BlackRock Municipal 2027 Term Trust SEC Form N-CSR Filed October 3, 2024

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

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

Municipal Market Conditions

Municipals struggled at the start of the period as recent monetary policy tightening—in which the U.S. Federal Reserve (the “Fed”) raised the Fed Funds rate to 5.25%−5.50%—weighed on the market. However, after the Fed paused in September, falling inflation and weakening economic growth quickly led to more dovish expectations, causing a strong interest rate rally into year-end. As a result, municipals posted their strongest performance since the mid-1980s during the fourth quarter of 2023. Since, economic data has weakened slower than expected and the Fed has remained on hold, prompting mixed performance and increased volatility throughout most of 2024. Lower-rated credits and the long-end of the yield curve performed best during the period.

Bloomberg Municipal Bond Index(a)
Total Returns as of July 31, 2024
6	months:	1.02%
12	months:	3.74%

During the 12-months ended July 31, 2024, municipal bond funds experienced net outflows totaling $12 billion (based on data from the Investment Company Institute), as demand shifted from funds to individual bonds and ETFs. At the same time, the market absorbed $434 billion in issuance, a large increase from the $323 billion issued during the prior 12-month period, boosted by increased borrowing needs from issuers on the back of slowing revenue growth, less
fiscal stimulus, and pent-up demand.

A Closer Look at Yields

AAA Municipal Yield Curves

Source: Thomson Municipal Market Data.

From July 31, 2023, to July 31, 2024, yields on AAA-rated 30-year municipal bonds increased by 17 basis points (bps) from 3.51% to 3.68%, ten-year yields increased by 25 bps from 2.57% to 2.82%, five-year yields increased by 9 bps from 2.66% to 2.75%, and two-year yields decreased by 15 bps from 3.00% to 2.85% (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 32 bps to a slope of 83 bps, significantly steeper than the U.S. Treasury curve.

Outperformance throughout the period kept relative valuations at historically rich levels, and municipal-to-Treasury ratios ended well through their five-year averages across the curve, limiting interest from crossover investors.

Financial Conditions of Municipal Issuers

With reserves at all-time highs, debt service burden near a 50-year low, and a strong equity market fortifying pension plans, states are well-positioned to weather a potential economic slowdown. Tax receipts have normalized with two consecutive quarters of positive growth; however, expenditures remain elevated due to inflation. Forty-six states began their new fiscal year in July, with only three states—Massachusetts, Pennsylvania, and South Carolina—starting without a budget, though none experienced significant disruptions. We believe the fundamental outlook remains stable for states. Local governments and school districts are particularly well situated since they continue to benefit from the strength in the U.S. residential housing market.

Regarding revenue sectors, no subsector is immune to an economic contraction; however, most municipal issuers are ultra-defensive since they provide essential services and can raise user fees or taxes to cover operations. Across all municipal sectors, borrowing has increased dramatically in 2024, primarily as issuers address deferred maintenance. With the uncertainty surrounding the election, we anticipate the spike in issuance will continue, providing better options in the second half of 2024 to buy solid credits in the primary market or discounted names in the secondary market.

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

(a)

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

Municipal Market Overview

The Benefits and Risks of Leveraging

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

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

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

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

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

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

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

Derivative Financial Instruments

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

2024 BlackRock Annual Report to Shareholders

Trust Summary as of July 31, 2024

BlackRock California Municipal Income Trust (BFZ)

Investment Objective

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

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

Trust Information

Symbol on New York Stock Exchange	BFZ
Initial Offering Date	July 27, 2001
Yield on Closing Market Price as of July 31, 2024 ($12.03)(a)	5.89%
Tax Equivalent Yield(b)	12.83%
Current Monthly Distribution per Common Share(c)	$0.059000
Current Annualized Distribution per Common Share(c)	$0.708000
Leverage as of July 31, 2024(d)	35%

(a)	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results.
(b)	Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 54.1%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.
(c)	The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.
(d)	Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Market Price and Net Asset Value Per Share Summary

	07/31/24	07/31/23	Change	High	Low
Closing Market Price	$ 12.03	$ 11.59	3.80 %	$ 12.17	$ 9.90
Net Asset Value	12.86	13.03	(1.30 )	13.20	11.52

GROWTH OF $10,000 INVESTMENT

(a)

Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

(b)

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

Trust Summary

Trust Summary as of July 31, 2024(continued)

BlackRock California Municipal Income Trust (BFZ)

Performance

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

	Average Annual Total Returns
	1 Year	5 Years	10 Years
Trust at NAV(a)(b)	3.78 %	0.67 %	2.68 %
Trust at Market Price(a)(b)	9.14	1.79	2.96
California Customized Reference Benchmark(c)	4.14	1.18	N/A
Bloomberg Municipal Bond Index	3.74	1.18	2.47

(a)	All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage, if any.
(b)	The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c)	The California Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond: California Exempt Total Return Index Unhedged (90%) and the California Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The California Customized Reference Benchmark commenced on September 30, 2016.

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

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

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

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

The municipal bond market gained ground during the reporting period, with income playing the largest role in total returns. Municipal bonds were also well supported by positive economic growth, strong issuer fundamentals, and favorable supply-and-demand trends.

The Trust’s positions in higher-quality, investment-grade bonds with longer duration characteristics provided positive returns. (Duration is a measure of interest rate sensitivity.) On the other hand, securities with lower duration, higher coupons, and shorter call dates underperformed.

All sectors delivered positive returns in the period, but the school districts, transportation, corporate-backed securities, and healthcare sectors made the most significant contributions due to their large weightings in the portfolio.

The Trust continued to use leverage, but the benefit was dampened by increased borrowing costs brought about by the high-rate environment. The Trust continued to use U.S. Treasury futures on a limited basis in an effort to mitigate interest rate risk. This aspect of its strategy had a minimal effect on results. The Trust reduced the extent of the risk-management strategy throughout the course of the period and was not employing it as of July 31, 2024.

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

2024 BlackRock Annual Report to Shareholders

Trust Summary as of July 31, 2024(continued)

BlackRock California Municipal Income Trust (BFZ)

Overview of the Trust’s Total Investments

SECTOR ALLOCATION
Sector(a)	Percent of Total Investments(b)
County/City/Special District/School District	25.5 %
Transportation	23.3
Utilities	18.6
Health	13.9
Corporate	9.0
State	3.7
Tobacco	3.4
Education	2.2
Housing	0.4

CALL/MATURITY SCHEDULE
Calendar Year Ended December 31,(c)	Percent(b)
2024	2.6 %
2025	0.3
2026	8.9
2027	15.8
2028	12.0

CREDIT QUALITY ALLOCATION
Credit Rating(d)	Percent of Total Investments(b)
AAA/Aaa	7.6 %
AA/Aa	61.5
A	22.9
BBB/Baa	3.1
BB/Ba	— (e)
N/R(f)	4.9

(a)	For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes.
(b)	Excludes short-term securities.
(c)	Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.
(d)	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.
(e)	Rounds to less than 0.1%.
(f)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of July 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.

Trust Summary

Trust Summary as of July 31, 2024

BlackRock Municipal 2030 Target Term Trust (BTT)

Investment Objective

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

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

Trust Information

Symbol on New York Stock Exchange	BTT
Initial Offering Date	August 30, 2012
Termination Date (on or about)	December 31, 2030
Yield on Closing Market Price as of July 31, 2024 ($21.12)(a)	2.64%
Tax Equivalent Yield(b)	4.46%
Current Monthly Distribution per Common Share(c)	$0.046400
Current Annualized Distribution per Common Share(c)	$0.556800
Leverage as of July 31, 2024(d)	34%

(a)	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results.
(b)	Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.
(c)	The distribution rate is not constant and is subject to change.
(d)	Represents VRDP and/or RVMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VRDP and/or RVMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Market Price and Net Asset Value Per Share Summary

	07/31/24	07/31/23	Change	High	Low
Closing Market Price	$ 21.12	$ 21.00	0.57 %	$ 21.56	$ 18.96
Net Asset Value	23.88	23.55	1.40	24.07	22.17

GROWTH OF $10,000 INVESTMENT

(a)

Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

(b)

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

2024 BlackRock Annual Report to Shareholders

Trust Summary as of July 31, 2024(continued)

BlackRock Municipal 2030 Target Term Trust (BTT)

Performance

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

	Average Annual Total Returns
	1 Year	5 Years	10 Years
Trust at NAV(a)(b)	4.27 %	1.66 %	4.49 %
Trust at Market Price(a)(b)	3.42	0.92	4.42
Customized Reference Benchmark(c)	2.70	1.25	N/A
Bloomberg Municipal Bond Index	3.74	1.18	2.47

(a)	All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage, if any.
(b)	The Trust’s discount to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c)	The Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond 2030 Index (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) 2030 Total Return Index (10%). The Customized Reference Benchmark commenced on September 30, 2016.

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

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

Consistent with trends in the broader market, income was the largest contributor to the Trust’s performance. The Trust’s allocation to high yield (below investment-grade) bonds was a key contributor, as the category outperformed on the strength of its above-average income and tightening yield spreads. Holdings in the A and BBB categories (the lower end of the investment-grade space), helped performance, as well. At the sector level, tax-backed, corporate-backed, and healthcare issues stood out as contributors.

The Trust continued to use leverage, but the benefit was dampened by increased borrowing costs brought about by the high-rate environment.

Trust Summary

Trust Summary as of July 31, 2024(continued)

BlackRock Municipal 2030 Target Term Trust (BTT)

Overview of the Trust’s Total Investments

SECTOR ALLOCATION
Sector(a)	Percent of Total Investments(b)
Transportation	24.6 %
Corporate	21.0
Health	15.3
County/City/Special District/School District	12.7
State	9.6
Education	7.6
Utilities	5.3
Housing	2.0
Tobacco	1.9

CALL/MATURITY SCHEDULE
Calendar Year Ended December 31,(c)	Percent(b)
2024	9.6 %
2025	6.7
2026	15.9
2027	13.5
2028	13.7

CREDIT QUALITY ALLOCATION
Credit Rating(d)	Percent of Total Investments(b)
AAA/Aaa	3.1 %
AA/Aa	34.9
A	36.3
BBB/Baa	12.1
BB/Ba	3.3
B	0.2
N/R(e)	10.1

(a)	For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes.
(b)	Excludes short-term securities.
(c)	Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.
(d)	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.
(e)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of July 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.

2024 BlackRock Annual Report to Shareholders

Trust Summary as of July 31, 2024

BlackRock Municipal Income Quality Trust (BYM)

Investment Objective

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

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

Trust Information

Symbol on New York Stock Exchange	BYM
Initial Offering Date	October 31, 2002
Yield on Closing Market Price as of July 31, 2024 ($11.83)(a)	5.33%
Tax Equivalent Yield(b)	9.00%
Current Monthly Distribution per Common Share(c)	$0.052500
Current Annualized Distribution per Common Share(c)	$0.630000
Leverage as of July 31, 2024(d)	33%

(a)	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results.
(b)	Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.
(c)	The monthly distribution per Common Share, declared on September 12, 2024, was increased to $0.055500 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. A portion of the distribution may be deemed a return of capital or net realized gain.
(d)	Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Market Price and Net Asset Value Per Share Summary

	07/31/24	07/31/23	Change	High	Low
Closing Market Price	$ 11.83	$ 11.23	5.34 %	$ 11.83	$ 9.34
Net Asset Value	12.69	12.73	(0.31 )	12.95	11.18

GROWTH OF $10,000 INVESTMENT

(a)

Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

(b)

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

Trust Summary

Trust Summary as of July 31, 2024(continued)

BlackRock Municipal Income Quality Trust (BYM)

Performance

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

	Average Annual Total Returns
	1 Year	5 Years	10 Years
Trust at NAV(a)(b)	4.95 %	0.79 %	3.20 %
Trust at Market Price(a)(b)	10.91	1.14	3.60
Customized Reference Benchmark(c)	4.30	1.37	N/A
Bloomberg Municipal Bond Index	3.74	1.18	2.47

(a)	All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage, if any.
(b)	The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c)	The Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield ex AMT (non-Investment Grade) Total Return Index (10%). The Customized Reference Benchmark commenced on September 30, 2016.

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

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

Longer-dated securities made a strong contribution to performance due to the combination of their positive returns and large weighting in the portfolio. Performance was positive across both investment grade and high yield, with A rated and not-rated securities making the largest contributions. At the sector level, holdings in state tax-backed, local tax-backed, utilities, and pre-paid gas issues were top performers. Holdings in Puerto Rico sales tax bonds added value, as well. On the other hand, select positions in the school district sector—particularly issues with lower coupons—detracted.

The Trust’s use of leverage contributed to returns by increasing both duration (interest rate sensitivity) and income. While the income benefit of leverage has been reduced by higher short-term borrowing costs, management has been proactive in tax-loss selling to increase book yields on assets with the goal of maximizing long-term income prospects.

The Trust used U.S. Treasury futures in an effort to mitigate interest rate risk, which marginally detracted from performance.

2024 BlackRock Annual Report to Shareholders

Trust Summary as of July 31, 2024(continued)

BlackRock Municipal Income Quality Trust (BYM)

Overview of the Trust’s Total Investments

SECTOR ALLOCATION
Sector(a)	Percent of Total Investments(b)
County/City/Special District/School District	17.6 %
Transportation	14.1
Utilities	14.1
State	13.9
Corporate	13.1
Health	11.0
Education	6.9
Housing	5.7
Tobacco	3.6

CALL/MATURITY SCHEDULE
Calendar Year Ended December 31,(c)	Percent(b)
2024	4.6 %
2025	7.5
2026	3.2
2027	5.0
2028	13.5

CREDIT QUALITY ALLOCATION
Credit Rating(d)	Percent of Total Investments(b)
AAA/Aaa	10.8 %
AA/Aa	45.1
A	24.4
BBB/Baa	7.5
BB/Ba	2.2
B	0.2
N/R(e)	9.8

(a)	For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes.
(b)	Excludes short-term securities.
(c)	Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.
(d)	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.
(e)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of July 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.

Trust Summary

Trust Summary as of July 31, 2024

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

Investment Objective

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

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

Trust Information

Symbol on New York Stock Exchange	MUC
Initial Offering Date	February 27, 1998
Yield on Closing Market Price as of July 31, 2024 ($11.15)(a)	5.22%
Tax Equivalent Yield(b)	11.37%
Current Monthly Distribution per Common Share(c)	$0.048500
Current Annualized Distribution per Common Share(c)	$0.582000
Leverage as of July 31, 2024(d)	36%

(a)	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results.
(b)	Tax equivalent yield assumes the maximum marginal U.S. federal and state tax rate of 54.1%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.
(c)	The monthly distribution per Common Share, declared on September 12, 2024, was increased to $0.053500 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. A portion of the distribution may be deemed a return of capital or net realized gain.
(d)	Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Market Price and Net Asset Value Per Share Summary

	07/31/24	07/31/23	Change	High	Low
Closing Market Price	$ 11.15	$ 10.85	2.76 %	$ 11.36	$ 9.21
Net Asset Value	12.59	12.68	(0.71 )	12.94	11.02

GROWTH OF $10,000 INVESTMENT

(a)

Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

(b)

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

2024 BlackRock Annual Report to Shareholders

Trust Summary as of July 31, 2024(continued)

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

Performance

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

	Average Annual Total Returns
	1 Year	5 Years	10 Years
Trust at NAV(a)(b)	4.21 %	0.20 %	2.47 %
Trust at Market Price(a)(b)	7.86	(0.12 )	2.44
California Customized Reference Benchmark(c)	4.14	1.18	N/A
Bloomberg Municipal Bond Index	3.74	1.18	2.47

(a)	All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage, if any.
(b)	The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c)	The California Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond: California Exempt Total Return Index Unhedged (90%) and the California Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The California Customized Reference Benchmark commenced on September 30, 2016.

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

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

Positions in long-dated securities made the largest contribution to Trust’s performance, reflecting both their positive returns and large weighting in the portfolio. Holdings in high-quality bonds, especially in the utilities, transportation, and pre-paid gas sectors, were notable contributors. Positions in high yield bonds also performed very well, as the category outpaced investment-grade issues on the strength of its above-average income and tightening yield spreads brought about by investors’ robust demand for yield. Puerto Rico sales tax bonds were particularly meaningful contributors in high yield.

The Trust used U.S. Treasury futures in an effort to mitigate interest rate risk, which detracted from performance at a time in which yields fell.

Trust Summary

Trust Summary as of July 31, 2024(continued)

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

Overview of the Trust’s Total Investments

SECTOR ALLOCATION
Sector(a)	Percent of Total Investments(b)
County/City/Special District/School District	23.2 %
Transportation	15.7
Corporate	14.2
Utilities	12.8
State	11.7
Education	10.0
Health	5.7
Housing	4.6
Tobacco	2.1

CALL/MATURITY SCHEDULE
Calendar Year Ended December 31,(c)	Percent(b)
2024	2.1 %
2025	1.0
2026	4.0
2027	12.3
2028	15.2

CREDIT QUALITY ALLOCATION
Credit Rating(d)	Percent of Total Investments(b)
AAA/Aaa	6.2 %
AA/Aa	52.5
A	24.6
BBB/Baa	5.3
BB/Ba	0.1
N/R(e)	11.3

(a)	For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes.
(b)	Excludes short-term securities.
(c)	Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.
(d)	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.
(e)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of July 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.

2024 BlackRock Annual Report to Shareholders

Trust Summary as of July 31, 2024

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

Investment Objective

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

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

Trust Information

Symbol on New York Stock Exchange	MUE
Initial Offering Date	February 26, 1999
Yield on Closing Market Price as of July 31, 2024 ($10.45)(a)	5.17%
Tax Equivalent Yield(b)	8.73%
Current Monthly Distribution per Common Share(c)	$0.045000
Current Annualized Distribution per Common Share(c)	$0.540000
Leverage as of July 31, 2024(d)	31%

(a)	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results.
(b)	Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.
(c)	The monthly distribution per Common Share, declared on September 12, 2024, was increased to $0.051000 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. A portion of the distribution may be deemed a return of capital or net realized gain.
(d)	Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Market Price and Net Asset Value Per Share Summary

	07/31/24	07/31/23	Change	High	Low
Closing Market Price	$ 10.45	$ 9.93	5.24 %	$ 10.45	$ 8.54
Net Asset Value	11.62	11.42	1.75	11.78	10.37

GROWTH OF $10,000 INVESTMENT

(a)

Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

(b)

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

Trust Summary

Trust Summary as of July 31, 2024(continued)

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

Performance

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

	Average Annual Total Returns
	1 Year	5 Years	10 Years
Trust at NAV(a)(b)	6.77 %	0.97 %	2.98 %
Trust at Market Price(a)(b)	10.42	0.73	3.00
National Customized Reference Benchmark(c)	4.30	1.38	N/A
Bloomberg Municipal Bond Index	3.74	1.18	2.47

(a)	All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage, if any.
(b)	The Trust’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c)	The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016.

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

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

The Trust benefited from the contribution from income at a time of elevated yields, as well as tightening credit spreads. Together, these factors helped offset the adverse effect of rising U.S. Treasury yields. (Prices and yields move in opposite directions.)

Positions in lower-quality securities and longer-dated bonds (those with maturities of 25 years and longer) also contributed positively. In terms of sectors, tax-backed state, transportation, and healthcare issues made the largest contributions.

While holdings in high yield municipals made a meaningful contribution overall, there were several individual positions that detracted from performance. The Trust continued to use leverage, but the benefit was dampened by increased borrowing costs brought about by the high-rate environment. The Trust’s cash position had no material impact on performance.

2024 BlackRock Annual Report to Shareholders

Trust Summary as of July 31, 2024(continued)

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

Overview of the Trust’s Total Investments

SECTOR ALLOCATION
Sector(a)	Percent of Total Investments(b)
Transportation	28.9 %
State	15.7
Health	13.9
Corporate	11.6
County/City/Special District/School District	11.3
Education	8.2
Utilities	4.8
Housing	4.0
Tobacco	1.6

CALL/MATURITY SCHEDULE
Calendar Year Ended December 31,(c)	Percent(b)
2024	9.3 %
2025	5.9
2026	2.5
2027	9.4
2028	14.4

CREDIT QUALITY ALLOCATION
Credit Rating(d)	Percent of Total Investments(b)
AAA/Aaa	3.1 %
AA/Aa	49.5
A	27.8
BBB/Baa	7.4
BB/Ba	1.7
B	0.3
N/R(e)	10.2

(a)	For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes.
(b)	Excludes short-term securities.
(c)	Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.
(d)	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.
(e)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of July 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.

Trust Summary

Schedule of Investments

July 31, 2024

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
Municipal Bonds
California — 127.8%
Corporate(a) — 13.7%
California Community Choice Financing Authority, RB
Sustainability Bonds, 5.00%, 07/01/53	$	12,000	$ 12,730,662
Sustainability Bonds, 5.00%, 12/01/53		6,000	6,340,506
Sustainability Bonds, 5.50%, 10/01/54		10,035	11,066,923
Series A-1, Sustainability Bonds, 4.00%, 05/01/53		15,000	15,133,622
Series E-1, Sustainability Bonds, 5.00%, 02/01/54		4,545	4,856,485
Series G, Sustainability Bonds, 5.25%, 11/01/54		2,500	2,686,694
			52,814,892
County/City/Special District/School District — 29.8%
California Statewide Communities Development Authority, SAB, Series B, 5.00%, 09/02/52		565	544,948
Chabot-Las Positas Community College District, GO, Series C, Election 2016, 5.25%, 08/01/48		6,925	7,876,055
Chino Valley Unified School District, GO, Series B, 4.00%, 08/01/45		7,000	7,095,183
City & County of San Francisco California, Refunding COP, Class A, Sustainability Bonds, 4.00%, 04/01/40		6,635	6,732,256
City of Sacramento California Transient Occupancy Tax Revenue, RB, Series A, Convertible, 5.00%, 06/01/43		1,570	1,633,582
Clovis Unified School District, GO, Series C, Election 2020, 4.00%, 08/01/48		1,135	1,132,747
Coast Community College District, GO, Series D, Election 2012, 4.00%, 08/01/42		4,595	4,604,257
Corona-Norco Unified School District, GO, Series B, Election 2014, 5.00%, 08/01/47		5,000	5,244,622
Cupertino Union School District, GO, Series C, Election 2012, 4.00%, 08/01/40		4,000	4,050,698
Dublin Unified School District, GO, Series B, Election 2020, 4.00%, 08/01/45		6,625	6,816,232
Escondido Union School District, GO, Series B, Election 2014, 4.00%, 08/01/47		2,500	2,502,025
Foothill-De Anza Community College District, Refunding GO, 4.00%, 08/01/40		5,970	6,004,596
Fremont Union High School District, GO, Election 2022, 4.00%, 08/01/48		3,685	3,717,447
Garden Grove Unified School District, GO, Election 2016, 4.00%, 08/01/45		1,320	1,324,853
Grossmont Union High School District, GO, Series I-2, 4.00%, 08/01/44		5,115	5,172,861
Mount San Antonio Community College District, Refunding GO, Series 2018-A, Election 2018, 4.00%, 08/01/49		8,000	7,952,850
Mount San Jacinto Community College District, GO, Series B, Election 2014, 4.00%, 08/01/43		2,000	2,018,223
Napa Valley Unified School District, GO, Series A, Election 2016, 4.00%, 08/01/38		2,925	2,947,953
North Orange County Community College District, GO, Series B, Election 2014, 4.00%, 08/01/44		2,680	2,709,436
Peralta Community College District, Refunding GO, Series A, 4.00%, 08/01/32		7,335	7,337,571
San Bernardino City Unified School District, GO, Series D, Election 2012, (AGM), 4.00%, 08/01/42		1,210	1,214,431
San Bernardino Community College District, GO, Series E-1, Election 2008, 4.13%, 08/01/49		3,890	3,953,600
San Diego Unified School District, GO
Series L, 4.00%, 07/01/44		4,035	4,086,236
Series A-3, Sustainability Bonds, 5.00%, 07/01/48		3,000	3,321,084

Security		Par (000)	Value
County/City/Special District/School District (continued)
San Jose Evergreen Community College District, GO, Series C, Election 2016, 4.00%, 09/01/45	$	3,740	$ 3,810,377
San Lorenzo Unified School District, GO, 4.00%, 08/01/41		345	350,185
San Mateo Joint Powers Financing Authority, RB, Series A, 5.00%, 07/15/43		1,965	2,074,061
Santa Clara Unified School District, GO, Election 2014, 4.00%, 07/01/41		5,000	5,046,583
West Valley-Mission Community College District, GO, Series A, 4.00%, 08/01/44		4,000	4,020,579
			115,295,531
Education — 3.3%
California Enterprise Development Authority, RB, 8.00%, 11/15/62(b)		540	559,457
California Municipal Finance Authority, Refunding RB(b)
5.00%, 08/01/39		425	388,026
5.00%, 08/01/48		510	432,140
California School Finance Authority, RB(b)
Series A, 4.00%, 06/01/41		600	490,894
Series A, 5.00%, 06/01/58		2,120	2,016,896
California School Finance Authority, Refunding RB(b)
Sustainability Bonds, 5.50%, 08/01/43		130	137,539
Sustainability Bonds, 5.50%, 08/01/47		125	130,908
University of California, RB, Series AV, 5.00%, 05/15/47		8,440	8,746,197
			12,902,057
Health — 16.7%
California Health Facilities Financing Authority, RB
5.00%, 11/15/42		1,000	1,035,837
Series A, 5.00%, 11/15/48		6,190	6,398,210
Series A, 5.25%, 12/01/49		8,000	8,875,631
California Health Facilities Financing Authority, Refunding RB
Series A, 4.00%, 08/15/40		1,350	1,397,878
Series A, 4.00%, 11/15/40		2,450	2,467,440
Series A, 4.00%, 04/01/44		1,000	1,001,295
Series A, 4.00%, 08/15/48		5,000	4,971,288
Series A, 5.00%, 11/15/48		7,195	7,436,982
Series A, 5.00%, 08/15/51		7,920	8,512,399
Series A-2, 4.00%, 11/01/44		4,060	4,063,061
California Public Finance Authority, Refunding RB, Series A, 4.00%, 08/01/47		1,000	992,216
California Statewide Communities Development Authority, Refunding RB, 5.00%, 10/01/45		1,860	1,864,533
Regents of the University of California Medical Center Pooled Revenue, RB
Series P, 4.00%, 05/15/43		13,060	13,305,308
Series P, 5.00%, 05/15/47		2,000	2,184,219
			64,506,297
Housing — 0.6%
California Community Housing Agency, RB, M/F Housing, Series A-2, 4.00%, 02/01/50(b)		275	219,307
California Housing Finance Agency, RB, M/F Housing, Series A, 4.25%, 01/15/35		1	691

2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)

