Series B, AMT, <br> 4.00%, 07/01/49<br>| 650 | &nbsp;&nbsp; 572457 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Refunding RB, <br> Series B, 5.00%, 12/01/46<br>| 2110 | &nbsp;&nbsp; 2192127 |
|  |  | &nbsp;&nbsp; 7475921 |
| **Tennessee — 1.0%** | **Tennessee — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County <br> TN Water & Sewer Revenue, Refunding RB, 5.25%, <br> 07/01/55<br>| 630 | &nbsp;&nbsp; 666066 |
| Tennergy Corp., RB, Series A, 5.50%, 10/01/53<sup>(a)</sup> | 1640 | &nbsp;&nbsp; 1754566 |
|  |  | &nbsp;&nbsp; 2420632 |
| **Texas — 9.1%** | **Texas — 9.1%** |  |
| Arlington Higher Education Finance Corp., RB<sup>(b)(e)(f)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/62 | 435 | &nbsp;&nbsp; 217500 |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62 | 370 | &nbsp;&nbsp; 222000 |
| &nbsp;&nbsp;&nbsp; Celina Independent School District, GO, (PSF), 4.00%, <br> 02/15/53<br>| 1545 | &nbsp;&nbsp; 1413959 |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Water & Wastewater System <br> Revenue, Refunding RB, 5.00%, 11/15/53<br>| 640 | &nbsp;&nbsp; 666595 |
| &nbsp;&nbsp;&nbsp; City of Corpus Christi Texas Utility System Revenue, <br> Refunding RB, 4.13%, 07/15/53<br>| 930 | &nbsp;&nbsp; 855278 |
| &nbsp;&nbsp;&nbsp; City of Garland Texas Electric Utility System Revenue, <br> Refunding RB, (AGM), 4.25%, 03/01/48<br>| 190 | &nbsp;&nbsp; 180425 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, ARB, <br> Series B, AMT, 5.50%, 07/15/38<br>| 310 | &nbsp;&nbsp; 335870 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, Refunding <br> ARB, Series A, AMT, Subordinate Lien, (AGM), 5.25%, <br> 07/01/48<br>| 1745 | &nbsp;&nbsp; 1801421 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, Refunding <br> RB, AMT, 5.00%, 07/01/29<br>| 635 | &nbsp;&nbsp; 635833 |
| City of Houston Texas, GOL, Series A, 5.25%, 03/01/49 | 1375 | &nbsp;&nbsp; 1465300 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas, Refunding GOL, Series A, 5.25%, <br> 03/01/42<br>| 210 | &nbsp;&nbsp; 230097 |
| City of Hutto Texas, GOL, (BAM), 4.13%, 08/01/49 | 470 | &nbsp;&nbsp; 444370 |
| &nbsp;&nbsp;&nbsp; City of San Antonio Texas Electric & Gas Systems <br> Revenue, Refunding RB, Series E, 5.25%, 02/01/49<br>| 4500 | &nbsp;&nbsp; 4791079 |
| &nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., Refunding RB, <br> Series A, (PSF), 4.13%, 08/15/49<br>| 1155 | &nbsp;&nbsp; 1103007 |
| &nbsp;&nbsp;&nbsp; Leander Independent School District, Refunding GO, <br> Series A, (PSF), 5.00%, 08/15/50<br>| 1345 | &nbsp;&nbsp; 1401812 |
| &nbsp;&nbsp;&nbsp; Longview Independent School District, GO, (PSF), 4.00%, <br> 02/15/49<br>| 1120 | &nbsp;&nbsp; 1046580 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., <br> RB, Series A, 5.50%, 08/15/49<br>| 1505 | &nbsp;&nbsp; 1634315 |
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, GO, (PSF), <br> 5.25%, 02/15/55<br>| 700 | &nbsp;&nbsp; 737658 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| Tarrant Regional Water District, RB, 4.25%, 09/01/55 | 625 | &nbsp;&nbsp; $579743  |
| &nbsp;&nbsp;&nbsp; Texas Department of Housing & Community Affairs, RB, <br> S/F Housing, Series C, (GNMA), 5.00%, 09/01/48<br>| 1620 | &nbsp;&nbsp; 1643404 |
| &nbsp;&nbsp;&nbsp; Waller Consolidated Independent School District, GO, <br> Series A, (PSF), 4.00%, 02/15/48<br>| 750 | &nbsp;&nbsp; 706778 |
|  |  | &nbsp;&nbsp; 22113024 |
| **Utah — 1.1%** | **Utah — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Black Desert Public Infrastructure District, SAB, 5.63%, <br> 12/01/53<sup>(b)</sup><br>| 135 | &nbsp;&nbsp; 135757 |
| Downtown Revitalization Public Infrastructure District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 1st Lien, (AGM), 5.50%, 06/01/55 | 650 | &nbsp;&nbsp; 694316 |
| &nbsp;&nbsp;&nbsp; Series B, 2nd Lien, (AGM), 5.50%, 06/01/50 | 1550 | &nbsp;&nbsp; 1674743 |
| &nbsp;&nbsp;&nbsp; Series B, 2nd Lien, (AGM), 5.50%, 06/01/55 | 230 | &nbsp;&nbsp; 245681 |
|  |  | &nbsp;&nbsp; 2750497 |
| **Virginia — 0.7%** | **Virginia — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Henrico County Economic Development Authority, <br> Refunding RB, Series A, 5.00%, 11/01/48<br>| 665 | &nbsp;&nbsp; 688397 |
| &nbsp;&nbsp;&nbsp; Virginia Housing Development Authority, RB, M/F <br> Housing, Series A, 4.60%, 09/01/49<br>| 1035 | &nbsp;&nbsp; 1027993 |
|  |  | &nbsp;&nbsp; 1716390 |
| **Washington — 1.2%** | **Washington — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Port of Seattle Washington, ARB, Series B, AMT, <br> Intermediate Lien, 5.50%, 10/01/50<br>| 2525 | &nbsp;&nbsp; 2678596 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Refunding <br> RB, Series A, 5.50%, 09/01/55<br>| 195 | &nbsp;&nbsp; 206235 |
|  |  | &nbsp;&nbsp; 2884831 |
| **Wisconsin — 1.9%** | **Wisconsin — 1.9%** |  |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 6.50%, 06/30/60 | 295 | &nbsp;&nbsp; 325674 |
| &nbsp;&nbsp;&nbsp; AMT, 6.50%, 12/31/65 | 2015 | &nbsp;&nbsp; 2224523 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, RB, <br> Class A, 5.50%, 02/15/54<br>| 1445 | &nbsp;&nbsp; 1511108 |
| &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>| 320 | &nbsp;&nbsp; 329089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 4.75%, 03/01/51<br>| 305 | &nbsp;&nbsp; 303168 |
|  |  | &nbsp;&nbsp; 4693562 |
| **Total Municipal Bonds — 103.9%** <br>**(Cost: $247,394,375)** | **Total Municipal Bonds — 103.9%** <br>**(Cost: $247,394,375)** | &nbsp;&nbsp; 252987862 |
| **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 — 8.9%** | **Alabama — 8.9%** |  |
| &nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District, RB, Series B-1, <br> 5.75%, 04/01/54<br>| 10000 | &nbsp;&nbsp; 11041611 |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, RB, <br> Series A, 5.25%, 01/01/54<br>| 10000 | &nbsp;&nbsp; 10589803 |
|  |  | &nbsp;&nbsp; 21631414 |
| **District of Columbia — 4.2%** | **District of Columbia — 4.2%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Income Tax Revenue, Refunding RB, <br> Series A, 5.00%, 06/01/50<br>| 4560 | &nbsp;&nbsp; 4755428 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB, Series A, AMT, 5.50%, <br> 10/01/54<br>| 5180 | &nbsp;&nbsp; 5418300 |
|  |  | &nbsp;&nbsp; 10173728 |
| **Florida — 8.4%** | **Florida — 8.4%** |  |
| &nbsp;&nbsp;&nbsp; City of Melbourne Florida Water & Sewer Revenue, RB, <br> 5.00%, 11/15/50<br>| 3090 | &nbsp;&nbsp; 3211615 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniVest Fund II, Inc. (MVT)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| City of Tallahassee, RB, 5.25%, 10/01/55 | 3320 | &nbsp;&nbsp; $3497755  |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Aviation Revenue, <br> Refunding ARB, Series A, AMT, 5.25%, 10/01/50<br>| 2735 | &nbsp;&nbsp; 2814120 |
| &nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority, ARB, AMT, <br> Subordinate, 5.25%, 10/01/51<sup>(j)</sup><br>| 4620 | &nbsp;&nbsp; 4785487 |
| Tampa Bay Water, RB, Series A, 5.25%, 10/01/54<sup>(j)</sup> | 5793 | &nbsp;&nbsp; 6120854 |
|  |  | &nbsp;&nbsp; 20429831 |
| **Georgia — 1.5%** | **Georgia — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; County of DeKalb Georgia Water & Sewerage Revenue, <br> RB, Series A, 5.00%, 10/01/55<sup>(j)</sup><br>| 3500 | &nbsp;&nbsp; 3628146 |
| **Michigan — 1.1%** | **Michigan — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, RB, M/F <br> Housing, Series A, 5.00%, 10/01/48<br>| 2551 | &nbsp;&nbsp; 2606301 |
| **Missouri — 1.2%** | **Missouri — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, RB, S/F <br> Housing, Series E, 4.60%, 11/01/49<br>| 3074 | &nbsp;&nbsp; 3058084 |
| **New York — 13.8%** | **New York — 13.8%** |  |
| City of New York, GO, Series B, 5.25%, 10/01/47 | 2940 | &nbsp;&nbsp; 3067863 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., RB, M/F <br> Housing, Series E-1, Sustainability Bonds, 4.70%, <br> 11/01/48<sup>(j)</sup><br>| 2460 | &nbsp;&nbsp; 2441745 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB, Series C, 5.25%, 05/01/48<br>| 4240 | &nbsp;&nbsp; 4461884 |
| New York State Dormitory Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/47<sup>(j)</sup> | 4630 | &nbsp;&nbsp; 4848451 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 03/15/53<sup>(j)</sup> | 3118 | &nbsp;&nbsp; 3213838 |
| &nbsp;&nbsp;&nbsp; Series E, 5.00%, 03/15/46 | 3940 | &nbsp;&nbsp; 4043920 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Refunding ARB, <br> AMT, 5.00%, 01/15/47<sup>(j)</sup><br>| 3860 | &nbsp;&nbsp; 3930988 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, RB, Series A, <br> 5.50%, 11/15/57<br>| 3524 | &nbsp;&nbsp; 3737593 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Refunding RB, <br> Series B-1, Sustainability Bonds, 5.25%, 05/15/54<br>| 3758 | &nbsp;&nbsp; 3935838 |
|  |  | &nbsp;&nbsp; 33682120 |
| **Oregon — 3.1%** | **Oregon — 3.1%** |  |
| &nbsp;&nbsp;&nbsp; Port of Portland Oregon Airport Revenue, Refunding ARB, <br> Series 29, AMT, Sustainability Bonds, 5.50%, 07/01/48<br>| 7232 | &nbsp;&nbsp; 7619294 |
| **Pennsylvania — 4.8%** | **Pennsylvania — 4.8%** |  |
| Pennsylvania Housing Finance Agency, RB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp; Series 143A, Sustainability Bonds, 6.25%, 10/01/53 | 4528 | &nbsp;&nbsp; 4936242 |
| &nbsp;&nbsp;&nbsp; Series 145A, Sustainability Bonds, 4.75%, 10/01/49 | 3830 | &nbsp;&nbsp; 3846292 |
| &nbsp;&nbsp;&nbsp; Series 147 A, Sustainability Bonds, 4.70%, 10/01/49<sup>(j)</sup> | 3000 | &nbsp;&nbsp; 3009179 |
|  |  | &nbsp;&nbsp; 11791713 |
| **South Carolina — 2.9%** | **South Carolina — 2.9%** |  |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, Refunding RB, <br> Series B-1, 5.25%, 02/01/54<br>| 6463 | &nbsp;&nbsp; 6979253 |
| **Texas — 10.4%** | **Texas — 10.4%** |  |
| &nbsp;&nbsp;&nbsp; Austin Community College District, Refunding GOL, <br> 5.25%, 08/01/55<br>| 5260 | &nbsp;&nbsp; 5527976 |
| &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>| 7858 | &nbsp;&nbsp; 8243005 |
| &nbsp;&nbsp;&nbsp; City of San Antonio Texas Electric & Gas Systems <br> Revenue, Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 02/01/49 | 2969 | &nbsp;&nbsp; 3151707 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; City of San Antonio Texas Electric & Gas Systems <br> Revenue, Refunding RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 02/01/50<sup>(j)</sup> | 2474 | &nbsp;&nbsp; $2657917  |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District, RB, 5.00%, <br> 06/01/50<sup>(j)</sup><br>| 2319 | &nbsp;&nbsp; 2404474 |
| &nbsp;&nbsp;&nbsp; Terrell Independent School District, GO, (PSF), 5.25%, <br> 08/01/55<sup>(j)</sup><br>| 3220 | &nbsp;&nbsp; 3408040 |
|  |  | &nbsp;&nbsp; 25393119 |
| **Utah — 1.7%** | **Utah — 1.7%** |  |
| &nbsp;&nbsp;&nbsp; City of Salt Lake City Utah Airport Revenue, ARB, <br> Series A, AMT, 5.50%, 07/01/53<sup>(j)</sup><br>| 4062 | &nbsp;&nbsp; 4230573 |
| **Washington — 2.3%** | **Washington — 2.3%** |  |
| &nbsp;&nbsp;&nbsp; Port of Seattle Washington, Refunding ARB, Series C, <br> AMT, 5.00%, 08/01/46<br>| 5390 | &nbsp;&nbsp; 5500515 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 64.3%** <br>**(Cost: $153,797,379)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 64.3%** <br>**(Cost: $153,797,379)** | &nbsp;&nbsp; 156724091 |

---

&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>(f)(k)</sup><br>| 6818 | &nbsp;&nbsp; 13636 |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** | &nbsp;&nbsp; 13636 |
| **Total Long-Term Investments — 168.2%** <br>**(Cost: $401,191,754)** | **Total Long-Term Investments — 168.2%** <br>**(Cost: $401,191,754)** | &nbsp;&nbsp; 409725589 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.0%** | **Money Market Funds — 2.0%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.03%<sup>(l)(m)</sup><br>| 4900488 | &nbsp;&nbsp; 4900978 |
| **Total Short-Term Securities — 2.0%** <br>**(Cost: $4,900,798)** | **Total Short-Term Securities — 2.0%** <br>**(Cost: $4,900,798)** | &nbsp;&nbsp; 4900978 |
| **Total Investments — 170.2%** <br>**(Cost: $406,092,552)** | **Total Investments — 170.2%** <br>**(Cost: $406,092,552)** | &nbsp;&nbsp; 414626567 |
| **Other Assets Less Liabilities — 0.7%** | **Other Assets Less Liabilities — 0.7%** | &nbsp;&nbsp; 1826027 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (39.0)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (39.0)%** | &nbsp;&nbsp; (95096457)<br>|
| **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(31.9)%** | **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(31.9)%** | &nbsp;&nbsp; (77700000)<br>|
| **Net Assets Applicable to Common Shares — 100.0%** | **Net Assets Applicable to Common Shares — 100.0%** | &nbsp;&nbsp; $243656137 |

---

&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> Zero-coupon bond.

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniVest Fund II, Inc. (MVT)** 

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

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

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

<sup>(j)</sup> All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between July 1, 2031 to October 1, 2042, is $30,438,885. See Note 4 of the Notes to Financial Statements for details. 

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

<sup>(l)</sup> Affiliate of the Fund.

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 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 | $5713253 | $—<br> $(812274 )<sup>(a)</sup><br>| &nbsp;&nbsp; $212 | $(213)<br>| $4900978 | 4900488 | $55614 | $— |

---

&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 Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &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; $252987862  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $252987862  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 156724091 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 156724091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13636 | &nbsp;&nbsp;&nbsp;&nbsp; 13636 |
| &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; 4900978 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4900978 |
|  | &nbsp;&nbsp; $4900978 | &nbsp;&nbsp;&nbsp;&nbsp; $409711953 | &nbsp;&nbsp;&nbsp;&nbsp; $13636 | &nbsp;&nbsp;&nbsp;&nbsp; $414626567 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TOB Trust Certificates | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(94466927)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(94466927)<br>|
| &nbsp;&nbsp;&nbsp; VMTP Shares at Liquidation Value | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (77700000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (77700000)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(172166927)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(172166927)<br>|

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)

January 31, 2026

**BlackRock MuniYield Quality Fund II, Inc. (MQT)** 

**(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 — 5.0%** | **Alabama — 5.0%** |  |
| Black Belt Energy Gas District, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 01/01/54 | $835 | &nbsp;&nbsp; $893779  |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 05/01/56 | 1085 | &nbsp;&nbsp; 1128341 |
| &nbsp;&nbsp;&nbsp; Series F, 5.50%, 11/01/53 | 810 | &nbsp;&nbsp; 856353 |
| &nbsp;&nbsp;&nbsp; County of Jefferson Alabama Sewer Revenue, Refunding <br> RB, 5.25%, 10/01/49<br>| 1740 | &nbsp;&nbsp; 1807705 |
| &nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District, RB, Series B-1, <br> 5.75%, 04/01/54<sup>(a)</sup><br>| 1815 | &nbsp;&nbsp; 2004052 |
| &nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Refunding RB, <br> Series B, 5.00%, 06/01/49<sup>(a)</sup><br>| 1060 | &nbsp;&nbsp; 1134720 |
| Southeast Energy Authority A Cooperative District, RB<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 01/01/56 | 840 | &nbsp;&nbsp; 874487 |
| &nbsp;&nbsp;&nbsp; Series A-1, 5.50%, 01/01/53 | 740 | &nbsp;&nbsp; 791223 |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 03/01/55 | 480 | &nbsp;&nbsp; 507992 |
| &nbsp;&nbsp;&nbsp; Series B-1, 5.00%, 05/01/53 | 2055 | &nbsp;&nbsp; 2139911 |
|  |  | &nbsp;&nbsp; 12138563 |
| **Arizona — 3.5%** | **Arizona — 3.5%** |  |
| Arizona Industrial Development Authority, RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/54 | 545 | &nbsp;&nbsp; 468355 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/49 | 545 | &nbsp;&nbsp; 494314 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/54 | 420 | &nbsp;&nbsp; 372865 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., ARB, Series B, <br> AMT, Junior Lien, 5.00%, 07/01/44<br>| 1745 | &nbsp;&nbsp; 1781606 |
| &nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., RB, Junior Lien, <br> 5.25%, 07/01/47<br>| 910 | &nbsp;&nbsp; 978614 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima, <br> RB, 5.00%, 07/01/39<sup>(b)</sup><br>| 500 | &nbsp;&nbsp; 500184 |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima, <br> Refunding RB, 5.00%, 06/15/49<sup>(b)</sup><br>| 1025 | &nbsp;&nbsp; 918503 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, <br> Refunding RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/54<sup>(b)</sup> | 290 | &nbsp;&nbsp; 270492 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 09/01/37 | 575 | &nbsp;&nbsp; 600416 |
| &nbsp;&nbsp;&nbsp; Sierra Vista Industrial Development Authority, RB, 5.75%, <br> 06/15/53<sup>(b)</sup><br>| 745 | &nbsp;&nbsp; 734381 |
| Town of Queen Creek, COP, 5.50%, 10/01/65<sup>(c)</sup> | 1310 | &nbsp;&nbsp; 1386402 |
|  |  | &nbsp;&nbsp; 8506132 |
| **Arkansas — 0.2%** | **Arkansas — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, RB, AMT, <br> Sustainability Bonds, 5.70%, 05/01/53<br>| 420 | &nbsp;&nbsp; 426814 |
| **California — 6.5%** | **California — 6.5%** |  |
| &nbsp;&nbsp;&nbsp; California Enterprise Development Authority, RB, 8.00%, <br> 11/15/62<sup>(b)</sup><br>| 370 | &nbsp;&nbsp; 366144 |
| &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>| 845 | &nbsp;&nbsp; 633750 |
| &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; 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>(d)</sup><br>| 1400 | &nbsp;&nbsp; 929510 |
| &nbsp;&nbsp;&nbsp; Mt San Antonio Community College District, Refunding <br> GO, CAB, Series A, Convertible, Election 2008, 6.25%, <br> 08/01/43<sup>(e)</sup><br>| 5000 | &nbsp;&nbsp; 5116796 |
| &nbsp;&nbsp;&nbsp; Norman Y Mineta San Jose International Airport SJC, <br> Refunding RB, Series A, AMT, 5.00%, 03/01/41<br>| 765 | &nbsp;&nbsp; 771588 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **California (continued)** | **California (continued)** |  |
| &nbsp;&nbsp;&nbsp; Sacramento Metropolitan Fire District, GO, Series A, <br> Election 2024, 4.00%, 08/01/55<br>| 1480 | &nbsp;&nbsp; $1373514  |
| &nbsp;&nbsp;&nbsp; San Diego Unified School District, Refunding GO, CAB, <br> Series R-1, 0.00%, 07/01/31<sup>(d)</sup><br>| 1110 | &nbsp;&nbsp; 970919 |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San Francisco <br> International Airport, Refunding ARB, Series D, AMT, <br> 5.25%, 05/01/55<br>| 1605 | &nbsp;&nbsp; 1669841 |
| Yosemite Community College District, GO<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series D, Election 2004, 0.00%, 08/01/36 | 2000 | &nbsp;&nbsp; 1446908 |
| &nbsp;&nbsp;&nbsp; Series D, Election 2004, 0.00%, 08/01/37 | 2790 | &nbsp;&nbsp; 1928255 |
|  |  | &nbsp;&nbsp; 15714699 |
| **Colorado — 0.7%** | **Colorado — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver CO Airport System Revenue, <br> Refunding ARB, Series A, AMT, 5.00%, 12/01/48<br>| 695 | &nbsp;&nbsp; 697548 |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB, Series A, AMT, 5.00%, <br> 11/15/47<br>| 240 | &nbsp;&nbsp; 244858 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Refunding RB, <br> Series A, 4.00%, 08/01/44<br>| 940 | &nbsp;&nbsp; 860863 |
|  |  | &nbsp;&nbsp; 1803269 |
| **Connecticut — 0.5%** | **Connecticut — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities <br> Authority, RB, 4.25%, 07/15/53<br>| 190 | &nbsp;&nbsp; 175843 |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities <br> Authority, Refunding RB, 5.50%, 07/01/55<sup>(c)</sup><br>| 990 | &nbsp;&nbsp; 1047809 |
|  |  | &nbsp;&nbsp; 1223652 |
| **District of Columbia — 1.0%** | **District of Columbia — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; District of Columbia Income Tax Revenue, Refunding RB, <br> Series A, 5.25%, 06/01/50<br>| 1045 | &nbsp;&nbsp; 1115332 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation <br> Revenue, Refunding ARB, Series A, AMT, 5.50%, <br> 10/01/54<br>| 455 | &nbsp;&nbsp; 475932 |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll <br> Road Revenue, Refunding RB, Series B, Subordinate, <br> 4.00%, 10/01/49<br>| 875 | &nbsp;&nbsp; 766149 |
|  |  | &nbsp;&nbsp; 2357413 |
| **Florida — 7.8%** | **Florida — 7.8%** |  |
| Capital Trust Agency, Inc., RB<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/55 | 535 | &nbsp;&nbsp; 456357 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/55 | 480 | &nbsp;&nbsp; 401396 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 06/01/57 | 170 | &nbsp;&nbsp; 152178 |
| &nbsp;&nbsp;&nbsp; City of Tampa Florida Water & Wastewater System <br> Revenue, RB, Series A, Sustainability Bonds, 5.25%, <br> 10/01/57<br>| 2500 | &nbsp;&nbsp; 2621666 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Aviation Revenue, <br> Refunding ARB, Series A, AMT, 5.00%, 10/01/44<br>| 425 | &nbsp;&nbsp; 433645 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Water & Sewer System <br> Revenue, RB, 4.00%, 10/01/48<br>| 1550 | &nbsp;&nbsp; 1426110 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Seaport Department, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 10/01/41 | 360 | &nbsp;&nbsp; 377881 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.25%, 10/01/52 | 645 | &nbsp;&nbsp; 653473 |
| &nbsp;&nbsp;&nbsp; County of Osceola Florida Transportation Revenue, <br> Refunding RB, CAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-2, 0.00%, 10/01/46 | 480 | &nbsp;&nbsp; 165575 |
| &nbsp;&nbsp;&nbsp; Series A-2, 0.00%, 10/01/47 | 775 | &nbsp;&nbsp; 249775 |
| County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54 | 180 | &nbsp;&nbsp; 193463 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., RB, AMT, 5.00%, <br> 05/01/29<sup>(b)(f)(g)</sup><br>| 480 | &nbsp;&nbsp; 485392 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniYield Quality Fund II, Inc. (MQT)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Florida (continued)** | **Florida (continued)** |  |
| Florida Development Finance Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.00%, 07/01/44 | 2440 | &nbsp;&nbsp; $2413964  |
| &nbsp;&nbsp;&nbsp; AMT, (AGM), 5.25%, 07/01/47 | 600 | &nbsp;&nbsp; 591171 |
| &nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., RB, S/F Housing, <br> Series 5, (FHLMC, FNMA, GNMA), 5.05%, 01/01/56<br>| 960 | &nbsp;&nbsp; 962856 |
| Greater Orlando Aviation Authority, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Sub-Series A, AMT, 5.00%, 10/01/47 | 2520 | &nbsp;&nbsp; 2525903 |
| &nbsp;&nbsp;&nbsp; AMT, Subordinate, 5.25%, 10/01/51 | 815 | &nbsp;&nbsp; 844193 |
| &nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, SAB, 6.30%, <br> 05/01/54<br>| 210 | &nbsp;&nbsp; 220122 |
| Lakewood Ranch Stewardship District, SAB, S/F Housing |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/40 | 235 | &nbsp;&nbsp; 228767 |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/50 | 395 | &nbsp;&nbsp; 327626 |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, RB, Series A, <br> 5.00%, 10/01/53<br>| 1805 | &nbsp;&nbsp; 1832615 |
| Seminole Improvement District, RB, 5.30%, 10/01/37 | 150 | &nbsp;&nbsp; 158000 |
| &nbsp;&nbsp;&nbsp; Storey Creek Community Development District, SAB, <br> 4.13%, 12/15/49<br>| 500 | &nbsp;&nbsp; 423902 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 14, SAB, <br> 5.50%, 05/01/53<br>| 510 | &nbsp;&nbsp; 517792 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 15, SAB, <br> 5.25%, 05/01/54<sup>(b)</sup><br>| 210 | &nbsp;&nbsp; 210619 |
|  |  | &nbsp;&nbsp; 18874441 |
| **Georgia — 2.6%** | **Georgia — 2.6%** |  |
| &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>| 425 | &nbsp;&nbsp; 447325 |
| &nbsp;&nbsp;&nbsp; East Point Business & Industrial Development Authority, <br> RB, Series A, 5.25%, 06/15/62<sup>(b)</sup><br>| 200 | &nbsp;&nbsp; 120000 |
| &nbsp;&nbsp;&nbsp; Gainesville & Hall County Hospital Authority, RB, Series A, <br> 4.00%, 02/15/51<br>| 875 | &nbsp;&nbsp; 772020 |
| &nbsp;&nbsp;&nbsp; Georgia Housing & Finance Authority, RB, S/F Housing, <br> Series C, 5.13%, 12/01/50<br>| 3360 | &nbsp;&nbsp; 3425986 |
| &nbsp;&nbsp;&nbsp; Georgia Housing & Finance Authority, Refunding RB, S/F <br> Housing, Series C, 4.60%, 12/01/54<br>| 570 | &nbsp;&nbsp; 556433 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., RB, Series A, 5.00%, <br> 06/01/53<sup>(a)</sup><br>| 620 | &nbsp;&nbsp; 658209 |
| &nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, RB, Class A, <br> 5.50%, 07/01/63<br>| 345 | &nbsp;&nbsp; 354970 |
|  |  | &nbsp;&nbsp; 6334943 |
| **Hawaii — 0.6%** | **Hawaii — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; State of Hawaii Airports System Revenue, ARB, Series B, <br> 5.00%, 07/01/49<br>| 1490 | &nbsp;&nbsp; 1580133 |
| **Idaho — 0.2%** | **Idaho — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, Refunding RB, Series A, <br> Class A, 4.38%, 03/01/53<br>| 400 | &nbsp;&nbsp; 376815 |
| **Illinois — 9.8%** | **Illinois — 9.8%** |  |
| Chicago Board of Education, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/34 | 985 | &nbsp;&nbsp; 1008483 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/40 | 400 | &nbsp;&nbsp; 399500 |
| &nbsp;&nbsp;&nbsp; Series A, 6.25%, 12/01/50 | 575 | &nbsp;&nbsp; 608536 |
| &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, 4.63%, 01/01/53 | 210 | &nbsp;&nbsp; 200657 |
| &nbsp;&nbsp;&nbsp; Series E, AMT, Senior Lien, 5.50%, 01/01/60 | 1540 | &nbsp;&nbsp; 1598630 |
| &nbsp;&nbsp;&nbsp; Series B, Senior Lien, 4.50%, 01/01/56 | 1925 | &nbsp;&nbsp; 1840922 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Illinois (continued)** | **Illinois (continued)** |  |
| Chicago O'Hare International Airport, Refunding ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Senior Lien, 5.00%, 01/01/48 | 940 | &nbsp;&nbsp; $940281  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Senior Lien, 5.25%, 01/01/48 | 600 | &nbsp;&nbsp; 617291 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Senior Lien, 4.38%, 01/01/53 | 830 | &nbsp;&nbsp; 763476 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, Senior Lien, 5.00%, 01/01/53 | 415 | &nbsp;&nbsp; 409249 |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, <br> Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57<br>| 705 | &nbsp;&nbsp; 707028 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Refunding RB, Series A, 5.00%, <br> 11/15/45<br>| 1110 | &nbsp;&nbsp; 1109945 |
| &nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, RB, Series A, 5.00%, <br> 01/01/40<br>| 730 | &nbsp;&nbsp; 730880 |
| Metropolitan Pier & Exposition Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/57 | 670 | &nbsp;&nbsp; 653548 |
| &nbsp;&nbsp;&nbsp; Series A, (NPFGC), 0.00%, 12/15/36<sup>(d)</sup> | 10000 | &nbsp;&nbsp; 6739059 |
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, Refunding RB, <br> Series B, (AGM), 0.00%, 06/15/44<sup>(d)</sup><br>| 2980 | &nbsp;&nbsp; 1320761 |
| &nbsp;&nbsp;&nbsp; Regional Transportation Authority, RB, Series B, <br> (NPFGC), 5.75%, 06/01/33<br>| 2000 | &nbsp;&nbsp; 2246042 |
| State of Illinois, GO |  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 05/01/41 | 635 | &nbsp;&nbsp; 679878 |
| &nbsp;&nbsp;&nbsp; Series F, 5.25%, 09/01/47 | 850 | &nbsp;&nbsp; 885078 |
|  |  | &nbsp;&nbsp; 23824315 |
| **Indiana — 0.7%** | **Indiana — 0.7%** |  |
| Indiana Finance Authority, RB, Series A, 5.00%, 10/01/53 | 780 | &nbsp;&nbsp; 794637 |
| Indiana Finance Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/46 | 640 | &nbsp;&nbsp; 683307 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 10/01/47 | 220 | &nbsp;&nbsp; 234033 |
|  |  | &nbsp;&nbsp; 1711977 |
| **Kentucky — 1.2%** | **Kentucky — 1.2%** |  |
| &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 |
| County of Boyle Kentucky, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 06/01/46 | 200 | &nbsp;&nbsp; 185587 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/01/49 | 775 | &nbsp;&nbsp; 788053 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Refunding RB, <br> Series A-1, 5.25%, 04/01/54<sup>(a)</sup><br>| 1745 | &nbsp;&nbsp; 1885911 |
|  |  | &nbsp;&nbsp; 3000670 |
| **Louisiana — 2.5%** | **Louisiana — 2.5%** |  |
| Louisiana Public Facilities Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/53 | 1335 | &nbsp;&nbsp; 1325521 |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 09/01/64 | 1480 | &nbsp;&nbsp; 1524894 |
| Louisiana Stadium & Exposition District, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/48 | 480 | &nbsp;&nbsp; 491751 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 07/01/53 | 1280 | &nbsp;&nbsp; 1320194 |
| &nbsp;&nbsp;&nbsp; New Orleans Aviation Board, ARB, Series B, AMT, 5.00%, <br> 01/01/48<br>| 1010 | &nbsp;&nbsp; 1010338 |
| &nbsp;&nbsp;&nbsp; Port New Orleans Board of Commissioners, ARB, <br> Series B, AMT, (AGM), 5.50%, 04/01/51<br>| 435 | &nbsp;&nbsp; 457230 |
|  |  | &nbsp;&nbsp; 6129928 |
| **Maine — 0.4%** | **Maine — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Maine State Housing Authority, RB, S/F Housing, <br> Series C, Sustainability Bonds, (HUD SECT 8), 4.75%, <br> 11/15/49<br>| 885 | &nbsp;&nbsp; 888863 |
| **Maryland — 0.1%** | **Maryland — 0.1%** |  |
| &nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., RB, 5.00%, <br> 07/01/56<br>| 145 | &nbsp;&nbsp; 140837 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniYield Quality Fund II, Inc. (MQT)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Massachusetts — 0.4%** | **Massachusetts — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Refunding <br> RB, 5.00%, 07/01/47<br>| $815 | &nbsp;&nbsp; $816734  |
| &nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, Refunding RB, <br> Series A, AMT, 4.45%, 12/01/42<br>| 100 | &nbsp;&nbsp; 98359 |
|  |  | &nbsp;&nbsp; 915093 |
| **Michigan — 2.4%** | **Michigan — 2.4%** |  |
| &nbsp;&nbsp;&nbsp; City of Lansing Michigan, Refunding GO, Series B, <br> (AGM), 4.13%, 06/01/48<br>| 825 | &nbsp;&nbsp; 784003 |
| Michigan Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/50 | 1570 | &nbsp;&nbsp; 1373314 |
| &nbsp;&nbsp;&nbsp; Series A, 4.00%, 11/15/50 | 2550 | &nbsp;&nbsp; 2259162 |
| &nbsp;&nbsp;&nbsp; Sustainability Bonds, 5.50%, 02/28/57 | 135 | &nbsp;&nbsp; 139901 |
| &nbsp;&nbsp;&nbsp; Michigan State Building Authority, Refunding RB, Series II, <br> 4.00%, 10/15/47<br>| 185 | &nbsp;&nbsp; 173367 |
| Michigan Strategic Fund, RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/31/43 | 150 | &nbsp;&nbsp; 150667 |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 06/30/48 | 945 | &nbsp;&nbsp; 919421 |
|  |  | &nbsp;&nbsp; 5799835 |
| **Minnesota — 0.8%** | **Minnesota — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; Minneapolis-St Paul Metropolitan Airports Commission, <br> ARB, Series B, AMT, Subordinate, 5.25%, 01/01/49<br>| 1215 | &nbsp;&nbsp; 1247826 |
| &nbsp;&nbsp;&nbsp; Minnesota Agricultural & Economic Development Board, <br> RB, 5.25%, 01/01/54<br>| 605 | &nbsp;&nbsp; 622843 |
|  |  | &nbsp;&nbsp; 1870669 |
| **Missouri — 1.2%** | **Missouri — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., Refunding RB, <br> Series B, AMT, 5.00%, 03/01/39<br>| 670 | &nbsp;&nbsp; 692772 |
| &nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of <br> Missouri, Refunding RB, Series A, 4.25%, 04/01/55<br>| 2075 | &nbsp;&nbsp; 1921344 |
| &nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, RB, S/F <br> Housing, Series C, (FHLMC, FNMA, GNMA), 5.00%, <br> 11/01/55<br>| 390 | &nbsp;&nbsp; 391344 |
|  |  | &nbsp;&nbsp; 3005460 |
| **Nebraska — 0.5%** | **Nebraska — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, Refunding RB, Series A, <br> 5.00%, 09/01/37<br>| 1150 | &nbsp;&nbsp; 1286875 |
| **New Hampshire — 2.6%** | **New Hampshire — 2.6%** |  |
| New Hampshire Business Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, 4.17%, 01/20/41<sup>(a)</sup> | 367 | &nbsp;&nbsp; 366899 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 5.50%, 06/01/55 | 1875 | &nbsp;&nbsp; 1934264 |
| &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 | 555 | &nbsp;&nbsp; 584549 |
| &nbsp;&nbsp;&nbsp; Series 2025, Subordinate, 5.15%, 09/28/37 | 870 | &nbsp;&nbsp; 888322 |
| &nbsp;&nbsp;&nbsp; Class A-1, Sustainability Bonds, 4.22%, 11/20/42<sup>(a)</sup> | 2196 | &nbsp;&nbsp; 2158439 |
| &nbsp;&nbsp;&nbsp; Series 2, Sustainability Bonds, 4.25%, 07/20/41 | 357 | &nbsp;&nbsp; 362097 |
|  |  | &nbsp;&nbsp; 6294570 |
| **New Jersey — 4.7%** | **New Jersey — 4.7%** |  |
| &nbsp;&nbsp;&nbsp; Camden County Improvement Authority, RB, Sustainability <br> Bonds, 6.00%, 06/15/62<br>| 180 | &nbsp;&nbsp; 185415 |
| New Jersey Economic Development Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.13%, 01/01/34 | 610 | &nbsp;&nbsp; 611235 |
| &nbsp;&nbsp;&nbsp; AMT, 5.38%, 01/01/43 | 790 | &nbsp;&nbsp; 790902 |
| &nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance <br> Authority, RB, Series C, AMT, Subordinate, 4.25%, <br> 12/01/50<br>| 800 | &nbsp;&nbsp; 688762 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **New Jersey (continued)** | **New Jersey (continued)** |  |
| &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>| 1265 | &nbsp;&nbsp; $1287110  |
| New Jersey Transportation Trust Fund Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/32<sup>(h)</sup> | 1490 | &nbsp;&nbsp; 1737755 |
| &nbsp;&nbsp;&nbsp; Series BB, 4.00%, 06/15/50 | 1400 | &nbsp;&nbsp; 1280203 |
| &nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, RB, Series A, 5.25%, <br> 01/01/55<br>| 1085 | &nbsp;&nbsp; 1152058 |
| Tobacco Settlement Financing Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/35 | 1220 | &nbsp;&nbsp; 1256886 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/01/46 | 860 | &nbsp;&nbsp; 846347 |
| &nbsp;&nbsp;&nbsp; Series A, 5.25%, 06/01/46 | 1610 | &nbsp;&nbsp; 1603353 |
|  |  | &nbsp;&nbsp; 11440026 |
| **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>| 180 | &nbsp;&nbsp; 178319 |
| **New York — 9.3%** | **New York — 9.3%** |  |
| City of New York, GO, Series G-1, 5.25%, 02/01/53 | 200 | &nbsp;&nbsp; 209537 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, RB, Series D-2, <br> Sustainability Bonds, 4.00%, 11/15/48<br>| 1115 | &nbsp;&nbsp; 977297 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp., RB, M/F <br> Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 4.70%, 08/01/54<br>| 935 | &nbsp;&nbsp; 921091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Sustainability Bonds, (HUD SECT 8), 5.00%, <br> 05/01/56<br>| 1260 | &nbsp;&nbsp; 1263471 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB, Series A-1, Subordinate, <br> 5.25%, 05/01/52<br>| 815 | &nbsp;&nbsp; 855273 |
| New York Liberty Development Corp., Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, (BAM-TCRS), 3.00%, <br> 11/15/51<br>| 2045 | &nbsp;&nbsp; 1485752 |
| &nbsp;&nbsp;&nbsp; Series A, Sustainability Bonds, 3.00%, 11/15/51 | 600 | &nbsp;&nbsp; 431403 |
| &nbsp;&nbsp;&nbsp; New York Power Authority, Refunding RB, Series A, <br> Sustainability Bonds, 4.00%, 11/15/55<br>| 230 | &nbsp;&nbsp; 205087 |
| New York Transportation Development Corp., ARB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 12/01/36 | 450 | &nbsp;&nbsp; 486949 |
| &nbsp;&nbsp;&nbsp; AMT, 5.63%, 04/01/40 | 470 | &nbsp;&nbsp; 498987 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, (AGM), 6.00%, 06/30/60 | 1030 | &nbsp;&nbsp; 1106876 |
| New York Transportation Development Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; AMT, 5.00%, 10/01/35 | 700 | &nbsp;&nbsp; 743207 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, (AGM), 5.25%, 06/30/60 | 1800 | &nbsp;&nbsp; 1820216 |
| &nbsp;&nbsp;&nbsp; AMT, Sustainability Bonds, 5.50%, 06/30/60 | 3035 | &nbsp;&nbsp; 3072470 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Refunding <br> RB, Series A, AMT, Sustainability Bonds, 5.50%, <br> 12/31/60<br>| 1200 | &nbsp;&nbsp; 1212093 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, ARB, <br> Series 218, AMT, 5.00%, 11/01/49<br>| 1535 | &nbsp;&nbsp; 1560485 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority Sales Tax Revenue, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 4.25%, 05/15/58 | 3150 | &nbsp;&nbsp; 2883978 |
| &nbsp;&nbsp;&nbsp; Series A, 4.50%, 05/15/63 | 1000 | &nbsp;&nbsp; 950654 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, RB, Series A, <br> 5.00%, 11/15/49<br>| 1900 | &nbsp;&nbsp; 1954175 |
|  |  | &nbsp;&nbsp; 22639001 |
| **North Carolina — 0.6%** | **North Carolina — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, RB, S/F <br> Housing, Series 54-A, (FHLMC, FNMA, GNMA), <br> 4.70%, 07/01/50<br>| 525 | &nbsp;&nbsp; 523055 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniYield Quality Fund II, Inc. (MQT)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **North Carolina (continued)** | **North Carolina (continued)** |  |
| North Carolina Medical Care Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 10/01/56 | 290 | &nbsp;&nbsp; $290838  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/56 | 510 | &nbsp;&nbsp; 512134 |
| &nbsp;&nbsp;&nbsp; University of North Carolina at Chapel Hill, RB, 5.00%, <br> 02/01/49<br>| 165 | &nbsp;&nbsp; 181829 |
|  |  | &nbsp;&nbsp; 1507856 |
| **North Dakota — 0.4%** | **North Dakota — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, RB, S/F Housing, <br> Series C, Sustainability Bonds, 4.75%, 07/01/49<br>| 970 | &nbsp;&nbsp; 974027 |
| **Ohio — 1.5%** | **Ohio — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, <br> Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55<br>| 2075 | &nbsp;&nbsp; 1706534 |
| &nbsp;&nbsp;&nbsp; Columbus-Franklin County Finance Authority, RB, M/F <br> Housing, (FNMA), 4.82%, 11/01/43<br>| 720 | &nbsp;&nbsp; 760819 |
| &nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, RB, S/F Housing, <br> Series B, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 4.65%, 09/01/49<br>| 1160 | &nbsp;&nbsp; 1161385 |
|  |  | &nbsp;&nbsp; 3628738 |
| **Oklahoma — 0.4%** | **Oklahoma — 0.4%** |  |
| &nbsp;&nbsp;&nbsp; Oklahoma Turnpike Authority, RB, Series A, (AGM), <br> 4.25%, 01/01/55<br>| 360 | &nbsp;&nbsp; 354686 |
| &nbsp;&nbsp;&nbsp; Tulsa Municipal Airport Trust Trustees, Refunding, ARB, <br> AMT, 6.25%, 12/01/35<br>| 490 | &nbsp;&nbsp; 568858 |
|  |  | &nbsp;&nbsp; 923544 |
| **Oregon — 0.6%** | **Oregon — 0.6%** |  |
| &nbsp;&nbsp;&nbsp; Clackamas County School District No. 12 North <br> Clackamas, GO, CAB<sup>(d)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, (GTD), 0.00%, 06/15/27<sup>(h)</sup> | 95 | &nbsp;&nbsp; 56236 |
| &nbsp;&nbsp;&nbsp; Series A, (GTD), 0.00%, 06/15/38 | 780 | &nbsp;&nbsp; 453650 |
| &nbsp;&nbsp;&nbsp; Port of Portland Oregon Airport Revenue, ARB, <br> Series 24B, AMT, 5.00%, 07/01/47<br>| 930 | &nbsp;&nbsp; 931213 |
|  |  | &nbsp;&nbsp; 1441099 |
| **Pennsylvania — 5.2%** | **Pennsylvania — 5.2%** |  |
| &nbsp;&nbsp;&nbsp; Allegheny County Airport Authority, ARB, Series A, AMT, <br> 5.00%, 01/01/51<br>| 2030 | &nbsp;&nbsp; 2043960 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/30/42 | 3230 | &nbsp;&nbsp; 3233382 |
| &nbsp;&nbsp;&nbsp; AMT, 5.50%, 06/30/41 | 900 | &nbsp;&nbsp; 973878 |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 06/30/48 | 780 | &nbsp;&nbsp; 818170 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, RB, <br> 4.00%, 08/15/49<br>| 500 | &nbsp;&nbsp; 446573 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, <br> Refunding RB, Series B2, 4.38%, 11/01/54<br>| 680 | &nbsp;&nbsp; 613066 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, RB, S/F Housing, <br> Series 145A, Sustainability Bonds, 4.75%, 10/01/49<br>| 2095 | &nbsp;&nbsp; 2103911 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Refunding RB, <br> S/F Housing, Series 142-A, Sustainability Bonds, <br> 5.00%, 10/01/50<br>| 410 | &nbsp;&nbsp; 413263 |
| Pennsylvania Turnpike Commission, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 12/01/54 | 425 | &nbsp;&nbsp; 446119 |
| &nbsp;&nbsp;&nbsp; Series A, Subordinate, 5.00%, 12/01/44 | 1300 | &nbsp;&nbsp; 1345554 |
| &nbsp;&nbsp;&nbsp; School District of Philadelphia, GOL, Series A, (SAW), <br> 5.50%, 09/01/48<br>| 265 | &nbsp;&nbsp; 280021 |
|  |  | &nbsp;&nbsp; 12717897 |
| **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 | 5000 | &nbsp;&nbsp; 4822643 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Puerto Rico (continued)** | **Puerto Rico (continued)** |  |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax <br> Revenue, RB (continued)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A-1, Restructured, 5.00%, 07/01/58 | 4084 | &nbsp;&nbsp; $3997230  |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.78%, 07/01/58 | 276 | &nbsp;&nbsp; 263282 |
| &nbsp;&nbsp;&nbsp; Series A-2, Restructured, 4.33%, 07/01/40 | 738 | &nbsp;&nbsp; 733530 |
| &nbsp;&nbsp;&nbsp; Series B-1, Restructured, 4.75%, 07/01/53 | 309 | &nbsp;&nbsp; 298039 |
| &nbsp;&nbsp;&nbsp; Series B-2, Restructured, 4.78%, 07/01/58 | 411 | &nbsp;&nbsp; 392061 |
| &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>(d)</sup><br>| 2946 | &nbsp;&nbsp; 1020735 |
|  |  | &nbsp;&nbsp; 11527520 |
| **South Carolina — 3.2%** | **South Carolina — 3.2%** |  |
| &nbsp;&nbsp;&nbsp; Charleston County Airport District, ARB, Series A, AMT, <br> 5.25%, 07/01/54<br>| 410 | &nbsp;&nbsp; 421059 |
| County of Berkeley South Carolina, SAB |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/01/40 | 315 | &nbsp;&nbsp; 301470 |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/01/49 | 465 | &nbsp;&nbsp; 405783 |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, RB, Series A1, <br> 5.25%, 10/01/54<sup>(a)</sup><br>| 1650 | &nbsp;&nbsp; 1774704 |
| &nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/55<sup>(b)</sup> | 855 | &nbsp;&nbsp; 713180 |
| &nbsp;&nbsp;&nbsp; 7.50%, 08/15/62<sup>(b)</sup> | 405 | &nbsp;&nbsp; 361765 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/50 | 530 | &nbsp;&nbsp; 564065 |
| &nbsp;&nbsp;&nbsp; Series A, 4.50%, 11/01/54 | 1205 | &nbsp;&nbsp; 1171672 |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 11/01/54 | 990 | &nbsp;&nbsp; 1041792 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, RB, Series A, <br> 4.00%, 12/01/55<br>| 550 | &nbsp;&nbsp; 480806 |
| &nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Refunding RB, <br> Series B, 5.00%, 12/01/46<br>| 350 | &nbsp;&nbsp; 363623 |
| &nbsp;&nbsp;&nbsp; South Carolina State Housing Finance & Development <br> Authority, Refunding RB, Series A, 4.95%, 07/01/53<br>| 95 | &nbsp;&nbsp; 94886 |
|  |  | &nbsp;&nbsp; 7694805 |
| **Tennessee — 1.6%** | **Tennessee — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; Knox County Health Educational & Housing Facility Board, <br> RB, Series A-1, (BAM), 5.50%, 07/01/59<br>| 160 | &nbsp;&nbsp; 167444 |
| &nbsp;&nbsp;&nbsp; Memphis-Shelby County Airport Authority, ARB, Series A, <br> AMT, 5.00%, 07/01/49<br>| 1000 | &nbsp;&nbsp; 1010135 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Health & Educational Fcilities Board, RB, 5.25%, <br> 05/01/48<br>| 200 | &nbsp;&nbsp; 206058 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County <br> Health & Educational Fcilities Board, Refunding RB, <br> 5.25%, 10/01/58<br>| 835 | &nbsp;&nbsp; 784292 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County <br> TN Water & Sewer Revenue, Refunding RB, 5.25%, <br> 07/01/55<br>| 630 | &nbsp;&nbsp; 666066 |
| Tennergy Corp., RB, Series A, 5.50%, 10/01/53<sup>(a)</sup> | 1040 | &nbsp;&nbsp; 1112652 |
|  |  | &nbsp;&nbsp; 3946647 |
| **Texas — 15.4%** | **Texas — 15.4%** |  |
| &nbsp;&nbsp;&nbsp; Alamo Heights Independent School District, GO, (PSF), <br> 4.00%, 02/01/51<br>| 485 | &nbsp;&nbsp; 441820 |
| Arlington Higher Education Finance Corp., RB<sup>(b)(f)(g)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/62 | 420 | &nbsp;&nbsp; 210000 |
| &nbsp;&nbsp;&nbsp; 7.88%, 11/01/62 | 370 | &nbsp;&nbsp; 222000 |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Airport System Revenue, ARB, AMT, <br> 5.25%, 11/15/47<br>| 905 | &nbsp;&nbsp; 934228 |
| &nbsp;&nbsp;&nbsp; City of Austin Texas Water & Wastewater System <br> Revenue, Refunding RB, 5.00%, 11/15/53<br>| 650 | &nbsp;&nbsp; 677011 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniYield Quality Fund II, Inc. (MQT)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; City of Corpus Christi Texas Utility System Revenue, <br> Refunding RB, 4.13%, 07/15/53<br>| $635 | &nbsp;&nbsp; $583980  |
| &nbsp;&nbsp;&nbsp; City of Galveston Texas Wharves & Terminal Revenue, <br> ARB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 1st Lien, 5.50%, 08/01/43 | 105 | &nbsp;&nbsp; 111374 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 1st Lien, 5.50%, 08/01/44 | 105 | &nbsp;&nbsp; 110579 |
| &nbsp;&nbsp;&nbsp; City of Garland Texas Electric Utility System Revenue, <br> Refunding RB, (AGM), 4.25%, 03/01/48<br>| 100 | &nbsp;&nbsp; 94960 |
| 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 |
| &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>| 630 | &nbsp;&nbsp; 660863 |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, Refunding <br> RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/27 | 225 | &nbsp;&nbsp; 228796 |
| &nbsp;&nbsp;&nbsp; Sub-Series A, AMT, 4.00%, 07/01/46 | 830 | &nbsp;&nbsp; 744195 |
| &nbsp;&nbsp;&nbsp; Sub-Series A, AMT, 4.00%, 07/01/48 | 2055 | &nbsp;&nbsp; 1800638 |
| &nbsp;&nbsp;&nbsp; Conroe Independent School District, GO, (PSF), 4.00%, <br> 02/15/50<br>| 1005 | &nbsp;&nbsp; 934031 |
| County of Harris Texas Toll Road Revenue, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 1st Lien, 4.00%, 08/15/49 | 2135 | &nbsp;&nbsp; 1992698 |
| &nbsp;&nbsp;&nbsp; Series A, 1st Lien, 4.00%, 08/15/54 | 1520 | &nbsp;&nbsp; 1385355 |
| &nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, Refunding ARB, <br> Series A-1, AMT, 5.50%, 11/01/50<br>| 365 | &nbsp;&nbsp; 385494 |
| &nbsp;&nbsp;&nbsp; Denton Independent School District, GO, (PSF), 5.00%, <br> 08/15/48<br>| 665 | &nbsp;&nbsp; 690130 |
| &nbsp;&nbsp;&nbsp; Dickinson Independent School District, GO, (PSF), 4.13%, <br> 02/15/48<br>| 350 | &nbsp;&nbsp; 335956 |
| &nbsp;&nbsp;&nbsp; Eagle Mountain & Saginaw Independent School District, <br> GO, (PSF), 4.00%, 08/15/54<br>| 170 | &nbsp;&nbsp; 152799 |
| &nbsp;&nbsp;&nbsp; Fort Bend Independent School District, Refunding GO, <br> Series A, (PSF), 4.00%, 08/15/49<br>| 370 | &nbsp;&nbsp; 345603 |
| &nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., <br> Refunding RB, Class A, 4.13%, 07/01/52<br>| 295 | &nbsp;&nbsp; 265451 |
| &nbsp;&nbsp;&nbsp; Midland County Fresh Water Supply District No. 1, RB, <br> CAB, Series A, 0.00%, 09/15/27<sup>(d)(h)</sup><br>| 1850 | &nbsp;&nbsp; 1136539 |
| New Hope Cultural Education Facilities Finance Corp., RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.50%, 08/15/49 | 1505 | &nbsp;&nbsp; 1634315 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 08/15/50<sup>(b)</sup> | 450 | &nbsp;&nbsp; 382518 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, RB, Series C, Convertible, <br> 6.75%, 09/01/31<sup>(e)(h)</sup><br>| 10000 | &nbsp;&nbsp; 12183823 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Refunding RB, 4.25%, <br> 01/01/49<br>| 970 | &nbsp;&nbsp; 878692 |
| &nbsp;&nbsp;&nbsp; Northwest Independent School District, GO, (PSF), <br> 5.25%, 02/15/55<br>| 690 | &nbsp;&nbsp; 727120 |
| Port Authority of Houston of Harris County Texas, ARB |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/51 | 675 | &nbsp;&nbsp; 692314 |
| &nbsp;&nbsp;&nbsp; 1st Lien, 5.00%, 10/01/53 | 500 | &nbsp;&nbsp; 515427 |
| &nbsp;&nbsp;&nbsp; Spring Branch Independent School District, GO, (PSF), <br> 4.00%, 02/01/48<br>| 465 | &nbsp;&nbsp; 437061 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., Refunding RB, 5.00%, 10/01/49<br>| 105 | &nbsp;&nbsp; 104271 |
| Tarrant County Hospital District, GOL, 4.25%, 08/15/53 | 240 | &nbsp;&nbsp; 223438 |
| Tarrant Regional Water District, RB, 4.25%, 09/01/55 | 260 | &nbsp;&nbsp; 241173 |
| &nbsp;&nbsp;&nbsp; Texas City Industrial Development Corp., RB, <br> Series 2012, 4.13%, 12/01/45<br>| 260 | &nbsp;&nbsp; 230141 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp., III, <br> Refunding RB, 5.00%, 12/15/32<br>| 1500 | &nbsp;&nbsp; $1633621  |
| &nbsp;&nbsp;&nbsp; Texas State University System, Refunding RB, 4.00%, <br> 03/15/49<br>| 1170 | &nbsp;&nbsp; 1054132 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, RB, Series A, 4.38%, <br> 10/15/59<br>| 1760 | &nbsp;&nbsp; 1653293 |
|  |  | &nbsp;&nbsp; 37428542 |
| **Utah — 3.3%** | **Utah — 3.3%** |  |
| &nbsp;&nbsp;&nbsp; Black Desert Public Infrastructure District, SAB, 5.63%, <br> 12/01/53<sup>(b)</sup><br>| 140 | &nbsp;&nbsp; 140785 |
| City of Salt Lake City Utah Airport Revenue, ARB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/43 | 800 | &nbsp;&nbsp; 813333 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/47 | 3485 | &nbsp;&nbsp; 3491555 |
| &nbsp;&nbsp;&nbsp; Series A, AMT, 5.00%, 07/01/51 | 1450 | &nbsp;&nbsp; 1460866 |
| Downtown Revitalization Public Infrastructure District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 1st Lien, (AGM), 5.50%, 06/01/55 | 650 | &nbsp;&nbsp; 694316 |
| &nbsp;&nbsp;&nbsp; Series B, 2nd Lien, (AGM), 5.50%, 06/01/55 | 230 | &nbsp;&nbsp; 245681 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, RB, 5.00%, <br> 06/15/39<sup>(b)</sup><br>| 185 | &nbsp;&nbsp; 182969 |
| &nbsp;&nbsp;&nbsp; Utah Charter School Finance Authority, Refunding RB, <br> 5.00%, 06/15/40<sup>(b)</sup><br>| 335 | &nbsp;&nbsp; 333206 |
| &nbsp;&nbsp;&nbsp; Utah Housing Corp., RB, S/F Housing, Series E, (FHLMC, <br> FNMA, GNMA), 4.70%, 01/01/50<br>| 645 | &nbsp;&nbsp; 641670 |
|  |  | &nbsp;&nbsp; 8004381 |
| **Virginia — 0.7%** | **Virginia — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Fairfax County Industrial Development Authority, RB, <br> 4.13%, 05/15/54<br>| 215 | &nbsp;&nbsp; 196761 |
| &nbsp;&nbsp;&nbsp; Henrico County Economic Development Authority, <br> Refunding RB, Series A, 5.00%, 11/01/48<br>| 670 | &nbsp;&nbsp; 693573 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Refunding RB, <br> Series B-1, 5.00%, 06/01/47<br>| 965 | &nbsp;&nbsp; 807914 |
|  |  | &nbsp;&nbsp; 1698248 |
| **Washington — 0.7%** | **Washington — 0.7%** |  |
| &nbsp;&nbsp;&nbsp; Vancouver Housing Authority, RB, M/F Housing, 5.00%, <br> 08/01/40<br>| 320 | &nbsp;&nbsp; 333665 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Refunding <br> RB, Series A, 5.50%, 09/01/55<br>| 190 | &nbsp;&nbsp; 200947 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, RB, M/F <br> Housing, Series A-1, 4.08%, 11/20/41<sup>(a)</sup><br>| 1175 | &nbsp;&nbsp; 1140375 |
|  |  | &nbsp;&nbsp; 1674987 |
| **Wisconsin — 1.6%** | **Wisconsin — 1.6%** |  |
| Public Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Class A, 5.00%, 06/15/51<sup>(b)</sup> | 555 | &nbsp;&nbsp; 457450 |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 07/01/40<sup>(b)</sup> | 300 | &nbsp;&nbsp; 296113 |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 06/30/60 | 965 | &nbsp;&nbsp; 999361 |
| &nbsp;&nbsp;&nbsp; AMT, 5.75%, 12/31/65 | 1150 | &nbsp;&nbsp; 1189223 |
| &nbsp;&nbsp;&nbsp; AMT, 6.50%, 12/31/65 | 770 | &nbsp;&nbsp; 850066 |
|  |  | &nbsp;&nbsp; 3792213 |
| **Total Municipal Bonds — 105.2%** <br>**(Cost: $245,688,328)** | **Total Municipal Bonds — 105.2%** <br>**(Cost: $245,688,328)** | &nbsp;&nbsp; 255423816 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniYield Quality Fund II, Inc. (MQT)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **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 — 5.1%** | **Alabama — 5.1%** |  |
| Black Belt Energy Gas District, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series C, 5.50%, 10/01/54<sup>(j)</sup> | $3794 | &nbsp;&nbsp; $4180556  |
| &nbsp;&nbsp;&nbsp; Series C-1, 5.25%, 02/01/53 | 7721 | &nbsp;&nbsp; 8140051 |
|  |  | &nbsp;&nbsp; 12320607 |
| **California — 1.4%** | **California — 1.4%** |  |
| &nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Refunding <br> ARB, Series A, AMT, Sustainability Bonds, 5.25%, <br> 05/15/50<br>| 3286 | &nbsp;&nbsp; 3446225 |
| **Colorado — 1.6%** | **Colorado — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; City & County of Denver Colorado Airport System <br> Revenue, Refunding ARB, Series A, AMT, 5.50%, <br> 11/15/53<br>| 3676 | &nbsp;&nbsp; 3839588 |
| **Florida — 10.6%** | **Florida — 10.6%** |  |
| &nbsp;&nbsp;&nbsp; City of Fort Lauderdale Florida Water & Sewer Revenue, <br> RB, Series B, 5.50%, 09/01/53<br>| 3345 | &nbsp;&nbsp; 3617106 |
| City of Tallahassee, RB, 5.25%, 10/01/50 | 3537 | &nbsp;&nbsp; 3742795 |
| &nbsp;&nbsp;&nbsp; City of Tampa Florida Water & Wastewater System <br> Revenue, RB, Series A, Sustainability Bonds, 5.25%, <br> 10/01/57<br>| 2150 | &nbsp;&nbsp; 2254633 |
| &nbsp;&nbsp;&nbsp; County of Seminole Florida Sales Tax Revenue, <br> Refunding RB, Series B, 5.25%, 10/01/31<br>| 4200 | &nbsp;&nbsp; 4633372 |
| &nbsp;&nbsp;&nbsp; Hillsborough County Aviation Authority, ARB, Class B, <br> AMT, 5.50%, 10/01/54<br>| 5340 | &nbsp;&nbsp; 5634953 |
| &nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, <br> Refunding RB, Series C, 5.25%, 11/15/49<br>| 3619 | &nbsp;&nbsp; 3830985 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Expressway Authority, Refunding RB, <br> Series A, (AGM), 5.00%, 07/01/35<br>| 2100 | &nbsp;&nbsp; 2102621 |
|  |  | &nbsp;&nbsp; 25816465 |
| **Georgia — 7.2%** | **Georgia — 7.2%** |  |
| &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>| 5440 | &nbsp;&nbsp; 5725762 |
| &nbsp;&nbsp;&nbsp; County of DeKalb Georgia Water & Sewerage Revenue, <br> RB, Series A, 5.00%, 10/01/55<sup>(j)</sup><br>| 4158 | &nbsp;&nbsp; 4310725 |
| &nbsp;&nbsp;&nbsp; Georgia Housing & Finance Authority, RB, S/F Housing, <br> Series A, 4.65%, 12/01/50<sup>(j)</sup><br>| 4336 | &nbsp;&nbsp; 4307686 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., RB, Series C, 5.00%, <br> 09/01/53<sup>(j)</sup><br>| 2970 | &nbsp;&nbsp; 3157034 |
|  |  | &nbsp;&nbsp; 17501207 |
| **Illinois — 6.7%** | **Illinois — 6.7%** |  |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, <br> Refunding RB, Series A, 5.00%, 12/01/49<sup>(j)</sup><br>| 5474 | &nbsp;&nbsp; 5634847 |
| &nbsp;&nbsp;&nbsp; City of Chicago Illinois Wastewater Transmission <br> Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, <br> 01/01/58<br>| 4902 | &nbsp;&nbsp; 5075092 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Refunding RB, Series A, 5.00%, <br> 08/15/51<br>| 1951 | &nbsp;&nbsp; 1965757 |
| &nbsp;&nbsp;&nbsp; Regional Transportation Authority, RB, (NPFGC), 6.50%, <br> 07/01/26<br>| 3540 | &nbsp;&nbsp; 3598388 |
|  |  | &nbsp;&nbsp; 16274084 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Missouri — 1.0%** | **Missouri — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, RB, S/F <br> Housing, Series E, 4.60%, 11/01/49<br>| $2322 | &nbsp;&nbsp; $2309841 |
| **Nebraska — 2.3%** | **Nebraska — 2.3%** |  |
| &nbsp;&nbsp;&nbsp; Nebraska Investment Finance Authority, RB, S/F Housing, <br> Series E, Sustainability Bonds, (FHLMC, FNMA, <br> GNMA), 4.80%, 09/01/54<br>| 2188 | &nbsp;&nbsp; 2190541 |
| &nbsp;&nbsp;&nbsp; Omaha Public Power District, Refunding RB, Series B, <br> 5.25%, 02/01/48<br>| 3260 | &nbsp;&nbsp; 3456893 |
|  |  | &nbsp;&nbsp; 5647434 |
| **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 — 12.1%** | **New York — 12.1%** |  |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority Dedicated Tax Fund, <br> Refunding RB, Series B-1, Sustainability Bonds, 5.00%, <br> 11/15/49<br>| 3793 | &nbsp;&nbsp; 3933569 |
| New York City Municipal Water Finance Authority, RB |  |  |
| &nbsp;&nbsp;&nbsp; Series AA, Subordinate, 5.00%, 06/15/51 | 2834 | &nbsp;&nbsp; 2927559 |
| &nbsp;&nbsp;&nbsp; Series AA-1, 5.25%, 06/15/52 | 4020 | &nbsp;&nbsp; 4221041 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax <br> Secured Revenue, RB<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 5.25%, 05/01/55 | 4136 | &nbsp;&nbsp; 4330164 |
| &nbsp;&nbsp;&nbsp; Series C, 5.25%, 05/01/48 | 3673 | &nbsp;&nbsp; 3865911 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Refunding RB, <br> Series A, 4.00%, 03/15/47<br>| 1810 | &nbsp;&nbsp; 1662954 |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Refunding ARB, <br> Series 200, 5.25%, 10/15/57<br>| 1910 | &nbsp;&nbsp; 1935073 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, RB, Series A, <br> 5.00%, 11/15/51<br>| 1990 | &nbsp;&nbsp; 2029916 |
| Triborough Bridge & Tunnel Authority, Refunding RB |  |  |
| &nbsp;&nbsp;&nbsp; Series A, 5.00%, 05/15/47 | 3040 | &nbsp;&nbsp; 3148468 |
| &nbsp;&nbsp;&nbsp; Series C, 4.13%, 05/15/52 | 1500 | &nbsp;&nbsp; 1376059 |
|  |  | &nbsp;&nbsp; 29430714 |
| **Oklahoma — 1.3%** | **Oklahoma — 1.3%** |  |
| Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53 | 2999 | &nbsp;&nbsp; 3181655 |
| **Oregon — 0.9%** | **Oregon — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Port of Portland Oregon Airport Revenue, Refunding ARB, <br> Series 29, AMT, Sustainability Bonds, 5.50%, 07/01/48<br>| 2020 | &nbsp;&nbsp; 2128202 |
| **Pennsylvania — 1.3%** | **Pennsylvania — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Refunding RB, <br> Series B, 5.25%, 12/01/52<br>| 3030 | &nbsp;&nbsp; 3176891 |
| **South Carolina — 2.0%** | **South Carolina — 2.0%** |  |
| &nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, Refunding RB, <br> Series B-1, 5.25%, 02/01/54<sup>(j)</sup><br>| 4589 | &nbsp;&nbsp; 4955581 |
| **Tennessee — 2.0%** | **Tennessee — 2.0%** |  |
| &nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., RB, Series A, <br> 5.00%, 05/01/52<sup>(j)</sup><br>| 4395 | &nbsp;&nbsp; 4717813 |
| **Texas — 6.3%** | **Texas — 6.3%** |  |
| &nbsp;&nbsp;&nbsp; City of Houston Texas Airport System Revenue, Refunding <br> ARB, Series A, AMT, Subordinate Lien, (AGM), 5.25%, <br> 07/01/53<br>| 1330 | &nbsp;&nbsp; 1363167 |