July 31, 2024

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
Housing (continued)
CSCDA Community Improvement Authority, RB, M/F Housing(b)
Mezzanine Lien, 4.00%, 05/01/57	$	1,840	$ 1,360,829
Series B, Sub Lien, Sustainability Bonds, 4.00%, 12/01/59		1,095	776,417
			2,357,244
State — 1.4%
River Islands Public Financing Authority, ST, 5.00%, 09/01/39		270	284,766
Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/47		5,000	5,123,986
			5,408,752
Tobacco — 5.1%
California County Tobacco Securitization Agency, Refunding RB, CAB(c)
0.00%, 06/01/55		2,425	508,309
Series B-2, Subordinate, 0.00%, 06/01/55		1,755	341,716
Golden State Tobacco Securitization Corp., Refunding RB, Series B, 5.00%, 06/01/51		11,655	12,130,918
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66(c)		4,730	543,048
Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48		6,000	6,211,057
			19,735,048
Transportation — 35.3%
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/38		3,020	3,041,510
California Municipal Finance Authority, ST, Series A, 5.13%, 09/01/59		305	307,450
City of Long Beach California Harbor Revenue, ARB, Series A, AMT, 5.00%, 05/15/40		5,000	5,144,140
City of Long Beach California Harbor Revenue, Refunding ARB, Series C, 5.00%, 05/15/47		1,480	1,530,297
City of Los Angeles Department of Airports, ARB
Series A, AMT, 5.25%, 05/15/48		1,990	2,061,835
Series B, AMT, 5.00%, 05/15/36		1,090	1,103,740
Series B, AMT, 5.00%, 05/15/41		6,000	6,079,481
Series B, AMT, 5.00%, 05/15/46		7,860	7,943,149
Series C, AMT, Subordinate, 5.00%, 05/15/44		3,095	3,175,855
AMT, Sustainability Bonds, 5.25%, 05/15/47		3,900	4,210,689
City of Los Angeles Department of Airports, Refunding ARB
AMT, 5.00%, 05/15/40		4,450	4,779,477
AMT, 5.50%, 05/15/40		3,490	3,903,755
AMT, 5.00%, 05/15/43		1,250	1,305,292
AMT, 5.50%, 05/15/47		4,250	4,657,271
AMT, 5.00%, 05/15/48		1,500	1,553,425
AMT, Subordinate, 5.00%, 05/15/46		1,365	1,445,932
County of Sacramento California Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/01/39		1,000	1,044,952
Norman Y Mineta San Jose International Airport SJC, Refunding RB
Series A, AMT, 5.00%, 03/01/37		1,280	1,306,047
Series A, AMT, 5.00%, 03/01/41		2,000	2,039,041
Port of Los Angeles, Refunding ARB, Series A, AMT, 5.00%, 08/01/44		12,795	12,804,722

Security		Par (000)	Value
Transportation (continued)
Port of Los Angeles, Refunding RB, Series C, Sustainability Bonds, 4.00%, 08/01/39	$	5,495	$ 5,531,615
San Diego County Regional Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/48		6,890	7,293,628
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB
2nd Series, Class A, AMT, 5.25%, 05/01/44		7,500	8,183,010
Series A, AMT, 5.00%, 05/01/40		850	850,617
Series A, AMT, 5.00%, 05/01/47		16,735	16,970,668
Series A, AMT, 5.00%, 05/01/49		6,405	6,589,659
Series B, AMT, 5.00%, 05/01/41		3,365	3,395,758
Series D, AMT, 5.00%, 05/01/43		6,130	6,291,454
Series E, AMT, 5.00%, 05/01/45		1,000	1,033,819
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB, Series C, AMT, 5.75%, 05/01/48		9,600	10,703,821
			136,282,109
Utilities — 21.9%
California Infrastructure & Economic Development Bank, RB
Series A-4, AMT, 01/01/50(a)(b)(d)		1,480	1,500,353
Sustainability Bonds, 4.00%, 10/01/43		4,040	4,207,550
Sustainability Bonds, 4.00%, 10/01/46		4,125	4,256,878
City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB, 4.00%, 11/01/39		5,120	5,150,474
Contra Costa Water District, Refunding RB, Series V, 5.00%, 10/01/44		2,310	2,497,306
East Bay Municipal Utility District Water System Revenue, RB, Series A, Sustainability Bonds, 4.00%, 06/01/45		1,730	1,755,577
Los Angeles Department of Water & Power Water System Revenue, RB, Series A, 5.00%, 07/01/43		7,015	7,423,208
Los Angeles Department of Water & Power, RB, 5.00%, 07/01/46		7,000	7,668,699
Mountain House Public Financing Authority, RB, Series A, Sustainability Bonds, (BAM), 4.00%, 12/01/45		2,720	2,731,424
Orange County Water District, Refunding RB, Series A, 4.00%, 08/15/41		1,100	1,118,853
Sacramento Municipal Utility District, Refunding RB, Series H, Sustainability Bonds, 4.00%, 08/15/45		32,925	33,648,781
San Mateo Foster City Public Financing Authority, RB, 4.00%, 08/01/44		12,485	12,665,482
			84,624,585
Total Municipal Bonds in California			493,926,515
Puerto Rico — 4.2%
State — 4.2%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		2,845	2,821,177
Series A-1, Restructured, 5.00%, 07/01/58		8,279	8,306,488

Schedule of Investments

Schedule of Investments (continued)

July 31, 2024

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
State (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued)
Series A-2, Restructured, 4.78%, 07/01/58	$	2,530	$ 2,493,705
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c)		8,577	2,848,213
Total Municipal Bonds in Puerto Rico			16,469,583
Total Municipal Bonds — 132.0% (Cost: $495,213,745)			510,396,098
Municipal Bonds Transferred to Tender Option Bond Trusts(e)
California — 19.4%
County/City/Special District/School District — 8.8%
Clovis Unified School District, GO, Election 2020, Series B, 5.00%, 08/01/47		10,000	10,767,934
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Refunding RB, Sustainability Bonds, Series A, 5.00%, 07/01/44		11,200	11,842,556
Los Angeles Unified School District, GO, Sustainability Bonds, Series QRR, 5.25%, 07/01/47		10,000	11,300,674
			33,911,164
Health — 4.4%
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 5.00%, 05/15/47		15,625	17,064,207
Utilities — 6.2%
Los Angeles Department of Water & Power, RB, Series A, 5.00%, 07/01/42		10,670	11,140,947
San Francisco City & County Public Utilities Commission Wastewater Revenue, Refunding RB, Sustainability Bonds, Series A, 4.00%, 10/01/49		12,790	12,747,682
			23,888,629
Total Municipal Bonds in California			74,864,000
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 19.4% (Cost: $73,786,576)			74,864,000
Total Long-Term Investments — 151.4% (Cost: $569,000,321)			585,260,098

Security	Shares	Value
Short-Term Securities
Money Market Funds — 1.0%
BlackRock Liquidity Funds, MuniCash, Institutional Shares, 3.47%(f)(g)	3,869,256	$ 3,869,643
Total Short-Term Securities — 1.0% (Cost: $3,869,643)		3,869,643
Total Investments — 152.4% (Cost: $572,869,964)		589,129,741
Other Assets Less Liabilities — 1.1%		4,166,504
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (9.2)%		(35,403,972 )
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (44.3)%		(171,300,000 )
Net Assets Applicable to Common Shares — 100.0%		$ 386,592,273

(a)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.
(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(c)	Zero-coupon bond.
(d)	When-issued security.
(e)	Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details.
(f)	Affiliate of the Trust.
(g)	Annualized 7-day yield as of period end.

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

Affiliates

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

Affiliated Issuer	Value at 07/31/23	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation (Depreciation)	Value at 07/31/24	Shares Held at 07/31/24	Income	Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds California Money Fund, Institutional Shares(a)	$ 3,025,616	$ —	$ (3,020,576 )(b)	$ (4,443 )	$ (597 )	$ —	—	$ 140,346	$ —
BlackRock Liquidity Funds, MuniCash, Institutional Shares	—	3,869,643 (b)	—	—	—	3,869,643	3,869,256	98,412	—
				$ (4,443 )	$ (597 )	$ 3,869,643		$ 238,758	$ —

(a)	As of period end, the entity is no longer held.
(b)	Represents net amount purchased (sold).

2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)

July 31, 2024

BlackRock California Municipal Income Trust (BFZ)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts	Credit Contracts	Equity Contracts	Foreign Currency Exchange Contracts	Interest Rate Contracts	Other Contracts	Total
Net Realized Gain (Loss) from:
Futures contracts	$ —	$ —	$ —	$ —	$ 393,740	$ —	$ 393,740
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$ —	$ —	$ —	$ —	$ (281,360 )	$ —	$ (281,360 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — short	$8,257,281

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

Fair Value Hierarchy as of Period End

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

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

	Level 1	Level 2	Level 3	Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$ —	$ 510,396,098	$ —	$ 510,396,098
Municipal Bonds Transferred to Tender Option Bond Trusts	—	74,864,000	—	74,864,000
Short-Term Securities
Money Market Funds	3,869,643	—	—	3,869,643
	$3,869,643	$585,260,098	$—	$589,129,741

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

	Level 1	Level 2	Level 3	Total
Liabilities
TOB Trust Certificates	$—	$(35,144,998 )	$—	$(35,144,998 )
VMTP Shares at Liquidation Value	—	(171,300,000 )	—	(171,300,000 )
	$—	$(206,444,998 )	$—	$(206,444,998 )

See notes to financial statements.

Schedule of Investments

July 31, 2024

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
Municipal Bonds
Alabama — 7.7%
Alabama Economic Settlement Authority, RB, Series A, 4.00%, 09/15/33	$	5,000	$ 5,010,699
Alabama Public School and College Authority, Refunding RB, Series A, Sustainability Bonds, 5.00%, 11/01/30		11,900	13,306,043
Alabama Special Care Facilities Financing Authority- Birmingham Alabama, Refunding RB, 5.00%, 06/01/30		10,000	10,107,854
Birmingham-Jefferson Civic Center Authority, ST
Series A, 5.00%, 07/01/31		1,100	1,174,771
Series A, 5.00%, 07/01/32		1,150	1,226,751
Series A, 5.00%, 07/01/33		1,600	1,705,156
Black Belt Energy Gas District, RB(a)
4.00%, 10/01/52		12,025	12,066,607
Series A, 5.25%, 01/01/54		10,000	10,763,957
Black Belt Energy Gas District, Refunding RB, 4.00%, 06/01/51(a)		8,930	9,043,988
County of Jefferson Alabama Sewer Revenue, Refunding RB
5.00%, 10/01/26		935	964,826
5.00%, 10/01/30		2,500	2,727,967
Energy Southeast A Cooperative District, RB, Series B, 5.25%, 07/01/54(a)		3,095	3,345,743
Homewood Educational Building Authority, Refunding RB
5.00%, 12/01/33		1,010	1,030,569
5.00%, 12/01/34		1,380	1,408,088
Hoover Industrial Development Board, RB, AMT, Sustainability Bonds, 6.38%, 11/01/50(a)		1,965	2,209,934
Orange Beach Water Sewer & Fire Protection Authority, RB, 4.00%, 05/15/30		510	527,733
Southeast Energy Authority A Cooperative District, RB(a)
Series A-2, 6.01%, 01/01/53		30,265	30,888,324
Series B-1, 5.00%, 05/01/53		9,375	9,786,984
University of South Alabama, Refunding RB
(AGM), 5.00%, 11/01/29		1,105	1,143,039
(AGM), 5.00%, 11/01/30		2,000	2,067,762
			120,506,795
Arizona — 2.2%
Arizona Health Facilities Authority, Refunding RB, Series B, 5.00%, 02/01/33		1,810	1,811,478
Arizona Industrial Development Authority, RB(b)
4.00%, 07/01/29		530	506,486
4.50%, 07/01/29		690	678,781
Series A, 4.00%, 07/01/29		3,660	3,521,350
Sustainability Bonds, 4.00%, 07/01/30		485	463,759
Arizona Sports & Tourism Authority, Refunding RB, Senior Lien, (BAM), 5.00%, 07/01/30		12,000	13,245,771
Chandler Industrial Development Authority, RB, AMT, 4.10%, 12/01/37(a)		3,570	3,667,444
Maricopa County Industrial Development Authority, Refunding RB
4.00%, 07/01/29(b)		855	836,636
5.00%, 01/01/31		10,000	10,356,235
			35,087,940

Security		Par (000)	Value
California — 11.8%
Alameda Corridor Transportation Authority, Refunding RB, Series A, Sub Lien, (AMBAC), 0.00%, 10/01/30(c)	$	10,530	$ 8,336,565
Bay Area Toll Authority, RB, Class A, 4.86%, 04/01/36(a)		3,000	2,980,093
Bay Area Toll Authority, Refunding RB, Series E, 4.02%, 04/01/56(a)		3,250	3,183,861
California Community Choice Financing Authority, RB(a)
Sustainability Bonds, 5.54%, 12/01/53		6,750	6,888,584
Sustainability Bonds, 5.50%, 10/01/54		2,500	2,757,081
Series A, Sustainability Bonds, 4.00%, 10/01/52		8,650	8,733,877
Series E-2, Sustainability Bonds, 5.26%, 02/01/54		9,780	9,706,691
Series G, Sustainability Bonds, 5.25%, 11/01/54		1,785	1,918,299
California Health Facilities Financing Authority, RB
Series A, 5.00%, 11/15/32		1,600	1,691,516
Series A, 5.00%, 11/15/33		1,855	1,957,302
California Housing Finance Agency, RB, M/F Housing, Series 2021-1, Class A, 3.50%, 11/20/35		3,565	3,417,879
California Municipal Finance Authority, ARB, AMT, Senior Lien, 5.00%, 12/31/33		4,000	4,139,422
California Municipal Finance Authority, RB, Series A, AMT, 4.00%, 07/15/29		1,000	996,986
California Municipal Finance Authority, RB, S/F Housing, Series A, 5.00%, 08/15/30		1,000	1,000,306
California Municipal Finance Authority, Refunding RB
Series A, 5.00%, 07/01/30		1,200	1,231,026
Series A, 5.00%, 07/01/31		1,050	1,076,389
California Pollution Control Financing Authority, RB, Series A, AMT, 4.25%, 11/01/38(a)		8,350	8,401,828
California School Finance Authority, RB(b)
5.00%, 06/01/30		565	521,898
Series A, 5.00%, 06/01/29		260	260,145
Series A, 4.00%, 06/01/31		240	224,809
Series A, 5.00%, 06/01/32		1,055	1,058,634
City of Long Beach California Harbor Revenue, ARB
Series A, AMT, 5.00%, 05/15/31		1,200	1,242,516
Series A, AMT, 5.00%, 05/15/32		1,800	1,864,252
Series A, AMT, 5.00%, 05/15/33		675	696,312
Series A, AMT, 5.00%, 05/15/34		1,650	1,707,145
City of Los Angeles California, RB, 5.00%, 06/26/25		3,700	3,768,049
City of Los Angeles Department of Airports, ARB, AMT, Sustainability Bonds, 5.00%, 05/15/30		18,250	19,610,605
Compton Unified School District, GO, CAB(c)
Series B, (BAM), 0.00%, 06/01/33		1,000	706,089
Series B, (BAM), 0.00%, 06/01/34		1,125	762,106
Series B, (BAM), 0.00%, 06/01/35		1,000	656,081
Series B, (BAM), 0.00%, 06/01/36		1,000	621,314
El Camino Community College District Fountation, GO, CAB(c)
Series C, Election 2002, 0.00%, 08/01/30		9,090	7,576,158
Series C, Election 2002, 0.00%, 08/01/31		12,465	9,933,273
Series C, Election 2002, 0.00%, 08/01/32		17,435	13,553,184
Los Angeles Unified School District, GO, Series A, Election 2008, 4.00%, 07/01/33		3,000	3,021,075
Monterey Peninsula Community College District, Refunding GO, CAB(c)
0.00%, 08/01/30		3,500	2,770,730
0.00%, 08/01/31		5,940	4,513,357
M-S-R Energy Authority, RB, Series C, 6.13%, 11/01/29		2,045	2,189,012

2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)

July 31, 2024

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
California (continued)
Norman Y Mineta San Jose International Airport SJC, Refunding RB
Series A, AMT, 5.00%, 03/01/30	$	500	$ 514,456
Series A, AMT, 5.00%, 03/01/31		1,500	1,547,883
Series A, AMT, 5.00%, 03/01/32		1,000	1,025,284
Series A, AMT, 5.00%, 03/01/33		975	999,092
Series A, AMT, 5.00%, 03/01/34		1,250	1,278,173
Series A, AMT, 5.00%, 03/01/35		2,000	2,040,193
Poway Unified School District, GO(c)
Series 1-A, Election 2008, 0.00%, 08/01/30		10,000	8,338,480
Series 1-A, Election 2008, 0.00%, 08/01/32		12,500	9,588,387
San Diego County Regional Airport Authority, ARB, Sub-Series B, AMT, 5.00%, 07/01/33		1,000	1,032,465
San Rafael City Elementary School District, GO, Series C, Election 2002, (NPFGC), 0.00%, 08/01/30(c)		6,350	5,293,533
Washington Township Health Care District, Refunding RB, Series B, 3.00%, 07/01/28		750	701,628
Wiseburn School District, GO, Series A, Election 2007, (NPFGC), 0.00%, 08/01/30(c)		7,505	6,258,030
			184,292,053
Colorado — 6.0%
City & County of Denver Colorado Airport System Revenue, Refunding ARB
Series A, AMT, 5.00%, 12/01/30		12,780	13,722,111
Series A, AMT, 5.00%, 12/01/33		25,000	26,029,696
Series D, AMT, 5.50%, 11/15/30		14,000	15,453,557
City & County of Denver Colorado Pledged Excise Tax Revenue, RB, CAB, Series A-2, 0.00%, 08/01/30(c)		1,000	787,393
City & County of Denver Colorado, Refunding RB, AMT, 5.00%, 10/01/32		2,500	2,501,279
Colorado Educational & Cultural Facilities Authority, Refunding RB, 4.00%, 12/01/30(b)		1,015	957,680
Colorado Health Facilities Authority, RB
5.00%, 11/01/30		1,000	1,097,734
Series B, 2.63%, 05/15/29		2,100	1,927,645
Series D, 4.16%, 05/15/61(a)		7,000	7,026,211
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/37		3,000	3,011,663
E-470 Public Highway Authority, Refunding RB(a)
Series B, 3.92%, 09/01/39		1,475	1,474,913
Series B, 4.34%, 09/01/39		3,160	3,104,852
Park Creek Metropolitan District, Refunding RB
Series A, 5.00%, 12/01/27		1,500	1,524,301
Series A, 5.00%, 12/01/28		1,500	1,523,696
Series A, 5.00%, 12/01/30		1,350	1,369,898
Series A, 5.00%, 12/01/31		1,500	1,522,154
Plaza Metropolitan District No. 1, Refunding TA(b)
4.10%, 12/01/24		5,080	5,066,102
4.20%, 12/01/25		5,280	5,236,089
			93,336,974
Connecticut — 0.9%
Capital Region Development Authority, Refunding RB
(SAP), 5.00%, 06/15/30		1,095	1,169,715
(SAP), 5.00%, 06/15/31		1,125	1,200,389
Connecticut State Health & Educational Facilities Authority, RB, Series A, 5.00%, 01/01/30(b)		370	365,242
Connecticut State Health & Educational Facilities Authority, Refunding RB
Series B, 5.00%, 07/01/49(a)		1,940	2,107,421
Series G-1, 5.00%, 07/01/27(b)		225	226,445

Security		Par (000)	Value
Connecticut (continued)
Connecticut State Health & Educational Facilities Authority, Refunding RB (continued)
Series G-1, 5.00%, 07/01/28(b)	$	300	$ 301,838
Series G-1, 5.00%, 07/01/29(b)		300	300,966
Series G-1, 5.00%, 07/01/30(b)		300	300,096
Series G-1, 5.00%, 07/01/32(b)		425	423,240
Series G-1, 5.00%, 07/01/34(b)		355	352,362
Series I-1, 5.00%, 07/01/35		400	414,558
State of Connecticut, GO, Series A, 5.00%, 04/15/33		7,000	7,467,572
			14,629,844
Delaware — 0.8%
County of Kent Delaware, RB
Series A, 5.00%, 07/01/25		805	812,687
Series A, 5.00%, 07/01/26		850	866,394
Series A, 5.00%, 07/01/27		890	914,516
Series A, 5.00%, 07/01/28		935	963,157
Delaware State Economic Development Authority, Refunding RB(a)
Series A, 1.25%, 10/01/45		6,035	5,797,305
Series B, 1.25%, 10/01/40		500	480,307
Delaware State Health Facilities Authority, RB, 4.00%, 06/01/35		1,250	1,239,914
Delaware Transportation Authority, Refunding RB, 5.00%, 09/01/30		2,000	2,214,948
			13,289,228
District of Columbia — 1.2%
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/30		17,325	18,269,659
Florida — 7.0%
Capital Projects Finance Authority, RB, Series A-1, 5.00%, 10/01/30		1,000	1,046,860
Capital Trust Agency, Inc., RB(b)
Series A, 4.00%, 06/15/29		1,320	1,273,426
Series A-1, 3.38%, 07/01/31		1,730	1,603,155
Central Florida Expressway Authority, Refunding RB, Senior Lien, 5.00%, 07/01/32		1,610	1,717,802
City of Lakeland Florida, Refunding RB, 5.00%, 11/15/30		3,750	3,863,894
County of Miami-Dade Florida Aviation Revenue, Refunding RB
Series A, AMT, 5.00%, 10/01/30		4,285	4,594,913
Series A, AMT, 5.00%, 10/01/33		3,000	3,010,560
County of Miami-Dade Florida Water & Sewer System Revenue, RB, 5.00%, 10/01/27		5,000	5,288,605
County of Miami-Dade Florida, Refunding RB, Series B, 4.00%, 04/01/32		6,690	6,740,702
County of St. Johns Florida Water & Sewer Revenue, Refunding RB, CAB(c)
Series B, 0.00%, 06/01/30		2,000	1,657,322
Series B, 0.00%, 06/01/31		1,295	1,035,532
Series B, 0.00%, 06/01/32		2,495	1,921,310
Double Branch Community Development District, Refunding SAB, Series A-1, Senior Lien, 4.13%, 05/01/31		1,200	1,200,350
Florida Development Finance Corp., RB
AMT, 5.00%, 05/01/29(b)		3,085	3,134,503
AMT, 3.00%, 06/01/32		2,665	2,342,453
Florida Development Finance Corp., Refunding RB
4.00%, 06/01/25(b)		100	99,457
4.00%, 06/01/26(b)		110	108,698

Schedule of Investments

Schedule of Investments (continued)

July 31, 2024

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
Florida (continued)
Florida Development Finance Corp., Refunding RB (continued)
4.00%, 09/15/30(b)	$	470	$ 449,250
AMT, 5.00%, 07/01/34		2,500	2,583,792
AMT, (AGM), 5.00%, 07/01/44		4,685	4,894,297
Hillsborough County Aviation Authority, ARB, AMT, 5.00%, 10/01/30		2,325	2,500,126
Lakewood Ranch Stewardship District, Refunding SAB, 3.20%, 05/01/30(b)		540	513,754
Lakewood Ranch Stewardship District, SAB, 5.40%, 05/01/28		990	1,008,644
Lakewood Ranch Stewardship District, SAB, S/F Housing, 3.40%, 05/01/30		375	362,029
Lee County Industrial Development Authority, RB, Series B-3, 4.13%, 11/15/29		3,415	3,422,498
LT Ranch Community Development District, SAB, 3.40%, 05/01/30		985	955,307
Miami Beach Health Facilities Authority, Refunding RB, 5.00%, 11/15/30		1,000	1,002,832
Orange County Convention Center/Orlando, Refunding RB, 5.00%, 10/01/30		11,470	12,780,808
Palm Beach County Health Facilities Authority, Refunding RB, 5.00%, 11/15/32		19,820	20,275,602
Sarasota National Community Development District, Refunding SAB, 3.50%, 05/01/31		1,000	942,734
School Board of Miami-Dade County, Refunding COP, Series A, 5.00%, 05/01/32		9,000	9,239,307
St Johns County Industrial Development Authority, Refunding RB
4.00%, 12/15/25		180	177,981
4.00%, 12/15/28		200	192,639
4.00%, 12/15/29		215	204,892
4.00%, 12/15/30		195	183,920
4.00%, 12/15/31		205	191,449
Tolomato Community Development District, Refunding SAB, Sub-Series A-2, 3.85%, 05/01/29		520	510,375
Village Community Development District No. 15, SAB, 4.25%, 05/01/28(b)		730	740,058
Village Community Development District No. 5, Refunding SAB
3.50%, 05/01/28		3,690	3,648,956
4.00%, 05/01/33		860	860,071
4.00%, 05/01/34		1,930	1,930,056
			110,210,919
Georgia — 6.7%
City of Atlanta Georgia Department of Aviation, Refunding ARB, Series B, AMT, 5.00%, 07/01/29		4,150	4,427,027
DeKalb County Housing Authority, RB, M/F Housing, Series A, 4.00%, 12/01/33		6,870	6,884,461
Georgia Ports Authority, ARB, 5.00%, 07/01/30		1,175	1,306,931
Main Street Natural Gas, Inc., RB
Series A, 5.00%, 05/15/29		1,250	1,297,895
Series A, 5.00%, 05/15/30		8,000	8,297,437
Series A, 4.00%, 07/01/52(a)		3,500	3,523,969
Series A, 4.00%, 09/01/52(a)		15,000	15,140,206
Series A, 5.00%, 06/01/53(a)		11,185	11,846,093
Series B, 5.00%, 12/01/52(a)		20,190	21,210,900
Series C, 4.00%, 05/01/52(a)		5,360	5,425,571
Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53(a)		9,865	10,547,735

Security		Par (000)	Value
Georgia (continued)
Municipal Electric Authority of Georgia, RB, Series A, 5.00%, 01/01/34	$	8,000	$ 8,453,731
Municipal Electric Authority of Georgia, Refunding RB
5.00%, 01/01/29		2,000	2,141,365
5.00%, 01/01/30		1,905	2,068,454
Series A-R, Subordinate, 5.00%, 01/01/29		1,200	1,284,859
Series A-R, Subordinate, 5.00%, 01/01/30		1,250	1,357,255
			105,213,889
Guam — 0.2%
Territory of Guam, Refunding RB
Series A, 5.00%, 11/01/30		500	527,120
Series F, 5.00%, 01/01/30		1,160	1,231,231
Series F, 5.00%, 01/01/31		1,250	1,339,415
			3,097,766
Idaho — 0.0%
Idaho Housing & Finance Association, RB, Series A, 4.63%, 07/01/29(b)		135	132,692
Illinois — 9.8%
Chicago Board of Education, Refunding GO, Series C, 5.00%, 12/01/30		7,025	7,233,198
Chicago Housing Authority, RB, M/F Housing
Series A, 5.00%, 01/01/33		3,000	3,133,249
Series A, 5.00%, 01/01/35		1,500	1,565,793
Chicago O’Hare International Airport, Refunding RB
Series B, AMT, 4.00%, 01/01/27		5,000	4,999,797
Series B, AMT, 5.00%, 01/01/31		2,250	2,250,391
Series B, Senior Lien, 5.00%, 01/01/33		6,000	6,223,322
Chicago Transit Authority Capital Grant Receipts Revenue, Refunding RB, 5.00%, 06/01/26		3,000	3,094,023
City of Chicago Illinois, Refunding GO, Series B, 4.00%, 01/01/30		1,053	1,072,290
Illinois Finance Authority, Refunding RB
5.00%, 08/15/30		4,515	4,988,533
Series A, 4.00%, 11/01/24		425	423,364
Series A, 5.00%, 11/01/26		460	454,751
Series A, 5.00%, 11/01/28		1,745	1,704,881
Series A, 5.00%, 11/01/29		1,840	1,783,883
Series A, 5.00%, 10/01/30		1,000	1,034,228
Series A, 5.00%, 11/01/30		1,935	1,861,881
Series A, 5.00%, 11/15/31		8,415	8,481,090
Series A, 4.00%, 10/01/32		1,000	1,007,777
Series A, 5.00%, 11/15/32		2,075	2,088,559
Series A, 4.00%, 02/01/33		12,850	12,853,026
Series A, 5.00%, 11/15/33		2,125	2,137,813
Series B, 5.00%, 08/15/30		3,205	3,296,303
Series B, 4.31%, 05/01/42(a)		1,750	1,741,837
Series C, 5.00%, 02/15/30		12,000	12,378,123
Illinois Municipal Electric Agency, Refunding RB
Series A, 5.00%, 02/01/31		3,000	3,032,552
Series A, 5.00%, 02/01/32		1,500	1,519,332
Illinois Sports Facilities Authority, RB, (AMBAC), 0.00%, 06/15/26(c)		2,345	2,183,156
Illinois State Toll Highway Authority, Refunding RB, Series A, 4.00%, 12/01/31		20,000	20,149,843
Kane McHenry Cook & De Kalb Counties Unit School District No. 300, Refunding GO, Series A, 5.00%, 01/01/30		6,350	6,585,020
Metropolitan Pier & Exposition Authority, Refunding RB
5.00%, 12/15/28		1,200	1,257,029
5.00%, 12/15/30		1,385	1,451,190

2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)

July 31, 2024

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
Illinois (continued)
Sales Tax Securitization Corp., Refunding RB, Series A, 2nd Lien, 5.00%, 01/01/30	$	11,000	$ 12,007,023
State of Illinois, GO
Series A, 5.00%, 12/01/28		9,950	10,448,856
Series A, 5.00%, 03/01/32		1,500	1,649,336
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/30		7,000	7,442,398
Upper Illinois River Valley Development Authority, Refunding RB, 4.00%, 01/01/31(b)		260	246,374
			153,780,221
Indiana — 0.6%
Indiana Finance Authority, Refunding RB
Series A, 4.13%, 12/01/26		3,665	3,685,710
Series A, 5.00%, 09/15/29		1,165	1,216,547
Series A, 5.00%, 09/15/30		1,220	1,280,099
Series B, 3.91%, 03/01/39(a)		965	956,830
Northern Indiana Commuter Transportation District, RB
5.00%, 07/01/32		1,000	1,031,439
5.00%, 07/01/33		1,400	1,443,045
			9,613,670
Iowa — 1.6%
PEFA, Inc., RB, 5.00%, 09/01/49(a)		23,930	24,453,381
Kansas — 0.1%
City of Manhattan Kansas, Refunding RB, Series A, 4.00%, 06/01/26		315	313,976
City of Shawnee Kansas, RB, 4.00%, 08/01/31(b)		500	481,774
Wyandotte County-Kansas City Unified Government Utility System Revenue, RB, Series A, 5.00%, 09/01/33		1,370	1,389,438
			2,185,188
Kentucky — 0.9%
Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52(a)		4,225	4,238,565
Kentucky Public Transportation Infrastructure Authority, RB, CAB
0.00%, 07/01/30(c)		1,230	899,206
Convertible, 6.40%, 07/01/33(d)		1,500	1,754,539
Louisville/Jefferson County Metropolitan Government, Refunding RB, Series A, 5.00%, 10/01/32		7,300	7,473,668
			14,365,978
Louisiana — 1.3%
City of Ruston Louisiana Sales Tax Revenue, RB
(AGM), 5.00%, 06/01/29		1,060	1,087,360
(AGM), 5.00%, 06/01/30		1,000	1,025,162
(AGM), 5.00%, 06/01/31		1,020	1,044,998
(AGM), 5.00%, 06/01/32		1,225	1,254,223
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, 5.00%, 08/15/30		4,700	4,918,726
Louisiana Local Government Environmental Facilities & Community Development Authority, Refunding RB, Series A, 2.00%, 06/01/30		1,250	1,134,326
Louisiana Public Facilities Authority, RB(b)
Series A, 5.00%, 06/01/29		585	585,846
Series A, 5.00%, 04/01/30		460	451,973
Series A, 5.00%, 06/01/31		500	481,143
Louisiana Public Facilities Authority, Refunding RB
5.00%, 05/15/29		1,235	1,264,220
5.00%, 05/15/30		990	1,012,774

Security		Par (000)	Value
Louisiana (continued)
Louisiana Public Facilities Authority, Refunding RB (continued)
3.00%, 05/15/31	$	2,225	$ 2,077,083
5.00%, 05/15/32		1,485	1,517,187
5.00%, 05/15/33		2,175	2,220,698
			20,075,719
Maine — 0.2%
City of Portland Maine General Airport Revenue, Refunding RB
Sustainability Bonds, 5.00%, 01/01/33		695	751,546
Sustainability Bonds, 5.00%, 01/01/34		305	329,329
Sustainability Bonds, 4.00%, 01/01/35		1,000	1,014,563
Maine Turnpike Authority, RB
5.00%, 07/01/29		300	328,187
5.00%, 07/01/30		275	305,234
			2,728,859
Maryland — 1.8%
Anne Arundel County Consolidated Special Taxing District, ST, 4.90%, 07/01/30		1,315	1,315,839
City of Baltimore Maryland, Refunding RB, Convertible, 5.00%, 09/01/31		1,250	1,254,250
County of Prince George’s Maryland, TA, 5.00%, 07/01/30(b)		585	599,418
Howard County Housing Commission, RB, M/F Housing, 5.00%, 12/01/33		1,765	1,832,990
Maryland Health & Higher Educational Facilities Authority, Refunding RB
5.00%, 07/01/29		2,200	2,225,405
5.00%, 07/01/31		2,400	2,457,538
5.00%, 07/01/32		500	521,190
5.00%, 07/01/33		2,585	2,647,254
5.00%, 07/01/34		775	805,926
Series A, 5.00%, 01/01/31		2,865	2,939,316
Series A, 5.00%, 01/01/32		3,010	3,086,166
Series A, 5.00%, 01/01/33		3,165	3,240,361
State of Maryland, GO, Series 1, 3.00%, 03/15/34		5,000	4,771,294
			27,696,947
Massachusetts — 1.1%
Commonwealth of Massachusetts, GOL, Series I, 5.00%, 12/01/33		5,000	5,213,463
Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding RB, CAB, Series A, 0.00%, 07/01/32(c)		4,000	2,964,006
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/33		1,070	1,084,726
Massachusetts Development Finance Agency, Refunding RB
Series A, 5.00%, 01/01/32		2,020	2,068,220
Series A, 5.00%, 01/01/33		1,500	1,535,594
Series A, 5.00%, 01/01/34		2,085	2,134,441
Series A, 5.00%, 01/01/35		2,000	2,046,863
			17,047,313
Michigan — 2.4%
City of Detroit Michigan, GO
5.00%, 04/01/26		735	755,583
5.00%, 04/01/27		580	605,806
5.00%, 04/01/28		665	704,515
5.00%, 04/01/29		665	700,609
5.00%, 04/01/30		510	536,550
5.00%, 04/01/31		735	772,249

Schedule of Investments

Schedule of Investments (continued)

July 31, 2024

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
Michigan (continued)
City of Detroit Michigan, GO (continued)
5.00%, 04/01/32	$	625	$ 655,560
5.00%, 04/01/33		830	869,230
Michigan Finance Authority, Refunding RB, 4.36%, 04/15/47(a)		16,595	16,578,144
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 0.55%, 04/01/25		640	623,768
Michigan Strategic Fund, RB
AMT, 5.00%, 06/30/30		1,325	1,386,098
AMT, 5.00%, 12/31/32		2,000	2,083,936
AMT, Sustainability Bonds, 4.00%, 10/01/61(a)		3,690	3,714,114
Michigan Strategic Fund, Refunding RB
5.00%, 11/15/29		1,260	1,295,679
5.00%, 11/15/34		1,410	1,437,756
Saginaw Valley State University, Refunding RB
Series A, 5.00%, 07/01/31		2,070	2,127,492
Series A, 5.00%, 07/01/32		1,430	1,468,790
State of Michigan Trunk Line Revenue, RB, 5.00%, 11/15/30		800	895,662
			37,211,541
Minnesota — 0.5%
City of Spring Lake Park Minnesota, RB, 4.00%, 06/15/29		1,005	962,180
Minnesota Housing Finance Agency, RB, S/F Housing
Series L, AMT, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.90%, 01/01/30		465	483,872
Series L, AMT, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.95%, 07/01/30		490	510,458
Sartell-St Stephen Independent School District No. 748, GO, CAB(c)
Series B, 0.00%, 02/01/30		3,915	3,114,961
Series B, 0.00%, 02/01/31		2,190	1,667,949
Series B, 0.00%, 02/01/32		1,450	1,056,344
			7,795,764
Mississippi — 1.3%
Mississippi Development Bank, Refunding RB
Series A, (AGM), 5.00%, 03/01/30		2,280	2,317,097
Series A, (AGM), 5.00%, 03/01/31		1,595	1,619,822
Series A, (AGM), 5.00%, 03/01/32		2,000	2,029,705
Series A, (AGM), 5.00%, 03/01/33		1,275	1,293,036
State of Mississippi Gaming Tax Revenue, RB, Series E, 5.00%, 10/15/33		12,225	12,385,440
			19,645,100
Missouri — 0.5%
Health & Educational Facilities Authority of the State of Missouri, Refunding RB
5.00%, 05/15/31		1,175	1,206,756
4.00%, 05/15/32		1,680	1,700,724
4.00%, 05/15/33		2,000	2,023,980
Series A, 5.00%, 02/01/30		485	516,546
Series A, 4.00%, 11/15/33		2,010	2,010,558
Industrial Development Authority of the City of St. Louis Missouri, Refunding RB, Series A, 3.88%, 11/15/29		760	687,696
St Louis Land Clearance for Redevelopment Authority, Refunding RB, 3.88%, 10/01/35		410	374,126
			8,520,386

Security		Par (000)	Value
Montana — 0.6%
City of Forsyth Montana, Refunding RB, Series A, 3.90%, 03/01/31(a)	$	10,050	$ 9,921,738
Nebraska — 0.0%
Elkhorn School District, GO
4.00%, 12/15/32		325	336,650
4.00%, 12/15/33		375	388,311
			724,961
Nevada — 0.4%
County of Clark Nevada, Refunding GOL, Series B, 4.00%, 11/01/34		5,000	5,035,525
State of Nevada Department of Business & Industry, RB
Series A, 5.00%, 07/15/27		220	222,016
Series A, 4.50%, 12/15/29(b)		430	423,645
			5,681,186
New Hampshire — 0.2%
New Hampshire Business Finance Authority, Refunding RB
4.00%, 01/01/28		285	280,721
4.00%, 01/01/29		300	294,277
4.00%, 01/01/30		280	273,696
Series A, AMT, 4.00%, 11/01/27(b)		2,205	2,184,896
			3,033,590
New Jersey — 16.9%
Atlantic City Board of Education, Refunding GO
(AGM), 4.00%, 04/01/30		170	172,173
(AGM), 4.00%, 04/01/31		175	177,148
Industrial Pollution Control Financing Authority of Gloucester County, Refunding RB, Series A, AMT, 5.00%, 12/01/24(e)		170	170,674
New Jersey Economic Development Authority, ARB
5.25%, 09/15/29		6,500	6,505,731
Series A, AMT, 5.63%, 11/15/30		1,740	1,753,836
Series B, AMT, 5.63%, 11/15/30		1,315	1,325,457
New Jersey Economic Development Authority, RB
Series A, 4.00%, 06/15/29(b)		435	421,554
Series A, 4.00%, 07/01/29		285	285,566
Series A, 5.00%, 06/15/32		4,500	4,733,570
Series C, 5.00%, 06/15/32		3,600	3,786,856
Series DDD, 5.00%, 06/15/27(f)		2,000	2,119,426
AMT, 5.00%, 01/01/28		4,705	4,707,906
Series QQQ, Sustainability Bonds, 5.00%, 06/15/30		600	659,395
New Jersey Economic Development Authority, Refunding RB
(AGM), 5.00%, 06/01/28		1,000	1,042,643
5.00%, 01/01/29		1,945	1,970,912
(AGM), 5.00%, 06/01/30		1,500	1,561,146
(AGM), 5.00%, 06/01/31		1,750	1,820,230
(AGM), 4.00%, 06/01/32		2,125	2,134,402
Series MMM, 4.00%, 06/15/35		5,000	5,094,056
Sub-Series A, 4.00%, 07/01/32		9,855	9,838,420
Series A, AMT, 2.20%, 10/01/39(a)		4,000	3,525,367
New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31		5,000	5,136,062
New Jersey Educational Facilities Authority, RB, Series A, 4.00%, 09/01/30		5,860	5,861,981

2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)

July 31, 2024

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
New Jersey (continued)
New Jersey Health Care Facilities Financing Authority, Refunding RB
5.00%, 07/01/28	$	1,500	$ 1,526,519
5.00%, 07/01/29		4,150	4,260,187
5.00%, 07/01/30		3,500	3,590,795
Series A, 5.00%, 07/01/30		11,245	11,596,632
New Jersey Higher Education Student Assistance Authority, RB
Series 1A, AMT, 5.00%, 12/01/25		5,500	5,593,702
Series 1A, AMT, 5.00%, 12/01/26		2,250	2,281,432
Series A, AMT, 4.00%, 12/01/32		660	664,205
Series A, AMT, 4.00%, 12/01/33		535	538,373
Series A, AMT, 4.00%, 12/01/34		265	265,592
Series A, AMT, 4.00%, 12/01/35		265	265,021
Series B, AMT, 5.00%, 12/01/30		10,000	10,584,807
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series A, AMT, 5.00%, 12/01/30		1,875	1,984,641
New Jersey Housing & Mortgage Finance Agency, Refunding RB, Series A, AMT, 3.80%, 10/01/32		10,165	9,914,887
New Jersey Institute of Technology, RB, Series A, 5.00%, 07/01/31		3,385	3,429,554
New Jersey Transportation Trust Fund Authority, RB
Series AA, 5.25%, 06/15/27		4,225	4,292,476
Series AA, 5.25%, 06/15/28		4,500	4,570,755
Series BB, 5.00%, 06/15/30		1,500	1,609,690
Series C, (NPFGC), 0.00%, 12/15/30(c)		35,000	27,987,813
Series C, 5.25%, 06/15/32		10,000	10,079,974
Series D, 5.00%, 06/15/32		5,000	5,035,404
New Jersey Transportation Trust Fund Authority, Refunding RB
Series A, 5.00%, 06/15/30		6,600	6,793,928
Series A, 5.00%, 12/15/30		21,325	22,859,319
New Jersey Turnpike Authority, RB, Series E, 5.00%, 01/01/34		1,260	1,269,766
Newark Housing Authority, Refunding RB, (NPFGC), 5.25%, 01/01/27		5,000	5,234,951
South Jersey Transportation Authority, Refunding RB, Series A, 5.00%, 11/01/33		500	501,912
State of New Jersey, GO, Series A, 4.00%, 06/01/30		26,000	27,451,086
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/30		16,740	17,649,642
Series A, 5.00%, 06/01/32		8,270	8,713,912
			265,351,486
New Mexico — 1.1%
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/34		480	478,098
City of Santa Fe New Mexico, Refunding RB, 5.00%, 05/15/32		1,000	998,966
New Mexico Educational Assistance Foundation, RB
Series A-1, AMT, (GTD), 3.75%, 09/01/31		100	100,146
Series A-1, AMT, (GTD), 3.88%, 04/01/34		20	20,044
Series A-2, AMT, (GTD), 3.80%, 11/01/32		100	100,168
Series A-2, AMT, (GTD), 3.80%, 09/01/33		100	100,154
New Mexico Municipal Energy Acquisition Authority, Refunding RB, Series A, 5.00%, 11/01/39(a)		15,570	15,716,815
			17,514,391
New York — 5.4%
Build NYC Resource Corp., Refunding RB, AMT, 4.50%, 01/01/25(b)		100	100,113
Genesee County Funding Corp., Refunding RB, Series A, 5.00%, 12/01/30		500	531,188

Security		Par (000)	Value
New York (continued)
Hempstead Town Local Development Corp., Refunding RB
5.00%, 06/01/30	$	200	$ 216,438
5.00%, 06/01/31		300	327,875
5.00%, 06/01/32		100	109,178
Metropolitan Transportation Authority, Refunding RB
2nd Sub Series, (AGM), 4.37%, 11/01/32(a)		2,875	2,876,320
Sub-Series C-1, Sustainability Bonds, 5.00%, 11/15/34		10,000	10,602,017
Metropolitan Transportation Authority, Refunding RB, CAB, Series A, 0.00%, 11/15/30(c)		13,000	10,318,454
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Sub-Series B-1, 5.00%, 08/01/30		4,980	5,242,737
New York State Dormitory Authority, Refunding RB, Series A, 5.00%, 05/01/36		7,500	7,550,717
New York State Energy Research & Development Authority, Refunding RB, Series D, 3.50%, 10/01/29		5,000	4,873,610
New York State Environmental Facilities Corp., RB, AMT, 5.13%, 09/01/50(a)(b)		2,250	2,353,810
New York Transportation Development Corp., ARB
AMT, 5.00%, 01/01/30		2,590	2,675,245
AMT, 5.00%, 01/01/31		5,000	5,176,920
Series A, AMT, 4.00%, 07/01/32		5,500	5,286,337
Series A, AMT, 4.00%, 07/01/33		6,000	5,819,115
New York Transportation Development Corp., RB
AMT, 4.00%, 10/01/30		13,140	13,256,543
AMT, 4.00%, 10/31/34		350	341,115
New York Transportation Development Corp., Refunding ARB, AMT, 3.00%, 08/01/31		2,275	2,150,687
New York Transportation Development Corp., Refunding RB
Series A, AMT, 5.00%, 12/01/28		350	367,240
Series A, AMT, 5.00%, 12/01/29		235	247,663
Series A, AMT, 5.00%, 12/01/30		250	264,666
Port Authority of New York & New Jersey, Refunding ARB, Series 223, AMT, 5.00%, 07/15/30		3,730	4,013,200
			84,701,188
North Carolina — 1.9%
City of Charlotte North Carolina, Refunding GO
Series A, 5.00%, 06/01/28		330	356,259
Series A, 5.00%, 06/01/29		350	384,764
Series A, 5.00%, 06/01/30		485	541,912
North Carolina Medical Care Commission, RB
4.00%, 09/01/33		355	342,386
4.00%, 09/01/34		185	177,888
Series A, 4.00%, 10/01/27		600	607,243
Series B-2, 3.75%, 10/01/28		425	415,561
North Carolina Medical Care Commission, Refunding RB, 5.00%, 10/01/30		1,500	1,500,000
North Carolina Turnpike Authority, Refunding RB, CAB, Series C, (SAP), 0.00%, 07/01/30(c)		550	411,114
University of North Carolina at Chapel Hill, Refunding RB(a)
Series A, 4.22%, 12/01/34		7,000	6,976,502
Series A, 4.22%, 12/01/41		17,845	17,842,324
			29,555,953
Ohio — 1.6%
Akron Bath Copley Joint Township Hospital District, Refunding RB, Class A, 5.00%, 11/15/30		1,010	1,119,436
Allen County Port Authority, Refunding RB, Series A, 4.00%, 12/01/31		460	443,343

Schedule of Investments

Schedule of Investments (continued)

July 31, 2024

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
Ohio (continued)
American Municipal Power, Inc., Refunding RB, Series A-2, 1.00%, 02/15/48(a)	$	6,000	$ 5,993,584
Ohio Air Quality Development Authority, Refunding RB
3.25%, 09/01/29		4,450	4,266,780
4.00%, 09/01/30(a)		1,650	1,684,253
Series A, AMT, 4.25%, 11/01/39(a)		1,525	1,526,864
Ohio State University, RB, Class A, Sustainability Bonds, 5.00%, 12/01/30		3,320	3,727,312
State of Ohio, RB
AMT, (AGM), 5.00%, 12/31/29		1,625	1,646,678
AMT, (AGM), 5.00%, 12/31/30		4,585	4,628,598
			25,036,848
Oklahoma — 0.3%
Oklahoma Capitol Improvement Authority, RB, Series B, 5.00%, 07/01/30		2,150	2,366,482
Oklahoma Industries Authority, RB, 5.00%, 04/01/30		2,250	2,472,208
			4,838,690
Oregon — 1.0%
Oregon Health & Science University, Refunding RB, Series B, 5.00%, 07/01/35		7,390	7,588,720
Oregon State Facilities Authority, Refunding RB, Series B, 5.00%, 06/01/30		4,750	5,216,583
Port of Morrow Oregon, Refunding GOL
Series A, 4.00%, 06/01/30		1,205	1,235,589
Series D, 4.00%, 12/01/30		880	904,588
			14,945,480
Pennsylvania — 17.9%
Allegheny County Higher Education Building Authority, Refunding RB, 4.02%, 02/01/33(a)		7,250	7,126,254
Allegheny County Hospital Development Authority, RB, Series D2, 4.31%, 11/15/47(a)		5,205	5,213,777
Allegheny County Hospital Development Authority, Refunding RB
Series A, 5.00%, 04/01/31		3,075	3,220,040
Series A, 5.00%, 04/01/34		3,345	3,503,132
Series A, 5.00%, 04/01/35		1,000	1,045,954
Allentown City School District, Refunding GOL, Series B, (BAM SAW), 5.00%, 02/01/31		4,000	4,239,510
Allentown Neighborhood Improvement Zone Development Authority, RB(b)
5.00%, 05/01/28		675	686,489
5.00%, 05/01/32		9,310	9,528,519
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB
5.00%, 05/01/29		450	471,343
5.00%, 05/01/30		450	477,512
Bucks County Industrial Development Authority, RB
5.00%, 07/01/29		555	549,152
5.00%, 07/01/30		700	689,115
Chester County Health and Education Facilities Authority, Refunding RB
Series A, 5.00%, 12/01/30		2,180	1,849,281
Series A, 5.00%, 10/01/32		1,450	1,513,581
Chester County Industrial Development Authority, SAB, 4.38%, 03/01/28(b)		174	174,229
City of Philadelphia Pennsylvania Airport Revenue, Refunding RB, Series A, 5.00%, 07/01/30		5,000	5,523,308
City of Philadelphia Pennsylvania, Refunding GO
(AGM), 4.00%, 08/01/32		6,000	6,059,313
Series A, 5.00%, 08/01/30		4,500	4,709,298

Security		Par (000)	Value
Pennsylvania (continued)
Clarion County Industrial Development Authority, Refunding RB, AMT, 2.45%, 12/01/39(a)	$	4,200	$ 3,897,814
Commonwealth Financing Authority, RB, 5.00%, 06/01/32		6,000	6,344,956
Commonwealth of Pennsylvania, Refunding GO, Series 1, 4.00%, 01/01/30		7,000	7,129,696
Cumberland County Municipal Authority, Refunding RB
5.00%, 01/01/29		570	572,184
5.00%, 01/01/30		1,285	1,289,670
5.00%, 01/01/32		1,510	1,528,347
Dauphin County General Authority, Refunding RB, Series A, 4.00%, 06/01/31		2,275	2,307,752
East Hempfield Township Industrial Development Authority, RB, 5.00%, 07/01/25(f)		825	840,301
Geisinger Authority, Refunding RB
Series A-2, 5.00%, 02/15/32		4,000	4,155,633
Series A-2, 5.00%, 02/15/34		1,750	1,816,602
Lancaster County Hospital Authority, Refunding RB, 3.00%, 08/15/30		2,535	2,500,529
Latrobe Industrial Development Authority, Refunding RB, 5.00%, 03/01/30		150	153,955
Lehigh County Industrial Development Authority, Refunding RB, Series A, 3.00%, 09/01/29		15,000	14,555,872
Montgomery County Higher Education and Health Authority, Refunding RB
4.00%, 09/01/35		1,735	1,740,042
4.00%, 09/01/36		1,500	1,500,070
Series A, 5.00%, 09/01/31		1,750	1,840,682
Series A, 5.00%, 09/01/32		1,315	1,378,408
Montgomery County Industrial Development Authority, Refunding RB
5.00%, 01/01/30		2,000	1,989,653
Series A, 5.25%, 01/15/25(f)		3,250	3,282,894
Series A, 4.10%, 04/01/53(a)		7,905	8,094,249
Northampton County General Purpose Authority, Refunding RB, 5.00%, 11/01/34		5,400	5,688,484
Pennsylvania Economic Development Financing Authority, RB
5.00%, 12/31/29		5,000	5,135,041
5.00%, 12/31/30		13,100	13,444,457
5.00%, 12/31/34		16,500	16,913,506
Series A-1, 5.00%, 04/15/30		2,500	2,740,795
AMT, 5.00%, 12/31/29		3,750	3,947,269
AMT, 5.00%, 06/30/30		3,500	3,693,243
Pennsylvania Economic Development Financing Authority, Refunding RB
5.00%, 03/15/31		4,500	4,646,138
Series A, AMT, 4.10%, 04/01/34(a)		330	327,296
Pennsylvania Higher Educational Facilities Authority, RB
Series AT-1, 5.00%, 06/15/26(f)		100	103,828
Series AT-1, 5.00%, 06/15/30		7,810	8,064,141
Pennsylvania Higher Educational Facilities Authority, Refunding RB
5.00%, 05/01/30		425	431,314
5.00%, 05/01/31		1,275	1,293,110
4.00%, 05/01/32		3,000	2,505,635
5.00%, 05/01/32		1,750	1,773,703
5.00%, 05/01/33		3,320	3,362,856
5.00%, 05/01/35		1,000	1,011,962

2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)