---

2026 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniYield Quality Fund II, Inc. (MQT)** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Texas (continued)** | **Texas (continued)** |  |
| &nbsp;&nbsp;&nbsp; City of San Antonio Texas Electric & Gas Systems <br> Revenue, Refunding RB, Series A, 5.50%, 02/01/50<br>| 1610 | &nbsp;&nbsp; $1729585  |
| &nbsp;&nbsp;&nbsp; Crowley Independent School District, GO, (PSF), 5.25%, <br> 02/01/53<br>| 2159 | &nbsp;&nbsp; 2258126 |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District, RB, 5.00%, <br> 06/01/50<sup>(j)</sup><br>| 4158 | &nbsp;&nbsp; 4311470 |
| &nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance <br> Corp., RB, 5.00%, 11/15/51<br>| 2541 | &nbsp;&nbsp; 2597538 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, RB, Series A, 4.38%, <br> 10/15/59<br>| 3267 | &nbsp;&nbsp; 3069234 |
|  |  | &nbsp;&nbsp; 15329120 |
| **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 63.6%** <br>**(Cost: $150,975,178)** | **Total Municipal Bonds Transferred to Tender Option Bond** <br>**Trusts — 63.6%** <br>**(Cost: $150,975,178)** | &nbsp;&nbsp; 154433550 |

---

&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>(g)(k)</sup><br>| 6998 | &nbsp;&nbsp; 13996 |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** | &nbsp;&nbsp; 13996 |
| **Total Long-Term Investments — 168.8%** <br>**(Cost: $396,663,506)** | **Total Long-Term Investments — 168.8%** <br>**(Cost: $396,663,506)** | &nbsp;&nbsp; 409871362 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.6%** | **Money Market Funds — 2.6%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, MuniCash, Institutional <br> Shares, 2.03%<sup>(l)(m)</sup><br>| 6421800 | &nbsp;&nbsp; 6422442 |
| **Total Short-Term Securities — 2.6%** <br>**(Cost: $6,422,427)** | **Total Short-Term Securities — 2.6%** <br>**(Cost: $6,422,427)** | &nbsp;&nbsp; 6422442 |
| **Total Investments — 171.4%** <br>**(Cost: $403,085,933)** | **Total Investments — 171.4%** <br>**(Cost: $403,085,933)** | &nbsp;&nbsp; 416293804 |
| **Other Assets Less Liabilities — 1.1%** | **Other Assets Less Liabilities — 1.1%** | &nbsp;&nbsp; 2553111 |
| **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (40.1)%** | **Liability for TOB Trust Certificates, Including Interest Expense and** <br> **Fees Payable — (40.1)%** | &nbsp;&nbsp; (97423116)<br>|
| **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(32.4)%** | **VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —** <br> **(32.4)%** | &nbsp;&nbsp; (78600000)<br>|
| **Net Assets Applicable to Common Shares — 100.0%** | **Net Assets Applicable to Common Shares — 100.0%** | &nbsp;&nbsp; $242823799 |

---

&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> Zero-coupon bond.

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

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

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

<sup>(j)</sup> All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between February 1, 2029 to May 1, 2052, is $24,165,839. See Note 4 of the Notes to Financial Statements for details. 

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

<sup>(l)</sup> Affiliate of the Fund.

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 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 | $4961531<br> $1460911 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $5 | $(5)<br>| $6422442 | 6421800 | $36219 | $— |

---

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

January 31, 2026

**BlackRock MuniYield Quality Fund II, Inc. (MQT)** 

**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 Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &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; $255423816  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $255423816  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds Transferred to Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 154433550 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 154433550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13996 | &nbsp;&nbsp;&nbsp;&nbsp; 13996 |
| &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; 6422442 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6422442 |
|  | &nbsp;&nbsp; $6422442 | &nbsp;&nbsp;&nbsp;&nbsp; $409857366 | &nbsp;&nbsp;&nbsp;&nbsp; $13996 | &nbsp;&nbsp;&nbsp;&nbsp; $416293804 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TOB Trust Certificates | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(96834473)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(96834473)<br>|
| &nbsp;&nbsp;&nbsp; VMTP Shares at Liquidation Value | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (78600000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (78600000)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(175434473)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(175434473)<br>|

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Report to Shareholders

------

Statements of Assets and Liabilities (unaudited)

January 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BKN | BFK | BLE | MHD |
| **ASSETS** |  |  |  |  |
| Investments, at value — unaffiliated<sup>(a)</sup> | $358991939 | $810584465 | $903023387 | $1132323616 |
| Investments, at value — affiliated<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1849528 | &nbsp;&nbsp;&nbsp;&nbsp; 4567834 | &nbsp;&nbsp;&nbsp;&nbsp; 24920239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11460029 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1344517 |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6853 |
| &nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp; 3496405 | &nbsp;&nbsp;&nbsp;&nbsp; 7908105 | &nbsp;&nbsp;&nbsp;&nbsp; 10207227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11800307 |
| Deferred offering costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7469 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Prepaid expenses | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166080 |
| Total assets | &nbsp;&nbsp; 364348346 | &nbsp;&nbsp; 823087550 | &nbsp;&nbsp; 938199747 | &nbsp;&nbsp; 1157101402 |
| **ACCRUED LIABILITIES** |  |  |  |  |
| Bank overdraft | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513659 |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp; 1195655 | &nbsp;&nbsp;&nbsp;&nbsp; 2707341 | &nbsp;&nbsp;&nbsp;&nbsp; 4703184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5776850 |
| &nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58576 |
| &nbsp;&nbsp;&nbsp; Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45992 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4276 |
| &nbsp;&nbsp;&nbsp; Income dividend distributions — Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 980733 | &nbsp;&nbsp;&nbsp;&nbsp; 2192742 | &nbsp;&nbsp;&nbsp;&nbsp; 2577261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3102426 |
| &nbsp;&nbsp;&nbsp; Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 497112 | &nbsp;&nbsp;&nbsp;&nbsp; 1015425 | &nbsp;&nbsp;&nbsp;&nbsp; 1343639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1559598 |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525306 |
| &nbsp;&nbsp;&nbsp; Directors' and Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67472 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300 |
| &nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29965 |
| &nbsp;&nbsp;&nbsp; Reorganization costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166923 | &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; 12798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11491 |
| Total accrued liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 3184864 | &nbsp;&nbsp;&nbsp;&nbsp; 7247531 | &nbsp;&nbsp;&nbsp;&nbsp; 9799419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11653919 |
| **OTHER LIABILITIES** |  |  |  |  |
| TOB Trust Certificates | &nbsp;&nbsp;&nbsp;&nbsp; 82211395 | &nbsp;&nbsp; 183974987 | &nbsp;&nbsp; 210086628 | &nbsp;&nbsp;&nbsp;&nbsp; 262712859 |
| VMTP Shares, at liquidation value of $100,000 per share, net of deferred offering costs<sup>(c)(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 67800000 | &nbsp;&nbsp; 154100000 | &nbsp;&nbsp; 174100000 | &nbsp;&nbsp;&nbsp;&nbsp; 214000000 |
| Total other liabilities | &nbsp;&nbsp; 150011395 | &nbsp;&nbsp; 338074987 | &nbsp;&nbsp; 384186628 | &nbsp;&nbsp;&nbsp;&nbsp; 476712859 |
| Total liabilities | &nbsp;&nbsp; 153196259 | &nbsp;&nbsp; 345322518 | &nbsp;&nbsp; 393986047 | &nbsp;&nbsp;&nbsp;&nbsp; 488366778 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | $211152087 | $477765032 | $544213700 | $668734624 |
| **NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF** |  |  |  |  |
| Paid-in capital<sup>(f)(g)(h)</sup> | $233456362 | $568195579 | $640024782 | $780490760 |
| Accumulated loss | &nbsp;&nbsp;&nbsp; (22304275) | &nbsp;&nbsp;&nbsp; (90430547) | &nbsp;&nbsp;&nbsp; (95811082) | &nbsp;&nbsp;&nbsp;&nbsp; (111756136) |
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | $211152087 | $477765032 | $544213700 | $668734624 |
| Net asset value per Common Share | $12.27 | $10.89 | $11.40 | $12.83 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $344770041 | $790703915 | $890467504 | $1103188776 |
| <sup>(b)</sup> Investments, at cost—affiliated | $1849528 | $4567794 | $24920239 | $11460029 |
| <sup>(c)</sup> Preferred Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2140 |
| <sup>(d)</sup> Preferred Shares authorized | 7121 | Unlimited | Unlimited | 8478 |
| <sup>(e)</sup> Par value per Preferred Share | $0.10 | $0.001 | $0.001 | $0.10 |
| &nbsp;&nbsp; <sup>(f)</sup> Common Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 17205846 | &nbsp;&nbsp;&nbsp;&nbsp; 43854836 | &nbsp;&nbsp;&nbsp;&nbsp; 47727056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52141616 |
| <sup>(g)</sup> Common Shares authorized | 199992879 | Unlimited | Unlimited | 199991522 |
| <sup>(h)</sup> Par value per Common Share | $0.01 | $0.001 | $0.001 | $0.10 |

---

*See notes to financial statements.*

Financial Statements

------

Statements of Assets and Liabilities (unaudited) (continued)

January 31, 2026

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

---

| | | | |
|:---|:---|:---|:---|
|  | MVF | MVT | MQT |
| **ASSETS** |  |  |  |
| Investments, at value — unaffiliated<sup>(a)</sup> | $712198730 | $409725589 | $409871362 |
| Investments, at value — affiliated<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9155836 | &nbsp;&nbsp;&nbsp;&nbsp; 4900978 | &nbsp;&nbsp;&nbsp;&nbsp; 6422442 |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments sold | &nbsp;&nbsp;&nbsp;&nbsp; 3268327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3080 | &nbsp;&nbsp;&nbsp;&nbsp; 2434507 |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5932 |
| &nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp; 6728429 | &nbsp;&nbsp;&nbsp;&nbsp; 4877383 | &nbsp;&nbsp;&nbsp;&nbsp; 4263863 |
| Total assets | &nbsp;&nbsp; 731362476 | &nbsp;&nbsp; 419511405 | &nbsp;&nbsp; 422998106 |
| **ACCRUED LIABILITIES** |  |  |  |
| Bank overdraft | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188662 |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp; 2391309 | &nbsp;&nbsp;&nbsp;&nbsp; 1385274 | &nbsp;&nbsp;&nbsp;&nbsp; 2418437 |
| &nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28154 |
| &nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2176 |
| &nbsp;&nbsp;&nbsp; Income dividend distributions — Common Shares | &nbsp;&nbsp;&nbsp;&nbsp; 2012483 | &nbsp;&nbsp;&nbsp;&nbsp; 1126517 | &nbsp;&nbsp;&nbsp;&nbsp; 1129891 |
| &nbsp;&nbsp;&nbsp; Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 834167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588643 |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170590 |
| &nbsp;&nbsp;&nbsp; Directors' and Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85373 | &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; Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25673 |
| &nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13783 |
| &nbsp;&nbsp;&nbsp; Reorganization costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160494 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13331 |
| Total accrued liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 6221392 | &nbsp;&nbsp;&nbsp;&nbsp; 3688341 | &nbsp;&nbsp;&nbsp;&nbsp; 4739834 |
| **OTHER LIABILITIES** |  |  |  |
| TOB Trust Certificates | &nbsp;&nbsp; 151126558 | &nbsp;&nbsp;&nbsp;&nbsp; 94466927 | &nbsp;&nbsp;&nbsp;&nbsp; 96834473 |
| VMTP Shares, at liquidation value of $100,000 per share, net of deferred offering costs<sup>(c)(d)(e)</sup> | &nbsp;&nbsp; 153600000 | &nbsp;&nbsp;&nbsp;&nbsp; 77700000 | &nbsp;&nbsp;&nbsp;&nbsp; 78600000 |
| Total other liabilities | &nbsp;&nbsp; 304726558 | &nbsp;&nbsp; 172166927 | &nbsp;&nbsp; 175434473 |
| Total liabilities | &nbsp;&nbsp; 310947950 | &nbsp;&nbsp; 175855268 | &nbsp;&nbsp; 180174307 |
| **Commitments and contingent liabilities** |  |  |  |
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | $420414526 | $243656137 | $242823799 |
| **NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF** |  |  |  |
| Paid-in capital<sup>(f)(g)(h)</sup> | $500362231 | $278525921 | $269498202 |
| Accumulated loss | &nbsp;&nbsp;&nbsp; (79947705) | &nbsp;&nbsp;&nbsp; (34869784) | &nbsp;&nbsp;&nbsp; (26674403) |
| NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | $420414526 | $243656137 | $242823799 |
| Net asset value per Common Share | $7.52 | $11.68 | $10.96 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $703636907 | $401191754 | $396663506 |
| <sup>(b)</sup> Investments, at cost—affiliated | $9155836 | $4900798 | $6422427 |
| <sup>(c)</sup> Preferred Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786 |
| <sup>(d)</sup> Preferred Shares authorized | 10000000 | 8400 | 7565 |
| <sup>(e)</sup> Par value per Preferred Share | $0.10 | $0.10 | $0.10 |
| &nbsp;&nbsp; <sup>(f)</sup> Common Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 55902307 | &nbsp;&nbsp;&nbsp;&nbsp; 20861423 | &nbsp;&nbsp;&nbsp;&nbsp; 22154712 |
| <sup>(g)</sup> Common Shares authorized | 150000000 | 199991600 | 199992435 |
| <sup>(h)</sup> Par value per Common Share | $0.10 | $0.10 | $0.10 |

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Report to Shareholders

------

Statements of Operations (unaudited)

Six Months Ended January 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BKN | BFK | BLE | MHD |
| **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; $27746 | &nbsp;&nbsp;&nbsp;&nbsp; $66989 | &nbsp;&nbsp;&nbsp;&nbsp; $18692 | &nbsp;&nbsp;&nbsp;&nbsp; $80141 |
| &nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp; 8643619 | &nbsp;&nbsp;&nbsp;&nbsp; 19137350 | &nbsp;&nbsp;&nbsp;&nbsp; 21753644 | &nbsp;&nbsp;&nbsp;&nbsp; 26980474 |
| Total investment income | &nbsp;&nbsp; 8671365 | &nbsp;&nbsp;&nbsp;&nbsp; 19204339 | &nbsp;&nbsp;&nbsp;&nbsp; 21772336 | &nbsp;&nbsp;&nbsp;&nbsp; 27060615 |
| EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory | &nbsp;&nbsp; 629125 | &nbsp;&nbsp;&nbsp;&nbsp; 2437921 | &nbsp;&nbsp;&nbsp;&nbsp; 2538663 | &nbsp;&nbsp;&nbsp;&nbsp; 3133605 |
| &nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp; 269625 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Accounting services | &nbsp;&nbsp; 31476 | &nbsp;&nbsp;&nbsp;&nbsp; 41773 | &nbsp;&nbsp;&nbsp;&nbsp; 16400 | &nbsp;&nbsp;&nbsp;&nbsp; 71792 |
| &nbsp;&nbsp;&nbsp; Transfer agent | &nbsp;&nbsp; 16396 | &nbsp;&nbsp;&nbsp;&nbsp; 25565 | &nbsp;&nbsp;&nbsp;&nbsp; 25479 | &nbsp;&nbsp;&nbsp;&nbsp; 33662 |
| &nbsp;&nbsp;&nbsp; Professional | &nbsp;&nbsp; 12393 | &nbsp;&nbsp;&nbsp;&nbsp; 21719 | &nbsp;&nbsp;&nbsp;&nbsp; 21941 | &nbsp;&nbsp;&nbsp;&nbsp; 45889 |
| &nbsp;&nbsp;&nbsp; Printing and postage | &nbsp;&nbsp; 7444 | &nbsp;&nbsp;&nbsp;&nbsp; 10529 | &nbsp;&nbsp;&nbsp;&nbsp; 10027 | &nbsp;&nbsp;&nbsp;&nbsp; 2693 |
| &nbsp;&nbsp;&nbsp; Directors and Officer | &nbsp;&nbsp; 7040 | &nbsp;&nbsp;&nbsp;&nbsp; 17820 | &nbsp;&nbsp;&nbsp;&nbsp; 16905 | &nbsp;&nbsp;&nbsp;&nbsp; 23609 |
| &nbsp;&nbsp;&nbsp; Registration | &nbsp;&nbsp; 3697 | &nbsp;&nbsp;&nbsp;&nbsp; 6643 | &nbsp;&nbsp;&nbsp;&nbsp; 7230 | &nbsp;&nbsp;&nbsp;&nbsp; 9494 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp; 2936 | &nbsp;&nbsp;&nbsp;&nbsp; 3870 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5551 |
| &nbsp;&nbsp;&nbsp; Reorganization | &nbsp;&nbsp; 1126 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2266 | &nbsp;&nbsp;&nbsp;&nbsp; 3965 |
| &nbsp;&nbsp;&nbsp; Offering | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2333 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Miscellaneous | &nbsp;&nbsp; 43806 | &nbsp;&nbsp;&nbsp;&nbsp; 36392 | &nbsp;&nbsp;&nbsp;&nbsp; 28250 | &nbsp;&nbsp;&nbsp;&nbsp; 47664 |
| Total expenses excluding interest expense, fees and amortization of offering costs | &nbsp;&nbsp; 1025064 | &nbsp;&nbsp;&nbsp;&nbsp; 2604565 | &nbsp;&nbsp;&nbsp;&nbsp; 2668161 | &nbsp;&nbsp;&nbsp;&nbsp; 3377924 |
| &nbsp;&nbsp;&nbsp; Interest expense, fees and amortization of offering costs<sup>(a)</sup> | &nbsp;&nbsp; 2474595 | &nbsp;&nbsp;&nbsp;&nbsp; 5553585 | &nbsp;&nbsp;&nbsp;&nbsp; 6294134 | &nbsp;&nbsp;&nbsp;&nbsp; 7841817 |
| Total expenses | &nbsp;&nbsp; 3499659 | &nbsp;&nbsp;&nbsp;&nbsp; 8158150 | &nbsp;&nbsp;&nbsp;&nbsp; 8962295 | &nbsp;&nbsp;&nbsp;&nbsp; 11219741 |
| Less fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (1376)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14763)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22683)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12885)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 3498283 | &nbsp;&nbsp;&nbsp;&nbsp; 8143387 | &nbsp;&nbsp;&nbsp;&nbsp; 8939612 | &nbsp;&nbsp;&nbsp;&nbsp; 11206856 |
| Net investment income | &nbsp;&nbsp; 5173082 | &nbsp;&nbsp;&nbsp;&nbsp; 11060952 | &nbsp;&nbsp;&nbsp;&nbsp; 12832724 | &nbsp;&nbsp;&nbsp;&nbsp; 15853759 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized loss from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; (1393583)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1980869)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2646920)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3829438)<br>|
|  | &nbsp;&nbsp; (1393583)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1980869)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2646920)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3829438)<br>|
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; 13291923 | &nbsp;&nbsp;&nbsp;&nbsp; 25908556 | &nbsp;&nbsp;&nbsp;&nbsp; 36271902 | &nbsp;&nbsp;&nbsp;&nbsp; 44282905 |
| Net realized and unrealized gain | &nbsp;&nbsp; 11898340 | &nbsp;&nbsp;&nbsp;&nbsp; 23927687 | &nbsp;&nbsp;&nbsp;&nbsp; 33624982 | &nbsp;&nbsp;&nbsp;&nbsp; 40453467 |
| &nbsp;&nbsp;&nbsp; NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS <br>RESULTING FROM OPERATIONS<br>| &nbsp;&nbsp; $17071422 | &nbsp;&nbsp;&nbsp;&nbsp; $34988639 | &nbsp;&nbsp;&nbsp;&nbsp; $46457706 | &nbsp;&nbsp;&nbsp;&nbsp; $56307226 |
| <sup>(a)</sup> All or a portion of is related to TOB Trusts and/or VMTP Shares. | <sup>(a)</sup> All or a portion of is related to TOB Trusts and/or VMTP Shares. | <sup>(a)</sup> All or a portion of is related to TOB Trusts and/or VMTP Shares. | <sup>(a)</sup> All or a portion of is related to TOB Trusts and/or VMTP Shares. | <sup>(a)</sup> All or a portion of is related to TOB Trusts and/or VMTP Shares. |

---

*See notes to financial statements.*

Financial Statements

------

Statements of Operations (unaudited) (continued)

Six Months Ended January 31, 2026

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

---

| | | | |
|:---|:---|:---|:---|
|  | MVF | MVT | MQT |
| **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; $99873 | &nbsp;&nbsp;&nbsp;&nbsp; $55614 | &nbsp;&nbsp;&nbsp;&nbsp; $36219 |
| &nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp; 17024012 | &nbsp;&nbsp;&nbsp;&nbsp; 9704960 | &nbsp;&nbsp;&nbsp;&nbsp; 9822248 |
| Total investment income | &nbsp;&nbsp; 17123885 | &nbsp;&nbsp;&nbsp;&nbsp; 9760574 | &nbsp;&nbsp;&nbsp;&nbsp; 9858467 |
| EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory | &nbsp;&nbsp; 1803915 | &nbsp;&nbsp;&nbsp;&nbsp; 1033348 | &nbsp;&nbsp;&nbsp;&nbsp; 1037640 |
| &nbsp;&nbsp;&nbsp; Reorganization | &nbsp;&nbsp; 151600 | &nbsp;&nbsp;&nbsp;&nbsp; 114836 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Professional | &nbsp;&nbsp; 92022 | &nbsp;&nbsp;&nbsp;&nbsp; 18533 | &nbsp;&nbsp;&nbsp;&nbsp; 24318 |
| &nbsp;&nbsp;&nbsp; Printing and postage | &nbsp;&nbsp; 77439 | &nbsp;&nbsp;&nbsp;&nbsp; 4400 | &nbsp;&nbsp;&nbsp;&nbsp; 6576 |
| &nbsp;&nbsp;&nbsp; Transfer agent | &nbsp;&nbsp; 56350 | &nbsp;&nbsp;&nbsp;&nbsp; 17337 | &nbsp;&nbsp;&nbsp;&nbsp; 29802 |
| &nbsp;&nbsp;&nbsp; Accounting services | &nbsp;&nbsp; 49871 | &nbsp;&nbsp;&nbsp;&nbsp; 34540 | &nbsp;&nbsp;&nbsp;&nbsp; 34345 |
| &nbsp;&nbsp;&nbsp; Directors and Officer | &nbsp;&nbsp; 24645 | &nbsp;&nbsp;&nbsp;&nbsp; 6261 | &nbsp;&nbsp;&nbsp;&nbsp; 6271 |
| &nbsp;&nbsp;&nbsp; Registration | &nbsp;&nbsp; 8877 | &nbsp;&nbsp;&nbsp;&nbsp; 3695 | &nbsp;&nbsp;&nbsp;&nbsp; 3695 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp; 3215 | &nbsp;&nbsp;&nbsp;&nbsp; 3016 | &nbsp;&nbsp;&nbsp;&nbsp; 3006 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | &nbsp;&nbsp; 46414 | &nbsp;&nbsp;&nbsp;&nbsp; 41937 | &nbsp;&nbsp;&nbsp;&nbsp; 31802 |
| Total expenses excluding interest expense, fees and amortization of offering costs | &nbsp;&nbsp; 2314348 | &nbsp;&nbsp;&nbsp;&nbsp; 1277903 | &nbsp;&nbsp;&nbsp;&nbsp; 1177455 |
| &nbsp;&nbsp;&nbsp; Interest expense, fees and amortization of offering costs<sup>(a)</sup> | &nbsp;&nbsp; 5045541 | &nbsp;&nbsp;&nbsp;&nbsp; 2821505 | &nbsp;&nbsp;&nbsp;&nbsp; 2871698 |
| Total expenses | &nbsp;&nbsp; 7359889 | &nbsp;&nbsp;&nbsp;&nbsp; 4099408 | &nbsp;&nbsp;&nbsp;&nbsp; 4049153 |
| Less fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (29182)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13286)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8223)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 7330707 | &nbsp;&nbsp;&nbsp;&nbsp; 4086122 | &nbsp;&nbsp;&nbsp;&nbsp; 4040930 |
| Net investment income | &nbsp;&nbsp; 9793178 | &nbsp;&nbsp;&nbsp;&nbsp; 5674452 | &nbsp;&nbsp;&nbsp;&nbsp; 5817537 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; (5728630)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1763980)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1071032)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
|  | &nbsp;&nbsp; (5728630)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1763768)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1071027)<br>|
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; 32246177 | &nbsp;&nbsp;&nbsp;&nbsp; 16368589 | &nbsp;&nbsp;&nbsp;&nbsp; 15404938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (213)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
|  | &nbsp;&nbsp; 32246177 | &nbsp;&nbsp;&nbsp;&nbsp; 16368376 | &nbsp;&nbsp;&nbsp;&nbsp; 15404933 |
| Net realized and unrealized gain | &nbsp;&nbsp; 26517547 | &nbsp;&nbsp;&nbsp;&nbsp; 14604608 | &nbsp;&nbsp;&nbsp;&nbsp; 14333906 |
| &nbsp;&nbsp;&nbsp; NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS <br>RESULTING FROM OPERATIONS<br>| &nbsp;&nbsp; $36310725 | &nbsp;&nbsp;&nbsp;&nbsp; $20279060 | &nbsp;&nbsp;&nbsp;&nbsp; $20151443 |
| <sup>(a)</sup> All or a portion of is related to TOB Trusts and/or VMTP Shares. | <sup>(a)</sup> All or a portion of is related to TOB Trusts and/or VMTP Shares. | <sup>(a)</sup> All or a portion of is related to TOB Trusts and/or VMTP Shares. | <sup>(a)</sup> All or a portion of is related to TOB Trusts and/or VMTP Shares. |