July 31, 2024

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
Pennsylvania (continued)
Pennsylvania Housing Finance Agency, RB, S/F Housing
Series 137, Sustainability Bonds, 1.90%, 04/01/30	$	1,625	$ 1,445,063
Series 137, Sustainability Bonds, 1.95%, 10/01/30		875	771,869
Pennsylvania Housing Finance Agency, Refunding RB, Series 125A, AMT, 3.40%, 10/01/32		8,890	8,467,179
Pennsylvania Turnpike Commission, RB
Series B, 5.00%, 12/01/29		800	884,089
Series B, 5.00%, 12/01/30		620	694,577
Sub-Series B-1, 5.00%, 06/01/31		3,000	3,128,678
Sub-Series B-1, 5.00%, 06/01/32		4,075	4,246,632
Sub-Series B-1, 5.00%, 06/01/33		4,000	4,165,512
Pennsylvania Turnpike Commission, Refunding RB
2nd Sub Series, 5.00%, 12/01/32		1,000	1,050,040
2nd Sub Series, 5.00%, 12/01/33		1,815	1,904,646
2nd Sub Series, 5.00%, 12/01/34		1,500	1,574,163
2nd Sub Series, 5.00%, 12/01/35		2,005	2,104,714
Series B, 5.00%, 12/01/30		330	369,694
Sub-Series B-2, (AGM), 5.00%, 06/01/34		4,000	4,162,680
Philadelphia Authority for Industrial Development, RB, 4.00%, 06/15/29		260	249,505
Philadelphia Gas Works Co., RB, Series A, (AGM), 5.00%, 08/01/30		800	875,343
Philadelphia Gas Works Co., Refunding RB, Series 14-T, 5.00%, 10/01/30		425	436,686
Pittsburgh Water & Sewer Authority, RB, Series B, (AGM), 5.00%, 09/01/30		205	225,983
School District of Philadelphia, GOL
Series A, (SAW), 5.00%, 09/01/24		1,500	1,501,720
Series A, (SAW), 5.00%, 09/01/25		1,300	1,321,520
Series A, (SAW), 5.00%, 09/01/26		3,250	3,354,339
Series A, (SAW), 5.00%, 09/01/27		2,675	2,803,066
Series A, (SAW), 5.00%, 09/01/28		1,630	1,730,830
Series A, (SAW), 5.00%, 09/01/30		2,380	2,588,199
Southeastern Pennsylvania Transportation Authority, RB, 5.00%, 06/01/30		5,000	5,468,422
Wayne County Hospital & Health Facilities Authority, RB
Series A, (GTD), 5.00%, 07/01/31		460	479,768
Series A, (GTD), 4.00%, 07/01/33		440	441,750
West Cornwall Township Municipal Authority, Refunding RB
Series A, 4.00%, 11/15/27		130	131,254
Series A, 4.00%, 11/15/28		105	106,199
Series A, 4.00%, 11/15/29		140	140,189
Series A, 4.00%, 11/15/30		190	190,291
Series A, 4.00%, 11/15/31		200	200,326
Westmoreland County Municipal Authority, Refunding RB
(BAM), 5.00%, 08/15/27		1,500	1,522,921
(BAM), 5.00%, 08/15/31		5,000	5,221,419
(BAM), 5.00%, 08/15/32		17,945	18,729,906
			281,271,066
Puerto Rico — 5.6%
Commonwealth of Puerto Rico, GO
Series A-1, Restructured, 5.63%, 07/01/29		1,534	1,645,790
Series A-1, Restructured, 5.75%, 07/01/31		5,097	5,640,847
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(c)
Series A-1, Restructured, 0.00%, 07/01/29		14,055	11,685,984
Series A-1, Restructured, 0.00%, 07/01/31		38,523	29,461,451

Security		Par (000)	Value
Puerto Rico (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(c) (continued)
Series A-1, Restructured, 0.00%, 07/01/33	$	43,149	$ 30,243,162
Series B-1, Restructured, 0.00%, 07/01/31		5,755	4,376,124
Series B-1, Restructured, 0.00%, 07/01/33		6,477	4,534,508
			87,587,866
Rhode Island — 1.1%
Rhode Island Health and Educational Building Corp., Refunding RB, 5.00%, 05/15/30		1,500	1,525,443
Rhode Island Student Loan Authority, RB
Series A, AMT, 5.00%, 12/01/29		1,950	2,059,567
Series A, AMT, 5.00%, 12/01/30		1,300	1,381,854
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/28		2,750	2,771,024
Series A, 5.00%, 06/01/29		4,500	4,534,480
Series A, 5.00%, 06/01/30		4,215	4,247,378
			16,519,746
South Carolina — 0.9%
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/35		10,000	10,419,511
South Carolina Public Service Authority, Refunding RB, Series A, 5.00%, 12/01/31		2,800	3,079,879
			13,499,390
Tennessee — 1.3%
Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/36		2,000	2,013,917
Chattanooga-Hamilton County Hospital Authority, Refunding RB, Series A, 5.00%, 10/01/31		6,210	6,219,216
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/31		1,300	1,333,852
Tennergy Corp., RB, Series A, 4.00%, 12/01/51(a)		6,000	6,021,784
Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(a)		5,000	5,303,989
			20,892,758
Texas — 13.2%
Arlington Higher Education Finance Corp., RB, 4.00%, 06/15/31		2,705	2,523,890
Central Texas Regional Mobility Authority, RB, Series A, Senior Lien, 5.00%, 07/01/25(f)		4,275	4,353,621
City of Austin Texas Airport System Revenue, ARB, AMT, 5.00%, 11/15/30		2,000	2,153,686
City of Austin Texas Water & Wastewater System Revenue, Refunding RB, Series C, 5.00%, 11/15/30		900	1,005,531
City of Houston Texas Airport System Revenue, ARB
Series B-1, AMT, 5.00%, 07/15/30		1,900	1,912,449
Series C, AMT, 5.00%, 07/15/28		3,000	3,103,863
City of Houston Texas Airport System Revenue, Refunding RB
Sub-Series D, 5.00%, 07/01/33		7,000	7,450,484
AMT, 5.00%, 07/01/29		14,000	14,009,531
Series C, AMT, 5.00%, 07/15/27		2,000	2,056,411
Sub-Series A, AMT, 5.00%, 07/01/30		1,200	1,280,192
City of Houston Texas Combined Utility System Revenue, Refunding RB, Series B, 1st Lien, Subordinate, 5.00%, 11/15/34		7,315	7,571,088
Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/33		1,650	1,651,258
Clifton Higher Education Finance Corp., Refunding RB
Series A, (PSF-GTD), 4.00%, 08/15/31		1,250	1,253,177

Schedule of Investments

Schedule of Investments (continued)

July 31, 2024

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
Texas (continued)
Clifton Higher Education Finance Corp., Refunding RB (continued)
Series A, 3.95%, 12/01/32	$	1,650	$ 1,549,639
County of Nueces Texas, Refunding GOL
4.00%, 02/15/33		1,165	1,201,883
4.00%, 02/15/35		725	742,539
Dallas Fort Worth International Airport, Refunding RB, 5.00%, 11/01/32		2,500	2,778,267
DeSoto Independent School District, Refunding GO, (PSF-GTD), 5.00%, 08/15/30		3,980	4,331,617
Harris County Cultural Education Facilities Finance Corp., RB
5.00%, 07/01/38		2,275	2,323,456
Series B, 5.75%, 01/01/28		480	480,283
Series B, 6.38%, 01/01/33		40	40,037
Harris County Cultural Education Facilities Finance Corp., Refunding RB
Series A, 5.00%, 06/01/28		950	938,321
Series A, 5.00%, 01/01/33		850	839,293
Series A, 5.00%, 06/01/33		3,000	2,873,764
Leander Independent School District, Refunding GO, CAB(c)
Series D, (PSF-GTD), 0.00%, 08/15/31		1,200	879,270
Series D, (PSF-GTD), 0.00%, 08/15/32		1,875	1,307,090
Love Field Airport Modernization Corp., ARB, AMT, 5.00%, 11/01/26		430	443,679
Matagorda County Navigation District No. 1, Refunding RB
Series A, (AMBAC), 4.40%, 05/01/30		31,120	31,571,526
Series B, (AMBAC), 4.55%, 05/01/30		12,055	12,382,423
Series B-2, 4.00%, 06/01/30		12,995	12,810,899
AMT, 4.25%, 05/01/30		6,855	6,937,334
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(c)(f)		21,370	15,690,945
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 4.00%, 08/15/29(b)		325	317,034
North Texas Tollway Authority, Refunding RB, Series A, (BAM-TCRS), 5.00%, 01/01/38		8,200	8,230,033
Socorro Independent School District, Refunding GO, Series B, (PSF-GTD), 4.00%, 08/15/34		3,000	3,031,419
Spring Branch Independent School District, GO, (PSF- GTD), 3.00%, 02/01/33		5,000	4,671,214
Tarrant County Cultural Education Facilities Finance Corp., RB
Class F, 5.00%, 11/15/52(a)		3,585	3,888,080
Series B, 5.00%, 07/01/35		9,435	10,016,754
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.00%, 10/01/29		1,000	1,001,898
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB
5.00%, 12/15/30		16,435	17,501,729
5.00%, 12/15/32		5,000	5,372,068
Texas Public Finance Authority, Refunding RB, 4.00%, 12/01/31		1,650	1,666,356
			206,144,031

Security		Par (000)	Value
Utah — 0.5%
City of Salt Lake City Utah Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/30	$	2,980	$ 3,205,406
Utah Transit Authority, Refunding RB, Subordinate, 4.00%, 12/15/31		5,000	5,038,109
			8,243,515
Virginia — 0.1%
Dulles Town Center Community Development Authority, Refunding SAB, 4.25%, 03/01/26		325	324,617
Hanover County Economic Development Authority, Refunding RB, 4.00%, 07/01/30(b)		1,000	949,415
Norfolk Redevelopment & Housing Authority, RB, Series B, 4.00%, 01/01/25		575	573,828
			1,847,860
Washington — 2.3%
County of King Washington Sewer Revenue, Refunding RB, Series A, Junior Lien, 3.84%, 01/01/40(a)		4,050	4,001,260
Port of Seattle Washington, ARB
Series C, AMT, Intermediate Lien, 5.00%, 05/01/33		6,695	6,858,524
Series C, AMT, Intermediate Lien, 5.00%, 05/01/34		6,000	6,133,240
Washington Health Care Facilities Authority, Refunding RB, Series B, 5.00%, 08/15/35		9,485	9,819,653
Washington State Convention Center Public Facilities District, RB, 4.00%, 07/01/31		4,240	4,229,298
Washington State Housing Finance Commission, Refunding RB
Series A, 5.00%, 07/01/25		350	354,853
Series A, 5.00%, 07/01/26		285	293,312
Series A, 5.00%, 07/01/27		350	365,612
Series A, 5.00%, 07/01/28		550	582,172
Series A, 5.00%, 07/01/29		775	830,696
Series A, 5.00%, 07/01/30		815	882,937
WBRP 3.2, RB
Series A, 5.00%, 01/01/31		1,000	1,016,625
Series A, 5.00%, 01/01/32		1,140	1,159,290
			36,527,472
West Virginia — 0.2%
West Virginia Hospital Finance Authority, RB
Series A, 5.00%, 06/01/31		1,950	2,030,551
Series A, 5.00%, 06/01/33		1,100	1,143,031
			3,173,582
Wisconsin — 3.0%
Public Finance Authority, RB(b)
4.00%, 06/15/30		1,520	1,443,951
5.00%, 07/15/30		3,700	3,791,131
5.00%, 01/01/31		650	640,007
Series A, 4.00%, 07/15/29		485	468,513
Series A, 4.00%, 03/01/30		1,140	1,108,119
Series A, 3.75%, 06/01/30		345	324,126
Series A, 5.00%, 06/15/31		705	691,345
Public Finance Authority, Refunding RB
4.00%, 09/01/29(b)		275	256,414
Class A, 3.00%, 12/01/26(b)		250	244,276
Class C, 4.00%, 10/01/41(a)		7,000	7,104,335
AMT, 2.63%, 11/01/25		3,000	2,961,205
Class B, AMT, 4.00%, 10/01/46(a)		1,750	1,791,818
Series B, AMT, 5.25%, 07/01/28		1,290	1,291,265

2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)

July 31, 2024

BlackRock Municipal 2030 Target Term Trust (BTT)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
Wisconsin (continued)
State of Wisconsin, GO, Series A, 4.03%, 05/01/25(a)	$	10,890	$ 10,819,163
Wisconsin Health & Educational Facilities Authority, RB
Series A, 5.00%, 02/15/29		3,000	3,163,683
Series B-2, 4.20%, 08/15/28		1,350	1,350,124
Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 04/01/35		2,500	2,682,954
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series D, (FNMA), 3.00%, 09/01/32		7,265	6,578,995
			46,711,424
Total Municipal Bonds — 142.1% (Cost: $2,252,896,172)			2,226,912,047
Municipal Bonds Transferred to Tender Option Bond Trusts(g)
Colorado — 0.7%
City & County of Denver Colorado Airport System Revenue, Refunding ARB
Series A, AMT, 4.25%, 11/15/31(h)		8,085	8,039,166
Series A, AMT, 4.25%, 11/15/32		2,230	2,217,489
			10,256,655
Florida — 6.0%
County of Broward Florida Airport System Revenue, ARB
Series Q-1, 4.00%, 10/01/29(h)		17,200	17,204,918
Series Q-1, 4.00%, 10/01/30		18,095	18,100,201
Series Q-1, 4.00%, 10/01/31		18,820	18,825,402
Series Q-1, 4.00%, 10/01/32		19,575	19,580,612
Series Q-1, 4.00%, 10/01/33		20,355	20,360,845
			94,071,978
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 6.7% (Cost: $104,359,982)			104,328,633
Total Long-Term Investments — 148.8% (Cost: $2,357,256,154)			2,331,240,680
Short-Term Securities
Commercial Paper — 1.0%
City of San Antonio, 3.75%, 09/20/24		5,000	5,001,091
Dallas Fort Worth International Airport, 4.00%, 08/07/24		10,000	10,000,174
			15,001,265

Security	Shares	Value
Money Market Funds — 2.2%
BlackRock Liquidity Funds, MuniCash, Institutional Shares, 3.47%(i)(j)	35,243,848	$ 35,247,372
Total Short-Term Securities — 3.2% (Cost: $50,245,288)		50,248,637
Total Investments — 152.0% (Cost: $2,407,501,442)		2,381,489,317
Other Assets Less Liabilities — 0.4%		5,312,285
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (4.5)%		(70,357,370 )
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (47.9)%		(749,799,174 )
Net Assets Applicable to Common Shares — 100.0%		$ 1,566,645,058

(a)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.
(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(c)	Zero-coupon bond.
(d)	Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.
(e)	Security is collateralized by municipal bonds or U.S. Treasury obligations.
(f)	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.
(g)	Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details.
(h)	All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between October 1, 2029 to November 15, 2032, is $71,728,412. See Note 4 of the Notes to Financial Statements for details.
(i)	Affiliate of the Trust.
(j)	Annualized 7-day yield as of period end.

Affiliates

Affiliated Issuer	Value at 07/31/23	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation (Depreciation)	Value at 07/31/24	Shares Held at 07/31/24	Income	Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Shares	$ 88,184,293	$ —	$ (52,939,705 )(a)	$ 6,901	$ (4,117 )	$ 35,247,372	35,243,848	$ 1,011,755	$ —

(a)	Represents net amount purchased (sold).

Schedule of Investments

Schedule of Investments (continued)

July 31, 2024

BlackRock Municipal 2030 Target Term Trust (BTT)

Fair Value Hierarchy as of Period End

	Level 1	Level 2	Level 3	Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$ —	$ 2,226,912,047	$ —	$ 2,226,912,047
Municipal Bonds Transferred to Tender Option Bond Trusts	—	104,328,633	—	104,328,633
Short-Term Securities
Commercial Paper	—	15,001,265	—	15,001,265
Money Market Funds	35,247,372	—	—	35,247,372
	$35,247,372	$2,346,241,945	$—	$2,381,489,317

	Level 1	Level 2	Level 3	Total
Liabilities
TOB Trust Certificates	$—	$(69,569,982 )	$—	$(69,569,982 )
VRDP Shares at Liquidation Value	—	(750,000,000 )	—	(750,000,000 )
	$—	$(819,569,982 )	$—	$(819,569,982 )

See notes to financial statements.

2024 BlackRock Annual Report to Shareholders

Schedule of Investments

July 31, 2024

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
Municipal Bonds
Alabama — 6.0%
Black Belt Energy Gas District, RB(a)
Series A, 5.25%, 01/01/54	$	3,875	$ 4,171,033
Series A, 5.25%, 05/01/55		1,100	1,204,468
City of Birmingham Alabama, GOL, CAB, Series A-1, Convertible, 5.00%, 03/01/45(b)(c)		1,165	1,190,650
County of Jefferson Alabama Sewer Revenue, Refunding RB, 5.50%, 10/01/53		1,100	1,200,055
Energy Southeast A Cooperative District, RB(a)
Series B, 5.25%, 07/01/54		3,140	3,394,389
Series B-1, 5.75%, 04/01/54		6,980	7,765,410
Southeast Energy Authority A Cooperative District, RB, Series B, 5.00%, 01/01/54(a)		755	800,655
			19,726,660
Arizona — 1.7%
Arizona Industrial Development Authority, RB(d)
4.38%, 07/01/39		725	674,573
Series A, 5.00%, 07/01/49		690	661,688
Series A, 5.00%, 07/01/54		530	504,303
City of Phoenix Civic Improvement Corp., RB, Junior Lien, 5.25%, 07/01/47		835	937,179
Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/49(d)		685	664,998
Maricopa County & Phoenix Industrial Development Authorities, RB, S/F Housing, Series A, (GNMA), 6.50%, 03/01/55		1,645	1,823,153
Maricopa County Industrial Development Authority, Refunding RB, 5.00%, 07/01/54(d)		360	353,205
			5,619,099
California — 7.7%
California Enterprise Development Authority, RB, 8.00%, 11/15/62(d)		475	492,115
California Health Facilities Financing Authority, Refunding RB, Series B, 5.00%, 11/15/46		3,715	3,799,761
California Infrastructure & Economic Development Bank, RB, Series A, 1st Lien, (AMBAC), 5.00%, 01/01/28(b)		10,100	10,817,484
CSCDA Community Improvement Authority, RB, M/F Housing, Sustainability Bonds, 5.00%, 09/01/37(d)		115	116,782
Mount San Antonio Community College District, Refunding GO, CAB, Series A, Convertible, Election 2013, 6.25%, 08/01/28(c)		1,580	1,579,534
San Diego Unified School District, GO, Series C, Election 2008, 0.00%, 07/01/38(e)		2,000	1,212,059
San Diego Unified School District, Refunding GO, CAB, Series R-1, 0.00%, 07/01/31(e)		1,400	1,096,416
Yosemite Community College District, GO, Series D, Election 2004, 0.00%, 08/01/37(e)		10,000	6,122,045
			25,236,196
Colorado — 0.3%
Sabell Metropolitan District, GOL, Series A, 5.00%, 12/01/50(d)		1,055	1,037,255

Security		Par (000)	Value
Connecticut — 0.4%
Connecticut Housing Finance Authority, Refunding RB, S/F Housing, Series A-R, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.65%, 11/15/51	$	185	$ 186,756
Connecticut State Health & Educational Facilities Authority, RB, 4.25%, 07/15/53		1,170	1,183,077
			1,369,833
Delaware — 0.8%
County of Kent Delaware, RB
Series A, 5.00%, 07/01/40		770	782,493
Series A, 5.00%, 07/01/53		1,810	1,811,793
			2,594,286
District of Columbia — 3.5%
District of Columbia Income Tax Revenue, RB, Series A, 5.25%, 05/01/48		1,850	2,060,031
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40		7,955	8,233,599
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Sustainability Bonds, 5.00%, 07/15/48		1,210	1,305,466
			11,599,096
Florida — 7.5%
Capital Trust Agency, Inc., RB(d)
Series A, 5.00%, 06/01/45		615	573,844
Series A, 5.50%, 06/01/57		220	210,724
Central Florida Expressway Authority, RB, Series B, Senior Lien, 5.00%, 07/01/49		3,715	3,884,055
County of Miami-Dade Florida Water & Sewer System Revenue, RB, Series A, 4.13%, 10/01/50		3,635	3,600,943
County of Pasco Florida, RB, (AGM), 5.00%, 09/01/48		3,090	3,310,029
Escambia County Health Facilities Authority, Refunding RB
5.00%, 08/15/38		1,000	1,043,785
5.00%, 08/15/40		1,050	1,086,560
Florida Development Finance Corp., RB, 6.50%, 06/30/57(d)		278	196,123
Florida Development Finance Corp., Refunding RB, 5.00%, 09/15/40(d)		340	340,430
Florida Housing Finance Corp., RB, S/F Housing, Series 1, (FHLMC, FNMA, GNMA), 4.55%, 01/01/49		1,810	1,815,973
Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54		260	277,994
Orange County Health Facilities Authority, RB, Series A, 5.00%, 10/01/53		4,000	4,245,869
Preserve at South Branch Community Development District, SAB, 4.00%, 11/01/50		500	412,557
Tampa-Hillsborough County Expressway Authority, RB, 5.00%, 07/01/47		1,895	1,936,119
Village Community Development District No. 15, SAB, 5.25%, 05/01/54(d)		280	290,300
Volusia County Educational Facility Authority, RB, 5.25%, 06/01/49		810	855,177
Westside Community Development District, Refunding SAB(d)
4.10%, 05/01/37		260	241,247
4.13%, 05/01/38		260	240,499
			24,562,228

Schedule of Investments

Schedule of Investments (continued)

July 31, 2024

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
Georgia — 1.8%
City of Atlanta Georgia Department of Aviation, ARB, Series B-1, Sustainability Bonds, 5.00%, 07/01/53	$	915	$ 994,278
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(d)		245	241,902
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 06/01/53(a)		4,355	4,612,403
			5,848,583
Idaho — 0.5%
Idaho Housing & Finance Association, RB, 5.50%, 05/01/57		1,510	1,587,689
Illinois — 7.9%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/34		1,620	1,691,661
Series A, 5.00%, 12/01/40		1,540	1,584,617
Series A, 5.00%, 12/01/47		450	455,727
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/58		4,565	4,962,656
Illinois Finance Authority, Refunding RB
4.13%, 08/15/37		3,130	2,967,499
5.00%, 08/15/44		390	391,392
Illinois Housing Development Authority, Refunding RB, S/F Housing, Series H, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.65%, 10/01/43		1,905	1,934,920
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/40		7,020	7,075,343
Metropolitan Pier & Exposition Authority, RB, 5.00%, 06/15/57		670	685,087
State of Illinois, GO
5.50%, 05/01/39		1,840	2,023,361
Series B, 5.25%, 05/01/49		850	923,914
Series C, 5.00%, 12/01/45		1,280	1,367,756
			26,063,933
Iowa — 0.4%
Iowa Finance Authority, RB, S/F Housing, Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.75%, 07/01/49		1,270	1,300,293
Kentucky — 0.7%
Louisville and Jefferson County Metropolitan Sewer District, Refunding RB, Series C, 5.00%, 05/15/49		2,000	2,179,397
Louisiana — 1.3%
Louisiana Public Facilities Authority, RB, 5.25%, 10/01/53		2,330	2,436,527
Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48		1,575	1,701,129
			4,137,656
Massachusetts — 1.3%
Massachusetts Development Finance Agency, RB
5.00%, 10/01/48		1,970	1,968,200
Series A, 5.00%, 01/01/47		2,370	2,388,932
			4,357,132
Michigan — 0.4%
State of Michigan Trunk Line Revenue, RB, 5.50%, 11/15/49		1,145	1,308,041

Security		Par (000)	Value
Missouri — 0.1%
Missouri Housing Development Commission, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.60%, 11/01/49	$	180	$ 179,617
Nebraska — 0.3%
Omaha Public Power District, RB, Series A, 5.25%, 02/01/48		950	1,054,485
Nevada — 0.7%
City of Las Vegas Nevada Special Improvement District No. 611, SAB, 4.13%, 06/01/50		1,115	982,733
Tahoe-Douglas Visitors Authority, RB
5.00%, 07/01/40		760	793,970
5.00%, 07/01/45		530	544,878
			2,321,581
New Hampshire — 0.9%
New Hampshire Business Finance Authority, RB, M/F Housing
Series 2, Sustainability Bonds, 4.25%, 07/20/41		1,784	1,754,462
Series 2, Class 3-A, Sustainability Bonds, 4.16%, 10/20/41(a)		1,345	1,300,695
			3,055,157
New Jersey — 6.6%
Camden County Improvement Authority, RB, Sustainability Bonds, 6.00%, 06/15/62		500	535,295
New Jersey Economic Development Authority, RB(b)
Series DDD, 5.00%, 06/15/27		375	397,797
Series WW, 5.00%, 06/15/25		1,620	1,648,517
Series WW, 5.25%, 06/15/25		550	560,863
New Jersey Transportation Trust Fund Authority, RB
Series BB, 4.00%, 06/15/50		3,000	2,861,109
Series D, 5.00%, 06/15/32		900	906,373
Series S, 5.25%, 06/15/43		2,150	2,274,288
New Jersey Transportation Trust Fund Authority, RB, CAB(e)
Series A, 0.00%, 12/15/35		4,050	2,636,334
Series A, 0.00%, 12/15/38		5,845	3,370,864
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 4.00%, 06/15/40		1,690	1,708,298
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/46		820	840,214
Sub-Series B, 5.00%, 06/01/46		4,045	4,063,446
			21,803,398
New Mexico — 0.1%
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44		175	169,053
New York — 10.0%
City of New York, GO, Series B, 5.25%, 10/01/47		100	109,935
Metropolitan Transportation Authority, Refunding RB
Series C-1, 5.00%, 11/15/56		1,690	1,716,114
Series C-1, Sustainability Bonds, 5.25%, 11/15/55		1,135	1,206,351
New York City Municipal Water Finance Authority, RB
Series AA-1, 5.25%, 06/15/52		10,000	10,953,107
Sub-Series CC-1, 5.25%, 06/15/54		310	344,354
New York City Municipal Water Finance Authority, Refunding RB, Series DD, 4.13%, 06/15/46		5,670	5,737,224
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series A-1, Subordinate, 4.00%, 08/01/48		1,320	1,290,543

2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)