---

*See notes to financial statements.*

2026 BlackRock Semi-Annual Report to Shareholders

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BKN | BKN | BFK | BFK |
|  | &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; $5173082 | &nbsp;&nbsp;&nbsp;&nbsp; $9018037 | &nbsp;&nbsp;&nbsp;&nbsp; $11060952 | &nbsp;&nbsp;&nbsp;&nbsp; $20011117 |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp; (1393583)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6607363)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1980869)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7835881)<br>|
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 13291923 | &nbsp;&nbsp;&nbsp;&nbsp; (15492841)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25908556 | &nbsp;&nbsp;&nbsp;&nbsp; (31111235)<br>|
| Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations | &nbsp;&nbsp; 17071422 | &nbsp;&nbsp;&nbsp;&nbsp; (13082167)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34988639 | &nbsp;&nbsp;&nbsp;&nbsp; (18935999)<br>|
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (5884399 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (8306711)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13156451 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (18584968)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3462088)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7727933)<br>|
| Decrease in net assets resulting from distributions to Common Shareholders | &nbsp;&nbsp; (5884399)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11768799)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13156451)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26312901)<br>|
| *NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS* |  |  |  |  |
| Total increase (decrease) in net assets applicable to Common Shareholders | &nbsp;&nbsp; 11187023 | &nbsp;&nbsp;&nbsp;&nbsp; (24850966)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21832188 | &nbsp;&nbsp;&nbsp;&nbsp; (45248900)<br>|
| Beginning of period | &nbsp;&nbsp; 199965064 | &nbsp;&nbsp;&nbsp;&nbsp; 224816030 | &nbsp;&nbsp;&nbsp;&nbsp; 455932844 | &nbsp;&nbsp;&nbsp;&nbsp; 501181744 |
| End of period | &nbsp;&nbsp; $211152087 | &nbsp;&nbsp;&nbsp;&nbsp; $199965064 | &nbsp;&nbsp;&nbsp;&nbsp; $477765032 | &nbsp;&nbsp;&nbsp;&nbsp; $455932844 |

---

&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;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BLE | BLE | MHD | MHD |
|  | &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; $12832724 | &nbsp;&nbsp;&nbsp;&nbsp; $22531589 | &nbsp;&nbsp;&nbsp;&nbsp; $15853759 | &nbsp;&nbsp;&nbsp;&nbsp; $28593496 |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp; (2646920)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13447244)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3829438)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18507944)<br>|
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 36271902 | &nbsp;&nbsp;&nbsp;&nbsp; (44900044)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44282905 | &nbsp;&nbsp;&nbsp;&nbsp; (52185964)<br>|
| Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations | &nbsp;&nbsp; 46457706 | &nbsp;&nbsp;&nbsp;&nbsp; (35815699)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56307226 | &nbsp;&nbsp;&nbsp;&nbsp; (42100412)<br>|
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (15463566 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (20475257)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18614557 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (25675872)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10260967)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10823259)<br>|
| Decrease in net assets resulting from distributions to Common Shareholders | &nbsp;&nbsp; (15463566)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30736224)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18614557)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36499131)<br>|
| *NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS* |  |  |  |  |
| Total increase (decrease) in net assets applicable to Common Shareholders | &nbsp;&nbsp; 30994140 | &nbsp;&nbsp;&nbsp;&nbsp; (66551923)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37692669 | &nbsp;&nbsp;&nbsp;&nbsp; (78599543)<br>|
| Beginning of period | &nbsp;&nbsp; 513219560 | &nbsp;&nbsp;&nbsp;&nbsp; 579771483 | &nbsp;&nbsp;&nbsp;&nbsp; 631041955 | &nbsp;&nbsp;&nbsp;&nbsp; 709641498 |
| End of period | &nbsp;&nbsp; $544213700 | &nbsp;&nbsp;&nbsp;&nbsp; $513219560 | &nbsp;&nbsp;&nbsp;&nbsp; $668734624 | &nbsp;&nbsp;&nbsp;&nbsp; $631041955 |

---

&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;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | MVF | MVF | MVT | MVT |
|  | &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; $9793178 | &nbsp;&nbsp;&nbsp;&nbsp; $19256463 | &nbsp;&nbsp;&nbsp;&nbsp; $5674452 | &nbsp;&nbsp;&nbsp;&nbsp; $10084929 |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp; (5728630)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13561408)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1763768)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5527654)<br>|
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 32246177 | &nbsp;&nbsp;&nbsp;&nbsp; (38176061)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16368376 | &nbsp;&nbsp;&nbsp;&nbsp; (19687394)<br>|
| Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations | &nbsp;&nbsp; 36310725 | &nbsp;&nbsp;&nbsp;&nbsp; (32481006)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20279060 | &nbsp;&nbsp;&nbsp;&nbsp; (15130119)<br>|
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (12126500 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (17520818)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6759101 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (9220610)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7685392)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4151562)<br>|
| Decrease in net assets resulting from distributions to Common Shareholders | &nbsp;&nbsp; (12126500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25206210)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6759101)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13372172)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Redemption of shares resulting from share repurchase program (including transaction costs) | &nbsp;&nbsp; (9959494)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Repurchase of shares resulting from tender offers | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (46670135)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net decrease in net assets derived from capital share transactions | &nbsp;&nbsp; (9959494)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (46670135)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| *NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS* |  |  |  |  |
| Total increase (decrease) in net assets applicable to Common Shareholders | &nbsp;&nbsp; 14224731 | &nbsp;&nbsp;&nbsp;&nbsp; (104357351)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13519959 | &nbsp;&nbsp;&nbsp;&nbsp; (28502291)<br>|
| Beginning of period | &nbsp;&nbsp; 406189795 | &nbsp;&nbsp;&nbsp;&nbsp; 510547146 | &nbsp;&nbsp;&nbsp;&nbsp; 230136178 | &nbsp;&nbsp;&nbsp;&nbsp; 258638469 |
| End of period | &nbsp;&nbsp; $420414526 | &nbsp;&nbsp;&nbsp;&nbsp; $406189795 | &nbsp;&nbsp;&nbsp;&nbsp; $243656137 | &nbsp;&nbsp;&nbsp;&nbsp; $230136178 |

---

&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;

---

| | | |
|:---|:---|:---|
|  | MQT | MQT |
|  | &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; $5817537 | &nbsp;&nbsp;&nbsp;&nbsp; $10439897 |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp; (1071027)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5763504)<br>|
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 15404933 | &nbsp;&nbsp;&nbsp;&nbsp; (19847665)<br>|
| Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations | &nbsp;&nbsp; 20151443 | &nbsp;&nbsp;&nbsp;&nbsp; (15171272)<br>|
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (6779342 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (9523316)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3946749)<br>|
| Decrease in net assets resulting from distributions to Common Shareholders | &nbsp;&nbsp; (6779342)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13470065)<br>|
| *NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS* |  |  |
| Total increase (decrease) in net assets applicable to Common Shareholders | &nbsp;&nbsp; 13372101 | &nbsp;&nbsp;&nbsp;&nbsp; (28641337)<br>|
| Beginning of period | &nbsp;&nbsp; 229451698 | &nbsp;&nbsp;&nbsp;&nbsp; 258093035 |
| End of period | &nbsp;&nbsp; $242823799 | &nbsp;&nbsp;&nbsp;&nbsp; $229451698 |

---

&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;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BKN | BFK | BLE | MHD |
| **CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES** |  |  |  |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $17071422 | &nbsp;&nbsp; $34988639 | &nbsp;&nbsp; $46457706 | &nbsp;&nbsp; $56307226 |
| 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; 39090032 | &nbsp;&nbsp; 127982282 | &nbsp;&nbsp; 168804466 | &nbsp;&nbsp; 122483545 |
| &nbsp;&nbsp;&nbsp; Purchases of long-term investments | &nbsp;&nbsp; (49703633)<br>| &nbsp;&nbsp; (160914119)<br>| &nbsp;&nbsp; (181025630)<br>| &nbsp;&nbsp; (165467168)<br>|
| &nbsp;&nbsp;&nbsp; Net proceeds from sales (purchases) of short-term securities | &nbsp;&nbsp; (181)<br>| &nbsp;&nbsp; 3219136 | &nbsp;&nbsp; (24920239)<br>| &nbsp;&nbsp; 3369526 |
| &nbsp;&nbsp;&nbsp; Amortization of premium and accretion of discount on investments and other fees | &nbsp;&nbsp; (904852)<br>| &nbsp;&nbsp; (21106)<br>| &nbsp;&nbsp; 10163 | &nbsp;&nbsp; (926081)<br>|
| &nbsp;&nbsp;&nbsp; Net realized loss on investments | &nbsp;&nbsp; 1393583 | &nbsp;&nbsp; 1980869 | &nbsp;&nbsp; 2646920 | &nbsp;&nbsp; 3829438 |
| &nbsp;&nbsp;&nbsp; Net unrealized (appreciation) depreciation on investments | &nbsp;&nbsp; (13291923)<br>| &nbsp;&nbsp; (25908556)<br>| &nbsp;&nbsp; (36271902)<br>| &nbsp;&nbsp; (44282905)<br>|
| (Increase) Decrease in Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Receivables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; 3570 | &nbsp;&nbsp; 5437 | &nbsp;&nbsp; (9506)<br>| &nbsp;&nbsp; 27386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp; (218668)<br>| &nbsp;&nbsp; 202645 | &nbsp;&nbsp; (85426)<br>| &nbsp;&nbsp; (630782)<br>|
| &nbsp;&nbsp;&nbsp; Prepaid expenses | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (164010)<br>|
| &nbsp;&nbsp;&nbsp; Deferred offering costs. | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; — |
| Increase (Decrease) in Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp; (4753)<br>| &nbsp;&nbsp; (7241)<br>| &nbsp;&nbsp; (113)<br>| &nbsp;&nbsp; (10427)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | &nbsp;&nbsp; 3045 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp; 39 | &nbsp;&nbsp; (509)<br>| &nbsp;&nbsp; (18068)<br>| &nbsp;&nbsp; (995)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense and fees | &nbsp;&nbsp; 115694 | &nbsp;&nbsp; 221537 | &nbsp;&nbsp; 226017 | &nbsp;&nbsp; 334469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp; 6970 | &nbsp;&nbsp; 11004 | &nbsp;&nbsp; 6988 | &nbsp;&nbsp; 30347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | &nbsp;&nbsp; 78 | &nbsp;&nbsp; (7982)<br>| &nbsp;&nbsp; 144 | &nbsp;&nbsp; 12074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp; (20743)<br>| &nbsp;&nbsp; 6629 | &nbsp;&nbsp; (21619)<br>| &nbsp;&nbsp; (1167)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp; (12370)<br>| &nbsp;&nbsp; (27069)<br>| &nbsp;&nbsp; (22706)<br>| &nbsp;&nbsp; 6484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reorganization costs | &nbsp;&nbsp; (168779)<br>| &nbsp;&nbsp; (132346)<br>| &nbsp;&nbsp; (157195)<br>| &nbsp;&nbsp; (214069)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 5140 | &nbsp;&nbsp; 3476 | &nbsp;&nbsp; (11164)<br>|
| Net cash used for operating activities | &nbsp;&nbsp; (6641033)<br>| &nbsp;&nbsp; (18395610)<br>| &nbsp;&nbsp; (24375524)<br>| &nbsp;&nbsp; (25308273)<br>|
| **CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES** |  |  |  |  |
| Cash dividends paid to Common Shareholders | &nbsp;&nbsp; (4948950)<br>| &nbsp;&nbsp; (11044290)<br>| &nbsp;&nbsp; (12979105)<br>| &nbsp;&nbsp; (15653447)<br>|
| Repayments of TOB Trust Certificates | &nbsp;&nbsp; (6437393)<br>| &nbsp;&nbsp; (17459997)<br>| &nbsp;&nbsp; (35991264)<br>| &nbsp;&nbsp; (9623900)<br>|
| Proceeds from TOB Trust Certificates | &nbsp;&nbsp; 17866380 | &nbsp;&nbsp; 46388999 | &nbsp;&nbsp; 64368306 | &nbsp;&nbsp; 50077336 |
| Increase in bank overdraft | &nbsp;&nbsp; 160996 | &nbsp;&nbsp; 369882 | &nbsp;&nbsp; 417888 | &nbsp;&nbsp; 508284 |
| Net cash provided by financing activities | &nbsp;&nbsp; 6641033 | &nbsp;&nbsp; 18254594 | &nbsp;&nbsp; 15815825 | &nbsp;&nbsp; 25308273 |
| **CASH** |  |  |  |  |
| Net decrease in restricted and unrestricted cash | &nbsp;&nbsp; — | &nbsp;&nbsp; (141016)<br>| &nbsp;&nbsp; (8559699)<br>| &nbsp;&nbsp; — |
| Restricted and unrestricted cash at beginning of period | &nbsp;&nbsp; — | &nbsp;&nbsp; 141016 | &nbsp;&nbsp; 8559699 | &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; $2358901 | &nbsp;&nbsp; $5332048 | &nbsp;&nbsp; $6068117 | &nbsp;&nbsp; $7507348 |

---

*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;

---

| | | | |
|:---|:---|:---|:---|
|  | MVF | MVT | MQT |
| **CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES** |  |  |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $36310725 | &nbsp;&nbsp; $20279060 | &nbsp;&nbsp; $20151443 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from sales of long-term investments and principal paydowns/payups | &nbsp;&nbsp; 97067966 | &nbsp;&nbsp; 67348421 | &nbsp;&nbsp; 45937532 |
| &nbsp;&nbsp;&nbsp; Purchases of long-term investments | &nbsp;&nbsp; (105352063)<br>| &nbsp;&nbsp; (81388719)<br>| &nbsp;&nbsp; (62975528)<br>|
| &nbsp;&nbsp;&nbsp; Net proceeds from sales (purchases) of short-term securities | &nbsp;&nbsp; (1326750)<br>| &nbsp;&nbsp; 812274 | &nbsp;&nbsp; (1460911)<br>|
| &nbsp;&nbsp;&nbsp; Amortization of premium and accretion of discount on investments and other fees | &nbsp;&nbsp; (180325)<br>| &nbsp;&nbsp; (134939)<br>| &nbsp;&nbsp; (239496)<br>|
| &nbsp;&nbsp;&nbsp; Net realized loss on investments | &nbsp;&nbsp; 5728630 | &nbsp;&nbsp; 1763768 | &nbsp;&nbsp; 1071027 |
| &nbsp;&nbsp;&nbsp; Net unrealized (appreciation) depreciation on investments | &nbsp;&nbsp; (32246177)<br>| &nbsp;&nbsp; (16368376)<br>| &nbsp;&nbsp; (15404933)<br>|
| (Increase) Decrease in Assets |  |  |  |
| &nbsp;&nbsp;&nbsp; Receivables |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; 7967 | &nbsp;&nbsp; 7564 | &nbsp;&nbsp; 3643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp; (222041)<br>| &nbsp;&nbsp; (401058)<br>| &nbsp;&nbsp; (140403)<br>|
| Increase (Decrease) in Liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp; Payables |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp; (11982)<br>| &nbsp;&nbsp; (5105)<br>| &nbsp;&nbsp; (5446)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp; (1086)<br>| &nbsp;&nbsp; (17)<br>| &nbsp;&nbsp; (164)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense and fees | &nbsp;&nbsp; 285041 | &nbsp;&nbsp; 156909 | &nbsp;&nbsp; 122360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp; (9424)<br>| &nbsp;&nbsp; 530 | &nbsp;&nbsp; 7868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | &nbsp;&nbsp; 325 | &nbsp;&nbsp; (1616)<br>| &nbsp;&nbsp; (1579)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp; 2658 | &nbsp;&nbsp; (21749)<br>| &nbsp;&nbsp; (23531)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp; (3330)<br>| &nbsp;&nbsp; (14671)<br>| &nbsp;&nbsp; (7877)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reorganization costs | &nbsp;&nbsp; (44350)<br>| &nbsp;&nbsp; (17227)<br>| &nbsp;&nbsp; (112367)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp; 15153 | &nbsp;&nbsp; 1626 | &nbsp;&nbsp; 1454 |
| Net cash provided by (used for) operating activities | &nbsp;&nbsp; 20937 | &nbsp;&nbsp; (7983325)<br>| &nbsp;&nbsp; (13076908)<br>|
| **CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES** |  |  |  |
| Cash dividends paid to Common Shareholders | &nbsp;&nbsp; (10237755)<br>| &nbsp;&nbsp; (5693648)<br>| &nbsp;&nbsp; (5715863)<br>|
| Repayments of TOB Trust Certificates | &nbsp;&nbsp; (10630000)<br>| &nbsp;&nbsp; (16363902)<br>| &nbsp;&nbsp; (4700582)<br>|
| Net payments on Common Shares redeemed | &nbsp;&nbsp; (9959494)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Proceeds from TOB Trust Certificates | &nbsp;&nbsp; 30442359 | &nbsp;&nbsp; 29854374 | &nbsp;&nbsp; 23306630 |
| Increase in bank overdraft | &nbsp;&nbsp; 363953 | &nbsp;&nbsp; 186501 | &nbsp;&nbsp; 186723 |
| Net cash provided by (used for) for financing activities | &nbsp;&nbsp; (20937)<br>| &nbsp;&nbsp; 7983325 | &nbsp;&nbsp; 13076908 |
| **CASH** |  |  |  |
| Net increase in restricted and unrestricted cash | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Restricted and unrestricted cash at beginning of period | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Restricted and unrestricted cash at end of period  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** |  |  |  |
| Cash paid during the period for interest expense | &nbsp;&nbsp; $4760500 | &nbsp;&nbsp; $2664596 | &nbsp;&nbsp; $2749338 |

---

*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;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BKN | BKN | BKN | BKN | BKN | BKN | BKN |
|  | &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>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | &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; Period from <br>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $11.62 | &nbsp;&nbsp;&nbsp;&nbsp; $13.07 | &nbsp;&nbsp;&nbsp;&nbsp; $13.21 | &nbsp;&nbsp;&nbsp;&nbsp; $13.86 | &nbsp;&nbsp;&nbsp;&nbsp; $13.79 | &nbsp;&nbsp;&nbsp;&nbsp; $16.71 | &nbsp;&nbsp;&nbsp;&nbsp; $14.89 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.69 | &nbsp;&nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.00 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp; (2.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.80 |
| Net increase (decrease) from investment operations | 0.99 | &nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.61 |
| **Distributions to Common Shareholders**<sup>(c)</sup> <br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.34 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.79)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<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; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.79)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $12.27 | &nbsp;&nbsp;&nbsp;&nbsp; $11.62 | &nbsp;&nbsp;&nbsp;&nbsp; $13.07 | &nbsp;&nbsp;&nbsp;&nbsp; $13.21 | &nbsp;&nbsp;&nbsp;&nbsp; $13.86 | &nbsp;&nbsp;&nbsp;&nbsp; $13.79 | &nbsp;&nbsp;&nbsp;&nbsp; $16.71 |
| **Market price, end of period** | &nbsp;&nbsp; $11.45 | &nbsp;&nbsp;&nbsp;&nbsp; $10.63 | &nbsp;&nbsp;&nbsp;&nbsp; $12.19 | &nbsp;&nbsp;&nbsp;&nbsp; $11.75 | &nbsp;&nbsp;&nbsp;&nbsp; $14.61 | &nbsp;&nbsp;&nbsp;&nbsp; $15.14 | &nbsp;&nbsp;&nbsp;&nbsp; $19.20 |
| **Total Return Applicable to Common Shareholders**<sup>(e)</sup> <br>|  |  |  |  |  |  |  |
| Based on net asset value | 8.86 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.72)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.23)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.68<br> %<br>|
| Based on market price | 11.04 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.53)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15.67)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.09 )%<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.09)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.51<br> %<br>|
| **Ratios to Average Net Assets Applicable to Common** <br> **Shareholders**<sup>(g)</sup> <br>|  |  |  |  |  |  |  |
| Total expenses | 3.32 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.32 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.31 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.33 %<sup>(h)(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 3.31 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.25 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.25 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.32 %<sup>(h)(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<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>(l)</sup><br>| 0.97 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99 %<sup>(h)(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>|
| Net investment income to Common Shareholders | 4.90 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.80 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.93<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |  |
| Net assets applicable to Common Shareholders, end of period (000) | &nbsp;&nbsp; $211152 | &nbsp;&nbsp;&nbsp;&nbsp; $199965 | &nbsp;&nbsp;&nbsp;&nbsp; $224816 | &nbsp;&nbsp;&nbsp;&nbsp; $230377 | &nbsp;&nbsp;&nbsp;&nbsp; $243842 | &nbsp;&nbsp;&nbsp;&nbsp; $237646 | &nbsp;&nbsp;&nbsp;&nbsp; $287404 |
| &nbsp;&nbsp;&nbsp; VMTP Shares outstanding at $100,000 liquidation value, end of <br> period (000)<br>| &nbsp;&nbsp; $67800 | &nbsp;&nbsp;&nbsp;&nbsp; $67800 | &nbsp;&nbsp;&nbsp;&nbsp; $67800 | &nbsp;&nbsp;&nbsp;&nbsp; $125900 | &nbsp;&nbsp;&nbsp;&nbsp; $125900 | &nbsp;&nbsp;&nbsp;&nbsp; $125900 | &nbsp;&nbsp;&nbsp;&nbsp; $125900 |
| &nbsp;&nbsp;&nbsp; Asset coverage per VMTP Shares at $100,000 liquidation value, end <br> of period<br>| &nbsp;&nbsp; $240758 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $244294 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $318920 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $273583 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $243263 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $288757 <br><sup>(n)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $328280 <br><sup>(n)</sup><br>|
| TOB Trust Certificates, end of period (000) | &nbsp;&nbsp; $82211 | &nbsp;&nbsp;&nbsp;&nbsp; $70782 | &nbsp;&nbsp;&nbsp;&nbsp; $34893 | &nbsp;&nbsp;&nbsp;&nbsp; $6819 | &nbsp;&nbsp;&nbsp;&nbsp; $44306 | &nbsp;&nbsp;&nbsp;&nbsp; $47151 | &nbsp;&nbsp;&nbsp;&nbsp; $54214 |
| Asset coverage per $1,000 of TOB Trust Certificates, end of period<sup>(o)</sup> | &nbsp;&nbsp; $4393 | &nbsp;&nbsp;&nbsp;&nbsp; $4783 | &nbsp;&nbsp;&nbsp;&nbsp; $9386 | &nbsp;&nbsp;&nbsp;&nbsp; $53248 | &nbsp;&nbsp;&nbsp;&nbsp; $9345 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Portfolio turnover rate | &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10<br> %<br>|

---

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

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

<sup>(b)</sup> Amount is greater 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> Annualized.

<sup>(i)</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 3.14% and 3.07%, 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 3.29% and 3.23%, respectively. 

<sup>(k)</sup> Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense and fees, amortization of offering costs would have been 2.38%, 2.37% and 1.04%, respectively. 

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

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

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

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

*See notes to financial statements.*

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;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BFK | BFK | BFK | BFK | BFK | BFK | BFK |
|  | &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>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | &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; Period from <br>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.40 | &nbsp;&nbsp;&nbsp;&nbsp; $11.43 | &nbsp;&nbsp;&nbsp;&nbsp; $11.66 | &nbsp;&nbsp;&nbsp;&nbsp; $12.18 | &nbsp;&nbsp;&nbsp;&nbsp; $12.15 | &nbsp;&nbsp;&nbsp;&nbsp; $14.74 | &nbsp;&nbsp;&nbsp;&nbsp; $12.91 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.54 | &nbsp;&nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp; (2.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.83 |
| Net increase (decrease) from investment operations | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.52 |
| **Distributions to Common Shareholders**<sup>(b)</sup> <br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.30 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.69)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions to Common Shareholders | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.69)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.89 | &nbsp;&nbsp;&nbsp;&nbsp; $10.40 | &nbsp;&nbsp;&nbsp;&nbsp; $11.43 | &nbsp;&nbsp;&nbsp;&nbsp; $11.66 | &nbsp;&nbsp;&nbsp;&nbsp; $12.18 | &nbsp;&nbsp;&nbsp;&nbsp; $12.15 | &nbsp;&nbsp;&nbsp;&nbsp; $14.74 |
| **Market price, end of period** | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp;&nbsp;&nbsp; $9.57 | &nbsp;&nbsp;&nbsp;&nbsp; $10.23 | &nbsp;&nbsp;&nbsp;&nbsp; $10.11 | &nbsp;&nbsp;&nbsp;&nbsp; $11.25 | &nbsp;&nbsp;&nbsp;&nbsp; $11.69 | &nbsp;&nbsp;&nbsp;&nbsp; $15.05 |
| **Total Return Applicable to Common Shareholders**<sup>(d)</sup> <br>|  |  |  |  |  |  |  |
| Based on net asset value | 7.89 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.44)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.35)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.81<br> %<br>|
| Based on market price | 9.49 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.73)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.22)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.51 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (18.35)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.10<br> %<br>|
| **Ratios to Average Net Assets Applicable to Common** <br> **Shareholders**<sup>(f)</sup> <br>|  |  |  |  |  |  |  |
| Total expenses | 3.41 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.46 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.32 %<sup>(g)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 3.40 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.37 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.32 %<sup>(g)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63<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>(j)</sup><br>| 1.08 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06 %<sup>(g)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>|
| Net investment income to Common Shareholders | 4.62 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.35 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.84<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |  |
| Net assets applicable to Common Shareholders, end of period (000) | &nbsp;&nbsp; $477765 | &nbsp;&nbsp;&nbsp;&nbsp; $455933 | &nbsp;&nbsp;&nbsp;&nbsp; $501182 | &nbsp;&nbsp;&nbsp;&nbsp; $518279 | &nbsp;&nbsp;&nbsp;&nbsp; $548691 | &nbsp;&nbsp;&nbsp;&nbsp; $547214 | &nbsp;&nbsp;&nbsp;&nbsp; $662092 |
| &nbsp;&nbsp;&nbsp; VMTP Shares outstanding at $100,000 liquidation value, end of <br> period (000)<br>| &nbsp;&nbsp; $154100 | &nbsp;&nbsp;&nbsp;&nbsp; $154100 | &nbsp;&nbsp;&nbsp;&nbsp; $154100 | &nbsp;&nbsp;&nbsp;&nbsp; $270800 | &nbsp;&nbsp;&nbsp;&nbsp; $270800 | &nbsp;&nbsp;&nbsp;&nbsp; $270800 | &nbsp;&nbsp;&nbsp;&nbsp; $270800 |
| &nbsp;&nbsp;&nbsp; Asset coverage per VMTP Shares at $100,000 liquidation value, end <br> of period<br>| &nbsp;&nbsp; $241319 <br><sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $243989 <br><sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $292178 <br><sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $291388 <br><sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $247905 <br><sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $302073 <br><sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $344495 <br><sup>(l)</sup><br>|
| TOB Trust Certificates, end of period (000) | &nbsp;&nbsp; $183975 | &nbsp;&nbsp;&nbsp;&nbsp; $162545 | &nbsp;&nbsp;&nbsp;&nbsp; $106690 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $100175 | &nbsp;&nbsp;&nbsp;&nbsp; $120204 | &nbsp;&nbsp;&nbsp;&nbsp; $139150 |
| Asset coverage per $1,000 of TOB Trust Certificates, end of period<sup>(m)</sup> | &nbsp;&nbsp; $4435 | &nbsp;&nbsp;&nbsp;&nbsp; $4753 | &nbsp;&nbsp;&nbsp;&nbsp; $7142 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; $9181 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Portfolio turnover rate | &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15<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 3.32% and 3.24%, respectively. 

<sup>(i)</sup> Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense and fees, amortization of offering costs would have been 2.35%, 2.35% and 1.08%, respectively. 

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

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

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

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

*See notes to financial statements.*

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;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BLE | BLE | BLE | BLE | BLE | BLE | BLE |
|  | &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; $10.75 | &nbsp;&nbsp;&nbsp;&nbsp; $12.15 | &nbsp;&nbsp;&nbsp;&nbsp; $12.09 | &nbsp;&nbsp;&nbsp;&nbsp; $12.60 | &nbsp;&nbsp;&nbsp;&nbsp; $15.18 | &nbsp;&nbsp;&nbsp;&nbsp; $14.79 | &nbsp;&nbsp;&nbsp;&nbsp; $15.16 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.70 | &nbsp;&nbsp;&nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp; (0.40)<br>|
| Net increase (decrease) from investment operations | 0.97 | &nbsp;&nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| **Distributions to Common Shareholders**<sup>(b)</sup> <br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.32 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.70)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions to Common Shareholders | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.70)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $11.40 | &nbsp;&nbsp;&nbsp;&nbsp; $10.75 | &nbsp;&nbsp;&nbsp;&nbsp; $12.15 | &nbsp;&nbsp;&nbsp;&nbsp; $12.09 | &nbsp;&nbsp;&nbsp;&nbsp; $12.60 | &nbsp;&nbsp;&nbsp;&nbsp; $15.18 | &nbsp;&nbsp;&nbsp;&nbsp; $14.79 |
| **Market price, end of period** | &nbsp;&nbsp; $10.58 | &nbsp;&nbsp;&nbsp;&nbsp; $9.82 | &nbsp;&nbsp;&nbsp;&nbsp; $10.86 | &nbsp;&nbsp;&nbsp;&nbsp; $10.45 | &nbsp;&nbsp;&nbsp;&nbsp; $11.77 | &nbsp;&nbsp;&nbsp;&nbsp; $16.10 | &nbsp;&nbsp;&nbsp;&nbsp; $14.83 |
| **Total Return Applicable to Common Shareholders**<sup>(d)</sup> <br>|  |  |  |  |  |  |  |
| Based on net asset value | 9.39 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.98)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.94 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.37<br> %<br>|
| Based on market price | 11.14 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.92)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.11)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23.32 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>|
| **Ratios to Average Net Assets Applicable to Common** <br> **Shareholders**<sup>(f)</sup> <br>|  |  |  |  |  |  |  |
| Total expenses | 3.29 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.15 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.03 %<sup>(j)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 3.28 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.04 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00 %<sup>(j)</sup><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>(k)</sup><br>| 0.98 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>|
| Net investment income to Common Shareholders | 4.71 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.96<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |  |
| Net assets applicable to Common Shareholders, end of period (000) | &nbsp;&nbsp; $544214 | &nbsp;&nbsp;&nbsp;&nbsp; $513220 | &nbsp;&nbsp;&nbsp;&nbsp; $579771 | &nbsp;&nbsp;&nbsp;&nbsp; $583607 | &nbsp;&nbsp;&nbsp;&nbsp; $615642 | &nbsp;&nbsp;&nbsp;&nbsp; $738513 | &nbsp;&nbsp;&nbsp;&nbsp; $348328 |
| &nbsp;&nbsp;&nbsp; VMTP Shares outstanding at $100,000 liquidation value, end of <br> period (000)<br>| &nbsp;&nbsp; $174100 | &nbsp;&nbsp;&nbsp;&nbsp; $174100 | &nbsp;&nbsp;&nbsp;&nbsp; $174100 | &nbsp;&nbsp;&nbsp;&nbsp; $302700 | &nbsp;&nbsp;&nbsp;&nbsp; $302700 | &nbsp;&nbsp;&nbsp;&nbsp; $302700 | &nbsp;&nbsp;&nbsp;&nbsp; $151300 |
| &nbsp;&nbsp;&nbsp; Asset coverage per VMTP Shares at $100,000 liquidation value, end <br> of period<br>| &nbsp;&nbsp; $241653 <br><sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $245893 <br><sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $315862 <br><sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $273428 <br><sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $247830 <br><sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $343975 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $330223 <br><sup>(m)</sup><br>|
| TOB Trust Certificates, end of period (000) | &nbsp;&nbsp; $210087 | &nbsp;&nbsp;&nbsp;&nbsp; $177678 | &nbsp;&nbsp;&nbsp;&nbsp; $94485 | &nbsp;&nbsp;&nbsp;&nbsp; $33812 | &nbsp;&nbsp;&nbsp;&nbsp; $113752 | &nbsp;&nbsp;&nbsp;&nbsp; $155988 | &nbsp;&nbsp;&nbsp;&nbsp; $73763 |
| Asset coverage per $1,000 of TOB Trust Certificates, end of period<sup>(n)</sup> | &nbsp;&nbsp; $4419 | &nbsp;&nbsp;&nbsp;&nbsp; $4868 | &nbsp;&nbsp;&nbsp;&nbsp; $8979 | &nbsp;&nbsp;&nbsp;&nbsp; $27213 | &nbsp;&nbsp;&nbsp;&nbsp; $9073 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Portfolio turnover rate | &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15<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 reorganization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.04% and 2.94%, respectively. 

<sup>(i)</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 1.56% and 1.56%, 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 2.00% and 2.00%, 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 Fund's total liabilities (not including VMTP Shares and TOBs) from the Fund's total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VMTP Shares, and by multiplying the results by 100,000.

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

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 Fund's total liabilities (not including VMTP Shares and TOBs) from the Fund's total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. 

*See notes to financial statements.*

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;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | MHD | MHD | MHD | MHD | MHD | MHD | MHD |
|  | &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>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | &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; Period from <br>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $12.10 | &nbsp;&nbsp;&nbsp;&nbsp; $13.61 | &nbsp;&nbsp;&nbsp;&nbsp; $13.62 | &nbsp;&nbsp;&nbsp;&nbsp; $14.35 | &nbsp;&nbsp;&nbsp;&nbsp; $14.27 | &nbsp;&nbsp;&nbsp;&nbsp; $17.30 | &nbsp;&nbsp;&nbsp;&nbsp; $15.18 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.79 | &nbsp;&nbsp;&nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp; (3.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| Net increase (decrease) from investment operations | 1.09 | &nbsp;&nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.85 |
| **Distributions to Common Shareholders**<sup>(b)</sup> <br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.36 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.73)<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; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions to Common Shareholders | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.73)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $12.83 | &nbsp;&nbsp;&nbsp;&nbsp; $12.10 | &nbsp;&nbsp;&nbsp;&nbsp; $13.61 | &nbsp;&nbsp;&nbsp;&nbsp; $13.62 | &nbsp;&nbsp;&nbsp;&nbsp; $14.35 | &nbsp;&nbsp;&nbsp;&nbsp; $14.27 | &nbsp;&nbsp;&nbsp;&nbsp; $17.30 |
| **Market price, end of period** | &nbsp;&nbsp; $11.94 | &nbsp;&nbsp;&nbsp;&nbsp; $11.12 | &nbsp;&nbsp;&nbsp;&nbsp; $12.04 | &nbsp;&nbsp;&nbsp;&nbsp; $11.84 | &nbsp;&nbsp;&nbsp;&nbsp; $13.32 | &nbsp;&nbsp;&nbsp;&nbsp; $12.87 | &nbsp;&nbsp;&nbsp;&nbsp; $16.33 |
| **Total Return Applicable to Common Shareholders**<sup>(e)</sup> <br>|  |  |  |  |  |  |  |
| Based on net asset value | 9.32 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.72)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.86 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.82)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.64)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.31<br> %<br>|
| Based on market price | 10.70 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (2.05)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.12)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.91 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.48)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.90<br> %<br>|
| **Ratios to Average Net Assets Applicable to Common** <br> **Shareholders**<sup>(h)</sup> <br>|  |  |  |  |  |  |  |
| Total expenses | 3.35 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.16 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56 %<sup>(k)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 3.35 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.08 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51 %<sup>(k)</sup><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>(l)</sup><br>| 1.00 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>|
| Net investment income to Common Shareholders | 4.74 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.44 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.59<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |  |
| Net assets applicable to Common Shareholders, end of period (000) | &nbsp;&nbsp; $668735 | &nbsp;&nbsp;&nbsp;&nbsp; $631042 | &nbsp;&nbsp;&nbsp;&nbsp; $709641 | &nbsp;&nbsp;&nbsp;&nbsp; $719018 | &nbsp;&nbsp;&nbsp;&nbsp; $765773 | &nbsp;&nbsp;&nbsp;&nbsp; $761147 | &nbsp;&nbsp;&nbsp;&nbsp; $923079 |
| &nbsp;&nbsp;&nbsp; VMTP Shares outstanding at $100,000 liquidation value, end of <br> period (000)<br>| &nbsp;&nbsp; $214000 | &nbsp;&nbsp;&nbsp;&nbsp; $214000 | &nbsp;&nbsp;&nbsp;&nbsp; $214000 | &nbsp;&nbsp;&nbsp;&nbsp; $347800 | &nbsp;&nbsp;&nbsp;&nbsp; $347800 | &nbsp;&nbsp;&nbsp;&nbsp; $347800 | &nbsp;&nbsp;&nbsp;&nbsp; $347800 |
| &nbsp;&nbsp;&nbsp; Asset coverage per VMTP Shares at $100,000 liquidation value, end <br> of period<br>| &nbsp;&nbsp; $240280 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $244649 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $324228 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $291952 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $249559 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $318846 <br><sup>(n)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $365405 <br><sup>(n)</sup><br>|
| TOB Trust Certificates, end of period (000) | &nbsp;&nbsp; $262713 | &nbsp;&nbsp;&nbsp;&nbsp; $222259 | &nbsp;&nbsp;&nbsp;&nbsp; $102482 | &nbsp;&nbsp;&nbsp;&nbsp; $26783 | &nbsp;&nbsp;&nbsp;&nbsp; $164222 | &nbsp;&nbsp;&nbsp;&nbsp; $176042 | &nbsp;&nbsp;&nbsp;&nbsp; $213104 |
| &nbsp;&nbsp;&nbsp; Asset coverage per $1,000 of TOB Trust Certificates, end of <br> period<sup>(o)</sup><br>| &nbsp;&nbsp; $4360 | &nbsp;&nbsp;&nbsp;&nbsp; $4802 | &nbsp;&nbsp;&nbsp;&nbsp; $10013 | &nbsp;&nbsp;&nbsp;&nbsp; $40832 | &nbsp;&nbsp;&nbsp;&nbsp; $7781 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Portfolio turnover rate | &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15<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> Amount is greater than $(0.005) per share.

<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> Includes payment from an affiliate, which had no impact on the Fund's total return.

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

<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 3.12% and 3.04%, 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 1.49% and 1.47%, respectively. 

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

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

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

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

*See notes to financial statements.*

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;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | MVF | MVF | MVF | MVF | MVF | MVF | MVF |
|  | &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; $7.08 | &nbsp;&nbsp;&nbsp;&nbsp; $8.05 | &nbsp;&nbsp;&nbsp;&nbsp; $7.90 | &nbsp;&nbsp;&nbsp;&nbsp; $8.37 | &nbsp;&nbsp;&nbsp;&nbsp; $10.08 | &nbsp;&nbsp;&nbsp;&nbsp; $9.60 | &nbsp;&nbsp;&nbsp;&nbsp; $9.83 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp; (0.25)<br>|
| Net increase (decrease) from investment operations | 0.66 | &nbsp;&nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| **Distributions to Common Shareholders**<sup>(b)</sup> <br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.22 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.41)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions to Common Shareholders | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.41)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $7.52 | &nbsp;&nbsp;&nbsp;&nbsp; $7.08 | &nbsp;&nbsp;&nbsp;&nbsp; $8.05 | &nbsp;&nbsp;&nbsp;&nbsp; $7.90 | &nbsp;&nbsp;&nbsp;&nbsp; $8.37 | &nbsp;&nbsp;&nbsp;&nbsp; $10.08 | &nbsp;&nbsp;&nbsp;&nbsp; $9.60 |
| **Market price, end of period** | &nbsp;&nbsp; $7.02 | &nbsp;&nbsp;&nbsp;&nbsp; $6.61 | &nbsp;&nbsp;&nbsp;&nbsp; $7.35 | &nbsp;&nbsp;&nbsp;&nbsp; $6.83 | &nbsp;&nbsp;&nbsp;&nbsp; $7.81 | &nbsp;&nbsp;&nbsp;&nbsp; $9.80 | &nbsp;&nbsp;&nbsp;&nbsp; $8.77 |
| **Total Return Applicable to Common Shareholders**<sup>(d)</sup> <br>|  |  |  |  |  |  |  |
| Based on net asset value | 9.58 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.72)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.57)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.30 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.30<br> %<br>|
| Based on market price | 9.57 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.61)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.80)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.79 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.19)%<br>|
| **Ratios to Average Net Assets Applicable to Common** <br> **Shareholders**<sup>(f)</sup> <br>|  |  |  |  |  |  |  |
| Total expenses | 3.45 %<sup>(g)(h)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.17 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 3.43 %<sup>(g)(h)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.09 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<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>(k)</sup><br>| 1.01 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| Net investment income to Common Shareholders | 4.64 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.18 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.48<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |  |
| Net assets applicable to Common Shareholders, end of period (000) | &nbsp;&nbsp; $420415 | &nbsp;&nbsp;&nbsp;&nbsp; $406190 | &nbsp;&nbsp;&nbsp;&nbsp; $510547 | &nbsp;&nbsp;&nbsp;&nbsp; $505761 | &nbsp;&nbsp;&nbsp;&nbsp; $542470 | &nbsp;&nbsp;&nbsp;&nbsp; $653755 | &nbsp;&nbsp;&nbsp;&nbsp; $622750 |
| &nbsp;&nbsp;&nbsp; VMTP Shares outstanding at $100,000 liquidation value, end of <br> period (000)<br>| &nbsp;&nbsp; $153600 | &nbsp;&nbsp;&nbsp;&nbsp; $153600 | &nbsp;&nbsp;&nbsp;&nbsp; $153600 | &nbsp;&nbsp;&nbsp;&nbsp; $243800 | &nbsp;&nbsp;&nbsp;&nbsp; $243800 | &nbsp;&nbsp;&nbsp;&nbsp; $243800 | &nbsp;&nbsp;&nbsp;&nbsp; $243800 |
| &nbsp;&nbsp;&nbsp; Asset coverage per VMTP Shares at $100,000 liquidation value, end <br> of period<br>| &nbsp;&nbsp; $237964 <br><sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $242566 <br><sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $322905 <br><sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $287855 <br><sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $260636 <br><sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $368152 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $355435 <br><sup>(m)</sup><br>|
| TOB Trust Certificates, end of period (000) | &nbsp;&nbsp; $151127 | &nbsp;&nbsp;&nbsp;&nbsp; $131314 | &nbsp;&nbsp;&nbsp;&nbsp; $75443 | &nbsp;&nbsp;&nbsp;&nbsp; $25430 | &nbsp;&nbsp;&nbsp;&nbsp; $93902 | &nbsp;&nbsp;&nbsp;&nbsp; $106029 | &nbsp;&nbsp;&nbsp;&nbsp; $97266 |
| Asset coverage per $1,000 of TOB Trust Certificates, end of period<sup>(n)</sup> | &nbsp;&nbsp; $4798 | &nbsp;&nbsp;&nbsp;&nbsp; $5263 | &nbsp;&nbsp;&nbsp;&nbsp; $9803 | &nbsp;&nbsp;&nbsp;&nbsp; $30475 | &nbsp;&nbsp;&nbsp;&nbsp; $9373 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Portfolio turnover rate | &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18<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> 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 3.47%, respectively. 

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

<sup>(i)</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 3.42% and 3.40%, respectively. 

<sup>(j)</sup> Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed would have been 3.13% and 3.06%, respectively.

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

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

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

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 Fund's total liabilities (not including VMTP Shares and TOBs) from the Fund's total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000. 

*See notes to financial statements.*

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;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | MVT | MVT | MVT | MVT | MVT | MVT | MVT |
|  | &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>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | &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; Period from <br>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $11.03 | &nbsp;&nbsp;&nbsp;&nbsp; $12.40 | &nbsp;&nbsp;&nbsp;&nbsp; $12.36 | &nbsp;&nbsp;&nbsp;&nbsp; $12.91 | &nbsp;&nbsp;&nbsp;&nbsp; $12.91 | &nbsp;&nbsp;&nbsp;&nbsp; $15.60 | &nbsp;&nbsp;&nbsp;&nbsp; $13.60 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.70 | &nbsp;&nbsp;&nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.97 |
| Net increase (decrease) from investment operations | 0.97 | &nbsp;&nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.69 |
| **Distributions to Common Shareholders**<sup>(b)</sup> <br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.32 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.69)<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; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions to Common Shareholders | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.69)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $11.68 | &nbsp;&nbsp;&nbsp;&nbsp; $11.03 | &nbsp;&nbsp;&nbsp;&nbsp; $12.40 | &nbsp;&nbsp;&nbsp;&nbsp; $12.36 | &nbsp;&nbsp;&nbsp;&nbsp; $12.91 | &nbsp;&nbsp;&nbsp;&nbsp; $12.91 | &nbsp;&nbsp;&nbsp;&nbsp; $15.60 |
| **Market price, end of period** | &nbsp;&nbsp; $10.91 | &nbsp;&nbsp;&nbsp;&nbsp; $10.07 | &nbsp;&nbsp;&nbsp;&nbsp; $11.04 | &nbsp;&nbsp;&nbsp;&nbsp; $10.66 | &nbsp;&nbsp;&nbsp;&nbsp; $12.04 | &nbsp;&nbsp;&nbsp;&nbsp; $11.89 | &nbsp;&nbsp;&nbsp;&nbsp; $15.15 |
| **Total Return Applicable to Common Shareholders**<sup>(d)</sup> <br>|  |  |  |  |  |  |  |
| Based on net asset value | 9.14 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (13.19)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.22<br> %<br>|
| Based on market price | 11.66 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (3.19)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.65)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.58 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (17.67)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.52<br> %<br>|
| **Ratios to Average Net Assets Applicable to Common** <br> **Shareholders**<sup>(f)</sup> <br>|  |  |  |  |  |  |  |
| Total expenses | 3.31 %<sup>(g)(h)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.06 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26 %<sup>(h)(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 3.30 %<sup>(g)(h)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.98 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26 %<sup>(h)(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<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>(l)</sup><br>| 0.94 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96 %<sup>(h)(k)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Net investment income to Common Shareholders | 4.65 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.24 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.75<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |  |
| Net assets applicable to Common Shareholders, end of period (000) | &nbsp;&nbsp; $243656 | &nbsp;&nbsp;&nbsp;&nbsp; $230136 | &nbsp;&nbsp;&nbsp;&nbsp; $258638 | &nbsp;&nbsp;&nbsp;&nbsp; $260771 | &nbsp;&nbsp;&nbsp;&nbsp; $275901 | &nbsp;&nbsp;&nbsp;&nbsp; $275829 | &nbsp;&nbsp;&nbsp;&nbsp; $332905 |
| &nbsp;&nbsp;&nbsp; VMTP Shares outstanding at $100,000 liquidation value, end of <br> period (000)<br>| &nbsp;&nbsp; $77700 | &nbsp;&nbsp;&nbsp;&nbsp; $77700 | &nbsp;&nbsp;&nbsp;&nbsp; $77700 | &nbsp;&nbsp;&nbsp;&nbsp; $140000 | &nbsp;&nbsp;&nbsp;&nbsp; $140000 | &nbsp;&nbsp;&nbsp;&nbsp; $140000 | &nbsp;&nbsp;&nbsp;&nbsp; $140000 |
| &nbsp;&nbsp;&nbsp; Asset coverage per VMTP Shares at $100,000 liquidation value, end <br> of period<br>| &nbsp;&nbsp; $241523 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $247510 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $319704 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $280704 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $243146 <br><sup>(m)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $297021 <br><sup>(n)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $337789 <br><sup>(n)</sup><br>|
| TOB Trust Certificates, end of period (000) | &nbsp;&nbsp; $94467 | &nbsp;&nbsp;&nbsp;&nbsp; $78314 | &nbsp;&nbsp;&nbsp;&nbsp; $40021 | &nbsp;&nbsp;&nbsp;&nbsp; $4308 | &nbsp;&nbsp;&nbsp;&nbsp; $52740 | &nbsp;&nbsp;&nbsp;&nbsp; $60726 | &nbsp;&nbsp;&nbsp;&nbsp; $57997 |
| Asset coverage per $1,000 of TOB Trust Certificates, end of period<sup>(o)</sup> | &nbsp;&nbsp; $4402 | &nbsp;&nbsp;&nbsp;&nbsp; $4931 | &nbsp;&nbsp;&nbsp;&nbsp; $9404 | &nbsp;&nbsp;&nbsp;&nbsp; $94029 | &nbsp;&nbsp;&nbsp;&nbsp; $8886 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Portfolio turnover rate | &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14<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> 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 3.36% and 3.35%, respectively. 