July 31, 2024

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
New York (continued)
New York City Transitional Finance Authority, RB, Series B, Subordinate, 5.00%, 05/01/46	$	1,520	$ 1,661,487
New York Counties Tobacco Trust VI, Refunding RB, Series B, 5.00%, 06/01/41		550	554,028
New York Liberty Development Corp., Refunding RB, Class 1, 5.00%, 11/15/44(d)		1,040	1,039,972
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB
Series A, 5.25%, 05/15/52		1,000	1,094,309
Series A, 4.13%, 05/15/53		1,000	989,846
Triborough Bridge & Tunnel Authority, Refunding RB
Series A-1, 5.00%, 05/15/51		230	244,462
Series C, 5.25%, 05/15/52		4,340	4,728,355
Series C, Sustainability Bonds, 5.25%, 11/15/40		1,025	1,184,196
			32,854,283
North Carolina — 0.0%
North Carolina Medical Care Commission, RB, Series A, 5.13%, 10/01/54		110	112,037
North Dakota — 0.3%
North Dakota Housing Finance Agency, RB, S/F Housing
Series A, Sustainability Bonds, 4.70%, 07/01/49		270	270,995
Series C, Sustainability Bonds, 6.25%, 01/01/55		555	620,704
			891,699
Ohio — 2.7%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		2,645	2,447,464
County of Cuyahoga Ohio, Refunding RB, 5.00%, 02/15/42		1,805	1,822,638
County of Hamilton Ohio Sewer System Revenue, RB, Series A, 5.00%, 12/01/53		545	592,930
County of Hamilton Ohio, RB, Series A, 5.00%, 08/15/42		2,650	2,729,940
North Ridgeville City School District, GO, 5.25%, 12/01/54		1,060	1,116,818
			8,709,790
Oklahoma — 0.7%
Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53		1,960	2,168,831
Oregon — 0.2%
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 06/15/38(e)		1,115	603,536
Pennsylvania — 4.6%
Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46		205	167,046
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/49		5,000	4,762,968
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 5.25%, 09/01/50		1,560	1,563,104
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 145A, Sustainability Bonds, 4.75%, 10/01/49		4,390	4,431,588
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 142-A, Sustainability Bonds, 5.00%, 10/01/43		1,895	1,987,954
Pennsylvania Turnpike Commission, RB
Series A, 5.00%, 12/01/38		695	699,482
Series A, Subordinate, 4.00%, 12/01/46		1,605	1,558,949
			15,171,091
Puerto Rico — 5.2%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		6,639	6,583,408

Security		Par (000)	Value
Puerto Rico (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued)
Series A-1, Restructured, 5.00%, 07/01/58	$	5,568	$ 5,586,487
Series A-2, Restructured, 4.78%, 07/01/58		349	343,993
Series A-2, Restructured, 4.33%, 07/01/40		1,688	1,672,121
Series B-1, Restructured, 4.75%, 07/01/53		391	387,553
Series B-2, Restructured, 4.78%, 07/01/58		520	514,206
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(e)		6,226	2,067,503
			17,155,271
South Carolina — 3.8%
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a)		5,685	6,120,490
South Carolina Jobs-Economic Development Authority, RB
5.00%, 01/01/55(d)		1,095	977,658
7.50%, 08/15/62(d)		505	498,155
Series A, 5.50%, 11/01/54		610	681,567
South Carolina Jobs-Economic Development Authority, Refunding RB, 4.00%, 12/01/44		1,645	1,621,957
South Carolina Public Service Authority, RB, Series E, 5.50%, 12/01/53		1,610	1,618,067
South Carolina Public Service Authority, Refunding RB, Series B, (AGM), 5.00%, 12/01/49		900	959,606
			12,477,500
South Dakota — 0.5%
City of Rapid City South Dakota Sales Tax Revenue, RB, 4.00%, 12/01/26(b)		1,760	1,805,002
Tennessee — 4.0%
Knox County Health Educational & Housing Facility Board, RB, Series A-1, (BAM), 5.50%, 07/01/54		490	531,084
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40		35	35,500
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, 5.25%, 10/01/58		2,465	2,502,877
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)		1,575	1,701,516
Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(a)		2,560	2,715,642
Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a)		3,000	3,107,415
Tennessee Housing Development Agency, RB, S/F Housing, Series 2, Sustainability Bonds, 4.35%, 01/01/48		2,500	2,409,449
			13,003,483
Texas — 23.6%
Arlington Higher Education Finance Corp., RB(d)
7.50%, 04/01/62		530	543,960
7.88%, 11/01/62		450	471,652
City of Austin Texas Airport System Revenue, ARB, Series A, 5.00%, 11/15/41		1,990	2,042,828
City of Austin Texas Water & Wastewater System Revenue, Refunding RB, 5.00%, 11/15/49		710	777,062
City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB, Series A, 5.00%, 10/01/41		760	769,296
City of Houston Texas Combined Utility System Revenue, Refunding RB, Series A, 1st Lien, 5.25%, 11/15/54		1,260	1,397,532
City of Houston Texas, GOL, Series A, 4.13%, 03/01/51		1,775	1,708,007

Schedule of Investments

Schedule of Investments (continued)

July 31, 2024

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
Texas (continued)
City of Houston Texas, Refunding GOL, Series A, 5.25%, 03/01/43	$	810	$ 901,187
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.25%, 02/01/49		500	553,889
Coppell Independent School District, Refunding GO, (PSF- GTD), 0.00%, 08/15/30(e)		10,030	8,229,402
County of Harris Texas Toll Road Revenue, Refunding RB, Series A, 1st Lien, 4.00%, 08/15/49		1,360	1,307,172
County of Harris Texas, Refunding GO, Series A, 4.25%, 09/15/48		340	344,299
County of Harris Texas, Refunding GOL(e)
(NPFGC), 0.00%, 08/15/25		7,485	7,258,628
(NPFGC), 0.00%, 08/15/28		10,915	9,623,076
Crowley Independent School District, GO
(PSF-GTD), 5.00%, 02/01/48		315	341,133
(PSF-GTD), 4.25%, 02/01/53		310	311,048
Fort Bend Independent School District, Refunding GO, Series A, (PSF-GTD), 4.00%, 08/15/49		745	719,372
Grand Parkway Transportation Corp., RB, CAB, Series B, Convertible, 5.80%, 10/01/46(c)		2,365	2,591,601
Harris County-Houston Sports Authority, Refunding RB(e)
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24(b)		5,965	2,590,987
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/38		10,925	4,722,624
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/38		5,785	2,824,249
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/39		6,160	2,806,865
Hidalgo County Regional Mobility Authority, RB, CAB(e)
Series A, 0.00%, 12/01/42		500	206,917
Series A, 0.00%, 12/01/43		1,000	391,562
Leander Independent School District, Refunding GO, Series A, (PSF-GTD), 5.00%, 08/15/49		2,010	2,046,516
Marshall Independent School District, GO, (PSF-GTD), 4.00%, 02/15/45		380	381,025
Mesquite Housing Finance Corp., RB, M/F Housing, Series A, Sustainability Bonds, (FNMA), 4.53%, 02/01/44		2,900	2,906,547
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(b)(e)		2,340	1,369,979
New Hope Cultural Education Facilities Finance Corp., RB(d)
Series A, 5.00%, 08/15/50		580	571,687
Series A, 5.00%, 08/15/51		1,535	1,528,587
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 4.00%, 08/15/40		4,000	3,977,670
North Texas Tollway Authority, RB(b)
Series B, 0.00%, 09/01/31(e)		1,975	991,835
Series C, Convertible, 6.75%, 09/01/45(c)		2,500	3,126,315
North Texas Tollway Authority, Refunding RB, Series B, 5.00%, 01/01/43		3,795	3,876,992
Princeton Independent School District, GO, (PSF-GTD), 5.25%, 02/15/48		535	587,239
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 10/01/49(f)		325	339,428
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45		330	301,821

Security		Par (000)	Value
Texas (continued)
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA), 5.13%, 01/01/54	$	540	$ 557,705
Texas State University System, Refunding RB, 4.00%, 03/15/49		1,695	1,652,631
			77,650,325
Utah(d) — 0.2%
Black Desert Public Infrastructure District, SAB, 5.63%, 12/01/53		180	186,001
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/55		450	433,371
			619,372
Virginia — 2.7%
Henrico County Economic Development Authority, RB
Class A, 5.00%, 10/01/47		4,580	4,807,473
Class A, 5.00%, 10/01/52		1,170	1,217,343
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47		1,225	1,199,244
Virginia Beach Development Authority, Refunding RB, 4.00%, 09/01/48		885	756,103
Virginia Housing Development Authority, RB, M/F Housing, Series G, 5.15%, 11/01/52		505	527,605
Virginia Housing Development Authority, RB, S/F Housing
Series E-2, 4.40%, 10/01/44		100	100,209
Series E-2, 4.55%, 10/01/49		230	230,126
			8,838,103
Washington — 0.4%
Washington State Housing Finance Commission, Refunding RB, 5.00%, 01/01/38(d)		1,400	1,400,832
Wisconsin — 1.7%
Public Finance Authority, RB
Class A, 5.00%, 06/15/51(d)		305	263,092
Class A, 6.00%, 06/15/52		175	165,003
Class A, 5.00%, 06/15/56(d)		400	340,468
Class A, 6.13%, 06/15/57		200	182,644
Series A, 5.00%, 07/01/55(d)		395	368,645
Series A-1, 4.50%, 01/01/35(d)		645	644,328
Public Finance Authority, Refunding RB, 5.00%, 09/01/39(d)		375	345,718
Wisconsin Health & Educational Facilities Authority, RB, Series A, 5.75%, 08/15/54		265	282,101
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing
Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.85%, 09/01/43		430	449,380
Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.75%, 09/01/50		2,535	2,589,902
			5,631,281
Total Municipal Bonds — 111.5% (Cost: $348,679,563)			366,203,104

2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)

July 31, 2024

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
Municipal Bonds Transferred to Tender Option Bond Trusts(g)
Alabama(a) — 5.0%
Black Belt Energy Gas District, RB
Series C, 5.50%, 10/01/54	$	10,000	$ 11,044,289
Series C-1, 5.25%, 02/01/53		5,020	5,340,854
			16,385,143
District of Columbia — 1.9%
District of Columbia Water & Sewer Authority, Refunding RB, Series B, 5.00%, 10/01/49		6,035	6,261,567
Florida — 3.6%
City of Fort Lauderdale Florida Water & Sewer Revenue, RB, Series B, 5.50%, 09/01/53		7,045	7,966,666
JEA Water & Sewer System Revenue, Refunding RB, Series A, 5.50%, 10/01/54		3,497	3,920,840
			11,887,506
Indiana — 3.1%
Indiana Finance Authority, RB, Series A, 4.00%, 11/01/51		10,685	10,018,222
Massachusetts — 3.3%
Commonwealth of Massachusetts, GOL, Series D, 5.00%, 10/01/51		10,000	10,825,046
Nevada — 3.1%
Las Vegas Valley Water District, GOL, Series A, 5.00%, 06/01/49		9,500	10,247,867
New York — 8.6%
New York City Municipal Water Finance Authority, Refunding RB, Series DD, 5.00%, 06/15/47		9,705	10,640,714
New York State Dormitory Authority, Refunding RB, Series C, 4.00%, 07/01/49		8,955	8,959,612
New York State Urban Development Corp., RB, Series A, 5.00%, 03/15/50		8,000	8,702,817
			28,303,143
South Carolina — 3.3%
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54(a)		10,000	10,878,004
Washington — 3.3%
State of Washington, GO, Series 2024-A, 5.00%, 08/01/48		10,000	10,894,263
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 35.2% (Cost: $109,980,311)			115,700,761
Total Long-Term Investments — 146.7% (Cost: $458,659,874)			481,903,865

Security	Shares	Value
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Liquidity Funds, MuniCash, Institutional Shares, 3.47%(h)(i)	2,732,921	$ 2,733,195
Total Short-Term Securities — 0.8% (Cost: $2,733,151)		2,733,195
Total Investments — 147.5% (Cost: $461,393,025)		484,637,060
Other Assets Less Liabilities — 1.2%		4,207,785
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (19.0)%		(62,600,249 )
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (29.7)%		(97,600,000 )
Net Assets Applicable to Common Shares — 100.0%		$ 328,644,596

(a)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.
(b)	U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.
(c)	Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.
(d)	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.
(e)	Zero-coupon bond.
(f)	When-issued security.
(g)	Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details.
(h)	Affiliate of the Trust.
(i)	Annualized 7-day yield as of period end.

Affiliates

Affiliated Issuer	Value at 07/31/23	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation (Depreciation)	Value at 07/31/24	Shares Held at 07/31/24	Income	Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Shares	$ 7,645,975	$ —	$ (4,914,172 )(a)	$ 1,445	$ (53 )	$ 2,733,195	2,732,921	$ 295,939	$ —

(a)	Represents net amount purchased (sold).

Schedule of Investments

Schedule of Investments (continued)

July 31, 2024

BlackRock Municipal Income Quality Trust (BYM)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note	52	09/19/24	$ 5,835	$ (164,760 )
U.S. Long Bond	38	09/19/24	4,611	(149,437 )
5-Year U.S. Treasury Note	38	09/30/24	4,112	(89,165 )
				$ (403,362 )

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts	Credit Contracts	Equity Contracts	Foreign Currency Exchange Contracts	Interest Rate Contracts	Other Contracts	Total
Liabilities — Derivative Financial Instruments
Futures contracts Unrealized depreciation on futures contracts(a)	$ —	$ —	$ —	$ —	$ 403,362	$ —	$ 403,362

(a)

Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets

and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated

earnings (loss).

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

	Commodity Contracts	Credit Contracts	Equity Contracts	Foreign Currency Exchange Contracts	Interest Rate Contracts	Other Contracts	Total
Net Realized Gain (Loss) from:
Futures contracts	$ —	$ —	$ —	$ —	$ 62,908	$ —	$ 62,908
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$ —	$ —	$ —	$ —	$ (356,641 )	$ —	$ (356,641 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — short	$10,233,262

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

Fair Value Hierarchy as of Period End

	Level 1	Level 2	Level 3	Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$ —	$ 366,203,104	$ —	$ 366,203,104
Municipal Bonds Transferred to Tender Option Bond Trusts	—	115,700,761	—	115,700,761

2024 BlackRock Annual Report to Shareholders

Schedule of Investments

July 31, 2024

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
Municipal Bonds
California — 120.2%
Corporate — 18.7%
California Community Choice Financing Authority, RB(a)
5.00%, 05/01/54	$	5,000	$ 5,392,245
Sustainability Bonds, 5.00%, 07/01/53		45,200	47,952,161
Sustainability Bonds, 5.00%, 12/01/53		6,670	7,048,529
Sustainability Bonds, 5.25%, 01/01/54		11,500	12,297,312
Sustainability Bonds, 5.50%, 10/01/54		40,000	44,113,294
Series E-1, Sustainability Bonds, 5.00%, 02/01/54		15,480	16,540,901
Series G, Sustainability Bonds, 5.25%, 11/01/54		50,000	53,733,875
California Municipal Finance Authority, RB(a)
Series A, AMT, 4.38%, 09/01/53		2,935	2,907,628
Series B, AMT, 4.15%, 07/01/51		3,455	3,456,556
California Municipal Finance Authority, Refunding RB, Series A, AMT, 4.00%, 07/01/41(a)		7,425	7,374,231
California Pollution Control Financing Authority, RB
AMT, 4.10%, 11/01/42(a)(b)		6,000	5,950,833
AMT, 4.75%, 11/01/46		4,000	4,087,092
Series A-1, AMT, 4.10%, 11/01/42(a)(b)		5,000	4,959,027
Southern California Public Power Authority, RB, Series A, 5.00%, 04/01/55(a)		5,840	6,235,238
			222,048,922
County/City/Special District/School District — 27.1%
Anaheim City School District, GO, (AGM), 5.00%, 08/01/51		5,615	6,122,628
California Enterprise Development Authority, RB, Series B, 5.25%, 11/01/49		10,000	10,408,531
California Statewide Communities Development Authority, SAB
Series B, 5.00%, 09/02/52		1,785	1,721,649
Series C, 4.00%, 09/02/50		4,985	4,392,158
Chabot-Las Positas Community College District, GO, Series C, Election 2016, 5.25%, 08/01/48		13,355	15,189,129
Chino Valley Unified School District, GO, Series D, Election 2016, 5.00%, 08/01/55		21,595	23,861,460
City of Los Angeles California, COP, (AMBAC), 6.20%, 11/01/31		1,500	1,503,667
City of Oakland California, GO, Series D, 5.25%, 07/15/48		4,715	5,335,882
Clovis Unified School District, GO
Series B, Election 2020, 5.00%, 08/01/47		8,050	8,668,187
Series C, Election 2020, 4.00%, 08/01/48		7,275	7,260,561
Coachella Valley Unified School District, GO, Series F, Election 2005, (BAM), 5.00%, 08/01/46		2,990	3,054,305
Dublin Unified School District, GO, Series B, Election 2020, 4.25%, 08/01/53		5,805	5,986,741
El Rancho Unified School District, GO, Series D, Election 2016, (BAM), 5.75%, 08/01/48		750	874,140
Folsom Cordova Unified School District, GO, Series D, (AGM), 4.00%, 10/01/44		10,300	10,303,708
Fremont Union High School District, GO, Election 2022, 4.00%, 08/01/48		5,000	5,044,025
Garden Grove Public Financing Authority, RB, Series A, (BAM), 5.00%, 04/01/49		3,625	4,011,269
Indio Finance Authority, Refunding RB
Series A, (BAM), 5.25%, 11/01/47		2,225	2,452,428
Series A, (BAM), 5.25%, 11/01/52		7,000	7,640,410
La Canada Unified School District, GO, Series A, Election 2017, 5.00%, 08/01/47		6,945	7,307,363

Security		Par (000)	Value
County/City/Special District/School District (continued)
La Mesa-Spring Valley School District, GO, Series B, 4.00%, 08/01/51	$	625	$ 627,005
Los Angeles County Public Works Financing Authority, Refunding RB, Series F, Sustainability Bonds, 4.00%, 12/01/46		7,890	8,105,176
Los Angeles Unified School District, GO, Series RYQ, 4.00%, 07/01/44		10,475	10,649,502
Menifee Union School District, GO, Series B, (BAM), 4.00%, 08/01/43		5,370	5,404,285
Oak Grove School District, GO, Series A-1, 5.00%, 08/01/52		5,835	6,393,877
Oakland Unified School District/Alameda County, GO, Series A, (BAM), 4.00%, 08/01/46		14,530	14,533,982
Oxnard School District, GO, Series A, Election 2016, (BAM), 5.00%, 08/01/45		2,500	2,590,469
Oxnard Union High School District, GO, Series B, 5.00%, 08/01/45		6,560	6,910,699
Peralta Community College District, GO, Series B, 5.50%, 08/01/52		2,500	2,814,526
Ravenswood City School District, GO, Election 2022, (BAM), 5.25%, 08/01/53		7,570	8,320,523
Redwood City School District, GO
Series C, 4.00%, 08/01/44		2,800	2,834,849
Series A, Election 2022, 5.00%, 08/01/52		6,000	6,592,863
San Diego Unified School District, GO
Series I, Election 2012, 4.00%, 07/01/47		9,155	9,156,358
Series F-2, Sustainability Bonds, 4.25%, 07/01/52		6,270	6,429,066
San Francisco Bay Area Rapid Transit District, GO
Class D1, Election 2016, Sustainability Bonds, 4.25%, 08/01/52		9,500	9,684,541
Series D-1, Election 2016, Sustainability Bonds, 4.00%, 08/01/47		9,175	9,244,491
San Leandro Unified School District, GO, Series B, 5.25%, 08/01/48		3,000	3,340,236
San Mateo Joint Powers Financing Authority, RB, Series A, 4.00%, 07/15/52		14,270	14,218,346
Santa Clara County Financing Authority, RB, Series A, 4.00%, 04/01/43		6,355	6,444,508
Santa Clarita Community College District, GO, Election 2016, 5.25%, 08/01/45		4,000	4,527,226
Santa Monica Community College District, GO, Series B, 4.00%, 08/01/45		17,500	17,931,149
Santa Monica-Malibu Unified School District, GO, 4.00%, 08/01/44		9,360	9,421,716
Santa Rosa High School District, GO, Series A, Election 2022, 4.00%, 08/01/49		7,050	7,075,246
Simi Valley Unified School District, GO, Series C, 4.00%, 08/01/50		3,115	3,098,786
South Orange County Public Financing Authority, RB, 5.00%, 06/01/52		5,000	5,396,575
Val Verde Unified School District, GO, Series C, Election 2020, (AGM), 4.00%, 08/01/49		5,000	5,001,627
Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/38		3,250	3,252,557
			321,138,425
Education — 8.7%
California Educational Facilities Authority, RB
Series A, 5.00%, 10/01/53		10,000	10,343,337
Series U-7, 5.00%, 06/01/46		7,525	9,230,648

2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)

July 31, 2024

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
Education (continued)
California Enterprise Development Authority, RB(b)
8.00%, 11/15/62	$	1,760	$ 1,823,417
Series A, 5.00%, 07/01/50		600	569,866
California Municipal Finance Authority, RB
5.50%, 08/01/34(b)		380	380,114
4.00%, 10/01/51		1,150	1,028,123
California Municipal Finance Authority, Refunding RB(b)
5.00%, 08/01/39		290	264,770
5.00%, 08/01/48		350	296,567
California School Finance Authority, RB
5.00%, 08/01/52(b)		1,875	1,899,129
5.00%, 08/01/61(b)		5,315	5,367,519
Series A, 6.00%, 07/01/33		1,390	1,391,082
Series A, 6.30%, 07/01/43		3,000	3,003,119
Series A, 5.00%, 07/01/54(b)		1,150	1,167,508
Series A, 5.00%, 06/01/58(b)		6,615	6,293,286
Series A, 5.00%, 07/01/59(b)		2,565	2,531,560
Series B, 4.00%, 07/01/45(b)		1,005	874,764
California School Finance Authority, Refunding RB(b)
Series A, 5.00%, 07/01/36		755	756,338
Series A, 5.88%, 06/01/53		700	719,281
Sustainability Bonds, 5.50%, 08/01/43		420	444,356
Sustainability Bonds, 5.50%, 08/01/47		400	418,904
California State University, Refunding RB
Series A, 5.00%, 11/01/42		20,000	20,719,888
Series A, 5.00%, 11/01/48		12,395	13,066,994
California Statewide Communities Development Authority, Refunding RB, 5.00%, 05/15/40		1,500	1,514,925
University of California, Refunding RB
Series BE, 4.00%, 05/15/47		14,000	13,978,077
Series Q, 3.00%, 05/15/51		6,000	4,925,506
			103,009,078
Health — 8.4%
California Health Facilities Financing Authority, RB
5.00%, 02/01/37		2,625	2,735,851
Series A, 5.25%, 12/01/44		1,375	1,506,628
Series A, 5.00%, 11/15/48		3,000	3,100,909
Series A, 5.00%, 08/15/54		2,020	2,038,186
Series A, 5.00%, 12/01/54		1,000	1,077,039
California Health Facilities Financing Authority, Refunding RB
(BAM-TCRS), 4.00%, 08/15/48		5,005	5,055,590
Series A, 5.00%, 11/15/38		1,500	1,576,712
Series A, 4.00%, 03/01/43		545	506,584
Series A, 4.00%, 04/01/45		3,570	3,518,561
Series A, 5.00%, 11/15/48		17,280	17,861,160
Series A-2, 4.00%, 11/01/44		31,000	31,023,370
California Municipal Finance Authority, Refunding RB, Series A, 5.00%, 02/01/47		9,250	9,330,275
California Statewide Communities Development Authority, RB, Sustainability Bonds, 4.00%, 08/01/45		5,000	4,663,079
California Statewide Communities Development Authority, Refunding RB
5.00%, 03/01/48		5,000	5,097,905
Series A, 4.00%, 12/01/57		6,500	6,075,582
Marin Healthcare District, GO, Election 2013, 4.00%, 08/01/45		5,000	5,000,388
			100,167,819

Security		Par (000)	Value
Housing — 6.9%
California Community Housing Agency, RB, M/F Housing, Series A-2, 4.00%, 02/01/50(b)	$	1,155	$ 921,088
California Housing Finance Agency, RB, M/F Housing
Series 2021-1, Class A, 3.50%, 11/20/35		14,242	13,653,313
Series T, (FHLMC), 4.10%, 07/01/40		12,000	12,088,342
Series 2021-2, Class A, Sustainability Bonds, (FHLMC), 3.75%, 03/25/35		17,810	17,524,984
Series U, Sustainability Bonds, (FNMA), 4.10%, 09/01/40		10,000	10,033,934
Series V, Sustainability Bonds, (FNMA), 4.10%, 09/01/40		10,000	10,029,017
CMFA Special Finance Agency, RB, M/F Housing, Series A-2, 4.00%, 08/01/45(b)		240	207,420
CSCDA Community Improvement Authority, RB, M/F Housing(b)
4.00%, 10/01/46		695	575,884
Series A, 3.00%, 09/01/56		1,475	1,085,816
Mezzanine Lien, 4.00%, 05/01/57		5,660	4,186,027
Series B, Sub Lien, Sustainability Bonds, 4.00%, 12/01/59		575	407,708
Series A-2, Sustainability Bonds, 3.00%, 02/01/57		1,625	1,233,227
San Diego Housing Authority, Inc., RB, M/F Housing, Series E, (FHLMC), 4.20%, 06/01/40		5,845	5,903,554
Santa Clara County Housing Authority, RB, M/F Housing, Series A, 6.00%, 08/01/41		3,500	3,504,280
			81,354,594
State — 10.1%
California State Public Works Board, RB
Series A, 5.00%, 04/01/49		45,360	50,252,008
Series B, 4.00%, 05/01/46		13,180	13,304,658
Series D, 5.00%, 11/01/47		18,275	20,246,388
California Statewide Communities Development Authority, SAB, S/F Housing, 5.00%, 09/02/39		1,060	1,120,010
Irvine Facilities Financing Authority, ST, Series A, 5.00%, 09/01/43		1,275	1,430,463
River Islands Public Financing Authority, ST, 5.00%, 09/01/39		845	891,214
State of California, Refunding GO
4.00%, 10/01/39		10,000	10,333,852
5.00%, 10/01/45		5,000	5,569,412
5.00%, 10/01/47		10,740	10,936,463
5.00%, 09/01/52		5,000	5,459,712
			119,544,180
Tobacco — 3.1%
California County Tobacco Securitization Agency, Refunding RB
5.00%, 06/01/50		495	505,287
Series A, 4.00%, 06/01/49		2,755	2,587,029
California County Tobacco Securitization Agency, Refunding RB, CAB(c)
0.00%, 06/01/55		7,575	1,587,811
Series B-2, Subordinate, 0.00%, 06/01/55		8,895	1,731,946
California Statewide Financing Authority, RB, Series L, 0.00%, 06/01/55(b)(c)		57,200	3,396,461
Golden State Tobacco Securitization Corp., Refunding RB
Series A-1, 5.00%, 06/01/28(d)		5,390	5,808,705
Series B, 5.00%, 06/01/51		13,000	13,530,840

Schedule of Investments

Schedule of Investments (continued)