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

<sup>(i)</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 3.27% and 3.26%, 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 3.01% and 2.93%, respectively. 

<sup>(k)</sup> Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense and fees, amortization of offering costs would have been 2.31%, 2.31% and 1.01%, respectively. 

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

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

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

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

*See notes to financial statements.*

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;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | MQT | MQT | MQT | MQT | MQT | MQT | MQT |
|  | &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>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | &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; Period from <br>05/01/22 <br>to 07/31/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.36 | &nbsp;&nbsp;&nbsp;&nbsp; $11.65 | &nbsp;&nbsp;&nbsp;&nbsp; $11.71 | &nbsp;&nbsp;&nbsp;&nbsp; $12.30 | &nbsp;&nbsp;&nbsp;&nbsp; $12.17 | &nbsp;&nbsp;&nbsp;&nbsp; $14.58 | &nbsp;&nbsp;&nbsp;&nbsp; $13.02 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.65 | &nbsp;&nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Net increase (decrease) from investment operations | 0.91 | &nbsp;&nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.18 |
| **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; (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions to Common Shareholders | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.62)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.96 | &nbsp;&nbsp;&nbsp;&nbsp; $10.36 | &nbsp;&nbsp;&nbsp;&nbsp; $11.65 | &nbsp;&nbsp;&nbsp;&nbsp; $11.71 | &nbsp;&nbsp;&nbsp;&nbsp; $12.30 | &nbsp;&nbsp;&nbsp;&nbsp; $12.17 | &nbsp;&nbsp;&nbsp;&nbsp; $14.58 |
| **Market price, end of period** | &nbsp;&nbsp; $10.23 | &nbsp;&nbsp;&nbsp;&nbsp; $9.44 | &nbsp;&nbsp;&nbsp;&nbsp; $10.52 | &nbsp;&nbsp;&nbsp;&nbsp; $10.17 | &nbsp;&nbsp;&nbsp;&nbsp; $11.94 | &nbsp;&nbsp;&nbsp;&nbsp; $11.08 | &nbsp;&nbsp;&nbsp;&nbsp; $13.92 |
| **Total Return Applicable to Common Shareholders**<sup>(d)</sup> <br>|  |  |  |  |  |  |  |
| Based on net asset value | 9.06 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (5.60)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.25)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (12.49)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.24<br> %<br>|
| Based on market price | 11.72 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (4.74)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10.76)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.24 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (16.55)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.55<br> %<br>|
| **Ratios to Average Net Assets Applicable to Common** <br> **Shareholders**<sup>(f)</sup> <br>|  |  |  |  |  |  |  |
| Total expenses | 3.33 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.27 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21 %<sup>(g)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 3.33 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.20 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20 %<sup>(g)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<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>(j)</sup><br>| 0.96 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97 %<sup>(g)(i)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>|
| Net investment income to Common Shareholders | 4.79 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.66 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.57<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |  |
| Net assets applicable to Common Shareholders, end of period (000) | &nbsp;&nbsp; $242824 | &nbsp;&nbsp;&nbsp;&nbsp; $229452 | &nbsp;&nbsp;&nbsp;&nbsp; $258093 | &nbsp;&nbsp;&nbsp;&nbsp; $262314 | &nbsp;&nbsp;&nbsp;&nbsp; $277927 | &nbsp;&nbsp;&nbsp;&nbsp; $275030 | &nbsp;&nbsp;&nbsp;&nbsp; $328873 |
| &nbsp;&nbsp;&nbsp; VMTP Shares outstanding at $100,000 liquidation value, end of <br> period (000)<br>| &nbsp;&nbsp; $78600 | &nbsp;&nbsp;&nbsp;&nbsp; $78600 | &nbsp;&nbsp;&nbsp;&nbsp; $78600 | &nbsp;&nbsp;&nbsp;&nbsp; $116500 | &nbsp;&nbsp;&nbsp;&nbsp; $116500 | &nbsp;&nbsp;&nbsp;&nbsp; $116500 | &nbsp;&nbsp;&nbsp;&nbsp; $116500 |
| &nbsp;&nbsp;&nbsp; Asset coverage per VMTP Shares at $100,000 liquidation value, end <br> of period<br>| &nbsp;&nbsp; $238413 <br><sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $246308 <br><sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $309251 <br><sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $291013 <br><sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $247340 <br><sup>(k)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $336077 <br><sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $382294 <br><sup>(l)</sup><br>|
| TOB Trust Certificates, end of period (000) | &nbsp;&nbsp; $96834 | &nbsp;&nbsp;&nbsp;&nbsp; $78228 | &nbsp;&nbsp;&nbsp;&nbsp; $44741 | &nbsp;&nbsp;&nbsp;&nbsp; $20828 | &nbsp;&nbsp;&nbsp;&nbsp; $72129 | &nbsp;&nbsp;&nbsp;&nbsp; $76171 | &nbsp;&nbsp;&nbsp;&nbsp; $80614 |
| Asset coverage per $1,000 of TOB Trust Certificates, end of period<sup>(m)</sup> | &nbsp;&nbsp; $4319 | &nbsp;&nbsp;&nbsp;&nbsp; $4938 | &nbsp;&nbsp;&nbsp;&nbsp; $8525 | &nbsp;&nbsp;&nbsp;&nbsp; $19188 | &nbsp;&nbsp;&nbsp;&nbsp; $6468 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Portfolio turnover rate | &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8<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 3.15% and 3.08%, respectively. 

<sup>(i)</sup> Audit and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense and fees, amortization of offering costs would have been 2.25%, 2.25% and 1.01%, respectively. 

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

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

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

*See notes to financial statements.*

Financial Highlights

------

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 "Funds", or individually as a "Fund":

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name*  | *Herein Referred To As*  | *Organized*  | &nbsp;&nbsp; *Diversification* <br>*Classification* <br>|
| BlackRock Investment Quality Municipal Trust, Inc. | BKN | Maryland | Diversified |
| BlackRock Municipal Income Trust | BFK | Delaware | Diversified |
| BlackRock Municipal Income Trust II | BLE | Delaware | Diversified |
| BlackRock MuniHoldings Fund, Inc. | MHD | Maryland | Diversified |
| BlackRock MuniVest Fund, Inc. | MVF | Maryland | Diversified |
| BlackRock MuniVest Fund II, Inc. | MVT | Maryland | Diversified |
| BlackRock MuniYield Quality Fund II, Inc. | MQT | Maryland | Diversified |

---

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

The Board previously approved the following reorganizations. Subsequently, each Fund'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 fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Surviving Fund* | *Acquired Funds* | *Acquired Funds* | *Acquired Funds* | *Acquired Funds* |
| BlackRock MuniHoldings Fund, Inc. (MHD) | BFK | BYM<sup>(a)</sup> <br>| BLE | MUE<sup>(b)</sup> <br>|
| BlackRock MuniYield Quality Fund, Inc. (MQY) | BKN | MQT | MYD<sup>(c)</sup> <br>|  |
| BlackRock MuniYield Quality Fund III, Inc. (MYI) | MVF | MVT |  |  |

---

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

<sup>(a)</sup> BlackRock Municipal Income Quality Trust <br> <sup>(b)</sup> BlackRock MuniHoldings Quality Fund II, Inc. <br> <sup>(c)</sup> BlackRock MuniYield Fund, Inc.

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the "Manager") or its affiliates, are included in a complex of funds referred to as the BlackRock Fixed-Income Complex.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

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

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**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 9.

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

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

2026 BlackRock Semi-Annual Report to Shareholders

------

Notes to Financial Statements (unaudited) (continued)

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 Directors and Officer expense on the Statements of Operations. The Directors and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

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

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

The Funds 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 Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund 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 Fund's financial statements.

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

**Investment Valuation Policies:** Each Fund 's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each Fund's Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

&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 Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement 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

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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

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

&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 Fund. Certain information made available by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund 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 Fund 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 privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***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 Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Funds' maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Funds to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of Operations.

**Municipal Bonds Transferred to TOB Trusts:** The Funds leverage their assets through the use of "TOB Trust" transactions. The funds transfer municipal bonds into a special purpose trust (a "TOB Trust"). A TOB Trust issues two classes of beneficial interests: short-term floating rate interests ("TOB Trust Certificates"), which are sold to third-party investors, and residual inverse floating rate interests ("TOB Residuals"), which are issued to the participating funds that contributed the municipal bonds to the TOB Trust. The TOB Trust Certificates have interest rates that reset weekly and their holders have the option to tender such certificates to the TOB Trust for redemption at par and any accrued interest at each reset date. The TOB Residuals held by a fund provide the fund with the right to cause the holders of a proportional share of the TOB Trust Certificates to tender their certificates to the TOB Trust at par plus accrued interest. The funds may withdraw a corresponding share of the municipal bonds from the TOB Trust. Other funds

2026 BlackRock Semi-Annual Report to Shareholders

------

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 Funds) whereas in other termination events, TOB Trust Certificates holders and TOB Residuals holders will be paid pro rata.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name*  | *Interest Expense*  | *Liquidity Fees*  | *Other Expenses*  | *Total*  |
| BKN | &nbsp;&nbsp; $1025575  | &nbsp;&nbsp;&nbsp; $144131  | &nbsp;&nbsp;&nbsp; $55290  | &nbsp;&nbsp;&nbsp; $1224996  |
| BFK | &nbsp;&nbsp; 2270865 | &nbsp;&nbsp;&nbsp; 320625 | &nbsp;&nbsp;&nbsp; 121186 | &nbsp;&nbsp;&nbsp; 2712676 |
| BLE | &nbsp;&nbsp; 2586207 | &nbsp;&nbsp;&nbsp; 360766 | &nbsp;&nbsp;&nbsp; 139180 | &nbsp;&nbsp;&nbsp; 3086153 |
| MHD | &nbsp;&nbsp; 3263767 | &nbsp;&nbsp;&nbsp; 455642 | &nbsp;&nbsp;&nbsp; 181507 | &nbsp;&nbsp;&nbsp; 3900916 |
| MVF | &nbsp;&nbsp; 1839632 | &nbsp;&nbsp;&nbsp; 267048 | &nbsp;&nbsp;&nbsp; 94509 | &nbsp;&nbsp;&nbsp; 2201189 |
| MVT | &nbsp;&nbsp; 1163186 | &nbsp;&nbsp;&nbsp; 160384 | &nbsp;&nbsp;&nbsp; 66488 | &nbsp;&nbsp;&nbsp; 1390058 |
| MQT | &nbsp;&nbsp; 1187756 | &nbsp;&nbsp;&nbsp; 170254 | &nbsp;&nbsp;&nbsp; 64078 | &nbsp;&nbsp;&nbsp; 1422088 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund 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>|
| BKN | &nbsp;&nbsp; $128388285  | &nbsp;&nbsp; $82211395 | 2.28% — 2.53% | &nbsp;&nbsp; $79653511 | 3.05<br> % <br>|
| BFK | &nbsp;&nbsp; 317849404 | &nbsp;&nbsp; 183974987 | 2.28 — 2.36 | &nbsp;&nbsp; 177935829 | 3.03 |
| BLE | &nbsp;&nbsp; 343163192 | &nbsp;&nbsp; 210086628 | 2.30 — 2.53 | &nbsp;&nbsp; 202094909 | 3.03 |
| MHD | &nbsp;&nbsp; 405008224 | &nbsp;&nbsp; 262712859 | 2.28 — 2.53 | &nbsp;&nbsp; 253583733 | 3.05 |
| MVF | &nbsp;&nbsp; 222167257 | &nbsp;&nbsp; 151126558 | 2.28 — 2.38 | &nbsp;&nbsp; 143523986 | 3.04 |
| MVT | &nbsp;&nbsp; 156724091 | &nbsp;&nbsp; 94466927 | 2.30 — 2.53 | &nbsp;&nbsp; 90807550 | 3.04 |
| MQT | &nbsp;&nbsp; 154433550 | &nbsp;&nbsp; 96834473 | 2.30 — 2.53 | &nbsp;&nbsp; 92624510 | 3.05 |

---

&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 Funds, as TOB Residuals holders, would be responsible for reimbursement of any payments of principal and interest made by the credit enhancement provider. The maximum potential amounts owed by the Funds, for such reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts in the Schedules of Investments. 

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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

<sup>(b)</sup> TOB Trusts may be structured on a non-recourse or recourse basis. When a Fund invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB Trust. If a Fund invests in a TOB Trust on a recourse basis, a Fund enters into a reimbursement agreement with the Liquidity Provider where a Fund is required to reimburse the Liquidity Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the "Liquidation Shortfall"). As a result, if a Fund invests in a recourse TOB Trust, a Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these losses will be shared ratably, including the maximum potential amounts owed by a Fund at January 31, 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 Fund at January 31, 2026. 

***5.*** ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

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

For such services, BKN, BFK and BLE, pays the Manager a monthly fee at an annual rate equal to the following percentages of the average weekly value of each Fund's managed assets:

---

| | | | |
|:---|:---|:---|:---|
|  | *BKN* | *BFK* | *BLE* |
| Investment advisory fees | 0.35<br> % <br>| 0.60<br> % <br>| 0.55<br> % <br>|

---

For such services, MHD, MVF, MVT and MQT pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund's net assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *MHD* | *MVF* | *MVT* | *MQT* |
| Investment advisory fees | 0.55<br> % <br>| 0.50<br> % <br>| 0.50<br> % <br>| 0.50<br> % <br>|

---

For purposes of calculating these fees, "managed assets" are determined as total assets of the Fund (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

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

**Distribution Fees:** BKN, BFK and BLE have entered into a Distribution Agreement with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager, to provide for distribution of BKN, BFK and BLE common shares on a reasonable best efforts basis through an equity shelf offering (a "Shelf Offering") (the "Distribution Agreement"). Pursuant to the Distribution Agreement, BRIL will receive commissions with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of BKN's, BFK's and BLE's common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the period ended July 31, 2025 amounted to $0, $0 and $0, respectively.

**Administration:** BKN has an Administration Agreement with the Manager. The administration fee paid monthly to the Manager is computed at an annual rate of 0.15% of the Fund's average weekly managed assets. For BKN, the Manager may reduce or discontinue this arrangement at any time without notice.

**Expense Waivers and Reimbursements:** With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2027. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2026, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| BKN | &nbsp;&nbsp; $1148  |
| BFK | &nbsp;&nbsp; 2784 |
| BLE | &nbsp;&nbsp; 1006 |
| MHD | &nbsp;&nbsp; 3525 |
| MVF | &nbsp;&nbsp; 4314 |
| MVT | &nbsp;&nbsp; 2342 |
| MQT | &nbsp;&nbsp; 1748 |

---

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2027. The contractual agreement may be terminated upon 90 days' notice by a majority of the Funds' Independent Directors, or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended January 31, 2026, there were no fees waived by the Manager pursuant to this arrangement.

With respect to each Fund, the Manager voluntarily agreed to waive a portion of its investment advisory fee attributable to each Fund's outstanding preferred shares for each month in which the monthly dividend on the Fund's preferred shares exceeds the calculated value of the Fund's gross monthly income attributable to investments from the proceeds of the preferred shares (determined by multiplying the Fund's gross monthly income by the ratio of (i) the liquidation preference of any outstanding preferred shares

2026 BlackRock Semi-Annual Report to Shareholders

------

Notes to Financial Statements (unaudited) (continued)

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:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| BKN | &nbsp;&nbsp; $228 |
| BFK | &nbsp;&nbsp; 11979 |
| BLE | &nbsp;&nbsp; 21677 |
| MHD | &nbsp;&nbsp; 9360 |
| MVF | &nbsp;&nbsp; 24868 |
| MVT | &nbsp;&nbsp; 10944 |
| MQT | &nbsp;&nbsp; 6475 |

---

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

***6.*** ***PURCHASES AND SALES*** 

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

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Purchases* | *Sales* |
| BKN | &nbsp;&nbsp; $49474044  | &nbsp;&nbsp;&nbsp; $38458446  |
| BFK | &nbsp;&nbsp; 144435712 | &nbsp;&nbsp;&nbsp; 127848780 |
| BLE | &nbsp;&nbsp; 175479158 | &nbsp;&nbsp;&nbsp; 161434895 |
| MHD | &nbsp;&nbsp; 159614522 | &nbsp;&nbsp;&nbsp; 118966196 |
| MVF | &nbsp;&nbsp; 96419982 | &nbsp;&nbsp;&nbsp; 94447763 |
| MVT | &nbsp;&nbsp; 75181933 | &nbsp;&nbsp;&nbsp; 62896981 |
| MQT | &nbsp;&nbsp; 63768757 | &nbsp;&nbsp;&nbsp; 47645624 |

---

***7.*** ***INCOME TAX INFORMATION*** 

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

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 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 Funds' 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 Funds' NAV.

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

---

| | |
|:---|:---|
| *Fund Name* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| BKN | &nbsp;&nbsp; $(33867200 )<br>|
| BFK | &nbsp;&nbsp; (106826472)<br>|
| BLE | &nbsp;&nbsp; (103271230)<br>|
| MHD | &nbsp;&nbsp; (130594327)<br>|
| MVF | &nbsp;&nbsp; (80680333)<br>|
| MVT | &nbsp;&nbsp; (40232938)<br>|
| MQT | &nbsp;&nbsp; (36694266)<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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund 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>|
| BKN | &nbsp;&nbsp; $264910321  | &nbsp;&nbsp;&nbsp; $17350511  | &nbsp;&nbsp;&nbsp; $(3630760 )<br>| &nbsp;&nbsp;&nbsp; $13719751  |

---

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund 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>|
| BFK | &nbsp;&nbsp; $610540684  | &nbsp;&nbsp;&nbsp; $24246369  | &nbsp;&nbsp;&nbsp; $(3609741 )<br>| &nbsp;&nbsp;&nbsp; $20636628  |
| BLE | &nbsp;&nbsp; 704946247 | &nbsp;&nbsp;&nbsp; 22304255 | &nbsp;&nbsp;&nbsp; (9393504)<br>| &nbsp;&nbsp;&nbsp; 12910751 |
| MHD | &nbsp;&nbsp; 855477602 | &nbsp;&nbsp;&nbsp; 38410373 | &nbsp;&nbsp;&nbsp; (12817189)<br>| &nbsp;&nbsp;&nbsp; 25593184 |
| MVF | &nbsp;&nbsp; 561326561 | &nbsp;&nbsp;&nbsp; 18472292 | &nbsp;&nbsp;&nbsp; (9570845)<br>| &nbsp;&nbsp;&nbsp; 8901447 |
| MVT | &nbsp;&nbsp; 311951487 | &nbsp;&nbsp;&nbsp; 12247917 | &nbsp;&nbsp;&nbsp; (4039764)<br>| &nbsp;&nbsp;&nbsp; 8208153 |
| MQT | &nbsp;&nbsp; 307379911 | &nbsp;&nbsp;&nbsp; 16608451 | &nbsp;&nbsp;&nbsp; (4529031)<br>| &nbsp;&nbsp;&nbsp; 12079420 |

---

***8.*** ***PRINCIPAL RISKS*** 

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

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

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

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

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

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

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

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

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

**Valuation Risk:** The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund'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 Fund'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 Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

2026 BlackRock Semi-Annual Report to Shareholders

------

Notes to Financial Statements (unaudited) (continued)

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

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund's portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.

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

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

***9.*** ***CAPITAL SHARE TRANSACTIONS*** 

BKN is authorized to issue 200 million shares, all of which were initially classified as Common Shares. BFK and BLE are authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. The par value for BKN's Common Shares is $0.01. The par value of BFK and BLE Common Shares is $0.001. The par value for BKN's Preferred Shares outstanding is $0.10. The par value for BFK and BLE Preferred Shares is $0.001. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

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

MVF is authorized to issue 160 million shares, 150 million of which were initially classified as Common Shares, par value $0.10 per share and 10 million of which were classified as Preferred Shares, par value $0.10 per share.

**Common Shares**

For the six months ended January 31, 2026 and year ended July 31, 2025, Common Shares issued and outstanding remained constant for all Funds except MVF.

MVF had previously adopted a discount management program (the "Program") that was comprised of six 3-month measurement periods, expiring with the measurement period ending September 30, 2025, unless continued by the Board. Subsequently, the sixth measurement period was cancelled and the program expired with the measurement period ending June 30, 2025. Under the Program, the Fund offered to repurchase a portion of its common shares via tender offer if the Fund's common shares traded at an average daily discount to NAV of more than 7.5% during a 3-month measurement period. As a result of the discount trigger being met during the respective measurement periods under the Program, the Fund conducted a tender offer for 2.5% of its outstanding common shares, at a price equal to 98% of the NAV per share, determined on the business day after the tender offer expired.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

Tender offer results for the period ended January 31, 2026 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*Purchased* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of* <br>*Purchases*<br>|
| 07/15/25 | 08/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 19520275 | &nbsp;&nbsp;&nbsp;&nbsp; 34.1<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1433392 | &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp;6.9482 | &nbsp;&nbsp;&nbsp;&nbsp; 9959494 |

---

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

Tender offers results for the year ended July 31, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| &nbsp;&nbsp; *Number of Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered Shares* <br>*Purchased* <br>*as a Percentage of* <br>*Outstanding Shares*<br>| *Purchase Price* | &nbsp;&nbsp; *Total Amount of* <br>*Purchases*<br>|
| 07/22/24 | 08/22/24 | &nbsp;&nbsp;&nbsp;&nbsp; 26471815 | &nbsp;&nbsp;&nbsp;&nbsp; 41.7<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1586158 | &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $7.9086 | &nbsp;&nbsp;&nbsp;&nbsp; $12544289 |
| 10/18/24 | 11/21/24 | &nbsp;&nbsp;&nbsp;&nbsp; 26002760 | &nbsp;&nbsp;&nbsp;&nbsp;42.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1546504 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;7.8400 | &nbsp;&nbsp;&nbsp;&nbsp; 12124591 |
| 01/22/25 | 02/24/25 | &nbsp;&nbsp;&nbsp;&nbsp; 23258037 | &nbsp;&nbsp;&nbsp;&nbsp;38.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1507842 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;7.6734 | &nbsp;&nbsp;&nbsp;&nbsp; 11570275 |
| 04/17/25 | 05/21/25 | &nbsp;&nbsp;&nbsp;&nbsp; 20975948 | &nbsp;&nbsp;&nbsp;&nbsp;35.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1470146 | &nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;7.0952 | &nbsp;&nbsp;&nbsp;&nbsp; 10430980 |

---

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

<sup>(a)</sup> Date the tender offer period began.

**Preferred Shares**

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

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

**VMTP Shares**

Each Fund (for purposes of this section, each a "VMTP Fund") has issued Series W-7 VMTP Shares, $100,000 liquidation preference per share, in one or more privately negotiated offerings to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The VMTP Shares are subject to certain restrictions on transfer, and a VMTP Fund may also be required to register its VMTP Shares for sale under the Securities Act under certain circumstances. As of period end, the VMTP Shares outstanding and assigned long-term ratings were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Issue* <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>|
| BKN | &nbsp;&nbsp; 12/20/23 | &nbsp;&nbsp;&nbsp; 678 | &nbsp;&nbsp;&nbsp; $67800000  | &nbsp;&nbsp;&nbsp; 04/01/27 | &nbsp;&nbsp;&nbsp; Aa1<br> &nbsp;&nbsp;&nbsp; AA |
| BFK | &nbsp;&nbsp; 12/20/23 | &nbsp;&nbsp;&nbsp; 1541 | &nbsp;&nbsp;&nbsp; 154100000 | &nbsp;&nbsp;&nbsp; 04/01/27 | &nbsp;&nbsp;&nbsp; Aa1<br> &nbsp;&nbsp;&nbsp; AA |
| BLE | &nbsp;&nbsp; 12/20/23 | &nbsp;&nbsp;&nbsp; 1741 | &nbsp;&nbsp;&nbsp; 174100000 | &nbsp;&nbsp;&nbsp; 04/01/27 | &nbsp;&nbsp;&nbsp; Aa1<br> &nbsp;&nbsp;&nbsp; AA |
| MHD | &nbsp;&nbsp; 12/20/23 | &nbsp;&nbsp;&nbsp; 2140 | &nbsp;&nbsp;&nbsp; 214000000 | &nbsp;&nbsp;&nbsp; 04/01/27 | &nbsp;&nbsp;&nbsp; Aa1<br> &nbsp;&nbsp;&nbsp; AA |
| MVF | &nbsp;&nbsp; 12/20/23 | &nbsp;&nbsp;&nbsp; 1536 | &nbsp;&nbsp;&nbsp; 153600000 | &nbsp;&nbsp;&nbsp; 04/01/27 | &nbsp;&nbsp;&nbsp; Aa1<br> &nbsp;&nbsp;&nbsp; AA |
| MVT | &nbsp;&nbsp; 12/20/23 | &nbsp;&nbsp;&nbsp; 777 | &nbsp;&nbsp;&nbsp; 77700000 | &nbsp;&nbsp;&nbsp; 04/01/27 | &nbsp;&nbsp;&nbsp; Aa1<br> &nbsp;&nbsp;&nbsp; AA |
| MQT | &nbsp;&nbsp; 12/20/23 | &nbsp;&nbsp;&nbsp; 786 | &nbsp;&nbsp;&nbsp; 78600000 | &nbsp;&nbsp;&nbsp; 04/01/27 | &nbsp;&nbsp;&nbsp; Aa1<br> &nbsp;&nbsp;&nbsp; AA |

---

**Redemption Terms:** A VMTP Fund is required to redeem its VMTP Shares on the term redemption date, unless earlier redeemed or repurchased or unless extended. There is no assurance that a term will be extended further or that any VMTP Shares will be replaced with any other preferred shares or other form of leverage upon the redemption or repurchase of the VMTP Shares. Six months prior to the term redemption date, a VMTP Fund is required to begin to segregate liquid assets with its custodian to fund the redemption. In addition, a VMTP Fund is required to redeem certain of its outstanding VMTP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.

Subject to certain conditions, VMTP Shares may be redeemed, in whole or in part, at any time at the option of the VMTP Fund. With respect to each Fund, the redemption price per VMTP Share is equal to the liquidation preference per share plus any outstanding unpaid dividends and applicable redemption premium. If each Fund redeems the VMTP Shares prior to the term redemption date and the VMTP Shares have long-term ratings above A1/A+ or its equivalent by the ratings agencies then rating the VMTP Shares, then such redemption may be subject to a prescribed redemption premium (up to 1% of the liquidation preference) payable to the holder of the VMTP Shares based on the time remaining until the term redemption date, subject to certain exceptions for redemptions that are required to comply with minimum asset coverage requirements.

2026 BlackRock Semi-Annual Report to Shareholders

------

Notes to Financial Statements (unaudited) (continued)

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *BKN* | *BFK* | *BLE* | *MHD* | *MVF* | *MVT* | *MQT* |
| Dividend rates | 3.66<br> % <br>| 3.66<br> % <br>| 3.66<br> % <br>| 3.65<br> % <br>| 3.67<br> % <br>| 3.65<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 each VMTP Fund remained constant.

**Offering Costs:** The Funds incurred costs in connection with the issuance of VMTP Shares, which were recorded as a direct deduction from the carrying value of the related debt liability and will be amortized over the life of the VMTP Shares. Amortization of these costs is included in interest expense, fees and amortization of offering costs in the Statements of Operations.

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

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Dividends* | &nbsp;&nbsp; *Deferred Offering* <br>*Costs Amortization* <br>|
| BKN | &nbsp;&nbsp; $1249599  | &nbsp;&nbsp;&nbsp; $—  |
| BFK | &nbsp;&nbsp; 2840909 | &nbsp;&nbsp;&nbsp; — |
| BLE | &nbsp;&nbsp; 3207981 | &nbsp;&nbsp;&nbsp; — |
| MHD | &nbsp;&nbsp; 3940901 | &nbsp;&nbsp;&nbsp; — |
| MVF | &nbsp;&nbsp; 2844352 | &nbsp;&nbsp;&nbsp; — |
| MVT | &nbsp;&nbsp; 1431447 | &nbsp;&nbsp;&nbsp; — |
| MQT | &nbsp;&nbsp; 1449610 | &nbsp;&nbsp;&nbsp; — |

---

***10.*** ***SUBSEQUENT EVENTS***

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund 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>|
| BKN | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 02/02/26 | &nbsp;&nbsp;&nbsp; $0.057000  |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/06/26 | &nbsp;&nbsp;&nbsp; 03/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.057000 |
| BFK | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 02/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.050000 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/06/26 | &nbsp;&nbsp;&nbsp; 03/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.050000 |
| BLE | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 02/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.054000 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/06/26 | &nbsp;&nbsp;&nbsp; 03/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.054000 |
| MHD | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 02/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.059500 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/06/26 | &nbsp;&nbsp;&nbsp; 03/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.059500 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp; 04/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.059500 |
|  | &nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp; 04/15/26 | &nbsp;&nbsp;&nbsp; 05/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.059500 |
|  | &nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp; 05/15/26 | &nbsp;&nbsp;&nbsp; 06/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.059500 |
|  | &nbsp;&nbsp; 02/27/26 | &nbsp;&nbsp;&nbsp; 06/15/26 | &nbsp;&nbsp;&nbsp; 07/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.059500 |
| MVF | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 02/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.036000 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/06/26 | &nbsp;&nbsp;&nbsp; 03/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.036000 |
| MVT | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 01/20/26 | &nbsp;&nbsp;&nbsp; 02/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.054000 |
|  | &nbsp;&nbsp; 01/02/26 | &nbsp;&nbsp;&nbsp; 02/06/26 | &nbsp;&nbsp;&nbsp; 03/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.054000 |
| MQT | &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 |

---

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

The Funds 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>  |
| *Fund Name* | *Shares* | *Series* | *Declared* |
| BKN | &nbsp;&nbsp;&nbsp; VMTP | &nbsp;&nbsp;&nbsp; W-7 | &nbsp;&nbsp;&nbsp; $142640  |
| BFK | &nbsp;&nbsp;&nbsp; VMTP | &nbsp;&nbsp;&nbsp; W-7 | &nbsp;&nbsp;&nbsp; 115005 |
| BLE | &nbsp;&nbsp;&nbsp; VMTP | &nbsp;&nbsp;&nbsp; W-7 | &nbsp;&nbsp;&nbsp; 129931 |
| MHD | &nbsp;&nbsp;&nbsp; VMTP | &nbsp;&nbsp;&nbsp; W-7 | &nbsp;&nbsp;&nbsp; 1515269 |
| MVF | &nbsp;&nbsp;&nbsp; VMTP | &nbsp;&nbsp;&nbsp; W-7 | &nbsp;&nbsp;&nbsp; 323149 |
| MVT | &nbsp;&nbsp;&nbsp; VMTP | &nbsp;&nbsp;&nbsp; W-7 | &nbsp;&nbsp;&nbsp; 163468 |
| MQT | &nbsp;&nbsp;&nbsp; VMTP | &nbsp;&nbsp;&nbsp; W-7 | &nbsp;&nbsp;&nbsp; 165361 |

---

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

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

The following reorganizations were completed as of the close of business on February 6, 2026. The reorganizations are discussed in greater detail in Note 1.

<u> *Surviving Fund* </u> <u> *Acquired Funds*</u> <br> MHD BFK BYM BLE MUE

The following reorganizations were completed as of the close of business on February 20, 2026. The reorganizations are discussed in greater detail in Note 1.

<u> *Surviving Fund* </u> <u> *Acquired Funds*</u> <br> MQY BKN MQT MYD <br> MYI MVF MVT

Each of MHD, MQY and MYI 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 Fund intends to offer to repurchase a portion of its common shares via tender offer if the Fund'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 Investment Quality Municipal Trust, Inc. 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 Muni Term Preferred Shares ("VMTP Shares" and the holders thereof, "VMTP Holders") of BlackRock Investment Quality Municipal Trust, Inc. ("BKN") are being asked to vote as a single class on a proposal to approve an Agreement and Plan of Reorganization between BKN and BlackRock MuniYield Quality Fund, Inc. (the "Acquiring Fund") (the "BKN Reorganization Agreement") and thetransactions contemplated therein, including (i) the acquisition by the Acquiring Fund of substantially all of BKN's assets and the assumption by the Acquiring Fund of substantially all of BKN's liabilities in exchange solely for newly issued common shares and Variable Rate Demand Preferred Shares ("VRDP Shares" and the holders thereof, "VRDP 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 BKN, 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 BKN of its registration under the Investment Company Act of 1940, as amended (the "1940 Act"), and the liquidation, dissolution and termination of BKN in accordance with its charter and Maryland law (the "BKN Reorganization").

With respect to Proposal 1(A):

<u> *Fund Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> BKN 9,017,388 845,978 535,164

Preferred Shareholders

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

With respect to Proposal 1(B):

<u> *Fund Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> BKN 678 — —

At a Joint Special Meeting of Shareholders of BlackRock Municipal Income Trust ("BFK"), held on October 15, 2025, Fund shareholders were asked to vote on the following proposals:

Common and Preferred Shareholders

Proposal 1(E). The common shareholders and holders of Variable Rate Muni Term Preferred Shares ("VMTP Shares" and the holders thereof, "VMTP Holders") of BFK are being asked to vote as a single class on a proposal to approve an Agreement and Plan of Reorganization between BFK and BlackRock MuniHoldings Fund, Inc. (the "Acquiring Fund") (the "BFK Reorganization Agreement") and the transactions contemplated therein, including (i) the acquisition by the Acquiring Fund of substantially all of BFK's assets and the assumption by the Acquiring Fund of substantially all of BFK'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 BFK, 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 BFK of its registration under the Investment Company Act of 1940, as amended, and the liquidation, dissolution and termination of BFK in accordance with its Agreement and Declaration of Trust and Delaware law (the "BFK Reorganization").

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

<u> *Fund Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> BFK 22,194,683 1,191,193 505,247

Preferred Shareholders

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

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

<u> *Fund Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> BFK 1,541 — —

Additional Information

------

Additional Information (continued)

At a Joint Special Meeting of Shareholders of BlackRock Municipal Income Trust II ("BLE"), held on October 15, 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 Muni Term Preferred Shares ("VMTP Shares" and the holders thereof, "VMTP Holders") of BLE are being asked to vote as a single class on a proposal to approve an Agreement and Plan of Reorganization between BLE and BlackRock MuniHoldings Fund, Inc. (the "Acquiring Fund") (the "BLE Reorganization Agreement") and the transactions contemplated therein, including (i) the acquisition by the Acquiring Fund of substantially all of BLE's assets and the assumption by the Acquiring Fund of substantially all of BLE'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 BLE, 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 BLE of its registration under the Investment Company Act of 1940, as amended (the "1940 Act"), and the liquidation, dissolution and termination of BLE in accordance with its Agreement and Declaration of Trust and Delaware law (the "BLE Reorganization").

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

<u> *Fund Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> BLE 24,043,118 1,387,026 835,378

Preferred Shareholders

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

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

<u> *Fund Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> BLE 1,741 — —

At a Joint Special Meeting of Shareholders of BlackRock MuniHoldings 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(A). The common shareholders and holders of Variable Rate Muni Term Preferred Shares ("VMTP Shares" and the holders thereof, "VMTP Holders") of 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 the Agreement and Plan of Reorganization between BLE and the Acquiring Fund (the "BLE Reorganization Agreement").

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

<u> *Fund Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> MHD 30,363,513 1,302,075 746,866

Proposal 2(B). The common shareholders and VMTP Holders of 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 the Agreement and Plan of Reorganization between BYM and the Acquiring Fund (the "BYM Reorganization Agreement").

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

<u> *Fund Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> MHD 30,412,046 1,307,377 693,031

Proposal 2(C). The common shareholders and VMTP Holders of 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 the Agreement and Plan of Reorganization between BFK and the Acquiring Fund (the "BFK Reorganization Agreement").

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

<u> *Fund Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> MHD 30,373,725 1,333,612 705,117

Proposal 2(D). The common shareholders and VMTP Holders of 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 the Agreement and Plan of Reorganization between MUE and the Acquiring Fund (the "MUE Reorganization Agreement").

2026 BlackRock Semi-Annual Report to Shareholders

------

Additional Information (continued)

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

<u> *Fund Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> MHD 30,374,072 1,317,677 720,705

Preferred Shareholders

Proposal 1(I). The holders of Variable Rate Muni Term Preferred Shares ("VMTP Shares" and the holders thereof, "VMTP Holders") of BlackRock MuniHoldings Fund, Inc. (the "Acquiring Fund") are being asked to vote as a separate class on a proposal to approve the Agreement and Plan of Reorganization between BLE and the Acquiring Fund (the "BLE Reorganization Agreement") and the transactions contemplated therein, including amendments to the Articles Supplementary of Variable Rate Muni Term Preferred Shares of the Acquiring Fund (the "MHD Articles Supplementary") in connection with the issuance of additional Acquiring Fund VMTP Shares.

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

<u> *Fund Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> MHD 2,140 — —

Proposal 1(J). The VMTP Holders of the Acquiring Fund are being asked to vote as a separate class on a proposal to approve the Agreement and Plan of Reorganization between BYM and the Acquiring Fund (the "BYM Reorganization Agreement") and the transactions contemplated therein, including amendments to the MHD Articles Supplementary in connection with the issuance of additional Acquiring Fund VMTP Shares.

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

<u> *Fund Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> MHD 2,140 — —

Proposal 1(K). The VMTP Holders of the Acquiring Fund are being asked to vote as a separate class on a proposal to approve the Agreement and Plan of Reorganization between BFK and the Acquiring Fund (the "BFK Reorganization Agreement") and the transactions contemplated therein, including amendments to the MHD Articles Supplementary in connection with the issuance of additional Acquiring Fund VMTP Shares.

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

<u> *Fund Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> MHD 2,140 — —

Proposal 1(L). The VMTP Holders of the Acquiring Fund are being asked to vote as a separate class on a proposal to approve the Agreement and Plan of Reorganization between MUE and the Acquiring Fund (the "MUE Reorganization Agreement") and the transactions contemplated therein, including amendments to the MHD Articles Supplementary in connection with the issuance of additional Acquiring Fund VMTP Shares.

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

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Votes For* | *Votes Against* | *Votes Abstain* |
| MHD | 2,140 |  |  |

---

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

Common and Preferred Shareholders

Proposal 1(E). The common shareholders and holders of Variable Rate Muni Term Preferred Shares ("VMTP Shares" and the holders thereof, "VMTP Holders") of MVF are being asked to vote as a single class on a proposal to approve an Agreement and Plan of Reorganization between MVF and BlackRock MuniYield Quality Fund III, Inc. (the "Acquiring Fund") and the transactions contemplated therein, including (i) the acquisition by the Acquiring Fund of substantially all of MVF's assets and the assumption by the Acquiring Fund of substantially all of MVF's liabilities in exchange solely for newly issued common shares and Variable Rate Demand Preferred Shares ("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 VMTP Holders, respectively, of MVF, 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 MVF of its registration under the Investment Company Act of 1940, as amended, and the liquidation, dissolution and termination of MVF in accordance with its charter and Maryland law.

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

<u> *Fund Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> MVF 31,260,640 1,766,837 589,616

Preferred Shareholders

Additional Information

------

Additional Information (continued)

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

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

<u> *Fund Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> MVF 1,536 — —

At a Joint Special Meeting of Shareholders of BlackRock MuniVest Fund II, Inc. ("MVT"), held on October 15, 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 Muni Term Preferred Shares ("VMTP Shares" and the holders thereof, "VMTP Holders") of MVT are being asked to vote as a single class on a proposal to approve an Agreement and Plan of Reorganization between MVT and BlackRock MuniYield Quality Fund III, Inc. (the "Acquiring Fund") (the "MVT Reorganization Agreement") and the transactions contemplated therein, including (i) the acquisition by the Acquiring Fund of substantially all of MVT's assets and the assumption by the Acquiring Fund of substantially all of MVT's liabilities in exchange solely for newly issued common shares and Variable Rate Demand Preferred Shares ("VRDP Shares" and the holders thereof, "VRDP 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 MVT, 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 MVT of its registration under the Investment Company Act of 1940, as amended, and the liquidation, dissolution and termination of MVT in accordance with its charter and Maryland law.

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

<u> *Fund Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> MVT 11,414,566 522,556 215,755

Preferred Shareholders

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

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

<u> *Fund Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> MVT 777 — —

At a Joint Special Meeting of Shareholders of BlackRock MuniYield Quality Fund II, Inc. 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(E). The common shareholders and holders of Variable Rate Muni Term Preferred Shares ("VMTP Shares" and the holders thereof, "VMTP Holders") of BlackRock MuniYield Quality Fund II, Inc. ("MQT") are being asked to vote as a single class on a proposal to approve an Agreement and Plan of Reorganization between MQT and BlackRock MuniYield Quality Fund, Inc. (the "Acquiring Fund") (the "MQT Reorganization Agreement") and the transactions contemplated therein, including (i) the acquisition by the Acquiring Fund of substantially all of MQT's assets and the assumption by the Acquiring Fund of substantially all of MQT's liabilities in exchange solely for newly issued common shares and Variable Rate Demand Preferred Shares ("VRDP Shares" and the holders thereof, "VRDP 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 MQT, 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 MQT of its registration under the Investment Company Act of 1940, as amended (the "1940 Act"), and the liquidation, dissolution and termination of MQT in accordance with its charter and Maryland law (the "MQT Reorganization").

With respect to Proposal 1(E):

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Votes For* | *Votes Against* | *Votes Abstain* |
| MQT | 11,579,171 | 924,307 | 471,120 |

---

Preferred Shareholders

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

2026 BlackRock Semi-Annual Report to Shareholders

------

Additional Information (continued)

With respect to Proposal 1(F):

<u> *Fund Name* </u> <u> *For* </u> <u> *Against* </u> <u> *Abstain* </u> <br> MQT 786 — —

**Fund Certification**

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

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

Although the Funds do not seek to implement a specific sustainability objective, strategy or process unless otherwise disclosed, Fund management will consider ESG factors as part of the investment process for the Funds. Fund management views ESG integration as the practice of incorporating financially material ESG data or information into investment processes with the objective of enhancing risk-adjusted returns. These ESG considerations will vary depending on the Funds' particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in the Funds' investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. Certain of these considerations may affect the Funds' exposure to certain companies or industries. While Fund management views ESG considerations as having the potential to contribute to the Funds' long-term performance, there is no guarantee that such results will be achieved.

**Dividend Policy**

Each Fund's dividend policy is to make regular monthly cash distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate). Each Fund intends to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In addition, in any monthly period, in order to maintain its declared distribution amount, each Fund may pay out more or less than the entire amount of net investment income earned in any particular month. In the event a Fund distributes more than its net investment income during any yearly period, such distributions may also come from sources other than net income, including return of capital. The Funds' current accumulated but undistributed net investment income, if any, is disclosed as accumulated earnings (loss) in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

**General Information**

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

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 Fund.

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

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

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

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports 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.

Additional Information

------

Additional Information (continued)

**Householding**

The Funds 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 Funds at (800) 882-0052.

**Availability of Quarterly Schedule of Investments**

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at **sec.gov**. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **blackrock.com/fundreports**.

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

The Board of Trustees of the Funds has delegated the voting of proxies for the Funds' 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 Funds. The BAIS Guidelines are available at **www.blackrock.com**.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds' portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at **blackrock.com**; and (3) on the SEC's website at **sec.gov**.

**Availability of Fund Updates**

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

**Fund 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

**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 Funds**

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 |
| 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 |
| FGIC | Financial Guaranty Insurance Co. |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation Bonds |
| 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 |
| 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  |
| SAW | State Aid Withholding |
| ST | Special Tax |
| TA | Tax Allocation |
| UT | Unlimited Tax |

---

Glossary of Terms Used in this Report

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Want to know more?

blackrock.com \| 800-882-0052

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

CEMUNI7-01/26-SAR

![](g67171img21a1315c3.jpg)

![](g67171img6079c9ff1.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](d67171dex99cert.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](d67171dex99906cert.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.

BlackRock Municipal Income Trust II

---

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

---

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 Income Trust II |

---

Date: March 23, 2026

---

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

---

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 Income Trust II, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Municipal Income Trust II;

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;&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;&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;&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;&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;&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;&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 Income Trust II |

---

------

**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 Income Trust II, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Municipal Income Trust II;

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;&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;&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;&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;&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;&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;&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

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| |
|:---|
| <u>/s/ Trent Walker</u> |
| Trent Walker |
| Chief Financial Officer (principal financial officer) of |
| BlackRock Municipal Income Trust II |

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## 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 Income Trust II (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

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

---

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Municipal Income Trust II (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 Income Trust II |

---

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**.**