July 31, 2024

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
Tobacco (continued)
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/66(c)	$	14,735	$ 1,691,715
Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48		2,000	2,032,876
Tobacco Securitization Authority of Southern California, Refunding RB, CAB, 0.00%, 06/01/54(c)		22,600	4,517,524
			37,390,194
Transportation — 21.6%
Alameda Corridor Transportation Authority, Refunding RB, Series B, Sub Lien, 5.00%, 10/01/37		3,790	3,898,261
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/47		28,750	28,742,869
Burbank-Glendale-Pasadena Airport Authority Brick Campaign, ARB, Series B, AMT, (AGM), 4.38%, 07/01/49		2,400	2,402,735
California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47		21,415	19,394,162
California Municipal Finance Authority, ST, Series A, 5.13%, 09/01/59		945	952,591
City of Los Angeles Department of Airports, ARB
Series A, AMT, 5.00%, 05/15/44		8,525	8,790,582
Series A, AMT, 5.00%, 05/15/45		10,000	10,340,965
Series A, AMT, 4.00%, 05/15/49		5,000	4,660,572
Series B, AMT, 5.00%, 05/15/41		8,500	8,612,599
Series B, AMT, 5.00%, 05/15/46		11,280	11,399,329
Series E, AMT, 5.00%, 05/15/44		7,000	7,382,026
City of Los Angeles Department of Airports, Refunding ARB
AMT, 5.00%, 05/15/45		1,940	2,052,472
AMT, 5.50%, 05/15/47		2,450	2,684,780
AMT, Subordinate, 4.00%, 11/15/31(d)		115	118,641
AMT, Subordinate, 5.00%, 05/15/46		5,980	6,334,560
County of Sacramento California Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/01/39		3,000	3,134,857
Foothill-Eastern Transportation Corridor Agency, Refunding RB, Series B-2, 3.50%, 01/15/53		10,000	8,404,694
Norman Y Mineta San Jose International Airport SJC, Refunding RB
Series A, AMT, 5.00%, 03/01/33		2,000	2,143,975
Series A, AMT, 5.00%, 03/01/41		11,250	11,469,606
Series A, AMT, 5.00%, 03/01/47		15,140	15,365,061
Port of Los Angeles, Refunding ARB, Series A, AMT, 5.00%, 08/01/44		200	200,152
San Diego County Regional Airport Authority, ARB
Series B, AMT, 5.00%, 07/01/47		6,485	6,630,579
Series B, AMT, 5.00%, 07/01/53		6,000	6,332,885
Series B, AMT, Subordinate, 5.00%, 07/01/51		10,000	10,504,022
Series B, AMT, Subordinate, 5.00%, 07/01/56		6,855	7,161,365
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB
Series A, AMT, 5.00%, 05/01/44		2,660	2,662,229
Series A, AMT, 5.00%, 05/01/47		14,220	14,420,251
Series A, AMT, 5.25%, 05/01/49		5,150	5,558,069
Series B, AMT, 5.00%, 05/01/46		5,870	5,913,514
Series E, AMT, 5.00%, 05/01/45		2,515	2,600,054

Security		Par (000)	Value
Transportation (continued)
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB (continued)
Series E, AMT, 5.00%, 05/01/50	$	27,195	$ 27,788,561
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding RB, Series C, AMT, 5.75%, 05/01/48		6,900	7,693,371
			255,750,389
Utilities — 15.6%
California Infrastructure & Economic Development Bank, RB
Series A, 5.25%, 07/01/49		6,000	6,474,123
Series A, 5.25%, 07/01/54		3,500	3,750,365
Series A-4, AMT, 01/01/50(a)(b)(e)		4,640	4,703,810
Sustainability Bonds, 4.00%, 10/01/44		11,370	11,764,737
Sustainability Bonds, 5.00%, 10/01/48		10,000	10,494,608
California Pollution Control Financing Authority, Refunding RB, 5.00%, 07/01/39(b)		1,000	1,047,626
City of San Francisco California Public Utilities Commission Water Revenue, RB, Series C, 4.00%, 11/01/50		26,935	26,672,298
Contra Costa Water District, Refunding RB, Series V, 5.00%, 10/01/44		1,260	1,362,167
East Bay Municipal Utility District Water System Revenue, RB
Series A, Sustainability Bonds, 5.00%, 06/01/49		3,835	4,093,724
Series B, Sustainability Bonds, 4.00%, 06/01/45		5,500	5,506,879
Eastern Municipal Water District Financing Authority, RB, Series D, 5.00%, 07/01/47		1,000	1,051,305
Imperial Irrigation District Electric System Revenue, Refunding RB, Series B-2, 5.00%, 11/01/41		7,750	8,040,224
Livermore Valley Water Financing Authority, RB
Series A, 5.00%, 07/01/48		1,795	1,969,688
Series A, 5.00%, 07/01/53		2,740	2,990,036
Los Angeles Department of Water & Power Water System Revenue, Refunding RB, Series D, 5.00%, 07/01/52		6,155	6,740,527
Los Angeles Department of Water & Power, RB, 5.00%, 07/01/51		10,420	11,328,469
Los Angeles Department of Water & Power, Refunding RB, Series C, 5.00%, 07/01/41		2,810	3,149,627
Mountain House Public Financing Authority, RB, Series A, Sustainability Bonds, (BAM), 4.00%, 12/01/50		4,500	4,415,766
Northern California Sanitation Agencies Financing Authority, Refunding RB, Series A, 5.00%, 12/01/44		1,000	1,003,013
Sacramento Municipal Utility District, Refunding RB
Series H, Sustainability Bonds, 5.00%, 08/15/50		3,730	4,026,048
Series K, Sustainability Bonds, 5.00%, 08/15/53		13,000	14,442,886
San Diego Public Facilities Financing Authority, RB, Series A, Subordinate, 5.00%, 05/15/52		6,970	7,598,285
San Mateo Foster City Public Financing Authority, RB
4.00%, 08/01/44		5,000	5,072,279
5.00%, 08/01/49		4,840	5,141,277
Southern California Public Power Authority, RB
5.00%, 07/01/48		20,570	22,893,689
5.00%, 07/01/53		8,750	9,690,617
			185,424,073
Total Municipal Bonds in California			1,425,827,674

2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)

July 31, 2024

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
Puerto Rico — 5.5%
State — 5.5%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53	$	13,134	$ 13,024,021
Series A-1, Restructured, 5.00%, 07/01/58		18,296	18,356,747
Series A-2, Restructured, 4.78%, 07/01/58		2,416	2,381,341
Series A-2, Restructured, 4.33%, 07/01/40		5,766	5,711,759
Series B-1, Restructured, 4.75%, 07/01/53		1,063	1,053,629
Series B-1, Restructured, 5.00%, 07/01/58		7,714	7,754,221
Series B-2, Restructured, 4.33%, 07/01/40		7,022	6,929,720
Series B-2, Restructured, 4.78%, 07/01/58		1,535	1,517,897
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c)		26,291	8,730,601
Total Municipal Bonds in Puerto Rico			65,459,936
Total Municipal Bonds — 125.7% (Cost: $1,445,202,573)			1,491,287,610
Municipal Bonds Transferred to Tender Option Bond Trusts(f)
California — 23.3%
Corporate — 2.4%
Southern California Public Power Authority, RB, 5.25%, 07/01/53		25,000	28,218,766
County/City/Special District/School District — 7.5%
California Municipal Finance Authority, RB, 5.00%, 06/01/48		15,000	15,759,644
Los Angeles County Facilities, Inc., RB, Series A, 5.00%, 12/01/43		13,345	14,138,494
Los Angeles Unified School District, GO, Sustainability Bonds, 5.25%, 07/01/48		25,000	28,440,435
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB(g)
2nd Series, Class D, AMT, 5.00%, 05/01/28(d)		20	20,351
2nd Series, Class D, AMT, 5.00%, 05/01/48		30,640	31,176,925
			89,535,849
Education — 6.2%
University of California, RB, Series BK, 5.00%, 05/15/52		56,410	61,393,739
University of California, Refunding RB, Series AZ, 5.00%, 05/15/48		12,000	12,557,414
			73,951,153
State — 1.9%
Irvine Facilities Financing Authority, ST, Series A, 5.00%, 09/01/48		20,000	22,071,932
Transportation — 1.9%
San Diego County Regional Airport Authority, ARB, AMT, Series B, 5.00%, 07/01/48		20,795	22,013,206

Security		Par (000)	Value
Utilities — 3.4%
City of San Francisco California Public Utilities Commission Water Revenue, RB, Series B, 5.00%, 11/01/50	$	11,690	$ 12,136,018
Southern California Public Power Authority, RB, 5.00%, 07/01/48		25,000	27,824,123
			39,960,141
Total Municipal Bonds in California			275,751,047
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 23.3% (Cost: $261,140,907)			275,751,047
Total Long-Term Investments — 149.0% (Cost: $1,706,343,480)			1,767,038,657
Short-Term Securities
Commercial Paper — 2.1%
San Diego County Water Authority, 3.55%, 09/05/24		25,000	24,998,368

	Shares
Money Market Funds — 4.8%
BlackRock Liquidity Funds, MuniCash, Institutional Shares, 3.47%(h)(i)	57,494,488	57,500,237
Total Short-Term Securities — 6.9% (Cost: $82,500,237)		82,498,605
Total Investments — 155.9% (Cost: $1,788,843,717)		1,849,537,262
Other Assets Less Liabilities — 1.0%		10,966,677
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (12.5)%		(148,069,999 )
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (44.4)%		(526,400,000 )
Net Assets Applicable to Common Shares — 100.0%		$ 1,186,033,940

(a)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.
(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(c)	Zero-coupon bond.
(d)	U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.
(e)	When-issued security.
(f)	Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details.
(g)	All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreement, which expires on May 1, 2027, is $16,117,792. See Note 4 of the Notes to Financial Statements for details.
(h)	Affiliate of the Trust.
(i)	Annualized 7-day yield as of period end.

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

Schedule of Investments

Schedule of Investments (continued)

July 31, 2024

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

Affiliates

Affiliated Issuer	Value at 07/31/23	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation (Depreciation)	Value at 07/31/24	Shares Held at 07/31/24	Income	Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds California Money Fund, Institutional Shares(a)	$ 61,896,344	$ —	$ (61,896,518 )(b)	$ 7,416	$ (7,242 )	$ —	—	$ 599,591	$ —
BlackRock Liquidity Funds, MuniCash, Institutional Shares	—	57,500,237 (b)	—	—	—	57,500,237	57,494,488	1,092,968	—
				$ 7,416	$ (7,242 )	$ 57,500,237		$ 1,692,559	$ —

(a)	As of period end, the entity is no longer held.
(b)	Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note	162	09/19/24	$ 18,177	$ (513,290 )
U.S. Long Bond	164	09/19/24	19,900	(644,939 )
5-Year U.S. Treasury Note	147	09/30/24	15,907	(344,599 )
				$ (1,502,828 )

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts	Credit Contracts	Equity Contracts	Foreign Currency Exchange Contracts	Interest Rate Contracts	Other Contracts	Total
Liabilities — Derivative Financial Instruments
Futures contracts Unrealized depreciation on futures contracts(a)	$ —	$ —	$ —	$ —	$ 1,502,828	$ —	$ 1,502,828

(a)

Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets

and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated

earnings (loss).

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

	Commodity Contracts	Credit Contracts	Equity Contracts	Foreign Currency Exchange Contracts	Interest Rate Contracts	Other Contracts	Total
Net Realized Gain (Loss) from:
Futures contracts	$ —	$ —	$ —	$ —	$ (5,947,030 )	$ —	$ (5,947,030 )
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$ —	$ —	$ —	$ —	$ (1,502,828 )	$ —	$ (1,502,828 )

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — short	$77,133,789

2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)

July 31, 2024

BlackRock MuniHoldings California Quality Fund, Inc. (MUC)

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

Fair Value Hierarchy as of Period End

	Level 1	Level 2	Level 3	Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$ —	$ 1,491,287,610	$ —	$ 1,491,287,610
Municipal Bonds Transferred to Tender Option Bond Trusts	—	275,751,047	—	275,751,047
Short-Term Securities
Commercial Paper	—	24,998,368	—	24,998,368
Money Market Funds	57,500,237	—	—	57,500,237
	$57,500,237	$1,792,037,025	$—	$1,849,537,262
Derivative Financial Instruments(a)
Liabilities
Interest Rate Contracts	$ (1,502,828 )	$ —	$ —	$ (1,502,828 )

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

	Level 1	Level 2	Level 3	Total
Liabilities
TOB Trust Certificates	$—	$(147,184,992 )	$—	$(147,184,992 )
VMTP Shares at Liquidation Value	—	(526,400,000 )	—	(526,400,000 )
	$—	$(673,584,992 )	$—	$(673,584,992 )

See notes to financial statements.

Schedule of Investments

July 31, 2024

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
Municipal Bonds
Alabama — 4.8%
Black Belt Energy Gas District, RB(a)
Series A, 5.25%, 01/01/54	$	2,000	$ 2,152,792
Series F, 5.50%, 11/01/53		840	894,413
County of Jefferson Alabama Sewer Revenue, Refunding RB
5.00%, 10/01/26		150	154,785
5.25%, 10/01/49		520	559,703
Energy Southeast A Cooperative District, RB, Series B, 5.25%, 07/01/54(a)		470	508,077
Mobile County Industrial Development Authority, RB, Series A, AMT, 5.00%, 06/01/54		2,640	2,699,019
Southeast Energy Authority A Cooperative District, RB, Series A-2, 6.01%, 01/01/53(a)		5,090	5,194,831
			12,163,620
Arizona — 1.1%
Arizona Industrial Development Authority, RB(b)
4.38%, 07/01/39		550	511,745
Series A, 5.00%, 07/01/49		525	503,458
Series A, 5.00%, 07/01/54		405	385,364
Chandler Industrial Development Authority, RB, AMT, 4.10%, 12/01/37(a)		535	549,603
Maricopa County Industrial Development Authority, Refunding RB, 5.00%, 07/01/54(b)		280	274,715
Salt Verde Financial Corp., RB, 5.00%, 12/01/37		450	495,379
			2,720,264
Arkansas — 0.7%
Arkansas Development Finance Authority, RB
AMT, 4.50%, 09/01/49(b)		1,270	1,254,719
AMT, Sustainability Bonds, 5.70%, 05/01/53		415	438,905
			1,693,624
California — 3.5%
California Community Choice Financing Authority, RB(a)
Series B-2, Sustainability Bonds, 4.06%, 02/01/52		1,500	1,355,503
Series E-2, Sustainability Bonds, 5.26%, 02/01/54		1,550	1,538,382
California Enterprise Development Authority, RB, 8.00%, 11/15/62(b)		365	378,152
California Health Facilities Financing Authority, Refunding RB, Series A, 3.00%, 08/15/51		1,100	874,285
California Infrastructure & Economic Development Bank, RB, Series A-4, AMT, 01/01/50(a)(b)(c)		330	334,538
California Municipal Finance Authority, ARB, AMT, Senior Lien, 5.00%, 12/31/43		1,400	1,423,245
CSCDA Community Improvement Authority, RB, M/F Housing, Sustainability Bonds, 5.00%, 09/01/37(b)		100	101,549
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, Series A, AMT, 5.00%, 05/01/44		1,860	1,861,559
Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/40		940	942,074
			8,809,287
Colorado — 2.3%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.00%, 12/01/48		1,700	1,753,812
Colorado Health Facilities Authority, RB, 5.50%, 11/01/47		205	229,126
Colorado Health Facilities Authority, Refunding RB, Series A, 3.25%, 08/01/49		3,025	2,370,565

Security		Par (000)	Value
Colorado (continued)
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40	$	830	$ 845,984
E-470 Public Highway Authority, Refunding RB(a)
Series B, 3.92%, 09/01/39		260	259,985
Series B, 4.34%, 09/01/39		485	476,536
			5,936,008
Connecticut — 1.5%
State of Connecticut Special Tax Revenue, RB, Series A, 5.25%, 07/01/42		1,725	1,953,866
State of Connecticut, GO, Series A, 5.00%, 04/15/38		1,690	1,793,901
			3,747,767
Delaware — 0.5%
Delaware State Health Facilities Authority, RB, 5.00%, 06/01/48		1,345	1,357,510
District of Columbia — 1.6%
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48		465	499,981
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, Sustainability Bonds, 5.25%, 07/15/53		3,370	3,693,099
			4,193,080
Florida — 9.7%
Capital Trust Agency, Inc., RB(b)
Series A, 5.00%, 06/01/45		465	433,882
Series A, 5.50%, 06/01/57		165	158,043
City of Fort Lauderdale Florida Water & Sewer Revenue, RB, Series B, 5.50%, 09/01/53		1,700	1,922,404
County of Broward Florida Tourist Development Tax Revenue, Refunding RB, Convertible, 4.00%, 09/01/51		1,700	1,602,195
County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series A, AMT, 5.00%, 10/01/34		3,000	3,001,465
County of Miami-Dade Seaport Department, Refunding RB
Series A-2, (AGM), 4.00%, 10/01/49		1,700	1,634,460
Series A, AMT, 5.00%, 10/01/38		950	1,023,399
Series A-1, AMT, (AGM), 4.00%, 10/01/45		3,230	3,055,117
Cypress Bluff Community Development District, SAB, Series A, 3.80%, 05/01/50(b)		730	594,132
Finley Woods Community Development District, SAB
4.00%, 05/01/40		265	242,654
4.20%, 05/01/50		450	391,870
Florida Development Finance Corp., RB(b)
6.50%, 06/30/57		222	156,431
AMT, 5.00%, 05/01/29		470	477,542
Florida Development Finance Corp., Refunding RB
5.00%, 09/15/50(b)		260	248,823
AMT, (AGM), 5.25%, 07/01/53		2,160	2,261,939
Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54		210	224,534
Lee County Industrial Development Authority, RB
Series B-2, 4.38%, 11/15/29		505	505,966
Series B-3, 4.13%, 11/15/29		525	526,153
Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/40		1,900	1,912,044
Osceola Chain Lakes Community Development District, SAB
4.00%, 05/01/40		670	602,364
4.00%, 05/01/50		640	530,075
Palm Beach County Health Facilities Authority, Refunding RB, 4.00%, 08/15/49		2,065	1,970,986

2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)

July 31, 2024

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
Florida (continued)
Southern Groves Community Development District No. 5, Refunding SAB, 4.00%, 05/01/43	$	380	$ 332,863
University of Florida Department of Housing & Residence Education Hsg Sys Rev, RB, Series A, (BAM-TCRS), 3.00%, 07/01/51		1,000	758,442
Village Community Development District No. 15, SAB, 5.25%, 05/01/54(b)		210	217,725
			24,785,508
Georgia — 1.7%
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)		195	192,534
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/49		950	1,041,536
Main Street Natural Gas, Inc., Refunding RB, Series E-2, 5.27%, 12/01/53(a)		2,830	2,980,596
			4,214,666
Hawaii — 0.8%
State of Hawaii Airports System Revenue, COP
AMT, 5.25%, 08/01/25		740	740,457
AMT, 5.25%, 08/01/26		1,205	1,205,722
			1,946,179
Illinois — 6.8%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/34		1,225	1,279,188
Series A, 5.00%, 12/01/40		1,165	1,198,753
Illinois Finance Authority, Refunding RB, Series C, 4.00%, 02/15/41		1,000	978,000
Illinois Housing Development Authority, RB, S/F Housing, Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.85%, 10/01/42		515	536,393
Illinois Municipal Electric Agency, Refunding RB
Series A, 5.00%, 02/01/31		1,760	1,779,097
Series A, 5.00%, 02/01/32		880	891,341
Illinois State Toll Highway Authority, RB
Series A, 5.00%, 01/01/40		4,885	4,923,512
Series A, 5.00%, 01/01/45		980	1,043,437
Series A, 4.00%, 01/01/46		1,000	970,616
State of Illinois, GO
5.25%, 02/01/31		1,495	1,497,567
5.25%, 02/01/32		2,320	2,323,990
			17,421,894
Indiana — 0.2%
Indiana Finance Authority, RB
5.00%, 06/01/41		300	265,351
5.00%, 06/01/51		220	182,731
5.00%, 06/01/56		190	155,201
			603,283
Iowa — 0.4%
PEFA, Inc., RB, 5.00%, 09/01/49(a)		1,000	1,021,871
Kentucky — 0.9%
City of Henderson Kentucky, RB, Series A, AMT, 4.70%, 01/01/52(b)		150	150,091
Fayette County School District Finance Corp., RB, (BAM- TCRS), 5.00%, 06/01/47		1,995	2,139,004
			2,289,095

Security		Par (000)	Value
Louisiana — 0.9%
Lake Charles Harbor & Terminal District, ARB, Series B, AMT, (AGM), 5.50%, 01/01/29	$	2,225	$ 2,227,895
Maryland — 4.3%
Howard County Housing Commission, RB, M/F Housing, 5.00%, 12/01/42		2,450	2,521,848
Maryland Community Development Administration, Refunding RB, S/F Housing, Series C, Sustainability Bonds, (FHLMC, FNMA, GNMA), 4.50%, 09/01/49		1,095	1,088,132
Maryland Economic Development Corp., RB, Class B, AMT, Sustainability Bonds, 5.00%, 12/31/40		525	551,733
Maryland Stadium Authority, RB, Series A, 5.00%, 05/01/47		6,460	6,667,325
			10,829,038
Massachusetts — 1.5%
Commonwealth of Massachusetts, GOL
Series B, 3.00%, 04/01/49		1,300	1,022,836
Series D, 4.00%, 02/01/43		1,550	1,536,342
Massachusetts Development Finance Agency, RB
Series A, 5.25%, 01/01/42		940	953,345
Series A, 5.00%, 01/01/47		420	423,355
			3,935,878
Michigan — 2.0%
Michigan Finance Authority, RB, 4.00%, 02/15/44		2,500	2,431,224
Michigan Finance Authority, Refunding RB
4.00%, 09/01/46		550	510,412
4.36%, 04/15/47(a)		755	754,233
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43		895	911,552
Ottawa County Building Authority, RB, 4.00%, 05/01/47		500	497,132
			5,104,553
Minnesota — 0.6%
Minnesota Housing Finance Agency, RB, S/F Housing, Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA), 5.10%, 07/01/42		1,555	1,644,195
Mississippi — 2.0%
Mississippi Development Bank, RB, (AGM), 6.88%, 12/01/40		2,225	2,231,457
State of Mississippi Gaming Tax Revenue, RB, Series A, 4.00%, 10/15/38		2,815	2,826,494
			5,057,951
Missouri — 2.0%
Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53		5,000	4,814,106
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, Series A, 5.25%, 02/01/48		330	346,571
			5,160,677
Montana — 0.1%
Montana Board of Housing, RB, S/F Housing, Series B-2, 3.60%, 12/01/47		165	145,545
Nevada — 2.0%
Carson City Nevada, Refunding RB, 5.00%, 09/01/42		1,130	1,151,838
City of Las Vegas Nevada Special Improvement District No. 814, SAB
4.00%, 06/01/39		120	109,418
4.00%, 06/01/44		315	268,972
City of Reno Nevada, Refunding RB, Series A-1, (AGM), 4.00%, 06/01/43		2,690	2,636,720

Schedule of Investments

Schedule of Investments (continued)

July 31, 2024

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
Nevada (continued)
Tahoe-Douglas Visitors Authority, RB
5.00%, 07/01/40	$	580	$ 605,924
5.00%, 07/01/45		400	411,229
			5,184,101
New Hampshire — 0.2%
New Hampshire Business Finance Authority, RB, M/F Housing, Series 2, Sustainability Bonds, 4.25%, 07/20/41		553	543,802
New Jersey — 8.4%
New Jersey Economic Development Authority, RB
5.00%, 06/15/34		635	688,129
5.00%, 06/15/36		810	875,067
Series A, 5.00%, 06/15/47		2,500	2,565,956
AMT, (AGM), 5.00%, 01/01/31		1,355	1,356,188
AMT, 5.38%, 01/01/43		1,940	1,940,358
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51		1,500	1,461,850
New Jersey Higher Education Student Assistance Authority, RB, Series B, AMT, 4.25%, 12/01/45		235	237,591
New Jersey Higher Education Student Assistance Authority, Refunding RB
Series B, AMT, 4.00%, 12/01/41		1,060	1,043,471
Series C, AMT, Subordinate, 5.00%, 12/01/52		1,355	1,385,828
New Jersey Housing & Mortgage Finance Agency, Refunding RB, Series A, AMT, 3.80%, 10/01/32		1,880	1,833,742
New Jersey Transportation Trust Fund Authority, RB
Series BB, 4.00%, 06/15/50		1,775	1,692,823
Series S, 5.25%, 06/15/43		2,980	3,152,270
Series S, Class BB, 4.00%, 06/15/50		1,500	1,456,414
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/46		1,000	1,024,651
Sub-Series B, 5.00%, 06/01/46		755	758,443
			21,472,781
New Mexico — 0.1%
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44		135	130,412
New York — 8.2%
City of New York, GO, Series D, 4.00%, 04/01/50		1,190	1,158,759
New York Liberty Development Corp., Refunding RB
Class 1, 5.00%, 11/15/44(b)		760	759,980
Series 1, 4.00%, 02/15/43		1,750	1,755,915
Series A, Sustainability Bonds, 3.00%, 11/15/51		210	160,573
New York State Dormitory Authority, Refunding RB
Series A, 5.00%, 05/01/36		3,500	3,523,668
Series A, 4.00%, 03/15/54		3,525	3,385,535
New York State Thruway Authority, RB, Sustainability Bonds, 4.13%, 03/15/56		1,675	1,669,086
New York Transportation Development Corp., ARB, AMT, 5.63%, 04/01/40		465	504,943
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		1,025	1,076,683
AMT, 4.00%, 04/30/53		605	514,176
AMT, Sustainability Bonds, 5.38%, 06/30/60		5,350	5,553,238
TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41		895	906,257
			20,968,813

Security		Par (000)	Value
North Carolina — 2.0%
University of North Carolina at Chapel Hill, Refunding RB, Series A, 4.22%, 12/01/41(a)	$	4,970	$ 4,969,255
North Dakota — 0.4%
City of Grand Forks North Dakota, RB, Series A, (AGM), 5.00%, 12/01/48		880	939,477
Ohio — 2.4%
Allen County Port Authority, Refunding RB, Series A, 4.00%, 12/01/40		490	435,947
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		2,155	1,994,059
County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49		270	303,055
State of Ohio, RB, AMT, 5.00%, 12/31/39		1,325	1,331,110
State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50		2,275	2,123,069
			6,187,240
Oklahoma — 2.3%
Oklahoma Turnpike Authority, RB
5.50%, 01/01/53		2,055	2,273,953
Series A, 4.00%, 01/01/48		3,600	3,576,234
			5,850,187
Pennsylvania — 15.5%
Allegheny County Airport Authority, ARB, Series A, AMT, (AGM), 5.50%, 01/01/53		670	716,943
Allegheny County Hospital Development Authority, RB, Series D2, 4.31%, 11/15/47(a)		1,040	1,041,754
Bucks County Industrial Development Authority, RB, 4.00%, 07/01/46		200	162,972
Chester County Health and Education Facilities Authority, Refunding RB, Series A, 5.00%, 10/01/52		2,000	2,040,459
City of Philadelphia Pennsylvania Water & Wastewater Revenue, Refunding RB
Series B, (AGM), 4.50%, 09/01/48		1,415	1,446,630
Series B, (AGM), 5.50%, 09/01/53		2,830	3,123,696
Commonwealth of Pennsylvania, GO, Series 1, 4.00%, 03/01/38		3,600	3,631,090
Geisinger Authority, Refunding RB
4.00%, 04/01/50		3,080	2,928,623
Series A-1, 4.00%, 02/15/47		2,815	2,645,619
Lancaster Industrial Development Authority, RB, 5.00%, 12/01/44		675	680,560
Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45		570	587,893
Northampton County General Purpose Authority, Refunding RB, 4.00%, 11/01/38		5,930	5,944,956
Pennsylvania Economic Development Financing Authority, RB
AMT, 5.50%, 06/30/43		515	556,356
AMT, 5.25%, 06/30/53		1,000	1,032,457
Pennsylvania Housing Finance Agency, RB, S/F Housing
Series 125B, AMT, 3.65%, 10/01/42		1,500	1,363,749
Series 143A, Sustainability Bonds, 5.38%, 10/01/46		3,990	4,249,042
Pennsylvania Turnpike Commission, RB
Sub-Series B-1, 5.25%, 06/01/47		2,300	2,365,655
Series A, Subordinate, 5.00%, 12/01/37		750	810,419
Series A-1, Subordinate, 5.00%, 12/01/46		1,300	1,311,368
Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52		1,285	1,361,747

2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)

July 31, 2024

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
Pennsylvania (continued)
Pittsburgh School District, GOL, (SAW), 3.00%, 09/01/41	$	1,165	$ 978,662
School District of Philadelphia, GOL, Series A, (SAW), 5.50%, 09/01/48		400	440,382
			39,421,032
Puerto Rico — 5.3%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		5,039	4,996,805
Series A-1, Restructured, 5.00%, 07/01/58		4,109	4,122,643
Series A-2, Restructured, 4.78%, 07/01/58		264	260,213
Series A-2, Restructured, 4.33%, 07/01/40		2,279	2,257,561
Series B-2, Restructured, 4.78%, 07/01/58		394	389,610
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(d)		4,757	1,579,684
			13,606,516
South Carolina — 1.6%
Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a)		1,970	2,120,908
South Carolina Jobs-Economic Development Authority, RB(b)
5.00%, 01/01/55		825	736,592
7.50%, 08/15/62		390	384,714
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/43		860	883,968
			4,126,182
Tennessee — 1.6%
Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/49		3,000	3,077,290
Metropolitan Government Nashville & Davidson County Sports Authority, RB, Series A, Senior Lien, (AGM), 5.25%, 07/01/48		1,020	1,121,021
			4,198,311
Texas — 9.3%
Arlington Higher Education Finance Corp., RB(b)
7.50%, 04/01/62		410	420,800
7.88%, 11/01/62		360	377,321
Aubrey Independent School District, GO, (PSF-GTD), 4.00%, 02/15/52		1,000	953,089
City of Austin Texas Airport System Revenue, ARB, AMT, 5.00%, 11/15/33		2,500	2,502,174
City of Hutto Texas, GOL, (BAM), 4.25%, 08/01/54		1,170	1,140,182
Dallas Independent School District, Refunding GO, (PSF- GTD), 4.00%, 02/15/53		900	864,601
Del Valle Independent School District Texas, GO, (PSF- GTD), 4.00%, 06/15/47		1,410	1,372,301
Fort Worth Independent School District, GO, (PSF-GTD), 4.00%, 02/15/48		885	870,059
Gunter Independent School District, GO, (PSF-GTD), 4.00%, 02/15/53		815	770,554
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(b)		440	433,693
North Texas Tollway Authority, Refunding RB
Series A, (BAM-TCRS), 5.00%, 01/01/38		1,300	1,304,761
Series A, 5.00%, 01/01/43		1,400	1,451,642
Tarrant County Cultural Education Facilities Finance Corp., RB
5.00%, 11/15/51		1,620	1,720,998
Series B, 5.00%, 07/01/36		2,500	2,648,243

Security		Par (000)	Value
Texas (continued)
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, 5.00%, 11/15/40	$	2,500	$ 2,425,741
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45		255	233,225
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32		2,935	3,153,404
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.50%, 12/31/58		1,050	1,129,932
			23,772,720
Utah — 1.8%
Black Desert Public Infrastructure District, SAB, 5.63%, 12/01/53(b)		135	139,501
City of Salt Lake City Utah Airport Revenue, ARB
Series A, AMT, 5.25%, 07/01/48		585	626,136
Series A, AMT, 5.50%, 07/01/53		675	736,868
County of Utah, RB
Series A, 3.00%, 05/15/50		1,840	1,412,565
Series B, 4.00%, 05/15/47		1,340	1,254,723
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/40(b)		325	326,609
			4,496,402
Virginia — 1.4%
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47		955	934,921
Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/52		2,525	2,542,090
			3,477,011
Washington — 1.3%
County of King Washington Sewer Revenue, Refunding RB, Series A, Junior Lien, 3.84%, 01/01/40(a)		615	607,599
Port of Seattle Washington, ARB
Series A, AMT, 5.00%, 05/01/43		660	670,392
Series C, AMT, Intermediate Lien, 5.00%, 05/01/42		735	748,640
Washington Health Care Facilities Authority, Refunding RB, Series A, 5.00%, 08/01/44		875	908,253
Washington State Housing Finance Commission, Refunding RB
Series A, 5.00%, 07/01/43		215	227,276
Series A, 5.00%, 07/01/48		205	213,406
			3,375,566
West Virginia — 1.1%
West Virginia Parkways Authority, RB, Senior Lien, 4.00%, 06/01/51		2,810	2,685,478
Wisconsin — 1.0%
Public Finance Authority, RB(b)
Class A, 5.00%, 06/15/51		550	474,429
Series A, 5.00%, 07/01/55		305	284,650
Series A-1, 4.50%, 01/01/35		495	494,484
Public Finance Authority, Refunding RB
5.00%, 09/01/49(b)		285	246,749
Series B, AMT, 5.00%, 07/01/42		990	990,255
			2,490,567

Schedule of Investments

Schedule of Investments (continued)

July 31, 2024

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

(Percentages shown are based on Net Assets)

Security		Par (000)	Value
Wyoming — 0.3%
University of Wyoming, RB, Series C, (AGM), 4.00%, 06/01/51	$	855	$ 804,964
Total Municipal Bonds — 116.1% (Cost: $291,132,696)			295,710,205
Municipal Bonds Transferred to Tender Option Bond Trusts(e)
Massachusetts — 4.3%
Commonwealth of Massachusetts, GOL, Series D, 5.00%, 10/01/51		10,005	10,830,461
New York — 10.7%
New York Power Authority, RB, Series A, Sustainability Bonds, (AGM), 5.13%, 11/15/63		3,373	3,693,229
New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47		5,000	4,911,852
New York Transportation Development Corp., RB, AMT, Sustainability Bonds, (AGM), 5.13%, 06/30/60		10,000	10,347,761
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 4.50%, 05/15/63		8,264	8,304,528
			27,257,370
Pennsylvania — 2.1%
Pennsylvania Turnpike Commission, Refunding RB, Series B, 5.25%, 12/01/52		4,995	5,461,105
South Carolina — 4.3%
Patriots Energy Group Financing Agency, Refunding RB, Series B-1, 5.25%, 02/01/54(a)		10,005	10,883,443
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 21.4% (Cost: $52,755,105)			54,432,379
Total Long-Term Investments — 137.5% (Cost: $343,887,801)			350,142,584
Short-Term Securities
Commercial Paper — 5.1%
City of San Antonio, 3.75%, 09/20/24		10,000	10,002,182
Dallas Fort Worth International Airport, 4.00%, 08/07/24		3,000	3,000,052
			13,002,234

Security	Shares	Value
Money Market Funds — 0.2%
BlackRock Liquidity Funds, MuniCash, Institutional Shares, 3.47%(f)(g)	401,038	$ 401,079
Total Short-Term Securities — 5.3% (Cost: $13,396,792)		13,403,313
Total Investments — 142.8% (Cost: $357,284,593)		363,545,897
Other Assets Less Liabilities — 1.1%		3,017,204
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (13.3)%		(33,899,421 )
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (30.6)%		(78,000,000 )
Net Assets Applicable to Common Shares — 100.0%		$ 254,663,680

(a)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.
(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(c)	When-issued security.
(d)	Zero-coupon bond.
(e)	Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing. See Note 4 of the Notes to Financial Statements for details.
(f)	Affiliate of the Trust.
(g)	Annualized 7-day yield as of period end.

Affiliates

Affiliated Issuer	Value at 07/31/23	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation (Depreciation)	Value at 07/31/24	Shares Held at 07/31/24	Income	Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Shares	$ 43,517,069	$ —	$ (43,119,011 )(a)	$ 5,659	$ (2,638 )	$ 401,079	401,038	$ 648,081	$ —

(a)	Represents net amount purchased (sold).

2024 BlackRock Annual Report to Shareholders

Schedule of Investments (continued)

July 31, 2024

BlackRock MuniHoldings Quality Fund II, Inc. (MUE)

Fair Value Hierarchy as of Period End

	Level 1	Level 2	Level 3	Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$ —	$ 295,710,205	$ —	$ 295,710,205
Municipal Bonds Transferred to Tender Option Bond Trusts	—	54,432,379	—	54,432,379
Short-Term Securities
Commercial Paper	—	13,002,234	—	13,002,234
Money Market Funds	401,079	—	—	401,079
	$401,079	$363,144,818	$—	$363,545,897

	Level 1	Level 2	Level 3	Total
Liabilities
TOB Trust Certificates	$—	$(33,591,657 )	$—	$(33,591,657 )
VMTP Shares at Liquidation Value	—	(78,000,000 )	—	(78,000,000 )
	$—	$(111,591,657 )	$—	$(111,591,657 )

See notes to financial statements.

Schedule of Investments

Statements of Assets and Liabilities

July 31, 2024

	BFZ	BTT	BYM	MUC
ASSETS
Investments, at value — unaffiliated(a)	$ 585,260,098	$ 2,346,241,945	$ 481,903,865	$ 1,792,037,025
Investments, at value — affiliated(b)	3,869,643	35,247,372	2,733,195	57,500,237
Cash pledged for futures contracts	—	—	312,000	1,247,000
Receivables:
Investments sold	—	60,000	1,269,708	45,000
Dividends — affiliated	3,764	79,098	11,413	86,122
Interest — unaffiliated	7,856,128	19,969,678	4,650,403	20,594,711
Prepaid expenses	33,315	49,006	37,695	51,283
Total assets	597,022,948	2,401,647,099	490,918,279	1,871,561,378
ACCRUED LIABILITIES
Bank overdraft	4,976	22,907	6,767	19,004
Payables:
Investments purchased	1,468,900	10,767,672	338,640	4,605,200
Accounting services fees	12,053	63,478	18,495	52,813
Custodian fees	1,584	6,227	1,288	4,599
Income dividend distributions — Common Shares	1,773,755	3,044,396	1,359,925	4,567,920
Interest expense and fees	258,974	787,388	618,367	885,007
Investment advisory fees	239,200	803,285	137,024	756,894
Trustees’ and Officer’s fees	70,286	11,033	47,225	608,222
Other accrued expenses	13,586	25,929	14,727	13,291
Professional fees	46,473	56,551	36,891	48,795
Proxy fees	83,023	—	—	—
Transfer agent fees	12,867	44,019	17,703	19,498
Variation margin on futures contracts	—	—	94,749	361,203
Total accrued liabilities	3,985,677	15,632,885	2,691,801	11,942,446
OTHER LIABILITIES
TOB Trust Certificates	35,144,998	69,569,982	61,981,882	147,184,992
VRDP Shares, at liquidation value of $100,000 per share, net of deferred offering costs(c)(d)(e)	—	749,799,174	—	—
VMTP Shares, at liquidation value of $100,000 per share, net of deferred offering costs(c)(d)(e)	171,300,000	—	97,600,000	526,400,000
Total other liabilities	206,444,998	819,369,156	159,581,882	673,584,992
Total liabilities	210,430,675	835,002,041	162,273,683	685,527,438
Commitments and contingent liabilities
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$ 386,592,273	$ 1,566,645,058	$ 328,644,596	$ 1,186,033,940
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF
Paid-in capital(f)(g)(h)	$ 422,349,933	$ 1,589,486,071	$ 354,843,840	$ 1,331,157,322
Accumulated loss	(35,757,660)	(22,841,013)	(26,199,244)	(145,123,382)
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$ 386,592,273	$ 1,566,645,058	$ 328,644,596	$ 1,186,033,940
Net asset value per Common Share	$ 12.86	$ 23.88	$ 12.69	$ 12.59
(a) Investments, at cost—unaffiliated	$569,000,321	$2,372,254,070	$458,659,874	$1,731,343,480
(b) Investments, at cost—affiliated	$3,869,643	$35,247,372	$2,733,151	$57,500,237
(c) Preferred Shares outstanding	1,713	7,500	976	5,264
(d) Preferred Shares authorized	1,713	7,500	Unlimited	20,864
(e) Par value per Preferred Share	$0.001	$0.001	$0.001	$0.10
(f) Common Shares outstanding	30,063,645	65,611,952	25,903,340	94,183,923
(g) Common Shares authorized	Unlimited	Unlimited	Unlimited	199,979,136
(h) Par value per Common Share	$0.001	$0.001	$0.001	$0.10

See notes to financial statements.

2024 BlackRock Annual Report to Shareholders

Statements of Assets and Liabilities (continued)

July 31, 2024

	MUE
ASSETS
Investments, at value — unaffiliated(a)	$ 363,144,818
Investments, at value — affiliated(b)	401,079
Receivables:
Investments sold	714,881
Dividends — affiliated	10,909
Interest — unaffiliated	3,752,830
Prepaid expenses	35,518
Total assets	368,060,035
ACCRUED LIABILITIES
Bank overdraft	5,839
Payables:
Investments purchased	327,525
Accounting services fees	16,925
Custodian fees	1,028
Income dividend distributions — Common Shares	986,313
Interest expense and fees	307,764
Investment advisory fees	98,318
Trustees’ and Officer’s fees	1,802
Other accrued expenses	10,907
Professional fees	38,852
Transfer agent fees	9,425
Total accrued liabilities	1,804,698
OTHER LIABILITIES
TOB Trust Certificates	33,591,657
VMTP Shares, at liquidation value of $100,000 per share, net of deferred offering costs(c)(d)(e)	78,000,000
Total other liabilities	111,591,657
Total liabilities	113,396,355
Commitments and contingent liabilities
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$ 254,663,680
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS CONSIST OF
Paid-in capital(f)(g)(h)	$ 283,066,296
Accumulated loss	(28,402,616)
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$ 254,663,680
Net asset value per Common Share	$ 11.62
(a) Investments, at cost—unaffiliated	$356,883,635
(b) Investments, at cost—affiliated	$400,958
(c) Preferred Shares outstanding	780
(d) Preferred Shares authorized	9,490
(e) Par value per Preferred Share	$0.10
(f) Common Shares outstanding	21,918,068
(g) Common Shares authorized	199,990,510
(h) Par value per Common Share	$0.10

See notes to financial statements.

Financial Statements

Statements of Operations

Year Ended July 31, 2024

	BFZ	BTT	BYM	MUC
INVESTMENT INCOME
Dividends — affiliated	$238,758	$1,011,755	$295,939	$1,692,559
Interest — unaffiliated	24,676,150	83,228,158	22,339,076	77,114,811
Total investment income	24,914,908	84,239,913	22,635,015	78,807,370
EXPENSES
Investment advisory	3,241,608	9,646,295	2,675,976	10,039,376
Reorganization	411,975	—	—	—
Proxy	315,107	—	—	—
Professional	86,925	107,159	85,350	97,532
Accounting services	45,587	239,897	68,237	194,065
Trustees and Officer	36,071	101,723	29,058	153,703
Transfer agent	33,020	58,238	41,275	48,222
Printing and postage	20,646	15,709	19,472	15,341
Registration	10,403	24,173	9,072	43,979
Custodian	6,737	24,795	5,994	18,608
Liquidity fees	—	14,853	—	—
Remarketing fees on Preferred Shares	—	2,083	—	—
Miscellaneous	71,881	97,862	85,178	87,182
Total expenses excluding interest expense, fees and amortization of offering costs	4,279,960	10,332,787	3,019,612	10,698,008
Interest expense, fees and amortization of offering costs(a)	8,870,694	36,870,801	7,658,286	28,156,311
Total expenses	13,150,654	47,203,588	10,677,898	38,854,319
Less:
Fees waived and/or reimbursed by the Manager	(186,752 )	(28,575 )	(199,955 )	(601,964 )
Total expenses after fees waived and/or reimbursed	12,963,902	47,175,013	10,477,943	38,252,355
Net investment income	11,951,006	37,064,900	12,157,072	40,555,015
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated	(7,997,850 )	(613,202 )	(16,057,113 )	(54,956,086 )
Investments — affiliated	(4,443 )	6,901	1,445	7,416
Futures contracts	393,740	—	62,908	(5,947,030 )
	(7,608,553 )	(606,301 )	(15,992,760 )	(60,895,700 )
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated	7,949,894	10,198,030	17,205,156	59,891,006
Investments — affiliated	(597 )	(4,117 )	(53 )	(7,242 )
Futures contracts	(281,360 )	—	(356,641 )	(1,502,828 )
	7,667,937	10,193,913	16,848,462	58,380,936
Net realized and unrealized gain (loss)	59,384	9,587,612	855,702	(2,514,764 )
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS	$12,010,390	$46,652,512	$13,012,774	$38,040,251
(a) All or a portion of is related to TOB Trusts, VMTP, VRDP and/or RVMTP Shares.

See notes to financial statements.

2024 BlackRock Annual Report to Shareholders

Statements of Changes in Net Assets

	BFZ		BTT
	Year Ended 07/31/24	Year Ended 07/31/23	Year Ended 07/31/24	Year Ended 07/31/23
	Year Ended 07/31/24	Year Ended 07/31/23	Year Ended 07/31/24	Year Ended 07/31/23
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
OPERATIONS
Net investment income	$11,951,006	$12,424,230	$37,064,900	$41,959,038
Net realized gain (loss)	(7,608,553 )	(32,964,773 )	(606,301 )	275,054
Net change in unrealized appreciation (depreciation)	7,667,937	21,029,899	10,193,913	(43,434,090 )
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations	12,010,390	489,356	46,652,512	(1,199,998 )
DISTRIBUTIONS TO COMMON SHAREHOLDERS(a)
From net investment income	(14,235,705 )	(14,023,248 )	(39,168,261 )	(49,647,696 )
Return of capital	(3,261,893 )	—	—	—
Decrease in net assets resulting from distributions to Common Shareholders	(17,497,598 )	(14,023,248 )	(39,168,261 )	(49,647,696 )
CAPITAL SHARE TRANSACTIONS
Redemption of shares resulting from share repurchase program (including transaction costs)	(2,247,478 )	(9,389,525 )	(101,079,340 )	—
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Total decrease in net assets applicable to Common Shareholders	(7,734,686 )	(22,923,417 )	(93,595,089 )	(50,847,694 )
Beginning of year	394,326,959	417,250,376	1,660,240,147	1,711,087,841
End of year	$386,592,273	$394,326,959	$1,566,645,058	$1,660,240,147

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

See notes to financial statements.

2024 BlackRock Annual Report to Shareholders

Statements of Changes in Net Assets (continued)

	BYM		MUC
	Year Ended 07/31/24	Year Ended 07/31/23	Year Ended 07/31/24	Year Ended 07/31/23
	Year Ended 07/31/24	Year Ended 07/31/23	Year Ended 07/31/24	Year Ended 07/31/23
INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
OPERATIONS
Net investment income	$12,157,072	$12,626,038	$40,555,015	$41,490,711
Net realized loss	(15,992,760 )	(13,318,682 )	(60,895,700 )	(90,463,560 )
Net change in unrealized appreciation (depreciation)	16,848,462	(8,073,977 )	58,380,936	19,099,104
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations	13,012,774	(8,766,621 )	38,040,251	(29,873,745 )
DISTRIBUTIONS TO COMMON SHAREHOLDERS(a)
From net investment income	(13,440,031 )	(12,227,037 )	(44,717,738 )	(41,263,922 )
Return of capital	(1,413,135 )	(1,290,853 )	(4,569,504 )	(5,420,461 )
Decrease in net assets resulting from distributions to Common Shareholders	(14,853,166 )	(13,517,890 )	(49,287,242 )	(46,684,383 )
CAPITAL SHARE TRANSACTIONS
Reinvestment of common distributions	—	89,709	—	—
Redemption of shares resulting from share repurchase program (including transaction costs)	(3,332,710 )	(2,148,748 )	(12,545,146 )	(22,916,113 )
Net decrease in net assets derived from capital share transactions	(3,332,710 )	(2,059,039 )	(12,545,146 )	(22,916,113 )
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Total decrease in net assets applicable to Common Shareholders	(5,173,102 )	(24,343,550 )	(23,792,137 )	(99,474,241 )
Beginning of year	333,817,698	358,161,248	1,209,826,077	1,309,300,318
End of year	$328,644,596	$333,817,698	$1,186,033,940	$1,209,826,077

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

See notes to financial statements.

Financial Statements

Statements of Cash Flows

Year Ended July 31, 2024

	BFZ	BTT	BYM	MUC
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$12,010,390	$46,652,512	$13,012,774	$38,040,251
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Proceeds from sales of long-term investments	377,885,536	265,840,525	277,230,283	1,032,426,091
Purchases of long-term investments	(372,564,427 )	(232,038,130 )	(257,016,561 )	(1,042,576,886 )
Net proceeds from sales (purchases) of short-term securities	(849,067 )	52,640,048	4,914,172	(20,607,863 )
Amortization of premium and accretion of discount on investments and other fees	1,239,418	13,177,228	(2,263,866 )	1,279,016
Net realized loss on investments	8,002,293	606,301	16,055,668	54,948,670
Net unrealized appreciation on investments	(7,949,297 )	(10,193,913 )	(17,205,103 )	(59,883,764 )
(Increase) Decrease in Assets
Receivables
Dividends — affiliated	2,788	146,348	6,762	39,378
Interest — unaffiliated	60,615	630,713	(43,288 )	1,335,830
Prepaid expenses	(21,503 )	(35,244 )	(17,933 )	(35,575 )
Increase (Decrease) in Liabilities
Payables
Accounting services fees	(7,692 )	(38,336 )	(10,807 )	(31,590 )
Custodian fees	(2,232 )	(3,987 )	(1,590 )	(4,302 )
Interest expense and fees	9,788	51,890	264,149	(79,076 )
Investment advisory fees	(41,087 )	(29,697 )	(101,577 )	(95,856 )
Trustees’ and Officer’s fees	(9,948 )	1,859	(14,272 )	(2,585 )
Other accrued expenses	8,125	8,635	8,174	6,950
Professional fees	(8,389 )	8,030	(18,252 )	(25,150 )
Proxy fees	(128,925 )	—	—	—
Transfer agent fees	(4,671 )	6,243	1,552	(4,714 )
Variation margin on futures contracts	(33,007 )	—	68,391	361,203
Net cash provided by operating activities	17,598,708	137,431,025	34,868,676	5,090,028
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to Common Shareholders	(15,745,204 )	(36,405,949 )	(13,539,656 )	(44,925,448 )
Repayments of TOB Trust Certificates	—	—	(30,363,241 )	(91,989,995 )
Net payments on Common Shares redeemed	(2,247,478 )	(101,079,340 )	(3,464,416 )	(12,958,008 )
Payments on redemption of VMTP Shares	—	—	(39,600,000 )	—
Proceeds from TOB Trust Certificates	4,998	—	52,161,886	139,184,992
Increase (decrease) in bank overdraft	4,976	22,907	(56,249 )	19,004
Amortization of deferred offering costs	—	31,357	—	—
Net cash used for financing activities	(17,982,708 )	(137,431,025 )	(34,861,676 )	(10,669,455 )
CASH
Net increase (decrease) in restricted and unrestricted cash	(384,000 )	—	7,000	(5,579,427 )
Restricted and unrestricted cash at beginning of year	384,000	—	305,000	6,826,427
Restricted and unrestricted cash at end of year	$—	$—	$312,000	$1,247,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for interest expense	$8,860,906	$36,787,554	$7,394,137	$28,235,387
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash pledged
Futures contracts	—	—	312,000	1,247,000
	$—	$—	$312,000	$1,247,000

See notes to financial statements.

Financial Statements

Statements of Cash Flows (continued)

Year Ended July 31, 2024

	MUE
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$14,071,757
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Proceeds from sales of long-term investments	162,713,348
Purchases of long-term investments	(166,561,276 )
Net proceeds from sales of short-term securities	35,180,661
Amortization of premium and accretion of discount on investments and other fees	696,381
Net realized loss on investments	6,211,412
Net unrealized appreciation on investments	(11,636,129 )
(Increase) Decrease in Assets
Receivables
Dividends — affiliated	84,964
Interest — unaffiliated	(313,491 )
Prepaid expenses	(15,506 )
Increase (Decrease) in Liabilities
Payables
Accounting services fees	(11,985 )
Custodian fees	(1,604 )
Interest expense and fees	212,687
Investment advisory fees	(81,301 )
Trustees’ and Officer’s fees	272
Other accrued expenses	5,213
Professional fees	(19,554 )
Transfer agent fees	(6,492 )
Net cash provided by operating activities	40,529,357
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to Common Shareholders	(9,501,147 )
Repayments of TOB Trust Certificates	(5,753,476 )
Net payments on Common Shares redeemed	(3,313,391 )
Payments on redemption of VMTP Shares	(53,000,000 )
Proceeds from TOB Trust Certificates	31,091,657
Decrease in bank overdraft	(53,000 )
Net cash used for financing activities	(40,529,357 )
CASH
Net increase in restricted and unrestricted cash	—
Restricted and unrestricted cash at beginning of year	—
Restricted and unrestricted cash at end of year	$—
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the year for interest expense	$5,357,729

See notes to financial statements.

2024 BlackRock Annual Report to Shareholders

Financial Highlights

(For a share outstanding throughout each period)

	BFZ
	Year Ended 07/31/24	Year Ended 07/31/23	Year Ended 07/31/22	Year Ended 07/31/21	Year Ended 07/31/20
	Year Ended 07/31/24	Year Ended 07/31/23	Year Ended 07/31/22	Year Ended 07/31/21	Year Ended 07/31/20
Net asset value, beginning of year	$13.03	$13.41	$16.29	$15.86	$15.25
Net investment income(a)	0.40	0.41	0.53	0.54	0.48
Net realized and unrealized gain (loss)	0.01	(0.33 )	(2.82 )	0.37	0.60
Net increase (decrease) from investment operations	0.41	0.08	(2.29 )	0.91	1.08
Distributions to Common Shareholders(b)
From net investment income	(0.47 )	(0.46 )	(0.51 )	(0.48 )	(0.47 )
From net realized gain	—	—	(0.08 )	—	—
Return of capital	(0.11 )	—	—	—	—
Total distributions to Common Shareholders	(0.58 )	(0.46 )	(0.59 )	(0.48 )	(0.47 )
Net asset value, end of year	$12.86	$13.03	$13.41	$16.29	$15.86
Market price, end of year	$12.03	$11.59	$11.65	$15.01	$13.79
Total Return Applicable to Common Shareholders(c)
Based on net asset value	3.78 %	1.20 %	(13.93 )%	6.24 %	7.69 %
Based on market price	9.14 %	3.62 %	(18.85 )%	12.59 %	5.77 %
Ratios to Average Net Assets Applicable to Common Shareholders(d)
Total expenses	3.43 %(e)	2.95 %(f)	1.67 %	1.49 %	2.17 %
Total expenses after fees waived and/or reimbursed	3.39 %(e)	2.95 %(f)	1.67 %	1.49 %	2.17 %
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(g)	1.07 %(e)	1.05 %(f)	1.02 %	1.01 %	1.02 %
Net investment income to Common Shareholders	3.12 %	3.17 %	3.56 %	3.37 %	3.14 %
Supplemental Data
Net assets applicable to Common Shareholders, end of year (000)	$386,592	$394,327	$417,250	$510,656	$500,353
VMTP Shares outstanding at $100,000 liquidation value, end of year (000)	$171,300	$171,300	$171,300	$171,300	$171,300
Asset coverage per VMTP Shares at $100,000 liquidation value, end of year	$287,262 (h)	$291,013 (h)	$254,015 (h)	$398,106 (i)	$392,092 (i)
TOB Trust Certificates, end of year (000)	$35,145	$35,140	$99,616	$143,276	$143,276
Asset coverage per $1,000 of TOB Trust Certificates, end of year(j)	$16,874	$17,096	$6,908	N/A	N/A
Portfolio turnover rate	65 %	94 %	59 %	19 %	38 %

(a)	Based on average Common Shares outstanding.
(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(d)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)	Includes non-recurring expenses of proxy fees and reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 3.24%, 3.20% and 0.88%, respectively.
(f)	Includes non-recurring expenses of proxy costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs would have been 2.86%, 2.86% and 0.96%, respectively.
(g)	Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.
(h)	Calculated by subtracting the Trust’s total liabilities (not including VMTP Shares and TOBs) from the Trust’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VMTP Shares, and by multiplying the results by 100,000.
(i)	Calculated by subtracting the Trust’s total liabilities (not including VMTP Shares) from the Trust’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000.
(j)	Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Trust’s total liabilities (not including VMTP Shares and TOBs) from the Trust’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000.

See notes to financial statements.

Financial Highlights

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BTT
	Year Ended 07/31/24	Year Ended 07/31/23	Year Ended 07/31/22	Year Ended 07/31/21	Year Ended 07/31/20
	Year Ended 07/31/24	Year Ended 07/31/23	Year Ended 07/31/22	Year Ended 07/31/21	Year Ended 07/31/20
Net asset value, beginning of year	$23.55	$24.27	$27.32	$26.31	$25.60
Net investment income(a)	0.55	0.60	0.93	1.00	0.92
Net realized and unrealized gain (loss)	0.36	(0.62 )	(3.23 )	0.76	0.54
Net increase (decrease) from investment operations	0.91	(0.02 )	(2.30 )	1.76	1.46
Distributions to Common Shareholders from net investment income(b)	(0.58 )	(0.70 )	(0.75 )	(0.75 )	(0.75 )
Net asset value, end of year	$23.88	$23.55	$24.27	$27.32	$26.31
Market price, end of year	$21.12	$21.00	$23.65	$26.27	$24.78
Total Return Applicable to Common Shareholders(c)
Based on net asset value	4.27 %	0.29 %	(8.41 )%	6.92 %	6.04 %
Based on market price	3.42 %	(8.22 )%	(7.17 )%	9.16 %	8.84 %
Ratios to Average Net Assets Applicable to Common Shareholders(d)
Total expenses	2.97 %	2.52 %	1.17 %	1.01 %	1.56 %
Total expenses after fees waived and/or reimbursed	2.96 %	2.52 %	1.17 %	1.01 %	1.56 %
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(e)	0.65 %	0.64 %	0.65 %	0.65 %	0.67 %
Net investment income to Common Shareholders	2.33 %	2.54 %	3.64 %	3.74 %	3.60 %
Supplemental Data
Net assets applicable to Common Shareholders, end of year (000)	$1,566,645	$1,660,240	$1,711,088	$1,926,028	$1,854,873
RVMTP Shares outstanding at $5,000,000 liquidation value, end of year (000)	$—	$750,000	$750,000	$750,000	$750,000
Asset coverage per RVMTP Shares at $5,000,000 liquidation value, end of year	$—	$15,128,727 (f)	$13,753,263 (f)	$17,840,188 (g)	$17,365,817 (g)
VRDP Shares outstanding at $100,000 liquidation value, end of year (000)	$750,000	$—	$—	$—	$—
Asset coverage per VRDP Shares at $100,000 liquidation value, end of year	$291,155 (h)	$—	$—	$—	$—
TOB Trust Certificates, end of year (000)	$69,570	$69,570	$227,400	$233,220	$261,820
Asset coverage per $1,000 of TOB Trust Certificates, end of year(i)	$34,297	$35,641	$11,822	N/A	N/A
Portfolio turnover rate	10 %	13 %	17 %	9 %	5 %

(a)	Based on average Common Shares outstanding.
(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(d)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)	Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP/RVMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.
(f)	Calculated by subtracting the Trust’s total liabilities (not including RVMTP Shares and TOBs) from the Trust’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the RVMTP Shares, and by multiplying the results by 5,000,000.
(g)	Calculated by subtracting the Trust’s total liabilities (not including RVMTP Shares) from the Trust’s total assets and dividing this by the liquidation value of the RVMTP Shares, and by multiplying the results by 5,000,000.
(h)	Calculated by subtracting the Trust’s total liabilities (not including VRDP Shares and TOBs) from the Trust’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VRDP Shares, and by multiplying the results by 100,000.
(i)	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 VRDP/RVMTP 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.

2024 BlackRock Annual Report to Shareholders

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BYM
	Year Ended 07/31/24	Year Ended 07/31/23	Period from 09/01/21 to 07/31/22	Year Ended 08/31/21	Year Ended 08/31/20	Year Ended 08/31/19
	Year Ended 07/31/24	Year Ended 07/31/23	Period from 09/01/21 to 07/31/22	Year Ended 08/31/21	Year Ended 08/31/20	Year Ended 08/31/19
Net asset value, beginning of period	$12.73	$13.56	$15.95	$15.57	$15.72	$14.70
Net investment income(a)	0.47	0.48	0.58	0.70	0.66	0.61
Net realized and unrealized gain (loss)	0.06	(0.80 )	(2.33 )	0.37	(0.23 )	1.04
Net increase (decrease) from investment operations	0.53	(0.32 )	(1.75 )	1.07	0.43	1.65
Distributions to Common Shareholders(b)
From net investment income	(0.52 )	(0.46 )	(0.64 )	(0.69 )	(0.58 )	(0.63 )
Return of capital	(0.05 )	(0.05 )	—	—	—	—
Total distributions to Common Shareholders	(0.57 )	(0.51 )	(0.64 )	(0.69 )	(0.58 )	(0.63 )
Net asset value, end of period	$12.69	$12.73	$13.56	$15.95	$15.57	$15.72
Market price, end of period	$11.83	$11.23	$13.34	$16.06	$14.19	$14.19
Total Return Applicable to Common Shareholders(c)
Based on net asset value	4.95 %	(1.81 )%	(10.99 )%(d)	7.14 %	3.20 %	12.12 %
Based on market price	10.91 %	(11.95 )%	(13.04 )%(d)	18.36 %	4.19 %	13.66 %
Ratios to Average Net Assets Applicable to Common Shareholders(e)
Total expenses	3.31 %	3.15 %	1.68 %(f)	1.49 %	2.02 %	2.53 %
Total expenses after fees waived and/or reimbursed	3.25 %	3.15 %	1.68 %(f)	1.49 %	2.02 %	2.53 %
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(g)	0.88 %	0.96 %	0.97 %(f)	0.96 %	0.98 %	0.98 %
Net investment income to Common Shareholders	3.77 %	3.79 %	4.35 %(f)	4.41 %	4.31 %	4.13 %
Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$328,645	$333,818	$358,161	$421,245	$411,138	$415,127
VMTP Shares outstanding at $100,000 liquidation value, end of period (000)	$97,600	$137,200	$137,200	$137,200	$137,200	$137,200
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period	$305,941 (h)	$288,190 (h)	$258,385 (h)	$407,030 (i)	$399,664 (i)	$402,571 (i)
TOB Trust Certificates, end of period (000)	$61,982	$40,183	$88,933	$107,358	$121,029	$118,726
Asset coverage per $1,000 of TOB Trust Certificates, end of period(j)	$7,877	$12,722	$6,570	N/A	N/A	N/A
Portfolio turnover rate	53 %	26 %	32 %	5 %	13 %	15 %

(a)	Based on average Common Shares outstanding.
(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(d)	Not annualized.
(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)	Annualized.
(g)	Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP/VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.
(h)	Calculated by subtracting the Trust’s total liabilities (not including VMTP Shares and TOBs) from the Trust’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VMTP Shares, and by multiplying the results by 100,000.
(i)	Calculated by subtracting the Trust’s total liabilities (not including VMTP Shares) from the Trust’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000.
(j)	Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Trust’s total liabilities (not including VMTP Shares and TOBs) from the Trust’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000.

See notes to financial statements.

Financial Highlights

Financial Highlights (continued)

(For a share outstanding throughout each period)

	MUC
	Year Ended 07/31/24	Year Ended 07/31/23	Year Ended 07/31/22	Year Ended 07/31/21	Year Ended 07/31/20
	Year Ended 07/31/24	Year Ended 07/31/23	Year Ended 07/31/22	Year Ended 07/31/21	Year Ended 07/31/20
Net asset value, beginning of year	$12.68	$13.42	$16.16	$15.95	$15.56
Net investment income(a)	0.43	0.43	0.58	0.65	0.58
Net realized and unrealized gain (loss)	0.00 (b)	(0.69 )	(2.66 )	0.21	0.35
Net increase (decrease) from investment operations	0.43	(0.26 )	(2.08 )	0.86	0.93
Distributions to Common Shareholders(c)
From net investment income	(0.47 )	(0.42 )	(0.66 )	(0.65 )	(0.54 )
Return of capital	(0.05 )	(0.06 )	—	—	—
Total distributions to Common Shareholders	(0.52 )	(0.48 )	(0.66 )	(0.65 )	(0.54 )
Net asset value, end of year	$12.59	$12.68	$13.42	$16.16	$15.95
Market price, end of year	$11.15	$10.85	$12.58	$16.09	$14.67
Total Return Applicable to Common Shareholders(d)
Based on net asset value	4.21 %	(1.27 )%	(12.92 )%	5.78 %	6.55 %
Based on market price	7.86 %	(9.87 )%	(18.01 )%	14.52 %	8.92 %
Ratios to Average Net Assets Applicable to Common Shareholders(e)
Total expenses	3.33 %	2.93 %	1.75 %(f)	1.46 %	2.11 %
Total expenses after fees waived and/or reimbursed	3.28 %	2.87 %	1.69 %(f)	1.41 %	2.05 %
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(g)	0.86 %	0.89 %	0.96 %(f)	0.92 %	0.92 %
Net investment income to Common Shareholders	3.47 %	3.42 %	4.08 %	4.11 %	3.75 %
Supplemental Data
Net assets applicable to Common Shareholders, end of year (000)	$1,186,034	$1,209,826	$1,309,300	$662,892	$653,836
VMTP Shares outstanding at $100,000 liquidation value, end of year (000)	$526,400	$526,400	$526,400	$254,000	$254,000
Asset coverage per VMTP Shares at $100,000 liquidation value, end of year	$276,078 (h)	$293,143 (h)	$249,806 (h)	$360,981 (i)	$357,416 (i)
TOB Trust Certificates, end of year (000)	$147,185	$99,990	$347,600	$152,145	$158,512
Asset coverage per $1,000 of TOB Trust Certificates, end of year(j)	$12,635	$18,364	$6,281	N/A	N/A
Portfolio turnover rate	59 %	47 %	41 %	4 %	16 %

(a)	Based on average Common Shares outstanding.
(b)	Amount is less than $0.005 per share.
(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(e)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)	Includes non-recurring expenses of reorganization costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs, would have been 1.71%, 1.65% and 0.92%, respectively.
(g)	Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VRDP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.
(h)	Calculated by subtracting the Trust’s total liabilities (not including VMTP Shares and TOBs) from the Trust’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VMTP Shares, and by multiplying the results by 100,000.
(i)	Calculated by subtracting the Trust’s total liabilities (not including VMTP Shares) from the Trust’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000.
(j)	Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Trust’s total liabilities (not including VMTP Shares and TOBs) from the Trust’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000.

See notes to financial statements.

2024 BlackRock Annual Report to Shareholders

Financial Highlights (continued)

(For a share outstanding throughout each period)

	MUE
	Year Ended 07/31/24	Year Ended 07/31/23	Year Ended 07/31/22	Year Ended 07/31/21	Year Ended 07/31/20
	Year Ended 07/31/24	Year Ended 07/31/23	Year Ended 07/31/22	Year Ended 07/31/21	Year Ended 07/31/20
Net asset value, beginning of year	$11.42	$12.10	$14.49	$14.17	$13.92
Net investment income(a)	0.39	0.39	0.56	0.65	0.59
Net realized and unrealized gain (loss)	0.29	(0.64 )	(2.32 )	0.28	0.20
Net increase (decrease) from investment operations	0.68	(0.25 )	(1.76 )	0.93	0.79
Distributions to Common Shareholders(b)
From net investment income	(0.44 )	(0.38 )	(0.63 )	(0.61 )	(0.54 )
Return of capital	(0.04 )	(0.05 )	—	—	—
Total distributions to Common Shareholders	(0.48 )	(0.43 )	(0.63 )	(0.61 )	(0.54 )
Net asset value, end of year	$11.62	$11.42	$12.10	$14.49	$14.17
Market price, end of year	$10.45	$9.93	$11.45	$14.41	$13.12
Total Return Applicable to Common Shareholders(c)
Based on net asset value	6.77 %	(1.48 )%	(12.21 )%	6.97 %	6.25 %
Based on market price	10.42 %	(9.47 )%	(16.47 )%	14.89 %	8.08 %
Ratios to Average Net Assets Applicable to Common Shareholders(d)
Total expenses	3.16 %	3.33 %	1.75 %	1.51 %	2.07 %
Total expenses after fees waived and/or reimbursed	3.08 %	3.29 %	1.69 %	1.48 %	2.03 %
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees and amortization of offering costs(e)	0.85 %	0.95 %	0.95 %	0.93 %	0.95 %
Net investment income to Common Shareholders	3.47 %	3.44 %	4.25 %	4.55 %	4.29 %
Supplemental Data
Net assets applicable to Common Shareholders, end of year (000)	$254,664	$254,254	$272,564	$326,390	$319,085
VMTP Shares outstanding at $100,000 liquidation value, end of year (000)	$78,000	$131,000	$131,000	$131,000	$131,000
Asset coverage per VMTP Shares at $100,000 liquidation value, end of year	$328,209 (f)	$282,585 (f)	$252,124 (f)	$349,152 (g)	$343,577 (g)
TOB Trust Certificates, end of year (000)	$33,592	$8,253	$48,172	$59,850	$60,976
Asset coverage per $1,000 of TOB Trust Certificates, end of year(h)	$10,903	$47,681	$9,378	N/A	N/A
Portfolio turnover rate	48 %	25 %	28 %	7 %	18 %

(a)	Based on average Common Shares outstanding.
(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)	Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
(d)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(e)	Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 of the Notes to Financial Statements for details.
(f)	Calculated by subtracting the Trust’s total liabilities (not including VMTP Shares and TOBs) from the Trust’s total assets and dividing this by the sum of the amount of TOBs and liquidation value of the VMTP Shares, and by multiplying the results by 100,000.
(g)	Calculated by subtracting the Trust’s total liabilities (not including VMTP Shares) from the Trust’s total assets and dividing this by the liquidation value of the VMTP Shares, and by multiplying the results by 100,000.
(h)	Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Trust’s total liabilities (not including VMTP Shares and TOBs) from the Trust’s total assets and dividing this by the amount of TOBs, and by multiplying the results by 1,000.

See notes to financial statements.

Financial Highlights

Notes to Financial Statements

ORGANIZATION

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

Trust Name	Herein Referred To As	Organized	Diversification Classification
BlackRock California Municipal Income Trust	BFZ	Delaware	Diversified
BlackRock Municipal 2030 Target Term Trust	BTT	Delaware	Diversified
BlackRock Municipal Income Quality Trust	BYM	Delaware	Diversified
BlackRock MuniHoldings California Quality Fund, Inc.	MUC	Maryland	Diversified
BlackRock MuniHoldings Quality Fund II, Inc.	MUE	Maryland	Diversified

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

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

SIGNIFICANT ACCOUNTING POLICIES

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

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

Bank Overdraft: The Trusts had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Trusts are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

Collateralization: If required by an exchange or counterparty agreement, the Trusts may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

Distributions: Distributions from net investment income are declared monthly and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The portion of distributions, if any, that exceeds a fund’s current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

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

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, as applicable. Deferred compensation liabilities, if any, are included in the Trustees’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Trusts until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Trustees and Officer expense on the Statements of Operations. The Trustees and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

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

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

2024 BlackRock Annual Report to Shareholders

Notes to Financial Statements (continued)

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

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

•Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

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

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

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

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

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

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

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.

Notes to Financial Statements

Notes to Financial Statements (continued)

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

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

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

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

While a fund’s investment policies and restrictions expressly permit investments in inverse floating rate securities, such as TOB Residuals, they restrict the ability of a fund to borrow money for purposes of making investments. Each Trust’s transfer of the municipal bonds to a TOB Trust is considered a secured borrowing for financial reporting purposes. The cash received by the TOB Trust from the sale of the TOB Trust Certificates, less certain transaction expenses, is paid to a Trust. A Trust typically invests the cash received in additional municipal bonds.

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

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

Trust Name	Interest Expense	Liquidity Fees	Other Expenses	Total
BFZ	$ 1,239,788	$ 131,479	$ 37,485	$ 1,408,752
BTT	2,468,025	208,710	243,502	2,920,237
BYM	1,959,310	200,326	86,205	2,245,841
MUC	4,585,316	482,312	158,636	5,226,264
MUE	797,832	85,838	32,968	916,638

For the year ended July 31, 2024, the following table is a summary of each Trust’s TOB Trusts:

Trust Name	Underlying Municipal Bonds Transferred to TOB Trusts(a)	Liability for TOB Trust Certificates(b)	Range of Interest Rates on TOB Trust Certificates at Period End	Average TOB Trust Certificates Outstanding	Daily Weighted Average Rate of Interest and Other Expenses on TOB Trusts
BFZ	$ 74,864,000	$ 35,144,998	3.61% — 3.63 %	$ 35,142,460	4.01 %
BTT	104,328,633	69,569,982	3.65 — 3.67	69,569,982	4.20

2024 BlackRock Annual Report to Shareholders

Notes to Financial Statements (continued)

Trust Name	Underlying Municipal Bonds Transferred to TOB Trusts(a)	Liability for TOB Trust Certificates(b)	Range of Interest Rates on TOB Trust Certificates at Period End	Average TOB Trust Certificates Outstanding	Daily Weighted Average Rate of Interest and Other Expenses on TOB Trusts
BYM	$ 115,700,761	$ 61,981,882	3.61% — 3.66 %	$ 56,610,717	3.97 %
MUC	275,751,047	147,184,992	3.62 — 3.71	132,617,301	3.94
MUE	54,432,379	33,591,657	3.61 — 3.65	23,458,497	3.91

(a)

The municipal bonds transferred to a TOB Trust are generally high grade municipal bonds. In certain cases, when municipal bonds transferred are lower grade municipal bonds, the TOB

Trust transaction may include a credit enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by a credit enhancement provider

in the event of default of the municipal bond. The TOB Trust would be responsible for the payment of the credit enhancement fee and the Trusts, as TOB Residuals holders, would be

responsible for reimbursement of any payments of principal and interest made by the credit enhancement provider. The maximum potential amounts owed by the Trusts, for such

reimbursements, as applicable, are included in the maximum potential amounts disclosed for recourse TOB Trusts in the Schedules of Investments.

(b)

TOB Trusts may be structured on a non-recourse or recourse basis. When a Trust invests in TOB Trusts on a non-recourse basis, the Liquidity Provider may be required to make a

payment under the liquidity facility to allow the TOB Trust to repurchase TOB Trust Certificates. The Liquidity Provider will be reimbursed from the liquidation of bonds held in the TOB

Trust. If a Trust invests in a TOB Trust on a recourse basis, a Trust enters into a reimbursement agreement with the Liquidity Provider where a Trust is required to reimburse the Liquidity

Provider for any shortfall between the amount paid by the Liquidity Provider and proceeds received from liquidation of municipal bonds held in the TOB Trust (the “Liquidation Shortfall”).

As a result, if a Trust invests in a recourse TOB Trust, a Trust will bear the risk of loss with respect to any Liquidation Shortfall. If multiple funds participate in any such TOB Trust, these

losses will be shared ratably, including the maximum potential amounts owed by a Trust at July 31, 2024, in proportion to their participation in the TOB Trust. The recourse TOB Trusts

are identified in the Schedules of Investments including the maximum potential amounts owed by a Trust at July 31, 2024.

DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

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

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

	MUC	MUE
Investment advisory fees	0.55 %	0.55 %

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

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

	BFZ	BYM
Investment advisory fees	0.55 %	0.55 %

For such services, BTT pays the Manager a monthly fee at an annual rate equal to 0.40% of the average daily value of the Trust’s managed assets.

Notes to Financial Statements

Notes to Financial Statements (continued)

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

Expense Waivers and Reimbursements: With respect to each Trust, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Trust. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended July 31, 2024, the amounts waived were as follows:

Trust Name	Fees Waived and/or Reimbursed by the Manager
BFZ	$ 8,170
BTT	28,575
BYM	8,362
MUC	57,357
MUE	18,564

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Trust’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trusts’ Independent Trustees. For the year ended July 31, 2024, there were no fees waived by the Manager pursuant to this arrangement.

The Manager, for MUE, voluntarily agreed to waive its investment advisory fee on the proceeds of the Preferred Shares and TOB Trusts that exceed 35% of total assets minus the sum of its accrued liabilities (which does not include liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares). The voluntary waiver may be reduced or discontinued at any time without notice.This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended July 31, 2024 the waiver was $9,788.

With respect to each Trust (excluding BTT), effective May 1, 2024, the Manager voluntarily agreed to waive a portion of its investment advisory fee attributable to each Trust’s outstanding preferred shares for each month in which the monthly dividend on the Trust’s preferred shares exceeds the calculated value of the Trust’s gross monthly income attributable to investments from the proceeds of the Trust’s preferred shares (determined by multiplying the Trust’s gross monthly income by the ratio of (i) the liquidation preference of any outstanding preferred shares to (ii) total assets of the Fund minus the sum of its accrued liabilities (which does not include liabilities represented by TOB Trusts and the liquidation preference of any outstanding preferred shares). This voluntary waiver may be reduced or discontinued at any time without notice. In addition, each Trust (excluding BTT) received its pro rata portion of a one-time aggregate $2 million voluntary advisory fee waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended July 31, 2024, the amounts waived were as follows:

Trust Name	Fees Waived and/or Reimbursed by the Manager
BFZ	$ 178,582
BYM	191,593
MUC	544,607
MUE	151,704

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

PURCHASES AND SALES

For the year ended July 31, 2024, purchases and sales of investments, excluding short-term securities, were as follows:

Trust Name	Purchases	Sales
BFZ	$ 374,033,327	$ 374,423,336
BTT	239,549,675	265,090,324
BYM	251,487,036	278,275,587
MUC	1,039,815,045	1,031,421,872
MUE	164,417,028	163,258,868

INCOME TAX INFORMATION

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

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

2024 BlackRock Annual Report to Shareholders

Notes to Financial Statements (continued)

Management has analyzed tax laws and regulations and their application to the Trusts as of July 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trusts’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAVs per share. As of period end, permanent differences attributable to non-deductible expenses and retained income were reclassified to the following accounts:

Trust Name	Paid-in Capital	Accumulated Earnings (Loss)
BTT	$ 2,568,643	$ (2,568,643 )

The tax character of distributions paid was as follows:

Trust Name	Year Ended 07/31/24	Year Ended 07/31/23
BFZ
Tax-exempt income	$ 21,594,593	$ 19,874,640
Ordinary income	102,462	81,704
Return of capital	3,261,893	—
	$ 24,958,948	$ 19,956,344
BTT
Tax-exempt income	$ 73,086,879	$ 77,110,009
Ordinary income	20	286,608
	$ 73,086,899	$ 77,396,617
BYM
Tax-exempt income	$ 18,832,169	$ 17,748,286
Ordinary income	19,985	35,546
Return of capital	1,413,135	1,290,853
	$ 20,265,289	$ 19,074,685
MUC
Tax-exempt income	$ 67,501,509	$ 59,288,534
Ordinary income	142,008	201,260
Return of capital	4,569,504	5,420,461
	$ 72,213,021	$ 64,910,255
MUE
Tax-exempt income	$ 14,179,236	$ 13,995,735
Ordinary income	2,793	20,403
Return of capital	928,904	1,040,353
	$ 15,110,933	$ 15,056,491

As of July 31, 2024, the tax components of accumulated earnings (loss) were as follows:

Trust Name	Undistributed Tax-Exempt Income	Undistributed Ordinary Income	Non-Expiring Capital Loss Carryforwards(a)	Net Unrealized Gains (Losses)(b)	Total
BFZ	$ —	$ —	$ (48,855,435 )	$ 13,097,775	$ (35,757,660 )
BTT	11,383,037	34,757	(8,031,934 )	(26,226,873 )	(22,841,013 )
BYM